VICI Properties stock (US9256521090): Analysts see 18% upside potential

Wall Street analysts maintain a Moderate Buy consensus on VICI Properties with an average price target of $33.38, implying 18.32% upside from recent levels around $28.22.

VICI Properties, a leading REIT focused on gaming and hospitality properties, continues to draw analyst attention. As of May 13, 2026, the stock closed at $28.22 on the NYSE, with extended trading at $28.33, according to MarketBeat as of 05/13/2026. Thirteen analysts rate it Moderate Buy, with 7 Buy and 6 Hold ratings, setting an average 12-month target of $33.38 (high $38.00, low $30.00).

As of: 14.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: VICI Properties
• Sector/industry: Real Estate / Gaming & Hospitality REIT
• Headquarters/country: United States
• Core markets: US gaming and leisure destinations
• Key revenue drivers: Triple-net leases with casino operators
• Home exchange/listing venue: NYSE (VICI)
• Trading currency: USD

VICI Properties: core business model

VICI Properties owns and operates a portfolio of gaming, hospitality, and entertainment properties across the United States. The company employs an experiential asset ownership model, acquiring market-leading properties and leasing them back under long-term triple-net leases. This structure provides stable cash flows, as tenants like Caesars Entertainment and MGM Resorts bear most operating expenses. VICI's portfolio includes iconic destinations such as Caesars Palace Las Vegas and the Venetian Resort, positioning it as a key player in the US gaming sector.

Founded in 2017 as a spin-off from Caesars Entertainment, VICI has expanded through strategic acquisitions, including the $17.2 billion purchase of full ownership in the Venetian and Mandalay Bay in 2022. Its business model emphasizes high-quality, irreplaceable assets in high-barrier-to-entry markets, which supports predictable rental income for US investors seeking REIT exposure to leisure and gaming.

Main revenue and product drivers for VICI Properties

The primary revenue driver for VICI Properties is long-term triple-net lease agreements, which accounted for nearly all income in recent periods. These leases feature escalating rent structures and master lease agreements with investment-grade tenants, ensuring revenue stability. As of the latest reports, the portfolio spans 93 assets across 18 states, with a focus on Las Vegas and regional gaming markets.

Key properties include 20 casinos, four racetracks, and experiential assets like the World Rodeo Center. Revenue growth stems from rent escalators, property acquisitions, and percentage rent tied to tenant performance. For US investors, VICI offers exposure to the recovering gaming industry, bolstered by domestic tourism and legalized sports betting expansion.

Industry trends and competitive position

The US gaming REIT sector benefits from secular tailwinds, including sports betting legalization in over 38 states and rising leisure travel post-pandemic. VICI competes with peers like Gaming and Leisure Properties (GLPI) but differentiates through its larger Las Vegas concentration and experiential assets. Occupancy rates remain near 100%, reflecting strong tenant demand.

Why VICI Properties matters for US investors

VICI Properties provides US investors with targeted exposure to the resilient gaming and hospitality sectors via NYSE listing. Its dividend yield, historically around 5-6%, appeals to income-focused portfolios, while the portfolio's geographic diversity mitigates regional risks. As gaming revenues hit record highs in 2025 per industry data, VICI's assets capture this growth.

Conclusion

VICI Properties maintains a solid position in the gaming REIT space with a diversified portfolio of high-profile assets generating stable lease revenues. Analyst consensus points to Moderate Buy with meaningful upside potential from current levels. Investors monitoring US leisure trends will find VICI's exposure noteworthy amid ongoing industry recovery.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.