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VICI Properties posted another steady quarter of growth as the real estate investment trust (REIT) continued to strengthen its casino and entertainment portfolio. The company’s third-quarter results reflected rising revenue and profitability while keeping expansion and efficiency at the heart of its business model.
Good to Know
- Net revenue increased 4.4% year-over-year to just over $1 billion
- Adjusted funds from operations (AFFO) rose 7.4% to $637.6 million
- Clairvest joined as the 14th tenant, acquiring operations of MGM Northfield Park
Net revenue reached more than $1 billion in the third quarter of 2025, up 4.4% from the same period last year. Adjusted funds from operations, a key performance metric for REITs, also advanced 7.4% to $637.6 million.
“In the last twelve months, we have grown our aggregate AFFO by 7.4% while only growing our share count by 2.1%, highlighting the efficiency of our business model and the merit of our disciplined capital allocation strategy. Additionally, subsequent to quarter-end, we welcomed our 14th tenant – Clairvest – who will acquire the operations of MGM Northfield Park,” said Edward Pitoniak, CEO of VICI Properties.
What Contributed to the Growth?
Net income climbed 4% year-over-year to $762 million, reflecting steady operational gains across the portfolio. The increase was partially offset by an $11.5 million change in the Current Expected Credit Loss (CECL) allowance compared with the same quarter last year.
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Adjusted EBITDA rose 6.1% to nearly $825.6 million, showing improved profitability even with higher operating expenses. Total operating costs rose 78.4% to $23.4 million, largely due to general and administrative spending that reached $16.3 million for the quarter.
Where Did the Revenue Come From?
Income from sales-type leases reached $531.8 million, up 2.5% from the previous year. Much of that came from two key agreements: the regional master lease and Las Vegas master lease with Caesars Entertainment, which generated $137.7 million and $123.9 million respectively.
In addition, lease financing receivables income brought in $387 million, a 1.1% increase from the prior year period, underscoring the consistent performance of VICI’s diversified lease structure.
How Is VICI Expanding Its Tenant Base?
Following the quarter’s close, VICI added Clairvest as its 14th tenant, marking another expansion of its portfolio. Clairvest’s acquisition of MGM Northfield Park operations aligns with VICI’s strategy of partnering with established operators in the gaming and leisure sector. The addition further diversifies VICI’s income sources across its entertainment real estate holdings.
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FAQ
How much revenue did VICI earn in Q3 2025?
VICI reported just over $1 billion in net revenue, a 4.4% increase from the same quarter in 2024.
What is VICI’s AFFO and how did it change?
Adjusted funds from operations rose 7.4% year-over-year to $637.6 million, reflecting strong operating efficiency.
Who is the newest tenant in VICI’s portfolio?
Clairvest joined as VICI’s 14th tenant and will take over operations of MGM Northfield Park.
What are the main sources of VICI’s lease income?
Major contributions came from Caesars Entertainment’s regional and Las Vegas master leases, along with steady returns from lease financing receivables.
How did operating expenses affect performance?
Despite a 78.4% increase in operating costs, VICI maintained profit growth thanks to higher revenue and disciplined capital management.
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