Vici Properties Q4 revenue grows 3.8%, FY2025 net income hits $2.8bn

Vici Properties has reported its financial results for the fourth quarter of 2025 and full-year, having increased revenue during the quarterly period by 3.8% to $1bn, even in spite of net income falling 1.6% to $604.8m. 

The company attributed the decrease in net income to the impact of a change in the CECL allowance for Q4 2025, while AFFO rose 6.8% year-over-year for a total of $642.5m. Revenue from sales-type leases totaled $534.7m during Q4 2025, equating to growth of 1.9%. 

Income from lease financing receivables rose 6.7% to $448.8m during Q4 2025, as the company was able to record increases in net revenue and AFFO despite witnessing 37.4% growth in operating expenses to $199.5m. 

Vici Properties reported nearly $139.6m of income from its Caesars Entertainment regional master lease, as well as $125.6m from the company’s agreement with Caesars in Las Vegas.

An additional $80.6m of revenue was generated from its MGM Grand master lease, and $75.5m from a lease covering The Venetian Resort Las Vegas. 

During FY2025, Vici Properties’ net revenue eclipsed $4bn, representing an increase of 4.1% from the prior year period. While net income fell during Q4 2025, the figure rose 3.6% to $2.8bn for the full-year period, with AFFO increasing 6.6% to $2.5bn. 

Over $2.1bn of the company’s total net revenue stemmed from sales-type leases, which equates to 2.8% growth during FY2025.

Income from lease financing receivables totaled nearly $1.8bn for FY2025, having risen 6.1% and primarily driven by Vici Properties’ master lease with MGM Resorts International, which accounted for $769.6m of income. 

The Caesars regional and Las Vegas master leases produced $552.7m and $497.1m of income, respectively, while MGM Grand’s master lease totaled $321.8m and was followed closely by The Venetian Resort Las Vegas lease which reported $300.9m. 

Operating expenses also grew during FY2025, rising 16.1% for a total of $358.5m, including $177.9m in costs from chances in allowance to credit losses.