VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace.
| Revenue (TTM) | $4.10B |
| Gross Profit (TTM) | $4.07B |
| EBITDA | $3.64B |
| Operating Margin | 70.20% |
| Return on Equity | 9.85% |
| Return on Assets | 4.82% |
| Revenue/Share (TTM) | $3.82 |
| Book Value | $26.49 |
| Price-to-Book | 0.90 |
| Price-to-Sales (TTM) | 6.32 |
| EV/Revenue | 10.65 |
| EV/EBITDA | 11.94 |
| Quarterly Earnings Growth (YoY) | -41.40% |
| Quarterly Revenue Growth (YoY) | 5.70% |
| Shares Outstanding | $1.10B |
| Float | $1.10B |
| % Insiders | 0.28% |
| % Institutions | 98.40% |
Volatility is currently expanding
VICI Properties faces heightened risk as its two largest tenants undergo major changes—Caesars going private with more leverage, and MGM losing its buyout bid. Rising Treasury yields above 5% and a trimmed 2.2% dividend increase undermine VICI's traditional spread business and income appeal. VICI's valuation, based on an 8.9% cap rate, implies fair value near $21 per share—about 12% below current trading levels.
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In the closing of the recent trading day, VICI Properties Inc. (VICI) stood at $23.27, denoting a -1.81% move from the preceding trading day.
Many REITs are repriced to the downside and offer better yields. Yet this is just optics, as the underlying problem is very significant. The issue I see is that at the current valuations and market dynamics, REITs can't (or should not) be considered solid passive income investments.
NEW YORK--(BUSINESS WIRE)---- $VICI--VICI Properties Inc. (NYSE: VICI) (“VICI Properties,” “VICI” or the “Company”), an experiential real estate investment trust, today announced that John M. Sullivan has received all required approvals to assume his duties on the Company's Board of Directors (the “Board”). Mr. Sullivan has formally been appointed as an independent director of the Board and will serve on the Board's Compensation Committee and Nominating and Governance Committee. In connection with the ef.
VICI Properties Inc. faces higher refinancing costs as upcoming debt maturities could be repriced materially above their current fixed coupons. VICI's mostly capped rent escalators may not preserve real rental income if inflation remains above 3%. Non-gaming growth initiatives increase VICI's exposure to development, borrower credit, and asset performance risk.
VICI Properties Inc. trades at a compelling valuation, with a wide margin of safety and a 7.6% dividend yield amid industry headwinds. Even under conservative assumptions—0% terminal growth and a 12% discount rate—VICI offers an implied 12% annual total return at current prices. VICI's portfolio is diversified across gaming and experiential assets, but concentration risk remains with Caesars (38% rent) and MGM (32%).
In the closing of the recent trading day, VICI Properties Inc. (VICI) stood at $24.11, denoting a -1.71% move from the preceding trading day.
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Two REITs with radically different portfolios, one anchored in grocery stores and the other in casino resorts, just reported earnings that force a real choice between a legendary dividend streak and a yield that pays more from day one.
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