Valued at $30.6 billion by market cap, VICI Properties Inc. (VICI) is a leading real estate investment trust that owns a portfolio of experiential properties, primarily casinos, resorts, and entertainment venues. The company leases these assets to major operators under long-term agreements, positioning itself as a landlord rather than an operator. Its portfolio is heavily concentrated in high-profile gaming destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.
Shares of this diversified commercial REIT have underperformed the broader market over the past year. VICI has declined 11.4% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 26.6%. In 2026, VICI stock is down marginally, compared to the SPX’s 5.2% rise on a YTD basis.
