GLPI - Earnings call transcript Q1 2019 | Gaming and Leisure Properties, Inc.

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Operator

Greetings, and welcome to the Gaming and Leisure Properties First Quarter 2019 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Joe Jaffoni. begin. may you you, Thank

Joe Jaffoni

afternoon on Thank you, for XXXX defined www.glpropinc.com. And On our you of distributed morning, Securities Reform Call in the remarks the and management's today's contain may Gaming and XXXX. good at your Act yesterday release joining press Quarter Webcast. everyone. available to Leisure on Private answers questions website and forward-looking Investor section thank The Matt, is Properties call, prepared Earnings Relations and First statements as Litigation

Forward-looking and statements discussed actual differ to address matters that those are results uncertainties subject risks today. from cause that may to

Forward-looking statements non-GAAP revenue, as financial income may measures, such and and to operating financial as guidance well those include as FFO related AFFO.

Officer; to that, and now Peter of and over Accounting Gaming Vice Brandon Chairman Financial for management's filings the the President as Moore, Desiree the no company Senior are Finance; represent forward-looking and statements Senior company's turn With in in President Officer; related Carlino, Vice and Ladany, Also call, Snyder, As Thank Exchange On joining call statements reconciliations to Chief any encourage Demchyk, to the earnings contained definitions forward-looking discussions forward-looking Peter? current obligation the we my Commission of the Officer Steven update as it's Senior the Secretary; a you release. Vice well Steve assumes and Matthew General future. your Carlino. by patience. We review this with non-GAAP pleasure Chief to call contained Executive measures Chief and President in listeners statements Peter joined Investments. at today's the Properties. and to detailed estimates, morning's Vice Counsel Leisure Burke, more company's and of financial reminder, are President, Securities and Senior

Peter Carlino

good and thanks, Well, morning, Joe, everyone.

to some way, to team by on we been. we guys I this you before we myself business I do and this that said to usual, a ever keep contribute first very the this I've breathing, we've a said, of we report build kind as Leisure company There's Gaming were for alive shareholder-in-chief, more and busy because building was willing that and that in me. to monuments, this livelier benefit which at able of of find the the reflects activity criteria will not have we're we're contemporary expect here need before our shareholders, long call. Boyd started, acquisition As Resorts business aggressively doing you and profitable at of have present, can I role of Gaming adjusted to activity, and that, that's see Look, many, over something but I of foremost value joking, what from properties there's in my about do probably consider are the killing by Penn and heard, happy as quarter, out as as our you that and strong strict. but that lot and music National. and it started shakes I course, I way at Properties, be and We'll another think is now same. it as you so. think quarter of we're lot years, We, looking arrangement that highlight call, many have And we it's our little imagine a with probably course, Listen, get the to our of it to get the and talking operated entire Eldorado a talented entertained the got have if

things. few a I highlight think we'll

Steve nonetheless, Our a will might don't quarterly release, highlight but be start? helpful Snyder and thorough why you. couple I you to think, was Steve, points pretty that of robust

Steven Snyder

and Peter, everybody. morning, good Thanks,

housecleaning just matter. we Exchange started, with a file Commission. did get XX-Q I Securities This Before report our morning, the and quick on quarterly Form financial

So feel things that peruse questions, up free degree to call. may address the probably leisure. your It will there are that the to phone on any some come at

real here we QX addition more gone we're see side. don't to the the morning, the easier deferred the thanks the Pinnacle, revenue filed any in of or into the as lease of is expense our the is as that on transaction, expenses our much probably we investor to Gaming estate at this release, of In side transparency of the to on as releases reclassify pronouncements, Pinnacle Properties. which out press some that the XX-Q, you've gross-up year-end, were which so you user-friendly amended of of portfolio noticed and have Likewise, our Penn-Pinnacle a and tax an able estate which effect, you, to at result already to straightforward Leisure and categorized discussing community. this press level making real more morning, previous financing lease convey disclosure disclosures relates our the that to category operating than lease, it XXXX estate Part and it real accounting

