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VICI · VICI Properties

28 filings

10-Q

VICI 10-Q Quarterly Reports

VICI Properties - 28 quarterly reports

Filing record · 2017–202610-K1010-Q288-K161

2026-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2026
VICI Properties Inc. (with its operating partnership VICI Properties L.P.) reported net income attributable to common stockholders of $342.5 million for the three months ended September 30, 2026, versus $762.0 million a year earlier, and $1.74 billion for the nine months versus $2.17 billion. The decline is driven mainly by a $458.0 million increase in the allowance for credit losses in the quarter, compared with a $20.2 million decrease in the prior-year quarter. The filing attributes about $313.2 million of the quarterly increase to Caesars, reflecting a rating agency downgrade of Caesars' senior secured debt and revised renewal-period loss estimates for the Caesars Regional Master Lease and Joliet Lease. Excluding the credit-loss charge, operating results grew: total revenues rose to $1.07 billion from $1.01 billion in the quarter, and AFFO attributable to common stockholders was $685.2 million, or $0.62 per share, versus $0.60 a year earlier. The balance sheet expanded over the period. Total assets rose to $48.06 billion from $46.72 billion at December 31, 2025, supported by the Golden Entertainment Transaction ($1.15 billion total purchase price, including roughly 24.3 million VICI shares issued), the Gamehost Transaction, and a $1.5 billion One Beverly Hills mezzanine loan. Total debt was $16.92 billion carrying value, against $17.22 billion principal, with a weighted average contractual interest rate of 4.73% on senior unsecured notes. In August 2026 VICI LP issued $1.75 billion of senior notes, and cash and cash equivalents declined to $270.3 million. Operating cash flow was $2.02 billion for the nine months, up from $1.82 billion. Subsequent to quarter-end, on October 27, 2026, the Board authorized a share repurchase program of up to $2.0 billion through September 30, 2029. The quarterly dividend was declared at $0.46 per share, up from $0.45. The filing states that the company's properties are 100% leased, with a weighted average lease term of approximately 39.4 years, and that MGM and Caesars together account for a large share of lease revenue.
Oct 28, 2026
2026-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2026
VICI Properties Inc. reported total revenues of $1.06 billion for the three months ended June 30, 2026, up from $1.00 billion a year earlier, and net income attributable to common stockholders of $526.5 million, down from $865.1 million. The decline in net income was driven primarily by a $271.1 million increase in the change in allowance for credit losses in the quarter, compared with a $142.0 million decrease in the prior-year quarter. The filing attributes the charge to the initial CECL allowance on the Gamehost and Golden acquisitions, a higher long-term probability of default estimate for one tenant, and negative macroeconomic forecast changes. Diluted earnings per share were $0.48 for the quarter versus $0.82 a year earlier. AFFO attributable to common stockholders was $679.6 million for the quarter, or $0.62 per diluted share, compared with $0.60 in the prior-year quarter. During the first half of 2026, VICI completed the $1.15 billion Golden Entertainment Transaction, which added seven casino properties under a 30-year master lease with initial annual rent of $87.0 million, and the C$200.6 million Gamehost Transaction in Alberta. It also made a $1.5 billion mezzanine loan commitment for One Beverly Hills and announced the Club Med St. Croix redevelopment. Total assets rose to $48.27 billion at June 30, 2026, from $46.72 billion at December 31, 2025, and debt, net was $16.93 billion. Cash and cash equivalents declined to $288.1 million, and the company reported $2.23 billion of capacity under its Revolving Credit Facility. Management stated it believes it has sufficient liquidity for the next 12 months. The filing states that MGM and Caesars guarantee lease payments for their respective leased properties, with MGM representing 37% of lease revenues and Caesars 35% for the three and six months ended June 30, 2026. Management reported that the disclosure controls were effective and that the company is not subject to any litigation it believes would have a material adverse effect.
Jul 29, 2026
2026-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2026
VICI Properties Inc. reported net income of $885.95 million for the quarter ended March 31, 2026, up from $552.27 million a year earlier, with net income attributable to common stockholders of $872.39 million, or $0.82 per diluted share, versus $0.51 in the prior-year quarter. The swing was driven largely by a $118.8 million decrease in the change in allowance for credit losses, compared with a $187.0 million increase in the first quarter of 2025. Total revenues rose to $1.02 billion from $984.2 million, reflecting annual rent escalators and higher income from loans and securities. The filing attributes the credit allowance release to positive macroeconomic forecast changes and improved tenant equity market performance, partially offset by an initial allowance on new debt investments. Balance sheet activity centered on real estate debt. VICI provided a $1.5 billion mezzanine loan for One Beverly Hills, with $650.0 million initially funded, and total loans and securities rose to $2.71 billion carrying value from $2.53 billion at year-end. Cash and cash equivalents declined to $480.2 million, and total debt was $16.79 billion carrying value against $17.09 billion principal. Net cash provided by operating activities was $631.9 million, while dividends paid were $481.4 million and the declared quarterly dividend was $0.45 per share. Subsequent events include the April 21, 2026 Northfield Park lease with an affiliate of Clairvest carrying initial annual base rent of $53.0 million, and the physical settlement on April 29, 2026 of 7,750,000 remaining ATM forward shares for net proceeds of about $242.1 million. The Golden Entertainment transaction was expected to close on or around April 30, 2026, and the Gamehost Transaction is expected to close in mid-2026.
Apr 29, 2026
2025-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2025
VICI Properties Inc. reported net income of $2.20 billion for the nine months ended September 30, 2025, up from $2.10 billion a year earlier, and net income attributable to common stockholders of $2.17 billion ($2.05 per diluted share versus $1.98). Total revenues rose to $2.99 billion for the nine months from $2.87 billion, driven by higher income from sales-type leases and lease financing receivables, loans and securities. Total leasing revenue increased $58.2 million over the nine months, primarily reflecting incremental rent from the Venetian Capital Investment and annual rent escalators. The company owns 93 experiential assets across 54 gaming properties and 39 other experiential properties, all 100% leased with a weighted average lease term of approximately 40.0 years. Balance sheet growth was driven by loan investments: investments in loans and securities rose to $2.43 billion at September 30, 2025 from $1.65 billion at December 31, 2024, reflecting $960.0 million of real estate debt commitments including the One Beverly Hills mezzanine loan and the North Fork Casino loan. Total debt was $16.76 billion, and cash and cash equivalents were $507.5 million. Operating cash flow was $1.82 billion for the nine months, while dividends paid totaled $1.37 billion, with quarterly dividends declared rising to $0.4500 per share for the third quarter. Subsequent to quarter-end, VICI announced a new 25-year triple-net lease for MGM Northfield Park with an initial annual base rent of $53.0 million ($54.0 million if closed on or after May 1, 2026), expected to close in the first half of 2026. Management stated it believes it has sufficient liquidity for the next 12 months, citing $3.10 billion of liquidity including undrawn revolver capacity and forward sale proceeds.
