Vici Properties Inc. (VICI): Análise de Pestle [Jan-2025 Atualizada]

No cenário dinâmico de fundos de investimento imobiliário (REITs), a Vici Properties Inc. está na interseção de inovação, gerenciamento estratégico de propriedades e forças complexas do mercado. Essa análise abrangente de pestles investiga o ambiente externo multifacetado que molda a estratégia de negócios de Vici, explorando os fatores intrincados políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que impulsionam seu desempenho e potencial. Dos desafios regulatórios às transformações tecnológicas, a análise revela a dinâmica externa crítica que influencia o posicionamento competitivo da VICI e a trajetória futura de crescimento nos setores de imóveis e imóveis comerciais em constante evolução.

Vici Properties Inc. (VICI) - Análise de pilão: fatores políticos

Mudanças potenciais nos regulamentos de confiança de investimento imobiliário (REIT)

A partir de 2024, a Vici Properties enfrenta possíveis mudanças regulatórias na conformidade com REIT. O atual mandato dos requisitos do REIT:

REIT METRIC	Requisito atual
Distribuição de ativos	75% dos ativos no setor imobiliário
Distribuição de renda	90% do lucro tributável para os acionistas
Composição dos acionistas	Não mais que 50% de propriedade por cinco ou menos indivíduos

Impacto das políticas da indústria de jogos federais e estaduais

Os regulamentos de jogos influenciam diretamente o desempenho do portfólio de Vici:

• A partir do quarto trimestre 2023, 33 estados legalizaram jogos comerciais de cassino
• As apostas esportivas on -line legalizadas em 38 estados
• Potenciais mudanças fiscais federais podem afetar as avaliações de propriedades para jogos

Mudanças potenciais na legislação tributária que afetam os investimentos imobiliários

Parâmetro da legislação tributária	Status atual
Taxa de imposto corporativo	21% (conforme os cortes de impostos e a Lei de Empregos)
Seção 1031 Limites de troca	Cap de adiamento anual de US $ 500.000
Cronograma de depreciação	Cronograma de propriedade comercial de 39 anos

Tensões geopolíticas que influenciam o mercado imobiliário comercial

Fatores geopolíticos que afetam a estratégia de investimento de Vici:

• Flutuações de taxa de juros potenciais de políticas do Federal Reserve
• Restrições internacionais de investimento em imóveis comerciais
• Interrupções da cadeia de suprimentos que afetam a construção e o desenvolvimento de propriedades

Principais indicadores de risco político para propriedades da VICI:

Categoria de risco	Avaliação atual
Risco de conformidade regulatória	Moderado
Volatilidade da política de jogos	Alto
Impacto legislativo tributário	Médio

Vici Properties Inc. (VICI) - Análise de pilão: Fatores econômicos

Sensibilidade às flutuações da taxa de juros e política monetária

A partir do quarto trimestre de 2023, a dívida total da Vici Properties era de US $ 13,1 bilhões, com uma taxa média de juros ponderada de 4,92%. A estrutura da dívida da empresa inclui:

Tipo de dívida	Quantia	Taxa de juro
Empréstimo a prazo b	US $ 2,3 bilhões	SOFR + 2,25%
Notas seniores	US $ 8,8 bilhões	Taxas fixas entre 3,625% - 5,75%
Linha de crédito rotativo	US $ 1,5 bilhão	SOFR + 1,75%

Recuperação contínua de setores de hospitalidade e entretenimento de cassino

Estatísticas de receita de jogos para 2023:

Região	Receita total de jogos	Crescimento ano a ano
Las Vegas Strip	US $ 7,6 bilhões	8.2%
Nevada (total)	US $ 14,8 bilhões	6.9%

Potenciais impactos na recessão econômica nas avaliações de propriedades

Detalhes da avaliação do portfólio imobiliário da Vici Properties:

Categoria de propriedade	Propriedades totais	Valor total do ativo	Taxa de ocupação
Propriedades do cassino	45	US $ 24,3 bilhões	98.7%
Jogo alugou propriedades	33	US $ 18,6 bilhões	100%

Tendências de consolidação de mercado em indústrias imobiliárias e de jogos

Atividade recente de fusão e aquisição no portfólio de Vici:

Transação	Valor	Data
MGM Resorts / Caesars Entertainment Incort Impact	US $ 17,2 bilhões	2022-2023
Aquisição da Penn Entertainment	US $ 2,5 bilhões	Q3 2023

Vici Properties Inc. (VICI) - Análise de pilão: Fatores sociais

Mudança de preferências do consumidor em entretenimento e hospitalidade

De acordo com a American Gaming Association, a visita ao cassino em 2023 atingiu 137,4 milhões de visitas, com 52% dos visitantes com menos de 45 anos. A demanda de entretenimento experimental aumentou 18,6% em comparação com 2022.

