As of December 6, 2025, shares of VICI Properties Inc. (NYSE: VICI), the casino‑and‑experiential real estate investment trust (REIT), are trading close to their 52‑week low while still offering a dividend yield of roughly 6.4%–6.5%. That mix of high income, recent deal activity and price weakness is drawing fresh attention from income investors and REIT watchers.
Below is a detailed look at the latest share performance, news, fundamentals, and analyst forecasts relevant for VICI stock today.
Where VICI stock stands on 6 December 2025
VICI shares are trading around $27.73, giving the company a market capitalization of roughly $29–30 billion. [1]
Key trading metrics:
- Latest price: ~$27.7 per share
- 52‑week range: roughly $27–34 per share, with the current price sitting near the bottom of that band. [2]
- 1‑year performance: VICI is down around 10–12% over the past 12 months, depending on the data provider. [3]
- Trailing P/E ratio: about 10.5x earnings, with a forward P/E under 10x based on consensus 2025 estimates. [4]
A MarketBeat piece highlighted that VICI recently set a new 52‑week low near $28 on December 5, 2025, even as analysts broadly maintained a positive stance on the name. [5]
From a valuation standpoint, VICI now looks like a classic “high‑yield, low‑multiple” REIT: growth is moderate, but income is substantial and largely backed by long‑term leases.
The fresh news flow investors are watching
1. Quarterly dividend reaffirmed at $0.45 per share
On December 4, 2025, VICI’s board declared a regular quarterly cash dividend of $0.45 per share for the period October 1–December 31, 2025. The dividend is:
- Payable: January 8, 2026
- Record date: December 17, 2025 [6]
This $0.45 payment represents a 4% year‑over‑year increase and marks the company’s eighth consecutive annual dividend hike, following the earlier 2025 increase announced alongside Q3 results. [7]
At today’s price near $27.7, the new dividend implies:
- Annualized dividend: $0.45 × 4 = $1.80
- Dividend yield: roughly 6.4–6.5% [8]
For context, management’s 2025 AFFO (Adjusted Funds From Operations) guidance is $2.36–$2.37 per diluted share, so the dividend equates to a payout ratio in the mid‑70% range of AFFO, typical for a mature, income‑oriented REIT. [9]
2. $1.16 billion sale‑leaseback with Golden Entertainment
One of VICI’s biggest strategic moves this year is its $1.16 billion sale‑leaseback transaction with Golden Entertainment, announced on November 6, 2025. [10]
Highlights of the deal:
- VICI will acquire 100% of the land and real property of seven Nevada casino assets (the “Golden Portfolio”), including:
- The STRAT Hotel, Casino & Tower on the north Las Vegas Strip
- Arizona Charlie’s Decatur and Arizona Charlie’s Boulder (Las Vegas locals market)
- Aquarius and Edgewater in Laughlin, NV
- Pahrump Nugget and Lakeside in Pahrump, NV [11]
- VICI will enter into a triple‑net master lease (the Golden Master Lease) with Golden OpCo, a newly formed private entity controlled by Golden’s CEO Blake Sartini.
- Initial annual rent:$87 million, implying a 7.5% cap rate on the $1.16 billion purchase price.
- Lease terms:
- Initial term 30 years
- Four 5‑year tenant renewal options
- 2% annual rent escalator starting in Year 3 [12]
- Management expects the deal to be immediately accretive to AFFO per share upon closing. [13]
Strategically, this transaction:
- Adds meaningful exposure to the Las Vegas locals market, a region VICI has been targeting for its demographic tailwinds and relatively stable demand. [14]
- Introduces Golden OpCo as VICI’s 15th tenant (pro‑forma for other pending deals), further diversifying tenant risk beyond Caesars, MGM and other major operators. [15]
A related Form S‑4 filing (referenced by StockTitan) details how Golden shareholders will receive a fixed stock‑plus‑cash consideration, including a 0.902 VICI share exchange ratio per Golden share, plus additional cash from Golden’s operating company. [16]
The deal is expected to close in mid‑2026, pending regulatory approvals and Golden shareholder consent. [17]
3. New lease structure for MGM Northfield Park (Clairvest)
In a separate transaction, VICI is restructuring its exposure to MGM Northfield Park in Ohio:
- VICI will enter a new triple‑net lease with an affiliate of Clairvest Group for the real property of Northfield Park.
