In the 12 months ending December 31, 2023, Vici recorded a total revenue of $3.61 billion, a significant increase from the $2.60 billion reported in the previous year. The growth was attributed to strategic mergers and acquisitions, with a total expenditure of $1.10 billion in real estate acquisitions. Notable acquisitions include eight gaming assets in Canada with Century Casinos for $363.3 million, 38 bowling entertainment centers in a sale-leaseback deal with Bowlero for $432.9 million, and a leasehold interest in Chelsea Piers in New York City for $342.9 million.
CEO Edward Pitoniak emphasized that these acquisitions have not only boosted Vici’s performance in 2023 but also laid a strong foundation for future growth. The company successfully deployed capital throughout the year, despite market volatility, with commitments totaling $1.80 billion with top operators in the gaming and experiential sectors.
Revenue streams at Vici experienced growth across the board in 2023. Sales-type leases generated $1.98 billion, representing a 35.3% increase from the previous year. Revenue from lease financing receivables, loans, and securities also surged by 46.0% to $1.52 billion. Golf revenue increased by 9.6% to $39.0 million, while other revenue reached $73.3 million, a 23.0% rise.
Operating costs were significantly reduced by 72.2% to $990.0 million in 2023, primarily due to a decrease in the allowance for credit losses. This led to a pre-tax profit of $2.55 billion, marking a remarkable 123.7% increase.
In the fourth quarter of 2023, Vici continued its positive performance, with total revenue climbing by 21.0% to $931.9 million. Sales-type leases revenue increased by 31.0% to $506.2 million, while revenue from lease financing receivables, loans, and securities rose by 4.0% to $369.8 million. Additionally, golf revenue and other revenue saw growth of 5.0% and 2.8% respectively.
Operating expenses in the fourth quarter were offset by changes in the allowance for credit losses, resulting in positive operating costs. The quarter ended with a pre-tax profit of $70.0 million, up by 22.0%, and a net profit of $747.8 million, an increase of 23.8%. Adjusted EBITDA for Q4 also saw a 14.7% increase to $749.6 million.
