Real Estate Select Sector

S&P 500

The Diluter

Comparable Companies - VICI

No open-market insider purchases or sales in the last 12 months. Latest short interest 2.7% of float as of 2026-02-27. Top institutional holders Vanguard Group Inc. 14.8%, BlackRock Inc. 11.8%, State Street Corp 6.0%.

Passive beneficial ownership of 18,828,151 shares of VICI Properties Inc. common stock held in ordinary course of business and not for the purpose of changing or influencing control.

Passive beneficial ownership of 51,353,272 shares of VICI Properties Inc. common stock held in ordinary course of business and not for the purpose of changing or influencing control.

Maintains dual role as CEO and Director; recently led the Q4 2025 earnings call on February 26, 2026.

Chief Executive Officer and Director

Continues as CFO; recently appointed as an independent director to the board of Kilroy Realty Corporation on February 24, 2026.

Executive Vice President and Chief Financial Officer

Continues in primary operational role; actively managing the integration of the Golden Entertainment portfolio.

President and Chief Operating Officer

Transitioned from Chief Accounting Officer to a dedicated business development and credit solutions role following the Q4 2025 earnings announcement.

Senior Vice President, Business Development and Managing Director of V.E.C.S.

Promoted from Vice President of Accounting and Administration to Chief Accounting Officer, succeeding Gabriel Wasserman.

Chief Accounting Officer

Maintains role as chief legal officer; verified via February 2026 Form 4 filings.

Executive Vice President, General Counsel and Secretary

Name standardized to Elizabeth I. Holland per 2025 Proxy and 2026 committee rosters.

Independent Director

Edward B. Pitoniak

David A. Kieske

John W.R. Payne

Samantha Sacks Gallagher

James R. Abrahamson

Craig Macnab

Edward B. Pitoniak is a seasoned REIT executive with a proven 'provenance' of identifying undervalued hospitality assets and executing high-premium exits, as evidenced by his leadership at CHIP and InnVest. At VICI, he has successfully pivoted the company from a single-tenant spin-off to a diversified experiential powerhouse. His capital allocation style is marked by high-conviction, large-scale acquisitions funded through disciplined equity issuance, maintaining a focus on assets with long-term relevance and low obsolescence.

Acquisition of MGM Growth Properties (MGP)

Acquisition of The Venetian Resort Las Vegas

David A. Kieske provides the financial architecture necessary for VICI's high-velocity growth strategy. His background at Eastdil Secured gave him a unique vantage point on large-scale real estate transactions, which he has translated into a robust capital-raising machine at VICI. His focus on 'sustainable per-share returns' and maintaining a conservative 5.0x leverage ratio (as of Q4 2025) demonstrates a balanced approach to aggressive growth and balance sheet protection.

John W.R. Payne is the operational backbone of VICI, possessing an unparalleled understanding of the gaming tenant's business model. His 'provenance' is rooted in the very assets VICI now owns, having managed them through the most turbulent period in Caesars' history. This deep operational insight allows VICI to underwrite complex gaming transactions with a level of precision that pure-play financial REITs often lack, making him indispensable to the company's tenant-relationship strategy.

Diana F. Cantor

Monica H. Douglas

Elizabeth I. Holland

Michael D. Rumbolz

GLPI is a net lease REIT that owns gaming facilities and leases them to operators under long-term triple-net leases, generating stable rental income with minimal operating expenses.

Portfolio of gaming facilities leased to regional operators.

BYD is a multi-jurisdictional gaming company that owns and operates casino properties and online gaming platforms, generating revenue from gaming, hotel, and entertainment services.

Properties serving local Las Vegas residents.

Properties in regional markets across the Midwest and Southern U.S.

Online casino and sports wagering operations.

EPR is a net lease REIT that invests in experiential real estate, including theatres, attractions, and ski resorts, using long-term triple-net leases to generate stable cash flows.

Portfolio of theatres, attractions, ski resorts, and other experiential venues.

SPG is a mall REIT that owns and operates shopping centers, focusing on experiential retail and tenant mix to drive traffic and rental income.

Portfolio of malls, outlets, and mixed-use properties.

As of December 31, 2025, VICI owned 93 experiential assets (54 gaming properties and 39 other experiential properties) across 26 U.S. states and Canada, including iconic venues such as Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort, approximately 33 acres of undeveloped land adjacent to the Las Vegas Strip, and four championship golf courses.

