{"id":326704,"date":"2024-07-31T18:33:52","date_gmt":"2024-07-31T23:33:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=326704"},"modified":"2024-08-01T10:30:24","modified_gmt":"2024-08-01T15:30:24","slug":"vici-properties-lifts-2024-affo-guidance","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-guidance\/","title":{"rendered":"VICI Properties Lifts 2024 AFFO Guidance"},"content":{"rendered":"

VICI Properties (NYSE: VICI), the largest owner of casino real estate, raised its 2024 adjusted funds from operations (AFFO) guidance in conjunction with the release of its second-quarter earnings.<\/p>\n

\"Venetian\"
The Venetian Las Vegas. Owner VICI Properties raised its 2024 AFFO forecast. (Image: FOX 5 Vegas<\/em>)<\/figcaption><\/figure>\n

The owner of the Venetian on the Las Vegas Strip said it now expects AFFO for this year to be $2.35 billion to $2.37 billion, or between $2.24 and $2.26 per share. For the June quarter, VICI\u2019s AFFO was $592.4 million, a 9.6% increase from the year-earlier period.\u00a0 On a per-share basis, that was 57 cents, up from 54 cents in the second quarter of 2023.<\/p>\n

The real estate investment trust (REIT) said the upped 2024 outlook is reflective of management\u2019s views on \u201ccurrent and future market conditions.\u201d<\/strong><\/p>\n

The increased AFFO could be a signal that various investments made by VICI<\/a> — some recent and some outside gaming properties — are paying off.<\/p>\n

We believe these investments demonstrate that VICI has advantageous levers for sustained, sustainable growth with quality tenants in durable sectors across attractive geographies,\u201d said CEO Edward Pitoniak in a statement.<\/p><\/blockquote>\n

Shares of VICI rose slightly in after-hours trading following the report. The stock is down 1.94% year to date, but has been on a torrid pace as of late, surging 12% over the past month.<\/p>\n

Venetian Paying Dividends for VICI<\/h2>\n

In March 2021, VICI acquired<\/a> the real estate of the Venetian and what was then Sands Expo & Convention Center for $4 billion. The relationship with operator Apollo Global Management has since expanded and is proving fruitful for both parties.<\/p>\n

\n

On the day of Venetian\u2019s 25th<\/sup> birthday in May, VICI announced that it would provide up to $700 million<\/a> in financing to Apollo that would be used for enhancements at the integrated resort. Pitoniak said in the second quarter, VICI committed to $950 million in financing for the Venetian and the nongaming Great Wolf Resorts, of which $650 million will be spent this year.<\/p>\n<\/div>\n

More recently, VICI and other REITs have shown a willingness to extend financing to tenants to improve gaming venues. Not only does that diversify REITs\u2019 revenue streams, but such transactions serve the aim of boosting property values, which is beneficial to landlords.<\/p>\n

\u201cThe Venetian Capital Investment exemplifies the value of our Partner Property Growth Fund strategy, which provides attractive capital deployment opportunities to invest into existing VICI assets at scale, and the Great Wolf transaction demonstrates VICI’s ability to recycle capital via our VICI Experiential Credit Solutions strategy,\u201d added Pitoniak in the press release.<\/p>\n

More Help for VICI Could Be on the Way<\/h2>\n

Arguably, some of the recent rally by shares of VICI is attributable to increasing speculation that the Federal Reserve will lower interest rates<\/a> in September. That would be beneficial to VICI on at least two fronts.<\/p>\n

\n

First, REITs are among the asset classes most inversely correlated to high borrowing costs. Second, VICI had $17.1 billion in debt as of June 30 and highly indebted companies often respond well to interest rate reductions.<\/p>\n<\/div>\n

VICI, which is the largest owner of Las Vegas gaming real estate, had $347.2 million in cash and cash equivalents at the end of the second quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

VICI Properties (NYSE: VICI), the largest owner of casino real estate, raised its 2024 adjusted funds from operations (AFFO) guidance in conjunction with the release of its second-quarter earnings. The owner of the Venetian on the Las Vegas Strip said it now expects AFFO for this year to be $2.35 billion to $2.37 billion, or […]<\/p>\n","protected":false},"author":46,"featured_media":246966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,81886],"tags":[81903,81898,23],"acf":[],"yoast_head":"\nVICI Properties Lifts 2024 AFFO Guidance<\/title>\n<meta name=\"description\" content=\"VICI Properties Lifts 2024 AFFO Guidance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-guidance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VICI Properties Lifts 2024 AFFO Guidance\" \/>\n<meta property=\"og:description\" content=\"VICI Properties Lifts 2024 AFFO Guidance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-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=\"2024-07-31T23:33:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-01T15:30:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/venetian.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1925\" \/>\n\t<meta property=\"og:image:height\" content=\"1110\" \/>\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-lifts-2024-affo-guidance\/\",\"url\":\"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-guidance\/\",\"name\":\"VICI Properties Lifts 2024 AFFO Guidance\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-guidance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-guidance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/venetian.jpg\",\"datePublished\":\"2024-07-31T23:33:52+00:00\",\"dateModified\":\"2024-08-01T15:30:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"VICI Properties Lifts 2024 AFFO Guidance.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-guidance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-guidance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-properties-lifts-2024-affo-guidance\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/venetian.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/venetian.jpg\",\"width\":1925,\"height\":1110,\"caption\":\"The Venetian Las Vegas. 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