総合バリュエーションレンジ · 保守的 $28–$32 / 妥当 $32–$37 / 楽観的 $37–$43。$26.75 時点で 保守的な本源的価値を下回る · 厚い安全マージン。
レポート公開時 $28.63（2026年5月28日）
データ提供：EODHD、報告通貨で表示。参考情報であり、投資助言ではありません。
VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure 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. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. VICI Properties Inc. was incorporated in 2016 and is based in New York, United States.
沿革
VICI Properties Inc. was incorporated in 2016 and is based in New York, and completed its IPO on October 17, 2017. The company has maintained a 100% rent collection rate since its 2017 founding. Its scale expanded sharply in 2022, when it completed the acquisitions of the Venetian and MGM Growth Properties; that year total revenue rose 72.3% and AFFO rose 61.7%, while the weighted-average common share count climbed from 564 million in 2021 to 1.062 billion by 2025. Despite the near-doubling of shares, AFFO per share grew from $1.82 in 2021 to $2.38 in 2025 and the dividend rose from $1.38 to $1.765 per share. The company continued deploying capital, completing or announcing over $2 billion of commitments in 2025 at an approximately 8.9% weighted-average initial yield, and in the first quarter of 2026 expanding a One Beverly Hills mezzanine loan and advancing a Canadian casino sale-leaseback. Today VICI is an S&P 500 member with 28 employees and a portfolio of 93 experiential assets comprising 54 gaming properties and 39 other experiential properties, totaling roughly 127 million square feet with about 60,300 hotel rooms.
業界での地位
VICI Properties is an experiential real estate investment trust that owns gaming, hospitality, wellness, entertainment and leisure destinations, operating as a landlord rather than an operator of the properties. Its portfolio includes landmark Las Vegas Strip assets such as Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, leased to industry-leading operators under long-term triple-net agreements in which tenants bear most maintenance, tax and insurance costs. The properties are 100% occupied with a weighted-average remaining lease term of about 39.6 years as of the end of 2025, with initial terms of 15 to 32 years plus 5-to-30-year renewal options. Rent is highly concentrated: as of May 2026, Caesars accounted for 38%, MGM 32%, the Venetian 9% and Hard Rock 4% of annualized contractual rent, with Caesars and MGM together near 70%. VICI works with 15 tenants and has financing and real estate partnerships with operators including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. Its competitive advantages stem from gaming regulatory and licensing barriers that make relocation difficult, the scarcity and high replacement cost of landmark Strip assets, long master-lease structures with high switching costs, and scale and capital-cost advantages as an S&P 500 constituent with about $3.08 billion of total liquidity at the end of the first quarter of 2026, investment-grade ratings of Moody's Baa3 / S&P BBB- / Fitch BBB-, and 99.2% fixed-rate debt with an average maturity of about 5.7 years. Its principal named competitor among gaming REITs is GLPI, alongside other REITs, private equity, sovereign funds and lenders that compete as capital providers.
この銘柄のレポートはお使いの言語でまだありません。