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VICI · VICI Properties

10 filings

10-K

VICI 10-K Annual Reports

VICI Properties - 10 annual reports

Filing record · 2017–202610-K1010-Q288-K161

2025
VICI Properties Annual Report, Year Ended Dec 31, 2025
VICI Properties Inc. (VICI) reported total revenues of $4.01 billion for 2025, up 4.1% from $3.85 billion in 2024, and net income attributable to common stockholders of $2.78 billion, or $2.61 per diluted share. AFFO rose 6.6% to $2.5 billion, or $2.38 per diluted share. The company owns 93 experiential assets (54 gaming and 39 other experiential properties) across 26 U.S. states and Canada, 100% leased, with a weighted average lease term including extensions of approximately 39.6 years. Caesars and MGM are the two largest tenants, representing 39% and 35% of annualized rent as of December 31, 2025. The filing flags Caesars' declining profitability at certain properties under the Caesars Regional Master Lease. Management says it is evaluating Caesars' performance and has held preliminary discussions with Caesars, but no outcome is assured. The allowance for credit losses rose to $177.9 million in 2025 from $126.7 million in 2024, driven by tenant market performance and macroeconomic forecast changes. Total debt was $17.1 billion at a weighted average rate of 4.464%, with $2.4 billion of revolver capacity available. Pending transactions include the $1.16 billion Golden Entertainment portfolio acquisition, expected to close in mid-2026, and the Northfield Park severance lease, expected in the first half of 2026. The company also reported a $623.5 million of future loan funding commitments and $2.58 billion of real estate debt investments outstanding.
Feb 25, 2026
2024
VICI Properties Annual Report, Year Ended Dec 31, 2024
VICI Properties Inc. (NYSE: VICI) reported its 2024 annual results in this Form 10-K filed February 20, 2025. The company owns 93 experiential assets (54 gaming properties and 39 other experiential properties) across 26 U.S. states and Canada, all 100% leased under long-term triple-net leases with a weighted average lease term of 40.7 years including extensions. Total revenues rose to $3.85 billion from $3.61 billion, net income attributable to common stockholders reached $2.68 billion ($2.56 per diluted share), and AFFO increased to $2.37 billion ($2.26 per diluted share). The company states it collected 100% of contractual rent in cash in 2024. Concentration is the central investor consideration. Caesars and MGM are the two largest tenants, representing 39% and 35% of annualized rent as of December 31, 2024, and the Las Vegas Strip generated approximately 48% of total revenues. Leverage stands at roughly $17.1 billion of debt, of which 99.0% is fixed-rate, and the company held $2.4 billion of revolver capacity at year end. Key 2024 capital deployment included $411.8 million through the Partner Property Growth Fund (including the Venetian Capital Investment, with up to $700.0 million total and an incremental $300.0 million option) and $579.1 million funded for loans and securities. The filing also highlights credit risk accounting: the change in allowance for credit losses was $126.7 million in 2024 versus $102.8 million in 2023, and the company's CECL allowance totaled $1.59 billion. Subsequent to year end, VICI replaced its revolving credit facility with a $2.5 billion facility maturing February 3, 2029 and bought a $300.0 million interest in the One Beverly Hills mezzanine loan.
Feb 20, 2025
2023
VICI Properties Annual Report, Year Ended Dec 31, 2023
VICI Properties Inc. (VICI) reported full-year 2023 results in this Form 10-K, filed February 22, 2024, as an owner and acquirer of gaming, hospitality and entertainment properties leased to operators under long-term triple-net leases. At December 31, 2023 the company owned 93 experiential assets (54 gaming properties and 39 other experiential properties) across the United States and Canada, with its properties 100% leased and a weighted average lease term including extensions of approximately 41.3 years. Caesars and MGM, its two largest tenants, represented approximately 40% and 35% of annualized rent at year-end. Total revenues were $3.61 billion in 2023, up 38.9% from 2022, and net income attributable to common stockholders was $2.51 billion, or $2.47 per diluted share. AFFO rose 29.1% to $2.19 billion, or $2.15 per diluted share. The year's growth was driven largely by acquisitions. VICI invested over $4.1 billion to acquire 51 properties, including the MGM Grand/Mandalay Bay JV interest, its first international gaming assets in Canada, and its first other-experiential properties in sports, family entertainment and Chelsea Piers. It also originated six debt investments totaling $698.2 million of commitments. Net income was also affected by a change in allowance for credit losses of $102.8 million in 2023, compared with $834.5 million in 2022. At year-end the company had $17.1 billion of debt, $522.6 million of cash, and roughly $2.3 billion of undrawn revolving credit capacity, and it reported compliance with all debt covenants. The filing highlights concentration risk: the Las Vegas Strip generated approximately 49% of total revenues, and the company is dependent on tenant performance and the gaming industry. Key forward-looking items include Caesars Indianapolis put-call rights exercisable through December 31, 2024, a $1.1 billion debt maturity on May 1, 2024, and a regular quarterly dividend that was raised to $0.415 per share in the third quarter of 2023.
