Gaming REITs are real estate investment trusts that specialize in owning properties tied to gaming, entertainment, and experiential venues. Their portfolios often include casinos, hotels, and resorts, which they lease to operators under long-term, triple net lease agreements that typically generate a secure cash flow. In addition to gaming-related assets, these REITs may also hold leisure properties such as golf courses, water parks, and other entertainment-focused facilities.
In 2025, gaming REITs returned 9.7% through July 31 as the range of experiences these properties offer remained popular with consumers. Since the inception of the FTSE Nareit Gaming Index in June of 2023, the sector has provided a compound annual total return of 6.2%.
As of July 31, the dividend yield of gaming REITs was 5.7%, compared to 4.0% for the FTSE Nareit All Equity REITs Index. In the first half of 2025, gaming REITs paid $1.4 billion in dividends. Through the first half of 2024 and 2023, they paid $1.3 billion and $1.2 billion, respectively. Full-year dividends paid over the past few years have also been modestly increasing, with distributions of $2.6 billion in 2024 and $2.4 billion in 2023.
FFO has remained steady over the past few years. In the first half of 2025 gaming REITs posted FFO of $1.9 billion, in line with the $1.9 billion in the first half of 2024 and up from $1.7 billion in the first half of 2023. Gaming REITs’ dividend payout ratio was 74% in the first half of 2025, which puts it just below the median of 75% for all Equity REIT property sectors. For full-year 2024, Nareit’s REIT Industry Tracker indicates that the payout ratio of the FTSE Nareit Gaming REITs Index was 71%.
Compared to other REIT property sectors, gaming REITs are geographically more concentrated in their property portfolios. As of year-end 2024, gaming REITs owned 116 properties in 21 states with a gross asset value of $26.9 billion. Meanwhile, 46% of these properties and 61% of the gross asset value are located in four states, reflecting that although nearly half the country has some exposure to these properties, gaming REITs maintain outsized allocations to certain core markets.
$47 billion: As of July 31, U.S. gaming REITs had an equity market cap of $47 billion, the ninth largest of the 13 equity REIT property sectors, according to the FTSE Nareit U.S. Real Estate Index Series.
492: There were 492 commercial casino locations across 27 states at the end of 2024, according to the American Gaming Association’s State of the States 2025 report, released in May.
$329 billion: The gaming industry contributes $329 billion in annual economic impact, according to the American Gaming Association’s State of the States 2025 report, released in May.
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