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VICI Properties Inc.

VICI

Filing: SEC 10-Q
Period: Quarter ended 2026-03-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of VICI Properties Inc.. A complete text table follows the diagram.

MGM and Caesars Supply 73% of VICI's Contractual Rent

Casino operators run the resorts, but VICI owns the real estate and collects escalating rent through master leases that can extend for decades.

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0001705696-26-000069
Filed: Date not recorded
Reviewed: 2026-07-28
Status: Individual filing review complete

How to read these figures

Tenant dollar amounts are editorial estimates based on rounded filing percentages and should not be read as exact reported tenant rent. Total contractual lease revenue is reported.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

The MGM master lease carries $774.7M of annual rent and an initial term through April 2047.
Caesars' regional and Las Vegas master leases carry more than $1.24B of annual rent before ownership adjustments.
Most major leases escalate at least 2% annually, with later increases linked to inflation and generally capped at 3%.
VICI owns 54 gaming properties and 39 other experiential properties, plus four championship golf courses.

View accessible tables

Financial categories · Quarter ended 2026-03-31 · Millions of USD
Category	Stage	Value	Notes
Contractual lease revenue	1	$797M	Cash rent before non-cash accounting
MGM Resorts	2	$287M	36% of contractual rent
Caesars Entertainment	2	$295M	37% of contractual rent
Other tenants	2	$215M	Remaining 27% of rent

Financial flows · Millions of USD
From	To	Value
Contractual lease revenue	MGM Resorts	$287M
Contractual lease revenue	Caesars Entertainment	$295M
Contractual lease revenue	Other tenants	$215M