Revenue increase drives net profit up 163.2% at VICI Properties in H1
VICI Properties, the real estate investment trust spun off from Caesars Entertainment in 2017, has reported a year-on-year increase in revenue and net profit during the first half of its 2021 financial year.
Revenue for the six months to June 30 amounted to $750.7m, up 46.4% from $512.9m in the same period last year.
VICI’s performance in the first half of 2020 was impacted by the enforced closure of casino properties as a result of the novel coronavirus (Covid-19) pandemic. Casinos in the US closed in mid-March last year as states sought to slow the spread of the virus.
This year, casinos were able to operate – albeit with some restrictions – throughout the half, and this was reflected in VICI’s performance.
Revenue from sales-type and direct financing leases in H1 climbed 29.7% to $581.3m, while revenue from lease financing receivables and loans rocketed 385.8% to $140.4m. Revenue from VICI’s golf operations increased 30.2% to $15.1m, while other revenue hit $14.0m.