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November 4, 2025 • 4 min read
VICI Properties, a real estate investment trust (REIT) that owns a portfolio of iconic gaming, hospitality, and entertainment destinations like Caesars Palace and the Venetian Resort Las Vegas, recently released its financial results for the third quarter of 2025. Let's peel back the layers of their latest 10-Q filing to understand how the company is performing.
For the third quarter ended September 30, 2025, VICI reported total revenues of $1.01 billion, a solid increase from the $965 million generated in the same quarter last year. This growth highlights the stability and incremental gains from its vast real estate portfolio.
The company's revenue is primarily driven by two main sources:
This flow diagram provides a visual breakdown of VICI's revenues and expenses for the third quarter, illustrating how the top-line income translates into bottom-line profit.
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You'll notice smaller revenue streams like Golf revenues ($8.2 million) and Other income ($19.5 million). These represent income from the four championship golf courses VICI owns and operates, as well as revenue from ground and use sub-leases.
VICI's strong revenue performance flowed through to its net income. Net income attributable to common stockholders reached $762.0 million for the quarter, or $0.71 per diluted share. This is a steady improvement from the $732.9 million, or $0.70 per share, reported in the third quarter of 2024.
For a REIT, a key metric for investors is shareholder distributions. VICI continued to deliver, declaring a quarterly cash dividend of $0.4500 per share, an increase from the $0.4325 per share paid in the prior year's quarter. This consistent return of capital is a hallmark of the REIT structure and a major draw for income-focused investors.
One of the most significant developments is VICI's continued push into real estate debt investments. The carrying value of its "Investments in loans and securities" portfolio grew substantially from $1.65 billion at the end of 2024 to $2.43 billion as of September 30, 2025.
This growth was fueled by major new commitments in 2025, including:
This expansion diversifies VICI's income away from its primary lease revenue and allows it to capitalize on different opportunities within the experiential real estate market.
VICI's balance sheet remains robust, with total assets increasing to $46.5 billion. The company maintains a strong liquidity position, reporting approximately $3.1 billion in available funds, including cash, capacity under its revolving credit facility, and proceeds from forward stock sale agreements. This financial flexibility positions VICI well to fund its existing commitments and pursue new acquisition and investment opportunities as they arise.
In conclusion, VICI's third-quarter results paint a picture of a company executing its strategy effectively. The core leasing business provides a stable foundation, while the growing loan portfolio offers a promising avenue for future growth. In a market where consumer demand for unique experiences remains strong, VICI's ownership of premier, irreplaceable assets continues to be a powerful and profitable advantage.
Last updated: November 4, 2025