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VICI Properties Expands Experiences: Can Non-Gaming Growth Scale?
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Key Takeaways
VICI Properties is expanding beyond gaming with 40 non-gaming experiential properties across 26 states.
Club Med St. Croix adds a $20.3 million acquisition and $55.2 million redevelopment plan.
VICI's financing platforms support growth while creating paths to future real estate ownership.
VICI Properties (VICI - Free Report) is steadily pushing beyond its casino roots, building a broader experiential real estate platform. The REIT owns 103 properties, including 63 gaming assets and 40 other experiential properties, across 26 states, one U.S. territory and one Canadian province. Its non-gaming exposure includes bowling, youth sports, wellness, golf and resorts.
VICI’s latest non-gaming expansion is through Club Med St. Croix. The company acquired the Carambola Beach Resort for $20.3 million and plans to fund about $55.2 million of redevelopment through a build-to-suit structure. The property has a 15-year initial lease with two 10-year extension options and is targeted to reopen in fourth-quarter 2027.
This move adds another operator to VICI’s growing list of non-gaming partners. VICI already has exposure to Chelsea Piers, Lucky Strike and Club Med through owned real estate, while its financing relationships span Great Wolf Resorts, Cabot, Canyon Ranch, Homefield, Kalahari Resorts and One Beverly Hills. This diverse portfolio gives VICI several routes to expand outside traditional casino assets.
The strategy extends beyond direct acquisitions. VICI also uses its Partner Property Growth Fund and Experiential Credit Solutions to finance developments and capital improvements. Management said these channels can build long-term relationships, create paths to future real estate ownership and support adjusted funds from operations (AFFO) per-share growth.
VICI’s broader investment and partnership strategy is accompanying continued growth in revenues and AFFO. Second-quarter 2026 revenues rose 5.7% year over year to $1.06 billion, while AFFO climbed 7.8% to $679.6 million. AFFO per share increased 4.6% to 62 cents, and full-year 2026 guidance stands at $2.45-$2.47 per share.
How Do Gaming and Leisure Properties & EPR Properties Compete?
Gaming and Leisure Properties (GLPI - Free Report) is VICI Properties’ gaming-focused peer, competing for casino real estate, operator relationships and sale-leaseback opportunities. Its concentrated exposure provides sector expertise but leaves earnings more closely tied to gaming operators and consumer trends. As of June 30, 2026, GLPI held interests in 71 facilities across 21 states.
EPR Properties (EPR - Free Report) offers a contrasting, predominantly non-gaming experiential portfolio spanning theatres, eat-and-play venues, attractions, skiing, fitness and education assets. This diversification reduces reliance on casino operations while still competing for experiential real estate investments. As of June 30, 2026, gaming represented only 2% of EPR’s annualized base revenue.
VICI’s Price Performance, Valuation and Estimates
Shares of VICI Properties have decreased 15.4% in the past three months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, VICI trades at a forward price-to-earnings ratio of 9.06X, well below the industry’s 15.07X. It carries a Value Score of B.
Image Source: Zacks Investment Research
VICI’s estimates have increased a cent over the past month. The Zacks Consensus Estimate for full-year 2026 funds from operations (FFO) is pegged at $2.47 per share.
View the Zacks #1 Rank List
Image: Bigstock
VICI Properties Expands Experiences: Can Non-Gaming Growth Scale?
Key Takeaways
VICI Properties (VICI - Free Report) is steadily pushing beyond its casino roots, building a broader experiential real estate platform. The REIT owns 103 properties, including 63 gaming assets and 40 other experiential properties, across 26 states, one U.S. territory and one Canadian province. Its non-gaming exposure includes bowling, youth sports, wellness, golf and resorts.
VICI’s latest non-gaming expansion is through Club Med St. Croix. The company acquired the Carambola Beach Resort for $20.3 million and plans to fund about $55.2 million of redevelopment through a build-to-suit structure. The property has a 15-year initial lease with two 10-year extension options and is targeted to reopen in fourth-quarter 2027.
This move adds another operator to VICI’s growing list of non-gaming partners. VICI already has exposure to Chelsea Piers, Lucky Strike and Club Med through owned real estate, while its financing relationships span Great Wolf Resorts, Cabot, Canyon Ranch, Homefield, Kalahari Resorts and One Beverly Hills. This diverse portfolio gives VICI several routes to expand outside traditional casino assets.
The strategy extends beyond direct acquisitions. VICI also uses its Partner Property Growth Fund and Experiential Credit Solutions to finance developments and capital improvements. Management said these channels can build long-term relationships, create paths to future real estate ownership and support adjusted funds from operations (AFFO) per-share growth.
VICI’s broader investment and partnership strategy is accompanying continued growth in revenues and AFFO. Second-quarter 2026 revenues rose 5.7% year over year to $1.06 billion, while AFFO climbed 7.8% to $679.6 million. AFFO per share increased 4.6% to 62 cents, and full-year 2026 guidance stands at $2.45-$2.47 per share.
How Do Gaming and Leisure Properties & EPR Properties Compete?
Gaming and Leisure Properties (GLPI - Free Report) is VICI Properties’ gaming-focused peer, competing for casino real estate, operator relationships and sale-leaseback opportunities. Its concentrated exposure provides sector expertise but leaves earnings more closely tied to gaming operators and consumer trends. As of June 30, 2026, GLPI held interests in 71 facilities across 21 states.
EPR Properties (EPR - Free Report) offers a contrasting, predominantly non-gaming experiential portfolio spanning theatres, eat-and-play venues, attractions, skiing, fitness and education assets. This diversification reduces reliance on casino operations while still competing for experiential real estate investments. As of June 30, 2026, gaming represented only 2% of EPR’s annualized base revenue.
VICI’s Price Performance, Valuation and Estimates
Shares of VICI Properties have decreased 15.4% in the past three months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, VICI trades at a forward price-to-earnings ratio of 9.06X, well below the industry’s 15.07X. It carries a Value Score of B.
Image Source: Zacks Investment Research
VICI’s estimates have increased a cent over the past month. The Zacks Consensus Estimate for full-year 2026 funds from operations (FFO) is pegged at $2.47 per share.
Image Source: Zacks Investment Research
VICI stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.