Oct 30, 2025
2025-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2025
VICI Properties Inc. (with its operating partnership VICI Properties L.P.) reported results for the three and six months ended June 30, 2025. Total revenues were $1,001.3 million for the quarter, up from $957.0 million a year earlier, and $1,985.5 million for the six months versus $1,908.5 million. Net income attributable to common stockholders was $865.1 million for the quarter ($0.82 per diluted share) compared with $741.3 million ($0.71) in the prior-year quarter. The quarter also included a $142.0 million decrease in the allowance for credit losses, which the filing attributes to tenant equity market performance and macroeconomic forecast changes, and this decrease is a major driver of the year-over-year earnings improvement. Management's AFFO attributable to common stockholders was $630.2 million for the quarter ($0.60 per share). The balance sheet expanded during the first half. Total assets were $46.05 billion at June 30, 2025, and debt, net was $16.92 billion. Investments in loans and securities rose to $2.37 billion from $1.65 billion at year-end 2024, driven by a $300.0 million and then $150.0 million purchase of mezzanine interest in One Beverly Hills and a commitment of up to $510.0 million to the North Fork Casino loan. Cash fell to $233.0 million. The company had $3.0 billion of total cash and liquidity sources including $2.18 billion of Revolving Credit Facility capacity and $621.5 million of net proceeds available from outstanding forward sale agreements. The filing states that none of the $17.3 billion of debt is maturing in the next twelve months. The filing states that MGM and Caesars guarantee lease payments and that MGM represented 38% of lease revenues and Caesars 36% for both the three and six months ended June 30, 2025. Management reports that the company was in compliance with all financial and debt covenants at June 30, 2025, and that no investments were on non-accrual status. Subsequent to quarter-end, the company repaid $175.0 million on the Revolving Credit Facility and physically settled 9,662,116 forward ATM shares for approximately $296.0 million.
Jul 30, 2025
2025-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2025
VICI Properties Inc. reported net income of $552.3 million for the three months ended March 31, 2025, versus $599.8 million a year earlier, and net income attributable to common stockholders of $543.6 million compared with $590.0 million. Diluted earnings per share were $0.51, down from $0.57. The decline was driven mainly by a $187.0 million change in allowance for credit losses, versus $106.9 million in the prior-year quarter, which the company attributes to tenant equity market performance and a weaker macroeconomic forecast. Total revenues rose to $984.2 million from $951.5 million, led by higher income from sales-type leases and lease financing receivables, loans and securities. Management also reported AFFO attributable to common stockholders of $615.98 million, or $0.58 per diluted share, versus $0.56 a year earlier. Balance sheet activity centered on real estate debt investment. VICI bought a $300.0 million interest in the One Beverly Hills mezzanine loan in February 2025, funded with cash and a Revolving Credit Facility draw. Investments in loans and securities rose to $2.04 billion from $1.65 billion at year-end 2024. Cash fell to $334.3 million from $524.6 million, and total debt, net, reached $16.85 billion. The company entered a $2.5 billion unsecured Revolving Credit Facility maturing February 2029, and it priced $1.3 billion of senior notes in March 2025, which were issued April 7, 2025 and used to redeem $1.3 billion of 2025 maturities. Subsequent to quarter-end, VICI committed up to $510.0 million to a North Fork Casino term loan facility. The company declared a quarterly dividend of $0.4325 per common share, compared with $0.4150 a year earlier. The filing reports that all lease and loan investments were current and that no investments were on non-accrual status. The company also reported 98.6% of its $17.2 billion of debt at fixed rates.
Apr 30, 2025
2024-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2024
VICI Properties Inc. reported net income attributable to common stockholders of $732.9 million, or $0.70 per diluted share, for the three months ended September 30, 2024, up from $556.3 million, or $0.55 per share, a year earlier. For the nine months, net income attributable to common stockholders was $2.06 billion, or $1.98 per diluted share, versus $1.77 billion, or $1.75, in the prior-year period. Total revenues were $964.7 million for the quarter and $2.87 billion for the nine months, with the increases driven by the MGM Grand/Mandalay Bay portfolio acquisition, the Century Master Lease, the Bowlero and Chelsea Piers transactions, and the Venetian Capital Investment rent increase. The filing also shows a $31.6 million decrease in the allowance for credit losses in the quarter, compared with a $96.0 million increase a year earlier. Cash flow from operations rose to $1.74 billion for the nine months, and AFFO attributable to common stockholders was $1.77 billion, or $1.70 per basic share. Total assets were $44.92 billion at September 30, 2024, against $16.74 billion of debt, net. The company had $355.7 million of cash and $2.33 billion of undrawn Revolving Credit Facility capacity, and it stated it had 99.0% fixed-rate debt. Management concluded that disclosure controls were effective. During 2024, VICI agreed to fund up to $700.0 million of capital investment into the Venetian Resort, of which $400.0 million was funded by quarter-end. It also originated $365.0 million of real estate debt, sold 11.7 million shares under its ATM program for estimated proceeds of $368.5 million, and issued $1.05 billion of senior unsecured notes in March 2024. The quarterly dividend was raised to $0.4325 per share for the third quarter.
