Vici Properties reports 110% revenue growth and first international acquisition
The experiential real estate company looks forward to both Canadian and Tribal gaming expansion.
Vici Properties (Vici), real estate company and owner of 49 gaming facilities including Caesars Palace and The Venetian in Las Vegas, has announced its Q1 results for 2023. The company reported total revenue of $877.6m, a 110.7% rise from Q1 of the previous year.
This year-on-year revenue rise was reportedly aided by the acquisitions of MGM Growth Properties, and land and retail assets of Venetian Resort Las Vegas, as well as the 49.9% remaining interest in the MGM Grand/Mandalay Bay joint venture, which closed January 9 2023.
Edward Pitoniak, CEO of Vici, said, “The first quarter of 2023 continued the momentum VICI generated in 2022. We added a new partnership and tenant with Pure Canadian Gaming and announced our first international investment with the acquisition of Pure’s four Canadian casinos.” In Canada, Vici also plans to redevelop the Hard Rock Ottawa Casino.
Net income rose to $518.7m, up 155.8% year-over-year. On a per-share basis, Vici’s net income also rose 18.6% to reach $0.53. Adjusted funds from operations reached $528.6m for the quarter, a 73% yearly increase.
Adjusted EBITDA for the first quarter was $711m, a 98% increase year-over-year, and a 8.7% rise from the previous quarter.
As well as Canadian growth, Vici reported Tribal Casino opportunities. Pitoniak said, “We are proud to grow our American tribal gaming relationships, partnering with Cherokee Nation Entertainment, as the operator of our Gold Strike property in Mississippi.
“We also announced a fourth loan investment with Great Wolf to fund the development of a resort adjacent to the Foxwoods Resort Casino, owned by the Mashantucket Pequot Tribal Nation.”
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