VICI Stock Analysis — Vici Properties
Sector: REIT
AI Verdict
Vici is cheap for the growth you're getting, but the market is clearly skeptical that its Las Vegas moat will translate into reliable earnings growth.
Competitive Moat
Vici Properties owns iconic casino and entertainment real estate assets, locking in long-term triple-net leases with major operators like Caesars and MGM. The moat comes from the irreplaceable nature of its Las Vegas Strip properties and the high switching costs for tenants tied to these unique locations.
Summary
Vici trades at just 9.0x next year's earnings with a 10% EPS growth forecast, making it unusually cheap for a REIT with trophy assets.
Where It Stands
Shares are down -24.35% over the past year, with an RSI of 41.2 signaling a cooling phase, and the stock trades at 9.0x forward earnings versus the REIT sector's typical mid-teens multiple.
Key Metrics
- RSI: 41.2 — Neutral
- Trailing P/E: 9.9x
- Forward P/E: 9.0x
- PEG Ratio: 0.99
- Earnings Growth: +0.1%
- Revenue Growth: +0.0%
- Market Cap: $28.0B
- Dividend Yield: 0.07%
- 1-Year Return: -24.35%
- 52-Week High: $33.82
- 52-Week Low: $25.34
Analyst Consensus
23 Buy · 9 Hold · 0 Sell (32 analysts)
Bull Case
At 9.0x forward earnings and 10% expected EPS growth, you're paying a bargain price for double-digit growth anchored by long-term leases.
Bear Case
If the P/E multiple falls from 9.0x to 7x (closer to distressed REIT territory), the stock could lose another ~22% even if earnings grow as forecast.
Catalyst to Watch
Watch for lease renewals or new property acquisitions—either could shift sentiment if they lock in higher rents or diversify tenant risk.