Amid the relentless tides of financial whims, blue-chip dividend stocks once stood as steadfast beacons for those seeking solace in stability. Yet, in the years of 2022 and 2023, even these beacons dimmed, as the siren call of risk-free yields lured investors into the arms of CDs and Treasuries. The pendulum swung again in 2024, as the Federal Reserve’s rate cuts whispered promises of return, and the market, ever fickle, began to turn once more.
For the weary investor, the cycle is a cruel jest. What was once deemed safe now flickers, and what was cast aside now beckons. In this maelstrom, Vici Properties (VICI) emerges—not as a fleeting trend, but as a relic of enduring structure. A REIT that owns the bones of casinos and entertainment halls, it stands as a testament to the quiet tenacity of those who navigate the labyrinth of capital.
What sets Vici Properties apart from other REITs?
A REIT is a machine, its gears oiled by rental income and its soul defined by the dividends it spits out. Vici, however, is not a behemoth. With 93 properties, it moves with the precision of a craftsman, not a colossus. Its occupancy rate, a flawless 100%, is not mere numbers—it is the breath of tenants who cannot flee, bound by the iron grip of multidecade leases and the unyielding hand of regulation.
| Metric | 2021 | 2022 | 2023 | 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|---|---|
| Total Properties | 28 | 49 | 93 | 93 | 93 | 93 |
| Occupancy Rate | 100% | 100% | 100% | 100% | 100% | 100% |
| AFFO per share | $1.82 | $1.93 | $2.15 | $2.26 | $0.58 | $0.60 |
| Dividends per share | $1.38 | $1.50 | $1.61 | $1.695 | $0.4325 | $0.4325 |
The names etched into its tenant list—Caesar’s, MGM, Penn—carry the weight of a system that thrives on the labor of the unseen. Vici’s expansion into bowling alleys and wellness retreats is not mere diversification; it is a quiet rebellion against the notion that stability must be monotonous. Yet, beneath the veneer of growth lies a truth as stark as the casino floor: the workers who serve the patrons, the families who depend on these leases, are the true currency of this enterprise.
Vici’s frugality is a lesson in survival. Triple net leases shift burdens onto tenants, CPI-linked rents shield it from inflation’s teeth, and its retreat from acquisitions speaks of a pragmatism honed by years of navigating economic tempests. Each decision is a stitch in the fabric of resilience, a thread woven for those who dare to hold on.
Why is Vici still worth buying today?
For the investor, Vici’s numbers are a promise. A 5.3% yield, a valuation below 14 times AFFO per share—these are not just figures but lifelines. In a world where the market’s mood swings like a pendulum, Vici offers a rare certainty: the chance to plant a flag in the sand and wait. Yet, for the worker, the story is less triumphant. The stability of Vici’s model is a double-edged sword, a shield for the investor and a chain for those who toil beneath its roof.
In the end, Vici is not merely a stock. It is a mirror, reflecting the contradictions of a system that rewards the few while demanding sacrifice from the many. And in that reflection, the common man finds both warning and hope. 🎯
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2025-08-02 13:32