{"id":274,"date":"2024-06-28T08:22:34","date_gmt":"2024-06-28T05:22:34","guid":{"rendered":"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/vici-allocates-extra-117-million-to-cover-operator-default-risk\/"},"modified":"2024-06-28T08:22:34","modified_gmt":"2024-06-28T05:22:34","slug":"vici-allocates-extra-117-million-to-cover-operator-default-risk","status":"publish","type":"post","link":"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/vici-allocates-extra-117-million-to-cover-operator-default-risk\/","title":{"rendered":"Vici Allocates Extra $117 Million to Cover Operator Default Risk"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/x_-FWLSciO4\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Vici Properties set aside an extra $117 million to cover the risk of operators failing to meet their obligations in the second quarter, even though their income reached $662.5 million (\u00a3543.6 million\/\u20ac649.1 million). This was their first quarter since finalizing two massive acquisitions.<\/p>\n<p>Vici&#8217;s CEO, Edward Pitoniak, stated that the second quarter marked the first period for Vici since their $4 billion acquisition of the Venetian Resort in Las Vegas at the end of the first quarter of 2022, and their $17.2 billion acquisition of MGM Growth Properties, with a focus on expanding their operations.<\/p>\n<p>&#8220;The second quarter of 2022 was another pivotal period for Vici,&#8221; Pitoniak remarked. &#8220;In late April, we finalized our strategic acquisition of MGM Growth Properties, positioning Vici as one of the most appealing Class A real estate portfolios within the US REIT sector.<\/p>\n<p>&#8220;Our ability to secure capital has enabled us to capitalize on opportunities and continue our path of growth.&#8221;<\/p>\n<p>Even when factoring in rent from properties acquired within the past year into the comparative data, revenue surged by 76% compared to $376.4 million in the second quarter of 2021.<\/p>\n<p>Overall, $375.1 million in revenue originated from sale-leaseback agreements, representing a 28.8% year-over-year increase. Revenue generated from lease financing receivables and loans experienced a substantial rise, climbing 273.9% to $2.617 billion.<\/p>\n<p>Vici allocated an additional $117 million to provisions for operator default risk during the second quarter &#8211; Casinos &#8211; iGB <\/p>\n<p>Additional revenue streams, including golf-related earnings, contributed to the remaining $25.7 million.<\/p>\n<p>Operational expenses reached $602.5 million, a stark contrast to the negative $7.7 million recorded in the corresponding period of 2021.<\/p>\n<p>The most significant expense was tied to asset reclassification stemming from the acquisition. However, a heightened likelihood of short-term defaults by Vici&#8217;s tenants, who manage the casino properties they possess, led to an extra $117 million in expenditures.<\/p>\n<p>The company also incurred $133.1 million in interest charges. After accounting for financial and interest income, Vici experienced a pre-tax deficit of $57.1 million.<\/p>\n<p>Following tax adjustments, the net loss for the period amounted to $58.1 million, a significant downturn from the $300.3 million profit recorded in the same period of the previous year.<\/p>\n<p>Total revenue for the initial six months of the year reached $1.07 billion, marking a 43.7% surge compared to the first half of 2021. Sales-type lease revenue emerged as the primary source of income, generating $581.2 million in the six months concluding on June 30.<\/p>\n<p>Operational costs for the first half of the year totaled $708 million, reflecting a year-over-year increase of $691 million.<\/p>\n<p>After factoring in income taxes and other expenses, the net loss amounted to $182.6 million.<\/p>\n<p>Prior to the quarter&#8217;s conclusion, Vici appointed Kellan Florio as Senior Vice President and Chief Investment Officer, and Moira McCloskey as Vice President of Capital Markets.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vici Properties set aside an extra $117 million to cover the risk of operators failing to meet their obligations in the second quarter, even though their income reached $662.5 million (\u00a3543.6 million\/\u20ac649.1 million). This was their first quarter since finalizing two massive acquisitions. Vici&#8217;s CEO, Edward Pitoniak, stated that the second quarter marked the first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vici Properties: Big Acquisitions, Big Profits, Big Reserves<\/title>\n<meta name=\"description\" content=\"Vici Properties reports record income after major acquisitions, but sets aside extra funds for potential operator risks. 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