Feb 22, 2024
2022
VICI Properties Annual Report, Year Ended Dec 31, 2022
VICI Properties Inc. (NYSE: VICI) reported in its 2022 Form 10-K that it owns 49 gaming facilities in the United States and Canada, leased on long-term triple-net terms to tenants including Caesars and MGM, which together represented 43% and 36%, respectively, of annualized rent as of December 31, 2022. Total revenues rose to $2,600.7 million in 2022 from $1,509.6 million in 2021, and net income attributable to common stockholders was $1,117.6 million, or $1.27 per diluted share. The company stated that AFFO increased 61.7% to $1,693.8 million, or $1.93 per diluted share, and that it collected 100% of rent in cash. Net income per diluted share declined 27.7%, primarily due to an $834.5 million increase in the allowance for credit losses, mostly driven by initial CECL allowances on 2022 acquisitions and originations. The year was dominated by the April 2022 MGP Transactions, in which VICI acquired MGM Growth Properties for total consideration of $11.6 billion plus the assumption of approximately $5.7 billion of debt, adding $1,012.2 million of annualized rent. Other major activity included the Venetian Acquisition for $4.0 billion in cash, the Foundation Gaming and PURE Canadian Gaming transactions, and more than $1.2 billion of loan commitments. Subsequent to year-end, VICI closed the acquisition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV from BREIT for $1,261.9 million in cash, assumed $1,497.0 million of the property-level debt, and raised equity through forward sale settlements and a January 2023 offering. At December 31, 2022, long-term indebtedness totaled approximately $15.45 billion, consisting of $13.95 billion of senior unsecured debt and a $1.5 billion pro-rata share of secured property-level debt. Cash and cash equivalents were $208.9 million, and the company reported $2.5 billion of revolver capacity, with no debt maturities until May 2024. Key risks highlighted include dependence on Caesars and MGM, concentration in the Las Vegas Strip (about 45% of 2022 revenues), REIT distribution requirements, and rising interest rates.
Feb 23, 2023
2021
VICI Properties Annual Report, Year Ended Dec 31, 2021
VICI Properties Inc. (Maryland corporation, NYSE: VICI) owns and acquires gaming, hospitality and entertainment destinations under long-term triple-net leases. As of December 31, 2021, its portfolio consisted of 28 properties, including Caesars Palace Las Vegas, Harrah's Las Vegas and the Venetian Resort (acquired February 23, 2022 for $4.0 billion). Caesars was the largest tenant, generating 84% of total revenues for 2021. Total revenues rose to $1,509.6 million from $1,225.6 million, net income attributable to common stockholders was $1,013.9 million ($1.76 per diluted share), and AFFO increased 25.3% to $1,047.4 million. Management reported that all tenants had fulfilled rent obligations through February 2022. The pending MGP Transactions, expected to close in the first half of 2022, would add MGP for total consideration of $17.2 billion, including about $5.7 billion of assumed debt, and add $1,009.0 million of annualized rent from 15 properties. Post-closing, the company expects total pro forma consolidated indebtedness of approximately $15.5 billion, including about $4.4 billion of new debt to fund the cash redemption of MGM's units, and MGM and Caesars would be the largest tenants. The filing states that closing is not conditioned on VICI obtaining financing, and it describes a $709.0 million termination fee payable to MGP in certain circumstances. At December 31, 2021, long-term debt was $4.75 billion in senior unsecured notes with no maturities until 2025, and cash was $739.6 million. Following year-end, VICI entered into a $2.5 billion revolving credit facility and a $1.0 billion delayed draw term loan, and it settled forward sale agreements for net proceeds of about $3.2 billion to help fund the Venetian acquisition. Investors should weigh the strong rent-based cash flow and the concentration in Caesars and the Las Vegas Strip against the substantial leverage and integration risk from the MGP transaction.
