VICI Properties Inc. reports news on its real estate investment trust portfolio of gaming, hospitality, wellness, entertainment and leisure destinations in the United States and Canada. Company updates commonly cover acquisitions, sale-leaseback transactions, triple-net lease agreements, tenant relationships and amendments involving casino and resort real estate.
Recurring developments also include operating and financial results, capital-structure matters, governance updates and shareholder voting items. News involving VICI often centers on how newly acquired or re-leased properties fit within its portfolio of experiential real estate assets, including major gaming destinations and regional casino properties.
PENN Entertainment (Nasdaq: PENN) reported Q2 2024 results. Retail properties showed solid performance with revenues of $1.4 billion and Adjusted EBITDAR of $496.6 million, achieving a 34.8% margin. The Interactive segment saw revenues of $232.6 million but posted an Adjusted EBITDA loss of $102.8 million. Overall revenues stood at $1.663 billion, slightly down from $1.674 billion YoY. The company reported a net loss of $27.1 million and a diluted loss per share of $0.18. Total liquidity was $1.9 billion with $877.6 million in cash. Traditional net debt was $1.7 billion.
CEO Jay Snowden highlighted the company's stable retail business and growth in the digital segment, notably a significant increase in their PENN Play™ database to 31 million members. Despite challenges, PENN remains focused on customer engagement, technology investment, and upcoming ESPN BET launch in New York. The company's development projects are on budget and on schedule.
VICI Properties Inc. (NYSE: VICI) reported strong Q2 2024 results, with total revenues increasing 6.6% year-over-year to $957.0 million. Net income attributable to common stockholders rose 7.3% to $741.3 million, or $0.71 per share. AFFO grew 9.6% to $592.4 million, or $0.57 per share. The company announced significant investments, including a $700 million capital investment in The Venetian Resort Las Vegas and a $250 million mezzanine loan to Great Wolf Resorts. VICI raised its full-year 2024 AFFO guidance to between $2,350 million and $2,370 million, or $2.24 to $2.26 per diluted share. The company ended the quarter with $347.2 million in cash and $681.0 million in estimated forward sale equity proceeds.
VICI Properties Inc. (NYSE: VICI) has announced the release date for its second quarter 2024 financial results. The company will publish these results on July 31, 2024, after the market closes. Following this, a conference call and audio webcast are scheduled for August 1, 2024, at 10:00 a.m. Eastern Time (ET). The domestic conference call can be accessed by dialing +1 833-470-1428, and the international call by dialing +1 929-526-1599, with the conference ID 896264. An audio replay will be available from August 1, 2024, at 1:00 p.m. ET until August 8, 2024, and can be accessed by dialing +1 866-813-9403 (domestic) or +44 204-525-0658 (international), with the passcode 762138. Additionally, a live audio webcast will be accessible via the 'Investors' section of VICI's website.
VICI Properties announced that its Board of Directors has declared a regular quarterly cash dividend of $0.415 per share for the period from April 1, 2024, to June 30, 2024.
The dividend will be payable on July 3, 2024, to stockholders who are on record as of June 18, 2024.
VICI Properties Inc. announced a $250 million mezzanine loan for Great Wolf Resorts, Inc., part of a $1.55 billion financing. The loan is collateralized by nine Great Wolf Lodge resorts, with various amenities. The Mezzanine Loan has an annual fixed rate and an initial term of two years with extension options. VICI has committed over $720 million to Great Wolf and aims to provide partner-oriented capital solutions.
PENN Entertainment, Inc. reported resilient property level performance and record online sports betting revenue for Q1 2024. The company hired Aaron LaBerge as CTO to drive technology strategy. Revenues totaled $1.6 billion, with a net loss of $114.9 million. The Northeast segment led in revenues, while the Interactive segment saw a loss. Total liquidity stood at $1.9 billion, with $903.6 million in cash.
VICI Properties Inc. reported significant growth in the first quarter of 2024, with 8.4% year-over-year revenue increase, $1.05 billion investment grade senior notes offering, and capital investment in the Venetian Resort. The company reaffirmed guidance for full year 2024, with strong financial highlights including revenue growth, increased net income, AFFO, and successful capital management efforts. CEO Edward Pitoniak expressed satisfaction and highlighted strategic investments in youth sports, debt and equity markets, as well as commitment to enhancing guest experience at The Venetian Resort.
VICI Properties Inc. announced an agreement to provide up to $700 million in capital to The Venetian Resort Las Vegas for various reinvestment projects through its Partner Property Growth Fund strategy. The investment will fund renovations, optimization of the gaming floor, and enhancement of entertainment and convention center facilities. The financing will be drawn in stages, with annual rent increases starting in 2024.
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