Oct 31, 2024
2024-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2024
VICI Properties Inc. (VICI) reported its second-quarter 2024 results in this Form 10-Q for the three and six months ended June 30, 2024. Total revenues were $957.0 million for the quarter, up from $898.2 million a year earlier, and $1.91 billion for the six months, up from $1.78 billion. Net income attributable to common stockholders was $741.3 million for the quarter ($0.71 per diluted share) and $1.33 billion for the six months ($1.28 per diluted share). Adjusted EBITDA attributable to common stockholders was $775.9 million for the quarter and $1.54 billion for the six months, and AFFO per diluted share was $0.57 for the quarter and $1.13 for the six months, according to the filing's non-GAAP reconciliation. The company's balance sheet grew to $44.51 billion in total assets at June 30, 2024, with total debt, net of $16.73 billion. Cash and cash equivalents declared at $347.2 million, down from $522.6 million at year-end 2023. Net cash provided by operating activities was $1.16 billion for the six months. Dividends paid totaled $867.6 million in the period, and the quarterly dividend declared was $0.4150 per share for both the first and second quarters of 2024. The filing also describes a $700.0 million Venetian Capital Investment, of which $400.0 million is funded in 2024, along with $365.0 million of real estate debt originations in the first half of 2024. The filing notes that VICI's tenants, MGM and Caesars, are the guarantors of their lease payment obligations and represented a combined majority of lease revenue. Allowance for credit losses stood at $1.52 billion at June 30, 2024, versus $1.45 billion at December 31, 2023. The company also reported completing a new general ledger and reporting system during the quarter, with management stating that internal controls were effective.
Jul 31, 2024
2024-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2024
VICI Properties Inc. reported first-quarter 2024 total revenues of $951.5 million, up from $877.6 million in the prior-year quarter, and net income attributable to common stockholders of $590.0 million, or $0.57 per diluted share, compared with $518.7 million, or $0.52 per diluted share, a year earlier. Income from sales-type leases rose to $512.8 million and income from lease financing receivables, loans and securities rose to $409.3 million. Results were supported by the addition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay lease, the Rocky Gap Casino and Century Canadian portfolio components of the Century Master Lease, the Bowlero master lease and the Chelsea Piers lease. The change in allowance for credit losses was a $106.9 million charge, driven mainly by an increase in the probability of default of several tenants and their parent guarantors. The balance sheet at March 31, 2024 showed total assets of $44.16 billion, debt, net of $16.71 billion and total stockholders' equity of $25.82 billion. Cash and cash equivalents were $485.3 million. During the quarter the company issued $1.05 billion of 5.750% Senior Notes due 2034 and 6.125% Senior Notes due 2054 and used the net proceeds to redeem the 5.625% Senior Notes due 2024. Net cash provided by operating activities was $543.7 million. The company declared a quarterly dividend of $0.4150 per common share, up from $0.3900 a year earlier. Subsequent to quarter end, on May 1, 2024, VICI agreed to provide up to $700.0 million of financing for extensive reinvestment projects at the Venetian Resort, comprising $400.0 million to be funded in 2024 and an additional $300.0 million that the Venetian Resort may draw until November 1, 2026. The Venetian Capital Investment increases annual rent at a 7.25% yield, and the previous $1.0 billion Property Growth Fund Agreement with Apollo was terminated.
May 1, 2024
2023-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2023
VICI Properties Inc. reported strong growth in the third quarter and nine months ended September 30, 2023. Total revenues were $904.3 million for the quarter, up from $751.5 million a year earlier, and $2.68 billion for the nine months, up from $1.83 billion. Net income attributable to common stockholders was $556.3 million for the quarter ($0.55 per diluted share) and $1.77 billion for the nine months ($1.75 per diluted share). The increase was driven mainly by new leases and acquisitions, including the MGM Grand/Mandalay Bay JV Interest Acquisition, the PURE Canadian Gaming Transaction, the Rocky Gap Casino Transaction and the Century Canadian Portfolio Transaction, as well as annual rent escalators. Interest expense rose to $204.9 million for the quarter from $169.4 million, reflecting higher debt following the April 2022 Notes, the Exchange Notes and the assumed MGM Grand/Mandalay Bay CMBS debt. The balance sheet expanded, with total assets of $42.83 billion at September 30, 2023, compared with $37.58 billion at December 31, 2022. Total debt, net, was $16.69 billion. The change in allowance for credit losses was a $96.0 million charge for the quarter, compared with $232.8 million a year earlier. Cash and cash equivalents rose to $510.9 million. Net cash provided by operating activities was $1.60 billion for the nine months. Dividends declared rose to $0.4150 per common share for the third quarter, up from $0.3900. Subsequent to quarter-end, VICI acquired the real estate of 38 bowling centers from Bowlero for an aggregate purchase price of $432.9 million in a sale-leaseback transaction, and physically settled the remaining 17,702,500 shares under the January 2023 Forward Sale Agreements for net proceeds of approximately $560.3 million. The filing also reports that the company is not subject to any litigation it believes could have a material adverse effect.
Oct 25, 2023
2023-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2023
VICI Properties Inc. and its operating partnership, VICI Properties L.P., reported results for the three and six months ended June 30, 2023. Total revenues were $898.2 million for the quarter, up from $662.6 million a year earlier, and $1.78 billion for the six months, up from $1.08 billion. Net income attributable to common stockholders was $690.7 million for the quarter ($0.69 per diluted share), compared with a net loss of $57.7 million in the prior-year quarter. For the six months, net income attributable to common stockholders was $1.21 billion ($1.20 per diluted share). The quarter included a $41.4 million decrease in the allowance for credit losses, versus a $551.9 million increase in the prior-year quarter. Operating cash flow for the six months was $1.05 billion. Management reported FFO per share and AFFO per share of $0.54 for the quarter on an AFFO basis, and AFFO attributable to common stockholders of $540.4 million. The period was dominated by the closing of the MGM Grand/Mandalay Bay JV Interest Acquisition on January 9, 2023, for cash consideration of $1.26 billion, which gave VICI full ownership of a property leased to MGM with annual rent of $309.9 million. The company also closed the PURE Canadian Gaming Transaction for approximately US$200.8 million and recorded a $1.27 billion settlement of forward sale agreements and ATM forward sales. Total assets rose to $42.25 billion at June 30, 2023, from $37.58 billion at December 31, 2022, and debt, net, increased to $16.62 billion from $13.74 billion. Subsequent to quarter-end, the company closed the Rocky Gap Casino acquisition for $260.0 million on July 25, 2023, and committed up to $150.0 million in a preferred equity investment in Canyon Ranch. Liquidity remained substantial, with $738.8 million in cash and cash equivalents and $2.39 billion of capacity under the Revolving Credit Facility at June 30, 2023. Caesars and MGM are the company's two largest tenants, and the filing states that Caesars Leases represented 37% and 38% of lease revenues for the three and six months ended June 30, 2023, while MGM Leases represented 40% and 39% for the same periods. The company reported no debt maturities until May 2024, and it stated that it was in compliance with all debt covenants at June 30, 2023.