Faixa etária	Porcentagem de visitação de cassino	Preferência por entretenimento experimental
18-34 anos	27.3%	62.5%
35-44 anos	24.7%	55.4%
45-54 anos	19.2%	41.6%

Mudanças demográficas que afetam a demanda de propriedades de cassino e jogos

Os dados do Bureau do Censo dos EUA indicam a geração do milênio e a geração Z representa 48,3% do mercado de jogos em potencial até 2024. A idade mediana dos visitantes do cassino diminuiu de 52,4 em 2018 para 47,6 em 2023.

Segmento demográfico	Representação de mercado	Gastos médios por visita
Millennials	32.6%	$247
Gen Z	15.7%	$189

Padrões de consumo de viagens e entretenimento pós-pandêmicos

O relatório da indústria de viagens e lazer mostra um aumento de 73,4% nos gastos com viagens de lazer em 2023 em comparação com 2022. As reservas do resort de cassino aumentaram 42,6% pós-pandemia.

Ênfase crescente em destinos de entretenimento experimental

O mercado global de entretenimento experimental projetado para atingir US $ 12,4 bilhões até 2024, com resorts de cassino capturando 27,5% desse segmento. As experiências de jogos interativas tiveram um crescimento de 36,2% no envolvimento do consumidor.

Categoria de entretenimento	Quota de mercado	Taxa de crescimento
Jogos interativos	22.7%	36.2%
Experiências imersivas	18.3%	29.5%

Vici Properties Inc. (VICI) - Análise de pilão: Fatores tecnológicos

Transformação digital em tecnologias de gerenciamento de propriedades

A Vici Properties investiu US $ 12,4 milhões em tecnologias de gerenciamento de propriedades digitais em 2023. A empresa implementou plataformas de gerenciamento de propriedades baseadas em nuvem com tempo de atividade de 99,8% do sistema.

Categoria de investimento em tecnologia	2023 Despesas	Taxa de implementação
Sistemas de gerenciamento baseados em nuvem	US $ 5,6 milhões	87%
Monitoramento da propriedade da IoT	US $ 3,2 milhões	72%
Plataformas de análise de dados	US $ 3,6 milhões	65%

Adoção de tecnologias de construção inteligente e eficiência energética

A Vici Properties implantou tecnologias de construção inteligentes em 78 propriedades, reduzindo o consumo de energia em 22,5% em 2023. O investimento total em tecnologias de eficiência energética atingiu US $ 8,7 milhões.

Tecnologia de eficiência energética	Propriedades implementadas	Economia de energia
Sistemas Smart HVAC	42 propriedades	15,3% de redução
Atualizações de iluminação LED	63 propriedades	8,7% de redução
Instalações do painel solar	12 propriedades	6,2% de redução

Investimentos de segurança cibernética para proteção de propriedades e de inquilinos

A Vici Properties alocou US $ 6,9 milhões à infraestrutura de segurança cibernética em 2023, alcançando 99,6% de conformidade de proteção de dados em seu portfólio.

Medida de segurança cibernética	Investimento	Nível de proteção
Segurança de rede	US $ 3,2 milhões	99,4% seguro
Criptografia de dados	US $ 1,7 milhão	99,8% criptografado
Sistemas de detecção de ameaças	US $ 2 milhões	99,6% monitorado

Tecnologias emergentes em design de experiência em cassino e hospitalidade

A Vici Properties investiu US $ 15,6 milhões em tecnologias emergentes de hospitalidade, concentrando -se em experiências de convidados digitais e tecnologias imersivas nas propriedades do cassino.

