The following is a summary of the VICI Properties Inc. (VICI) Q1 2024 Earnings Call Transcript:
Financial Performance:
VICI Properties Inc. reported a 6.1% growth in adjusted funds from operations (AFFO) per share compared to Q1 2023.
Their general and administrative expenses remained low at 1.7% of total revenues, demonstrating efficient operational performance.
The company did not disclose specific financial numbers during this earnings call.
Business Progress:
VICI accomplished three key strategic imperatives in Q1 2024: Expansion of investment scope with Homefield, Kansas City; Refinancing of maturing 2024 debt to manage market volatility; Announcing a property enhancement plan for the Venetian with partner Apollo, expected to invest up to $700 million in the Las Vegas Strip asset.
They expanded their total addressable market (TAM) of investments with a $105 million construction loan agreement for a new Margaritaville Resort development.
Future growth opportunities seen at the south end of the Las Vegas Strip in partnership with MGM and further investments in regional and downtown markets.
VICI plans to heavily invest up to $1.5 billion into the Venetian asset, potentially partaking in half of the total investment.
The company noted its strategic approach of diversifying in both gaming and non-gaming sectors, exploring wellness indoor water parks, golf, and You Sports, to maintain growth in challenging market conditions.
More details: VICI Properties IR
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