HIGHOutside partyTenant
74%
Caesars and MGM
“10-K Item 1A: 'Our two largest tenants, Caesars and MGM, comprise approximately 74% of our total leasing revenues for the year ended December 31, 2025.'”
VICI · Concentration risk · 10-K extracted
VICI Properties (VICI) concentration risks
Updated
The most significant concentration VICI Properties discloses is Caesars and MGM at 74%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: VICI Properties’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM3
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
49%
Las Vegas Strip
“10-K Item 1A: 'Our properties on the Las Vegas Strip generated approximately 49% of our total revenues for the year ended December 31, 2025'”
MEDIUMOutside partyTenant
39%
Caesars
“10-K Item 1: 'Caesars and MGM, our two largest tenants representing 39% and 35%, respectively, of our annualized rent as of December 31, 2025'”
MEDIUMOutside partyTenant
35%
MGM
“10-K Item 1: 'Caesars and MGM, our two largest tenants representing 39% and 35%, respectively, of our annualized rent as of December 31, 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines tenant dependency and geographic concentration, both of which are high by disclosed size. Caesars and MGM together account for approximately 74% of total leasing revenues — a large, well-disclosed exposure — with Caesars representing 39% and MGM 35% of annualized rent as of year-end 2025. Both are dependency exposures: the financial health and operational continuity of these two tenants are the dominant drivers of rent collections, and any deterioration in either relationship would affect a large share of the cash flow base. Layered on top of the tenant concentration is a geographic tilt toward the Las Vegas Strip, which generated approximately 49% of total revenues — a medium-share exposure that is structural in character, reflecting a deliberate portfolio strategy rather than a specific counterparty reliance. While structural concentrations tend to be more stable, they also mean the portfolio is levered to the economic and regulatory conditions of a single market cluster. The two dimensions reinforce each other: the largest tenants are also heavily represented in the same geography, which reduces the diversification benefit that a multi-geography portfolio would otherwise provide. On balance, tenant dependency at the two-name level is the dominant variable to monitor; the geographic tilt amplifies rather than offsets that exposure.
For the engine’s reasoning on VICI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Diversified
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| GNL | Global Net Lease, Inc. | 1 | 3 | 1 | 5 |
| VICI● | VICI Properties Inc. | 1 | 3 | 0 | 4 |
| BNL | Broadstone Net Lease, Inc. | 1 | 2 | 1 | 4 |
| ESRT | Empire State Realty Trust, Inc. | 1 | 1 | 2 | 4 |
| WPC | W. P. Carey Inc. REIT | 1 | 1 | 0 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.