VICI Properties Inc. (VICI) is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. The company is valued at $33.5 billion by market cap.

Shares of this diversified commercial REIT have outperformed the broader market over the past year. VICI has gained 10.7% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 10.2%. In 2025, VICI stock is up 9.2%, surpassing the SPX’s 3.9% decline on a YTD basis.

Narrowing the focus, VICI’s underperformance is apparent compared to the Real Estate Select Sector SPDR Fund (XLRE). The exchange-traded fund has gained about 13.1% over the past year. However, the stock’s gains on a YTD basis outshine the ETF’s 3% returns over the same time frame.

VICI has outperformed by focusing on experiential real estate investments in gaming, hospitality, and entertainment. New partnerships with Cain International and Red Rock Resorts, Inc. (RRR) are providing opportunities for growth, including a $300 million investment in a luxury development and $510 million for a tribal casino in California. These partnerships are driving additional growth for the company.

On Apr. 30, VICI shares closed down marginally after reporting its Q1 results. Its revenue increased 3.4% year over year to $984.2 million. The company’s adjusted FFO increased 4.3% year over year to $0.58 per share. 

For the current fiscal year, ending in December, analysts expect VICI’s FFO to grow 3.5% to $2.34 per share on a diluted basis. The company’s earnings surprise history is impressive. It beat or matched the consensus estimate in each of the last four quarters.

Among the 22 analysts covering VICI stock, the consensus is a “Strong Buy.” That’s based on 18 “Strong Buy” ratings, one “Moderate Buy,” and three “Holds.”

The configuration has been consistent over the past three months.

On May 2, Truist Financial Corporation (TFC) analyst Barry Jonas reiterated a “Buy” rating on VICI with a price target of $38, implying a potential upside of 19.2% from current levels.

The mean price target of $36.18 represents a 13.5% premium to VICI’s current price levels. The Street-high price target of $43 suggests a notable upside potential of 34.8%.