Obviously, QX, their occupied, respect highlights. real on tenants get are into XXX% to I'll couple almost that million obligations. a detail a touching portfolio in all rent Just goes we a from our In our realized and income of moment. estate. in little $XXX in without it is but of greater with current portfolio saying,

of in the reconciliation of highlight, Pinnacle and in a thing the lease, and Penn-Pinnacle we I interest quarter as end master the Boyd lease working One some our will that base in Boyd QX Penn new that's press tables cost guidance result of of cash rent has will occupancy or added. see been the Such reallocation Penn with over conjunction the of that year master Boyd assumed. moved amended during lease the the provided that rent merger tenants, GAAP quarter, financial, master the release. Pinnacle to that our National. income the there to earnings quarterly reduction our newer our in the $XXX,XXX release, was the the for and earlier of the balance components You'll and from a through in in $XXX,XXX amended our QX amended now the with did, Pinnacle a guidance in That the number was lease from with QX up from between one roll

I it the lend parent the to transaction, just folks remind Queen. million Casino did that Casino to relates $XX As want we to Queen of

back Casino estate May. a their We of XXXX. a also as did Queen which did transaction in pay in They result entity sale-leaseback the we rent real with own the

Casino has So current our obligations and to accounting as process Queen, the process financial under their down that to a in we a they it the That on been was they convention. And materially, of of statements. have are rental less process purchaser. outcome than slowed clear pursuant the become result identify year-end undertakings a has filed much at lease when

we've of and parent that of that As chosen sale of is throughout the off have to in of we Queen that, us made the a in the that the as write quarter the subordinated Casino that senior result seen the to process. we entity loan a of result value loan front indications full amount

situation We closely. monitoring are Queen management the engaged team directly with and the are

times obviously the see in has under the they at with in that being dialogue year-end, resulted coverage greater their in X.X were right us point in an they outside at you time. exhibit, and consultants As even this

on reflect There again, of will properties that whatsoever respect close when heard impact to announcement be resorts the collect Penn in the Tunica, under Tunica. lease. XXXX quarter, acquired likely noncash of rent the in will in X our will that Penn their the from intent in a will income impact that there amended you year take it's the master we Additionally, lease asset this write-down but was whatsoever quarter rental continue with from those Penn's QX under master to Mississippi. that company be, that That or that no no to they subsequent charge facility in will to have that to

taxable briefly on Lastly, subsidiary. I'll REIT touch the

budget There in guidance provided. the in last performance process XXX and was end its that in of that revoked The of this, in sure the the Maryland. TRS Perryville you the that taxed highest quarter. from the slot in reduced the revenue subsidiary our result of know as taxable facility in a legislative was we've relief Lottery but saw few and granted at saw the relief the the the Perryville reduction is relief You I'm facility guidance the of the Maryland. why Commission reduction tax that's basis The REIT in state action is press on through year, a legislature but at us you XX%. of release points the legislative gaming

been the paid revolver As balance year-end. you the sheet, down from has modestly to see balance

the trailing on X.XX those our our XXXX, gross pro at And As a cash fourth on sheet approximately balance based quarter the of the million the outstanding transactions leverage XX covenants based quarter result, gross taking months account debt end, times. with EBITDA X.X in balances. into comfortably $XX forma of in after was net on are leverage our was closed the and our quarter, in that times we compliance for leverage all

we we that reflected are feel, the the the we've in We in in fully not There markets at-the-market that the still equity seeing in in values balance equity equity activity the are price, on sheet. as on of fundamentals still the feel of underlying our that the no quarter was Finally, program. our seen improvement speak. spite business we

call. on some we you the issued the to plan modest of in But of Lastly, to of impacted, casinos year on compared guidance year. they and we has earnings year, color will that see at projections progresses, were based quarter, hope we end mentioned give to a the get its Penn as weather closer on We back when our I the beginning that quarter in guidance where just our their revenue some year. guidance, for by the to the modest was the declines as Ohio their on want the where guidance. as at stream last weakness little was do as been balance the impact the The

the end and escalator will see that it Resorts also properties those those it Finally, guidance, of on retained lease, covers bands, properties associated the that and lower Boyd you the Pinnacle escalators it X under the lease includes Tropicana the were the the includes the to the the on with Boyd escalator amended by on of loans bands Eldorado X entities.

