Growth Trajectory | Modest AFFO accretion and EPS growth from $2.72 to $2.84 reflect mature portfolio dynamics, though strategic initiatives may unlock additional value |
Market Position | As one of the largest gaming REITs with $31.83 billion market cap, VICI owns premier Las Vegas Strip properties with significant competitive advantages |
Lease Structure Risks | The regional gaming lease with Caesars Entertainment operates near a critical 1x coverage ratio, raising concerns about cash flow stability |
Valuation Debate | VICI trades at 12x fiscal year 2026 AFFO, below historical gaming REIT averages, with analyst price targets ranging from $32 to $37 |

Metrics to compare | VICI | Sector Sector - Average of metrics from a broad group of related Real Estate sector companies | Relationship RelationshipVICIPeersSector | |
|---|---|---|---|---|
P/E Ratio | 9.6x | 10.2x | 8.9x | |
PEG Ratio | 0.58 | 1.20 | 0.01 | |
Price / Book | 1.1x | 0.5x | 0.9x | |
Price / LTM Sales | 7.4x | 2.8x | 3.8x | |
Upside (Analyst Target) | 25.0% | 13.9% | 18.8% | |
Fair Value Upside | Unlock | −9.7% | 2.2% | Unlock |
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. VICI Properties Inc. was incorporated in 2016 and is based in New York, United States.