The following is a summary of the VICI Properties Inc (VICI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• AFFO per share for Q3 2024 increased to $0.57, up 4.9% year-over-year from $0.54.

• Updated AFFO guidance for 2024 is expected to be between $2.36 billion and $2.37 billion, which translates to $2.25 to $2.26 per diluted common share.

• VICI's balance sheet remains robust, with approximately $2.9 billion in total liquidity, including cash, potential proceeds from outstanding forward sales, and credit facility availability.

Business Progress:

• VICI is focused on sustaining and potentially expanding its real estate investments in and around Las Vegas, particularly within the Sports Triangle.

• The company continues to utilize its Partner Property Growth Fund effectively, with $230 million deployed in various projects including loans to strategic partners.

• VICI reports ongoing success in developing gaming and experiential real estate, maintaining robust relationships with major operators and exploring new partnerships in both gaming and non-gaming sectors.

Opportunities:

• VICI is poised to benefit from the ongoing development and investment in Las Vegas, especially given the city's growth in entertainment and sports.

• The company aims to capitalize further on its presence in Las Vegas, leveraging its significant ownership of key real estate assets in strategic locations such as the Sports Triangle.

Risks:

• The company noted an ongoing challenge with market and economic volatility, which impacts consumer behavior and capital market conditions, potentially affecting investment and transaction timings.

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