VICI Properties reported third-quarter total revenues up 5.8% to $1.1 billion and AFFO up 4.3% to $0.62 per share, and raised its dividend 2.2% to $0.46 per share, its ninth straight annual increase. However, it recorded a $458 million increase in expected credit losses, largely tied to its lease with Caesars after a credit-rating downgrade of Caesars' senior secured debt. Caesars accounts for roughly 38% of VICI's rental revenue and carries nearly $11.7 billion in debt, which the article cites as a main reason the shares have not rebounded. The stock sits more than 20% below its 52-week high, and the author argues Caesars' new owner is more likely to sell some operations to cut debt, with new tenants signing leases near current rents.
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