VICI Properties increases revenue by 3.4% for Q1 2025, reaches $984.2m

VICI Properties has released its financial results from the first quarter of 2025, featuring a net revenue increase of 3.4% from the prior year period for a total of $984.2m, while net income attributable to the company decreased by 7.9% to $543.6m throughout the period. Even with the reported decrease in net income, VICI Properties’ adjusted EBITDA for Q1 2025 grew by 4.8% from the prior year period to $802.1m. 

The company reported increases in revenue for each of its segments outside of golf revenues, with income from sales-type leases generating $528.6m for Q1 2025, representing growth of 3.1% year-over-year. 

Income from lease financing receivables, loans and securities was reported to be nearly $426.5m for Q1 2025, equating to an increase of 4.2% from the prior year period. Despite being the only segment to report a fall in revenue year-over-year, golf revenues decreased by just 4.8% to account for $9.6m throughout the period. 

VICI Properties CEO Edward Pitoniak spoke on new partnerships still under development for the company during 2025, including with operators such as Red Rock Resorts. 

“In February, we announced the establishment of our strategic relationship with Cain International and Eldridge Industries through a $300m mezzanine loan investment related to the One Beverly Hills development project,” Pitoniak said. 

“Subsequent to quarter-end, we entered into an agreement to provide up to $510m in a delayed draw term loan facility for the development of a Tribal casino in central California that will be developed and managed by affiliates of Red Rock Resorts.”

Good to know: Gaming and Leisure Properties released the figures behind its financial performance during Q1 2025 on April 24, including an increase in both total revenue and adjusted EBITDA, having generated over $395.2m throughout the period

The fall in net income could possibly be attributed to a significant increase in operating expenses for VICI Properties throughout the first quarter of 2025, which grew by 52.1% year-over-year for a total of $228.7m. Change in allowance for credit losses seems to have been the most noteworthy rise for VICI Properties during the period, costing the company nearly $187m for Q1 2025. 

For which leases drove the most revenue for VICI Properties, the company’s regional master lease with Caesars Entertainment accounted for $137.7m of the total revenue generated for Q1 2025, while a Las Vegas master lease with Caesars produced an additional $123.9m. 

VICI Properties’ lease with MGM Resorts for the MGM Grand and Mandalay Bay properties in Las Vegas, Nevada generated revenue of over $79.5m for Q1 2025, with $74.2m of revenue having also been produced through a lease with The Venetian Resort and Casino. 

Kirk Geller

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