VICI Properties (VICI) Q2 2024 earnings summary

Executive summary

• Owns 93 experiential assets (54 gaming, 39 other properties) with 100% occupancy and a 41.2-year weighted average lease term as of June 30, 2024.

• Major tenants include MGM and Caesars, with Las Vegas Strip properties generating nearly half of lease revenues.

• Q2 2024 saw capital commitments of up to $950 million for experiential assets, including The Venetian and Great Wolf Resorts.

• Decision not to exercise the call right to acquire Harrah's Hoosier Park and Horseshoe Indianapolis, reallocating capital to higher-value opportunities.

• Portfolio remains fully occupied, highly diversified, and supported by robust liquidity and investment grade credit ratings.

Financial highlights

• Q2 2024 revenues were $957.0 million, up from $898.2 million in Q2 2023.

• Net income attributable to common stockholders for Q2 2024 was $741.3 million ($0.71 per share), up from $690.7 million ($0.69 per share) year-over-year.

• AFFO for Q2 2024 was $592.4 million ($0.57 per share), up from $540.4 million ($0.54 per share) in Q2 2023.

• Adjusted EBITDA for Q2 2024 was $775.9 million, up from $723.4 million in Q2 2023.

• Paid a regular quarterly cash dividend of $0.415 per share, totaling approximately $432.9 million.

Outlook and guidance

• 2024 AFFO guidance raised to $2,350–$2,370 million, or $2.24–$2.26 per diluted share, implying 4.7% year-over-year growth at the midpoint.

• Guidance excludes impacts from pending or future acquisitions, dispositions, or non-recurring transactions.

• Management expects continued strong performance based on current and future market conditions.