Everbay Seeks Golden Board for Transparency; Considers RemainCo Sale Price Insufficient
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2025
0mins
Should l Buy VICI?
Source: NASDAQ.COM
Everbay Capital's Concerns: Everbay Capital LP has expressed significant concerns regarding Golden Entertainment Inc.'s recent transactions, including the sale of casino real estate to Vici Properties and the sale of casino operations to CEO Blake L. Sartini.
Inadequate Pricing: Everbay criticized the proposed price of $2.75 per share for RemainCo as insufficient and questioned the rationale behind bundling the two transactions.
Shareholder Voting Request: The firm urged Golden Entertainment to allow shareholders to vote separately on the real estate sale and the RemainCo transaction, enabling them to approve one while potentially rejecting the other.
Author's Views Disclaimer: The opinions expressed in the letter are those of Everbay Capital and do not necessarily reflect the views of Nasdaq, Inc.
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Analyst Views on VICI
Wall Street analysts forecast VICI stock price to rise
12 Analyst Rating
7 Buy
5 Hold
0 Sell
Moderate Buy
Current: 29.860
Low
30.00
Averages
33.70
High
38.00
Current: 29.860
Low
30.00
Averages
33.70
High
38.00
About VICI
VICI Properties Inc. is a real estate investment trust (REIT). The Company is engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. The Company own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the Venetian Resort). The portfolio comprises over 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by gaming, leisure and hospitality operators under long-term, triple-net lease agreements. The Company also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- VICI Properties Rating Downgrade: Scotiabank analyst Nicholas Yulico downgraded VICI Properties from Sector Outperform to Sector Perform and lowered the price target from $36 to $30, indicating a cautious outlook on the company's future performance.
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Credit Rating Analysis of VICI and GLPI
- Credit Rating Comparison: Both S&P and Fitch rate VICI Properties and Gaming and Leisure Properties at BBB- with stable outlooks, while Moody's upgraded VICI to Baa3 and kept GLPI at Ba1, indicating a divergence among rating agencies that could impact investor confidence.
- Leverage Analysis: As of Q3 2025, GLPI's net debt-to-EBITDA ratio stands at 4.4x, below its management target of 5.0 to 5.5x, while VICI's ratio is at 5.0x, suggesting neither is under pressure from leverage, yet they receive different ratings.
- Tenant Concentration Impact: VICI derives approximately 74% of its leasing revenue from two operators, whereas GLPI distributes its exposure across five major tenants, with EBITDARM-to-rent coverage ranging from 1.80x to 3.14x, highlighting GLPI's advantage in revenue stability.
- Risk Transmission Structure: While both REITs operate within acceptable leverage parameters, GLPI's diversified risk structure may prove more resilient under stress, whereas VICI's concentrated risk could exacerbate credit risk if a tenant encounters issues, with future financial performance hinging on how each manages potential market pressures.
See More
Comparison of AGNC and Vici REIT Yields
- AGNC Yield Attraction: AGNC boasts an eye-catching forward yield of 12.8%, and while its projected EPS of $1.51 covers the $1.44 dividend, its declining earnings indicate a potential high-yield trap, suggesting caution for investors.
- Cost of Financing Pressure: AGNC generates cash by selling mortgage-backed securities (MBS), but with short-term rates exceeding long-term rates, its financing costs have risen, limiting profitability; if the real estate market remains sluggish, dividend cuts may be on the horizon.
- Vici's Stability: In contrast, Vici Properties, as an equity REIT, owns 93 entertainment properties and has maintained a 100% occupancy rate since its 2018 IPO, with projected adjusted funds from operations expected to grow 4%-5% by 2025, showcasing strong profitability and stable dividend payments.
- Leasing Model Advantage: Vici's leases are tied to the Consumer Price Index, allowing for rent increases in line with inflation, and its triple-net lease structure requires tenants to cover maintenance and taxes, further enhancing financial stability and dividend growth potential.
See More
VICI Properties Credit Rating Analysis
- Credit Rating Consistency: VICI Properties holds a BBB- credit rating across three major agencies, with Moody's upgrading it to Baa3 in November 2024, indicating stability at the investment-grade edge; however, the lack of buffer means any downgrade could disrupt this consensus.
- Rent Concentration Risk: Approximately 74% of contractual rent comes from Caesars Entertainment and MGM Resorts, accounting for 39% and 35% respectively; while the company boasts 100% occupancy across 93 properties, this concentration remains a structural risk that rating agencies are monitoring closely.
