VICI Properties Inc.

VICI reported second-quarter 2026 AFFO per share of $0.62, versus $0.60 in the second quarter of 2025, an increase of 4.6%. Total debt was $17.2 billion, net debt to annualized second-quarter adjusted EBITDA was approximately 4.9x, and liquidity was about $2.5 billion, including $288 million of cash and $2.2 billion available on the revolver. Weighted average interest rate was 4.45% (as adjusted for hedging) and weighted average debt maturity was 5.5 years. Full-year 2026 AFFO is expected to be $2.675 billion-$2.695 billion, or $2.45-$2.47 per diluted share; the midpoint implies 3.4% year-over-year AFFO-per-share growth. Management said the updated per-share guidance reflects a $0.01 increase at the low end versus prior guidance, and guidance excludes pending acquisitions with no announced closing dates and other nonrecurring items.

Edward Pitoniak framed VICI’s growth strategy as relationship-driven, emphasizing that the company grows by building new relationships and expanding existing ones. He used the new Club Med/St. Croix deal to illustrate that approach, saying VICI starts in “learning mode” and focuses on understanding financial, strategic, and cultural needs before scaling a partnership. His tone was upbeat and patient, with a clear message that smaller first deals can be the foundation for larger future opportunities, including in experiential resorts and potentially international geographies.

David Kieske focused on the quarter’s reported metrics and balance sheet strength. He highlighted AFFO per share of $0.62, total debt of $17.2 billion, net debt to annualized adjusted EBITDA of approximately 4.9x, and liquidity of about $2.5 billion, including $288 million cash and $2.2 billion on the revolver. He also noted a weighted average interest rate of 4.45% and 5.5 years to maturity, and said the company raised 2026 AFFO guidance to $2.675 billion-$2.695 billion, or $2.45-$2.47 per share.

Analysts pressed on regional gaming M&A, the potential impact of private-market ownership on casino operators, Caesars-related uncertainty, convention supply risk, and the company’s willingness to do build-to-suit and international deals. Management said regional gaming remains resilient, with “amazing rebound” trends and innovation in slot products, and noted that some Churchill regional assets could be attractive. On Caesars, they said conversations continue but timing is hard to predict because of the broader M&A process. On private operators, they argued those businesses can focus more on long-term IRR and capital investment, and on international expansion they said St. Croix is a U.S. territory but they continue studying opportunities outside the U.S. and Canada.