VICI Q4 2024 revenue grows by 4.7% year-over-year, but net income drops by over $100m

VICI Properties released its financial results for the fourth quarter of 2024 and full year (FY) on February 20, reporting a 4.7% increase in revenue during Q4 2024, but a decrease of 17.8% in net income throughout the period. 

Total revenues during Q4 2024 were reported to be $976.1m, while net income dropped by over $100m from the prior year period for a total of $614.6m. The primary reason for the decrease in net income was reported to be the impact of the change in CECL allowance, which went from saving $63.3m during Q4 2023 to costing over $94.4m throughout the fourth quarter of 2024. 

While net income during Q4 2024 decreased, the figure managed to see a rise year-over-year throughout FY2024, increasing by 6.6% for a reported total of $2.7bn. Much like its net income counterpart, total revenue during FY2024 also grew by 6.6%, reported to be $3.8bn during the period. 

The company’s adjusted EBITDA also managed to increase from the prior year period despite a drop in net income, rising by 4.8% for a total of just under $785.8m during Q4 2024. Throughout FY2024, adjusted EBITDA increased by 6.7% year-over-year for a reported total of just over $3.1bn. 

Adjusted funds from operations (AFFO) was reported to be $601.3m during Q4 2024 and $2.37bn for FY2024, representing increases of 5.4% and 8.4% year-over-year, respectively. 

Good to know: VICI formed a new $2.5bn unsecured credit facility on February 4 that was reportedly “substantially oversubscribed” with support from 15 financial institutions

Throughout the fourth quarter of 2024, VICI’s contractual income from sales-type leases generated $524.7m, the majority of which ($137.7m) was produced by the company’s lease with Caesars Entertainment, excluding properties in New Orleans, Atlantic City and Laughlin. 

Caesars Las Vegas generated $121.7m of income during Q4 2024 and $473.6m of income throughout FY2024, while the previously mentioned lease with Caesars contributed $550.5m of income during FY2024. 

For contractual income from lease financing receivables, the company’s master lease with MGM resorts accounted for $189.9m of the $383.2m generated by such leases during Q4 2024. The lease also represented the largest amount of income generated for VICI during FY2024, accounting for $754.5m of the $1.53bn generated from such leases throughout the period. 

During Q4 2024, VICI also developed a new partnership with Indigenous Gaming Partners in connection with its acquisition of PURE Canadian Gaming.

Kirk Geller

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