Real Estate
In Q2 FY2026, VICI Properties grew revenue by 5.7% YoY to $1.06B driven by portfolio expansion including the Golden Portfolio acquisition, though net income fell 39.1% YoY to $526.52M due to a $413.1M increase in credit loss provisions.
Key risk: Credit Loss Allowance Volatility
VICI recognized a $271.06M credit loss provision expense in Q2 FY2026 compared to a $142.00M benefit in Q2 FY2025, driven by macroeconomic forecast revisions and initial provisions on new investments. Subsequent adverse macroeconomic changes or tenant credit downgrades could require further non-cash provisions.
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