VICI Properties Inc. (VICI) Stock Price & How to Invest

VICI Properties is a New York-based real estate investment trust that owns experiential real estate, meaning properties people travel to and spend time in rather than shop or work in. Its core holdings are trophy casino resorts on the Las Vegas Strip and in regional markets, including Caesars Palace, the Venetian Resort, MGM Grand, Mandalay Bay, and the Park MGM, plus a growing set of non-gaming experiential assets such as Chelsea Piers, Bowlero bowling centers, Great Wolf Lodge resorts, and golf courses. VICI does not run these venues. It owns the real estate and leases it to operators under triple-net agreements, meaning the tenant pays rent plus taxes, insurance, and maintenance, and most leases carry contractual rent escalators tied to fixed rates or the consumer price index. As of the end of 2025 the portfolio spanned 93 experiential assets, including 54 gaming properties and 39 other experiential properties, across 26 U.S. states and one Canadian province, at 100 percent occupancy.

VICI was spun out of Caesars Entertainment in 2017 as part of Caesars' bankruptcy reorganization and completed its IPO in 2018. It joined the S and P 500 in 2022 and, through its acquisition of MGM Growth Properties that same year, became the dominant owner of Strip real estate. The business model is deliberately simple: collect long-term contractual rent, grow it through built-in escalators and new acquisitions, and pass most of the resulting cash to shareholders as dividends, as REITs must distribute at least 90 percent of taxable income. For full-year 2025, VICI reported revenue of roughly $4.0 billion and adjusted funds from operations (AFFO) of about $2.38 per share, and it has delivered a dividend increase in every year since going public.

The dominant risk is tenant concentration: Caesars and MGM together provide more than two-thirds of VICI's rent, so a severe downturn, leverage problem, or operational failure at either tenant would hit a disproportionate share of income, even though the leases are legally senior and the underlying real estate is prime. As a REIT, VICI is also interest-rate sensitive, both because higher rates raise its borrowing costs on an acquisition-driven growth model and because rising bond yields compete with its dividend and can compress the multiple investors are willing to pay. Gaming revenue is cyclical and exposed to consumer discretionary spending, regional competition, and regulation, which affects tenant health over long lease terms. Finally, VICI's growth depends partly on continuing to source accretive acquisitions; if deal pricing tightens or capital becomes expensive, external growth could slow, leaving the escalators as the main driver.

24 analysts publish price targets on VICI, averaging $32.92 against a $26.35 price as of August 2026, or +24.9%. The published targets run from $27.00 to $39.00, a moderate spread, and the ratings split 17 buy, 8 hold, 0 sell. Over the last six months there have been 2 raises and 5 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full VICI forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on VICI Properties Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Long leases with built-in escalators create visible, inflation-linked growth. VICI's leases carry a weighted-average remaining term near 40 years, one of the longest in the REIT universe, and a large and rising share of them include rent escalators tied to the consumer price index (often with caps and floors). The most optimistic published target, $39.00, assumes this works close to its best case.

The case against. The dominant risk is tenant concentration: Caesars and MGM together provide more than two-thirds of VICI's rent, so a severe downturn, leverage problem, or operational failure at either tenant would hit a disproportionate share of income, even though the leases are legally senior and the underlying real estate is prime. The most pessimistic target, $27.00, is roughly what VICI is worth if this bites instead.

Read the full bull and bear case on VICI, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see VICI Properties Inc.'s investor relations page or your broker.

• Revenue (FY 2025): ~$4.0 billion
• AFFO per share (FY 2025): ~$2.38
• AFFO per share guidance (FY 2026): ~$2.42 to $2.45
• Annualized dividend: ~$1.80 per share
• Dividend yield (approx.): ~6.4% to 6.8%
• Market capitalization (approx.): ~$30 billion

VICI is best valued on AFFO (adjusted funds from operations) rather than GAAP earnings, because real estate depreciation depresses reported net income for property REITs. On that basis the stock has recently traded around 10 to 11 times AFFO, below its own historical average and a discount that bears and bulls interpret differently: bears point to concentration and rate risk, while bulls note that a mid-single-digit and growing yield backed by 40-year leases at 100 percent occupancy is a relatively defensive profile. Because roughly 90 percent of taxable income must be distributed, most of the total-return case rests on the dividend plus contractual and acquisition-driven per-share AFFO growth.

If you want VICI exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses VICI naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to VICI: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get VICI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (SPHD), which spreads the position across many companies. Or build it into a focused thematic portfolio, so VICI sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where VICI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

VICI is a long-duration, contractually inflation-linked rent machine trading at a below-market AFFO multiple and a mid-single-digit yield, so the investing question is usually about tenant concentration and interest-rate sensitivity rather than about the durability of the underlying leases.

Whether VICI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is VICI a buy or a sell?, and where the stock could go from here in the VICI stock forecast.

For income investors, whether VICI pays a dividend and how the payout looks is covered in does VICI pay a dividend? And to weigh VICI against a peer, read the full side-by-side comparisons: VICI vs AMT and VICI vs AVB.