VICI Properties has published its results for the three-month period ended June 30, paying tribute to the expansion of its international footprint in Canada with Century Casinos.
The specialized casino REIT reported total revenues of $1.18bn (USD$898.2m) in Q2 2023, a year-over-year increase of 35.5% (Q2 2022: $872.8m).
Significantly, the quarter saw the company enter into definitive agreements to acquire four real estate assets from Century Casinos in Alberta – Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack and Casino, and Century Downs Racetrack and Casino (Calgary).
VICI agreed to acquire the properties from the Century Canada Portfolio for an aggregate purchase price of $221.7m in cash, which included $192.3m to be paid to subsidiaries of Century Casinos and approximately $29.4m to acquire the fee simple real estate interest in Century Downs.
The Century Canadian Portfolio acquisition remains subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2023.
Edward Pitoniak, CEO, VICI Properties, commented: “VICI’s strong second quarter financial performance, exemplified by approximately 36% revenue growth and nearly 12% growth in AFFO per share year-over-year, reflects the impact of our consistent commitment to accretive acquisitions and strategic financings.
“We also ended the quarter with ample liquidity, including $973.4m in cash and cash equivalents, $1.1bn of estimated equity proceeds available upon settlement of forward sale agreements, and $3.1bn of availability under the Revolving Credit Facility. The quarter’s results and current liquidity enable VICI to continue in our pursuit of attractive domestic and international growth opportunities across the experiential landscape.
“In the second quarter, we continued to expand our international presence through the announced acquisition of four casino properties in Alberta, Canada with our existing tenant and partner, Century Casinos. Subsequent to quarter end, we also closed the previously announced acquisition with Century of Rocky Gap, proving the value of our enduring partnerships with growth-minded operators.”