Vici Properties Q2 Revenue Climbs 5.7% to $1.1bn, Net Income Drops Sharply

Second Quarter Results

Vici Properties reported net revenue of approximately $1.1bn for the second quarter of 2026, a 5.7% increase year-on-year. The real estate investment trust’s adjusted EBITDA rose at the same rate to $869.5m. However, net income fell sharply by 39.1% to $526.5m, primarily driven by a surge in operating expenses to $315.6m, compared with $93.1m in the prior-year period.

Income from sales-type leases – the largest revenue component – grew 2.6% to $549.2m. Lease financing receivables contributed $478.4m, up 8.7%, while other revenue slipped 3.2% to $18.9m. Despite the net income drop, adjusted funds from operations (AFFO) improved 7.8% to nearly $680m.

Vici’s master lease agreement with Caesars Entertainment generated over $265m in Q2, while the MGM Resorts master lease contributed $185.8m.

First Half Performance

For the first half of 2026, net revenue expanded 4.6% to $2.1bn. Net income for the period decreased marginally by 0.7% to just over $1.4bn, as operating expenses climbed 76.5% to $239.3m. Adjusted EBITDA exceeded $1.7bn, a 5.1% increase, while AFFO rose 6.8% to $1.3bn.

H1 income from sales-type leases reached nearly $1.1bn (up 2.5%), lease financing receivables increased 7.3% to $930.3m, and other revenue declined 3.2% to $37.8m. Combined master lease income from Caesars (regional and Las Vegas) topped $525m, and from MGM totalled $379.4m.

Acquisitions

On April 30, Vici closed its $1.16bn acquisition of the land, real property and improvements at seven casino properties formerly owned by Golden Entertainment, simultaneously retiring the operator’s outstanding $426m debt. In June, the firm completed a $144.4m purchase of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two adjacent limited-service hotels.