VICI Properties offers value with Las Vegas real estate exposure and potential upside from Caesars acquisition.

VICI Properties provides investors exposure to prime Las Vegas Strip real estate through long-term triple-net leases with built-in rent increases. The recent acquisition of Caesars, VICI's largest tenant, by Fertitta could improve tenant credit quality and reduce risk concentration. Currently trading at $26.28 with a 6.8% yield and a 10.7x AFFO multiple below historical averages, VICI presents an attractive risk/reward profile. The dividend is well-covered, cushioning downside, while potential rerating could boost returns if the Caesars deal closes successfully.