July 30 (Reuters) - VICI Properties VICI.N raised annual adjusted funds from operations (FFO) forecast on Wednesday, banking on its investments in experiential real estate.
Shares of the company rose 1.4% in extended trade.
VICI now expects full-year 2025 adjusted FFO forecast to range between $2.35 and $2.37 per share, up from its earlier projection of $2.33 to $2.36 per share.
"The strength of our internal growth from contractual rent escalations coupled with investment activity across new and existing partnerships continues to support our earnings growth," CEO Edward Pitoniak said.
The company's portfolio, including casinos such as Caesars Palace CZR.O and MGM Grand MGM.N in Las Vegas, aligns with a consumer shift favoring experiences over material goods.
Beyond casinos, the real estate investment trust's investments span golf courses, indoor water parks, wellness resorts and bowling alleys.
In February, the company announced a $300 million joint project in Beverly Hills featuring a Hilton hotel, upscale retail, dining and cultural attractions.
VICI, focused on experience-driven real estate, reported second-quarter adjusted FFO of 60 cents per share, compared to 57 cents a year earlier.
Analysts on average expected adjusted quarterly FFO of 62 cents per share, according to data compiled by LSEG.
Total revenue for the quarter ended June 30 stood at $1 billion, marking a 4.6% increase from the same period last year.
(Reporting by Aishwarya Jain and Anshuman Tripathy in Bengaluru; Editing by Mohammed Safi Shamsi)
((Aishwarya.Jain@thomsonreuters.com;))