VICI
Real EstateVICI Properties Inc. · REIT - Specialty · $31B
What is VICI Properties Inc.?
VICI Properties is a real estate investment trust focused on experiential destinations — gaming resorts, hotels, and entertainment venues. Its portfolio includes some of the most recognized properties on the Las Vegas Strip and across the United States.
VICI operates as a net-lease REIT, meaning it owns the physical real estate and leases it back to casino and hospitality operators under long-term agreements. Tenants — including Caesars Entertainment, Hard Rock International, and Penn National Gaming — pay rent while handling day-to-day operations. This structure gives VICI predictable, contractual income streams without direct exposure to gaming revenue volatility. The company also holds championship golf courses and undeveloped land near the Las Vegas Strip.
VICI Properties was founded in 2018 and is headquartered in New York City.
- Net-lease gaming and resort properties across the US
- Long-term triple-net leases with major casino operators
- Championship golf course ownership
- Undeveloped land adjacent to the Las Vegas Strip
- Geographically diversified experiential real estate portfolio
Is VICI a Good Stock to Buy?
UQS Score rates VICI as Good overall, reflecting a balanced profile with notable strengths and one area of concern.
VICI's Quality pillar stands out as Strong, consistent with the stable, contractual cash flows that long-term net leases tend to generate. The Risk pillar also rates Good, reflecting the defensive characteristics of triple-net lease structures and a diversified tenant base. Valuation comes in as Attractive, suggesting the market may not be fully pricing in the company's underlying asset quality.
The Growth pillar rates Weak, which is worth monitoring — net-lease REITs can face headwinds expanding their portfolios when capital costs rise or acquisition opportunities are limited.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does VICI pay dividends?
Yes — VICI Properties Inc. pays a dividend.
VICI pays a regular dividend, which is typical for REITs — they are required by law to distribute the majority of taxable income to shareholders. For income-focused investors, VICI's dividend is a core part of the investment case. The net-lease structure supports consistent cash generation, which underpins the company's ability to maintain and grow its distributions over time.
When does VICI report earnings?
VICI Properties reports earnings on a quarterly cadence, standard for US-listed REITs.
As a net-lease REIT, VICI's quarterly results are primarily driven by rental income from long-term leases, making revenue relatively predictable compared to operating businesses. Investors typically focus on funds from operations (FFO) rather than traditional earnings per share when evaluating REIT performance.
For the most recent quarter's results and guidance, visit VICI Properties' investor relations page directly.
VICI Price History
+19.1% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in VICI Properties Inc.?
Based on VICI Properties Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
VICI Long-term Outlook
VICI's fundamental outlook is shaped by the interplay between its Strong Quality profile and Weak Growth rating. The net-lease model provides durable income, but meaningful portfolio expansion depends on favorable acquisition conditions and capital availability. The Good Risk rating suggests the business is well-positioned to weather economic uncertainty, while the Attractive Valuation label indicates potential upside if growth catalysts materialize.
Growth drivers
- Expansion of the experiential real estate category beyond traditional gaming
- Long-term lease escalators providing built-in rent growth
- Potential acquisitions of new gaming or entertainment assets
Key risks
- Rising interest rates increasing cost of capital for acquisitions
- Tenant concentration risk among a limited number of large casino operators
- Limited organic growth given the passive net-lease structure
VICI vs Peers
VICI operates in the net-lease REIT space alongside several peers with different property focuses and tenant profiles.
W. P. Carey maintains a broadly diversified net-lease portfolio spanning industrial, warehouse, and office properties across North America and Europe, contrasting with VICI's experiential focus.
Essential Properties targets smaller, service-oriented tenants in industries like restaurants and car washes, giving it a different risk and growth profile than VICI's large-scale gaming assets.
Broadstone Net Lease focuses on single-tenant industrial and healthcare properties, offering sector diversification that differs meaningfully from VICI's entertainment-centric real estate.
Frequently Asked Questions
What does VICI Properties do?
VICI Properties owns a large portfolio of gaming resorts, hotels, and entertainment venues across the United States. It leases these properties to major casino operators under long-term net-lease agreements, collecting rent without directly operating the venues. Its holdings include iconic destinations like Caesars Palace.
Does VICI pay dividends?
Yes, VICI pays a regular dividend. As a REIT, it is required to distribute the majority of its taxable income to shareholders. The company's net-lease structure generates predictable rental income, which supports consistent dividend payments. Check VICI's investor relations page for the current dividend rate and payment schedule.
When does VICI report earnings?