VICI Properties generates ultra-high margins of 97.4% gross and 91.0% operating from its triple-net lease portfolio of gaming and hospitality assets, with 62.6% FCF margins and $2.51B operating cash flow, but the current management team's capital allocation has been net-dilutive through $12.0B equity issuances exceeding $3.2B buybacks, low 6.1% incremental ROIC below 9.5% WACC, and 0.4x M&A effectiveness, undermining per-share value despite stable leverage at 4.4x net debt/EBITDA; adequate incentives and neutral track record provide no counterbalance to weak capital discipline, rendering the team mismatched for maximizing asset-based returns.

VICI's business is subject to environmental compliance risks due to its triple-net lease structure, where tenants control operations but VICI may still be liable for environmental issues. Twelve leased properties are subject to energy benchmarking standards, and future climate regulations could impose additional costs. VICI faces risks from potential environmental liabilities, fines, and reputational damage if tenants fail to comply.

As of December 31, 2025, VICI employed 28 full-time employees. Workforce demographics include 46% female employees and 25% female executive officers, with 25% of employees identifying as ethnic/racial minorities. Board diversity: 43% female directors, 14% minority directors.

VICI does not operate the properties it leases; product and customer responsibility, including responsible gaming, is managed by its tenants. VICI encourages tenant sustainability initiatives but does not have direct product responsibility programs.

VICI engages with tenants on sustainability initiatives and collects data on environmental performance. It also implements sustainability projects at its directly operated golf courses. Community involvement is limited to corporate giving and employee volunteer events as part of employee benefits.

Revenue rose 4.1% YoY to $4.0 bn, net income margin stayed at 69%, AFFO grew 6.8% YoY to $2.5 bn, but equity issuances of $12 bn created net dilution of $8.8 bn and ROIC averaged 4.4% versus a 9.5% cost of capital.

Management described a strategic focus on relationship‑driven credit investments—such as the $510 million Red Rock construction loan and the $450 million Cain mezzanine facility—rather than on traditional property capex, positioning the credit book as a pipeline for future fee‑based revenue and potential real‑estate acquisitions.

No significant or recurring asset impairments were reported in the annual‑report summary or material‑events appendix, and the auditor did not flag any impairment as a Critical Audit Matter, indicating that the book value reflects a stable lease‑contract asset base.

Capital was allocated chiefly to credit‑investment partnerships and modest acquisition spend that generated yields in the 7–9% range, well below the company’s weighted‑average cost of capital of 9.5%, indicating that recent reinvestments have destroyed rather than created value.

Senior Unsecured Notes (aggregate series)

EV/EBITDA

P/FCF

Gabriel Wasserman

Edward Baltazar Pitoniak

John W. R. Payne

David Andrew Kieske

Ratification of Appointment of Deloitte & Touche LLP as Independent Registered Public Accounting Firm for Fiscal Year Ending December 31, 2025

Non-binding, Advisory Vote to Approve the Compensation of Named Executive Officers

Elizabeth I. Hollander

Benjamin Somogyi

Assistant General Counsel & Director of Compliance

Executive Vice President, Chief Financial Officer & Treasurer

Chief Executive Officer & Director

Senior Vice President, Chief Accounting Officer & MD of V.E.C.S.

Jacques Cornet

Investor Relations of ICR Inc.

Jeremy Waxman

Vice President of Accounting & Administration

President & Chief Operating Officer

Amanda Schumer

Director of People

Moira McCloskey

Senior Vice President of Capital Markets

Executive VP, General Counsel & Secretary

VICI Properties Inc. is an internally managed real estate investment trust (REIT) that owns and acquires experiential real estate assets across leading gaming, hospitality, wellness, entertainment and leisure destinations. As of December 31, 2025 the company owned 93 experiential properties-including 54 gaming assets and 39 other experiential assets-located in the United States and Canada, such as Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. The properties are leased on long-term triple-net leases to premier operators, and the company also holds four championship golf courses and undeveloped land adjacent to the Las Vegas Strip.

All operations are treated as a single reportable segment consisting of real-estate lease assets, lease-financing receivables, loan and securities investments, and golf-course operations.

Held base case growth, terminal multiple of 13.3x, and WACC of 9.5% constant; solved backward from current price of 30.225 for required FCFF as % of 27797.6M tangible book.

