HomeNews

VICI Properties’ Profit Skyrockets to $ 2.51 Billion, Doubles from Last Year

avatar

Xenia Luch

04 March 2024

Comment 0

VICI Properties

VICI Properties, an investment fund that focuses on gaming real estate, saw its net profit soar by more than double (+124.9%) in 2023, reaching $2.51 billion.

In 12 months, VICI’s total revenue reached $3.61 billion. This beats the previous year’s $2.6 billion by over $1 billion.

Most of VICI’s revenue came from commercial-type leases, which totaled $1.98 billion, a 35.3% increase from the year before.

Revenue from lease financing receivables, loans, and securities also grew significantly by 46.0%, hitting $1.52 billion.

As for expenses, operating costs dropped by 72.2% to $990 million. This was mainly because of a much lower change in the allowance for credit losses. In 2023, this allowance was $102.8 million, compared to $834.5 million in the previous year.

Net other costs were $788.4 million, while VICI also got $6.1 million in tax benefits, but subtracted $41.1 million of income from non-controlling interests.

Plus, adjusted EBITDA rose by 31.4% to $2.91 billion.

In 2023, the company, together with Century Casino, bought eight gaming assets in Canada, worth $363.3 million.