Vici acquired four casinos in Alberta, Canada, from Century Casinos for CA$221.7m (£130.1m/€151.7m/US$162.6m) in the period ending 30 September. Vici acquired Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack & Casino, and Century Downs in a transaction that was disclosed in May.

During that time, Vici and Century finalised the purchase of Rocky Gap Casino Resort for $203.0 million.

An improvement over Q3 2022's $751.4m in revenue, this quarter's total of $904.3m is encouraging. This is a third quarter improvement compared to the previous year.

According to Vici CEO Edward Pitoniak, the quarter was a reflection of the company's most critical strategic initiatives, which revolve around mergers and acquisitions and solid development.

Revenue increased by almost 20% and AFFO per share increased by nearly 11% year-over-year, demonstrating Vici's "persistent, sustainable commitment to accretive growth and capital deployment through acquisitions and strategic financing activity," as Pitoniak put it.

There was a 16.3% annual increase to $547.6 million in AFFO attributable to common stockholders.

Q3 saw improvements in every area
Sales-type leases brought in $500.2 million for Vici. Top contributors here were Caesars' $132.9 million regional master lease and Joliet lease. The master lease for Caesars' Las Vegas property was $113.6 million, while the lease for The Venetian Resort Las Vegas was $64.3 million.

Revenue came in at $378.5m from lease financing receivables, loans, and securities, with $18.1m coming from other sources. Of the total sum, $7.4 million came from golf-related revenues.

Q3 saw a considerable decline in operating expenses. They were $139.5m in total, a decrease of 48.4 percent. Costs totalling $95.9 million were mainly caused by changes in the allowance for credit losses. General and administrative costs amounted to $14.4 million, while other expenses came to $18.1 million.

A further $204.9 million in interest expenditure and other interest-related costs brought the pre-tax income to $566.1 million. A net income of $565.4m was recorded for the quarter, representing an annual growth rate of 67.8 percent, after deducting income tax expense.

The quarter's adjusted EBITDA was $726.4m, an increase of 13.7%.

First nine months saw a 2.5x increase in net profits.
A total of $2.68 billion has been earned so far this year. There has been a yearly growth of 46.3%. The majority of Vici's revenue, $1.47 billion, has come from sales-type leases.

The operating expenditures for the first nine months dropped sharply to $290.4m, a reduction of 70.3%. A reduction in the adjustment in provision for credit losses is the cause of the discrepancy. This amounted to $865.4m in the first three quarters of 2022 and $166.1m in the same period of 2023.

Nevertheless, interest expense increased 65.3% to $612.8m compared to the previous year. However, compared to the $521.4m reported in 2022, the net income for the first nine months of 2023 was 1.5 times higher, totalling $1.79bn.