Vici Properties’ Growth Continues With Profitable Earnings in Q1
By Mark Hallum April 30, 2026 11:00 am
reprints
Casinos and hospitality continue to be a strong investment in the U.S., as a major gaming property owner reported solid profits during the first three months of 2026.
The first quarter was good to Vici Properties, which has acquitted itself well among investors for over a year with its portfolio leased out to Nevada gaming operations such as Caesars Entertainment, MGM Grand and the Venetian Resort Las Vegas, the real estate investment trust (REIT) announced in a Thursday earnings call.
Edward Pitoniak, CEO of Vici, spoke extensively of Vici’s exposure to the experiential spending trends taking place since the pandemic, and how the company positioned itself for a high level of growth with its investments in hospitality.
“If you get secular trends wrong as a real estate investor, it’s hard to overcome the value-eroding impact of negative secular impact,” Pitoniak said during the call. “If you get secular trends right, you have more management capacity to seize opportunity and manage cyclical and idiosyncratic developments. The Vici executive team was in Las Vegas two weeks ago, and around every corner we witnessed the secular power of experiences.”
Vici’s funds from operations reached $872.4 million for the first quarter of 2026, or 82 cents per share, compared to first quarter of 2025’s $543.6 million, or 51 cents per share.
The REIT’s total revenues increased 3.5 percent on a year-over-year basis to $1 billion, and net income increased 60.5 percent from the first quarter of last year to $872.4 million.
One of Vici’s major breakthroughs in the first quarter was not for gambling, however.
In late March, it provided $1.5 billion in mezzanine debt for the $5.2 billion project by Cain in partnership with Eldridge Industries to complete its hotel, retail and residential development called One Beverly Hills in California.
Around the same time, Vici initiated the acquisition of a $144.4 million gaming portfolio in Alberta, Canada, which is expected to bring in an additional $11.6 million in annual rental revenue.
As a follow-up to news in the fourth quarter of 2025, Vici has won both regulatory and shareholder approval for the $1.16 billion acquisition of seven casino properties from Golden Entertainment, an investment expected to yield an $87 million a year for Vici.
Mark Hallum can be reached at mhallum@commercialobserver.com.
