VICI Properties Inc. (VICI) is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment 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. The company is valued at $29 billion bymarket cap.
Shares of this diversified commercial REIT have underperformed the broader market over the past year. VICI has declined 19% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 17.7%. In 2026, VICI stock is down 6.3%, compared to the SPX’s 9.4% rise on a YTD basis.
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Narrowing the focus, VICI’s underperformance is also apparent compared to the State Street Real Estate Select Sector SPDR ETF (XLRE). The exchange-traded fund has gained about 6.9% over the past year. Moreover, the ETF’s 11.7% returns on a YTD basis outshine the stock’s single-digit losses over the same time frame.
www.barchart.com VICI has underperformed mainly due to macroeconomic headwinds. Elevated interest rates have pressured high-yield REIT valuations, and investors are worried about heavy tenant concentration, especially with Caesars Entertainment, Inc. (CZR) during corporate restructurings and lease security reviews.
On Jul. 29, VICI reported its Q2 results, and its shares closed down more than 3% in the following trading session. Its revenue increased 5.7% year over year to $1.1 billion. The company’s AFFO per share came in at $0.62, up 4.6% from the year-ago quarter.
For the current fiscal year, ending in December, analysts expect VICI’s FFO to grow 3.4% to $2.46 per share on a diluted basis. The company’s earnings surprise history is impressive. It beat or matched the consensus estimates in each of the last four quarters.
Among the 24 analysts covering VICI stock, the consensus is a “Moderate Buy.” That’s based on 14 “Strong Buy” ratings, one “Moderate Buy,” and nine “Holds.”
www.barchart.com The configuration has been relatively stable over the past three months.
On Jul. 31, Scotiabank analyst Greg McGinniss maintained a “Hold” rating on VICI and set a price target of $29, implying a potential upside of 10.1% from current levels.
The mean price target of $32.65 represents a 23.9% premium to VICI’s current price levels. The Street-high price target of $39 suggests an ambitious upside potential of 48%.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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