October 30, 2023 3 min read


VICI’s Bet on Non-Gambling Pays Off, Acquisitions Continue

VICI Properties decision to branch out of gambling and entertainment into wellness retreats seems to have been paying off

The property company has continued to build up its portfolio of options, introducing a $433 million sale-leaseback arrangement with Mechanicsville, Virginia’s Bowlero Corp, and 38 of the bowling centers operated by the latter. The company has been building its revenue steadily, with the company raking in serious results in the third quarter and reporting $556.3 million in funds from operation in Q3 2023.

VICI Properties Beats Forecasts in Q3 2023

Revenue fared even better, as the company posted a 20.3% increase to $904.3 million, beating expectations that put the revenue at $902 million. The new figure was also a significant increase from the $751.5 million from last year’s results.

The company, which is the landlord for some of the biggest Las Vegas casino resorts, including the Mandalay Bay, Caesars Palace, The Venetian, and MGM Grand, has been smartly buying up landmark properties and renting them out to ownership-reluctant gambling companies, who have found not owning a property pay off better in the long term.

VICI President and COO John Payne has been welcoming of the opportunities the changing nature of the business has presented. He said that the REIT has now occupied a place that allowed it to skillfully derive dividends from its Las Vegas properties, but also push into new markets and expand its business.

Payne welcomed the changing nature of Las Vegas, which now included world-class attractions such as The Sphere, and Formula 1 event, and not least, the 2024 Super Bowl, which is going to continue and drive significant results for VICI.

Financially Sound and Ready to Reap Profits

Financially, VICI is also doing very well, with CEO Edward Pitoniak saying during a recent earnings call with journalists that the company was smart about its long-range leverage targets, recently using $1 billion of equity in cash and only $55 million of debt.

Meanwhile, the company has been pushing forward with many acquisitions. This summer, VICI acquired the Rocky Gap Casino, Resort & Golf in Maryland. It also bought four gaming properties by Century Casinos in Alberta, Canada, and consolidated its standing with Canyon Ranch, offering a mortgage loan to help offset some of the costs for the operator, and also ensure that the property remains a sustainable source of revenue that will pay off in the future.

VICI’s FFO guidance for the year now sits between $2.17 billion and $2.18 billion, which is once again ahead. This is still slightly behind the $2.6 billion in revenue posted in 2022, however, which means there is still room for improvement at the heart of one of the biggest landlords for the gambling industry.


Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

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