- Initial annual base rent:
- $53 million if the deal closes before May 1, 2026
- $54 million if it closes on or after that date, reflecting 2% annual escalators embedded in the existing MGM master lease. [18]
- The new lease will have a 25‑year initial term with three 10‑year renewal options. Escalations remain 2% annually, with CPI‑linked upside capped at 3% starting in 2032, similar to the broader MGM lease. [19]
Clairvest will become VICI’s 14th tenant, reinforcing management’s push toward greater tenant diversification across gaming operators. [20]
The transaction is expected to close in the first half of 2026, subject to customary approvals. [21]
4. Q3 2025 results: steady AFFO growth and updated guidance
VICI reported third‑quarter 2025 results on October 30, 2025:
- Total revenue:$1.01 billion, up 4.4% year‑over‑year.
- Net income attributable to common shareholders:$762.0 million, or $0.71 per diluted share, up from $732.9 million / $0.70 a year earlier. [22]
- FFO (Funds From Operations): also $762.0 million, or $0.71 per share. [23]
- AFFO:$637.6 million, up 7.4% year‑over‑year; AFFO per share of $0.60, up 5.3% vs. Q3 2024. [24]
Management also updated full‑year 2025 AFFO guidance to:
- AFFO:$2.51–$2.52 billion
- AFFO per share:$2.36–$2.37
This is a slight upward tweak at the low end versus prior guidance, reflecting continued rent escalations and the impact of recent transactions. [25]
On the balance sheet, VICI reported as of September 30, 2025:
- Total debt: about $17.1 billion
- Cash and cash equivalents:$507.5 million
- Liquidity: roughly $3.1 billion, including cash, undrawn revolver capacity and pending forward‑equity proceeds. [26]
5. Institutional flows: mixed but active
Recent regulatory filings highlight active institutional positioning around VICI:
- Invesco Ltd. increased its stake in VICI by roughly 7% in the second quarter. [27]
- Epoch Investment Partners trimmed its position by about 5% over the same period. [28]
- Vinva Investment Management boosted its holding by 23.7%, according to another recent MarketBeat report. [29]
The takeaway is that institutional ownership remains high and dynamic, with large asset managers both adding and trimming exposure around current levels.
Analyst ratings and price targets for VICI
Despite the recent price weakness, Wall Street remains broadly constructive on VICI’s medium‑term outlook.
Consensus rating: between “Buy” and “Strong Buy”
A recent Nasdaq/Zacks summary shows:
- Average brokerage recommendation (ABR):1.48 on a 1–5 scale (1 = Strong Buy, 5 = Strong Sell).
- 23 brokerage firms currently cover the stock.
- 17 of those rate VICI as Strong Buy, and one as Buy, with the vast majority of recommendations skewed to the positive side. [30]
Zacks currently assigns VICI a Rank #2 (Buy), noting that 2025 earnings estimates have ticked slightly higher in recent weeks. [31]
12‑month price targets
Across major data providers, VICI’s 12‑month price targets cluster in a fairly tight band:
- MarketBeat:
- Average target:$34.71
- Range: $32–$38
- Implied upside: about 25% from current levels. [32]
- StockAnalysis:
- Average analyst target:$35.00
- Implied upside: roughly 26% from today’s price. [33]
- TradingView:
- Average 1‑year price target:$35.73 based on 22 analysts. [34]
- WallStreetZen:
- Average target:$34.64 for the next year, implying about 25% upside from ~ $27.7 per share. [35]
Some quantitative and model‑driven services are slightly more conservative. One forecasting site (Meyka) projects VICI around $31.16 in 2026, implying a roughly 10% gain from current levels. [36]
Recent target cuts
Not all news is purely bullish. Several firms have trimmed their targets while keeping positive ratings:
- Cantor Fitzgerald reduced its VICI price target from $37 to $35 but maintained an “overweight” rating, as highlighted in the recent MarketBeat 52‑week‑low article. [37]
- Barclays lowered its target from $37 to $33, also reiterating an “overweight” stance. [38]
- A separate piece referenced Evercore ISI reducing its target as well, while still treating VICI as one of the more attractive lower‑priced income stocks. [39]
The pattern: ratings remain bullish, but target prices have edged down, reflecting a higher‑for‑longer rate backdrop and perhaps more cautious assumptions around growth and valuation multiples.
