Gaming REITs own real estate that cannot leave: licensed casinos are legally and physically irreplaceable, so leases run decades at 100% occupancy with escalators, the purest contractual income in property. Both majors are graded below.
| # | REIT | Grade | Yield | Market Cap | Occupancy | Credit |
|---|---|---|---|---|---|---|
| 1 | VICI Properties (VICI) | B 82 | 6.82% | $28.2B | 100.0% | BBB- |
| 2 | Gaming and Leisure Properties (GLPI) | B 76 | 7.18% | $12.5B | — | BBB- |
Grades follow the published REIT Rankings methodology. Yields and market caps update automatically with market data.
How to Read This Ranking
VICI (82) owns the Strip trophies on 39.6-year leases with eight consecutive annual increases since IPO and a raised 2026 outlook, the closest thing to a corporate bond with an equity CUSIP that REITs offer. GLPI (76) invented the category and runs the regional map on master leases, record results shadowed by tenant lease-coverage ratios (1.59x-1.70x) below escalator thresholds, the early-warning gauge our grade watches.