Jul 26, 2023
2023-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2023
VICI Properties Inc. reported net income of $527.9 million for the three months ended March 31, 2023, versus $242.7 million a year earlier, with net income attributable to common stockholders of $518.7 million, or $0.52 per diluted share (versus $0.35). Total revenues rose to $877.6 million from $416.6 million, driven primarily by the addition of the MGM Master Lease, Venetian Lease and Foundation Master Lease in 2022 and the PURE Master Lease and MGM Grand/Mandalay Bay Lease in January 2023. Interest expense increased to $204.4 million from $68.1 million, and the change in allowance for credit losses was $111.5 million, largely reflecting initial CECL allowances on newly acquired assets. The largest event of the quarter was the January 9, 2023 closing of the acquisition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV from BREIT for cash consideration of $1,261.9 million, which VICI consolidated and funded with cash on hand and forward sale settlements. The company also acquired four PURE Casino properties in Alberta for an aggregate purchase price of approximately C$271.9 million. Total assets grew to $41.85 billion at March 31, 2023 from $37.58 billion at December 31, 2022, and total debt, net was $16.61 billion. Net cash provided by operating activities was $522.0 million, compared with $298.2 million a year earlier. At quarter-end, VICI had $247.7 million of cash, $2.40 billion of capacity under its Revolving Credit Facility, and $960.4 million of expected net proceeds from the January 2023 forward sale agreements, which may be physically settled. The filing states that the company was in compliance with all debt-related covenants and that it has no debt maturities until May 2024. Subsequent to quarter-end, the $400.0 million Forum Convention Center Mortgage Loan was repaid in full on May 1, 2023.
May 1, 2023
2022-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2022
VICI Properties Inc. (VICI) and its operating partnership, VICI Properties L.P. (VICI LP), reported results for the three and nine months ended September 30, 2022 in this Form 10-Q. The period was dominated by the April 29, 2022 closing of the MGP Transactions, which VICI accounted for as an asset acquisition at a total consideration of $11.6 billion, plus assumed debt. Total revenues were $751.5 million for the third quarter of 2022 versus $375.7 million a year earlier, and $1.83 billion for the nine months versus $1.13 billion. Net income attributable to common stockholders was $330.9 million for the quarter ($0.34 per diluted share) and $513.6 million for the nine months ($0.60 per diluted share). The balance sheet expanded substantially, with total assets rising to $37.31 billion from $17.60 billion at December 31, 2021, and total debt, net, increasing to $13.73 billion from $4.69 billion. The Venetian Acquisition closed February 23, 2022 for $4.0 billion in cash for the land and real estate. The company issued $5.0 billion of April 2022 senior notes and $4.11 billion of Exchange Notes in connection with the MGP closing. Total debt face value was $13.95 billion, all fixed-rate, with no maturities until 2024 per the filing. The main caution in the filing is credit loss provisioning. The change in allowance for credit losses was an expense of $232.8 million in the third quarter and $865.5 million for the nine months, with $523.2 million of the nine-month amount being initial CECL allowances on acquisitions and new loan commitments. Management attributed the third-quarter increase in part to macroeconomic model changes and higher tenant probability of default. The filing states that all lease and loan investments are current and none are on non-accrual status.
Oct 27, 2022
2022-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2022
VICI Properties Inc. (VICI) and its operating partnership VICI Properties L.P. (VICI LP) reported results for the three and six months ended June 30, 2022, a period dominated by the closing of the MGP Transactions on April 29, 2022 and the Venetian Acquisition on February 23, 2022. Total revenues were $662.6 million for the quarter versus $376.4 million a year earlier, and $1.08 billion for the six months versus $750.7 million. VICI reported a net loss attributable to common stockholders of $57.7 million for the quarter, compared with net income of $300.7 million in the prior-year quarter. The swing was driven primarily by a $551.9 million increase in the allowance for credit losses, largely from initial CECL allowances recorded on acquisition activity, and by higher interest expense of $133.1 million for the quarter. Six-month net income attributable to common stockholders was $182.7 million. Management also reported AFFO attributable to common stockholders of $430.1 million for the quarter and $0.48 per diluted share. Balance sheet growth was substantial. Total assets rose to $37.29 billion at June 30, 2022 from $17.60 billion at December 31, 2021, and total debt, net, rose to $13.72 billion from $4.69 billion. The MGP Transactions were valued at $11.6 billion in total consideration, including 214.4 million VICI shares issued to MGP shareholders, a $4.404 billion cash redemption of MGM's OP units, and the assumption of approximately $5.7 billion of debt inclusive of VICI's 50.1% share of the BREIT JV CMBS debt. The company issued $5.0 billion of senior notes in April 2022 and assumed $4.11 billion of Exchange Notes. Cash and cash equivalents were $614.0 million at period end, and the company stated it had no debt maturities until 2024. The filing states that all tenants have fulfilled their rent obligations through July 2022 and that no investments are on non-accrual status. Caesars and MGM remain the largest tenants, with Caesars representing 45% of lease revenues for the quarter and MGM 34%. Management reported that its disclosure controls were effective as of June 30, 2022.
