Strip casino landlord earned $2.7B in profit in 2024
Casino landlord Vici Properties earned higher profits last year as it pulled in more revenue from tenants and borrowers.
New York-based Vici, the biggest property owner on the Las Vegas Strip with Caesars Palace, MGM Grand and several other resorts in its portfolio, on Thursday said it earned $2.7 billion in net income last year.
That was up 6.5 percent from 2023.
Vici reported $3.6 billion in leasing revenue last year, up 5 percent from 2023, and $134 million of income from loans, up almost 71 percent.
In the quarter ending Dec. 31, Vici earned $624 million in net income, down almost 18 percent from the same period a year earlier, though it booked $976 million in total revenue during the three-month stretch, up 4.7 percent year-over-year.
It attributed the drop in quarterly earnings to a change in its allowance for credit losses.
Overall, Vici’s portfolio spans dozens of properties in the U.S. and Canada. The company was launched in 2017 as a spinoff from Caesars Entertainment and vastly expanded its footprint through high-priced transactions.
In Las Vegas, Vici owns the real estate of numerous hotel-casinos along the Strip and leases them to such operators as MGM Resorts International and Caesars.
Vici also took part in a $2.2 billion construction loan to finance the completion of Fontainebleau Las Vegas, which opened in late 2023. When the loan was announced, Vici said it was contributing up to $350 million to the deal.
The company (NYSE: VICI) is scheduled to hold an earnings call with analysts on Friday.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
