VICI Properties Inc. (VICI) Earnings Call Transcripts

VICI Properties Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, VICI Properties reported an AFFO per share of $0.62, reflecting a 4.6% increase year-over-year, which was slightly above the previous year's $0.60. The company updated its full-year AFFO guidance to a range of $2.675 billion to $2.695 billion, translating to $2.45 to $2.47 per share, indicating a modest increase at the low end. Notably, VICI's growth strategy is underscored by its new partnership with Club Med and significant transactions, including a $1.16 billion sale-leaseback with Golden Entertainment, which could enhance future revenue streams and tenant diversification.

Reported metrics

Guidance from management

VICI expects to deliver AFFO for 2026 between $2.675 billion and $2.695 billion, or $2.45 to $2.47 per share, reflecting a slight increase from prior guidance. This indicates confidence in operational performance and growth prospects.

What management said

Yes, Jeremy, it's very common across the net lease universe, and it's something that we're excited about, and I think we continue to offer solutions to our partners, and this is a very attractive solution for those that are in growth mode.

I'll just build on what John is saying, Caitlin, by pointing out what what MGM disclosed yesterday with this Q2 results, and that was 93% occupancy for their strip assets in the second quarter, which is truly an outstanding amount of occupancy given the amount of inventory that MGM has in the strip. And I think that the embedded within that was the very meaningful positive outcome they're getting on being promotional...

What analysts pressed on

Analysts expressed concerns regarding regional M&A activity and the potential impact of changes in tenant structures on VICI's operations. There were inquiries about the implications of major tenants being in the news for potential acquisitions and how that might affect VICI's discussions with them.

Main topics on the call

• New Partnership with Club Med — VICI Properties announced a significant partnership with Club Med, involving a $75 million investment in the St. Croix property, which includes a $20 million acquisition and a $55 million redevelopment. CEO Ed Pitoniak e...
• AFFO Guidance Update — The company raised its AFFO guidance for 2026, now expecting between $2.675 billion and $2.695 billion, or $2.45 to $2.47 per share. This update reflects a growth of 3.4% year-over-year at the midpoint, indicating strong...
• Las Vegas Market Resilience — Management highlighted the ongoing strength of the Las Vegas market, with year-to-date strip gaming revenue surpassing last year. John Payne noted, "The resilience of Las Vegas continues to be reinforced by the ongoing d...
• Tenant Diversification — VICI added three new tenants, including Club Med, Golden Entertainment, and Clairvest, expanding its portfolio to 16 tenants. This diversification strategy is aimed at reducing risk and enhancing revenue stability.

Read the full VICI Properties Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 33 VICI Properties Inc. earnings call transcripts on record, spanning February 20, 2020 to July 30, 2026. Based on this history, VICI Properties Inc. reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

VICI

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Specialized REITs

Calls on record

33

First call

February 20, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly