VICI Properties: The 7% Yield Is Not Enough To Justify The Risks [Seeking Alpha]
ELDORADO RESORTS (ERI)
Last eldorado resorts earnings: 2/26 04:05 pm
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US:NASDAQ Investor Relations:
ir.eldoradoresorts.com
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Source: Seeking Alpha
SummaryVICI is a triple-net REIT owning casino properties such as Caesars Palace Las Vegas.Casino triple-net leases contain coverage floors which restrict lease escalations below a certain rent coverage threshold.VICI maintains a conservative balance sheet giving it flexibility to extend financial help to its tenants, if needed.I am unsure if the 7% yield provides for an adequate margin of safety.VICI Properties (CZRLandlord Of Sin CityVICI isn’t your traditional triple-net REIT. Whereas the most famous triple-net REIT Realty Income (CVS2020 Investor PresentationFor those unfamiliar with casino , it may seem unorthodox to have casino tenants. Casinos historically are very profitable and thus make great tenants. VICI’s tenants have rent coverage of around 3 times - as far as I could find, they last disclosed this metric in the first quarter of 2019 as 3.5 times:2019 Q1 PresentationSince then, VICI has undergone several transactions, including the acquisition of additional Jack Clevelan
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