Vici Properties: Nearly a 50% revenue increase for Q2
Vici Properties has reported its financial results for the second quarter ended 30 June 2021. The publication of the financial and operating highlights shows a total revenue increase of 46% year-on-year to $376.4m. Vici's net income equated to $300.7m, standing at $0.54 per share. Funds from operations (FFO) attributable to common stockholders was also $300.7m for the quarter, or $0.54 per share, compared to $229.4m, or $0.47 per share, for the quarter ended 30 June 2020. However, the adjusted funds from operations (AFFO) was $256.1m for the quarter, with an increase of 45% compared to $176.3m for last year's Q2.
The company’s AFFO rose 45% to $256.1m, with a 28% growth to $0.46 per share for the quarter, compared to $0.36 per share for the 2020 quarter. On 10 June, 2021, the company declared a regular quarterly cash dividend of $0.33 per share, which totalled on aggregate approximately $177.1m.
In a strategic arrangement with Great Wolf Resorts, Vici aimed to provide up to a total of $300m of mezzanine financing, for the construction and development of Great Wolf’s international indoor water park resort pipeline.
Edward Pitoniak, Vici Properties CEO, said: “Our stellar second quarter 2021 financial results, supported by revenue growth of 46% year-on-year, highlight the value we’ve created on behalf of shareholders by growing our portfolio accretively and partnering with best-in-class tenants.
“We continue to work diligently toward closing our pending acquisition of the real estate of the Venetian Resort Las Vegas and Sands Expo and Convention Center.
“We note that institutional capital continues to validate our sector, as demonstrated by the recent acquisition of CityCenter on the Las Vegas Strip at a 5.5% cap rate. Our acquisition of the Venetian’s real estate at a 6.25% cap rate showcases our ability to be opportunistic and prudent, as the institutionalisation of gaming real estate continues.”
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