Vici Properties reported revenues of US$877.6m for the first three months of 2023. This represents a 110.7% increase year-on-year.
Vici acquired the real estate assets of four Canadian gaming properties for a total of CAD$271.9m.
Edward Pitoniak said Vici Properties’ chief executive officer, Edward Pitoniak, that the quarter was successful and carried on Vici’s achievements in 2022.
Pitoniak said, “Our Q1 activity 2023 highlights Vici’s focus on building upon our transformative 2020 and our relentless pursuit for attractive domestic and global growth opportunities within and outside gaming.” “We announced our first investment abroad with the purchase of Pure Canadian Gaming’s four Canadian Casinos. We also added a new partner and tenant, Pure Canadian Gaming.”
Pitoniak said that Vici confirmed its acquisition of MGM Grand/Mandalay bay during the quarter. This placed Vici firmly in the Las Vegas Strip.
We expanded our relationship with MGM Resorts and acquired the remaining 49.9% of the MGM Grand/Mandalay Bay Joint Venture, consolidating our ownership in two of the most productive assets along the Las Vegas Strip.
First quarter results
The largest portion of revenue, $478.3m, came from leasing sales. The income from lease financing receivables and loans, as well as securities, increased sharply by 409.1%, to $371.0m.
Other income at $18,3m, and golf revenue at $9.8m made up the remaining amount.
Total operating expenses in the past year amounted to $150.6m. This represents a 42.8% increase. This was mainly due to a change in the allowance for credit loss, which amounted to $111.4m.
The loss from interest expense was $204.3m. This is significantly higher than the loss of $68.1m in Q1 2020. After income from the consolidated affiliate of $1.2m, income from interest income of $3.0m, and other losses of $1.9m, pre-tax profit was $528.9m. This is an increase by 117.6%.
After income tax expenses of $1.0m the net profit for the quarter increased to $527.8m. This represents an increase of 117%.