Jul 27, 2022
2022-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2022
VICI Properties Inc. filed this Form 10-Q for the quarter ended March 31, 2022. Total revenues were $416.6 million for the three months, up from $374.3 million a year earlier, driven primarily by the addition of the Venetian Lease in February 2022 and annual escalators. Net income attributable to common stockholders was $240.4 million, or $0.35 per diluted share, compared with $269.8 million, or $0.50, in the prior-year quarter. The decline reflects an $80.8 million increase in the allowance for credit losses, versus a $4.4 million decrease a year earlier, largely tied to the Venetian Acquisition and market volatility. Management's AFFO was $305.5 million, or $0.44 per diluted share, versus $0.47 a year earlier. The balance sheet expanded materially. Total assets rose to $21.74 billion from $17.60 billion at December 31, 2021, following the $4.0 billion cash acquisition of the Venetian Resort closed on February 23, 2022, funded largely by $3.2 billion of net proceeds from settling forward sale agreements and a $600.0 million Revolving Credit Facility draw. Total debt was $5.30 billion at quarter-end. Stockholders' equity increased to $15.48 billion after the equity issuance, and shares outstanding rose to 748.4 million from 628.9 million. Subsequent to quarter-end, VICI closed the MGP Transactions on April 29, 2022, acquiring MGP for total consideration of $17.2 billion, inclusive of approximately $5.7 billion of assumed debt. The filing states this adds $1,012.0 million of annualized rent from 15 casino resort properties, and that the portfolio will grow to 43 properties. The transaction was financed with $5.0 billion of senior notes (April 2022 Notes) and related exchange notes, and the $600.0 million revolver balance was repaid. The filing notes the MGM Master Lease will likely be accounted for as a financing receivable requiring a material initial CECL allowance.
May 4, 2022
2021-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2021
VICI Properties Inc. reported third-quarter 2021 net income attributable to common stockholders of $161.9 million, or $0.28 per diluted share, on total revenues of $375.7 million, compared with $398.3 million of net income attributable to common stockholders in the year-earlier quarter. Results for the quarter were affected by a $64.2 million swap settlement charge recorded in interest expense after the Term Loan B Facility was repaid, and by a $9.0 million increase in the allowance for credit losses. Management reported that all tenants had paid rent through October 2021 and that 100% of third-quarter rent was collected in cash. For the nine months, total revenues were $1.13 billion and net income attributable to common stockholders was $732.4 million. The most significant pending item is the agreed acquisition of MGM Growth Properties (MGP) for total consideration of $17.2 billion, inclusive of approximately $5.7 billion of assumed debt, which would add $1,009.0 million of annualized rent from 15 casino resort properties. The filing states the transaction is expected to close in the first half of 2022, subject to regulatory approvals and stockholder approval, and that $4.4 billion of cash consideration to MGM is expected to be funded with long-term debt or bridge borrowings. A separate Venetian Resort acquisition for $4.0 billion in cash is expected to close in the first quarter of 2022. At September 30, 2021, the company reported $669.5 million of cash, total assets of $17.55 billion, and $4.75 billion of face-value senior unsecured notes, with no debt maturities until 2025 and a $1.0 billion undrawn revolving facility. Following a September 2021 equity offering of 65,000,000 shares at $29.50 per share and the settlement of a forward sale agreement, the Term Loan B Facility was fully repaid.
Oct 27, 2021
2021-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2021
VICI Properties Inc. reported strong second-quarter 2021 results in this Form 10-Q. Total revenues were $376.4 million for the three months ended June 30, 2021, up from $257.9 million a year earlier, and net income attributable to common stockholders was $300.7 million, or $0.54 per diluted share. For the six months, total revenues were $750.7 million and net income attributable to common stockholders was $570.5 million, or $1.04 per diluted share. Net cash provided by operating activities was $410.5 million for the six months. The filing states that the company collected 100% of rent in cash in the second quarter and that all tenants had fulfilled rent obligations through July 2021. The balance sheet grew modestly, with total assets of $17.22 billion at June 30, 2021, versus $17.06 billion at December 31, 2020. Total debt was $6.77 billion carrying value ($6.85 billion face value), with no maturities until 2024. Cash and cash equivalents were $407.5 million. The company had $1.0 billion of Revolving Credit Facility capacity and $2.41 billion of proceeds available from forward sale agreements. Its portfolio consisted of 28 properties leased primarily to Caesars, with Caesars being its largest tenant. The company also funded a $79.5 million Great Wolf mezzanine loan and entered a definitive agreement to acquire the Venetian Resort Las Vegas for $4.0 billion in cash, expected to close in the fourth quarter of 2021. Key risks disclosed include the continuing COVID-19 pandemic's effect on tenants, interest rate exposure on $2.1 billion of variable-rate debt (with $1.5 billion hedged), and the contingent nature of the Venetian Acquisition closing, which is subject to regulatory approvals and is not assured.
Jul 28, 2021
2021-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2021
VICI Properties Inc. reported first-quarter 2021 total revenues of $374.3 million, up from $255.0 million in the prior-year quarter, and net income attributable to common stockholders of $269.8 million, or $0.50 per diluted share, compared with a net loss of $24.0 million in Q1 2020. The prior-year period was burdened by a $149.5 million increase in the allowance for credit losses, while Q1 2021 included a $4.4 million decrease in that allowance. Management states that all tenants have fulfilled rent obligations through April 2021 and that the company collected 100% of rent in cash during the quarter. Net cash provided by operating activities was $155.7 million, and AFFO was $255.0 million ($0.47 per diluted share). The balance sheet grew modestly, with total assets of $17.09 billion at March 31, 2021 and total debt of $6.77 billion (face value $6.85 billion), none of which matures in the next twelve months. Caesars remains the dominant tenant, accounting for 86% of lease revenues in Q1 2021 versus 82% a year earlier. The company announced a $4.0 billion acquisition of the Venetian Resort in Las Vegas, with an initial annual rent of $250.0 million under a 30-year triple-net lease, expected to close in the second half of 2021. To help fund it, VICI issued 69,000,000 shares through forward sale agreements at $29.00 per share, which the filing says could raise about $2.0 billion in gross future proceeds. The filing highlights several risks: the Venetian Acquisition may not close on the anticipated terms or at all, the Venetian Tenant's obligations are not guaranteed by Apollo or its affiliates, and LVS's contingent lease support runs only through 2023. Forward-sale settlement could cause dilution to earnings per share or substantial cash payments if settled in cash, and COVID-19 continues to pose uncertainty for tenant operations.
