Vici Properties: Seriously?

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Look, I’m not saying I like dividend stocks. It’s just… less stressful, okay? Everyone’s running around chasing growth, pretending they’re geniuses. Me? I just want a little something extra, a little cushion. Is that so wrong? And honestly, the whole idea of “compounding wealth” sounds… aggressive. Like you’re trying too hard. But fine, okay, if you insist. It’s just… people expect you to be thrilled about things. Like, “Oh, your money is growing!” As if I asked it to.

So, I started looking. And you know what? It’s mostly the same old story. Stocks that either pay you peanuts, or are so risky you need a therapist on speed dial. Then I stumbled upon this… Vici Properties. And the name itself? Vici? Like, “victory”? Please. It’s a REIT, a Real Estate Investment Trust. It should be called “Moderate Returns and Slightly Less Anxiety,” but no. “Vici.” It’s just… presumptuous.

What happens in Vegas… honestly, who cares?

Apparently, they own casinos. Lots of them. The MGM Grand, Caesar’s Palace… all the places where people make terrible decisions with their money. And now I’m supposed to be happy about that? They own 54 casinos, 39 non-casino properties, a ridiculous number of restaurants, and four golf courses. Four! Who needs four golf courses? It’s excessive. And the square footage? 127 million? It’s just… a lot of space. It’s like they’re trying to impress you.

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Their numbers are… fine. Revenue up 4%. Expenses down. Earnings per share slightly up. It’s all very… competent. But it’s not exciting. It’s not groundbreaking. It’s just… a steady, slow climb. And honestly, I’m starting to suspect that’s the point. They’re deliberately trying to be uninteresting. Like they’re afraid if they actually tried to be innovative, something would go wrong.

The whole thing feels… backwards. They don’t run the casinos. They rent them the land. They’re the landlords of gambling addiction. And they’re making a fortune doing it. It’s… unsettling. But, and this is the part that really bothers me, it’s also incredibly profitable. A 99.3% gross profit margin? 92.6% operating margin? It’s obscene. It’s like they’re exploiting a loophole in the universe.

Render unto Caesar… the dividends, I guess.

Being a REIT means they have to pay out 90% of their income as dividends. Which, okay, fine. That’s… predictable. The current yield is just over 6%. Which is… higher than average. But the real kicker is they’re growing that dividend. A 40% increase year over year? That’s… aggressive. And frankly, suspicious. It’s like they’re trying to lure you in with a shiny object. “Look at our big dividend! Don’t worry about how we’re doing it!”

They’ve been growing their dividend for seven years, which is… a solid track record, I guess. But they only went public in 2018. So it’s not like they’ve been around for decades. It’s just… fast growth. And fast growth usually means trouble. But their payout ratio is only 66.44%. Which means they have plenty of room to keep raising that dividend. It’s… concerningly sustainable.

At around $30 a share, it’s relatively affordable. But when you compare it to Gaming and Leisure Properties, another REIT that owns gambling properties, it’s… well, it’s just… slightly better. Gaming and Leisure Properties has slightly lower funds from operations, but a slightly higher dividend yield. It’s… infuriatingly close. It’s like they’re deliberately trying to make me overthink this.

So, here’s the thing. I’m not saying Vici Properties is a bad investment. It’s just… it feels… wrong. It’s like benefiting from other people’s bad decisions. And honestly, I’m not sure I’m comfortable with that. But the numbers are good. The yield is high. And it’s probably… safe. So, I guess… I guess I’m buying some. But I’m not happy about it. Not one bit.

With this REIT, you won’t find fear or loathing in Las Vegas, just… quiet resignation. And a slightly higher dividend yield than you probably deserve.

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2026-02-24 21:12