Vici reports $751.5m in third quarter revenue, double Q3 2021
Vici Properties has reported a 100% increase in third quarter revenue, primarily related to acquisitions involving MGM Growth Properties and the Venetian Resort in Las Vegas.
The real estate investment trust (REIT) generated $751.5m during Q3, double the $375.7m it reported for the prior-year period.
Consequently, Vici’s net income also doubled, rising to $336.9m from $164.2m. Net income attributable to common stockholders, meanwhile, climbed to $330.9m, or $0.34 per share.
When compared to the prior-year quarter’s $161.9m, or $0.28 per share, this constitutes a 104% rise.
This growth, in particular the top-line increase, was credited to “incremental revenue from the acquisitions of MGM Growth Properties LLC” and the “land and real estate assets of the Venetian Resort Las Vegas.”
“Vici’s strong third quarter financial performance reflects the full impact of our extensive acquisition and financing activity over the past two years, whereby Vici doubled its total revenue on a year-over-year basis,” said Edward Pitoniak, Vici’s CEO.
“In Q3 2022, we also increased our dividend by 8.3%, highlighting our commitment to growing the dividend for stockholders.”
However, the company’s total operating expenses also experienced a significant rise. These increased to $270.6m from $30.4m, up more than 750% year-on-year.
But the majority of this rise was attributable to a “change in allowance for credit losses,” which amounted to $232.8m, up from $9.03m.
Moreover, transaction and acquisition expenses increased, climbing from $177,000 to $1.9m.
Pitoniak added: “Throughout the quarter, Vici also capitalised on the strength of our existing partnerships to drive incremental growth, including our announced acquisition of Rocky Gap Casino with our existing tenant, Century, and entry into two additional loan agreements with Great Wolf Resorts.”
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