Published on: April 17, 2026, 12:48h.
Updated on: April 17, 2026, 12:48h.
- The casino property owner is featured among stocks listed by a swap broker.
- Analysts suggest the broker might be a preferred choice for activists aiming to quietly accumulate stakes in diverse corporations.
- No activist investor has publicly expressed interest in VICI at this time.
VICI Properties (NYSE: VICI), recognized as the leading owner of casino real estate, might draw the attention of activist investors, though various factors are in play regarding this speculation.
According to a recent report focusing on PayPal (NASDAQ: PYPL), analyst Gordon Hackett from Don Bilson has mentioned that SG Americas, the US brokerage division of the French bank Societe Generale, may serve as a preferred institution for activists seeking to stealthily accumulate stock positions. Alongside PayPal, VICI, which owns the land housing Caesars Palace on the Las Vegas Strip, is included among several stocks noted in SG Americas’ Form 13 filing submitted to the Securities and Exchange Commission (SEC) yesterday.
It is important to clarify that it remains unclear if VICI is currently being targeted by an activist investor, as no representative in the market has outlined intentions to approach the real estate investment trust (REIT) for significant changes.
That said, it is common for institutional investors to build sizable positions through swaps, and recent incidents in the gaming industry could provide some context. A notable example is billionaire Kenneth Dart, who has accumulated a significant share in Flutter Entertainment (NYSE: FLUT), owner of FanDuel, entirely via derivatives. Flutter is also listed in the SG Americas filing.
Why Activist Investors Favor Swap Brokers
While it is still unknown if VICI or any other stocks included in the SG Americas listing are experiencing this dynamic, the main rationale behind certain activist investors utilizing swaps through broker dealers is to acquire shares stealthily.
“An activist can therefore discreetly increase its stake in a company for an extended time while remaining anonymous via a counterparty, without the company or the public being aware,” according to Harvard Law School. “Such an activist strategy can put a company at a disadvantage, as there can be no early warning signal through a 13F filing that a shareholder holds a substantial block of shares or potential shares.”
Once an investor obtains 5% or more of a company’s shares, they are required to file either a Form 13G or 13F with the SEC. The latter often indicates some form of activist interest, although it is not a guarantee. Conversely, 13G filings are generally utilized by passive investors.
For instance, Tilman Fertitta opts for 13G filings to report his stake in Wynn Resorts (NASDAQ: WYNN). Filers of 13G’s can transition to 13F’s if they opt to adopt a more proactive stance in pursuing change within a company.
VICI Has Encountered Activist Interest Before
VICI has a history of dealing with activist investors. In 2020, Jonathan Litt’s Land & Buildings Investment Management, LLC (L&B), then a shareholder in the REIT, urged Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) — another publicly listed casino REIT — to merge with VICI. However, that deal did not come to fruition.
While ongoing negotiations (and challenges) related to the regional master lease with Caesars Entertainment (NASDAQ: CZR) could make VICI an appealing target for activists, for the moment, this remains speculative.