VICI Properties offers 7%+ yield with 23% upside but faces tenant concentration risks from Caesars and MGM.

VICI Properties is rated Buy with a dividend yield above 7% and trades at a 10x AFFO multiple. Its AFFO per share increased 4.3% to $0.62, with management projecting AFFO of $2.47–$2.48 per share in 2026, supporting a strong dividend. However, the company faces significant tenant concentration risk, as Caesars and MGM account for 38% and 32% of rent, respectively. The valuation implies a 23% upside to $30.60 per share, but this depends heavily on continued rent payments from these major tenants.

As of Nov 14, 2026 23:21 WIB, VICI Properties trades at USD 25.01 on Pluang, below its 52-week high of USD 30.36 but above the low of USD 22.53, with a dividend yield of 7.36%. Caesars Entertainment, a major tenant contributing 38% of VICI's rent, trades slightly higher at USD 29.33, close to its 52-week high of USD 30.41. This contrast highlights VICI's current valuation discount despite its strong dividend yield and tenant concentration risks noted in the news.