{"id":118655,"date":"2019-10-31T18:20:10","date_gmt":"2019-11-01T01:20:10","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=118655"},"modified":"2019-11-01T10:11:34","modified_gmt":"2019-11-01T17:11:34","slug":"vici-properties-gaming-and-leisure-boosted-ffo-guidance","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/","title":{"rendered":"Vici, Gaming and Leisure Properties Ratchet up Funds From Operation Guidance"},"content":{"rendered":"

For the second time in as many quarters, Vici Properties Inc. (NYSE:VICI) increased its full-year funds from operations (FFO) guidance. It noted that the recent completion of the JACK Cincinnati purchase, among other factors, contributed to the higher forecast.<\/p>\n

\"\"
Caesars Palace owner Vici raised FFO guidance, and so did rival Gaming and Leisure Properties. (Image: Las Vegas Review-Journal)<\/figcaption><\/figure>\n

Vici, the owner of Caesars Palace in Las Vegas and more than 20 other domestic gaming properties, said it now expects 2019 FFO of $1.47 to $1.48 a share, which is above a prior projection of $1.45 to $1.47<\/a>. Wall Street was expecting the real estate investment trust (REIT) to generate 2019 FFO of $1.41 per share.<\/p>\n

Vici delivered third-quarter results Thursday after the close of US markets, reporting FFO of 35 cents per share on revenue of $222.5 million. Analysts expected FFO of 31 cents on turnover of $224.5 million.<\/p>\n

Year over year we enjoyed the benefit of incremental rent from our Harrah\u2019s Philadelphia, Margaritaville and Greektown acquisitions, the rent escalation called for in our leases, and 11 days of rent from our most recently closed acquisition, JACK Cincinnati,\u201d said CEO Edward Pitoniak in a statement.<\/p><\/blockquote>\n

FFO, which is calculated by adding net income, amortization, and depreciation and subtracting property sales, is a metric frequently used by analyst and investors to properly gauge how much cash flow a REIT is generating.<\/strong><\/p>\n

Assessing a REIT’s cash flow is critical because in order for a company to gain the tax benefits that structure affords, it must pay out 90 percent of its earnings in the form of dividends. Vici, which announced a dividend increase last month<\/a>, currently yields 5.05 percent.<\/p>\n

Increasing Tenant Diversity<\/h2>\n

Pitoniak noted that in the third quarter of 2018, his company collected rent from a single tenant \u2013 Caesars Entertainment (NASDAQ:CZR). In the just-completed July through September period, Vici’s tenant count tripled to three.<\/p>\n

\n

Hard Rock International and Penn National Gaming (NASDAQ:PENN) are the real estate firm’s new tenants, and that roster is set to grow as more previously announced acquisitions close.<\/p>\n<\/div>\n

For example, when Century Casinos (NASDAQ:CNTY) finalizes purchases of the Mountaineer Casino, Racetrack and Resort in New Cumberland, W. Va. and the Isle Casino Cape Girardeau and Lady Luck Casino, both in Missouri, that operator will become another Vici tenant<\/a>.<\/p>\n

Earlier this week, Vici said it’s acquiring the Jack Cleveland Casino and the Jack Thistledown Racino from JACK Entertainment for $843.3 million in cash<\/a>. Those deals are expected to close in early 2020.<\/p>\n

Gaming And Leisure Joins The Party<\/h2>\n

Gaming and Leisure Properties (NASDAQ:GLPI) also delivered third-quarter results today and offered some bullish expectations for the current quarter.<\/p>\n

The original gaming REIT said it expects FFO of 87 cents a share on revenue of $288.2 million for the last three months of 2019. Analysts were expecting 76 cents and turnover of $287 million.<\/strong><\/p>\n

GLPI owns the real estate assets of 46 casinos and related properties in 17 states, with 33 of those venues operated by Penn National.<\/p>\n

During the July through September period, GLPI generated FFO of 87 cents on revenue of $287.62 million. Wall Street was expecting FFO of 76 cents on turnover of $288.11 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the second time in as many quarters, Vici Properties Inc. (NYSE:VICI) increased its full-year funds from operations (FFO) guidance. It noted that the recent completion of the JACK Cincinnati purchase, among other factors, contributed to the higher forecast. Vici, the owner of Caesars Palace in Las Vegas and more than 20 other domestic gaming […]<\/p>\n","protected":false},"author":46,"featured_media":118657,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nVici Properties, Gaming and Leisure Boosted FFO Guidance<\/title>\n<meta name=\"description\" content=\"Vici and Gaming and Leisuire Properties, two of the biggest gaming REITs, offered up bullish views on FFO following their quarterly earnings reports.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vici Properties, Gaming and Leisure Boosted FFO Guidance\" \/>\n<meta property=\"og:description\" content=\"Vici and Gaming and Leisuire Properties, two of the biggest gaming REITs, offered up bullish views on FFO following their quarterly earnings reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-01T01:20:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-01T17:11:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/cp2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/\",\"url\":\"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/\",\"name\":\"Vici Properties, Gaming and Leisure Boosted FFO Guidance\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/cp2.jpg\",\"datePublished\":\"2019-11-01T01:20:10+00:00\",\"dateModified\":\"2019-11-01T17:11:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Vici and Gaming and Leisuire Properties, two of the biggest gaming REITs, offered up bullish views on FFO following their quarterly earnings reports.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-gaming-and-leisure-boosted-ffo-guidance\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/cp2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/10\/cp2.jpg\",\"width\":1920,\"height\":1280,\"caption\":\"Caesars Palace owner Vici raised FFO guidance and so did rival Gaming and Leisure Properties. 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