Balance Sheet - Supplemental

Balance Sheet

Cash Flow Statement - Supplemental

Cash Flow Statement

Income Statement - Supplemental

Income Statement

Ratios

Valuation

Historical Ratios & Multiples - VICI

The gaming and hospitality sector is benefiting from a resilient Las Vegas market, where median household income has grown at a 5.5% CAGR over the last decade. VICI is outperforming the broader REIT sector with a 4.1% YoY revenue increase, driven by same-store NOI growth that exceeds peer averages.

VICI is relevant for analysis now as it initiates 2026 AFFO guidance of $2.42 to $2.45 per share, signaling continued operational growth despite a challenging capital markets environment.

Closing of the Golden Entertainment Sale-Leaseback. This $1.16 billion transaction adds seven Nevada properties and validates VICI's ability to execute mid-7% cap rate deals in a competitive market.

Conversion of Credit Pipeline to Real Estate Ownership. VICI has $2.1 billion in active credit investments (e.g., Red Rock, Cain) that serve as precursors to potential property acquisitions.

Continued Equity Dilution. The mechanism of funding growth through large stock issuances ($12.0 billion since 2021) may continue to erode per-share value faster than the underlying assets can generate earnings growth.

Tenant Concentration and Lease Renegotiation. VICI's heavy reliance on Caesars Entertainment for a significant portion of its rent roll creates idiosyncratic risk if the tenant faces financial distress or seeks to renegotiate master lease terms.

The stewardship verdict is 'Adequate.' Management has built a world-class portfolio and maintained operational excellence, but they have yet to prove they can grow per-share value without relying on the equity markets. The governance structure is standard, but the lack of open-market insider purchases over the last 12 months suggests a neutral internal conviction regarding the current valuation.

The current asset base consists of 29 market-leading gaming, hospitality, and entertainment destinations comprising approximately 48 million square feet, 19,200 hotel rooms, and over 200 restaurants and bars. This footprint is expanding via the pending acquisition of 7 Nevada casino properties from Golden Entertainment for approximately $1.16 billion, expected to close in 2026. The portfolio also includes 4 championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. While accounting standards classify the majority of these assets as lease-related receivables, they represent the core tangible real estate property of the corporation.

VICI Properties acquired MGM Growth Properties (MGP) for approximately $17.2 billion, including the assumption of debt, covering a portfolio of 15 premier gaming and entertainment properties.

VICI Properties acquired the land and real estate assets of The Venetian Resort Las Vegas and the Sands Expo and Convention Center from Las Vegas Sands for $4.0 billion.

VICI Properties announced a sale-leaseback agreement with Golden Entertainment to acquire 7 Nevada casino properties for a total consideration of $1.16 billion.

Cash & Equivalents

Accounts Receivable

Inventory is not a material component of VICI Properties' valuation. As a REIT, the company's value is entirely derived from its real estate holdings and lease contracts. All operational inventory required to run the gaming and hospitality destinations is owned by the tenants, such as Caesars Entertainment and MGM Resorts.

Inventory

Net PP&E

MGM Growth Properties LLC filed its 2020 annual report including audited financial statements and management's discussion and analysis.

VICI Properties downgraded to Sector Perform from Outperform at Scotiabank

VICI Properties price target lowered to $33 from $35 at Cantor Fitzgerald

VICI Properties price target lowered to $30 from $35 at Mizuho

VICI Properties price target lowered to $33 from $37 at Barclays

VICI Properties downgraded to In Line from Outperform at Evercore ISI

VICI Properties price target lowered to $35 from $37 at Cantor Fitzgerald

VICI Properties price target raised to $37 from $36 at Barclays

VICI Properties initiated with an Overweight at Cantor Fitzgerald

Situation: Current price is $30.23 versus fair value $30.79 (1.9% expected return), and valuation confidence is stable. Debate: Bull case depends on Closing of the Golden Entertainment Sale-Leaseback. Bear case centers on Continued Equity Dilution. Conclusion: Recommendation is Unclear; maintain no position until reliability and catalyst evidence improve.

