VICI Properties' 25% drop seen as a buying opportunity with strong leases and potential 30% upside.

VICI Properties experienced a 25% sell-off, which is viewed as a strong buying opportunity due to its robust lease agreements and brand value of its properties. Concerns over tenant risks from Caesars Entertainment (CZR) and MGM Resorts are considered overblown, as these risks are well-managed and the companies going private could create further opportunities. Trading at a 9.0x price to funds from operations (P/FFO) multiple with a 7.4% yield, VICI is expected to offer over 30% upside from multiple expansion and a high double-digit total return. The author has increased their position, confident in VICI's long-term value and stability.