VICI Properties executives said concerns over its regional master lease with Caesars Entertainment were among several factors weighing on VICI’s shares. VICI said it was willing to work with Caesars on possible changes to the arrangement, while noting that no outcome had been announced.
Any changes to the lease could affect the commercial terms between VICI and casino operator Caesars.
Quarter ended 30 September 2026
Quarter ended 30 September 2026
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Fertitta Entertainment is reportedly in talks to acquire Caesars Entertainment for about $34 a share, according to a media report. The reported proposal exceeds Carl Icahn’s competing all-cash offer of roughly $33 a share, but negotiations could fail and Caesars has not formally rejected Icahn’s offer.
Analysts at Truist Securities, Macquarie, Jefferies and Texas Capital Securities issued views on MGM Resorts, Las Vegas Strip revenue, VICI Properties and Caesars in notes dated 29–31 October. MGM’s analyst cited a 2% EBITDAR miss and lowered estimates; the Strip recorded $688 million in September revenue, down 5% year on year, while VICI reported $1 billion in third-quarter results and Caesars $884 million in adjusted EBITDAR.
New Orleans agreed to receive $103 million upfront from private equity firm TPG in exchange for the first nine years of rent on the Caesars New Orleans property. The remaining 23 years of the lease are unaffected, and the arrangement requires approval from the New Orleans City Council.
Churchill Downs authorised a new US$750 million share repurchase programme, replacing its earlier US$500 million authorisation; US$306 million remained under that plan as of 27 October 2026. VICI Properties authorised a programme to repurchase up to US$2.0 billion of its common shares, which runs until 30 September 2029, according to company statements.
Jefferies analyst David Katz said casino investors should focus on operating efficiency, highlighting earnings per room at Las Vegas Strip operators. Wynn Resorts is expected to generate $180,000 in room-level EBITDA this year, compared with estimated figures of $83,000 for Caesars Entertainment and $77,000 for MGM Resorts International.