JMP Securities says VICI Properties continues to make progress in expanding its experiential portfolio. The company is growing its relationship with Canyon Ranch, while its recent stake in the Bellagio offers a positive price point for the company’s Las Vegas holdings, the analyst tells investors in a research note. The firm views VICI’s methodology of “prudently growing” its non-casino book through loan-to-own transactions favorably, saying it allows the company to slowly gain comfort with new business models while earning an attractive yield on invested capital. JMP remains a buyer of the stock with an Outperform rating and $38 price target.
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