{"id":251,"date":"2024-06-26T23:30:44","date_gmt":"2024-06-26T20:30:44","guid":{"rendered":"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/"},"modified":"2024-06-26T23:30:44","modified_gmt":"2024-06-26T20:30:44","slug":"vici-adds-117-million-to-provision-for-risk-of-operator-defaults","status":"publish","type":"post","link":"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/","title":{"rendered":"Vici Adds $117 Million to Provision for Risk of Operator Defaults"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/eToKl8dZnzE\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Vici Properties announced earnings of $662.5 million (\u00a3543.6 million\/\u20ac649.1 million) for the second quarter, the initial period since the company finalized two multi-billion dollar purchases. However, the company also faces additional costs stemming from the risk of operator tenant non-payments.<\/p>\n<p>Vici set aside $117 million in the second quarter to cover the potential for operator defaults.<\/p>\n<p>Vici&#8217;s chief executive, Edward Pitoniak, stated that the quarter was focused on expansion, as it was the first since Vici acquired the Venetian Resort in Las Vegas for $4 billion and MGM Growth Properties Inc for $17.2 billion.<\/p>\n<p>&#8220;The second quarter of 2022 marked another significant period for Vici,&#8221; Pitoniak said. &#8220;At the end of April, we completed our strategic acquisition of MGM Growth Properties, establishing Vici as one of the most appealing Class A real estate portfolios within the REIT sector.<\/p>\n<p>&#8220;Our access to capital has improved, enabling us to pursue opportunistic transactions as we continue our growth trajectory.&#8221;<\/p>\n<p>Even when incorporating rent from properties obtained in the past year into the comparative data, revenue still rose by 76% compared to $376.4 million in the second quarter of 2021.<\/p>\n<p>In total, $375.1 million in revenue originated from sale-leaseback rentals, a 28.8% year-over-year increase. Revenue from lease financing receivables and loans experienced a substantial surge, up 273.9% to $2.617 billion.<\/p>\n<p>Vici added $117 million to its provision for the risk of operator defaults in the second quarter &#8211; Casinos &#8211; iGB <\/p>\n<p>The remaining $25.7 million was generated from various sources, including other revenue streams and golf-related earnings.<\/p>\n<p>During the second quarter of 2021, operational expenses amounted to a negative $7.7 million, while in the current quarter, they reached a substantial $602.5 million.<\/p>\n<p>The most significant expense was attributed to the reclassification of assets in connection with the acquisition. Furthermore, there was an additional $117 million in expenses stemming from the heightened likelihood of short-term defaults by Vici&#8217;s tenants, who manage the casino properties they own.<\/p>\n<p>The company also incurred $133.1 million in interest charges. After accounting for financial and interest income, Vici&#8217;s pre-tax loss totaled $57.1 million.<\/p>\n<p>Following the application of taxes, the net loss for the period amounted to $58.1 million, contrasting with a profit of $300.3 million during the same period last year.<\/p>\n<p>Revenue for the first six months of the year reached $1.07 billion, reflecting a 43.7% increase compared to the first half of 2021. Sales-type lease revenue emerged as the primary source of income, attaining $581.2 million in the six months ending on June 30.<\/p>\n<p>Operational expenses for the first half of the year totaled $708 million, representing a year-over-year increase of $691 million.<\/p>\n<p>After taking into account income taxes and other expenses, the net loss amounted to $182.6 million.<\/p>\n<p>Prior to the conclusion of the quarter, 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 announced earnings of $662.5 million (\u00a3543.6 million\/\u20ac649.1 million) for the second quarter, the initial period since the company finalized two multi-billion dollar purchases. However, the company also faces additional costs stemming from the risk of operator tenant non-payments. Vici set aside $117 million in the second quarter to cover the potential for operator [&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 Q2 Earnings: Expansion &amp; Risk<\/title>\n<meta name=\"description\" content=\"Vici Properties reports strong Q2 earnings fueled by recent acquisitions, but sets aside funds for potential operator defaults.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Vici Adds $117 Million to Provision for Risk of Operator Defaults\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Vici Properties reports strong Q2 earnings fueled by recent acquisitions, but sets aside funds for potential operator defaults.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience the Thrill of Victory at Our Licensed Online Casino\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T20:30:44+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/\",\"url\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/\",\"name\":\"Vici Properties Q2 Earnings: Expansion & Risk\",\"isPartOf\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-26T20:30:44+00:00\",\"dateModified\":\"2024-06-26T20:30:44+00:00\",\"author\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Vici Properties reports strong Q2 earnings fueled by recent acquisitions, but sets aside funds for potential operator defaults.\",\"breadcrumb\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/26\/vici-adds-117-million-to-provision-for-risk-of-operator-defaults\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/reddognodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Vici Adds $117 Million to Provision for Risk of Operator Defaults\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/reddognodepositbonuscodes.icu\/\",\"name\":\"Experience the Thrill of Victory at Our Licensed Online Casino\",\"description\":\"Immerse yourself in the excitement of licensed online gambling through our fresh news, in-depth game reviews, and informative insights. 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