Is VICI Properties (VICI) A Bargain On Raised 2026 Guidance?

VICI Properties earnings spark fresh look at the stock

VICI Properties (VICI) is back in focus after second quarter 2026 results showed adjusted funds from operations of $0.62 per share, revenue ahead of estimates, and a higher low end for full year AFFO guidance.

See our latest analysis for VICI Properties.

Despite the earnings beat and raised AFFO guidance, VICI Properties’ share price has been weak, with a 90 day share price return that declined 7.8% and a 1 year total shareholder return that declined 15.3%. This suggests momentum has been fading even as the portfolio broadens.

If VICI’s recent moves in experiential real estate have you thinking about where else capital might find growth, this is a good moment to scan 35 power grid technology and infrastructure stocks

The share price has slid while many models put VICI Properties well above its recent US$26.35 level. So where does a reasonable fair value really sit across that spread of estimates and the recent guidance reset?

Most Popular Narrative: 21.2% Undervalued

VICI Properties closed at $26.35, while the most followed narrative pegs fair value at $33.46. That gap rests on a detailed set of long term assumptions.

The aging U.S. population with rising discretionary income is driving steady demand for leisure and experiential activities, which supports robust, long-term occupancy and rent growth for VICI's diversified portfolio of gaming, hospitality, and experiential assets; this underpins predictable revenue streams and supports sustained growth in net operating income.

Read the complete narrative.

Curious what underpins that $33.46 fair value for VICI Properties? The narrative leans on measured revenue growth, firm margins, and a future earnings multiple that contrasts sharply with today.

Result: Fair Value of $33.46 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, VICI Properties still faces real pressure points, including tenant concentration around Caesars and MGM, as well as the risk that online gaming gradually chips away at physical casino demand.

Find out about the key risks to this VICI Properties narrative.

Next Steps

With mixed signals around VICI Properties, this is a good time to act quickly, review the full picture, and weigh both sides for yourself through 5 key rewards and 1 important warning sign

Looking for more investment ideas beyond VICI Properties?

Once you have a view on VICI Properties, do not stop there. Give yourself options by checking other opportunities that could fit your goals just as well.

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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.

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