VICI Properties offers an 8%+ dividend yield, trading at ~83% of equity creation cost, with robust contractual seniority and stable business model fundamentals. Despite recent share price underperformance and dilution from the Golden Entertainment acquisition, VICI models for 11%+ total annual returns, with internal AFFO growth north of 5%. VICI's tenant concentration (Caesars 38%, MGM 32%) and industry focus add risk, but master leases and seniority provide significant credit protection.