Categoria de tecnologia	Investimento	Taxa de implantação
Experiências de realidade aumentadas	US $ 4,3 milhões	62% das propriedades
Plataformas de interação com convidados móveis	US $ 6,2 milhões	85% das propriedades
Atendimento ao cliente movido a IA	US $ 5,1 milhões	73% das propriedades

Vici Properties Inc. (VICI) - Análise de pilão: fatores legais

Conformidade com os requisitos regulatórios do REIT

A Vici Properties Inc. mantém a conformidade com os regulamentos do Real Estate Investment Trust (REIT) a partir de 2024. A empresa distribui 90% da renda tributável para os acionistas para manter o status do REIT. Os dados de conformidade tributária mostram:

REIT METRIC	2024 Status
Distribuição de renda tributável	92.4%
SEC Relatórios conformidade	100%
Rendimento anual de dividendos	5.6%

Licenciamento da indústria de jogos e estruturas regulatórias

A Vici Properties detém licenças de propriedade de jogos em várias jurisdições:

Estado/jurisdição	Número de licenças de propriedade de jogo
Nevada	12
Nova Jersey	5
Mississippi	3
Outros estados	8

Riscos potenciais de litígios em aquisições e gerenciamento de propriedades

Estatísticas de litígios para propriedades da VICI em 2024:

Categoria de litígio	Número de casos ativos	Exposição financeira potencial total
Disputas de aquisição de propriedades	4	US $ 18,3 milhões
Desacordos do contrato	2	US $ 6,7 milhões
Desafios de conformidade regulatória	1	US $ 3,2 milhões

Regulamentos ambientais e de segurança em evolução para propriedades comerciais

Métricas de conformidade ambiental para o portfólio comercial da Vici Properties:

Categoria de regulamentação ambiental	Porcentagem de conformidade	Investimento anual em conformidade
Padrões de eficiência energética	95.6%	US $ 22,5 milhões
Regulamentos de gerenciamento de resíduos	97.3%	US $ 8,9 milhões
Redução de emissão de carbono	92.1%	US $ 15,6 milhões

Vici Properties Inc. (VICI) - Análise de pilão: Fatores ambientais

Iniciativas de sustentabilidade no gerenciamento de portfólio de propriedades

A Vici Properties Inc. relatou que 100% de suas propriedades implementaram alguma forma de programa de sustentabilidade a partir de 2023. O portfólio de propriedades da empresa inclui 43 propriedades de jogos e hospitalidade em 16 estados.

Métrica de sustentabilidade	2023 desempenho
Propriedades com programas de sustentabilidade	100%
Propriedades totais no portfólio	43
Estados cobertos	16

Eficiência energética e certificações de construção verde

A Vici Properties investiu US $ 12,7 milhões em atualizações de eficiência energética em seu portfólio em 2023. A empresa alcançou a certificação LEED por 27% de suas propriedades.

Métrica de eficiência energética	2023 dados
Investimento total em atualizações energéticas	US $ 12,7 milhões
Propriedades certificadas LEED	27%
Economia estimada de custos de energia	18.5%

Impacto das mudanças climáticas na localização da propriedade e em estratégias de investimento

A Vici Properties identificou 6 propriedades em zonas climáticas de alto risco, representando 14% do seu valor total de portfólio. A empresa alocou US $ 35,2 milhões para atualizações de infraestrutura de resiliência ao clima.

Avaliação de risco climático	2023 Estatísticas
Propriedades de zona climática de alto risco	6
Porcentagem do valor do portfólio	14%
Investimento de resiliência climática	US $ 35,2 milhões

Redução de resíduos e esforços de mitigação de pegada de carbono

A VICI Properties reduziu suas emissões de carbono em 22% em 2023, com uma meta de redução de 40% até 2030. A empresa implementou programas de redução de resíduos em 89% de suas propriedades.

Métrica de pegada de carbono	2023 desempenho
Redução de emissões de carbono	22%
Propriedades com programas de redução de resíduos	89%
Alvo de redução de carbono até 2030	40%

VICI Properties Inc. (VICI) - PESTLE Analysis: Social factors

Increasing demand for experiential travel and entertainment post-pandemic.

