VICI Properties Inc. (VICI) is a NYSE-traded real-estate company, owning a total of 54 gaming properties across Canada and the US, including some of the most popular destinations for gambling in North America.
Among these, we can mention the following iconic properties:
In September of this year, VICI expanded its already extensive portfolio of iconic gambling properties in the Canadian market.
During this time, the company finalized a deal comprising of the acquisition of four Canadian gaming properties.
The total cost of this acquisition amounted to 221.7 million Canadian Dollars.
These land-based casinos are located in Alberta, Canada. In addition to this, all four gambling properties are owned by Century Casinos:
Century Casino & Hotel Edmonton
Century Casino St Albert
Century Mile Racetrack and Casino
Century Downs Racetrack and Casino
This acquisition reflected positively on the Q3 financial report of VICI Properties Inc., with a total increase of 20.3% in Year-over-Year (YoY) revenue growth:
During the three-month period that is covered by the Q3 financial report, VICI saw an increase in revenue of $1.25bn CAD.
With regards to net income, the Year-over-Year (YoY) increased from $457.6 million CAD to $769.3 million CAD. This income is attributable to common stakeholders.
On a per share basis, the net income increased by 10.7% Year-over-Year to $0.74.
Comments made by the CEO of VICI Properties Inc.
With regards to the positive results of this Q3 financial report, Edward Pitoniak, the CEO of VICI Properties Inc., made the following comments:
“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.
“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.”
After making these comments, Pitoniak went on to say the following regarding the new experiential sector that VICI is currently heading into:
“Subsequent to quarter end, we entered into a new experiential sector with Bowlero, the market leader in reinvigorating the programming and economics of the bowling experience through their innovative consolidation and growth model. In this partnership, we acquired 38 Bowlero properties and concurrently bolstered our embedded growth pipeline by obtaining a right of first offer to acquire current or future Bowlero real estate in the coming years through sale-leaseback transactions.
“We also expanded our presence in 11 new states and added another publicly traded tenant to our roster. VICI’s differentiation stems from our commitment to partnering with operators who define their respective experiential categories, as Bowlero has done with the bowling experience.”
Financial and Operating Highlights of the Third Quarter of 2023
VICI Properties Inc. ended the quarter with a total revenue increase of 20.3% Year-over-Year (YoY). The total revenue of the company increased to $1.25bn CAD.
The following are the financial and operating results for the quarter that ended on September 30, 2023:
$706.5 million CAD in cash and cash equivalents.
$1.1 billion CAD of estimated available forward sale equity proceeds.
Quarterly cash dividend of $0.415 CAD per share: This represents a YoY increase of 6.4%.
The Q3 financial report saw an increase of 5.1% Year-over-Year with regards to the weighted average of outstanding shares.
The Rocky Gap Casino Resort acquisition with Century Casinos was completed, and the real-estate of four Century Casinos gaming properties in Alberta, Canada were acquired.
VICI’s partnership with Canyon Ranch was expanded through a preferred equity investment, a mortgage loan, and call rights. The aim of this partnership was to acquire Canyon Ranch Tuscon and Canyon Ranch Lenox.
Following the Q3 financial report, AFFO for the year 2023 is expected to be between $2.97 billion and $2.99 billion, or between $2.93 and $2.95 per diluted common share.
The expectation for AFFO is that it will see a Year-over-Year AFFO per share growth of 11%. This is one of the highest expected rates of growth that has been seen across all REITs.
Following the end of the quarter, VICI Properties Inc. entered into the acquisition of 38 bowling entertainment centers in a sale-leaseback transaction with Bowlero, thus also branching out into the sector of family entertainment.
More about VICI Properties Inc. (VICI)
VICI Properties Inc. is a real estate investment trust that owns an extensive and geographically diverse portfolio of gaming, hospitality, leisure, and entertainment destinations.
Amongst others, these include the following properties:
The Venetian Resort Las Vegas
Rocky Gap Casino, Resort & Golf
Bowl America Dranesville
West Acres Bowling Center
Hard Rock Cincinnati
MGM Northfield Park
PURE Casino Yellowhead
Horseshoe Council Bluffs
Hollywood Casino at Greektown
The company’s primary engagement lies in the acquisition of gaming, hospitality, and entertainment properties that are subject to long-term triple net leases.
In all, VICI Properties Inc. owns a total of 54 gambling properties. These comprise a total of, approximately, 124 million square feet and span across both Canada and the United States.
These properties include more than 60,300 hotel rooms and approximately 450 restaurants, bars, nightclubs, and sportsbooks.
In addition to this, VICI has ownership of 33 acres of undeveloped and underdeveloped land located next to the Las Vegas Strip, as well as a total of 4 championship golf courses.
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