Executive Summary

Q1 2025 revenue was $984.2M, up 3.4% YoY; AFFO/share rose to $0.58 (+4.3% YoY), while diluted EPS fell to $0.51 due to a higher non-cash CECL allowance .
Versus Wall Street, revenue modestly beat consensus, but GAAP EPS materially missed; FFO/share also came in below consensus as a function of CECL, a non-cash item not reflected in AFFO (see Estimates Context) ; consensus values from S&P Global*.
Guidance was raised: FY25 AFFO to $2,470–$2,500M ($2.33–$2.36/share) from $2,455–$2,485M ($2.32–$2.35/share) — a positive catalyst supported by capital deployment and robust portfolio economics .
Balance sheet risk reduced: $1.3B senior notes issued post-quarter to retire 2025 maturities; total liquidity ~$3.21B and LQA net leverage 5.3x .
Strategic momentum: Red Rock Resorts relationship established via up to $510M construction term loan on tribal land (SOFR-based ~7% blended yield discussed on call) and $300M mezzanine loan for One Beverly Hills with Cain/Eldridge .

What Went Well and What Went Wrong

What Went Well

AFFO and Adjusted EBITDA growth with strong flow-through: AFFO/share rose to $0.58 and Adjusted EBITDA reached $802.1M, reflecting triple-net efficiency and low G&A (1.5% of revenue) .
Guidance raise and capital markets execution: FY25 AFFO guidance increased; $1.3B dual-tranche notes priced ahead of April credit spread widening, proactively de-risking maturities .
Strategic partnerships: Initiated relationships with Red Rock Resorts (up to $510M term loan for North Fork Mono Casino & Resort) and Cain/Eldridge ($300M One Beverly Hills mezzanine), broadening experiential pipeline .
- CEO: “We value both of these partnerships… build deep relationships with dynamic growth-minded operators” .

What Went Wrong

GAAP EPS miss driven by CECL: Diluted EPS fell to $0.51 as the non-cash allowance for credit losses increased to $186.96M vs $106.92M YoY; this pressured FFO/share as well, despite AFFO insulation .
Interest expense drift: Interest expense was $209.25M, modestly higher vs Q4 ($208.12M), reflecting the rate environment before hedging benefits fully flow through .
Golf revenues softness: $9.61M vs $11.15M in Q4 and $10.10M in Q1 2024, a minor headwind in other income lines .

Financial Results

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$964.669	$976.052	$984.204
Net Income to Common ($USD Millions)	$732.898	$614.594	$543.607
Diluted EPS ($)	$0.70	$0.58	$0.51
AFFO ($USD Millions)	$593.858	$601.339	$615.982
AFFO per Share (Diluted, $)	$0.57	$0.57	$0.58
Adjusted EBITDA ($USD Millions)	$777.995	$785.799	$802.136

YoY Q1 Comparison:

Metric	Q1 2024	Q1 2025
Revenue ($USD Millions)	$951.481	$984.204
Diluted EPS ($)	$0.57	$0.51
AFFO ($USD Millions)	$583.171	$615.982
AFFO per Share (Diluted, $)	$0.56	$0.58
Adjusted EBITDA ($USD Millions)	$765.250	$802.136

Estimates vs Actual (Q1 2025):

Metric	Consensus*	Actual
Revenue ($USD Millions)	$981.904*	$984.204
Primary EPS ($)	$0.6825*	$0.5146
FFO / Share (REIT) ($)	$0.6762*	$0.51

Revenue Components:

Component	Q1 2024	Q4 2024	Q1 2025
Income from sales-type leases ($M)	$512.772	$524.691	$528.604
Income from lease financing receivables, loans & securities ($M)	$409.301	$420.738	$426.480
Other income ($M)	$19.312	$19.472	$19.513
Golf revenues ($M)	$10.096	$11.151	$9.607
Total revenues ($M)	$951.481	$976.052	$984.204

KPIs and Balance Sheet:

KPI	Q3 2024	Q4 2024	Q1 2025
Occupancy	100%	100%	100%
WALT (years)	41.0	40.7	40.4
Cash & Equivalents ($M)	$355.667	$524.615	$334.317
Total Debt (Face) ($M)	$17,117.7	$17,098.8	$17,195.9
LQA Net Leverage	5.4x	5.3x	5.3x
Total Liquidity ($M)	$3,318.185	$3,252.022	$3,212.960
Annualized Dividend per Share ($)	$1.73	$1.73	$1.73