- Stable Cash Flow: In Q3 2025, AFFO per share reached $0.60, a 5.3% year-over-year increase, with management raising full-year guidance to $2.36-$2.37 per share; despite an eighth consecutive annual dividend increase to $0.45, the 76% payout ratio indicates limited resilience against unexpected events.
- Financial Leverage Position: VICI's net leverage stands at approximately 5.0x, at the low end of its target range, with total debt at $17.1 billion at year-end 2024, 98.1% of which is fixed-rate, showcasing strong financial management, yet it has not enabled a rating upgrade beyond BBB-.
See More
VICI Properties Stock Analysis and Outlook
- Analyst Optimism: Among the 25 analysts covering VICI Properties, 80% have assigned a Buy rating, indicating strong market confidence in the stock despite trading near its 52-week lows, reflecting investor expectations for a rebound.
- Price Target Increase: Barry Jones from Truist Financial reiterated a Buy rating on VICI with a price target of $38, suggesting over 24% upside from current levels, indicating analysts' optimism about the stock's future performance.
- Market Environment Analysis: Analysts at Cantor Fitzgerald noted that while US equity REITs are expected to return only 2.9% in 2025, underperforming the S&P 500, they anticipate improvements in 2026 driven by a supportive macroeconomic environment and accelerating M&A activity, highlighting the sector's potential recovery.
- Strong Fundamentals: VICI Properties focuses on owning gaming, hospitality, and entertainment destinations across the US and Canada, and despite market challenges, its stable demand, strong balance sheet, and growing dividend yield make it attractive in the current environment.
See More
VICI Properties Stock Decline but Stable Dividends
- Stock Decline: VICI Properties' stock has fallen over 15% in recent months, bringing its price down to around $25 and pushing its dividend yield up to 6.18%, significantly higher than the S&P 500's 1.2%, providing investors with a stable passive income stream.
- Stable Dividend Growth: The company owns a growing portfolio of experiential real estate and benefits from long-term triple-net leases, ensuring steady cash flows with rents expected to rise by 46% this year and 90% by 2035, strongly supporting its dividend payouts.
- Investment Expansion: VICI recently secured a $1.2 billion deal to acquire seven gaming properties and continues to invest in income-producing experiential real estate through sale-leaseback transactions and real estate-backed loans, further enhancing its cash flow.
- Consistent Dividend Increases: The REIT has raised its dividend for eight consecutive years, achieving a compound annual growth rate of 6.6%, significantly outpacing the 2.3% average of other NNN-focused REITs, highlighting its strong market potential and growth prospects.
See More
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- Bullish Outlook for Apple: Joshua Brown, CEO of Ritholtz Wealth Management, remains bullish on Apple, with Wedbush analyst Dan Ives reiterating an Outperform rating and maintaining a $350 price target, reflecting strong market confidence in Apple's growth potential.
- AstraZeneca's Solid Earnings: AstraZeneca reported Q4 2025 sales of $15.5 billion, a 4% year-over-year increase, nearly matching the consensus of $15.49 billion, with adjusted earnings of $2.12 per share exceeding expectations of $2.09, showcasing its competitive strength in the pharmaceutical sector.
- VICI Properties Rating Downgrade: Scotiabank analyst Nicholas Yulico downgraded VICI Properties from Sector Outperform to Sector Perform and lowered the price target from $36 to $30, indicating a cautious outlook on the company's future performance.
- Ulta Beauty's Middle East Expansion: Ulta Beauty announced its first store opening in the UAE at Mall of the Emirates on January 29, reflecting its strategic expansion into international markets, which could enhance brand visibility and market share.
See More
Credit Rating Analysis of VICI and GLPI
- Credit Rating Comparison: Both S&P and Fitch rate VICI Properties and Gaming and Leisure Properties at BBB- with stable outlooks, while Moody's upgraded VICI to Baa3 and kept GLPI at Ba1, indicating a divergence among rating agencies that could impact investor confidence.
- Leverage Analysis: As of Q3 2025, GLPI's net debt-to-EBITDA ratio stands at 4.4x, below its management target of 5.0 to 5.5x, while VICI's ratio is at 5.0x, suggesting neither is under pressure from leverage, yet they receive different ratings.
- Tenant Concentration Impact: VICI derives approximately 74% of its leasing revenue from two operators, whereas GLPI distributes its exposure across five major tenants, with EBITDARM-to-rent coverage ranging from 1.80x to 3.14x, highlighting GLPI's advantage in revenue stability.
