Gaming and Leisure Properties (GLPI) 25 Feb 222021 Q4 Earnings call transcript

Company Profile

Participants

Peter Carlino	Chairman & Chief Executive Officer
Desiree Burke	Senior Vice President & Chief Accounting Officer & Treasurer
Matthew Demchyk	Senior Vice President & Chief Investment Officer
Steve Ladany	Senior Vice President & Chief Development Officer
Brandon Moore	Executive Vice President and General Counsel
Joe Jaffoni	Investor Relations
Neil Malkin	Capital One Securities
Stefan Felstein	Citi
Michael Bilerman	Unidentified
Jay Kornreich	SMBC
Haendel St. Juste	Mizuho
Greg McGinnis	Scotiabank
David Katz	Jefferies
Robin Farley	UBS
John Massocca	Ladenburg Thalmann
Spenser Allaway	Green Street
John DeCree	CBRE
Daniel Adam	Loop Capital Markets

Call transcript

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Operator

Greetings. Welcome to Gaming and Leisure Properties' Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded. turn over I'll Joe time, this the to conference Jaffoni. At may now you begin. Joe,

Joe Jaffoni

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

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

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

President turn over your General Chief Peter Peter, President and Chief President, ahead. current review Properties. and statements the discussions reminder, Vice more that, the Steve any Carlino. the estimates Vice As pleasure measures to definitions it's assumes financial to of With Development please and Secretary, no Vice in in the call, are Chief Carlino, joined Treasurer, statements contained release related forward-looking to Vice risk this and statements and Senior management's Investment Ladany, its listeners a Also Officer, Officer company's the Moore, and Officer encourage call Senior release. non-GAAP Peter go earnings of President forward-looking Burke, and On Chairman forward-looking to represent update Executive Matthew factors obligation by Leisure company's including host, Desiree to detailed SEC, in future. We are Accounting earnings reconciliations and morning's Officer. and Demchyk, in my and the XX-Q Gaming participating the Senior contained and we Chief the Executive with call in today's filings Counsel Brandon company and

Peter Carlino

our joining discussion. Thanks and morning, Joe, good you, fourth thank quarter everyone. for Well, earnings

variety both year eventful. in and our internally fighting transactions, focus time what while get of which major to weight. small, GLPI quarter, and was a improving affected was entire same fact we've pretty us the year, large down called this significantly This sheet, balance the for a Notably, we for at

As prepared everything pretty very press release detailed always, we well important, have a with outlined.

highlight who in comment Live welcome and So roster Pennsylvania. to to you that some the going America. in Philly just Cordish best in and I'm Pittsburgh, of addition we seen Matt in a But the of in not regional of the have for the best to grouping tenants to regional country, out skills some companies Maryland moment. successful one Desiree detail. Cordish we'll in to along for in which approval most Live, County any acquisition Westmoreland our Well gaming with the every get of the is of properties both America. will most brings just developers Live we gaming are them, and and pleased the the and have of best achieved

out of significantly million as to units, which OP work overtime. price company. of forward point with of with looking view funded part great We $XXX more in purchase than them pleased was are a we more to our vote that Also the confidence

to you we've certainly gaming what we at portfolio website believe many. and at best So looking believe both is same represent. acquired there idea think is quality the and time to a both I to instructive Bally's that with and time could a to I from they've GLPI these of new some time, through include have at website what And we as and our to variety that seen growth just tenants an talked Cordish of going do with With in them talking that I'm investors existing largest I'll assemblies forward. America. what that assets any about properties is the while may that and surprise, trip with never also to we is our no by properties, surprised assets for in entire say, quarters, examine invite the path of way, of these they we which you of look the that companies. -- our investments the have would our make kind additional regional the want

see don't to business, this very XX auction off recent in really I of the of a Properties to the competes we I start. that Illinois of the purchases we course, Leisure conclude compete ability point too -- of in that get XXXX Rock not transactions. think properties today. what balance and by already again, Island our think of Once we never see is the Plus in you acquisition which but and the So We to in expect us complete and year, capability out Gaming half assemble these Black second quarters complex great will basis the of I Valley's would we're cost transactions its and rather capital. to on Hawk.