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
AFFO ($USD Millions)	FY 2025	$2,455 – $2,485	$2,470 – $2,500	Raised
AFFO per diluted share ($)	FY 2025	$2.32 – $2.35	$2.33 – $2.36	Raised
Estimated weighted avg shares (M)	FY 2025	1,056.9	1,058.6	Higher (dilutive forwards)
Dividend per share ($)	Q1 2025	$0.4325 declared	$0.4325 paid	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2: Q3 2024; Q-1: Q4 2024)	Current Period (Q1 2025)	Trend
Dividend & income focus	Dividend increased to $0.4325; emphasis on compounding	CEO framed VICI’s “defended dividend” and its role in total return	Strengthening narrative on dividend defensibility
Las Vegas demand drivers	Sphere, events, and ongoing demand discussed	Continued strength: WrestleMania, NHL playoffs, conferences; only ~12% international visitors in 2024	Positive fundamentals sustained
Capital markets execution	Dec 2024 $750M notes; Moody’s upgrade to Baa3	$1.3B notes priced on Mar 26; proceeds used to retire May/June 2025 notes	Proactive refinancing; reduced near-term risk
New partnerships & pipeline	Venetian PPGF; Great Wolf mezzanine; Chelsea Piers sale-leaseback	Red Rock tribal loan (up to $510M); One Beverly Hills $300M mezz loan	Expanding experiential relationships
Tribal lending & collateral	Not emphasized previously	Detailed Q&A on collateral, first-priority interest in future gaming cash flows; Red Rock completion guarantee	Higher clarity; controlled risk posture
Macro/tariffs construction impacts	N/A	Operators’ hedging and planning mitigate tariff variability (Cain, Red Rock)	Monitored; mitigated via partner quality

Management Commentary

CEO on dividend centrality: “As an S&P 500 stock, VICI currently offers a dividend yield greater than 5%… a defended dividend” .
CFO on bond timing: “Launching our $1.3B dual tranche… at a blended yield of 5.34%… essential to managing refinancing risk ahead of April's market volatility” .
COO on Red Rock: “Red Rock… premier gaming developer/operator… North Fork site off Highway 99 with 4.2M people within two hours” .
CEO on tribal sale-leaseback: “Still a complex subject… lending collateral and partner quality give confidence; sale-leaseback nuances remain” .

Q&A Highlights

Tribal lending security: VICI has a first-priority security interest in future gaming cash flows; Red Rock provides a completion guarantee — collateral is the building but operational rights remain with the tribe .
Red Rock loan economics: Blended all-in yield ~SOFR around 7% including fees; construction draw schedule with $75M initial funding .
Guidance composition: About $130M committed capital included (Great Wolf NE, Homefield, Kalahari, North Fork), with additional commitments outside the guide to be updated later .
Caesars Forum call right: Window opens September 2025; decision guided by optimizing total return across dividend, same-store, external growth .
Vegas trends: Strong non-public partner performance at Venetian; Sphere remains a powerful demand driver .

Estimates Context

Revenue modestly beat consensus ($984.2M actual vs $981.9M consensus*), driven by steady contractual rent escalators and incremental Venetian rent .
Primary EPS materially missed ($0.5146 vs $0.6825*) primarily due to the non-cash CECL allowance ($186.96M in Q1 2025 vs $106.92M in Q1 2024) .
FFO/share missed as CECL flows through FFO ($0.51 actual vs $0.6762*), but AFFO/share rose to $0.58 as AFFO adjusts for CECL .
Implication: Expect the buy-side and sell-side to focus on AFFO/EBITDA and the guidance raise rather than GAAP EPS for valuation and dividend coverage.

Values retrieved from S&P Global*.

Key Takeaways for Investors

Guidance raise and strong AFFO/EBITDA growth underpin dividend sustainability; G&A remains exceptionally low (1.5% of revenue) .
EPS/FFO miss is non-cash (CECL) — core cash metrics improved; this should temper negative reaction tied to GAAP optics .
Proactive refinancing and ample liquidity (~$3.21B) reduce near-term risk and support opportunistic capital deployment .
Strategic expansion via Red Rock and Cain/Eldridge broadens pipeline and diversifies counterparties; expect staged capital deployment through 2026 .
Las Vegas remains resilient with multiple demand “cash registers”; regional exposure viewed as relatively defensive in volatility .
Near-term trading: Positive bias on guidance raise and balance sheet actions; headline EPS miss may create entry points for income-focused holders.
Medium-term: Embedded rent escalators, PPGF investments (Venetian), and ROFO/ROFR rights (Caesars assets, PURE portfolio) provide optionality for external growth .

Citations: All company results and commentary are sourced from VICI’s Q1 2025 8-K and press release, supplemental materials, prior-quarter filings, and Q1 2025 earnings call transcript: – – – – – –.

VICI PROPERTIES INC. (VICI)·Q1 2025 Earnings Summary