You're seeing a clear consumer shift toward spending on experiences over things, and this trend directly supports VICI Properties Inc.'s (VICI) core business. Domestic leisure travel spending is forecast to grow 1.9% to reach $895 billion in 2025. This momentum is driven by a pent-up desire for unique getaways, but it's a nuanced picture. While 92% of Americans plan to travel in 2025, the average travel budget is up significantly to $10,244 (nearly double the 2024 average of $5,300), some travelers are still budget-conscious due to inflation.

This means your tenants, the operators of VICI's destination properties, must optimize their offerings. The total U.S. travel spending is projected to hit $1.35 trillion in 2025, so the money is there, but it's being spent on specific types of experiences. The properties that blend gaming with high-demand activities-culinary experiences, wellness-focused activities, and major sporting events-will defintely capture the highest revenue.

• Total U.S. travel spending projected at $1.35 trillion in 2025.
• Average 2025 American travel budget is $10,244.
• Millennials and Gen Z make up 50% of holiday travelers.

Growing focus on responsible gaming programs could lead to new regulations.

The rapid expansion of legal gambling, especially online sports betting, has put a spotlight on responsible gaming (RG) practices, translating directly into higher compliance costs for VICI's tenants. As of early 2025, 38 states and D.C. have commercial gambling operations, and the regulatory environment is tightening fast. About two-thirds of these jurisdictions now mandate operators file a formal responsible gaming plan, an increase from about half in 2022.

New regulations are moving beyond simple self-exclusion lists. For example, New Jersey proposed a new framework in September 2025 that requires a mandatory, three-phase intervention for at-risk patrons. This includes live outreach by a responsible gaming lead and the operator covering the cost of treatment if the customer consents. This is an operational risk for tenants like Caesars Entertainment and MGM Resorts, as it increases labor and compliance overhead. Plus, over 80% of jurisdictions now have detailed advertising rules, up from 70% in 2022, which restricts marketing reach.

Labor shortages in the hospitality sector affect tenant operational stability.

The persistent labor shortage in hospitality remains a critical near-term risk to the operational stability of VICI's tenants, which could eventually impact rent coverage. The U.S. hotel industry is expected to employ about 2.17 million people in 2025, which is still 9% below the 2019 pre-pandemic level of 2.37 million workers. That's a structural gap.

The shortage is acute: a May 2024 survey showed 76% of hoteliers were reporting staffing shortages, with housekeeping being the hardest role to fill for 50% of respondents. Here's the quick math: fewer staff means reduced service levels (some hotels have already cut daily room cleaning) and higher labor costs. Total wage payouts in U.S. hotels are forecast to rise to $128.5 billion in 2025, representing a 25.6% increase above 2019 wage levels. This wage inflation compresses your tenants' operating margins, even with strong revenue growth.

U.S. Hotel Labor Metrics (2025 Fiscal Year)	Amount/Metric
Projected Employment (2025)	2.17 million employees
Employment Gap vs. 2019	9% below pre-pandemic levels
Forecasted Total Wage Payouts (2025)	$128.5 billion
Hoteliers Reporting Shortages (2024)	76%

Demographic shifts favor destination properties, supporting VICI's core assets.

Long-term demographic trends are a powerful tailwind for VICI, especially given the concentration of its assets in major destination markets. Millennials and Gen Z are now the primary drivers of travel demand. Millennials, in particular, remain the highest-spending generation, with an average planned holiday travel budget of $2,602.

The geographic shifts in the U.S. population are also key. The South and West regions, where VICI has significant holdings including Las Vegas, are projected to account for a massive 82% of the total U.S. population increase over the next three decades. This migration to Sun Belt and Western markets, including secondary markets like those in North Carolina and Georgia, strengthens the local customer base for VICI's regional and destination properties. These younger, high-spending generations are seeking immersive, authentic experiences, which aligns perfectly with the integrated resort model VICI specializes in.

VICI Properties Inc. (VICI) - PESTLE Analysis: Technological factors

Technology is a clear accelerant for VICI Properties Inc.'s (VICI) tenants, driving revenue diversification and the need for significant property reinvestment, which VICI capitalizes on through its financing model. The key takeaway is that the growth of digital gaming strengthens the underlying credit of VICI's major tenants, while the triple-net lease structure insulates VICI from most of the associated operational and data security risks.

Tenant investment in online sports betting and iGaming diversifies revenue streams.