like new because business. shareholders. we're investments. building in not with many shareholders the flow about make called have publicly comment you specialty And cash we're the One also to property the attention. your in said four I'll got facility is making which dividends. I caution to then times here, industry. monument we I've our I coverage, are which highlighted expect, on to careful transaction that So basis, we do, very can the other No coverage, same will money care retain we, wall highlight in that and We've you property best I our

to growth and you, responsibly of important And year I we as we the is dividend We particularly over suspect as Dividend to of will transactions say are course when many me and it of the shareholders, this we rise. $X.XX that will think pleased safely, expect, grow dividends. increase, to announce $X.XX the course to number I our in continue that annualized close year year that able. and evolves, is can the are to I over

with that, the Des? Desiree let over Officer. our to So remarks turn prepared Accounting Chief me Burke,

Desiree Burke

good the the just statement wanted run Peter, of Thanks, XXXX over on quarter compare morning. and and quarter income XXXX. highlights some I to through the of

straight-line increased Bally's million total rent the added million, real XXXX, by Belterra, quarter $X by quarter $XX fourth Our $X.X gross ups from rent percentage estate received mainly on XXXX. in non-cash Xrd, income the collections $X.X over partially cash million, and decrease million, closing Boyd, due revenue outperformed due $X.X the timing escalators of our offset June to of million lease rent quarter, the higher a of non-cash transaction leases, rent Ohio of our and Casino on million, on $X.X which to of the to $XX of which million XXXX Perryville in Penn Queen fourth fourth Pinnacle related income of increased by primarily Penn and the the in

replicated non-cash revenue operating as of which Baton gaming And to associated by last gain XXXX, have charge million in of of our of year. non-cash and for a where declined to not that's and to that our new non-cash the a related primarily resulted $XX.X lease. Caesars in a gain exchange, Cordish credit related we Waterloo We did acquired million the Bettendorf was losses $XX.X Evansville. provision which XXXX a And July XXth $XX in in due year, sale exchange this with and Our result million. expenses in during XXXX, our increased was Xst December $XX.X on million Rouge of operations Perryville

call attention Baton due insurance gain your respect Rouge has expenses, to Perryville which it, and for partially in You approximately of land which XXXX. accountants by will again, to have reduction Baton our to lease Rouge's during offset recovery this related GLPI. million. was million -- again, gain a in the that run, land-lease $X.X $X the CSO And I is Perryville this $X.X sale million a and on call a being is the non-cash gross-up is basis pretax and sale of recorded $X.X million $XX.X reserve segment on loan, wanted an Casino to a A that to Queen operations. amortization of million, operations the a of With on what rates financing TRF been the gaming of

our taxable We'll income receivable REIT forward. We our segment up beginning recording change live subsidiary. from to XXXX REIT will revenues cash and on a in for as that going in receivable. the lease, interest accounted as rent of With will Maryland the real a winding be be respect therefore recognize financing in lease of a estate result this as

However, that back brief that cash to With our in AFFO we will I'll it turn summary, received reconcile Peter. disclosures.

Peter Carlino

evolved has couple because in balance all you year wanted Matt, comments Thanks, well our of Des. to a work sheet and much as transaction. of make our And, this

ahead? go you don't why So

Matthew Demchyk

Thanks, and morning, good Peter, Sure. everyone.

but was it Bally's, did directly plan new talked our about. it where playing our with Peter best respect properties commitment Peter time game plays and And counterparty through, the this As the GLPI of with the sourced we only our so relationship to to was delivered. doing and a our our Not at talked it we a role we've in In clear, these year, shared most expand made price, for the strength success. also transaction decision. was best disciplined to the Cordish dynamic balance related roster offense relationship with the tenant that one tenants, last the of being context within emphasizing and sheet very not we goals,

need our Realty purchase announced that in another marks the new Cordish and a into newest GLPI to jurisdictions achieved years. wins enables gaming relationship over finalizing opportunities paid to structure the least real-time to also that underscores at those might the asset seeing great other further novel Cordish fundamental like has equity of equity over founded which cash quality, agreement with our coming spent that institutional The overall, It philosophical other our not to license rate, gaming it X.X% financing thoughtfully was validated. it people's looking any cap negotiation, seven on company names but been their institutionalization. years, partnership and the fact, at recently Income's hours Boston the next from thesis terms, clear it portfolio. decision treat XX% Cordish of path from structured of me was after own those family take significant you come business a When some has a The forward it's a be money. from that like in as GLPI to own our taken other to In John to it's time -- underscores and your REITs projects it's pretty turned discussions, We're Cordish's stake what of are Any with, discovery, created purchase value flows complement. and that only milestone money. towards company alignment. provides XXX-year-old the price real estate said, treat upon many I've bills invest signed

the I've homes As neighborhoods. own of stated one most best the in the in past, often we

the our transaction success. balance balance to true liquidity strength Turning Throughout match to the of the funding sheet, our foundation philosophy stayed XXXX, we of sheet remain and activity.