VICI Properties reports on a quarterly cadence, as is standard for US-listed REITs. REIT investors typically focus on funds from operations (FFO) as the key performance metric rather than traditional earnings per share. Visit VICI's investor relations page for the latest reporting calendar.
Is VICI a good stock to buy?
UQS Score rates VICI as Good overall. Its Quality and Risk pillars are among its strongest attributes, while Growth rates Weak. Valuation is Attractive relative to peers. Whether it fits your portfolio depends on your income goals and risk tolerance. The full pillar breakdown is available to UQS Pro members.
Is VICI overvalued?
Based on the UQS Valuation pillar, VICI currently rates as Attractive, suggesting it may be reasonably priced or offer value relative to its quality profile. Valuation for REITs is often assessed through metrics like price-to-FFO rather than traditional earnings multiples. See the complete analysis on UQS Pro.
How does VICI compare to its competitors?
VICI is distinctive among net-lease REITs for its exclusive focus on experiential real estate — gaming, hospitality, and entertainment. Peers like W. P. Carey and Broadstone Net Lease hold more diversified property types including industrial and office assets, while Essential Properties targets smaller service-oriented tenants. VICI's niche concentration is both its differentiator and a source of tenant risk.
What is VICI's market cap bracket?
VICI Properties is classified as a large-cap company, placing it among the more substantial REITs in the US market. Its scale gives it access to capital markets and acquisition opportunities that smaller net-lease peers may not easily replicate.
Who founded VICI Properties?
VICI Properties was formed in 2018 as a spin-off from Caesars Entertainment during its bankruptcy reorganization process. Founding leadership details are widely available through public filings and VICI's corporate history page on its investor relations site.
Is VICI a long-term quality investment?
From a quality perspective, UQS rates VICI's Quality pillar as Strong and its Risk pillar as Good — both favorable indicators for long-term holders seeking stable income. However, the Weak Growth rating suggests investors should weigh whether the company can meaningfully expand its portfolio over time. The full long-term profile is available to Pro members.
What is the main competitive advantage of VICI Properties?
VICI's primary advantage lies in owning irreplaceable, large-scale gaming and entertainment real estate under long-term leases with major operators. These assets are difficult to replicate, and the triple-net lease structure insulates VICI from operating cost exposure. However, the UQS Moat pillar rates Neutral, reflecting that competitive advantages in the net-lease REIT space are not always durable.
What sector does VICI belong to?
VICI Properties belongs to the Real Estate sector, specifically classified as an experiential net-lease REIT. It sits within a niche of the broader REIT universe focused on gaming, hospitality, and entertainment properties rather than traditional office, industrial, or residential real estate.
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Pro Analysis
VICI — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 11, 2026 | 65.5 | 89.0 | 53.0 | 24.6 | 73.1 | 93.8 | +0.3 |
| May 8, 2026 | 65.2 | 89.0 | 53.0 | 24.5 | 73.1 | 92.2 | +0.2 |
| May 7, 2026 | 65.0 | 87.7 | 53.0 | 23.7 | 72.7 | 94.7 | 0.0 |
| May 4, 2026 | 65.0 | 87.7 | 53.0 | 23.7 | 72.7 | 94.6 | 0.0 |
| May 3, 2026 | 65.0 | 87.7 | 53.0 | 23.4 | 72.7 | 94.6 | 0.0 |
| Apr 29, 2026 | 65.0 | 87.7 | 53.0 | 23.3 | 72.7 | 94.7 | +0.1 |
| Apr 26, 2026 | 64.9 | 87.7 | 53.0 | 23.2 | 72.7 | 94.6 | 0.0 |
| Apr 24, 2026 | 64.9 | 87.7 | 53.0 | 23.2 | 72.7 | 94.4 | +0.1 |
| Apr 19, 2026 | 64.8 | 87.7 | 53.0 | 22.9 | 72.7 | 94.5 | 0.0 |
| Apr 18, 2026 | 64.8 | 87.7 | 53.0 | 22.5 | 72.7 | 94.9 | -0.1 |
VICI — Pillar Breakdown
Quality
— 89.0/100 (25%)VICI Properties Inc. demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 24.9/100 (20%)VICI Properties Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 73.1/100 (15%)VICI Properties Inc. maintains a reasonable risk profile with manageable debt levels.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 93.3/100 (15%)VICI Properties Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 53/100 (25%)VICI Properties Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for VICI.
Score Composition
Financial Data
More Stock Analysis
How is the VICI UQS Score Calculated?
The UQS (Unified Quality Score) for VICI Properties Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses VICI Properties Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether VICI Properties Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.