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VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators.
Strategic Challenges | Delve into potential headwinds facing VICI, including leadership changes with the departure of its Chief Investment Officer and exposure to consumer spending trends in the gaming sector. |
Growth Trajectory | With analyst price targets ranging from $35 to $37, VICI's investment strategy in high-yield loan opportunities and $465 million in future funding commitments signals continued expansion. |
Financial Discipline | Explore how VICI's proactive debt refinancing of $1.3 billion and strategic equity issuance position the company for sustainable growth while maintaining conservative leverage metrics. |
Resilient Portfolio | VICI Properties demonstrates remarkable stability through long-duration leases and diversified investments in gaming and lifestyle properties, creating predictable cash flows across market cycles. |

Metrics to compare | VICI | Sector Sector - Average of metrics from a broad group of related Real Estate sector companies | Relationship RelationshipVICIPeersSector | |
|---|---|---|---|---|
P/E Ratio | 10.8x | 8.9x | 9.1x | |
PEG Ratio | −4.41 | −1.17 | 0.01 | |
Price / Book | 1.1x | 0.4x | 0.9x | |
Price / LTM Sales | 7.6x | 2.5x | 3.9x | |
Upside (Analyst Target) | 24.5% | 40.7% | 13.0% | |
Fair Value Upside | Unlock | −0.8% | 0.2% | Unlock |