Feb 23, 2022
2020
VICI Properties Annual Report, Year Ended Dec 31, 2020
VICI Properties Inc. reported that it is primarily engaged in owning and acquiring gaming, hospitality and entertainment destinations under long-term triple-net leases. As of December 31, 2020, its portfolio consisted of 28 properties across twelve states, leased to Caesars, Penn National, Hard Rock, Century Casinos and JACK Entertainment, with Caesars as the largest tenant. Total revenues were $1.23 billion for 2020, up from $894.8 million in 2019, and net income attributable to common stockholders was $891.7 million, or $1.75 per diluted share. AFFO was $835.8 million, or $1.64 per diluted share. The company states that all tenants fulfilled rent obligations through February 2021 and that it collected 100% of rent in cash in 2020. The year was dominated by the July 20, 2020 Eldorado/Caesars Merger transaction, which included the $1.82 billion acquisition of the Harrah's New Orleans, Laughlin and Atlantic City properties, a $1.19 billion CPLV lease amendment payment and a $213.8 million HLV lease amendment payment. The company recorded a $333.4 million gain upon lease modification and a $244.5 million increase in its allowance for credit losses under the new CECL standard. Total debt was $6.85 billion at year-end, with no maturities until 2024, and the company had $1.0 billion of available revolver capacity. The filing also highlights ongoing COVID-19 risks, including temporary closures of all properties in 2020, reduced capacity, and uncertainty about future restrictions. Caesars' substantial debt service and reliance on Las Vegas, which generated approximately 30% of lease revenue, are cited as key concentration risks.
Feb 18, 2021
2019
VICI Properties Annual Report, Year Ended Dec 31, 2019
VICI Properties Inc. (VICI) reported total revenues of $894.8 million for 2019, compared with $898.0 million in 2018, and net income attributable to common stockholders of $546.0 million, or $1.24 per diluted share. Leasing revenue rose to $865.9 million from $789.5 million, driven by the addition of properties acquired in 2018 and 2019. Income from direct financing and sales-type leases was $822.2 million, and tenant reimbursement of property taxes ceased after the adoption of ASC 842. Net cash from operating activities was $682.2 million, and AFFO was $649.6 million, or $1.48 per diluted share. The company is a REIT whose 28 gaming, hospitality and entertainment properties are leased on long-term triple-net leases to subsidiaries of Caesars, Penn National, Hard Rock, Century Casinos and JACK Entertainment, and nearly all revenue comes from Caesars lease agreements. The filing is dominated by the pending Eldorado Transaction, under which VICI agreed to acquire the land and real estate of Harrah's New Orleans, Harrah's Laughlin and Harrah's Atlantic City for an aggregate $1,823.5 million, amend the CPLV Lease Agreement for a $1,189.9 million payment, and terminate the HLV Lease Agreement for $213.8 million. Completion depends on the Eldorado/Caesars Merger, which the filing says Eldorado expects to close in the first half of 2020. The company also notes that its tenants' lease payments and related guarantees are concentrated in Caesars, and that Las Vegas Strip properties generated approximately 33% of lease revenue in 2019. At December 31, 2019, total debt was $4.8 billion, with $1.0 billion available under the Revolving Credit Facility, and cash and short-term investments of $1.16 billion. After year-end, VICI issued $2.5 billion of senior unsecured notes in February 2020, placing $2.0 billion in escrow for the Eldorado Transaction, and redeemed the $498.5 million Second Lien Notes. The company reports total debt of about $6.9 billion as of February 20, 2020.