Apr 29, 2021
2020-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2020
VICI Properties Inc. reported net income attributable to common stockholders of $398.3 million for the third quarter of 2020 ($0.74 diluted EPS), compared with $144.4 million in the same period of 2019, and $603.7 million for the nine months ended September 30, 2020. Results were driven largely by a $333.4 million non-cash gain upon lease modification tied to the Eldorado Transaction, which closed on July 20, 2020. That transaction included the $1,823.5 million acquisition of the MTA Properties (Harrah's New Orleans, Harrah's Laughlin and Harrah's Atlantic City) and the Las Vegas Master Lease, with Caesars Palace Las Vegas and Harrah's Las Vegas combined into one lease. Revenue rose to $339.7 million for the quarter from $222.5 million a year earlier, and operating income fell to $139.7 million from $208.4 million, largely because of a $177.1 million increase in the allowance for credit losses. The balance sheet expanded substantially, with total assets of $16.85 billion at September 30, 2020, up from $13.27 billion at December 31, 2019. Total debt, net was $6.76 billion, and the company issued $2.5 billion of February 2020 senior unsecured notes. Cash and cash equivalents fell to $144.1 million. The filing states that all tenants have fulfilled rent obligations through October 2020, although tenants reopened at reduced capacity and the company cannot predict the duration of operating restrictions. Caesars accounted for 85% of lease revenue in the third quarter of 2020, and the company disclosed a $467.0 million allowance on sales-type and direct financing leases at quarter end. Subsequent to quarter end, VICI and Caesars entered into an Amended and Restated Omnibus Amendment to Leases on October 27, 2020, and dividends of $0.33 per share were paid on October 8, 2020.
Oct 28, 2020
2020-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2020
VICI Properties Inc. reported its second-quarter 2020 results in this Form 10-Q. Revenues for the three months ended June 30, 2020 were $257.9 million, up from $220.7 million a year earlier, and net income attributable to common stockholders was $229.4 million, or $0.47 per diluted share, compared with $152.0 million, or $0.37, in the prior-year quarter. Results were helped by a $65.5 million decrease in the allowance for credit losses, which the filing attributes to an improved economic outlook for tenants as gaming operations reopened. For the six months, the company recorded an $84.0 million increase in the allowance, driven by COVID-19 effects on tenant credit, and a $39.1 million loss on extinguishment of debt from the redemption of the Second Lien Notes. Operating cash flow for the six months was $318.5 million. At June 30, 2020, total assets were $16.28 billion, including cash of $1.68 billion and restricted cash of $2.00 billion held in escrow from the February 2020 Senior Unsecured Notes offering. Total debt was $6.86 billion face value, and the company had no debt maturities until 2024. All tenants had fulfilled rent obligations through July 2020, though the filing states that substantially all properties have reopened at reduced capacity and that Greektown remains closed. Caesars was the largest tenant, and revenue from the Caesars Lease Agreements was 80% of lease revenues for the quarter. Subsequent to quarter-end, on July 20, 2020, VICI completed the Eldorado Transaction, acquiring the MTA Properties (Harrah's New Orleans, Harrah's Laughlin and Harrah's Atlantic City) for an aggregate $1.82 billion and creating the Las Vegas Master Lease Agreement. The filing states the portfolio will grow from 28 to 31 properties. The company also agreed to a planned $400.0 million Forum Convention Center Mortgage Loan and a $4.5 million per acre Las Vegas Land Acquisition, both expected to close in the third quarter of 2020 and funded by the June 2020 Forward Sale Agreement.
Jul 29, 2020
2020-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2020
VICI Properties Inc. reported a net loss attributable to common stockholders of $24.0 million, or $(0.05) per share, for the three months ended March 31, 2020, compared with net income of $150.8 million, or $0.37 per share, in the same period of 2019. The swing was driven primarily by a $149.5 million increase in the allowance for credit losses, recorded after adoption of ASC 326 and attributed largely to COVID-19 effects on tenant credit risk, and a $39.1 million loss on extinguishment of debt from redeeming the Second Lien Notes. Total revenues rose to $255.0 million from $214.0 million, reflecting acquisitions including Greektown, Hard Rock Cincinnati, the Century Portfolio and JACK Cleveland/Thistledown. Adjusted EBITDA was $244.7 million versus $199.0 million, and AFFO per diluted share was $0.38 versus $0.37. Liquidity was substantially boosted by the February 2020 issuance of $2.5 billion of senior unsecured notes, of which $2.0 billion is held in restricted cash in escrow to fund the pending Eldorado Transaction. Total cash, cash equivalents and restricted cash was $2.37 billion at quarter end, and total assets were $14.91 billion against total liabilities of $7.18 billion. Debt, net was $6.75 billion, none of which matures in the next twelve months. The company stated that all tenants paid April 2020 rent in full, but that COVID-19 closures of substantially all tenant operations create uncertainty regarding future rent payments. The pending Eldorado/Caesars Merger and related Eldorado Transaction remain central to VICI's outlook, with the MTA Properties acquisitions totaling $1.82 billion and a $1.19 billion CPLV lease payment. Caesars lease agreements accounted for 82% of lease revenues in Q1 2020, versus 97% a year earlier. Management indicated that near-term acquisition activity will be more limited while it prioritizes tenant relationships and financial strength.
Apr 30, 2020
2019-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2019
VICI Properties Inc. reported third-quarter 2019 results in this Form 10-Q, with revenues of $222.5 million for the three months ended September 30, 2019, down from $232.7 million in the prior-year quarter, mainly because tenant reimbursement of property taxes ceased under the adoption of ASC 842. Net income attributable to common stockholders was $144.4 million, or $0.31 per diluted share, compared with $129.9 million and $0.35 a year earlier. Leasing revenue rose to $216.9 million from $202.1 million, driven by the addition of Octavius Tower, Harrah's Philadelphia, Margaritaville, Greektown and JACK Cincinnati to the portfolio. AFFO was $164.6 million for the quarter, and total assets grew to $12.58 billion from $11.33 billion at December 31, 2018. The company's balance sheet expanded through acquisitions funded largely by equity. Cash and cash equivalents stood at $431.4 million and short-term investments at $342.8 million at September 30, 2019, alongside $1.0 billion of revolving credit capacity. Total debt was $4.1 billion, with none maturing in the next twelve months. In June 2019 the company completed a primary follow-on offering of 50,000,000 shares and entered forward sale agreements for 65,000,000 additional shares. The filing's main forward-looking item is the pending Eldorado Transaction, tied to the ERI/Caesars merger, which involves about $1.8 billion for the MTA Properties plus payments of $1,189.9 million and $213.8 million for lease amendments. The company also has pending acquisitions of the Century Portfolio and JACK Cleveland/Thistledown, and expects to fund them with equity, cash and debt, including possible draws on $4.8 billion of bridge facilities. Closing of these transactions is subject to regulatory approvals and is not assured.
