VICI Properties (NYSE: VICI) owns the Las Vegas Strip’s crown jewels, Caesars Palace, MGM Grand, the Venetian, among 93 experiential assets running at 100% occupancy on 39.6-year weighted average leases, the longest lease duration and most bond-like income stream in all of REITs, yielding near 7%.
| VICI Properties (VICI) Snapshot | |
|---|---|
| Share Price (delayed) | $26.39 +1.48% |
| Market Cap | $28.2B |
| Annualized Dividend | $1.80 (Quarterly) |
| Dividend Yield | 6.82% |
| AFFO Payout Ratio | 75% |
| Occupancy | 100.0% |
| Credit Rating | BBB- (S&P) |
| Sector | Gaming ยท Gaming Net Lease |
Market data updates automatically several times daily. Last price refresh: Jul 13, 2026.
Business Model and Current State
Casino real estate is the ultimate net lease: operators cannot relocate a licensed integrated resort, so leases run decades with CPI-linked escalators and corporate guarantees, and VICI has never experienced a missed rent payment, including through 2020 when every casino was closed. Q1 2026: AFFO up 5.7%, guidance raised to $2.44 to $2.47 per share, net debt at 5.0x (the low end of target), and $1.2 billion of new capital committed, including an expanded $1.5 billion One Beverly Hills mezzanine position and a Canadian casino portfolio adding a 14th tenant.
Dividend Safety Analysis
Eight consecutive annual increases since the 2018 IPO (7% compound growth), a roughly 75% AFFO payout, and BBB-range investment-grade credit. The escalator-driven rent base makes this one of the most predictable payouts in the entire ranking.
The Honest Risk Section
Tenant concentration is the trade: Caesars and MGM anchor most of the rent, gaming is a regulated discretionary industry, and the experiential lending book (mezzanine positions) adds credit risk beyond landlording. Long leases also mean maximum rate duration; VICI trades like a bond when Treasuries move.
Frequently Asked Questions
Is VICI’s dividend safe?
Among the safest high yields in REITs: 75% AFFO payout, CPI-linked escalators, 100% occupancy on 39.6-year leases, and eight consecutive annual increases.
What does VICI own?
93 experiential properties including Caesars Palace, MGM Grand, and the Venetian, the largest portfolio of gaming real estate in existence.
Analysis based on Q1 2026 results (April 29, 2026, SEC filings). Live market data updates automatically. Independent research, not investment advice.
Why buy the REIT when you can own the asset?
Net lease REITs typically yield 4.5% to 6.5%. Direct ownership of a single-tenant NNN property leased to the same investment-grade tenants historically trades at 6% to 7.5% cap rates, plus depreciation benefits and 1031 exchange eligibility that REIT shareholders never receive.
Compare Direct NNN Ownership