Executive Summary

VICI's core value driver is its 48 million square foot portfolio of market-leading gaming and hospitality assets, which converts 90.4% of net income into operating cash flow. The primary catalyst for a re-rating is the successful execution of its $2.1 billion relationship-driven credit pipeline, while the $46.7 billion asset base provides significant downside protection in a distressed scenario.<ul><li>Driver: Mission-critical experiential real estate portfolio generating ultra-high 91.0% operating margins.</li><li>Catalyst: Closing of the $1.16 billion Golden Entertainment sale-leaseback and continued conversion of the $2.1 billion credit investment pipeline into fee-simple ownership.</li><li>Protection: A massive tangible asset base of $46.7 billion, including trophy Las Vegas Strip assets like Caesars Palace, providing a hard valuation floor.</li></ul>Our variant perception is that the market is currently mispricing the quality and stability of the asset's cash flows due to overblown concerns regarding equity dilution and interest rate sensitivity. While the market focuses on the $12.0 billion in equity raised, it overlooks the fact that VICI's triple-net lease model sustains a 97.4% gross margin and 1.6% G&A ratio, creating a cash-flow engine that is far more resilient than traditional diversified REITs.This is an investment in a durable, cash-flowing asset portfolio, where the primary bet is on the stability of those cash flows and a potential re-rating to a more appropriate yield-based valuation as the company proves its ability to grow without excessive dilution.

Core Investment Rationale

VICI Properties operates as a triple-net lease REIT specializing in gaming, hospitality, and entertainment destinations. The business model is designed for extreme efficiency, evidenced by an operating margin of 91.0% and a G&A expense ratio of just 1.6% of revenue. Revenue is primarily derived from long-term, inflation-protected leases with industry leaders such as Caesars Entertainment and MGM Resorts. The company's strategy has evolved from simple property ownership to a relationship-centric 'service profit chain' model. This involves using its balance sheet to provide credit solutions to partners-such as the $510 million Red Rock construction loan-which serve as a pipeline for future sale-leaseback transactions and fee-based income.The core of VICI's value lies in its 29 market-leading gaming facilities, which include world-renowned trophy assets like Caesars Palace and The Venetian Resort on the Las Vegas Strip. The portfolio comprises approximately 48 million square feet, 19,200 hotel rooms, and over 200 restaurants, bars, and nightclubs. Beyond the physical buildings, VICI owns 34 acres of undeveloped land adjacent to the Las Vegas Strip and four championship golf courses. The asset base is currently expanding through the pending $1.16 billion acquisition of seven Nevada casino properties from Golden Entertainment, which is expected to close in 2026.VICI operates in a highly consolidated and specialized niche of the REIT sector. Its primary competition for assets comes from other gaming REITs and institutional private equity, yet VICI's scale-with $46.7 billion in total assets-and its deep relationships with major operators provide a significant competitive advantage. The gaming real estate market is characterized by high barriers to entry due to complex regulatory requirements and the mission-critical nature of the assets to the tenants' operations.VICI's asset base has evolved rapidly since its inception, primarily through large-scale acquisitions and strategic credit investments. A defining moment was the 2022 acquisition of MGM Growth Properties for $17.2 billion, which significantly diversified its tenant base and geographic footprint. More recently, the company has shifted toward relationship-driven growth. In 2025, VICI committed $2.1 billion across four new partnerships, including a $450 million mezzanine facility for Cain International and the $1.16 billion Golden Entertainment sale-leaseback. While these moves have expanded the portfolio, they have been funded by a capital allocation regime that relies heavily on equity. Since 2021, the company has issued $12.0 billion in stock, resulting in a 99.2% CAGR in share count, which has largely offset the 134.1% growth in net income over the same period.