use that the REIT with overnight over only ATM OP Peter perfected tool sector's million $XXX also were of chest at the issuances not bond issuance over-subscribed, XX-year that with tools We equity $XX in and about. Gaming issuance also of both a our talked share, well issuance and unit over first multiple our but

revolver well strength within our unused that volatility. amidst capacity. articulated. entirely rate we've see X fixed X.X a debt as market We've range to debt almost got times well-positioned profile target to be staggered, of we And almost billion are $X.X We of the

As deployment it on turn to I'll unearthing shareholders' remains you, back opportunities our of the prudent we capital. forward, our move focus Peter. for

Peter Carlino

you that to I helpful much. Matt, very thank there. hope all you was out

to So open the Rob, you would please floor questions.

Operator

pick conducting session. be Yes. handset keys. are Thank Thank for time, may before be For your we'll this moment, you. One participants a pressing we to using speaker you. up while [Operator questions Instructions] equipment, please, At it the pool that star question-and-answer Instructions] necessary [Operator

One of proceed Securities. from Capital with your Our line Please question. the first Malkin Neil with comes question

Neil Malkin

Thanks, everyone. all. morning, Good Good morning.

pretty or transactions, to incremental continue I elaborate obviously notable validate little how institutionalization could the thesis. known, you'd nine buyers, but whatever market. on of about maybe The so -- things question. really over markets see more, I'm improved, if of CMBS you don't And debt wondering the regional the well if potentially you how have gaming what continuing the gaming or regional either Vegas -- last, maybe would -- you months or bit specifically, anecdotally, couple is you said, any transactions any -- of be a talk First -- competitors, great. what talk those like, anecdotically you couple know, can

Peter Carlino

Hey, Matt. Why don't you take that?

Matthew Demchyk

cap for XX underscore did, regional I properties, XX, the mean, so really was we the very Peter months, Cordish but a and said, we've as aggressive mean, And in rates. hasn't deal, for I'd who the few us quickly please an now another a I for been Sure. anyone seen seen out. you've to reach property.

them, see for as There's to you're find. pound should You going good anything pound.

If there private four a in great significant institutional that a to private market operator I is second-tier you a of compare point, reach it in and the equity forward, very comes capital reality it's their and other of and look business the great is in public cash model credit to strong that support, better only companies get, a obvious looking better when coverage flows. getting property, are trap mean, world hard has those at flows durable and but industrial not the some to or when it pretty some and and for handles, a also the income. have safe handles, mouse Dollar got a you Peter's apartments wall in cash when that Tree we've really to And like returns. facility you other And have three find it's three amount look

So moat only seen also a to a but competitive date, you've to bit of licensing. related relationships, not

might the self-storage, things. or of more And find manufactured cell mean, as As housing, about out rate on data them in I of people compression. cap centers, play expect to we've I more phone space, one some do suspect this access talked I'd towers. I watched focus both those accommodations

our compression. long on cap you're we've going rate deliver to flows that see articulated, As as premise cash more the

someone this Now, the for Each question. what have more none is get think those maximize a study cost of negotiated of really spite best point, compete? of time. in that, the should does look transaction capital. I and somehow the at someone you? the of to is out, just can auctions. you Cordish does all And with deal years Peter's that do mean for directly us a that. often You transactions guys question economic Why key we that at How the you best I'd bespoke, point is we've those do And were with done, deal the than terms, case of proceeds don't

going the sourcing we've the tried I to and be So to the use thoughtful the greater. ATM is only And which thoughtfully, go that as now our the cost our point, of is capital. to fact we forward, about that's OP that Cordish going used is units, Peter's only same to long-term this how but we're cost we're unique. also And for make have be things the it. capital returns been of to to risk-adjusted not doing to us, excess math underscore value intrinsic capability validated in by

Neil Malkin

That's great.

Peter Carlino

Matt,

Neil Malkin

Sorry. Go ahead.

Peter Carlino

No, ahead. please Go Okay. go ahead.

