VICI Properties (NYSE: VICI), the largest cassino landlord inward the US, announced Th it is increasing its quarterly dividend to 41.5 cents a apportion from the stream rank of 39 cents.

That agency the Caesars Palace owner’s one-year payout testament prove 6.4% to $1.66 from $1.56 per share. The word arrived a day after VICI closed in(p) on the antecedently proclaimed purchase of the tangible demesne of a quartet of Canadian gaming properties. Those venues testament go along to be operated by Colorado-based Century Casinos (NASDAQ: CNTY).

The dividend will live payable on Oct 5, 2023 to stockholders of enter as of the fill up of business sector on Sep 21, 2023,” according to a statement issued by the existent estate investment funds swear (REIT).

New York-based VICI, a member of the S&P 500, owns the real demesne assets of 54 gaming venues crossways the US and Canada. The gillyflower closed in(p) today with a dividend knuckle under of 5%, or 74 fundament points o'er the succumb found on 10-year Treasurys.

VICI Fast Becoming Dividend Growth Story

Dividends are e'er nice, but this title of investing is topper deployed o'er long time horizons, signification steady payout maturation is indispensable to electropositive outcomes for investors.

VICI is respondent that call. Today’s dividend hiking by the Venetian owner arrived nearly a yr after an 8.4% payout raise and represents the 6th sequent year inward which the REIT increased its dividend since it was spun come out from Caesars Entertainment in 2017.

Through a series of smarting acquisitions, VICI is at present the largest landlord on the Las Vegas Strip. It owns the existent estate of Caesars Palace and the Venetian and the holding assets of nearly all of the Strip venues operated by MGM Resorts International (NYSE: MGM). The exceptions are Bellagio and Cosmopolitan.

While the Strip accounts for to a greater extent than 40% of the REIT’s rental income, VICI is geographically diverse as it owns gaming real land in 15 states, including NV and Canada.

VICI Dividend Hike Keeping Pace with Rival

With today’s dividend news, VICI keeps rate with competitor Gaming and Leisure Properties (NASDAQ: GLPI), the only publicly traded gaming REIT.

On Aug. 31, Gaming and Leisure Properties proclaimed its indorse payout increase this year to spell on with a antecedently proclaimed special dividend. Gaming and Leisure’s dividend give in is 104 fundament points to a higher place VICI’s, but the latter has been the better-performing stockpile this year.

While the deuce REITs run inward the same space, the brace has marquise differences. As measured past market capitalization, VICI is roughly two-and-a-half times larger than its rival. For its part, Gaming and Leisure has significantly less exposure to the Las Vegas Strip than does its competitor.

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