VICI Properties (VICI) 10-K Summary — Year Ended Dec 31, 2023
VICI Properties is a real estate investment trust that owns and leases gaming, hospitality, and entertainment properties. The company reported higher revenue and net income for the period compared to the prior year, along with operating cash flow.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
VICI Properties is a real estate investment trust that owns and leases gaming, hospitality, and entertainment properties. The company reported higher revenue and net income for the period compared to the prior year, along with operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$3.6B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$2.5B
Net income reported for the year.
Operating cash flow
$2.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $1.5B | n/a |
| Dec 31, 2022 | $2.6B | +72.3% |
| Dec 31, 2023 | $3.6B | +38.9% |
Business overview
The company is a Maryland corporation that owns a large portfolio of gaming and experiential properties across the United States and Canada, including several iconic Las Vegas Strip venues. These properties are leased to leading brands under long-term net leases, and the company also holds a parcel of undeveloped land on the Las Vegas Strip. The portfolio is fully leased with a long weighted average lease term.
Financial performance
The company reported revenue, net income, and operating cash flow for the year. Revenue and net income increased compared to the prior year, reflecting growth in the portfolio.
Material risks
The supplied filing context does not include a detailed description of specific risk factors; only table of contents headings are provided. Therefore, no material risks are explicitly stated in the available sections.
Liquidity and capital
As of the end of the period, the company had available cash, capacity under its revolving credit facility, and potential proceeds from forward sale agreements. It also conducted additional share sales under its at-the-market program after the period end.
What to watch
The company's progress in monetizing the undeveloped land on the Las Vegas Strip should be monitored in the next filing.