VICI Properties Inc., an experiential real estate investment trust, reported results for the quarter ended September 30, 2023.
Third Quarter 2023 Financial and Operating Highlights
- Total revenues increased 20.3% year-over-year to $904.3 million
- Net income attributable to common stockholders increased year-over-year to $556.3 million from $330.9 million and, on a per share basis, increased year-over-year to $0.55 from $0.34
- AFFO attributable to common stockholders increased 16.4% year-over-year to $547.6 million and, on a per share basis, increased 10.7% year-over-year to $0.54
- Weighted average shares outstanding increased 5.1% year-over-year
- Completed the Rocky Gap Casino Resort acquisition with Century Casinos and acquired the real estate of Century Casinos’ four gaming properties in Alberta, Canada
- Expanded the partnership with Canyon Ranch through a preferred equity investment, a mortgage loan and call rights to acquire Canyon Ranch Tucson and Canyon Ranch Lenox
- Declared a quarterly cash dividend of $0.415 per share, representing a 6.4% year-over-year increase
- Ended the quarter with $510.9 million in cash and cash equivalents and $807.2 million of estimated available forward sale equity proceeds
- Increased AFFO guidance for full year 2023 to between $2,170 million and $2,180 million, or between $2.14 and $2.15 per diluted share
- Subsequent to quarter end, entered the family entertainment sector through the acquisition of 38 bowling entertainment centers in a sale-leaseback transaction with Bowlero.
Edward Pitoniak, CEO of VICI Properties, said: “VICI’s third quarter financial performance reflects our sustained, sustainable commitment to accretive growth and capital deployment through acquisitions and strategic financing activity, exemplified by approximately 20% revenue growth and nearly 11% growth in AFFO per share year-over-year. During the quarter, in addition to closing Rocky Gap and announcing the expansion of our Canyon Ranch Growth Partnership, we expanded our international presence through closing the acquisition of four casino properties in Alberta, Canada with our existing tenant and partner, Century Casinos.
“Subsequent to quarter end, we entered into a new experiential sector with Bowlero, the market leader in reinvigorating the programming and economics of the bowling experience through their innovative consolidation and growth model. In this partnership, we acquired 38 Bowlero properties and concurrently bolstered our embedded growth pipeline by obtaining a right of first offer to acquire current or future Bowlero real estate in the coming years through sale-leaseback transactions. We also expanded our presence in 11 new states and added another publicly traded tenant to our roster. VICI’s differentiation stems from our commitment to partnering with operators who define their respective experiential categories, as Bowlero has done with the bowling experience.”
Third Quarter 2023 Financial Results
Total revenues were $904.3 million for the quarter, an increase of 20.3% compared to $751.5 million for the quarter ended September 30, 2022. Total revenues for the quarter included $131.3 million of non-cash leasing and financing adjustments and $18.2 million of other income.
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was $556.3 million for the quarter, or $0.55 per share, compared to $330.9 million, or $0.34 per share, for the quarter ended September 30, 2022.
Century Casinos to Present at Jefferies Summit
Century Casinos Inc. announced that it will attend the Jefferies 12th Annual Winter Restaurant, Foodservice, Gaming, Lodging & Leisure Summit in Bachelor Gulch in Avon, Colorado, USA, on January 23, 2023.
Peter Hoetzinger, President & Co CEO, will present the Company and hold one-on-one meetings with selected institutional investors.
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Century Casinos’ Partner bet365 Launches Internet Sports Betting in Colorado
Century Casinos, Inc., announced that bet365 went live with its internet and mobile sports betting application using one of the Company’s master licenses with the State of Colorado.
The online sportsbook operations agreement with bet365 is a 10-year agreement that includes a minimum annual revenue guarantee and a percentage share of net gaming revenue payable to the Company each year, with an advance fee, which was paid at contract signing in May 2020.
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Century Casinos Announces Q2 2021 Results
Century Casinos has announced its financial results for the three and six months ended 30 June 2021.
Q2 2021 Highlights:
Net operating revenue was $92.2 million, an increase of 155% from the three months ended 30 June 2020.
Earnings from operations was $18.1 million, an increase of 957% from the three months ended 30 June 2020.
Net earnings attributable to Century Casinos shareholders was $6.9 million, a change of 154% from the three months ended 30 June 2020.
Adjusted EBITDA was $25.2 million, an increase of 1532% from the three months ended 30 June 2020.
Basic and diluted earnings per share were $0.23 and $0.22, respectively.
Book value per share at 30 June 2021 was $4.31.
“With all of our properties now open, we continue to show strong results and momentum. In the second quarter, we achieved our highest quarterly Adjusted EBITDA in the Company’s history and a consolidated Adjusted EBITDA margin of 27.4%,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said.
“We continue to have a strong balance sheet and no substantial debt maturities before 2026,” Haitzmann and Hoetzinger added.
The Company’s net operating revenue increased by $56.1 million, or 155%, and by $40.8 million, or 33%, for the three and six months ended 30 June 2021, compared to the three and six months ended 30 June 2020.
The Company’s earnings (loss) from operations increased by $20.2 million, or 957%, and by $60.2 million, or 178%, for the three and six months ended 30 June 2021, compared to the three and six months ended 30 June 2020.
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