Neil Malkin

No, Go Peter. no, no. ahead,

Peter Carlino

pretty was Matt's why the I with much But on it on carry question. answer, you don't like No, point.

Neil Malkin

Yeah. Great. All right.

the end about of I 'XX, maybe got regulatory transactions. or and and Bally's acquisitions. Is of a pushed just there the noticed that is of just back talk that in you maybe there? those Can to COVID -- constraints, something function of both else Okay. terms delays

Peter Carlino

why you that? take Brandon, don't

Brandon Moore

Las I Vegas I don't I be there's three to -- then the Cities Black transaction, And transactions Vegas Tropicana, would close Quad the later prior There's the to looking in and expect now. transactions Trop year. in and Las Illinois more would in the of And Cities around think Quad the there's City or think will anything I Illinois. caution right there's transaction which the Hawk Quad to that the at it. the separate transaction Bally's, we're you but actually

transactions earlier. two a the be bit will little think former I

Neil Malkin

then one. Great. just I guess And Okay. last

could last color at you I could if call, think talked endeavors about and sort of just you wondering Matt, talk specifically on opportunity that? the you about, consumer about leisure alternatives any I'm you're looking Peter, the opportunities the forefront, lifestyle, of some give or elevated oriented or in on if

Peter Carlino

for been and for leases. longevity planet are a just the the that certainty some something, we you're other that is at point It's other the probably to from I've same look that said yet. on long, when have there mildly There's at and we're tough years. one least there the having the space. flow, spaces probably expect in know cash There'll years, long, don't the long-term will some you flow, of view goes of some been best I in light, be we're already maybe things answer than the of that place the not something in we But looking one less already look, not a discussion. struggle we of last day by is we cash at best. of Our take weak seven That said, best are

you Just think X:XX it's in concept, different report. we about and special all call there for we I ideas, some fun a will Monday do tell new a at about see. to really But the scheduled for, moment, this afternoon. time I to but nothing the scheduled That's is saw

Neil Malkin

you, guys, much. Thank Okay. very

Peter Carlino

you. Thank

Operator

is from line the of Smedes your questions. question Citi. proceed Rose Next with with Please

Stefan Felstein

Smedes. is Stefan for This Hi.

of not capital, to And talked capital. assets. talked into about non-gaming then of on Just cost potentially going back your moving about cost you you competing

talked of I So be would institutionalized? universe expand gaming the what you in do past know just some looking you how pent, interested and non-gaming as about at type more you've hotels assets in? becomes potentially the with

Peter Carlino

other think with by we coast-to-coast, other and people just capital to who and people of very to some have with That's term, tenants. and see. deploying more. are active do Cordish, is there for applies say, existing unpredictable, this highly very space, color And that strong match said happen, mean I excited, that could whom It tenants. hungry, near-term love well we we are way, with that we'll also Matt, just work year, about to again, Again, our aggressive, the But the maybe again, but won't, I to think want add example. existing next are can do any discussions already We're In now. near opportunity have. exploring there's what haven't over let's opportunity. to by can tenants explore what I pretty Well, some pretty we seen and that? do with you right

Matthew Demchyk

I'll of really say investing outside specifically want might time durable But A, that anything everything looking what at a say, of into streams our for, lot Peter's because, be will obviously, flows. assets, out, always very those put gaming we and money do finger gaming R&D don't gaming point. the that we listen, pulse end we're more a be of durable much to the just on our we income to I we those that point access the the to of it's might have of a that the characteristics outside really to we spend in are We -- cash don't to keep cost we more feel day, things don't hallmark also But want competitive to something B, something marketplace. and do of need what outside than deals. lot prove volatile gaming. don't to can of we

it we do sense deal threshold going to the first on a The risk-adjusted basis. crosses making is is because

earlier where And company middle the institutionalization. look pricing avenue of find to able of innings through. the make efficient creative. innings things and But the got of at where less when one with one are, I So to to mean, we day, of end it's lens being greater. is institutionalization value the in we long-term you try Obviously, in be to at look

Michael Bilerman

that you large to progress be situations. Peter, you about I broadly you to and a of sure doors. this wanting with -- lot had compete a buy your with relationships in have talk Win you they it of but Income, feel about and had talked be was what that I'm Income? Encore transaction Realty is generally Realty in marketed and you've the in and auctions just Michael wouldn't competitive didn't would little Can types on Peter, according relationship that was would you not the down to a and not obviously, knocking speaking. guess those talked bit conversations asset road counterparty relationship good the just Win a Bilerman

