• In the fourth quarter of 2025, VICI Properties agreed to acquire seven casino properties, marking its entry into the Las Vegas Locals market, the second-largest gaming market in the U.S.
• This move expands VICI’s footprint beyond the Las Vegas Strip into a recurring, local customer base, potentially reshaping the mix of its experiential real estate exposure.
• We’ll now examine how VICI’s move into the Las Vegas Locals market could influence its existing investment narrative and risk profile.

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VICI Properties Investment Narrative Recap

To own VICI, you need to believe in the durability of experiential real estate and the appeal of triple net, inflation linked cash flows. The Las Vegas Locals acquisition is a meaningful expansion but does not fundamentally change the key near term catalyst, which remains how effectively VICI deploys its balance sheet into accretive deals, or the biggest risk, which is still tenant concentration in a handful of major gaming operators.

The recent agreement to acquire seven casino properties in the Las Vegas Locals market ties directly into that deployment story, using VICI’s scale and liquidity to grow rental income while broadening its experiential footprint. Alongside this, the board’s decision to lift the quarterly dividend to US$0.45 per share in 2025 reflects management’s confidence in current cash flows, even as investors weigh the added exposure to a single metro area and...

VICI Properties’ narrative projects $4.3 billion revenue and $2.8 billion earnings by 2028.

Uncover how VICI Properties' forecasts yield a $35.39 fair value, a 21% upside to its current price.

Exploring Other Perspectives

Six members of the Simply Wall St Community currently estimate VICI’s fair value between US$32.15 and US$55.21 per share. Set that range against the risk that a concentrated group of major tenants could pressure rents or renewals, and you can see why it is worth comparing several different views on how resilient VICI’s income stream might be.

Explore 6 other fair value estimates on VICI Properties - why the stock might be worth as much as 89% more than the current price!

Build Your Own VICI Properties Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your VICI Properties research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
• Our free VICI Properties research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate VICI Properties' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.