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Jun 30, 2023
VICI Properties Q2 2023 Earnings Report
VICI Properties reported strong second-quarter results, marked by significant revenue growth and strategic expansions.
Key Takeaways
VICI Properties Inc. announced strong second quarter 2023 results, featuring a 35.5% year-over-year increase in total revenues to $898.2 million and a rise in net income attributable to common stockholders to $690.7 million, or $0.69 per share. The company expanded its international footprint with the acquisition of Century Casinos' gaming properties in Canada and updated its full-year 2023 AFFO guidance to between $2,130 million and $2,160 million, or between $2.11 and $2.14 per diluted share.
Total revenues increased by 35.5% year-over-year to $898.2 million.
Net income attributable to common stockholders rose to $690.7 million, or $0.69 per share, compared to a loss of $(57.7) million, or $(0.06) per share, in the previous year.
AFFO attributable to common stockholders increased by 25.7% year-over-year to $540.4 million, with AFFO per share increasing by 11.9% to $0.54.
The company expanded its international presence through the acquisition of four casino properties in Alberta, Canada and updated AFFO guidance for full year 2023.
VICI Properties
VICI Properties
VICI Properties Revenue by Segment
Revenue by Segment
Sales-type leases Revenue
CapyFin.comLease financing & loans Revenue
CapyFin.comGolf Revenue
CapyFin.com Forward Guidance
VICI Properties updated its AFFO guidance for the full year 2023 to between $2,130 million and $2,160 million, or between $2.11 and $2.14 per diluted share.
Positive Outlook
- Estimated Adjusted Funds From Operations (AFFO) is projected to be between $2,130 million and $2,160 million.
- Estimated Adjusted Funds From Operations (AFFO) per diluted share is expected to be between $2.11 and $2.14.
- The guidance reflects the dilutive effect of pending shares related to forward sale agreements.
- The estimates reflect management’s view of current and future market conditions.
- Guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock.
Challenges Ahead
- Guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions.
- Guidance does not include the impact from any capital markets activity.
- Guidance does not include the impact from other non-recurring transactions.
- The Company does not provide guidance for GAAP net income or a reconciliation of 2023 AFFO to GAAP net income.
- The estimates may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income