Vici Properties confident in accretive growth and value creation

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Vici Properties has stressed confidence in the group’s future prospects after becoming “the leading real estate owner on America’s most dynamic commercial street”.

Amid a slew of activity through the final three months of the past year, the company saw revenue more than double to close the time frame at $769.9m (2021: £383.2m).

This, said the real estate investment trust, was a result of the $17.2bn purchase of MGM Growth Properties as well as the $4bn acquisition of the Venetian Las Vegas, each of which closed in the first half of 2022.

Net loss attributable to common stockholders increased 114.6 per cent to $604.1m compared to income of $281.5m one year earlier, with adjusted funds from operations reported as $487.6m, an uptick of 74.8 per cent year-on-year compared to $278.9m.

Edward Pitoniak, Chief Executive Officer of Vici Properties, who last year told CasinoBeats that Las Vegas will be the busiest place on earth through the current year, said of the group’s performance: “In 2022, less than 5 years from our IPO, Vici became a top 10 REIT in the RMZ REIT Index, a member of the S&P 500 and an investment grade issuer of credit. 

“In the first half of the year, we completed our transformational acquisitions of MGM Growth Properties and the Venetian Resort Las Vegas, thereby becoming the leading real estate owner on America’s most dynamic commercial street, the Las Vegas Strip. 

“In the second half of the year and into 2023, we demonstrated the advantage and flexibility provided by VICI’s scale and liquidity as we announced and originated approximately $4.5bn of investments across a variety of gaming and non-gaming opportunities, diversifying our relationships and expanding internationally into Canada with our PURE Canadian Gaming announcement in January 2023. 

“Finally, we are proud that VICI generated the highest—and only positive—total shareholder return of all S&P 500 REITs in 2022. We are confident that our 2022 activities and achievements will continue to put VICI in position for sustainable accretive growth and value creation for our shareholders into 2023 and beyond.”

On a full-year basis, revenue, driven by the aforementioned purchases, increased 72.3 per cent to $2.6bn (2021: $1.5bn), with net income up to $1.11bn (2021: $1.01bn) and adjusted funds from operations surging 61.7 per cent to $1.69bn (2021: $1.04bn).