VICI Properties Inc.
In the published model solve dated 2026-Q2, anchored at $22.79, VICI Properties Inc. (VICI) is priced for 8.2% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
• VICI owns the real estate under marquee casinos and experiential venues, including Caesars Palace and the Venetian, and leases it back on long, triple-net terms with built-in rent increases, the filing noting escalation of "2.0% per annum (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%))" on the MGM Master Lease. • The defining risk is tenant concentration plus rates: a handful of large gaming operators pay most of the rent, and the filing warns that if a te
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916 institutional managers reported holding VICI in 13F filings for the quarter ended 2026-03-31. Together they hold about 94% of the company; the top 10 hold 49%. 105 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 31.3M shares were sold short as of the 2026-06-15 count, about 3% of shares outstanding (3.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
VICI's share count grew 99.1% over the past five years. It pays a dividend, and has paid one every year in our records (9 and counting), raised 8 years straight; the current rate is $1.76 a share annually. Cash returned over the past three years: $4.89B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at VICI over the trailing three years: 2024: 2 buys totaling $288k. 12 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
VICI's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-27 | -2.8% | -7.7% |
| 2023-10-26 | -1.4% | +16.8% |
| 2024-02-23 | +1.3% | -5.3% |
| 2024-05-02 | +0.9% | -3.6% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
VICI's latest 8-K filings: 2026-09-08 (items 5.02, 9.01); 2026-08-14 (items 1.01, 2.03, 9.01); 2026-08-06 (items 1.01, 8.01, 9.01); 2026-07-29 (items 2.02, 7.01, 9.01); 2026-04-29 (items 2.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.