Vici Properties generates net income of $690.7m for Q2

July 27, 2023
By
Leer en Español

The company, which made a net loss of $57.7m for Q2 last year, has also reported a 35.5% revenue increase and adjusted its FY2023 AFFO guidance.

Vici Properties has reported a 35.5% increase in total revenue year-on-year, reaching $898.2m. This marks steady growth for the real estate investment trust, as it is also an improvement on the previous quarter’s $877.6m total revenue.

Net income increased substantially as well, from a net loss of $57.7m in Q2 of 2022, to $690.7m this quarter. Net income per share also saw a rise from -$0.06 to $0.69, and weighted average shares outstanding increased 12.4% year-on-year.

Adjusted Funds from Operation (AFFO) increased 25.7% to $540.4m overall, and 11.9% on a per-share basis to $0.54. Vici has updated its fully-year 2023 AFFO guidance with a view to reaching $2.13bn-$2.16bn, and $2.11-$2.14 per diluted share.

At the end of Q2, Vici Properties had $738.8m in cash and cash equivalents, with $867.9m estimated forward sale equity proceeds. During this quarter, the company also agreed to the purchase of four Century Casinos’ properties in Alberta for an aggregate purchase price of $164.4m.

Edward Pitoniak, Vici Properties CEO, said, “Vici’s strong second-quarter financial performance reflects the impact of our consistent commitment to accretive acquisitions and strategic financings.

“The quarter's results and current liquidity enable Vici to continue in our pursuit of attractive domestic and international growth opportunities across the experiential landscape.”

During Q2 Vici also established an investment relationship by establishing the Vici-Canyon Ranch Growth Partnership. Vici will invest preferred equity into Canyon Ranch’s operating platform and assume call rights on Canyon Ranch Tucson and Canyon Ranch Lenox.

Vici’s earlier-announced acquisition, with Century Casinos, of Rocky Gap Casino Resort, recently closed just after the second quarter finished.

State-by-State

Product Spotlight

Konami

Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.

The top 5 properties that changed Las Vegas

Regular Gaming America contributor Oliver Lovat joins Tim Poole on the Huddle to discuss his 5 properties that changed Las Vegas - giving every resorts an influence rating out of 10. The question is: do you agree?

Peter Schoenke - Sports betting is here... but fantasy sports keeps growing

Peter Schoenke joins Tim Poole on the Huddle to discuss all things fantasy sports. His brand, RotoWire, is at the intersection of the affiliate and fantasy worlds, generating revenue from subscriptions, providing APIs to operators and via affiliate marketing. We discuss:


Within the states of Florida and California, Tribal gaming finds itself in a fascinating position. In Florida, only the Seminole Tribe, and Hard Rock, can provide mobile sports betting, with continued legal challenges f...

view-points
Viewpoints: Discussing the use of player loyalty programs
Industry experts answer Gaming America's burning questions on all things related to Tribal operators and player loyalty programs, including Rymax, CasinoTrac, OIGA, Mohegan and Choctaw Nation of Oklahoma.
52-54-fabio-ferreira
Sports betting regulation in Brazil: What can we expect?
Mattos Filho's Fabio Kujawski speaks to Gaming America about the uncertainty surrounding Brazil's roadmap to regulation and the need for a singular gaming authority.
companies-going-private
Going private: Gaming's new standard?
A state of neo-IPO: Gaming America investigates, as more and more companies come off the public market.
46-47-michael-hershman
Soloviev Group CEO: Moving to New York
The Soloviev Group, in collaboration with Mohegan, continues to wait on the NYGC for approval on its Freedom Plaza project. Gaming America spoke with Soloviev Group CEO Michael Hershman to learn more.