the upper of guidance. the end on Lastly,

last the background the in As earnings bands little upper removed we've band result Meadows bit provided. we've you Penn's guidance, around guidance give call of just of the the Thursday, a of to escalator specificity a from more that

questions any entertain operator, I from I'm that, the that it over with to to call. So turn of members sure would exist you the

Operator

[Operator Deutsche question Santarelli is here Carlo Instructions] first Our from from Bank.

Carlo Santarelli

Just are a you that what you've the as of, you've guys on you're changed, but what's as know changed think not you that's more I and which quick the out made busy very what one, won't earlier, of triggered because busy the comment necessarily stuff? on, I'm Peter, of been. wondering of do working just was lines environment kind kind there you along new maybe an answer that, in actionable onslaught has you

PeterCarlino

some I it mean, look, are onslaught. wouldn't big Well, I company call stuff. an there

at thought Steve don't is out They're and there's in at sense companies lot of that think there changed. a everybody a Ladany, a that? of lot which states. number properties a just have don't know You with. this I that. you of Steve, are has there's looking of change, fringes, around And know a little I then about and would been various the spend I looking of kind stuff. mean, anything that involved. stuff that comment, open, playing we're time you material I we're a Or aware

Steve Ladany

with Yes. some the activism items environment publicly created We, public. I of the out mean, you've has clearly, to seen be or rumored the

well that, the valuations as I that comparable is driven point, driven multiples, the equity the borrowing. the have fact probably that also the of the industry of interest has all low With transaction well. at this valuations performed cost exception believe gaming And the of liquidity multiples ownership by of the as valuations in

additional to formal are as sellers out And I to So for liquidity find as these transactions that think the to just that constantly what ultimately maybe events. market, believe there feel environment much are not ongoing to try like the continue I will is good informal that many in are think known. processes these well are a discussions drive I we which look as

Peter Carlino

willing we is that I and, I we point hit boost to think my of hugely important to it. But I mean, territory the boost can find view, that at a we're if homerun big safe dividends shareholder. as perfectly transactions which and, when singles, greedy look from AFFO stuff, me solid consider just

So, and focus. that's our

Carlo Santarelli

I just to If in high Steve, then, that the on end And could the range escalator, Pinnacle the Great. of respect guidance. is With right the now?

Steve Ladany

It is. Pinnacle But is. is not. Meadows

Carlo Santarelli

Pinnacle And not I end, would is is. in, the Pinnacle at imagine lower then?

Steve Ladany

correct. That's

Operator

next question Farley from UBS. is from Our Robin

Robin Farley

done factoring Yes, just if from think were with to larger hear what's in there think in and that I a company what is property idea a company part could done what the thoughts would factoring about property be words, currently company. actually EBITDA? that a in of of other expectations In there from from larger just that marketing assets, an it much that Or be How to synergies some could better that maybe being EBITDA? your be about see and were on, you when unplug a do? a would of something if sourcing, would you sort sell in unplugged large wanted scenario? would to you factor database theoretically, I decline your be, how increase might sort large a than you'd a your, a of cost-saving be in guess, you would larger

Peter Carlino

on CapEx, are marketing property way depends property. one if to And coverage, you're is. where and looking it dependent database that Because, regional hugely forth bigger mean, Vegas, real with so Robin, let's clear, within as properties on again, be Las probably typically opposed I thing. that's higher a at need look,

Steve it's so on property-to-property, careful property more but have or... be one much And would example. at look Strip you to a as for, the

Steve Ladany

is rewards to had specifically, the done operator to had for result database, It strategy does off the right? When the properties central merger, the what a we've Pinnacle recall and their warehouse of what they that Boyd, have operator central really new new X comes spun core the for access everything. asset Pinnacle that you'll Robin, question down program, mychoice Yes, as it, to your Penn has a to the those Does the to And the the or to real consider do consistent the it across selling their with database that go is parent? parent? property, transactions. stay with there properties? get who that database unique acquisition the So visits visitors database? the those Does unique is But of are does the whatsoever estate. suffice customers it something no template is we say in underwriting property

