Vici Properties has heaped praise upon pending acquisitions, including Las Vegas’ Venetian Resorts, Sands Expo, and CityCentre, as the real estate investment trust reflects on a “stellar second quarter”.
This has seen total revenue come in at $376.4m, an increase of 45.9 per cent compared to $257.9m for the quarter ended June 30, 2020, with net income attributable to common stockholders reaching $300.7m (2020: $229.4m). Adjusted funds from operations for the quarter reached $256.1m (2020: $176.3m).
Edward Pitoniak, chief executive officer of VICI Properties, said of the REIT’s Q2 performance: “Our stellar second quarter 2021 financial results, supported by revenue growth of 45.9 per cent year-over-year, highlight the value we’ve created on behalf of shareholders by growing our portfolio accretively and partnering with best-in-class tenants.
“Earlier in July, we announced a strategic partnership arrangement with Great Wolf Resorts, which is a result of our work sourcing unique opportunities that align with our experiential strategy and focus.
“Additionally, 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 per cent cap rate.
“Our acquisition of the Venetian’s real estate at a 6.25 per cent cap rate showcases our ability to be opportunistic and prudent as the institutionalisation of gaming real estate continues.”
Vici’s’ US portfolio consists of 28 gaming facilities, leased to a number of gaming and hospitality operators, including Caesars Entertainment Corporation, Century Casinos, Hard Rock International, Jack Entertainment and Penn National Gaming. The group also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas strip.