VICI Properties Inc. (VICI) Stock

VICI Properties Inc. (VICI) is a Real Estate stock trading at $26.52 (as of 2026-08-21), with a market capitalization of $28.35B and a trailing P/E of 9.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

VICI Properties Inc. is a real estate investment trust that owns and operates a portfolio of gaming, hospitality, and entertainment destinations, including Caesars Palace. It leases properties to gaming and hospitality operators, and also holds golf courses and undeveloped land.

Understand VICI Properties Inc.: how it makes money

VICI Properties is an experiential real estate REIT that owns gaming, hospitality, and entertainment destinations, and it makes money by leasing these properties to third-party gaming and hospitality operators, including Caesars Entertainment.

VICI's profit model is primarily rental income from leasing its gaming, hospitality, and entertainment destinations to outside operators, rather than operating the venues itself.

Business quality (Solid): Clear business model as an experiential REIT, but the provided data for investors focuses mostly on revenue components and does not include deeper, venue-level operating metrics.

Valuation: At 9× earnings, VICI trades 72% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Leased experiential destination portfolio: VICI owns major gaming, hospitality, and entertainment destinations (including Caesars Palace) and leases them to gaming and hospitality operators.
  • Large, diversified property footprint: Its national portfolio includes 29 gaming facilities and features about 19,200 hotel rooms, plus more than 200 restaurants, bars, and nightclubs.

Bear case

  • Dependence on third-party operators: Because properties are leased to operators (including Caesars Entertainment, Century Casinos, and Hard Rock), VICI's economics are tied to how those operators perform in the gaming and hospitality business.
  • Earnings may be affected by accounting adjustments: The provided investor metrics include non-cash leasing and financing adjustments, which can make period-to-period revenue movements less directly tied to cash operations.
Valuation — source: SEC EDGAR (first-party)
Price$26.52
Market Cap$28.35B
P/E Ratio9.3
EV / EBITDA14.5
Price / Book0.96
Price / Sales6.91
DCF Value (model)$102.18
DCF Upside vs Price285.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$4.01B
Net Margin69.3%
Revenue Growth (YoY)4.1%
EPS Growth (YoY)2.0%
Valuation vs Sector & Industry
Stock P/E9.3
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
vs Sector-65.8%
vs Industry-73.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($4.46B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorReal Estate
IndustryTrading
CEOEdward Baltazar Pitoniak
Employees27
CountryUS
IPO Date2018-01-02

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VICI earnings history · VICI institutional & insider holders · VICI KPIs & operating metrics · VICI financials · VICI investor presentations & press releases · VICI SEC filings · VICI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.