Macro pessimism, Las Vegas overhang, and tenant concentration have contributed to VICI's steep selloff, albeit triggering my upgraded Strong Buy rating. The tenants' profitable metrics, 100% rent collection, triple net lease, and inflation-protected escalators support the REIT's resilient operations. VICI's diversification into experiential assets further enhances its long-term prospects while offering a speculative upside potential, assuming valuation re-rating nearer to its diversified REIT peers.