Real estate investment trust (REIT) Vici Properties flirted with a billion-dollar fourth quarter, but came up slightly short. The REIT reported $976.1 million in revenue, up 4.7 percent from late 2023’s $931.9 million. Profits, while substantial, narrowed from $747.8 million in the fourth quarter of 2023 to $614.6 million in 2024. A cash-flow amount wasn’t disclosed.
CEO Edward Pitoniak touted Vici’s $1.1 billion in capital commitments in 2024, most of which ($700 million) went into renovating the Venetian and Palazzo in Las Vegas. The two megaresorts hadn’t been updated in a quarter of a century.
“Amidst a persistently volatile market backdrop in 2024, VICI remained patient, opportunistic, and dedicated to rigorous quality and risk management,” Pitoniak reflected. “We believe this discipline, together with our deep relationships, will allow us to continue to deliver long-term, sustainable, high-quality growth to our shareholders.”
In newer news, Vici announced the investment of $300 million in One Beverly Hills, described by Pitoniak as “representing a very exciting new strategic relationship with project sponsors Cain International and Eldridge Industries. Not only is One Beverly Hills an opportunity to invest in place-based history and experiential luxury, but it also initiates our relationship with sponsors who are deeply integrated in the experiential sector.”
At year’s end, Vici was carrying $17.1 billion in debt against liquidity of $3.3 billion. Of the latter, $2.4 billion is represented by a revolving credit facility. Cash on hand is $524.6 million.
