VICI
VICI Properties Inc.
Is VICI Halal?
Casino and gaming tenants are the core rental counterparties, creating a structural maysir concern; the current debt/assets ratio also fails the examined asset-based limits.
What You Should Know
VICI Properties owns and acquires gaming, hospitality, wellness, entertainment and leisure destinations under long-term leases. Its March 31, 2026 Form 10-Q reports $47,089.674 million of total assets, $16,787.100 million of debt, $480.206 million of cash, $2,710.021 million of investments in loans and securities, $29.732 million of separately disclosed receivables and $1,018.521 million of quarterly revenue. Those inputs produce debt/assets of 35.65%, liquidity of 6.77%, receivables plus cash/assets of 1.08% and disclosed interest income/revenue of 0.44%. MGM and Caesars together represented 74% of lease revenue; a conservative lower-bound gaming-rent proxy of $686.096 million, or 67.36% of total revenue, establishes a failed business-activity screen. Casino-rent exposure is a structural maysir concern under the retained qualitative analysis, so the result is HARAM regardless of the small separately disclosed interest-income ratio. This is a current ZakatInvest calculation, not an agency-membership claim.
⚠️ Concerns
- •MGM and Caesars represented 38% and 36% of lease revenue respectively; rent from casino-operator tenants is the primary maysir concern
- •The Las Vegas Strip generated approximately 49% of lease revenue, reinforcing the concentration in casino and gaming real estate
- •A conservative disclosed lower-bound gaming-rent proxy is 67.36% of total revenue; it does not assume every other VICI revenue stream is prohibited
- •VICI invests in loans and securities and reported $61.513 million of income from loans and securities; financing and interest-related returns require separate riba analysis
- •Debt/assets of 35.65% exceed the examined 33% asset-based limits, adding a conventional-financing concern
- •Golf, wellness and other experiential properties are smaller or mixed streams and do not erase the casino-rent core
- •The result is based on the issuer's current tenant and financial disclosures, not an unsupported claim of unanimous agency consensus
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
16,787.1 / 47,089.674
3,190.227 / 47,089.674
509.938 / 47,089.674
4.493 / 1,018.521
- Financial
- Fails
- Overall
- Fails
Debt is 35.65%, above the examined 33.333% limit. Liquidity is 6.77%, receivables plus cash are 1.08%, and disclosed interest income is 0.44%; the conservative gaming-rent proxy also establishes a failed business-activity screen.
- Financial
- Fails
- Overall
- Fails
Debt is 35.65%, above the examined 33.33% total-assets limit. Liquidity and receivables plus cash are below the examined limits, but the casino-tenant business screen fails. This is a calculation against the named method, not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt is 35.65%, above the examined 33% limit; liquidity is 6.77%. The disclosed casino-rent proxy also fails the activity screen. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
VICI owns and acquires gaming, hospitality, wellness, entertainment and leisure destinations subject to long-term leases. Its core portfolio includes casino properties leased to gaming operators; the filing reports that MGM and Caesars together represented 74% of lease revenue in the quarter. The casino-rent core is a structural maysir concern under the retained qualitative analysis.
Limitation: The filing provides tenant concentration and broad revenue categories but does not allocate every tenant, property, loan, golf or experiential stream into a universal prohibited-revenue taxonomy. The entered gaming-rent figure is a conservative disclosed lower-bound proxy, not a claim that all non-gaming revenue is permissible.
Purification
The casino-rent business-activity failure is not resolved by purification. Separately disclosed interest income is 0.44% of revenue, but no scholar-approved purification percentage is asserted for gaming rent, loan income or other returns.
Inputs, assumptions and primary sources
- Assets use VICI Properties Inc.'s consolidated total assets of $47,089.674 million at March 31, 2026.
- Interest-bearing debt uses the reported $16,787.100 million carrying value of total debt. Other liabilities, lease liabilities and distributions payable are not silently added as conventional debt.
- Cash uses $480.206 million of cash and cash equivalents. Interest-bearing securities use $2,710.021 million of investments in loans and securities; short-term investments were zero at March 31, 2026.
- Receivables use separately disclosed interest receivable of $15.399 million, other receivables of $10.886 million and tenant reimbursement receivables of $3.447 million. The much larger lease-financing and loan balances are kept in the interest-bearing-securities input and are not double-counted.
- Quarterly revenue uses $1,018.521 million of total revenue. Separately disclosed interest income was $4.493 million, or 0.44% of revenue.
- The business-activity input is a conservative lower-bound proxy: MGM and Caesars together represented 74% of lease revenue, so $686.096 million (74% of $927.157 million leasing revenue) is entered as gaming-tenant rent exposure. This does not claim to capture every casino-related or prohibited tenant stream.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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