VICI Research Note — The Tenant Concentration Test
VICI looks inexpensive on AFFO and yield, but Caesars lease talks and two-tenant concentration explain why the discount persists.
Real Estate
VICI Deep Coverage Review — Analysis as of August 7, 2026
VICI offers a covered 6.75% yield and fixed-rate debt, while Caesars lease uncertainty keeps tenant concentration at the center of the thesis.