Peter Carlino

that. property, that for conversation We can't about them had up. never I speak so no with it came

Michael Bilerman

then operator of a and you've them assume I years things, as every right? assume part But have you with conversation conversation That's the over had I you've with uncovered duty. the

Peter Carlino

we've RI an decided transactions either anything. Look, that spent time, they these transaction. Look, these if some would us. in are with so meetings five never some for end, that turns missed seconds where been We himself it five cents have. Good I haven't I and we are of somebody out just of don't -- the numbers over sleep competitive have for guys. lost the of bespoke mean, And anyhow, made something not found were over that them. sense by I think approached directly In Steve

think someone that. the some I been says, what value space call of regional that got look, But scarcely is Vegas but deal, think does In property whole kind of to in see where validate, about validate market properties. it's really a -scale wouldn't of any you've delighted property. sense for I a you're we value. the else regional It's that when major, and it case. monopoly. I'd a major the a sweet a competitive says value, our as It does it don't and lot have Matt sees

Michael Bilerman

are at we but would bit in but same mix is it wouldn't something and think a the I that price. elements assets validation, have why what capital, Peter, of we like to the leases, was Do I lack make of messages, equity the the And little was a capex, was play sense I'm the getting do maybe size? price, you been of it wouldn't sell you feel of that you your it be it is our -- terms, a in the own bumps given that competitive? guess that too it's wouldn't you it's there, guess what feel it it cost the rich

So these to all I am just trying of comments. reconcile

Matthew Demchyk

different. pricing. Look, companies. with value creativity very deal transactions we done complex quite solid four away gifts, giving at we What and in did a so The we've every Look, it extraordinary. not was But [Indiscernible], forth added couldn't. exactly transaction known was for we involving did maybe transaction's but very that favorable public a there others

So winner that trying else, everything what very buy Straight a an look, I've do said, loses, -- art, The up piece buy that's the directly we just you generally to speaking. like you find it best. auction, case. trying you're you're to And automobile, of whether

Peter Carlino

price generally down auction is of not Laying the highest at an idea my fun.

there, competed were chose there, go. not auction have we We confirm They something to did there. MGP. an and best for the we of some it any a we board they was -- play. deal, always were look that and example, But sort were when We ran in discussion we ran they what move -- he made thought we difficulty The ended into our longstanding already Can't do. of in, was it prior. can couple do. because way would hard not might a years when there and right that to and adjusted see for with we [Indiscernible] Unfortunately, getting compete say about that judgment so long be a and we we

every That's difficult isn't I we've as that mean, us. so. continue just We'll are business, be demonstrated look, understand, for to all. I but do for know of to So, don't speaks itself. recently. why to deal plenty it's done transactions There

Michael Bilerman

thanks. right. All Okay. Well,

Peter Carlino

nothing I have prove to just proved we it. --

Michael Bilerman

we'll later catching Thanks. a sure We'll to at thanks. the to down forward Florida, you Well, miss and Yeah. date. look company up but in

Peter Carlino

Smedes. Thanks,

Matthew Demchyk

audience up is on and build follow question. the Peter Michael's looks asset. the flows points limited is let stack quality look to me look terrific, well certainly flows as for our lot interesting of quality think portfolio, quality for that comparable take down on portfolio to master it's come But wall looks a wins like, in Peter in a the the overcapitalized similar our at ultimate the you very at beyond And out, to do. to the It about the market add licensed really the pictures of the just just it flows of in when drill out up cash cash this of coverage, you leases, the wind what four cash of is when that brought

Operator

comes the proceed line SMBC. question from of Kornreich Jay your with Please, with questions. Our next

Jay Kornreich

Hey, good morning.

a up of potential Bally, Queen, now pipeline companies. Cordish ROFR by future set of You nice growth kind with Casino establishing as

so can And you if out? you potentially those how see wondering I'm opportunities talk about playing just

Peter Carlino

this just we comes. and of the to available close industry. help and some Well, job can't hard we folks, want time be to close that of stay But well that partners hope part want and can we about answer be expand they will the wish how I it's got hungry Look, I to -- appears. mean, in the know. them to a working opportunity We're these with our expand it real We is who when unfolds. when have will to out us. the time comes We've deal to make that like stay any like great see and trust prediction there we'll where that's might go. and