Oct 31, 2019
2019-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2019
VICI Properties Inc. reported second-quarter 2019 results for the three and six months ended June 30, 2019, with revenues of $220.7 million for the quarter, essentially flat versus $221.0 million in the prior-year quarter, and net income attributable to common stockholders of $152.0 million, or $0.37 per diluted share, versus $139.0 million, or $0.38, a year earlier. Revenue declined mainly because tenant reimbursement of property taxes ($18.9 million in Q2 2018) ceased upon the January 1, 2019 adoption of ASC 842, while leasing revenue rose $17.9 million year over year, driven by the addition of Octavius Tower, Harrah's Philadelphia, Margaritaville and Greektown to the portfolio. Total assets grew to $12.52 billion from $11.33 billion at December 31, 2018, with cash and cash equivalents of $1.21 billion at June 30, 2019, reflecting the June 2019 primary equity offering of 50,000,000 shares at $21.50 per share (net proceeds of $1.0 billion) and the Greektown acquisition completed May 23, 2019 for $700.0 million. The filing is dominated by the pending Eldorado Transaction with Eldorado Resorts, Inc. (ERI), under which VICI agreed to acquire the land and real estate of Harrah's New Orleans, Harrah's Laughlin and Harrah's Atlantic City for an aggregate $1,809.5 million, pay $1,189.9 million for a CPLV lease amendment and $213.8 million to terminate the HLV lease, and enter a put/call on the Centaur Properties. The transactions are conditioned on the ERI/Caesars Merger, which ERI expects to complete in the first half of 2020. VICI expects to incur approximately $2,000.0 million of additional indebtedness for Eldorado, funded by a combination of long-term debt and up to $3.3 billion senior and $1.5 billion junior 364-day bridge facilities, and about $700.0 million for the JACK Cincinnati and Century Portfolio acquisitions. Post-closing, ERI would become the largest tenant. At June 30, 2019, total debt was $4.12 billion (face value $4.15 billion), and the company stated it was in compliance with all debt covenants. The company also disclosed that its revolving credit facility was upsized to $1.0 billion, and that 65,000,000 shares are subject to forward sale agreements to be settled by September 26, 2020, which would provide approximately $1.3 billion in cash proceeds if physically settled.
Jul 31, 2019
2019-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2019
VICI Properties Inc. reported first-quarter 2019 consolidated revenues of $214.0 million, down from $218.3 million a year earlier, and net income attributable to common stockholders of $150.8 million, or $0.37 per diluted share, versus $112.1 million, or $0.33, in the prior-year quarter. The decline in revenue was driven by the absence of $17.2 million of tenant reimbursement of property taxes after the company adopted ASC 842 on January 1, 2019, which offset a $12.4 million increase in leasing revenue. Leasing revenue rose on the addition of Octavius Tower, Harrah's Philadelphia and Margaritaville Resort Casino. Total debt was $4.1 billion at March 31, 2019, none of it maturing in the next twelve months, and cash, restricted cash, short-term investments and undrawn revolver capacity totaled $1.38 billion. The company's cash position was supported by $128.1 million of net proceeds from its at-the-market equity program during the quarter. Operating cash flow was $115.6 million, while investing outflows of $101.2 million included the $264.5 million Margaritaville acquisition, partly offset by net maturities of short-term investments. Dividends declared were $0.2875 per share, compared with $0.16 in the prior-year period, which included a pro-rated dividend following the February 2018 initial public offering. Looking ahead, the filing describes two pending acquisitions: Greektown, for $700.0 million in land and real estate assets, expected to close in the second quarter of 2019, and JACK Cincinnati Casino, for approximately $558.3 million, announced April 5, 2019 and expected to close in late 2019. Both are structured as triple-net leases with initial annual rent of $55.6 million and $42.75 million, respectively, and are subject to regulatory approvals. The company said it expects to fund these with cash on hand, equity proceeds, debt and its revolving credit facility. Caesars is the principal tenant, and the filing notes that Las Vegas Strip properties generated approximately 34% of lease revenue for the quarter.
May 1, 2019
2018-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2018
VICI Properties Inc. reported its third-quarter 2018 results in this Form 10-Q, covering the three and nine months ended September 30, 2018. Total revenues were $232.7 million for the quarter and $671.9 million for the nine months, with net income attributable to common stockholders of $129.9 million and $381.1 million, respectively, or $0.35 and $1.06 per diluted share. Revenue is driven primarily by long-term triple-net leases with subsidiaries of Caesars, which the filing describes as the tenant for all of the company's properties. Net cash provided by operating activities was $328.5 million for the nine months, and cash rent collected under the leases was $551.8 million. The balance sheet expanded materially after the February 2018 initial public offering, which generated net proceeds of approximately $1.3 billion. Proceeds were used to repay $300.0 million on the Revolving Credit Facility, redeem $268.4 million of Second Lien Notes, and repay $100.0 million of the Term Loan B Facility. Total debt was $4.1 billion at September 30, 2018, with 86% at fixed rates after interest rate swaps on $1.5 billion of Term Loan B debt. Short-term investments stood at $320.7 million and cash at $145.2 million. The company reported a $12.3 million loss on impairment related to vacant land parcels, and a $23.0 million loss on extinguishment of debt for the nine months. Subsequent to quarter end, the company disclosed a dividend of $0.2875 per share paid October 11, 2018, representing a targeted annualized dividend of $1.15 per share. The filing also describes pending acquisitions of Harrah's Philadelphia (cash consideration of approximately $82.5 million after a $159.0 million net present value reduction) and Margaritaville Resort Casino ($261.1 million), both expected to close in the fourth quarter of 2018, subject to regulatory approvals and closing conditions. The Octavius Tower acquisition closed in July 2018 for $507.5 million.
