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Mar 31
VICI Properties Q1 2025 Earnings Report
VICI Properties reported increased revenue and AFFO in Q1 2025 while net income declined due to higher credit loss provisions.
Key Takeaways
VICI Properties achieved solid operational results with increased AFFO and total revenue, supported by strategic investments, despite a drop in net income driven by non-cash credit loss allowances.
Revenue reached $984,204,000, up from $951,481,000 in Q1 2024.
Net income was $543,607,000, impacted by an $80,000,000 CECL allowance shift.
AFFO rose to $615,982,000 with a per-share increase to $0.58.
VICI committed $510,000,000 to a tribal casino project and raised its full-year 2025 AFFO guidance.
VICI Properties
VICI Properties
VICI Properties Revenue by Segment
Forward Guidance
VICI raised its 2025 AFFO guidance, highlighting financial stability and growth investments, while navigating some profitability pressures.
Positive Outlook
- AFFO guidance raised to $2,470,000,000–$2,500,000,000 or $2.33–$2.36 per share.
- Maintained strong liquidity of $3,200,000,000.
- Closed $1.3 billion bond offering to refinance 2025 maturities.
- Committed $510 million to North Fork tribal casino project.
- Formed strategic investment partnership with Cain International and Eldridge.
Challenges Ahead
- Net income declined 7.9% year-over-year due to CECL adjustments.
- EPS dropped from $0.57 to $0.51.
- Golf revenue decreased slightly compared to Q1 2024.
- Total debt remained high at $17.2 billion.
- Exposure to market volatility and tenant-specific risks remains a concern.