Vici Properties posts $904.3m in Q3 2023 revenue

Vici Properties has reported its financial and business results for the third quarter of 2023. The company posted $904.3m in total revenue, reflecting a year-over-year increase of 20.3%.

The company’s net income attributable to common stockholders reached $556.3m during the third quarter, representing a value of $0.55 per share.

Its weighted average shares outstanding grew year-over-year by 5.1%. Vici ended Q3 with $510.9m in cash and cash equivalents, as well as with $807.2m of estimated available forward sale equity proceeds.

Business highlights during the third quarter included an expanded partnership with Canyon Reach. The agreement brought with it a mortgage loan, along with rights to purchase Canyon Ranch Tucson and Canyon Ranch Lenox.

The company also completed its Rocky Gap Casino Resort deal with Century Casinos to acquire four properties in the Canadian province of Alberta that include Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack and Casino and Century Downs Racetrack and Casino.

Company CEO Edward Pitoniak outlined VICI’s third-quarter results in more detail by saying, “Vici’s third-quarter financial performance reflects our sustained, sustainable commitment to accretive growth and capital deployment through acquisitions and strategic financing activity, exemplified by approximately 20% revenue growth and nearly 11% growth in AFFO per share year-over-year.”

He went on to comment on the company’s business wins during the third quarter.

Pitoniak said in closing, “During the quarter, in addition to closing Rocky Gap and announcing the expansion of our Canyon Ranch Growth Partnership, we expanded our international presence through closing the acquisition of four casino properties in Alberta, Canada with our existing tenant and partner, Century Casinos.”

David Thompson

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