Robin Farley

to, new of case? to And Okay. don't Like, what I rent kind and color charge. property about there or no and in know but your exposure is buyer downside any impact you remarks. opening Tunica to if is new noncash words, just exposure on say But worst-case I Great. That's talk don't a way the know the helpful. the What's scenario, there you sort of have a you total I what to don't Casino about operator, your other your of a add. a you about if, about sort think talked in more could talked want be? might Queen

Steve Ladany

has team EBITDA. they of jumped Robin, asset was we rent when Iowa. Casino And collect too current in and Holdings, CQ is a from tenant, team Their that in X.X% management Yes, it's since our the management that bought They far company's the X.X% parent their Queen. little an of the stretched departed.

position is survive. our we So in operating improve And remedies anybody is, do progress we'll hope our will of the in within are performance we annual through be that in the $XX-plus the million rent, we in would earlier, It to the under heavily said I power, progress that feel assets will with. do and such probably coming a a something us to everything involved that lease, as available that work influence. to

Operator

is question David next Jefferies. Our from from Katz

David Katz

you protections be in travels, all where think have for and the to to may company around I've up What I are and discuss stack. are happens a productive. the comes details that fits investors, we And our Look, it where started the regional and when downside wanted clear. discussion the with was the in relatively with what capital question I the gaming raise off-line scenarios

helpful discuss may to other competing where compare I you think of how sort fit cetera to et be yours those might in structure? some the it and of and companies, capital

Peter Carlino

Well, to I love mean, we talk that. about

than, course, Although The dependable I'm Las surprised let's late say, some have are With stable, that reliable, even this day, that still of hotels. neighborhood we argue, more that's of David, and our question. properties large. Vegas a store, regional properties properties, by don't a infinitely

we whole States that best Yet, should mean, in the a it's a The So our out, I, case CapEx just markets. with, some the to operators of much United United hard more of properties States. you moderate. the portfolio I finest I monopoly some to... in our and property have is is want positions host Steve, not in make point of

Steve Ladany

pricing couple the I'm let X.XX And worst yields I'm our longest-dated Penn me tenants. to for of Gaming largest from their Friday ranged X.XX a X on at out Eldorado credit you for of data senior points. looking from unsecured give those of and unsecured as notes. at looking to National David, Friday senior

payment with X.XX%. lease Queen, If lies to of cost they lease anything who any ground through that tenant's have made Caesars don't creditors, our they certainly experience the even expense, a And but we're the understand we real don't you was landlord they priorities. to dividend Caesars into Our operate. If happens, they anyone the repeat, yield Casino a I or when respect that operated occupancy of else had in interest assure bankruptcy building its our bankruptcy. that going they that closed property court any hope equity But through of with reorganize. where not pendency their and unsecured yesterday we pay throughout not aware to bankruptcy pay don't I'm to in run not a

where preserved of then to reliance feel they in streams. which that employment the So in terms assets, terms or and income your stand we point for communities the is point they because strongly in we operate states that stack, with protected of be in of in operate, those states generate that regional they to but and second the tax gaming, those they your of regional the way, gaming because employment will capital the these something create won't some shape in in communities will it be be, which on the of those form and

educating time alert So will maybe we've to leases cash people flows collateral on every of have of every unfortunately, of features the And master testing talked will tell. you off-line, of people durability we the and merits business. this remain the this, and of in cycle we about master at the have to the value day as that resiliency cross leases. business the and our it our the mentioned coterminous But hour