Feb 20, 2020
2018
VICI Properties Annual Report, Year Ended Dec 31, 2018
VICI Properties Inc. (VICI) reported its first full year of operations as a stand-alone REIT for the year ended December 31, 2018, with total revenues of $897.98 million, net income of $532.1 million and net income attributable to common stockholders of $523.6 million, or $1.43 per diluted share. The prior comparison is the period from October 6, 2017 (Formation Date) to December 31, 2017, when revenues were $187.6 million. Revenue growth primarily reflects a full year of operations and the addition of Octavius Tower and Harrah's Philadelphia during 2018. The filing states that substantially all revenue comes from triple-net Lease Agreements with subsidiaries of Caesars and Penn National, and that all properties are 100% occupied. Caesars is obligated to pay approximately $4.2 billion in fixed annual rents and golf membership fees over the next five years, and Caesars was the only tenant as of December 31, 2018. At year-end 2018, VICI reported total assets of $11.33 billion, total debt of $4.15 billion in face value, cash and cash equivalents of $577.9 million and short-term investments of $520.9 million, with $400.0 million available under its Revolving Credit Facility. Cash dividends declared were $0.9975 per share for 2018. The company raised $1.3 billion in net proceeds from its February 2018 IPO and $694.2 million from a November 2018 follow-on offering, and it announced a targeted annualized dividend of $1.15 per share in September 2018. Looking forward, the filing describes a pending acquisition of Greektown Casino-Hotel in Detroit for $700.0 million in cash, expected to close in mid-2019 with an initial annual rent of $55.6 million, and the completed acquisition of Margaritaville Resort Casino on January 2, 2019, leased to a subsidiary of Penn National. The filing also notes risks including tenant dependence on Caesars, the concentration of revenue on the Las Vegas Strip (approximately 36% of lease revenue), and substantial indebtedness.
Feb 14, 2019
2017-A
VICI Properties Annual Report (Amendment), Year Ended Dec 31, 2017
This Part III amendment to VICI Properties Inc.'s annual report, filed under the VICI name, supplies the governance, compensation, ownership, related-party, and auditor-fee disclosures that the company incorporates into its Form 10-K for fiscal 2017. The board has seven members. Edward B. Pitoniak serves as Chief Executive Officer, John Payne as President and Chief Operating Officer, and David Kieske as Chief Financial Officer effective January 1, 2018, succeeding Mary Beth Higgins. Pitoniak's base salary is $725,000, Payne's is $1,200,000, and Kieske's is $450,000. The filing describes employment agreements with severance and change-in-control provisions, and a VICI 2017 Stock Incentive Plan authorizing 12,750,000 shares, of which 12,575,428 remained available for future issuance at December 31, 2017. Ownership disclosures are based on 370,128,832 common shares outstanding as of April 16, 2018. Canyon Capital Advisors LLC reports 45,301,818 shares (12.2%), Pacific Investment Management Company LLC reports 28,498,883 shares (7.7%), Soros Fund Management LLC reports 21,523,226 shares (5.8%), and Solus Alternative Asset Management LP reports 20,058,146 shares (5.4%). All directors and executive officers together hold 379,917 shares, which the filing shows as less than 1%. The filing also reports the December 2017 private placement of 54,054,053 shares at $18.50 per share, with registration rights granted to those investors. For 2017, the independent registered public accounting firm billed total fees of $2,055,500, all of which the filing classifies as audit fees. The board has determined that the non-employee directors are independent under NYSE rules.
Apr 30, 2018
2017
VICI Properties Annual Report, Year Ended Dec 31, 2017
VICI Properties Inc. filed its first annual report on Form 10-K following its formation on October 6, 2017, when real estate assets were separated from Caesars Entertainment Operating Company (CEOC) under CEOC's bankruptcy Plan of Reorganization. The company owns 20 market-leading properties, including Caesars Palace Las Vegas and Harrah's Las Vegas, across nine states, all leased to subsidiaries of Caesars under long-term triple-net leases. For the period from October 6 to December 31, 2017, net revenues were $187.6 million, net income was $44.5 million, and net income attributable to common shareholders was $42.7 million, or $0.19 per diluted share. Adjusted EBITDA was $145.1 million and AFFO was $84.1 million for the same period. The company's balance sheet at December 31, 2017 showed total assets of $9.74 billion and debt of $4.79 billion, with an aggregate face value of $4.82 billion. In December 2017 VICI acquired Harrah's Las Vegas for approximately $1.14 billion and leased it back to Caesars, and it entered into a $2.6 billion senior secured credit facility. Following year-end, the company completed an initial public offering in February 2018 that raised net proceeds of $1.307 billion, which it used in part to pay down debt. Caesars' lease payments are guaranteed by Caesars or its subsidiary CRC, and Caesars' obligations are a significant concentration of risk, since the leases account for substantially all of the company's revenues. Investors should note the concentration risk: the filing states that approximately 27.8% of lease revenue came from Las Vegas Strip properties for the stub period, and the company depends on a single tenant and the gaming industry. The filing also notes that the company intends to elect REIT status beginning with its 2017 taxable year, and it discloses a pending objection by the City of Hammond, Indiana regarding the assignment of the Horseshoe Hammond property leases.
Mar 28, 2018