Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Casino REITs: The House Always Wins

Updated: Sep 10, 2020

  • Ready to roll the dice? Casino REITs aren't the gamble that may appear on the surface. Despite the ongoing coronavirus pandemic, casino REITs have actually outperformed the broader REIT sector.

  • Double down: Casino REITs have nearly doubled from their lows in late March when the sector was off by as much as 60% amid fears of significant operator distress.

  • Despite the temporary closure of many gaming properties across the country, rent collection has been spotless since the start of the pandemic and dividends have been essentially untouched.

  • Critically, casino REITs operate under a long-term, triple-net lease structure, leaving most of the financial and operational risk - both on the upside and the downside - to their tenants.

  • Risks remain, however, as these long-term leases are only as safe as the tenant's ability to pay. The pandemic has stretched some major operators to the brink.

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