Vici Properties (VICI) holding up well on 9/20 and right back at the 200-day MA and insiders active buying $230K in stock at $29.50. This is the first open market buy since March when the same director bought $375K in stock at $28.25. VICI traded almost 300% off the March 2020 lows and has now pulled back just above yearly value-area high at $28. This also aligns with the 23.6% Fibonacci retracement. The longer-term trend has room to run above $32 with a measured move to $38. VICI has seen some small accumulation the October $30 calls with over 4,900 bought since 9/9. The $20.85B company trades 14X earnings and 1.65X book. VICI is a REIT that focuses on gaming, hospitality, and entertainment destinations like Caesars Palace, The Venetian, and Hard Rock Cafe. Overall, they have 29 gaming facilities and 50M square feet including 20K hotel rooms and more than 200 restaurants, bars and nightclubs. VICI has a strong financial profile with double-digit AFFO growth and long-dated lease profiles with their top tenants. They have 100% occupancy and high-barrier to entry give the legislative and regulatory headwinds in the gaming and leisure space. VICI has tailwinds from a return to gaming over the next 2-3 years as the pandemic eases and sports betting which is a big opportunity to attract new customers to the space. VICI announced a deal on 8/4 to buy MGM Growth valuing the latter at $17.2B. The deal will be immediately accretive and expected to close in the 1H of 2022. The deal will give VICI’s best-in-class management a huge portfolio of top properties in Las Vegas, all acquired at a significant discount to replacement cost and at an attractive cap rate. Analysts have an average target for shares of $33.50 and a Street High $47. Capital One starting coverage at Overweight on 9/1 citing a visible growth pipeline, a proven management team, and several near- to medium-term potential catalysts that should yield an increase in the sector’s total addressable market and drive substantial transaction/growth opportunities. Hedge fund ownership rose 7.5% last quarter.