Added to YB: 2026-10-08
Pitch date: 2026-10-03
VICI [bearish]
VICI Properties Inc.
-1.37%
current return
Author Info
No bio for this author
Company Info
VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.
Market Cap
$25.2B
Pitch Price
$22.60
Price Target
N/A
Dividend
7.87%
EV/EBITDA
11.83
P/E
8.88
EV/Sales
10.53
Sector
Specialized REITs
Category
dividend
VICI Properties: Unique assets with barriers to entry
VICI (pass): VICI owns hard-to-replicate casino assets and uses triple-net leases averaging roughly 40 years including renewal options, but tenant solvency is the key risk: Caesars supplies 38% of rent and its agreed acquisition by Fertitta could leave the combined group at about 8.5x adjusted leverage. At 9x AFFO with an 8% yield, estimated 2-4% AFFO/share growth implies 10-12% annualized returns without multiple expansion — insufficient risk-adjusted upside for a long-term compounding portfolio.
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