- Risk Transmission Structure: While both REITs operate within acceptable leverage parameters, GLPI's diversified risk structure may prove more resilient under stress, whereas VICI's concentrated risk could exacerbate credit risk if a tenant encounters issues, with future financial performance hinging on how each manages potential market pressures.
See More
Comparison of AGNC and Vici REIT Yields
- AGNC Yield Attraction: AGNC boasts an eye-catching forward yield of 12.8%, and while its projected EPS of $1.51 covers the $1.44 dividend, its declining earnings indicate a potential high-yield trap, suggesting caution for investors.
- Cost of Financing Pressure: AGNC generates cash by selling mortgage-backed securities (MBS), but with short-term rates exceeding long-term rates, its financing costs have risen, limiting profitability; if the real estate market remains sluggish, dividend cuts may be on the horizon.
- Vici's Stability: In contrast, Vici Properties, as an equity REIT, owns 93 entertainment properties and has maintained a 100% occupancy rate since its 2018 IPO, with projected adjusted funds from operations expected to grow 4%-5% by 2025, showcasing strong profitability and stable dividend payments.
- Leasing Model Advantage: Vici's leases are tied to the Consumer Price Index, allowing for rent increases in line with inflation, and its triple-net lease structure requires tenants to cover maintenance and taxes, further enhancing financial stability and dividend growth potential.
See More
VICI Properties Credit Rating Analysis
- Credit Rating Consistency: VICI Properties holds a BBB- credit rating across three major agencies, with Moody's upgrading it to Baa3 in November 2024, indicating stability at the investment-grade edge; however, the lack of buffer means any downgrade could disrupt this consensus.
- Rent Concentration Risk: Approximately 74% of contractual rent comes from Caesars Entertainment and MGM Resorts, accounting for 39% and 35% respectively; while the company boasts 100% occupancy across 93 properties, this concentration remains a structural risk that rating agencies are monitoring closely.
- Stable Cash Flow: In Q3 2025, AFFO per share reached $0.60, a 5.3% year-over-year increase, with management raising full-year guidance to $2.36-$2.37 per share; despite an eighth consecutive annual dividend increase to $0.45, the 76% payout ratio indicates limited resilience against unexpected events.
- Financial Leverage Position: VICI's net leverage stands at approximately 5.0x, at the low end of its target range, with total debt at $17.1 billion at year-end 2024, 98.1% of which is fixed-rate, showcasing strong financial management, yet it has not enabled a rating upgrade beyond BBB-.
See More
VICI Properties Stock Analysis and Outlook
- Analyst Optimism: Among the 25 analysts covering VICI Properties, 80% have assigned a Buy rating, indicating strong market confidence in the stock despite trading near its 52-week lows, reflecting investor expectations for a rebound.
- Price Target Increase: Barry Jones from Truist Financial reiterated a Buy rating on VICI with a price target of $38, suggesting over 24% upside from current levels, indicating analysts' optimism about the stock's future performance.
- Market Environment Analysis: Analysts at Cantor Fitzgerald noted that while US equity REITs are expected to return only 2.9% in 2025, underperforming the S&P 500, they anticipate improvements in 2026 driven by a supportive macroeconomic environment and accelerating M&A activity, highlighting the sector's potential recovery.
- Strong Fundamentals: VICI Properties focuses on owning gaming, hospitality, and entertainment destinations across the US and Canada, and despite market challenges, its stable demand, strong balance sheet, and growing dividend yield make it attractive in the current environment.
See More
VICI Properties Stock Decline but Stable Dividends
- Stock Decline: VICI Properties' stock has fallen over 15% in recent months, bringing its price down to around $25 and pushing its dividend yield up to 6.18%, significantly higher than the S&P 500's 1.2%, providing investors with a stable passive income stream.
- Stable Dividend Growth: The company owns a growing portfolio of experiential real estate and benefits from long-term triple-net leases, ensuring steady cash flows with rents expected to rise by 46% this year and 90% by 2035, strongly supporting its dividend payouts.
- Investment Expansion: VICI recently secured a $1.2 billion deal to acquire seven gaming properties and continues to invest in income-producing experiential real estate through sale-leaseback transactions and real estate-backed loans, further enhancing its cash flow.
- Consistent Dividend Increases: The REIT has raised its dividend for eight consecutive years, achieving a compound annual growth rate of 6.6%, significantly outpacing the 2.3% average of other NNN-focused REITs, highlighting its strong market potential and growth prospects.
See More
