Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We spend our lives looking for toll bridges. VICI Properties owns something very close to one: the land and buildings under Caesars Palace, the Venetian, MGM Grand, and roughly a hundred other properties where people go to have expensive fun, leased to operators who cannot leave, under contracts that run into the 2050s, with rent that ratchets upward and never down. Through a pandemic that closed every casino in America, VICI collected 100% of its rent, in cash, on time. That is a fact worth sitting with for a moment. The business earns four stars rather than five for reasons we will lay out honestly: it carries $17 billion of debt as a permanent feature of its model, its growth depends on continuous access to capital markets rather than internally compounded earnings, and 72% of its lease revenue comes from just two tenants. These are real constraints, not footnotes.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-07-29), 8-K (2026-07-29), 10-Q (2026-04-29).
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