VICI Properties CEO Edward Pitoniak said year-on-year revenue growth of 110.7 per cent showed the company was building off a “transformative 2022” and its pursuit of “attractive domestic and international growth opportunities.”
VICI’s total revenue increased to US$877.6m, while adjusted funds from operations climbed by 73 per cent to $528.6m, up from $305.5m for Q1 2022.
The year-on-year revenue increase is attributed to the acquisition of the remaining 49.9 per cent interest in the MGM Grand / Mandalay Bay joint venture, as well the acquisition of the land and real estate assets of the Venetian Resort Las Vegas.
Pitoniak added: “The first quarter of 2023 continued the momentum VICI generated in 2022: expanding our platform, cultivating new and expanding existing partner relationships and accessing liquidity opportunistically.
“We added a new partnership and tenant with PURE Canadian Gaming and announced our first international investment with the acquisition of PURE's four Canadian casinos.
“VICI’s international expansion opens up a new frontier of investment opportunities as VICI aims to be an owner of premier global experiential real estate.”
