Is VICI a good stock to buy? We came across a bullish thesis on VICI Properties Inc. on Investing Lawyer’s Substack. In this article, we will summarize the bulls’ thesis on VICI. VICI Properties Inc.’s share was trading at $28.63 as of May 27th. VICI’s trailing and forward P/E were 9.80 and 9.87 respectively according to Yahoo Finance.
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VICI Properties Inc. (VICI) is a $34 billion real estate investment trust focused on owning and leasing premier gaming, hospitality, and entertainment real estate assets, positioning itself as a dominant landlord in the casino and leisure industry. The company owns iconic properties such as Caesars Palace Las Vegas, MGM Grand, and The Venetian Resort Las Vegas, which are among the most visited and cash-generating entertainment destinations in the world.
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VICI Properties generates revenue primarily through long-term triple-net lease agreements, under which tenants are responsible for property taxes, insurance, and maintenance, allowing VICI to collect highly stable and predictable rental income with minimal operating costs. Approximately 40% of its lease portfolio is linked to inflation adjustments, providing built-in rent escalation and protection against rising price environments.
The REIT structure supports consistent cash flow generation, reflected in its 5.3% dividend yield, $1.73 annual dividend, and $0.43 quarterly payout, underpinned by a 65% payout ratio and six consecutive years of dividend growth. While the business is exposed to tenant concentration risk and the cyclical nature of gaming demand, the long-term durability of casino operations and the strong credit quality of operators like Caesars Entertainment, MGM Resorts, and gaming groups provide resilience.
The REIT sector backdrop is viewed as undervalued, enhancing the re-rating potential for high-quality assets like VICI. With strong contractual cash flows, inflation-linked growth, and defensive characteristics, VICI offers income stability and long-term capital appreciation, with upside from continued rent growth, balance sheet strength, and structural demand for premier entertainment real estate.
Previously, we covered a bullish thesis on STAG Industrial, Inc. (STAG) by Steve Wagner in May 2025, highlighting rent spreads and FFO growth driven by industrial demand. STAG’s stock price has appreciated by approximately 15.71% since our coverage. Investing Lawyer’s Substack shares a similar view but emphasizes VICI Properties’ (VICI) inflation-linked triple-net casino dividend stability, and long-term lease cash flows.
VICI Properties Inc. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held VICI at the end of the first quarter which was 52 in the previous quarter. While we acknowledge the risk and potential of VICI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VICI and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
