VICI Properties Has Crashed: Buy, Hold, Or Sell?

Jussi Askola, CFA Investing Group Leader Follow Summary VICI's valuation has fallen even as its cash flow has grown. Caesars regional lease is a real risk but likely manageable. Tenant privatizations may actually validate VICI’s asset quality. High Yield Landlord members get exclusive access to our real-world portfolio. See all our investments here » DNY59/E+ via Getty Images I have received a lot of questions about VICI Properties Inc. ( VICI ) recently, and here is why: Its share price has crashed from $36 at its peak in 2022 down to just $25 today. Moreover, this This article was written by Jussi Askola, CFA 69.81K Followers Follow Jussi Askola is the President of Leonberg Capital, a value-oriented investment boutique that consults hedge funds, family offices, and private equity firms on REIT investing. He has authored award-winning academic papers on REIT investing, has passed all three CFA exams, and has built relationships with many top REIT executives. He is the leader of the investing group High Yield Landlord, where he shares his real-money REIT portfolio and transactions in real-time. Features of the group include: three portfolios (core, retirement, international), buy/sell alerts, and a chat room with direct access to Jussi and his team of analysts to ask questions. Learn more. Analyst’s Disclosure: I/we have a beneficial long position in the shares of VICI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.