- Vici Properties reported Q4 revenue of $976.1M, up 4.7% YoY, with net income rising to $2.68B for the year.
- The REIT announced a $300M investment in the One Beverly Hills project, the beginning of a new strategic partnership with Cain International and Eldridge Industries.
- Vici allocated $700M through its Partner Property Growth Fund to support renovations at The Venetian Resort Las Vegas, including hotel upgrades and convention center improvements.
- The company continues to benefit from strong relationships with operators, who have announced nearly $1B in investments across Vici’s properties since Q4.
Vici Properties (VICI), a REIT focused on casino and entertainment properties, closed out 2024 with a strong performance. Revenue rose 4.7% YoY to $976.1M, according to Commercial Observer.
New Year, New Ventures
Despite a decline in Q4 profits to $614.5M, Vici’s adjusted funds from operations (AFFO) rose by 5.4%, demonstrating its continued operational strength.
In a bid to expand its portfolio and diversify investments, Vici announced a $300M stake in the 17.6-acre One Beverly Hills project, marking the REIT’s first new venture in 2025.
The investment is part of a broader strategy to invest in both gaming and non-gaming properties, including high-quality real estate in top-tier locations.
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Strong Operational Investments
Vici’s partnership with operators continues to bear fruit, with notable investments including a $700M allocation to The Venetian Resort Las Vegas for significant renovations.
The company also highlighted a $300M remodel of 4.2K hotel rooms at MGM Grand, set to be completed in 2025. These investments highlight Vici’s commitment to maintaining high-quality experiences across its properties and capitalizing on long-term growth opportunities.
Looking Ahead
As the entertainment and real estate markets continue to evolve, Vici’s focus on high-quality, value-added properties and proactive approach to partnerships will allow the company to adapt and thrive in this environment.
The REIT’s diversified portfolio and strategic partnerships, such as the recent venture with Cain International and Eldridge Industries, provide a solid foundation for long-term growth.
With nearly $1B in investments already committed, Vici is not only securing its place in the current market but also setting the stage for further expansion and enhanced shareholder value in the years to come.
