MEANWHILE

Unless and until the epidemic reaches the United States, the U.S. gaming industry is riding the waves of a strong economy and confident consumers.

MEANWHILE Investors responded in kind. Penn National stock immediately hit a new 52-week high. Boyd, both a Penn regional peer and a Red Rock Las Vegas locals market peer, also hit a new high.

 And what’s good for regional gaming and Las Vegas is good for the gaming REITs, a premise held by investors who

have repeatedly pushed Gaming & Leisure Properties and VICI Properties to new highs.

MEANWHILE Generally, REITs are unexciting companies, as they hold real estate, collect rents, recycle properties and mostly make a life out of simple blocking and tackling.

Investors responded in kind. Penn National stock immediately hit a new 52-week high. Boyd, both a Penn regional peer and a Red Rock Las Vegas locals market peer, also hit a new high.

But gaming REITs clearly have caught investors’ eyes.

As analyst Jordan Bender of Macquarie pointed out, the stocks of the three gaming REITs advanced 36 percent last year, beating the S&P 500’s banner 31 percent leap, and the All Equity REIT Index’s 29 percent rocket ride.

That bullishness has continued into this year.

As of this writing, Gaming & Leisure Properties is up 11.6 percent, VICI is up 6.7 percent and MGM Growth Properties has risen 8.2 percent.

The reasons for the gains have been discussed in this space before:

The research found that fewer than half of the 14 states reviewed spent the allocated money on responsible gaming or problem gambling issues, while the other states were either unclear or unlikely to have spent the money for its intended use.

It is clear that there is still work to be done to ensure allocated tax revenue is being appropriately spent.

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