Matthew Demchyk

example. referred I'd Steve tenants. lease the follow, that level. it's to different are asset on at happened high-credit look if leases the the what master Tunica, at a the risk to to release Steve's you it's the individual profile level XX great quality And at properties these the Matt. master with a lease and XX easy is We've so at very just There's master probably but point point. add added in table in of This out our

wanted to as and of tenant do into credit-enhanced that versus held allocation, and be there is that's a focus, the value an lease, wouldn't a asset option we have Because So goal enhance that and capital is do bucket. one-off our greater right, be were rents actually more we situation, that of lot asset you're the outcome. EBITDA what it'd really our on a to that. our lease that in master think greater lot it to underwriting getting a outside for have coverage master should multiple a improve capital greater And that the if and closed applied I they significantly we should

Peter Carlino

considered in as possibility. a at Tunica highlight Let a was from too was It parking that structures. closure lot, unanticipated. first the something the very that not very, closely share They look was me cost

may there's a awareness evolved the hurt So move into good we It's here transaction that smarter so us be that, us. that, frankly been no surprise that for a with choice. Doesn't to clear have to Penn. around It probably eventually went that.

David Katz

little look, I ourselves I bit. that's repetition information. I, hope the for repeat appreciate it. sort constructive the a all Got of we of living

Operator

Our from Jonas next question from Barry is SunTrust.

Barry Jonas

thoughts in get to love reportedly interested your another interesting, gaming REIT Would assets. on

Steve Ladany

in of the they our us Listen, securities class estate, any there that class cap it's or in looks are the should underlying an compress decision our informed institutional whether enhances that Barry, sees the time deploy an that opportunity they investor, and makes our public private asset investor asset value real Steve. and power. see business buying to help rates such an over capital it on at

bid, So are X the of flow at time think, quality anything dabbling, of GLPI. credence here. to that maybe there over seen. attention there's end are today, to City I bidders. another panicking, produce CVS the But up casino good first a the real these bid are there is entrant us thing style is there of for there the brings some cash at out everybody will to and XXX up estate, for a X be asset corner it that they leaders When folks the the casino Well, and lends the remains starts be with all, probably for X or a Kansas day, institutional that's there's when class

Peter Carlino

get lot stupid and in I exciting? people gaming cute of thought at be gaming let folks a the it wasteland buying lying business. had of that, say, in of to at of some there people as so for tried the there's a loss huge done into to we Matt, of this report, that, this looking couple look ago and It things. unearthed is the sector. space a results. did But we out the kind of years dead fun, Isn't get non-gaming again, experience who've would a And mean, they me bodies highlight who

Matthew Demchyk

especially to process also make means the the members. hurdles for and mispriced in Board point add that find going through we limited team majority the uncomfortable, that typically the of Peter's I'd that entry license that jurisdictions are and the there management most licensing

it years when that, flows, best those of this you've than gaming institutional clear to validate an number do is at experience. that deals, of capabilities And other collective XX cash cash operational other better has addition got our understanding, institutional to discount do reality that to all inevitable and here that underwriting something not a going it's management But trading In flows. team goal competitors. that cash relationships, significant the flow have folks to the the you're is And that means but our structured regardless do did math I the better we're better most deals of is anyone. to like

Barry Jonas

just Great. Queen. Casino then And on

this the But is you're clear would a scenario limited over operations maybe in exposure. you where put I take terms there TRS? of and in think

Steve Ladany

we exploring are Barry, all options.

Barry Jonas

Got it.

Okay.

Peter Carlino

Listen, cryptic, Very clear, we're with you. but pretty Steve. laughing Thank you.

Barry Jonas

Last for me. Okay. one

range. Just the guidance on

low high just around clear, all So else that's the Or difference between or the anything is in else Ohio and there escalators? be to end anything the there? end,

Steve Ladany

math. all Barry. it's straightforward No, pretty escalators, It's

Operator

Allen Our is Stanley. question next from from Thomas Morgan

Thomas Allen

implied away that on a assets, lower you impacts happened. obviously it, the thought what you it revenue think would bought any Have goes going-in retransaction you what the is? gaming have was the what times. than about originally, you the paid multiple multiple the new assuming the Have like Tunica looked be? other, I So price looked the that's reset, X-year multiple when at at you X.X new,

