Casinos, Movie Theaters and Entertainment Venues Pay Rent to These 3 REITs, and $90,000 Yields $6,638 a Year
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Spending at casinos such as Caesars Palace and at suburban multiplexes partly flows to the landlords that own those properties. The landlords here are real estate trusts (REITs). These companies own property, collect rent, and must pay out at least 90% of taxable income to shareholders. That payout rule is the main reason their yields run high.
All three of these REITs use long-term triple-net leases. Under a triple-net lease, the tenant signs on for decades and covers taxes, insurance, and maintenance on top of the rent, so the landlord takes on few of the property’s running costs. Investing $30,000 in each one, or $90,000 in total, would produce about $6,638 a year in dividends based on the Nov. 12, 2026 closing prices. The three are listed below from the lowest forward yield to the highest.
EPR Properties
- Stock #3: EPR Properties (NYSE:EPR)
- Yield: 6.32%
- Shares for $30,000: 509.42
- Annual Passive Income: ~$1,895
EPR owns places where people spend their free time. Its portfolio includes 148 theaters, 62 eat-and-play venues, Six Flags parks, ski resorts, and fitness clubs. Topgolf is its largest tenant at 14.5% of annualized base rent. AMC follows at 14.2% and Regal at 10.2%. Theaters account for 34% of rent, and management plans to reduce that share.
EPR pays its dividend monthly, and it has held at $0.31 per share, or $3.72 a year, since rising from $0.295 earlier in 2026. EPR suspended its dividend during the pandemic. Payments stopped after April 2020 and resumed in July 2021 at $0.25 a month. The payout looks well covered today.
Third-quarter dividends took 60% of AFFO (the adjusted cash-earnings measure REITs use), and 2026 FFO as adjusted guidance is $5.49 to $5.57 per share. Movie attendance is the main risk to the payout. Box office is up about 20% this year, and a weak film slate would hit theater tenants first.
VICI Properties
- Stock #2: VICI Properties (NYSE:VICI)
- Yield: 7.42%
- Shares for $30,000: 1,209.68
- Annual Passive Income: ~$2,226
VICI owns Caesars Palace, MGM Grand and the Venetian Resort on the Las Vegas Strip among its 63 gaming properties. Its 40 other experiential properties include Chelsea Piers, Lucky Strike bowling centers and Canyon Ranch wellness resorts. Caesars pays 38% of annualized rent, and MGM pays 32%.
In September, the quarterly dividend rose to $0.46 from $0.45, VICI’s 9th consecutive annual increase since its IPO. 24/7 Wall St. recently looked at VICI’s dividend coverage in depth. Management targets a payout of about 75% of AFFO, and 2026 AFFO guidance of $2.47 to $2.48 per share sits well above the $1.84 annual dividend. Tenant concentration is the main risk, and third-quarter results included a $458.0 million non-cash credit-loss charge, with $313 million tied to Caesars after Moody’s downgraded Caesars’ credit rating.
Gaming and Leisure Properties
- Stock #1: Gaming and Leisure Properties (NASDAQ:GLPI)
- Yield: 8.39%
- Shares for $30,000: 767.26
- Annual Passive Income: ~$2,517
Gaming and Leisure became the first pure-play casino REIT when it was spun off from what’s now PENN Entertainment in 2013. It owns 71 gaming facilities across 21 states. PENN operates 34 of them and Bally’s runs 16.
The quarterly dividend rose to $0.82 from $0.78 this year, which works out to $3.28 annually. 24/7 Wall St. recently covered GLPI’s payout ratio. In short, 2026 AFFO guidance of $4.11 to $4.12 per share covers the dividend, and leverage is at 4.8x net debt to adjusted EBITDA. The risk comes from leaning heavily on PENN and Bally’s while funding a $2.022 billion development pipeline that includes Bally’s Chicago.
How $90,000 Becomes $6,638 a Year
| Name | Yield | Annual Dividend Income |
|---|---|---|
| EPR Properties | 6.32% | $1,895 |
| VICI Properties | 7.42% | $2,226 |
| Gaming and Leisure Properties | 8.39% | $2,517 |
| Total | 7.38% | $6,638 |
Combined, these three positions produce $6,638 in passive income each year on a $90,000 investment, a blended yield of 7.38%. Gaming and Leisure contributes $2,517, VICI adds $2,226, and EPR supplies the remaining $1,895.
Interest rates matter because all three borrow to grow. EPR has $450 million of notes due Dec. 15, 2026. Taxes also cut into the income. Most REIT dividends face ordinary income tax rates, because only the part a REIT designates counts as qualified dividend income under 26 U.S.C. § 857(c)(2).
The thing to watch is the financial health of the biggest tenants: Caesars, MGM, PENN, Bally’s, and the theater chains. None of these dividends is guaranteed. If they hold, the rent from Las Vegas casino floors and multiplexes arrives in a brokerage account as cash that can be spent or reinvested to buy more shares.
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David Beren has been a Flywheel Publishing contributor since 2022. Writing for 24/7 Wall St. since 2023, David loves to write about topics of all shapes and sizes. As a technology expert, David focuses heavily on consumer electronics brands, automobiles, and general technology. He has previously written for LifeWire, formerly About.com. As a part-time freelance writer, David’s “day job” has been working on and leading social media for multiple Fortune 100 brands. David loves the flexibility of this field and its ability to reach customers exactly where they like to spend their time. Additionally, David previously published his own blog, TmoNews.com, which reached 3 million readers in its first year. In addition to freelance and social media work, David loves to spend time with his family and children and relive the glory days of video game consoles by playing any retro game console he can get his hands on.
