08/03/2023 | by John Barwick
Caesers


Gaming REITs are real estate companies that own gaming, entertainment, and experiential real estate properties, including casinos, resorts, and hotels. Gaming REITs function as landlords, leasing properties to gaming and hospitality operators, typically though long-term, triple-net lease structures.

Gaming REITs also own other experiential assets including water parks, golf courses, and other leisure and entertainment facilities.

Reflecting the growing importance of experiential real estate, the gaming sector owns some of the most iconic properties on the Las Vegas Strip and is the newest property sector in the FTSE Nareit U.S. Real Estate Index Series, launching in June 2023, effective with the 2023: Q2 quarterly review. The sector launched with two constituents, VICI Properties Inc. (NYSE: VICI) and Gaming and Leisure Properties, Inc. (Nasdaq: GLPI).

  • 3.5%: Previously grouped with specialty REITs, the weight of gaming REITs in the All Equity REITs index grew from 1.7% at the end of 2019 to 3.5% as of July 31, 2023.
  • $2.0 billion: The FFO of gaming REITs grew from $1.2 billion to $2.0 billion on an annual basis from 2019–2022.
  • 31.5%: The leverage ratio of the sector declined from 33.8% to 31.5% on an annual basis from 2019–2022.

Below is a list of Nareit member companies from the gaming sector.