Real Estate Investment Trust (REIT) - Gaming & Experiential Properties
Strategic Profile
VICI's strategic approach involves acquiring prime real estate and leasing it back to operators through long-term, triple-net agreements, ensuring consistent income. The company more than doubled its size in 2022 by acquiring MGM Growth Properties for $17.2 billion and The Venetian complex, which increased annual revenue by $1 billion and made it the largest land owner on the Las Vegas Strip with over 660 acres.
Cyborg Score Rationale
VICI completed a $1.4 billion IPO in February 2018 and achieved investment grade ratings across all three rating agencies, while maintaining 100% rent collection during COVID-19. The company benefits from long-term, triple-net lease agreements providing stable cash flows from top-tier hospitality operators.
Top Insights
VICI owns 93 experiential assets comprising approximately 127 million square feet with approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks
Properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements
The company has growing real estate and financing partnerships with leading operators including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment
Since IPO on February 1, 2018, VICI has delivered total shareholder return of 105%, grown its market cap by ~$24 billion, added 73 properties and partnered with 18 new operators as of January 31, 2024
Named Competitors
MGM Growth Properties — Gaming and hospitality real estate
Caesars Entertainment — Casino and hospitality operator
Hard Rock International — Gaming and entertainment operator
Park Hotels & Resorts — Hospitality real estate REIT
Recent Developments
(April 2022) Acquired MGM Growth Properties for $17.2 billion including assumed debt
(February 2022) Purchased The Venetian Resort Las Vegas from Las Vegas Sands for $4 billion
(June 2022) Became fastest REIT to migrate from IPO to S&P 500 inclusion
Open the full interactive VICI Properties Inc. report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.