- The Venetian's EBITDAR Growth Increased from $487 million pre-pandemic to $777 million in 2024.
- New Partnerships Commitment $2.1 billion in committed capital with an 8.9% weighted average initial yield in 2025.
- Fee Simple Transaction $1.16 billion gaming sector deal in Nevada involving 7 properties.
- Efficient Triple Net Model 69% net income margin with $65.1 million annual G&A expenses.
- 2026 AFFO Guidance Projected between $2.59 billion and $2.625 billion ($2.42–$2.45/share).
Strategic Partnerships and Investments
The company has formed several new partnerships in 2025, representing $2.1 billion of committed capital at a weighted average initial yield of 8.9%. Notably, VICI announced a $1.16 billion fee simple real estate deal in the gaming sector involving 7 properties located in Nevada, marking a significant expansion of its portfolio. As the company noted, "we're intentional about deeply understanding the partners with whom we are doing business, and we're seeking to continue to diversify our partnerships across best-in-class experiential operators."
Valuation and Growth Prospects
With a P/E Ratio of 11.38 and an EV/EBITDA ratio of 8.51, the market appears to be pricing in moderate growth expectations. The Dividend Yield stands at 5.93%, offering an attractive income stream for investors. As VICI continues to expand its portfolio and diversify its partnerships, its focus on experiential assets and live entertainment venues is expected to drive long-term growth. The company's ROE stands at 10.18%, indicating a decent return on equity.
Outlook and Guidance
VICI initiated AFFO guidance for 2026, expecting between $2.59 billion and $2.625 billion, or between $2.42 and $2.45 per diluted common share. The guidance excludes any transactions that have not closed, interest income from loans without final draw structures, and possible future acquisitions or dispositions. As the company navigates the deal environment, it remains focused on its relationship-based approach to future transactions, seeking to continue diversifying its partnerships across best-in-class experiential operators.