VICI Properties Inc. (VICI)

Bull case assumes accelerated capital deployment into non-gaming experiential assets, including build-to-suit hospitality partnerships such as Club Med and development opportunities on the 50-acre Las Vegas parcel adjacent to Planet Hollywood. Higher CPI-linked rent escalators expand top-line growth above consensus, while VICI's valuation multiple re-rates toward the peer net-lease median from its discounted forward P/E of 7.77x.

• Accelerated experiential capital deployment yields returns comfortably above WACC (7.22%).
• Revenue growth exceeds base forecast through maximum CPI escalator realization across master leases.
• Valuation multiple re-rates toward broader net-lease REIT peers (peer forward P/E median of 27.9x).
• Successful entitlement and development of the 50-acre Las Vegas Strip parcel in partnership with Caesars.