Hotel-casinos paying rent on time, landlord Vici Properties says
Vici Properties Inc., a real estate investment trust that owns the land under a number of hotel-casinos, said its tenants paid 100 percent of their rent during the second quarter and July, despite many casinos facing limited foot traffic amid the pandemic.
“We worked closely and collaboratively with our tenant partners to provide flexible short-term solutions during unprecedented uncertainty while, we believe, preserving and, ultimately, enhancing long-term stockholder value,” CEO Edward Pitoniak said in a Wednesday news release.
Pitoniak also said the company is “extremely encouraged” by early reopening data across the gaming industry.
Total revenue for the Caesars Entertainment Inc.-affiliated company was $257.9 million, up 17 percent compared with the same period last year.
Vici has one of the largest gaming portfolios among real estate investment trusts, with 31 gaming facilities — including Caesars Palace and Harrah’s in Las Vegas. Its tenants include Caesars, Century Casinos Inc., Hard Rock International, Jack Entertainment and Penn National Gaming Inc. It also owns four golf courses and 34 acres of undeveloped land adjacent to the Strip.
The company will host a call to discuss its second-quarter earnings at 7 a.m. Thursday.
Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.
