Real estate investment trust (REIT) Vici Properties, owner of Caesars Palace and 53 other casinos, saw profits jump nearly 32 percent in the third quarter of 2024. The news was announced late on October 31.
Vici’s profits of $732.9 million were an increase of 31.7 percent. This was achieved via revenue of $964.7 million, a 6.7 percent uptick, for a $0.70-per-share profit.
The REIT announced a quarterly dividend of $0.43 per share, 4.2 percent higher than last year’s. Vici ended the quarter with $355.7 million cash on hand and $630.2 million in estimated forward-sale-equity proceeds.
Vici is carrying $17.1 billion in debt and $3.3 billion in liquidity. It has additional borrowing capacities on the order of $3.3 billion.
CEO Edward Pitoniak stated, “In the third quarter, we continued to demonstrate the flow-through efficiency of our economic model, increasing our quarterly revenue by approximately 7 percent year over year. Through our previously announced capital commitments, we were able to deploy $230 million of capital during the quarter, through various of our loan and Partner Property Growth Fund agreements.”
Pitoniak added, “Our track record of 100 percent rent collection since formation is bolstered by enduring secular tailwinds, mission-critical real estate, and tenant transparency. We expect these cornerstone elements of our portfolio to support compounding growth for years to come.”