How commentators are framing VICI right now
Dividend REIT comparison: Realty Income vs. VICI
A widely read Motley Fool article (syndicated via Finviz) compared Realty Income (O) to VICI Properties as potential top dividend REITs for 2026. [40]
Key points from that piece:
- Both are triple‑net REITs, passing property taxes, insurance, and maintenance to tenants.
- Realty Income focuses on recession‑resistant retailers and pays a monthly dividend.
- VICI focuses on “experiential” properties—casinos and resorts—largely leased under long‑term, CPI‑linked contracts.
- The author highlighted:
- VICI’s higher forward dividend yield (around 6.3%)
- VICI’s faster AFFO per share growth (around 9% CAGR from 2019–2024)
- VICI’s 100% occupancy since its 2018 IPO
- VICI’s slightly cheaper valuation (about 12x AFFO versus roughly 13x for Realty Income) [41]
That commentator concluded VICI looked like the more attractive income play at current prices, though both are framed as long‑term holdings.
Income portfolio recommendations
A separate Seeking Alpha article on building an income portfolio suggested pairing VICI Properties, Realty Income, and Verizon to achieve an average portfolio yield above 6%, reflecting how commonly VICI now appears in high‑yield, blue‑chip income “starter portfolios.” [42]
Dividend stability vs. tenant concentration
A recent Yahoo Finance feature on VICI’s dividend stability noted that the company’s decision to maintain its $0.45 quarterly dividend underscores confidence in its long‑term rent streams. At the same time, the article highlighted that long‑dated master leases with large tenants—especially Caesars Entertainment—are a double‑edged sword: they underpin predictable cash flow but also create tenant concentration risk if a major operator stumbles. [43]
Sector framing: experiential real estate and tourism
Other coverage has been more thematic:
- A Travel and Tour World piece framed VICI’s Las Vegas footprint and new dividend as supportive of broader tourism and hospitality trends, emphasizing its role in marquee destinations like Caesars Palace and the Venetian. [44]
- A Kalkine Media sector write‑up positioned VICI as a core player in “experiential real estate,” stressing the long‑term importance of destination‑driven venues—casinos, resorts, and entertainment facilities—within the REIT universe. [45]
Fundamentals and balance‑sheet snapshot
Putting the pieces together, VICI’s underlying financial profile as of late 2025 looks roughly as follows:
- Business model: S&P 500 experiential REIT focused on gaming, hospitality, entertainment and leisure assets, including Caesars Palace, MGM Grand, and the Venetian on the Las Vegas Strip. [46]
- Portfolio scale:
- 93 experiential assets (54 gaming, 39 other experiential)
- About 127 million square feet, ~60,300 hotel rooms, and 500+ bars/restaurants/nightclubs/sportsbooks. [47]
- Occupancy: effectively 100%, supported by long‑term, triple‑net leases. [48]
From a financial metrics perspective:
- Trailing 12‑month revenue: roughly $3.9–4.0 billion.