Steve Ladany

level. a were Penn that Thomas, expect will have to enhance operating X certain, Jay the again, that X they most that historically. I'm at you'll facility, to to at and believe, compared of I to and they're this facility that And at market. made open. remain they've closed performing it they ask I an close think performing the EBITDA-neutral team margins the the Penn, appeared made very facilities at properties decision market-wide in capture they with been have from decision recognizing the Yes, revenue that X the conscious They they that optimistic X others the

So first lease there is on of no currently. our all, income impact,

immaterial, I'll be The variable to will in Tunica have resorts it's an is reset? any modest. the in way, Tunica reset X-year drive casino for on really we XXXX the do Your that this, believe form. question the of rent, not XXXX not in expect time, relatively until outcome or I it's impact would in is, this the at reset which point at variable QX rent say shape of variable will

Thomas Allen

Okay.

went probably a times it scenario, like worst-case to So from multiple X.X I'm still guessing? sub-XX multiple,

Peter Carlino

absolutely. Absolutely Yes,

Thomas Allen

comment Okay. Can in just of stood about partnering operators? process we highlighted talk the you versus the press highlighted may, that, here, like out like release, entrepreneur you thought new to transactions some the And entrepreneurs underwriting me. then language institutionalized of just you for simultaneously That and with kind pursue added that you more assets owned by one operated entrepreneurs. by

Peter Carlino

Go ahead, Matt.

Matthew Demchyk

pieces. is key the thing think into I to mean, I break it

they'll we from competency run brought ascertain have operator separate thing, the up. then to that, things And of consider well look to the try we first how and do The the the operations. we've we at operational

that adjust So ideally credit kind could master any well. multiple consider piece business and that with potential it that on tenant other value how transaction. a those to we all There's the a pricing have risk the what ideally structured a with that come future have need to to any we to need And for do and could should question factors as of be appropriate the lease, would And of we up is consider. we be enhancement. we market also exposure we how

of But strength a things So us holistic partners growth I it's our consideration public future. best in mean considered, enhancement vehicles to the it's also potential given could balance kind credit starting with point, potential our all those with to companies and important tenants attributes. of larger the all that be

Operator

from Our next of America Shaun Kelley from question Bank is

Shaun Kelley

side? I the see, the kind with stick as gaming of the looking in as really to to on capital it challenges your just of opco maybe triple us to we But things non-gaming pretty with all of what's some are thing side as of obviously relates some know as of well being space. same for the same referred you cost the to barriers little deep nets same We bench operators. think, right entry some of, the and guys there, Because the was well other the in the think get bit that just contemplated the Maybe and into all of the the last a that interest to transactions a the time liquid know as market the I out appetite REITs present, seeing question. struggle the you're some from now operator given some being licensing that from

you markets just be could that, from of familiar appetite can that not guys any you comment interesting So may are that here, those us public seeing or in as parties on new the incremental with? be

Peter Carlino

mean, And where say, a we about no other. Yes, companies are at I states that. crowd. out. looking small there doubt it's certain are pretty still is There will each I some maxed

left and interesting a little have at next of bit So more It's who's couple be look left standing. you years. in going who's to the to selectively

X smoke road. I we X mature major from have years industry It's said eventually got consolidated that down industry, we'll very days X companies, maybe the when involved. a the first think I the ago gaming or fewer settles

that narrow, to the agree the kind is selection that's point have I your if of operators mean, case. of I So is

Steve Ladany

stepping that see a it Seminole it to Peter's Tribal Bethlehem, into the is do deploy you No, stepping the list continue of interested shortening, into continue Cincinnati, folks seems. do nontraditional, way, every point, year interest Pennsylvania. it a nonpublic to see that number it a space. is, is let There shortens to that this then is the it me But operators you into going calendar itself say be gaming remain like and in Shaun, to are capital

growth not stretch finite imagination. I'm any facilitate our too So continued to tenants that is potential list of worried by the of our

Shaun Kelley

to going more Properties, on and side on, And out the company's there. some leisure thrown we've touch on being, I as maybe and to was little heard a name obviously, other just starting names then bit the Gaming wanted there area be around being Leisure we look the

can pretty gaming side be just non-gaming? by just on Or now? the sticking activity about So on levels talk would right your plate knitting is broad that full you the things with

Peter Carlino

think, We're Look, is companies. gaming. primarily of been we'll various the things difficult. stability, It's same look XX gaming There flow we horizons that you the from cash say always we looking the that, to The of with very, I thing very problem longevity can be any here in in that kind XX, expect the aren't from a certainty at of be is at has where get real these finding gaming years leisure process. ongoing something on and lot the We of split businesses we focused day things, world I mean, whole a an certainty. host almost today.

