VICI Properties
28 named things its latest annual report says its results depend on, each in the company's own words. 6 of them are also named by other companies we've read.
Customers
MGM Resorts International
earns from · 35%named as a riskCaesars and MGM, our two largest tenants representing 39% and 35%, respectively, of our annualized rent as of December 31, 2025, are leading owners and operators of gaming, entertainment and leisure properties.Business (Item 1)
Also named by PPLI
Caesars Entertainment, Inc.
earns from · 39%named as a riskCaesars and MGM, our two largest tenants representing 39% and 35%, respectively, of our annualized rent as of December 31, 2025, are leading owners and operators of gaming, entertainment and leisure properties.Business (Item 1)
Caesars Entertainment, Inc.
earns from · approximately $1.3 billionnamed as a riskUnder our respective lease agreements with Caesars and MGM, they are obligated to pay us approximately $1.3 billion and $1.1 billion, respectively, in estimated annual lease payments for 2026.Risk factors (Item 1A)
Caesars Golf Course Use Agreement
earns from · $17.6 million per yearAs of December 31, 2025, contractual minimum fees under the Golf Course Use Agreement and certain other golf course related agreements with Caesars were $17.6 million per year.Business (Item 1)
Venetian Resort Las Vegas (Apollo Global Management)
earns fromAs of December 31, 2025, we own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the “Venetian Resort”), three of the most iconic entertainment facilities on the Las Vegas Strip.Business (Item 1)
Suppliers
Cabot-Managed Properties
depends onAll four golf courses are operated by a third-party golf resort operator, Cabot-Managed Properties, an affiliate of Cabot, pursuant to a golf course management agreement.Business (Item 1)
Other companies
Revolving Credit Facility (CAD and GBP)
exposed to its price · US$142.5 millionnamed as a riskAs of December 31, 2025, we had $17.1 billion of aggregate principal amount of outstanding indebtedness, of which 99.2% has a fixed interest rate and 0.8% has a variable interest rate, representing the US$142.5 million outstanding balance under the Revolving Credit Facility (denominated in CAD and GBP).Market risk (Item 7A)
Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more
Golden Entertainment, Inc.
seven casino propertiesnamed as a riskThe transaction is subject to the approval of the Golden stockholders, as well as customary closing conditions and regulatory approvals.Business (Item 1)
Real estate debt investments
insures or lends to · $2,580,087named as a riskCertain of our debt investments are investments in development and construction loans.Risk factors (Item 1A)
Cabot Citrus Farms
insures or lends to · $120.0 millionWe entered into a purchase and sale agreement with Cabot, pursuant to which we will convert a portion of the $120.0 million Cabot Citrus Farms delayed draw development loan into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that will have an initial term of 25 years, with five 5-year tenant renewal options.Business (Item 1)
Caesars-Eldorado merger bankruptcy re-characterization
named as a riskIn addition, our business could be materially and adversely affected if, in the event that Caesars declares bankruptcy, a bankruptcy court re-characterizes certain components of our transactions with Caesars in connection with the merger between Eldorado Resorts, Inc. and Caesars in 2020 as a disguised financing transaction, specifically our modifications of the Caesars Las Vegas Master Lease to increase the annual rent payable to us associated with Caesars Palace Las Vegas and Harrah’s Las Vegas.Risk factors (Item 1A)
North Fork loan (tribal land)
insures or lends tonamed as a riskIn addition, certain of our investments, such as the North Fork loan, are secured by the property and assets of the borrower, including cash flows and revenues generated by the property, but excluding real property or any interests therein.Risk factors (Item 1A)
MGM Growth Properties LLC (MGP)
named as a riskAs a result of these factors, our failure or MGP’s failure (before the MGP Transactions) to qualify as a REIT could impair our ability to expand our business and raise capital, and would materially adversely affect the market value of our common stock.Risk factors (Item 1A)
Competitors
Prediction markets
competes withnamed as a riskTo the extent such platforms continue operating with reduced regulatory burdens, our tenants may face material competitive disadvantages that could directly impact their operating performance and, consequently, the rent we receive and the value of our properties.Risk factors (Item 1A)
Places
Las Vegas Strip
