CluenexVICI Properties VICI
VICI Properties scores good on business quality (6.8 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What VICI Properties does
VICI Properties owns experiential real estate, collecting rent from destination gaming and entertainment properties like casinos. Tenants pay rent under long-term triple-net lease agreements, creating a steady cash flow stream.
- What it does best
VICI extracts cash with a gross margin of 99.3%, outperforming peer IRM at 63.8%. This efficiency stems from triple-net leases where tenants cover property operating costs, taxes, and insurance, making the high margin nearly impossible for standard landlords to replicate.
- The main risk
With total debt at $17.6B and an interest coverage ratio of 4.3x, rising interest rates threaten refinancing terms and constrain debt-funded acquisitions that drive external growth.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin reaches 88.8% with an FCF margin near 49.7%, driven by zero-maintenance triple-net lease structures that scale profitability effortlessly.
Long-term experiential leases lock in large casino operators through multi-decade contracts. Its operating margin ranks in the top decile of its sector at 99%.
Revenue grew 4.1% to $4.1B, showing steady expansion compared to historical jumps but slowing down as the massive gaming property portfolio matures.
Total debt sits at $17.6B against $563M in cash, while free cash flow reached $2.0B. Interest coverage stands at 4.3x, keeping debt servicing manageable.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on VICI
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
VICI Properties scores good on the Cluenex quality check (6.8 of 10), measured against its own industry. Profitability is strong, moat fair, growth steady and financial health strong.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Oct 28, 2026.
See VICI today
- Today's verdict on VICI, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “VICI Properties (VICI)”, https://cluenex.com/stocks/vici/, data as of Oct 10, 2026.