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Vici cites “accretive acquisitions” in Q2 growth

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Vici Properties announced revenue of $898.2m in the second quarter 2023 ending 30 June. This is an increase of 35.5% on a year-on-year basis.

This increase in revenue is less significant than the 110.7 percent reported by Vici in its Q1 results.

Edward Pitoniak said the strategic acquisitions made by Vici had contributed to a boost in revenue for Q2.

He said that the strong financial performance of Vici in its second quarter, exemplified through a 36% increase in revenue and a 12% rise in AFFO/share, reflects our commitment to accretive purchases and strategic financings.

The investment trust purchased the Alberta properties of Century Casinos during the second quarter for CA$221.7m. Century Casino St Albert and Century Downs are the properties. Century Casino Edmonton and Hotel, Century Casino St Albert and Century Mile Racetrack & Casino is also included.

Pitoniak said, “We continued to grow our international presence in the second quarter by announcing the acquisition of four casinos properties in Alberta, Canada, with our tenant and existing partner, Century Casinos.”

Operating expenses

Profits from leasing sales accounted for $495,3m of the total revenue. The income from leasing receivables and loans, as well as other securities, was $373.1m. Golf revenues reached $11.1m and other income was $18.5m.

The highest quarter-end expense was $18.5m. Golf expenses totaled $6.5m. General and administrative costs reached $14.9m. The depreciation expense and the transaction costs were $887,700 and $777,000.

A change in the allowance for credit loss at $41.3m covered all the costs of the quarter, making the total operating expenses $344,000 Operating expenses for Q2 2022 were 602.5m.

The interest expense was $203.5m. After interest income of $5.8m (and other gains of $3.4m), the income before tax was $703.4m. It was $706.5m higher than Q2 of 2022.

After income tax expenses of $1.8m the net profit for the third quarter reached $701.5m. This represents an increase of $759.7m

H1 Results

Vici’s first and second successful quarter brought half-year revenue up to $1.77bn from H1 2020, an increase of 65.4%.

The total operating costs for the first six months were $150.9m. This represents a 78.7% decrease compared to last year. The pre-tax profit for the first half of 2012 is $1.23bn. This represents a 556.2% increase, and total net profits are $1.22bn.

Vici anticipates that its adjusted funds of operations (AFFO), for the full year 2023, will be between 2,13bn to 2,16bn. It would mean that Vici’s adjusted funds from operations (AFFO) for the full-year 2023 will be between $2.13bn and $2.16bn.

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