Goldman Sachs Adjusts Price Target on VICI Properties to $31 From $32

VICI Properties (NYSE: VICI) reported Q2 results and priced a $1.75B refinancing on Aug. 5 to replace 2026 notes, issuing $900M of 5.400% due 2031 and $850M of 5.750% due 2036. VICI guided 2026 AFFO to $2.45-$2.47 per share and declared a $0.45 quarterly dividend. GLPI (NASDAQ: GLPI) reported Q2 AFFO of $1.03 and guided $4.10-$4.12, with a $0.82 quarterly dividend.

VICI Properties (VICI) reported Q2 2026 total revenues of $1.1B (+5.7% YoY) and AFFO per share of $0.62 (+4.6%). Net income attributable to common fell to $526.5M (-39.1%) due to a CECL allowance change. Full-year 2026 AFFO guidance was raised to $2.45-$2.47 per share. VICI also announced multiple acquisitions and $2.5B liquidity.

VICI Properties reported Q2 2026 adjusted funds from operations (AFFO) of $0.62 per share, up 4.6% year over year, and raised its 2026 AFFO guidance to $2.45 to $2.47 per share. Q2 revenue rose to $1,058.51m, while net income fell to $526.52m. The article cites tenant concentration and credit risk as key factors.

VICI Properties said on its Q2 earnings call that it is working with Caesars Entertainment to develop about 50 acres behind Caesars’ Strip properties, including Paris and Horseshoe, for a potential NBA arena. The land is jointly owned by VICI and Caesars, giving them control of a major undeveloped parcel. The proposal comes as the NBA explores expansion in Las Vegas.

One of the leading contenders for a future Las Vegas NBA arena moved beyond speculation Thursday, with VICI Properties executives saying they are working with Caesars Entertainment on plans for a venue behind three Strip resorts. Speaking during the company’s second-quarter earnings call, VICI President and Chief Operating Officer John Payne said the real estate investment trust is working with Caesars on plans for an arena behind Paris, Horseshoe and Planet Hollywood hotel-casinos.

Nevada regulators said the current operators of The Venetian agreed to a $7.2 million settlement over alleged illegal bookmaker activity tied to convicted bookmaker Mathew Bowyer, according to a Nevada Gaming Control Board complaint and stipulated settlement. Investigators cited AML and reporting failures from 2019-2021. Bowyer’s related penalties across four Strip operators total $34 million. The Nevada Gaming Commission will consider approval July 23 and Aug. 20.