VICI Properties Inc. Common Stock (VICI)

Competitors to VICI Properties Inc. Common Stock (VICI)

Crown Resorts Limited

Crown Resorts Limited operates as a leading integrated resorts operator in Australia, competing with VICI Properties for global gaming market shares. While Crown owns and operates its properties, VICI focuses on real estate leasing to various gaming operators, including Crown in certain instances. The competitive advantage lies with VICI Properties, as its business model allows it to capitalize on multiple streams of revenue from various tenants across jurisdictions rather than relying on a single market, which is the case with Crown's Australia-centric operations.

CyrusOne Inc.

Though primarily focused on data centers, CyrusOne competes indirectly with VICI Properties in the real estate sector where data-driven enterprises are increasingly investing in their infrastructure. Both companies target large institutional clients, but their focus on different asset classes—CyrusOne on telecommunications and VICI on gaming and hospitality—shapes their competitive landscape. VICI Properties has a competitive advantage as it operates in a niche market that is less susceptible to volatility compared to technology-related real estate.

Gaming and Leisure Properties, Inc. 

Gaming and Leisure Properties, Inc. (GLPI) is a real estate investment trust (REIT) that primarily focuses on the acquisition and ownership of gaming facilities and associated real estate. Both VICI Properties and GLPI compete for tenant relationships with casino operators, leveraging their portfolios of gaming assets. VICI Properties has a competitive advantage due to its larger size and diversified holdings, which include properties leased to popular casino brands, coupled with strong long-term contracts that provide stable cash flows.

MGM Growth Properties LLC

MGM Growth Properties LLC is another REIT focused on owning properties tied to the gaming industry, specifically properties leased to MGM Resorts. Both MGP and VICI aim to capitalize on the stable and recurring revenues inherent in leasing gaming properties. However, VICI has a broader portfolio of properties beyond just MGM's assets, giving it an edge in terms of geographic and tenant diversification. Thus, VICI Properties enjoys a competitive advantage as it can mitigate risks better than MGP, which is heavily reliant on a single gaming company.