VICI reports strong revenue growth in Q3

Reporting its third quarter 2023 results, VICI Properties announced total revenues of US$904.3m, an increase of 20.3 per cent year-over-year.

Net income attributable to common stockholders also increased year-over-year to $556.3m from $330.9m and, on a per share basis, increased year-over-year to $0.55 from $0.34.

“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 per cent revenue growth and nearly 11 per cent growth in AFFO per share year-over-year,” said Edward Pitoniak, CEO of VICI Properties.

“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.

“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.”