Business & Situation

<ul><li>Bull Case: VICI's triple-net lease structure and 91.0% operating margins provide unparalleled cash flow visibility, while its $46.7 billion asset base is anchored by irreplaceable trophy real estate on the Las Vegas Strip. Furthermore, the company's 95% revenue hit rate and consistent AFFO guidance raises demonstrate superior operational execution.</li><li>Bear Case: The company's reliance on equity issuance has created $8.8 billion in net dilution, and its incremental ROIC of 6.1% is currently below its 9.5% cost of capital, suggesting that recent growth may be value-destructive on a per-share basis. Additionally, high tenant concentration with Caesars Entertainment remains a structural risk.</li></ul>The prevailing market narrative is that VICI is a stable, high-yield 'bond proxy' that is currently hindered by a high interest rate environment and a management team that prioritizes portfolio scale over per-share value creation. This has kept the stock trading near its tangible book value of $26.02 per share, despite its high-quality earnings.The gaming and hospitality sector is benefiting from a resilient Las Vegas market, where median household income has grown at a 5.5% CAGR over the last decade. VICI is outperforming the broader REIT sector with a 4.1% YoY revenue increase, driven by same-store NOI growth that exceeds peer averages.Our differentiated view is that VICI's pivot toward credit investments is not just 'empire building,' but a strategic move to secure a long-term acquisition pipeline in a capital-constrained environment. While the 6.1% incremental ROIC is currently below the 9.5% WACC, the 8.9% yield on recent deals like the Golden SLB suggests that the company is beginning to price capital more effectively. The stability of the 91.0% operating margin prevents 'value drift,' ensuring that the business remains a high-quality cash generator even if the market remains skeptical of the growth strategy.The debate centers on whether VICI can transition from a 'dilutive grower' to a 'compounding operator.' While the operational metrics are elite, the capital allocation track record requires more discipline before a 'Buy' rating is justified. At $30.23, the stock is fairly valued, reflecting both its high-quality assets and its dilutive funding model.Our analytical edge is a more detailed understanding of the regulatory framework and the mission-critical nature of VICI's core assets, which gives us higher confidence in the long-term stability of its cash flows than the market's current focus on short-term equity dilution would suggest.

Core Thesis

CEO Edward Pitoniak has overseen VICI's growth into a $46.7 billion asset powerhouse since 2017. While he has successfully integrated massive acquisitions like MGP, the financial track record is mixed; net income grew at a 19.6% CAGR over the last five years, but EPS only grew at a 3.2% CAGR due to massive share issuance.Capital allocation skill is currently rated as weak. While management has maintained a stable balance sheet with 4.4x net leverage, the $12.0 billion in stock issuances and an incremental ROIC of 6.1% (vs. a 9.5% WACC) indicate that capital is being deployed at a rate that does not yet exceed the cost of equity.Management maintains high credibility in its operational guidance, hitting revenue targets 95% of the time. However, there is a disconnect between their narrative of 'capital markets independence' and the reality of equity supplying 44.4% of total capital sources.<ul><li>Board Independence: Majority Independent (NYSE Compliant)</li><li>Chairman/CEO Roles: Separate</li><li>Chairman Tenure: 8 Years</li><li>Insider Ownership: 0.4% (Estimated from SBC)</li><li>Shareholder Rights: Standard REIT Governance</li></ul>The stewardship verdict is 'Adequate.' Management has built a world-class portfolio and maintained operational excellence, but they have yet to prove they can grow per-share value without relying on the equity markets. The governance structure is standard, but the lack of open-market insider purchases over the last 12 months suggests a neutral internal conviction regarding the current valuation.

Leadership & Governance

The valuation floor is anchored to the Low Case Net Liquidation Value (NLV) of $16.47 per share. This reflects a distressed scenario where the $46.7 billion asset base is liquidated at a 28% discount to book value, resulting in a $33.8 billion enterprise value. After subtracting $16.2 billion in net debt, the remaining equity value of $17.6 billion equates to $16.47 per share, representing the ultimate downside risk.The base case assumes 3.7% revenue growth and 82.4% blended operating margins, driven by same-store NOI and the closing of the Golden Entertainment deal. This yields a fair value of $33.04.The bull case assumes accelerated sale-leasebacks and 6.0% revenue growth with 92.0% margins, resulting in a blue-sky potential of $39.73 per share.The bear case assumes a Caesars lease renegotiation or recessionary pressure, compressing revenue growth to 1.0% and margins to 85.0%. This scenario, anchored to a 11.3x exit multiple, yields a value of $20.87.

Valuation Context

<ul><li>Closing of the Golden Entertainment Sale-Leaseback. This $1.16 billion transaction adds seven Nevada properties and validates VICI's ability to execute mid-7% cap rate deals in a competitive market.</li><li>Conversion of Credit Pipeline to Real Estate Ownership. VICI has $2.1 billion in active credit investments (e.g., Red Rock, Cain) that serve as precursors to potential property acquisitions.</li><li>VICI is relevant for analysis now as it initiates 2026 AFFO guidance of $2.42 to $2.45 per share, signaling continued operational growth despite a challenging capital markets environment.</li></ul>VICI is relevant for analysis now as it initiates 2026 AFFO guidance of $2.42 to $2.45 per share, signaling continued operational growth despite a challenging capital markets environment.

