VICI Properties Achieved Record End-of-Year Results

VICI Properties’ investments continued to pay off as its shares and net income increased. According to its recent financial report, the firm achieved record end-of-year results. As a result, its shareholders are happy with the company’s rising value and sustainable growth.

Its fourth quarter revenues increased 100.9 percent year-over-year to $770 million. Also, its profits during the fiscal year 2022 increased significantly. VICI earned $2.6 billion, an increase of 72.3 percent from the previous fiscal year. 

According to pay per head bookie reports, VICI shareholders were impressed with the fiscal information. The company’s net income increased from $1.013 billion to $1.117 billion. However, its per share prices dropped from $1.76 to $1.27. The company attributed the drop to increased CECL allowed and the weighted average share count. 

Record End-of-Year Results for VICI

According to bookie software reports, VICI has seen a dramatic increase in revenue thanks to the fruitful collaborations it has engaged in for the year. The fourth quarter was busy for the REIT, which made investments totaling $51.9 million in Century Casinos in Missouri. Also, it acquired the remaining 49.9 percent interest in MGM Grand/Mandalay Bay. Lastly, it entered a new lease agreement with Hard Rock regarding the Mirage Hotel & Casino in Las Vegas.

Pitoniak, who took over as CEO in 2022, was thrilled with the outcomes. He disclosed that VICI was the only real estate investment trust (REIT) in the S&P 500 to post a positive shareholder return and was now ranked in the top 10 of the RMZ REIT Index. With these game-changing purchases across Sin City, VICI became the largest property owner on the Strip, and Pitoniak felt confident about the upcoming year.

VICI has made good use of its size and liquidity, enabling it to take a versatile approach to invest and build a balanced portfolio that includes gaming and non-gaming assets. The REIT has expanded into Canada for the first time by purchasing four PURE casinos, bringing the total number of its gaming facilities to eleven. VICI is well-positioned to continue its rapid growth into 2023 when additional expansions are scheduled.

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