Key Highlights

  • Consensus EPS of 0.72 compares with second-quarter diluted EPS of 0.48 and AFFO per share of 0.62.
  • Consensus revenue of USD 1.06 billion compares with second-quarter revenues of USD 1,058,505 thousand, against USD 1,001,334 thousand.
  • Management raised the low end of 2026 AFFO per share guidance by 0.01 to a range of 2.45 to 2.47.
  • Net income attributable to common stockholders was USD 526.5 million, reflecting a USD 413.1 million change in the CECL allowance.

VICI Properties (NYSE:VICI) reports third-quarter results on Wednesday, Oct. 28, after the market closes. Consensus stands at EPS of 0.72 on revenue of USD 1.06 billion, and the company has a market capitalization of USD 26.45 billion.

VICI Properties owns gaming, hospitality and entertainment real estate leased to tenants under long-term agreements. Second-quarter revenues were USD 1,058,505 thousand against USD 1,001,334 thousand, and net income attributable to common stockholders was USD 526,521 thousand against USD 865,079 thousand.

Estimates Against Second-Quarter Results and Raised Guidance

The EPS estimate of 0.72 is above the second-quarter diluted EPS of 0.48, which compared with 0.82 a year earlier, and above AFFO per share of 0.62, which compared with 0.60. The estimates table does not state its EPS basis. The revenue estimate of USD 1.06 billion is above the USD 1,058,505 thousand reported.

Management guided 2026 total AFFO of USD 2,675 million to USD 2,695 million, with AFFO per diluted share of 2.45 to 2.47 after raising the low end by 0.01.

What Management Guided and What It Left Open

Management said net debt leverage of 4.9 times is below its target range of 5.0 times to 5.5 times, and that total debt of USD 17.2 billion carries a weighted average rate of 4.45%. It entered USD 600.0 million of forward-starting swaps for a forecasted long-term debt issuance.

Management left open the credit allowance, which changed by USD 413.1 million in aggregate after updated ratings for a private tenant, and modified a USD 90.0 million loan, 3% of the loan portfolio, with a maturity extension and lower interest rate.

Golden Entertainment and Acquisition Activity

The company bought seven Nevada casino properties from Golden Entertainment for USD 1.16 billion, with initial annual rent of USD 87.0 million, and issued 24.3 million shares at an exchange ratio of 0.902. It also bought the Carambola Beach Resort for USD 20.3 million with USD 55.2 million of redevelopment funding.

The Gamehost portfolio acquisition cost 200.6 million Canadian dollars for four Alberta properties and added 16.1 million Canadian dollars of annual rent. Northfield Park base rent rose to USD 54.0 million on May 1, 2026 after a 2.0% escalation.

Liquidity, Dividend and Las Vegas Detail

Total liquidity was USD 2.5 billion, including USD 288.1 million in cash and USD 2.2 billion of revolving availability. A forward sale settlement brought USD 242.1 million of net proceeds. The regular dividend was 0.45 per share against 0.4325, or about USD 495.3 million in aggregate.

MGM Strip occupancy was 93% for the second quarter, and the loan portfolio yields about 9.5%. The company owns 6 million square feet of Strip conference space. The estimates table lists a market capitalization of USD 26.45 billion.

Markers for the Release

Reported EPS against 0.72 and revenues against USD 1.06 billion are the headline comparisons. Other markers are AFFO per share, the credit allowance and acquisition closings.