Key Moments:
- Net revenue reached just over $1 billion for the third quarter of 2025, reflecting a 4.4% year-over-year increase
- Clairvest became VICI’s 14th tenant following the quarter’s end, assuming operations of MGM Northfield Park
- Adjusted funds from operations climbed 7.4% to $637.6 million
Financial Performance in Q3 2025
VICI Properties reported robust third-quarter 2025 results, with net revenue surpassing $1 billion – an increase of 4.4% over the previous year. Adjusted funds from operations totaled $637.6 million, up 7.4%. Net income for the quarter was $762 million, rising 4% compared to last year. CEO Edward Pitoniak highlighted the efficiency in growth, emphasizing the company’s disciplined approach to capital allocation.
Operational Efficiency and Expense Overview
Adjusted EBITDA rose 6.1%, reaching nearly $825.6 million, boosted by consistent rental streams and lease financing activities. Operating expenses increased sharply by 78.4% to $23.4 million, primarily due to higher general and administrative costs, which amounted to $16.3 million.
Revenue Sources and Tenant Growth
Sales-type lease revenue increased by 2.5% to $531.8 million. Substantial contributions came from VICI’s regional and Las Vegas master leases with Caesars Entertainment, which generated $137.7 million and $123.9 million, respectively. Lease financing receivables income also saw growth, reaching $387 million, representing a 1.1% uptick for the quarter. VICI continued to expand its portfolio, with a strong focus on gaming and hospitality sectors.
Portfolio Expansion: Clairvest Joins as New Tenant
Following the end of the quarter, VICI welcomed Clairvest as its 14th tenant, with Clairvest set to acquire the operations of MGM Northfield Park. This addition underscores VICI’s ongoing business development within the gaming real estate market.
| Financial Metric | Q3 2025 Value | Year-over-Year Change |
|---|---|---|
| Net Revenue | Over $1 billion | 4.4% |
| Adjusted Funds from Operations | $637.6 million | 7.4% |
| Net Income | $762 million | 4% |
| Adjusted EBITDA | Nearly $825.6 million | 6.1% |
| Operating Expenses | $23.4 million | 78.4% |
| General & Administrative Costs | $16.3 million | – |
| Sales-type Lease Revenue | $531.8 million | 2.5% |
| Lease Financing Receivables Income | $387 million | 1.1% |
| Regional Lease (Caesars Entertainment) | $137.7 million | – |
| Las Vegas Master Lease (Caesars Entertainment) | $123.9 million | – |
- Author
Daniel Williams
