February 19, 2021 Casino, Land-Based

VICI Properties revenue grows to $373m in Q4 2020, up 57% y-o-y


Real estate investment trust VICI Properties reported fourth quarter 2020 revenue of $373m, a 57% year-on-year improvement.

VICI received 100% of rent payments, on time, for the quarter and for the entire year of 2020. The REIT’s portfolio totals 28 gaming properties including Caesars Palace, Harrah’s Las Vegas and JACK Cleveland Casino.

Q4 income from sales-type and direct financing leases was $289m, up 32% y-o-y, while income from lease financing receivables and loans was $70m. VICI’s Caesars Las Vegas Masters Lease accounted for $100m of contractual revenue from sales-type and direct financing leases, while the Caesars Regional Master Lease & Joliet Lease (excluding Harrah's NOLA, AC, and Laughlin) generated another $128m of revenue.

For the full year of 2020, VICI saw total revenues increase 37% y-o-y to $1.2bn, while adjusted funds from operations grew 29% to $836m.

Edward Pitoniak, Chief Executive Officer of VICI Properties, said: “Prior to 2020, we were often asked how the Gaming REIT model would fare once it hit its first recession. What VICI faced in 2020 was far beyond a normal recession, but thanks to our tenants’ operating excellence and liquidity, thanks to the intense loyalty gaming customers have to the gaming experience, and thanks to the mission-criticality of our assets, VICI’s business model has proven itself during this on-going COVID-19 crisis.”

Pitoniak added that VICI completed $4.6bn of investments and acquisitions last year.

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