The tenant, Apollo Global Management (NYSE: APO), has signed a 30-year lease that escalates every year with inflation. Resort and gaming properties probably wouldn't top your list -- images of empty casinos and the deserted sidewalks of the Las Vegas Strip probably come to mind. For the full year, VICI's revenue increased by 37%, resulting in 28.7% growth in adjusted funds from operations (AFFO, what REITs typically use for earnings).