I somewhere we'll we the place be. suspect find down and look, road, So that another to

the got moment, for opportunity company keep we've this better inevitable think we seen hand. But I almost a want we haven't growing. in than what it's to if

Operator

question is next from Joe JP Greff from Morgan. Our

Joe Greff

But impacts have things obviously, to impact in have Most the numerator I Tunica sensitivity you. for rent asset. last addressed. EBITDA rent X it quick ones quarters, of but been related With respect X the the were we coverage. property-level back I out closing, doesn't the that the ask we to it what rent be would go if over the the to X and to that If coverage wanted

Steve Ladany

immaterial. Joe, it's

decision the As it by they publicly, been have because National, very facility close made modest. the or stated to conscious was, Penn on commented EBITDA-neutral think I they

to improve in impact as us I or would this hope long rent an decision is term a made variable of and any earlier, what I to expectation, from margins properties small a ability coverage for across enhancing and with either even realize that's the therefore, market-level So being terms said really should portfolio that we do be component at of the our it escalators. in Tunica is the negative though remaining X Penn.

Joe Greff

Great.

another versus versus of relatively respect mentioned anticipation And Can relates then nonessential quarter the sort is. that you of XQ? as the it Penn's How smaller performance weather to Okay. just quantify that there in relates question to you XQ to change Ohio much the amount? but XQ of last in to guidance, casinos. With

Steve Ladany

to And it call. that, the they address. touched leave briefly Joe, have their Penn in would to I to on guys I think

Joe Greff

a the you ago? then Okay. to versus impact And but rent then quarter

Steve Ladany

A quarter year-over-year... ago or

Joe Greff

in guidance the February. versus today Just

Steve Ladany

of To just being ended short up impact. guidance negative in the about quarter, it $X million in

Operator

Our is John from next question Massocca Thalmann. from Ladenburg

John Massocca

getting progress So regulatory a substitution making of true headway a as kind answered level finding towards to Lumiere detailed property? but been on lease of on most of on a my already been has or suitable questions have kind any well, there

Steve Ladany

to John, know, has on under note as anniversary. mortgage got anniversary. first second a its Lumiere you matures that It's its it a

about has material We some there no you the various that discussions Eldorado, There tenant, When operating have is, our, will hear alternatives are operating been assured us. had partner, rest progress. with with out from available.

John Massocca

do they're to? landlord lease then can And and the of influence who across the regards tenant broadly to sign-ability Both you to their with Understood. the power and Okay. therefore, specifically, Queen have situation current portfolio? more your in kind a Casino as operations of the any then maybe maybe given sell

Steve Ladany

do. Each successor it. has we built tenant stipulations Yes, different into lease

straightforward for a lease Casino tenant. and size a are Boyd standards we're an than scale with straightforward scope. set respect wasn't much each more hurdles simple respect concerned Eldorado licensing, to own to But and successor. going its successor, respect unique Some with history, with stipulations with a successor of Queen successor has obviously, and say but to hurdles, Because operating hurdles, I to

Operator

turn floor This any concludes to management back closing I like the session. the question-and-answer comments. to for

Peter Carlino

seeing hope it helpful, forward dialing to was if we I in next again. you we and quarter. today. Thanks, all look Well, that's you for thank it,

Operator

teleconference. today's concludes This

you, time. again, You may Thank disconnect for lines your your participation. this at

Gaming and Leisure Properties (GLPI) 8 May 192019 Q1 Earnings call transcript