Nov 1, 2018
2018-Q2
VICI Properties Quarterly Report for Q2 Ended Jun 30, 2018
VICI Properties Inc. reported consolidated revenues of $220.975 million for the three months ended June 30, 2018 and $439.251 million for the six months ended June 30, 2018, with net income of $141.359 million and $255.463 million, respectively, and net income attributable to common stockholders of $139.044 million for the quarter and $251.166 million year to date. Basic and diluted EPS were $0.38 for the quarter and $0.70 for the six months. Following its February 5, 2018 initial public offering, which raised net proceeds of approximately $1.3 billion, the company repaid $300.0 million on its Revolving Credit Facility, repaid $100.0 million on its Term Loan B Facility, and redeemed $268.4 million of its Second Lien Notes, recognizing a $23.0 million loss on extinguishment of debt. Total debt stood at $4.12 billion (face value $4.15 billion) at June 30, 2018, and cash and cash equivalents rose to $940.7 million. The company's revenue is driven by long-term triple-net leases with subsidiaries of Caesars, with real property business revenue of $213.5 million in the quarter. Management reports that 86% of outstanding debt bears a fixed rate and 14% a variable rate after the debt paydown and the interest rate swaps on $1.5 billion of Term Loan B borrowings. Subsequent to quarter end, on July 11, 2018, the company completed the $507.5 million purchase and leaseback of Octavius Tower. Pending transactions include the acquisition of Harrah's Philadelphia for $241.5 million (reduced by $159.0 million to $82.5 million cash consideration), expected to close in the fourth quarter of 2018, and the Margaritaville Resort Casino acquisition for $261.1 million, expected to close in the second half of 2018. The filing also states that the company intends to increase its targeted annualized dividend to $1.15 per share, a 9.5% increase from $1.05, subject to Board declaration. The company reported no impairments on its real estate portfolio, no material litigation, and that it was in compliance with all debt covenants at June 30, 2018. Its tenant concentration is high, as most revenues derive from the Lease Agreements with Caesars subsidiaries, a risk the filing acknowledges alongside the contingent nature of the Harrah's Philadelphia and Margaritaville transactions.
Aug 2, 2018
2018-Q1
VICI Properties Quarterly Report for Q1 Ended Mar 31, 2018
VICI Properties Inc. filed this Form 10-Q for the quarter ended March 31, 2018, its first quarterly report after its February 5, 2018 initial public offering. The company sold 69,575,000 shares at $20.00 per share, for gross proceeds of $1,391.5 million and net proceeds of approximately $1,307.1 million. VICI used those proceeds to pay down $300.0 million on its Revolving Credit Facility, redeem $268.4 million of Second Lien Notes at 108% of principal, and repay $100.0 million of its Term Loan B Facility. Total debt fell from $4,816.9 million at December 31, 2017 to $4,148.5 million at March 31, 2018, and the weighted average contractual interest rate declined from 4.64% to 4.54%. For the quarter, total net revenues were $218.3 million, of which $211.5 million came from the real property business, which is leased to Caesars subsidiaries under long-term triple-net leases, and $6.8 million from the golf course business. Net income was $114.1 million, and net income attributable to common shareholders was $112.1 million, or $0.33 per diluted share. The results include a $23.0 million loss on extinguishment of debt, tied to the Second Lien Notes redemption. Adjusted EBITDA was $175.1 million and AFFO was $125.0 million, as reported in the filing's non-GAAP reconciliation. At quarter end, cash and cash equivalents stood at $918.2 million, and $400.0 million was available under the Revolving Credit Facility. The company declared a pro-rated quarterly dividend of $0.16 per share for February 5 through March 31, 2018, based on a quarterly distribution rate of $0.2625 per share. Subsequent to quarter end, VICI entered into interest rate swaps with an aggregate notional amount of $1,500.0 million that effectively fix the LIBOR portion of Term Loan B interest at 2.8297%. The company also disclosed its intention to relocate its headquarters from Las Vegas to New York.
May 4, 2018
2017-Q3
VICI Properties Quarterly Report for Q3 Ended Sep 30, 2017
VICI Properties Inc. (filed under the name VICI Properties Inc., a Maryland corporation, as VICI REIT) filed this Form 10-Q on November 13, 2017, for the quarter ended September 30, 2017. The filing is largely a pre-emergence and carve-out disclosure package: the company's own balance sheet shows total assets and equity of zero because it had not conducted operations before the Emergence Date of October 6, 2017, when Caesars Entertainment Operating Company (CEOC) emerged from Chapter 11 and transferred real estate assets and four golf course businesses (Caesars Entertainment Outdoor) to VICI REIT in exchange for common stock, Series A preferred stock and debt, which was distributed to CEOC creditors. Management estimates the transferred properties have a fair value between $8.2 billion and $8.4 billion, and the combined statement of investments shows property, net of $4,831.0 million at September 30, 2017. The post-emergence capital structure carries $4,917.0 million of debt at emergence, including $1,638.4 million of term loans due 2022, $311.7 million of first lien notes due 2022, $766.9 million of 8.00% second lien notes due 2023, $1,550.0 million of CPLV CMBS debt at 4.36%, and $650.0 million of CPLV mezzanine debt. A $250.0 million junior mezzanine tranche converted into 17,630,700 common shares on November 6, 2017, and all Series A preferred stock converted into 51,433,692 common shares that day. The filing states that annual debt service will be approximately $248.3 million in the first year, and that variable-rate borrowings of $1,950.1 million carry a one percent rate change impact of approximately $19.5 million. Revenue will come substantially entirely from three triple-net Master Leases with New CEOC, with a 15-year initial term, fixed base rent of $165.0 million per year for CPLV and $433.3 million per year for the non-CPLV properties in years one through seven (plus the Joliet portion), and a 2% minimum annual escalator. Future minimum rental payments total $27,639.7 million, with $24,948.3 million falling in 2022 and thereafter. CEC guarantees the tenant's payment obligations, and the filing identifies New CEOC and CEC dependence as the principal risk. Caesars Entertainment Outdoor reported net revenues of $4.1 million for the third quarter of 2017 and $13.8 million for the first nine months of 2017, with the Rio Secco closure for renovation cited as the driver of lower revenue.
Nov 13, 2017