The call highlighted VICI's strong financial performance, strategic investments, and resilient portfolio, particularly in Las Vegas. While there are temporary challenges in the Las Vegas market and transaction costs, the overall outlook remains positive with growth in AFFO and strategic partnerships.

Company Guidance

During the VICI Properties Second Quarter 2025 Earnings Conference Call, the company provided an updated earnings guidance for 2025, highlighting a projected 4.4% growth in AFFO per share compared to 2024. The revised 2025 guidance now anticipates AFFO per share to be between $2.35 and $2.37, up from the prior guidance of $2.33 to $2.36. The company attributed this growth to a combination of same-store and new store external growth, emphasizing the importance of dividend returns in delivering superior total return alongside the capitalization of earnings growth. VICI also highlighted its capacity to generate earnings growth internally, utilizing over $600 million in retained cash flow annually without significantly increasing share count or net debt. This strategy is aimed at defending the dividend and striving for compelling total returns, regardless of external funding conditions.

AFFO Growth Guidance

VICI raised its AFFO guidance for 2025, expecting a year-over-year AFFO per share growth of 4.4%, with the new range being $2.35 to $2.37 per diluted common share.

Strong Balance Sheet and Liquidity

VICI has approximately $2.9 billion in total liquidity with a net debt to annualized second quarter adjusted EBITDA of approximately 5.1x.

Strategic Investments and Partnerships

VICI announced investments with Red Rock Resorts and Cain International, including $510 million for North Fork Mono Casino Resort and an increased investment in One Beverly Hills to $450 million.

Las Vegas Portfolio Resilience

Despite short-term challenges, VICI highlighted the resilience and long-term potential of its Las Vegas portfolio, supported by strong occupancy rates and future developments.

VICI Properties (VICI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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VICI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	0.69 / -	0.7	―	―	―
Jul 30, 2025	2025 (Q2)	0.69 / 0.82	0.71	15.49% (+0.11)
Apr 30, 2025	2025 (Q1)	0.68 / 0.51	0.57	-10.53% (-0.06)
Feb 20, 2025	2024 (Q4)	0.68 / 0.58	0.72	-19.44% (-0.14)
Oct 31, 2024	2024 (Q3)	0.67 / 0.70	0.55	27.27% (+0.15)
Jul 31, 2024	2024 (Q2)	0.67 / 0.71	0.69	2.90% (+0.02)	―
May 02, 2024	2024 (Q1)	0.66 / 0.57	0.52	9.62% (+0.05)	―
Feb 22, 2024	2023 (Q4)	0.65 / 0.72	0.63	14.29% (+0.09)	―
Oct 25, 2023	2023 (Q3)	0.64 / 0.55	0.34	61.76% (+0.21)	―
Jul 26, 2023	2023 (Q2)	0.64 / 0.69	-0.06	1250.00% (+0.75)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VICI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$32.53	$32.60	+0.22%
Apr 30, 2025	$31.59	$31.09	-1.58%
Feb 20, 2025	$29.94	$30.45	+1.70%
Oct 31, 2024	$30.48	$30.18	-0.98%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.