Core Thesis - VICI Properties Inc. is presented as a strong investment opportunity due to its unique structure as a REIT focused on triple net leases, which minimizes operational risks and provides stable income [2][4]. Company Overview - VICI Properties is an equity REIT that specializes in triple net leases of gaming, resort, and entertainment properties, allowing tenants to cover all property-related expenses [2]. - The company has a significant portfolio, with 31 MGM and Caesars properties contributing to 74% of its revenue [2]. Financial Performance - VICI's trailing and forward P/E ratios are reported at 12.04 and 10.87 respectively, indicating a potentially attractive valuation [1]. - The REIT has shown resilience against declines in tourist traffic, as these affect casino operators rather than VICI, and it benefits from rent escalation clauses tied to inflation [3]. Investment Strategy - The focus on NNN leases in prime entertainment locations offers a low-volatility investment alternative compared to direct casino ownership, which is more susceptible to market fluctuations [4]. - VICI provides predictable cash flow yields and low operational risk, appealing to long-term investors seeking stability [4]. Capital Management - Unlike many REITs that dilute shareholders through stock issuance, VICI's capital raises have been accretive, leading to revenue and net income growth that outpaces share growth [3]. - The strategic transition from higher-volatility assets to VICI reflects a cautious investment approach while maintaining exposure to the Las Vegas gaming sector [4].