Scoring an even billion dollars in second-quarter revenues, Vici Properties marked a 4.6% increase in that category. Profits for the real estate investment trust (REIT) leapt 16.7% to $865.1 million, in part because of an accounting change.
The REIT also announced a capital commitment on the order of $510 million to the North Fork Mono Casino & Resort, to be developed and run by Station Casinos. Non-gaming investments included an additional $150 million for One Beverly Hills, bringing Vici’s total involvement to $450 million. The REIT ended the quarter with $233 million cash on hand, against $17.3 billion in debt.
“The strength of our internal growth from contractual rent escalations coupled with investment activity across new and existing partnerships continues to support our earnings growth,” CEO Edward Pitoniak reported in a prepared statement.
“We also refinanced senior unsecured debt coming due in the second quarter at a blended yield of 5.34%, including the impact of our hedging program, underscoring the importance VICI places on situational readiness in protecting and advancing the compounding nature of our business model,” Pitoniak continued.