concentrated in · approximately 49% of our total revenuesnamed as a riskOur properties on the Las Vegas Strip generated approximately 49% of our total revenues for the year ended December 31, 2025 and we expect this concentration to continue in the foreseeable future.Risk factors (Item 1A)
Canada
operates innamed as a riskUnder certain of our lease agreements, rent is payable in foreign currencies with respect to some or all of the properties under the applicable lease agreements.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Atlantic City, New Jersey
concentrated innamed as a riskWith the assistance of an environmental due diligence provider and consultant, our most recent climate-related risk analysis performed in 2025 was comprised of individual property-level physical risk analyses, multiple climate scenario analyses within our identified time horizons, and transition risk analyses, including review of active and impending sustainable building regulations and additional community resilience assessments with respect to certain geographies in which we own multiple properties (such as Las Vegas, Nevada and Atlantic City, New Jersey).Business (Item 1)
Hazards
Colorado River / Lake Mead water supply
operates innamed as a riskFor example, in Las Vegas and the surrounding region, a significant majority of water is sourced from the Colorado River and water levels in Lake Mead, which serves as a reservoir, have declined significantly in recent years and remained at reduced levels despite a partial recovery in 2023, with various regulatory bodies continuing to pursue water conservation initiatives.Risk factors (Item 1A)
Flooding, drought and heat stress
operates innamed as a riskWith respect to our property portfolio, we believe that flooding, water stress/drought and heat stress pose the greatest material risk from the effects of climate change, although the nature and degree of these risks vary based on geographic location and other factors.Risk factors (Item 1A)
Commodities and inputs
Consumer Price Index (CPI)
exposed to its price · 42% of our full-year 2025 rent and 90% of our rent over the long-termAs of December 31, 2025, 42% of our full-year 2025 rent and 90% of our rent over the long-term feature CPI-linked escalation (subject to applicable caps).Business (Item 1)
Regulators
State gaming regulatory authorities
subject tonamed as a riskFinally, the loss or suspension of our gaming licenses could result in a material breach under certain of our leases or an event of default under certain of our indebtedness, including through cross-default provisions in our debt agreements.Business (Item 1)
Laws and programs
REIT qualification under the Internal Revenue Code
subject to · 90% of our REIT taxable incomenamed as a riskIf we lose our REIT status, or are determined to have lost our REIT status in a prior year, such loss or failure would have a material and adverse effect on us.Risk factors (Item 1A)
MGM Tax Protection Agreement
approximately $8.5 billion of nonrecourse indebtednessnamed as a riskIn the event that VICI OP or VICI breaches restrictions in the MGM Tax Protection Agreement, VICI OP will be liable for grossed-up tax amounts associated with the income or gain recognized as a result of such breach.Business (Item 1)
MGM Master Lease
earns from · 3.0% capnamed as a riskFor example, under the MGM Master Lease, the escalator is fixed at 2.0% for years two through ten of the MGM Master Lease and, for the remainder of the term, the escalator is the greater of 2.0% and CPI, subject to a 3.0% cap.Risk factors (Item 1A)
Energy benchmarking and building performance standards
subject to · twelve of our leased propertiesnamed as a riskBased on our most recent analysis completed in early 2025, twelve of our leased properties are currently subject to energy benchmarking and/or building performance standards due to their location.Risk factors (Item 1A)
Ground leases (Century Mile Racetrack, Chelsea Piers New York, MGM National Harbor)
depends onnamed as a riskMany of these ground lease arrangements involve local municipalities, states and other governmental bodies as the applicable lessor, such as Century Mile Racetrack, Chelsea Piers New York, and MGM National Harbor.Risk factors (Item 1A)
Caesars Regional Master Lease
earns fromnamed as a riskFor example, market commentary has arisen regarding the performance of properties we lease to Caesars under the Caesars Regional Master Lease and the potential impact of such performance on the Company.Risk factors (Item 1A)
MGM Grand/Mandalay Bay JV CMBS loan
named as a riskFurthermore, under such circumstances we may be required under the terms of the MGM Grand/Mandalay Bay JV CMBS loan agreement to contribute all or a portion of insurance proceeds to the repayment of such debt, which may prevent us from restoring such properties to their prior state.Risk factors (Item 1A)