BUY160VICI@$24.84

Notional

$3,974.75

Order type

Market order

VICI now

$24.16Sep 17, 10:13 PM ET

Since this trade

−2.77%

Adding the casino landlord. VICI owns Caesars Palace, MGM Grand, the Venetian, and leases them back on triple-net terms - the operators pay rent whether the tables run hot or cold. Near a 52-week low at a 6.8% yield while our operator leg (MGM -15%, WYNN -15%, PENN -14%) has been repriced. Same theme, lower beta, and the rent gets paid first. Funded from reserve, not from trimming the compounders.