The "economic resiliency of gaming is resounding," Vici Properties (NYSE:VICI) management said at the Nareit REITweek conference Wednesday, in response to a question on how the net-lease REIT and its tenants would fare against a backdrop of economic pain.
That's because operators in the gaming space know their customers and know how to pivot strategy in the event that consumer trends change as a resultof financial shocks like the pandemic, management said, citing a strong comeback after the 2008 great recession and the pandemic-induced shock.
During the first quarter, Vici (VICI) acquired four gaming properties in Alberta, Canada, for C$271.9M, representing the company's first international investment. Overall, its portfolio consists of 49 gaming facilities across the U.S. and Canada comprising some 124M square feet.
Elsewhere, management said VICI will fare well in a deflationary environment like it did during the post-pandemic inflation spike, thanks to its inflation-protected leases on an outsized chunk of its portfolio.
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