2024-06-08 09:00:00 ET
Summary
- Despite the diversification thus far, gaming properties remain the core of VICI's portfolio as Vegas reports robust growth in gaming revenues and visitation numbers.
- This is also why the REIT has invested in Venetian, with the renovation works being mutually beneficial while generating a decent spread.
- If anything, VICI's overall cost of capital remains relatively low despite the elevated interest rate environment, with a profitable blended investment spread.
- At the same time, the REIT has reported healthier balance sheet, with the extremely long lease term of 42.5 years offering a promising view into its top/ bottom lines.
- Combined with the rich dividend yields and potential upgrade in valuations, we believe that VICI continues to offer a compelling investment thesis.
We previously covered VICI Properties Inc. ( VICI ) in March 2024, discussing its double beat FQ4'23 earnings call and promising FY2024 guidance, which demonstrated the management's competency thus far....
Read the full article on Seeking Alpha
For further details see:
VICI Properties Likely To Remain Profitable Ahead, Venetian Investment Explained