VICI Properties Inc

Strong Performance and Dividend Focus: VICI Properties reported an AFFO per share of $0.58 for Q1 2025, an increase of 4.3% YOY, highlighting the company's efficient operating model. VICI aims to maintain a well-supported dividend yield greater than 5%, which is defended against inflation, serving as a significant contributor to total return.

New Investment with Red Rock Resorts: VICI has established a partnership with Red Rock Resorts, committing up to $510 million in a delayed draw term loan for the North Fork Mono Casino and Resort project in California. The expected completion of the project by September 2026 is anticipated to enhance growth opportunities and capitalize on a large catchment area of 4.2 million people living within a two-hour drive.

Increased AFFO Guidance: VICI raised its AFFO guidance for 2025 to an expected range of $2.47 billion to $2.5 billion (or $2.33 to $2.36 per share), representing a 3.8% growth rate from prior indications. This upward revision reflects the company’s improving operational efficiencies and positive financial trajectory.