VICI records $1bn revenue for Q3 2025, increases 4.4%
The company generated a net income of $762m for Q3 2025, representing an increase of 4%, having also introduced Clairvest Group as its 14th tenant for MGM Northfield Park operations.
VICI Properties has released its financial results throughout the third quarter of 2025, as net revenue increased 4.4% from the prior year period to just over $1bn, while adjusted funds from operations (AFFO) was reported to be $637.6m and grew 7.4%.
“In the last twelve months, we have grown our aggregate AFFO by 7.4% while only growing our share count by 2.1%, highlighting the efficiency of our business model and the merit of our disciplined capital allocation strategy. Additionally, subsequent to quarter-end, we welcomed our 14th tenant – Clairvest – who will acquire the operations of MGM Northfield Park,” VICI CEO Edward Pitoniak said.
Net income for the real estate investment company totaled $762m for the third quarter of 2025, equating to an increase of 4% year-over-year. The increase was said to be partially offset by a $11.5m aggregate change in CECL allowance from the figure recorded for Q3 2024.
VICI’s Q3 2025 adjusted EBITDA also witnessed growth from the prior year period, rising 6.1% for a total of nearly $825.6m. The increases reported for net revenue, AFFO, adjusted EBITDA and net income failed to be offset by a 78.4% rise in operating expenses to $23.4m for Q3 2025, primarily generated by the cost of general and administrative which totaled $16.3m.
Income from sales-type leases grew 2.5% year-over-year to $531.8m, mainly driven by VICI’s regional master lease and Las Vegas master lease with Caesars Entertainment, which generated $137.7m and $123.9m of income, respectively.
VICI also produced an additional $387m of revenue from lease financing receivables income, equating to a slight increase of 1.1%.
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