Vici surpasses $1bn in net revenue for Q1, AFFO rises 5.7% to $650.9m

Vici Properties reported its Q1 2026 financial results on April 29, having increased revenue by 3.5% to just over $1bn, while adjusted funds from operations (AFFO) totaled $650.9m and grew 5.7%. 

Revenues generated from sales-type leases accounted for $536.7m and increased 1.5%, followed closely by income from lease financing receivables, loans and securities which rose 6% to nearly $452m. 

Vici Properties’ net income increased 60.5% during the period for a total of $872.4m, primarily due to a $305.7m aggregate change in CECL allowance as compared to Q1 2025. The real estate investment trust also managed to increase adjusted EBITDA by 4.5% to $838.2m. 

A regional master lease agreement with Caesars Entertainment was responsible for $140.5m of Vici Properties’ Q1 net revenue, while the operator’s master lease in Las Vegas produced an additional $126.4m. 

Lease agreements with MGM Resorts International drove $81.1m of revenue, followed by a lease covering The Venetian Las Vegas which accounted for $76.1m. MGM Resorts’ master lease with the investment trust totaled $193.7m of revenue during Q1 2026. 

Penn Entertainment’s master lease with Vici Properties generated $20.2m of revenue, while leases with Century Casinos and Hard Rock Cincinnati produced $12.7m and $12.2m, respectively. 

Vici Properties also unveiled an expansion to its strategic relationship with Cain and Eldridge Industries, providing a $1.5bn mezzanine loan for construction financing related to the organization’s One Beverly Hills development. 

Shortly after Q1 2026 concluded, Vici Properties issued an estimated closing date of April 30, 2026 for its $1.16bn acquisition of the land, real property and improvements of seven casino properties currently owned by Golden Entertainment.

At the time of closing, Vici Properties will enter into a triple-net master lease agreement with a newly formed entity owned and controlled by Golden Entertainment Chairman & CEO Blake Sartini.