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    Will Tenant Jitters and New Gaming Deals Change VICI Properties' (VICI) Experiential Real Estate Narrative?

    Simply Wall St·12/23/2025 03:24:06
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    • In recent weeks, VICI Properties has faced analyst downgrades tied to concerns over tenant stability and a regional gaming lease with Caesars Entertainment, even as it moves to diversify by adding Clairvest as a tenant and acquiring the operations of MGM Northfield Park in Ohio, a deal expected to close in the first half of 2026.
    • This combination of tenant risk questions and expansion into non-core gaming assets highlights how VICI’s evolving portfolio could reshape its risk profile and income mix.
    • We’ll now examine how concerns over Caesars’ regional lease risk may alter VICI Properties’ investment narrative and outlook for experiential real estate.

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    VICI Properties Investment Narrative Recap

    To own VICI Properties, you need to believe in the durability of experiential real estate cash flows and the appeal of inflation linked triple net leases. The latest analyst downgrades center on tenant concentration and a specific Caesars regional lease, which ties directly into VICI’s biggest near term risk around large tenant health, but does not appear to disrupt its core income story or near term dividend catalyst based on the company’s recent payout affirmations and increases.

    The pending acquisition of the operations of MGM Northfield Park in Ohio is especially relevant here because it slightly broadens VICI’s income base while still leaning on gaming exposure. For investors focused on catalysts, this deal, alongside the addition of Clairvest as a tenant, reinforces the trend of gradual diversification beyond a handful of operators, which could matter if concerns around Caesars’ regional lease risk grow more important to the VICI thesis.

    However, investors should also be aware that concentrated exposure to a few major tenants like Caesars and MGM could...

    Read the full narrative on VICI Properties (it's free!)

    VICI Properties' narrative projects $4.3 billion revenue and $2.8 billion earnings by 2028. This requires 3.4% yearly revenue growth and effectively no earnings change from $2.8 billion today.

    Uncover how VICI Properties' forecasts yield a $35.73 fair value, a 28% upside to its current price.

    Exploring Other Perspectives

    VICI 1-Year Stock Price Chart
    VICI 1-Year Stock Price Chart

    Nine members of the Simply Wall St Community currently see VICI’s fair value anywhere between US$30.33 and US$54.34, underlining how far opinions can differ. Against that backdrop, the recent focus on Caesars related lease risk and tenant concentration could meaningfully shape how you think about the resilience of VICI’s rental income over time.

    Explore 9 other fair value estimates on VICI Properties - why the stock might be worth as much as 95% more than the current price!

    Build Your Own VICI Properties Narrative

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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.