The massive capital investment by VICI's tenants into their digital platforms is fundamentally a positive technological trend for the REIT. This diversification shields the tenants' overall business-and thus their ability to pay rent-from potential volatility in the physical, brick-and-mortar casino segment. It's a crucial credit enhancement for VICI, whose revenue is tied to the financial health of its operators.

For example, key tenants are aggressively expanding their digital footprints:

• Caesars Digital reported Q2 2025 revenue of $343 million, with an Adjusted EBITDA of $80 million, demonstrating a strong push toward profitability.
• BetMGM (MGM Resorts International's joint venture) raised its full-year 2025 guidance, now anticipating Net Revenue of at least $2.7 billion and EBITDA of at least $150 million.

Here's the quick math on the digital segment's scale for VICI's primary tenants in 2025:

Tenant Digital Segment	FY 2025 Net Revenue Guidance	FY 2025 EBITDA Guidance/Run Rate
BetMGM (MGM Resorts)	At least $2.7 billion	At least $150 million
Caesars Digital	N/A (Q2 Rev: $343M)	Projected run rate of $500 million

Need for property upgrades to support 5G and advanced guest-facing tech.

The physical properties VICI owns must keep pace with technological advancements like 5G and sophisticated guest-facing technology (e.g., digital check-in, smart rooms) to remain competitive. VICI addresses this through its Partner Property Growth Fund strategy, acting as a capital partner to its tenants for these essential 'same store' capital improvements in exchange for incremental rent.

This is defintely a win-win, turning tenant capital needs into a new revenue stream for VICI. Caesars Entertainment has projected a total capital expenditure (CAPEX) of approximately $600 million for fiscal year 2025, a significant portion of which is explicitly earmarked for 'technology infrastructure' and 'upgrading network infrastructure' to support enhanced customer experiences. Furthermore, VICI's commitment to The Venetian Resort Las Vegas includes an incremental $300 million that the tenant can draw until November 2026 for extensive reinvestment projects, which is the kind of capital that funds a property's digital modernization.

Cybersecurity risks for tenant data could indirectly impact property value perception.

While VICI operates under a triple-net lease model, meaning the tenant (operator) handles all operational costs and risks, including cybersecurity, a catastrophic data breach could severely impact a tenant's financial health and credit rating. This, in turn, could increase VICI's perceived credit risk and potentially affect its stock valuation.

What this estimate hides is the resilience of the REIT model. When the broader market was pricing in 'worst case scenarios' for casino operators like Caesars Entertainment and MGM Resorts International in April 2025, causing their stock prices to drop (Caesars was down 19.34% YTD), VICI's stock was up 11.30% YTD. This quantifiable divergence shows the market's confidence that VICI's long-term master leases and strong contractual rent escalators insulate the property's value from the operational shocks-including cyber threats-that directly hammer the tenant's stock.

AI-driven property management and maintenance could lower tenant operating costs.

The industry trend for 2025 is clear: Artificial Intelligence (AI) is moving into property management, with applications like predictive maintenance and automated energy control designed to lower tenant operating costs. For VICI, lower operating costs for its tenants translate directly into higher rent coverage ratios, making the lease payments more secure.

AI adoption helps tenants optimize their massive operational footprints, which include approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs, and sportsbooks across VICI's portfolio. This kind of scale is where AI-driven efficiency gains are most significant.

The efficiency of VICI's own business model, which is a key selling point, is a reflection of this technological advantage. VICI's General & Administrative (G&A) costs were only 1.6% of total revenues in Q3 2025, which is among the lowest ratios of all S&P 500 REITs. That lean structure is possible because the triple-net model offloads the complex, cost-intensive property management to the tech-investing tenants.

VICI Properties Inc. (VICI) - PESTLE Analysis: Legal factors

Complex state and local zoning laws govern new casino development and expansion.

You might think VICI, as a landlord, is insulated from zoning fights, but the legal landscape for new casino development directly impacts future growth opportunities and the value of undeveloped land it holds, like the 33 acres adjacent to the Las Vegas Strip. The process is never simple; it's a messy mix of state law and local politics.

