Red Rock Resorts is a buy due to its strong real estate assets, development expertise, and dominant position in the Las Vegas local market, offering significant upside potential.
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The Ground Up Ep 07: Two Wide Moat REITs With Top Notch Hard Assets
Sep 9, 2026
The creator discusses wide moat REITs and tangible asset companies, highlighting Sky Harbor (SKYH) for airport hangar development, Seaport Entertainment Group (SCG) for undervalued real estate and entertainment assets, Vail Resorts (MTN) for its dominant ski resorts trading at a discount, and Five Point Holdings (FPH) for its planned community developments. The discussion also touches on Ladder Capital (LADR) and Melrose Properties (MRP) in tangible asset financing, and contrasts VICI Properties (VICI) and Gaming and Leisure Properties (GLPI) with Ryman Hospitality Properties (RHP), a REIT focused on large group-oriented destination resorts.
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Tickers discussed in this post
Ryman Hospitality Properties (RHP) is highlighted for its wide competitive moat in the lodging sector, focusing on large group-oriented destination resorts designed for full convention economics, with its portfolio now exceeding 13,000 rooms after acquiring Gaylord Lakes Orlando.
Gaming and Leisure Properties (GLPI) faces tenant concentration risk, with Bally's representing about 17% of its rent and having weaker credit and significant development obligations.
VICI Properties (VICI) is facing pressure due to investor focus on the financial health and ownership changes of its major tenants, with nearly 70% of its annual rent coming from Caesars and MGM.
Melrose Properties (MRP) is a large-scale land banking REIT that provides capital to homebuilders and owns core homebuilding sites.
Ladder Capital (LADR) is an internally managed commercial real estate company with three integrated profit engines: mortgage loans, investment-grade securities, and directly owned real estate.
Five Point Holdings (FPH), a California master-planned community developer, is trading at approximately 50 cents on the dollar relative to its tangible book value.
Vail Resorts (MTN) controls premier North American ski destinations, with shares trading at 14.6x free cash flow compared to a historical multiple of 24.7x, offering a ~6% dividend yield and strong FY27 earnings growth.
Sky Harbor (SKYH) is mentioned for its development of private aviation hangar complexes at major airports, highlighting the difficulty in acquiring land and approvals.