VICI Properties Inc.
In the published model solve dated 2026-Q2, anchored at $25.91, VICI Properties Inc. (VICI) is priced for 8.9% 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: 2026-08-14 (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); 2026-04-28 (items 5.07).
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.