Vici Estate, a leading real estate investment trust with a vast portfolio of premier gambling destinations, has released its strong financial results for the third quarter ending 30 September 2023, showcasing impressive growth and strategic expansion.

Real estate investment trust reports robust earnings and expansion

In Q3, Vici Properties reported total revenue of $904.3 million, marking a remarkable 20 percent year-over-year increase. The net income attributable to common stockholders surged by an astounding 68 percent reaching $556.3 million, compared to $330.9 million in the previous year.

The company’s Adjusted Funds from Operations (AFFO) attributable to common stockholders also displayed substantial growth, rising by 16 percent to $547.6 million, with a per-share increase of 11 percent year-on-year to $0.54.

Edward Pitoniak, CEO of Vici Properties, underlined the company’s unwavering commitment to accretive growth and strategic capital deployment, exemplified by acquisitions such as the Rocky Gap Casino Resort and the recent venture into the family entertainment sector with the acquisition of 38 bowling entertainment centers from Bowlero Corp.

In a strategic move to diversify its market presence, Vici Properties entered the Canadian market by acquiring Century Casinos’ four gaming properties in Alberta, Canada.

The company also declared a quarterly cash dividend of $0.415 per share, marking a 6 percent year-over-year increase. Vici Properties is well-positioned with $510.9 million in cash and cash equivalents and $807.2 million in estimated available forward sale equity proceeds.

This robust performance is part of a larger growth trajectory for Vici Properties, which saw a 23 percent increase in total revenue, amounting to $1.5 billion in 2021. The company’s continued success can be attributed to strategic partnerships, acquisitions, and access to the equity capital markets, as demonstrated in its impressive Q4 2022 results, where revenue surged by 101 percent year-on-year.

Large portfolio of gaming destinations

VICI Properties Inc. is an S&P 500 real estate investment trust, with ownership of one of the most extensive portfolios of premier gaming, hospitality and entertainment destinations. This remarkable collection includes illustrious venues like Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, all of which hold iconic status along the vibrant Las Vegas Strip.

With a total of 92 assets under its ownership, VICI Properties Inc. maintains a diverse geographical reach. This impressive portfolio encompasses 54 gaming properties and 38 non-gaming experiential properties across both the United States and Canada. In terms of size, the combined properties span roughly 125 million square feet, offering visitors access to approximately 60,300 hotel rooms, along with an array of around 500 restaurants, bars, nightclubs and sportsbooks.

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