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.
For income investors: REIT dividend safety 2026 tracks every dividend cut this year, ranks the monthly payers by grade and lists the highest yields that still grade B or better.
Rates: the median gaming REIT fell 13.8 percent between August 14 and October 2, 2026, as the 10-year Treasury yield climbed from 4.68 to 5.28 percent. REITs and interest rates ranks all 15 sectors by rate sensitivity.
| # | REIT | Grade | Yield | Market Cap | Occupancy | Credit |
|---|---|---|---|---|---|---|
| 1 | VICI Properties (VICI) | B 82 | 8.10% | $25.0B | 100.0% | BBB- |
| 2 | Gaming and Leisure Properties (GLPI) | B 76 | 8.61% | $11.1B | — | 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.