- Trailing 12‑month net income: around $2.7–2.8 billion, according to StockAnalysis and recent filings. [49]
- AFFO (Q3 2025 run‑rate):
- Quarterly AFFO per share: $0.60
- Annualized: roughly $2.40 per share, consistent with full‑year guidance of $2.36–$2.37. [50]
- Leverage: around $17.1 billion total debt vs. $46.5 billion in total assets, implying a debt‑to‑assets ratio in the high‑30% range. Net debt is roughly $16.6 billion after cash. [51]
- Interest cost profile: a laddered schedule of unsecured notes stretching into the 2030s and 2050s, plus a $3 billion CMBS facility, reduces near‑term refinancing pressure but still leaves VICI exposed to the interest‑rate environment over time. [52]
Key upside drivers from here
Based on current information, the main bullish arguments around VICI include:
- High, growing dividend: A yield around 6.5% with an eight‑year dividend growth streak, supported by AFFO coverage in the mid‑70% range, is attractive to many income investors in a world of easing interest rates. [53]
- Inflation‑linked, long‑dated leases: Many of VICI’s contracts include escalators tied to CPI or fixed annual bumps, which help maintain real income over time. Examples include the MGM master lease structure and the newly announced Golden and Northfield leases. [54]
- Accretive external growth pipeline:
- Tenant and geographic diversification: VICI has steadily moved beyond a Caesars‑only landlord to add multiple major operators (MGM, Penn, Apollo‑run Venetian, Golden, Clairvest and others) across Las Vegas, regional U.S. markets and Canada. [57]
- Analyst support: The consensus rating is firmly in the “Buy” zone, with mid‑20% upside embedded in most 12‑month price targets—before counting the dividend. [58]
Key risks investors should keep in mind
The bear case or at least the cautionary perspective on VICI tends to focus on a few recurring themes:
- Interest‑rate sensitivity:
As a REIT, VICI is inherently sensitive to bond yields and the cost of capital. If long‑term rates stay higher than expected, valuation multiples could remain compressed, and accretive deal‑making may become more difficult. - Tenant concentration and gaming cyclicality:
Even as VICI diversifies, Caesars and MGM remain major tenants, and the portfolio is heavily tilted to gaming and entertainment properties. A downturn in casino demand, regulatory shocks, or operator‑specific issues could ripple into VICI’s cash flows over time. [59] - Leverage and acquisition execution:
With ~$17 billion in debt and another $1.16 billion Golden transaction plus Northfield changes on the horizon, VICI must execute integrations cleanly and avoid over‑stretching its balance sheet, particularly if capital markets become less friendly. [60] - Regulatory and tax risk:
VICI’s origins in a casino REIT spin‑off, and its reliance on maintaining REIT status (including distributing at least 90% of taxable income as dividends), mean it is sensitive to changes in tax law and gaming regulation. [61] - Share‑price volatility despite steady fundamentals:
The recent slide to the low end of the 52‑week range, even after a string of solid quarterly reports and dividend increases, shows that macro sentiment can dominate fundamentals in the short term. [62]
Bottom line: what December 6, 2025 looks like for VICI stock
On December 6, 2025, the story around VICI Properties is a mix of:
- High, growing income (around 6.5% yield, eight years of dividend growth)
- Solid AFFO growth in the mid‑single‑digits, backed by long‑term, inflation‑linked leases
- Meaningful new growth projects, notably the Golden sale‑leaseback and Northfield lease restructuring
- Share price weakness that has dragged the stock near its 52‑week lows and pulled its valuation down to roughly 10–11x earnings and ~12x AFFO
Wall Street analysts largely see this as a valuation opportunity rather than a structural problem, but they’ve modestly trimmed price targets in recognition of a more challenging rate environment. Meanwhile, opinion pieces and income‑portfolio write‑ups continue to feature VICI as a core holding for investors seeking REIT‑style income with Las Vegas‑centric exposure.
Nothing in this article is personal investment advice, and VICI remains a stock where your risk tolerance matters: the cash flows are relatively predictable, but they are tied to a highly regulated, cyclical industry and supported by a sizeable debt load. For investors who are comfortable with those trade‑offs, VICI is currently trading at levels that many professional observers view as discounted relative to its long‑term cash‑flow profile.
References
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