Let's talk about the REIT VICI
What is the REIT?

VICI Properties
VICI Properties Inc. (NYSE: VICI) is a publicly traded real estate investment trust (REIT) specializing in experiential properties across the gaming, hospitality, and leisure sectors. It is a member of the S&P 500 Index and one of the largest owners of casino and entertainment real estate in North America, including landmark holdings on the Las Vegas Strip.
Key facts
- Ticker: VICI (NYSE)
- Market cap: ˜ $31 billion (Feb 2026)
- Recent price: $29.32 USD ( Feb 2026 close )
- Dividend yield: ˜ 6.1 %
- P/E ratio (TTM): ˜ 11.2
- 52-week range: $27.48 – $34.03 (MarketBeat)

Portfolio and operations
VICI owns 93 experiential assets totaling about 127 million sq ft and roughly 60,000 hotel rooms. Its properties include Caesars Palace Las Vegas, MGM Grand, and The Venetian Resort Las Vegas, leased to major operators under long-term triple-net agreements. Beyond gaming, VICI invests in wellness, sports, and lifestyle venues such as Canyon Ranch, Cabot, Chelsea Piers, and Great Wolf Resorts. This diversified model emphasizes predictable rental income and inflation-linked lease escalators.
Financial performance
For 2025 VICI reported roughly $3.97 billion in revenue and net income of $2.7 billion, with earnings per share around $2.63 and net margins near 70 %. Return on equity was about 10 %. Analyst estimates forecast modest EPS growth to ˜ $2.39 in 2026 and an average 12-month price target of $33–$35 per share (MarketBeat).
Dividend policy
VICI pays a quarterly cash dividend of approximately $1.80 per share annualized (yield ˜ 6 %), with a four-year record of increases and a payout ratio around 69 %. Its dividends are backed by long-term lease revenues and solid coverage from adjusted funds from operations (AFFO) (MarketBeat).
Market position and outlook
Analysts classify VICI as a “Moderate Buy.” Its Vegas-focused portfolio offers defensive income and exposure to tourism recovery, though concentration risk in gaming and interest-rate sensitivity remain key factors for investors to monitor (MarketBeat).
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