NYSE Shariah screener · October 2026
Is VICI Properties Inc. (VICI) Halal?
VICI Properties Inc. · NYSE: VICI · Real Estate
The short answer
VICI Properties fails the Shariah business-activity gate: it is an experiential REIT deriving about 74% of leasing revenues from casino gambling tenants (Caesars, MGM). Debt of $16.77 billion is 65.8% of its ~$25.50 billion market cap (over the 33% ceiling); interest income of $14.363 million is 0.36% of revenue.
Gate 1 — Business activity: FAIL
Gate 1 — business activity: FAIL. VICI Properties Inc., per its FY2025 Form 10-K (filed February 25, 2026), is an experiential real estate investment trust owning 93 experiential assets - 54 gaming properties and 39 other experiential properties - leased to casino and entertainment operators under long-term triple-net leases.
Its revenues come overwhelmingly from gambling tenants: Caesars and MGM account for about 74% of 2025 leasing revenues (Q4 2025 rent mix: Caesars 39%, MGM 34%, Venetian 9%, Hard Rock 5%, plus PENN, JACK, Century and others). Deriving the core of its income from casino gambling tenants is a non-permissible business activity. The business fails gate 1.
Gate 2 — Debt and cash: FAIL
Gate 2 — interest-bearing debt: FAIL (65.8%, ceiling 33%). Per VICI's FY2025 Form 10-K consolidated balance sheet, debt, net was $16,773,241 thousand - about $16.77 billion.
$16.77 billion against a market capitalization of about $25.50 billion (Finnhub, October 2, 2026; NYSE: VICI) is about 65.8%, well over the 33% ceiling. The debt gate fails independently.
Gate 3 — Non-compliant income: PASS
Gate 3 — non-compliant income: PASS (0.36%, ceiling 5%). VICI's FY2025 Form 10-K reports interest income of $14,363 thousand against total revenues of $4,006,116 thousand - about 0.36%, under the 5% ceiling.
The income gate passes, but the result is moot given the business-gate and debt-gate failures.
Key figures used
- Business: experiential REIT — 93 assets (54 gaming properties, 39 other) leased to casino/entertainment operators under triple-net leases (FY2025 10-K)
- Haram assessment: core income from gambling tenants — Caesars + MGM ~74% of 2025 leasing revenues; Q4 2025 rent mix Caesars 39%, MGM 34%, Venetian 9%, Hard Rock 5% — fails business-activity gate
- Debt: $16,773,241k debt, net (FY2025 10-K) ÷ ~$25.50B market cap (Finnhub, Oct 2, 2026) = 65.8% — over the 33% ceiling
- Interest income: $14,363k ÷ $4,006,116k total revenue = 0.36% — under the 5% ceiling (moot)
- Market data: NYSE-listed (VICI); actively listed, confirmed October 2, 2026; Finnhub XNYS live quote; no delisting
- Corporate actions: tenant Caesars has a pending leveraged buyout (tenant news only; no VICI merger)
- Third-party: Zoya flags VICI not Shariah-compliant (Sept 2026) — consistent with this FAIL; no verifiable Musaffa or ShariaPortfolio rating
Frequently asked questions
What does VICI Properties do?
VICI Properties Inc. (NYSE: VICI) is an experiential real estate investment trust (REIT). Per its FY2025 Form 10-K, it owns 93 experiential assets - 54 gaming properties and 39 other experiential properties - which it leases to casino and entertainment operators under long-term triple-net leases.
Is VICI Properties' business Shariah compliant?
No - VICI Properties fails the business-activity gate. It is an experiential REIT whose revenues come overwhelmingly from leasing properties to gambling operators: Caesars and MGM account for about 74% of 2025 leasing revenues (Q4 2025 rent mix: Caesars 39%, MGM 34%, Venetian 9%, Hard Rock 5%). Deriving the core of its income from casino gambling tenants is a non-permissible business activity under this screener's first gate.
How much interest-bearing debt does VICI Properties have?
VICI's FY2025 Form 10-K reports debt, net of $16,773,241 thousand - about $16.77 billion. Against a market capitalization of about $25.50 billion (Finnhub, October 2, 2026), that is about 65.8% - well over the 33% ceiling. The debt gate fails independently of the business-gate failure.
How much interest income does VICI Properties earn?
VICI's FY2025 Form 10-K reports interest income of $14,363 thousand against total revenues of $4,006,116 thousand - about 0.36%, under the 5% non-compliant income ceiling. The income gate passes, but the result is moot given the business-gate and debt-gate failures.
What do third-party Shariah screeners say about VICI Properties?
Zoya flags VICI as not Shariah-compliant (September 2026), reporting the same $14.363 million interest income figure - consistent with this page's FAIL. I could not verify a Musaffa rating page for VICI or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules - always check the latest screening before investing.
Sources
- VICI Properties FY2025 Form 10-K — full filing text (filed Feb 25, 2026; CIK 0001705696)
- Finnhub — VICI Properties financial market data (XNYS, market cap $25.50B, live quote Oct 2, 2026)
- Zoya — VICI Properties (VICI) Shariah compliance page (not Shariah-compliant, Sept 2026)
Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).