Catalyst Path & Context

<ul><li>Continued Equity Dilution. The mechanism of funding growth through large stock issuances ($12.0 billion since 2021) may continue to erode per-share value faster than the underlying assets can generate earnings growth. Share count has grown at a 15.6% CAGR, while EPS has only grown at a 3.2% CAGR over the same period.</li><li>Tenant Concentration and Lease Renegotiation. VICI's heavy reliance on Caesars Entertainment for a significant portion of its rent roll creates idiosyncratic risk if the tenant faces financial distress or seeks to renegotiate master lease terms. Caesars master lease discussions were a recurring theme in recent analyst Q&A, highlighting the market's sensitivity to this relationship. Quant trigger: Current price $30.23 vs fair value $30.79, expected return 1.9%.</li><li>The stewardship verdict is 'Adequate.' Management has built a world-class portfolio and maintained operational excellence, but they have yet to prove they can grow per-share value without relying on the equity markets. The governance structure is standard, but the lack of open-market insider purchases over the last 12 months suggests a neutral internal conviction regarding the current valuation. Risk monitor: Current price $30.23 vs fair value $30.79, expected return 1.9%.</li></ul>

Primary Risks

<ul><li>Entry Target: Calculated threshold price required to restore a 30% expected return based on internal valuation.</li><li>Stop Loss: Stop-loss is set as a thesis-risk tripwire for position risk management.</li><li>Position Size: Final size 'Starter' reflects Medium conviction adjusted for the Asset-Based_Operator structural cap and valuation reliability.</li><li>Time Horizon: Time horizon aligns with catalyst realization timeline and archetype cycle length.</li></ul><ul><li>Management confirmed the deal in the FY2025 Q4 earnings call, noting a 1.9x rent coverage and a clear path to closing in 2026.</li><li>The $510 million Red Rock loan for the North Fork development includes a first-priority security interest, positioning VICI as the natural owner of the asset upon completion.</li><li>Share count has grown at a 15.6% CAGR, while EPS has only grown at a 3.2% CAGR over the same period.</li></ul>A permanent, negative change to the value or cash-generating capacity of the core Las Vegas Strip assets, such as an adverse and irreversible regulatory change or a structural decline in Las Vegas tourism. Also require valuation reliability to improve before re-entering.

Actionable Parameters & Monitoring

VICI offers moderate upside (fair value $30.79 vs current $30.23, expected return 1.9%) and a floor near $16.47. Recommendation: Hold for better entry or stronger conviction.

Final Conclusion

Mission-critical experiential real estate portfolio generating ultra-high 91.0% operating margins.

Driver

Closing of the $1.16 billion Golden Entertainment sale-leaseback and continued conversion of the $2.1 billion credit investment pipeline into fee-simple ownership.

Catalyst

A massive tangible asset base of $46.7 billion, including trophy Las Vegas Strip assets like Caesars Palace, providing a hard valuation floor.

Protection

VICI's triple-net lease structure and 91.0% operating margins provide unparalleled cash flow visibility, while its $46.7 billion asset base is anchored by irreplaceable trophy real estate on the Las Vegas Strip. Furthermore, the company's 95% revenue hit rate and consistent AFFO guidance raises demonstrate superior operational execution.

Bull Case

The company's reliance on equity issuance has created $8.8 billion in net dilution, and its incremental ROIC of 6.1% is currently below its 9.5% cost of capital, suggesting that recent growth may be value-destructive on a per-share basis. Additionally, high tenant concentration with Caesars Entertainment remains a structural risk.

Bear Case

Situation: Current price is $30.23 versus fair value $30.79 (1.9% expected return), and valuation confidence is stable. Debate: Bull case depends on Closing of the Golden Entertainment Sale-Leaseback. Bear case centers on Continued Equity Dilution. Conclusion: Recommendation is Unclear; maintain no position until reliability and catalyst evidence improve.

The strategy has evolved from a pure triple-net lease model focused on gaming real estate to a hybrid approach integrating credit investments (loans/mezzanine) to cultivate relationships for future real estate ownership, while explicitly expanding the investment funnel into new experiential verticals like university sports and tribal gaming infrastructure.

Method	Implied Value	Weight	Weighted Value
DCF	$32.89	55%	$18.09
Comps	$29.96	35%	$10.49
Historicals	$22.10	10%	$2.21
Total Weighted			$30.79

VICI

Company Overview

Price History