A bullish thesis on VICI Properties Inc. was posted on X.com by @Snowball_Equity. The company's shares were trading at $27.81 as of January 13th. According to Yahoo Finance, VICI's trailing and forward P/E ratios stood at 10.60 and 9.65 respectively.
VICI Properties holds a portfolio of 93 experiential assets. This includes 54 gaming properties and 39 other experiential venues. Key assets on the Las Vegas Strip, such as Caesars Palace, The Venetian, and MGM Grand, anchor the portfolio.
The company operates under a triple net lease model. It acquires premier properties and leases them back to operators under long-term agreements. These leases shift operating costs, taxes, and insurance to tenants. The weighted average lease term exceeds 40 years, providing strong revenue visibility.
Revenue is concentrated, with about 74 percent derived from Caesars and MGM. Nearly half is tied to the Las Vegas Strip. The lease structure offers protection, as tenants cannot default on weaker regional assets without risking flagship properties.
Despite macro concerns regarding Las Vegas visitation and operator balance sheets, these risks are considered overstated. They are seen more as growth headwinds than existential threats. Rising convention traffic at VICI's marquee properties is noted. Rent escalators support organic growth, with portions linked to inflation and fixed annual increases.
Management is pursuing external growth. This includes Strip acquisitions and potential partnerships with universities for large-scale athletic assets. Such moves could diversify the tenant base over time.
Financially, VICI delivers steady AFFO growth and maintains disciplined expense control. Its leverage profile is described as industry standard. Trading below 12x AFFO with a dividend yield around 6.4 percent, the stock reflects depressed sentiment rather than fundamentals.
Previously, a bullish thesis on MGM Resorts International was covered in April 2025. It highlighted the company's asset-light transition, share buybacks, and the resilience of its Las Vegas portfolio. MGM's stock price has appreciated by approximately 31.74 percent since coverage began. @Snowball_Equity's thesis on VICI emphasizes predictable triple net lease income and rent escalators.
VICI Properties Inc. is not on the list of the 30 Most Popular Stocks Among Hedge Funds. According to database information, 44 hedge fund portfolios held VICI at the end of the third quarter, up from 34 in the previous quarter.