Dependence on Tenant Performance: VICI's business model, which relies on long-term triple-net leases, inherently ties the company's financial health to the performance of its tenants. While this structure provides stability and predictability in cash flows, it also exposes VICI to risks associated with tenant defaults or bankruptcies. The company's financial results could be adversely affected if tenants fail to meet their lease obligations or if there is a downturn in the gaming, hospitality, and entertainment industries that impacts tenant revenues and, consequently, their ability to pay rent.

Interest Rate Sensitivity: VICI's interest expense, which remained relatively stable at around $204.9 million, poses a risk in a fluctuating interest rate environment. The company's significant amount of fixed-rate indebtedness shields it from immediate interest rate hikes; however, future refinancings or new debt issuances could be at higher rates, potentially increasing interest expenses and affecting net income. Additionally, VICI's limited exposure to variable interest rates, though small, could still lead to increased interest expenses if rates rise.