Jay Kornreich

and with guess going companies, of a the you expand I Okay. range wide partnership specifically own and you opportunity Are just the more to quarters they for little able bit both set forward? a on non-gaming gaming assets. there

Peter Carlino

Be hang go people time and be conversations. see. to the We Again, present if real -- something estate into those space with our that had job would opportunity that they around need with. real that that We we available. or partners, desire, We'll should be they willing they to other We've we want be clear. -- go-to and to itself. them provide friends really good some That's at to look, deal the can then step hoop. would the

Jay Kornreich

right. All

And just then Okay. one I follow-up. guess

set Wynn owners start real there how the maybe the awaits that sizable off did color give operators as many to it opportunity other their off you in regional other it's on casino to hotel back can now selling in any going willing estate, gaming join they're if estate? many that As out you selling real

Peter Carlino

know. number. have don't a I don't I

potential Steve, you that? gambling, -- that at exact by sizable owners a There have are thoughts. but might have don't if in Most the assets sense -- are proprietor, are some many [Indiscernible]. fact have those talking and family-owned properties look in would that of were it I exact the ones that legalized some businesses As you'll Form. structure about have of that be some provides. [Indiscernible] some areas tax numbers, transaction I upgrade they I that don't sole some large, type I already see urban partners of owned value are the more there the probably the benefits have mean, those still in of

urban in I to exists. those going still So you're types that assets think see large of areas,

Steve Ladany

provide around own that some discussion runway large good of And companies us or savings. in does an real for open the all least tax at gaming still publicly Separately, are space all estate. traded a to that there their almost

the today huge acquire those held of their benefit alternative could things There So and for there's assets cause truth is that I out climbing. they've for and depending time look to capital. keep And just them for for borrowing everyone valuations been could them the runway on be those opportunities. unfortunate have that and a of on nature guess because the incorrect a in to point proved sources ahead trying they costs

Peter Carlino

sell join Or they to real party estate. the decide might the and just

those with a very in areas, conversations as and valuable. collectively are very their but ongoing these and company, aren't monster having folks we're portfolios necessarily urban large those So assets

Jay Kornreich

Great. the lot Thanks guys. right. Thanks, a All color. for

Peter Carlino

Thank you.

Operator

Haendel question St. next the is The of from line

question. your with Juste Mizuho. proceed with Please

Haendel St. Juste

commitment curious be I comfortable think you opportunity sheet just equity Yes. you would given the I'm Good about more there, how quarters. Thanks. on of I'm about curious potential One large your morning. how priorities in co-investment you commitment. follow-up equity highlighted. light with guess balance that

Peter Carlino

simply -- willing market, my it's strong terrific of answer If managed do Listen, be just lot opportunity and property, the Well, on The -- is can new would. just do print gaming a whole which basis. has going. might I if and for is gaming a regular limited always find a the and It's a you you license long on for you is quick spending in to world the it. jurisdiction we in undoubtedly where example, gaming that only over-investing, it's said license opportunity the some to be risk an would have money. to depends the capital

Haendel St. Juste

But would so on what opportunity. deal-to-deal. companies, gladly and do it's what be I to we that discipline, be expect do depending mentioned And -- what some as it's others don't you limit partner we'd we I think I not them, upon but the willing have any think But look, the don't it and we well. you Cordish there's would with

Matthew Demchyk

was This have someone Hey, history world. similar been hard I This can't of X%, at one to development Haendel, I you excited Matthew. is back is to this Every is unlevered. table XX% things to but commitment I able a fought cash-on-cash, the say that I'll handing coming Cordishes like REIT that just a get -- yield. thoughts. money very the we at around That negotiation. the X% of look these the are laughing. add from something over want is couple Penn. specifics, people achieve, if away know is give the

the So range, up the just the a is move competitive created, get want be value chain country the participate flows mean, But don't is necessarily dependent -- around process I what being to and think where going do at this back-end. mix point, these on now we new they with licenses a about all we the and coming. exist is much it -year just extent goal. of you timing, we on Earlier value And takeout the and five-and-a-half currently. starting etc. That's have seven we're It and the debt conjunction like our everything play hopeful about window. one five be, does. we're point equity how that time the thoughtfully some out. take for the it, in have are on, granted and on to use access in at these are why in might we'll we'll with retained our consistent going earlier. and somewhere when And the we back-end cash want mean, cash of to of else, it is to lot leverage these a and not depending whenever I to assess flow, time keep how to creation on the between we're I our mean, in mean, key think after a to balance will that we hopefully value I sheet to advantage. see