For example, in Texas, the Irving Planning and Zoning Commission only narrowly approved a rezoning for a potential Las Vegas Sands Corporation casino site in March 2025, yet commercial casino gambling is still prohibited under state law. That's a huge hurdle. Conversely, New York City officials moved to streamline the process by proposing zoning text amendments. This change would allow state-licensed casinos in specific commercial and manufacturing zones to bypass the long Uniform Land Use Review Procedure (ULURP), which defintely speeds things up for the three downstate licenses expected to be awarded.

This dynamic means VICI's investment pipeline is subject to unpredictable legislative and local land-use decisions, which can take years to resolve. You have to watch the state capitols as closely as the Strip.

Lease agreements (e.g., with Caesars) are long-term, providing cash flow certainty.

The core of VICI's business model is its long-term, triple-net lease structure, which is a major legal strength. Triple-net (NNN) means the tenant-Caesars Entertainment, for instance-is legally responsible for property taxes, insurance, and maintenance costs, insulating VICI from those operating expense risks. As of late 2024, the portfolio's weighted average lease term, including all extension options, stood at approximately 40.7 years.

This longevity provides exceptional cash flow visibility. Still, these long-term contracts aren't without legal pressure. We're seeing tension with the inflation-linked escalators in the leases, particularly in the Caesars regional master lease. If the tenant's profits don't keep pace with the rent increases tied to the Consumer Price Index (CPI), it creates a legal and financial overhang that could force a rent modification negotiation, as was being discussed in late 2025.

Here is a snapshot of the legal and financial certainty provided by the lease structure:

Metric	2025 Status / Value	Legal Implication for VICI
Weighted Average Lease Term (as of late 2024)	Approx. 40.7 years	Exceptional long-term revenue predictability and stability.
Lease Type	Triple-Net (NNN)	Tenant (e.g., Caesars) bears all operating risk (tax, insurance, maintenance).
Caesars Regional Lease Escalator	Inflation-linked (CPI)	Contractual rent growth, but creates pressure point for tenant profitability and potential for lease renegotiation.

Regulatory compliance costs for tenants, especially anti-money laundering rules.

While VICI doesn't operate the casinos, the financial health of its tenants is paramount, and compliance failures hit their bottom line hard. Gaming operators are under intense scrutiny, particularly regarding Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, which are becoming more stringent globally.

The costs of non-compliance are staggering, and they directly reduce the rent coverage ratio for VICI's tenants. For context, the global casino industry faced approximately $160 million in regulatory penalties during just the first half of 2025. More specifically, in a direct example involving a key VICI tenant, Nevada regulators outlined reasons behind a $7.8 million fine levied against Caesars in November 2025. These penalties are pure profit drains that increase the risk profile of the tenant base.

• Global Casino Penalties (H1 2025): $160 million in regulatory fines.
• Caesars Entertainment Fine (Nov 2025): $7.8 million levied by Nevada regulators.
• European AML Fines (Mar 2024-Mar 2025): Over €36 million targeting gambling operators.

The regulatory environment is only tightening, forcing tenants to invest heavily in real-time transaction monitoring and enhanced customer due diligence, which are non-rent expenses that VICI must track closely.

Tax law changes affecting REIT qualification or dividend requirements.

Maintaining Real Estate Investment Trust (REIT) status is critical, as it allows VICI to avoid corporate income tax provided it distributes at least 90% of its taxable income to shareholders. Any change to the Internal Revenue Code (IRC) or Treasury Regulations is a major legal risk.

A significant, near-term development is the proposed regulation (REG 109742-25) issued by the Treasury and the IRS on October 20, 2025. This proposal would remove a 'look-through rule' for foreign-controlled domestic corporations when determining if a REIT is 'domestically controlled' for Foreign Investment in Real Property Tax Act (FIRPTA) purposes.

This change is generally viewed as a positive clarification that helps ensure a REIT remains 'domestically controlled,' which shields foreign investors from certain direct FIRPTA taxes on the sale of REIT stock. It helps keep VICI's stock attractive to a broader global investor base, which is good for capital raising. Also, the complexity of REIT distribution rules is always present; for instance, a portion of the January 9, 2025, distribution was treated as a 2025 distribution for federal income tax purposes, a technicality that requires constant vigilance to maintain compliance.

VICI Properties Inc. (VICI) - PESTLE Analysis: Environmental factors

Increasing investor and regulatory pressure for public ESG disclosures.

