Vici Properties Release Revenue Report for the First Quarter of 2023
Vici Properties, a real estate investment trust, has reported impressive Q1 2023 revenue of $877.6 million, representing a YoY increase of 110.7%.
The company's recent acquisition of four Canadian gaming properties for CAD$271.9 million has contributed to its successful first quarter. Vici's CEO, Edward Pitoniak, noted that the company has been building off its transformative 2022 and focusing on attractive growth opportunities within and outside of gaming.
The company has also acquired the remaining 49.9% interest in the MGM Grand/Mandalay Bay joint venture, consolidating its ownership of two of the most productive assets on the Las Vegas Strip.
The company's income from sales-type leases generated the majority of the revenue, totaling $478.3 million, while income from lease financing receivables, loans, and securities significantly increased by 409.1% to $371.0 million.
Other income contributed $18.3 million, and golf revenues added $9.8 million to the revenue. Operating expenses for the year rose to $150.6 million, mainly due to a change in allowance for credit losses, which added up to $111.4 million.
Interest expense generated a loss of $204.3 million, significantly higher than the $68.1 million loss generated in Q1 2022. Despite this, the pre-tax income came to $528.9 million, up by 117.6% after income from consolidated affiliates at $1.2 million, Interest income at $3.0 million, and other losses at $1.9 million. Following income tax expense at $1.0 million, the net income for the quarter was $527.8 million, an increase of 117.5%.
Vici Properties' impressive Q1 results reflect its success in expanding its portfolio of properties both domestically and internationally, targeting growth opportunities within and outside the gaming industry.
The company's acquisition of the MGM Grand/Mandalay Bay joint venture has consolidated its position on the Las Vegas Strip, while the acquisition of four Canadian gaming properties has expanded its reach internationally. Vici's CEO's remarks suggest that the company is not content to rest on its laurels but rather continues to pursue new opportunities for growth.
In conclusion, Vici Properties' Q1 results show that the company is thriving, with a 110.7% YoY increase in revenue, driven in part by recent acquisitions. The company's focus on growth opportunities within and outside of the gaming industry, both domestically and internationally, suggests that it is well-positioned for continued success in the future.