VICI Properties Q2 2024 revenue increases by nearly $60m year-over-year
The company announced an up to $700m investment to fund extensive reinvestment projects at The Venetian Resort Las Vegas.
VICI Properties has announced its financial results for Q2 2024, with revenue having been reported to be $957m as compared to the $898.2m figure reported during the second quarter of 2023.
“In the second quarter, we committed up to $950m of capital into existing high-quality partnerships, $650m of which will be deployed this year, comprised of our $400m property improvement investment into the Venetian and $250m credit investment into Great Wolf Resorts,” VICI Properties CEO Edward Pitoniak said.
“We believe these investments demonstrate that VICI has advantageous levers for sustained, sustainable growth with quality tenants in durable sectors across attractive geographies.”
Total revenues for the quarter included $131.3m of non-cash leasing and financing adjustments and $19.3m of other income. Net income was reported to be $752.8m for Q2 2024 compared to the $701.6m net income reported for the second quarter of 2023.
Income from sales-type leases increased from the $495.4m total for Q2 2023 to $512.3m for the second quarter of 2024. Lease financing receivable income also increased, rising from $356.5m during the second quarter of 2023 to $381.5m for Q2 2024.
The Caesars Las Vegas and Regional Master leases generated the most revenue for VICI Properties, representing a combined $255m of the reported revenue for Q2 2024. The company’s MGM Resorts Master lease generated $188.6m of revenue throughout the quarter as well.
VICI Properties ended the quarter with $347.2m in cash and cash equivalents and $681m of estimated forward sale equity proceeds.
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