Vici Reports Strong Q2 Earnings, Increases California Investments

Vici Properties, a gaming and entertainment-focused real estate investment trust, reported solid earnings during the second quarter of 2025 as it branches out into a couple of new investments in California.

The REIT owns 54 gaming properties and 39 other experiential properties across the U.S. and Canada, including nine major casino resorts along the Las Vegas Strip.

Vici reported adjusted funds from operations (AFFO) of 60 cents per share during the second quarter, compared to 58 cents per share during the first quarter and 57 cents per share during the same period last year, according to Vici’s second-quarter earnings report released Thursday.

Vici also recorded a revenue of $1 billion during the second quarter, up quarterly from $984.2 million and from $957 million during the second quarter of 2024, the report shows. In addition, the REIT reported a net income of $865.1 million in the second quarter, versus $543.6 million in the first quarter and $741.3 million a year ago.

“Overall, our statement is we still really like the gaming business,” John Payne, president and chief operating officer at Vici, said during a Thursday morning earnings call. “We obviously are heavily invested and have a diversified portfolio. We are excited to see the operators continue to be creative to drive revenues in the regional markets.”

Vici also made some big investment announcements during Thursday’s call, including an agreement to provide up to $510 million of funds for the development of the North Fork Mono Casino & Resort near Madera, Calif., which will be developed and managed by Red Rock Resorts, the report said.

Vici, too, said it had increased its commitment into a mezzanine loan related to the development of One Beverly Hills by $150 million for a total commitment of $450 million, according to the report. One Beverly Hills — which Cain International and Eldridge Industries are also investors in — will be a 17.5-acre luxury mixed-use site in Beverly Hills, Calif.

As for the three gaming licenses set to be awarded in New York by the end of this year, Payne said during the Thursday call that Vici could have a role in MGM Resorts’ project in Yonkers if it is chosen.

“They have the option to use our capital and we’re monitoring the situation,” Payne said. “I don’t think anyone knows at this time where the three licenses are going to go, but [MGM] has the option to use our financing.”

Isabelle Durso can be reached at idurso@commercialobserver.com.