VICI Properties (VICI): Assessing Valuation After New Clairvest Lease and MGM Resorts Agreement

VICI Properties is entering a new 25-year lease for Northfield Park with Clairvest, while also amending its master lease with MGM Resorts. This move secures stable rent income and manages the transition as MGM divests operations.

See our latest analysis for VICI Properties.

Shares of VICI Properties are up 6.5% so far in 2025, though the 1-year total shareholder return sits slightly in the red at -1.8%. These numbers reflect a year of steady, if unspectacular, momentum as VICI navigates major lease agreements and maintains reliable rental income. This performance reminds investors of the company’s long-term strength with a 65.6% total return over five years.

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The question now is whether VICI Properties’ strong fundamentals and new lease deals are an enticing entry point, or if the recent rally already reflects all the expected growth in the stock price.

Most Popular Narrative: 16% Undervalued

With the most watched narrative placing VICI Properties' fair value at $36.73, compared to a last close of $30.86, investors are focused on the numbers backing up this gap. The stage is set to see what is fueling such a valuation premium.

Structural shifts in consumer spending toward experiences such as travel, sports, group events, and entertainment are expanding opportunities in VICI's experiential and non-gaming real estate segments. This is creating new revenue streams, lowering tenant concentration risk, and providing a long runway for top-line growth.

Read the complete narrative.

Curious what's behind this bullish perspective? The narrative hinges on bold projections about future growth, sector trends, and rising profitability. See which financial forecasts are powering this elevated fair value.

Result: Fair Value of $36.73 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, risks such as tenant concentration and the ongoing shift toward online gaming could challenge VICI’s growth outlook and put pressure on its long-term income streams.

Find out about the key risks to this VICI Properties narrative.

Build Your Own VICI Properties Narrative

If this narrative doesn't reflect your point of view, take the opportunity to dig into the numbers yourself and shape your own story about VICI in just a few minutes. Do it your way

A great starting point for your VICI Properties research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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