VICI Offers A Strong Entry Into The Booming Economy Of Las Vegas

Summary

• VICI Properties offers unique exposure to booming Las Vegas gaming real estate, with stable, long-term triple net leases and a strong income profile.
• The REIT's growth is driven by accretive acquisitions and diversification into new leisure and tribal partnerships, boosting EBITDA and revenue impressively.
• Risks include high tenant concentration, reliance on the gaming sector, and sensitivity to interest rates, though most debt is fixed-rate and inflation-protected.
• With a 5.25% yield, attractive valuation, and robust margins, I believe VICI is a buy for income investors seeking Las Vegas exposure without operational hassles.

Gary Yeowell

Introduction

VICI Properties (NYSE: NYSE:VICI) is a REIT that mainly focuses on gaming and hospitality properties and was formed from the infamous Caesars private equity deal and following bankruptcy. It has one of the largest portfolios of leisure assets

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.