VICI Properties reports 100% annual increase in revenue to $751.5m
It acquired Rocky Gap Casino and expanded its relations with Great Wolf Resorts with two loan investments.
New York-based real estate investment trust VICI Properties, an experiential real estate investment trust, has reported results for the quarter ending September 30. It showed a total revenue increase of 100% year-over-year to $751.5m and net income attributable to stockholders was $330.9m.
VICI acquired Rocky Gap Casino Resort from Golden Entertainment for $203.9m in August. In July, it also expanded its relationship with Great Wolf Resorts through two loan investments which totaled $186m, demonstrating its focus on the casino industry in 2022.
Its net income amounted to $0.34 per share for shareholders, while the company’s funds from operations was $340.6m, which gave $0.35 per share for the quarter. Adjusted funds from operations (AFFO) soared 82.8% year-over-year to $470.7m.
In more good news for VICI Properties’ shareholders, this AFFO rise gave them an AFFO per share increase of 8.5% to $0.49.
In a development occurring subsequent to the quarter’s end, VICI announced a partnership with Canyon Ranch wellness resort in Austin, Texas.
VICI Properties CEO Edward Pitoniak commented: “VICI’s strong third quarter financial performance reflects the full impact of our extensive acquisition and financing activity over the past two years, whereby VICI doubled its total revenue on a year-over-year basis.
“In Q3 2022, we also increased our dividend by 8.3%, highlighting our commitment to growing the dividend for stockholders. Throughout the quarter, VICI also capitalized on the strength of our existing partnerships to drive incremental growth, including our acquisition of Rocky Gap Casino and entry into two additional loan agreements with Great Wolf Resorts.”
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