VICI owns the land under big casinos and hotels, then rents it back to operators like Caesars Entertainment and Penn National Gaming — think of it as the landlord for Las Vegas-style real estate, collecting rent without running the gambling or the buffets.
Money comes from long-term leases on 29 gaming properties, with gross margins around 99% and net margins near 67% — highly recurring, contract-based rent that keeps flowing regardless of casino foot traffic.
Replacing VICI would require buying or building irreplaceable Strip-adjacent land and renegotiating dozens of master leases with operators like Caesars Entertainment, Hard Rock International, and Century Casinos — high switching costs and scarce locations make
Key events, in time order
Subsidiary prices notes offering, aligning with raised AFFO guidance in ongoing capital and performance update cycle
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VICI Properties is trading at its lowest valuation multiple due to concerns about top tenants going private, impacting rent coverage visibility. The company offers a high dividend yield compared to S&P 500 peers.
Main discussion
Different voices
$VICI is now trading at its lowest valuation multiple in the REITs history. P/AFFO: 10.5x Projected AFFO per share CAGR: 3.4% Yield: 6.8% The real issue comes dow to their top 2 tenants going private, taking away the ability for investors to see their rent coverage. Less predicta
With the 10-year Treasury yielding roughly 4.70%, only 16 companies in the S&P 500 offer a higher trailing dividend yield, which is the fewest since May 2007: 🎰 $VICI: 6.83% 🚬 $MO: 6.42% 🚗 $PGR: 6.40% 📦 $UPS: 6.38% 🧪 $LYB: 6.24% 🍅 $KHC: 6.23% 🥣 $GIS: 6.10% 💊 $PFE: 6.09% 🏥 $DOC: 5
Options with increasing option implied volatility: $ASST $MRNA $PURR $VICI $MRK $WOLF $DNLI $ARCT $CRWG $QGEN $CRCG $NVAX $MSTZ $SLS $BCRX
Options with increasing option implied volatility: $MRNA $PURR $VICI $SAN $MRVI $ETHU $XRPC $IOVA $GMAB $ETHE $BITU $ETH $PGEN $BSOL $MSTY
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