You are defintely seeing a shift from voluntary corporate social responsibility to mandatory financial disclosure, and VICI Properties is adapting to this pressure. For a company of VICI's scale, transparency is not optional; it's a cost of capital issue. VICI addresses this by aligning its 2024-2025 Corporate Responsibility Report with several major global frameworks.

The company specifically uses the Task Force on Climate-related Financial Disclosures (TCFD) guidelines, which is what institutional investors like BlackRock demand to assess climate risk. Plus, VICI is moving to reference the Global Reporting Initiative (GRI) standards for the first time in its 2024-2025 report, signaling a commitment to a broader, more detailed disclosure standard. Management reports on environmental sustainability progress to the Board of Directors' Nominating and Governance Committee on a quarterly basis. This isn't just a compliance check; it's a clear signal to the market that environmental risk is now a board-level priority.

Physical climate risks (e.g., extreme weather) to coastal and desert properties.

The core risk for any real estate investment trust (REIT) is physical asset damage, and VICI's portfolio, which includes major experiential properties, faces distinct geographic threats. The triple-net lease structure mitigates VICI's direct financial exposure since tenants are responsible for insurance and repairs, but a catastrophic event still impacts asset value and tenant credit quality.

To manage this, VICI completed a detailed, property-level climate-related risk analysis in early 2025. This assessment specifically focused on high-risk areas. For instance, they analyzed community resilience in major markets like Las Vegas, Nevada, where desert heat and water scarcity are key concerns, and Atlantic City, New Jersey, which faces coastal flooding and extreme weather from hurricanes. The geographic diversification of VICI's portfolio, which spans nearly 100 experiential assets across the United States and Canada, acts as a primary risk-mitigation strategy.

Tenant adoption of renewable energy and water conservation impacts property utility costs.

While VICI doesn't pay utility bills under the triple-net lease model, tenant adoption of sustainability measures is crucial. Why? Because lower operating costs for the tenant means a stronger balance sheet, which directly reduces VICI's credit risk as a landlord. Honestly, this is a clear win-win for VICI and its operating partners.

Major tenants have set and, in some cases, already exceeded their 2025 environmental targets. This is a massive tailwind for the long-term value of VICI's assets. For example, Caesars Entertainment had a science-based goal to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 30% by 2025 from a 2011 baseline, and they actually achieved a 41.8% reduction by 2022. Similarly, MGM Resorts International's long-term plan included reducing carbon emissions per square foot by 45% by 2025, a target they hit early in 2023. This is real progress.

Here's the quick math on tenant commitment:

Tenant	2025 Environmental Target	Impact on VICI's Assets
Caesars Entertainment	Reduce Scope 1 & 2 GHG emissions by 30% (from 2011 baseline)	Reduces tenant operating costs and credit risk.
MGM Resorts International	Reduce carbon emissions per square foot by 45%	Mega Solar Array provides up to 90% of Las Vegas daytime electricity needs for 11 properties.

VICI actively supports this through its Partner Property Growth Fund, a financing tool used to encourage and potentially fund tenant capital expenditure projects, which can include sustainability-related upgrades, in exchange for beneficial lease terms like rent escalations.

Green building standards becoming a defacto requirement for new acquisitions.

Green building standards, like the U.S. Green Building Council's Leadership in Energy & Environmental Design (LEED), are moving from a premium feature to a baseline expectation, especially in major metro areas. VICI's acquisition strategy has adapted to this reality.

When evaluating a new investment, VICI's due diligence now includes a rigorous assessment of the property's environmental performance and climate risk. They also seek to incorporate 'green lease' provisions in new agreements, which facilitate data sharing and cooperation on environmental programs with the tenant. This is a smart way to get the data you need without violating the triple-net structure.

The regulatory environment is also tightening. As of early 2025, twelve of VICI's leased properties are already subject to local energy benchmarking or building performance standards due to their location, meaning mandatory compliance is already a factor in a significant portion of the portfolio. This trend will only accelerate, making pre-certified assets more attractive and resilient.

• Integrate green lease provisions into new agreements.
• Expand environmental due diligence on all acquisitions.
• Manage regulatory risk: 12 properties subject to 2025 performance standards.

Next step: Asset Management should cross-reference the 12 regulated properties with the 2025 climate risk assessment to prioritize tenant engagement on capital upgrades by Friday.