Vici owns casino buildings and rents them to operators such as Caesars and MGM. In the third quarter of 2026 rent kept growing, but an estimate of possible losses, mostly tied to Caesars, cut reported profit.
If you have walked into a casino on the Las Vegas Strip, the building may have belonged to someone other than the company running the tables. Vici Properties is that kind of owner. It owns casino and hotel buildings in Las Vegas, Atlantic City, Ohio and Alberta, and rents them to the companies that run them, including Caesars, MGM and Penn.
Casino companies pay to run their casinos in buildings they do not own. Under triple-net leases, the tenant pays the rent and the costs of running the building, including upkeep. The leases run for decades, and rent usually rises every year, often by around 2% or in line with inflation up to a cap. Vici's own costs are small, so what it keeps depends mainly on what its borrowing costs and whether its tenants can pay. To grow faster than the yearly increases, Vici buys more properties, paid for with new debt or new shares. Recently, maturing borrowings have been replaced at higher interest rates.
Create a free account to unlock the rest of this report and access all published research.
This report is general, non-personalized research provided solely for informational and educational purposes. It is not financial or investment advice, a personalized recommendation, an offer to the public, a solicitation, an instruction to buy, sell or hold a financial instrument, or an invitation to engage in an investment activity. ReasyPort is not an authorised or regulated investment firm and does not provide a MiFID II investment service.
This report is based on primary and public sources identified in the report, including issuer filings, annual and interim reports, regulated announcements, investor-relations materials, market data and, where relevant, institutional macroeconomic publications. Facts should be read separately from interpretations, estimates and opinions.
Text, analyses, summaries, translations and charts may be produced with the support of Artificial Intelligence and are subjected to deterministic data and consistency checks before publication. These controls reduce, but cannot eliminate, errors, omissions or incorrect interpretations. Editorial responsibility for publication remains with the producer identified above.
ReasyPort View labels, fair values, forecasts, scenarios, price references and other forward-looking statements are editorial estimates or opinions, not facts or trading instructions. They depend on the assumptions, methodology, market price and information available on the stated reference date and may change without notice. The report is not monitored or updated in real time.
Any relationship, compensation, material holding or other circumstance known to ReasyPort that could reasonably impair the objectivity of a report must be disclosed with that report. Questions, corrections and potential conflicts may be reported through the legal contact shown above.
Public and primary sources, automated extraction and data providers may contain material errors, omissions, inaccuracies, restatements or delays. Accuracy, completeness and timeliness are therefore not guaranteed, and important information should be checked against the original source before it is used.
To the maximum extent permitted by applicable law, ReasyPort, the author, the publisher and the persons involved in producing the report are not liable for losses arising from decisions made solely in reliance on this report. Nothing in this notice excludes or limits any liability that cannot lawfully be excluded or limited.
Any investment decision should be made independently, if appropriate with the support of a licensed financial adviser. Investments in financial instruments involve risks, including the possible partial or total loss of invested capital.
Research methodology, assumptions and disclosuresMeaning of ReasyPort View