Peter Carlino

come to be with. not it we structured if how be hope shareholders But our a novel But things were it's a value outcome that in guaranteed. just for play Again, to thing create we able to pass. on out. dependent us and great clear, It's be for to that to it's realize would that

Matthew Demchyk

around may what's we're and we or see to assume the some if opportunities. very in places we time States what carve staying United on And to find spending close going those how can up

much top any So we're gaming anywhere. on very of expansion

limit, at just it that. just I'll So leave

Peter Carlino

Vegas. a your -- has guess know for with I them. around Well, to in site. development conversation on more that, in the around actively stadium. and the opportunities Curious Las potential [Indiscernible] don't we We've Bally mind in what the And on follow-up involved maybe there exactly potential been specifically thoughts

them some have going feel We to have -- just we it's so opportunity lease. have. other with would consider normally transaction that a right project comfortable, think with deal that to transaction But the should broader the I cross assuming hurdles very enhance if we'd with there nothing arise. to open ground a beyond all has that a we're to But a to in -- them. very We again, we're that we an capital in nothing the would deploying be locked we deal we a now, can favorable pleased it. possibility. work it But way in It's that be announced

redevelopment I plans. be with going think Yeah, ones project we're thoughts the not them, fair on Bally to back further mid-year working earnings unveiling we're that they to so expect their enough. it that information around with be of but mentioned has the it's their and yesterday call anything of

have though, it see very We so we'll to have been. plan, goes. them, their we with involved clear, Nonetheless, been it's be where really

Haendel St. Juste

guess when Fair touchy subject guidance, past. the the One we a graze I more, Peter. Okay. enough. in

Peter Carlino

Yes.

Haendel St. Juste

we the is Thanks. comments in and forward formal having be not guidance a forward-year that we've on [Indiscernible]. subject past. the will and comfortable also, or this role to indicated that this but going gives asked you're current policy updates it's the with, one year the structure then that CFO that you've If any It appears

Peter Carlino

Yeah.

terrific. so the and year it's at you -- on over we've I if we the issue, last we're are. been -- look CFO with think what It's contend accomplished still where

is that, we say you And got is Board the on folks call item. can't really I where are. today. Our won't way very contend enormous at with the we address We really, are that everything the moment, do. have blissfully these we we you've someday with Guidance, capability but working. sticky happy with with

to sense to going bunch I we're revenues open a be. said it going here. we're our have but this back matter this of wait. think a know, moment at transparent at to to the transactions just are in get basis about we that We're of are look that just a what I And of not I we'll it you a to as I that at things. of It we're going and end earnings have very timing in and on with guidance. the till we're think pass leave our of for likely getting closed. we business, our mind, that. last quarter-to-quarter clear honestly, wait -- is to sure though, much whole quarter, But to pretty Look, discussion go notion going you on these again

Haendel St. Juste

enough. Fair Okay.

Peter Carlino

about the from I thought team? don't Anybody else wants Any There's guidance? know. answer. other to offer GLPI the Hearing none.

Haendel St. Juste

But it I investors enough. some too. think appreciate the and I'd would time. you for thank Fair Okay.

Peter Carlino

Thank you.

Operator

Our line the questions. from with your next is please of Scotiabank, Greg McGinnis with question proceed

Greg McGinnis

Hey, good you remarks. opening briefly on Peter, morning. the your dividend touched during

represented that over lot numbers the AFFO the $X.XX. a on about of years $X.XX future transactions. dividend at getting step a of excluding spoken payout then bogey You've back based the you would share, ratio, couple just which But XX% our short last to on

and for is So did hold what's why back just the that additional a payout the there's What raises target year? few threshold? question, this expectation you from

Peter Carlino

say The high. at ran look saying Yeah. expectation don't very that. with I I council probably is, [Indiscernible] and get I away safe I've think to know. our

it's pretty what high, I I but think desire. that's

that I it So way. paint

back throughout would ratio but for years of frankly, And that hold equity particularly year. not as to, desirable the the We we've by a quarter, is of raising of thing this decided now, the we now a case. So XX% I the you couple could do. firepower be at some not but have kind think higher have been up like and it is choice, to to gone idea stepping since

to So the seems putting more and cash more in do to a be at keeping retaining -- moment. cash very the thing pocket sensible

do want think -- that? with you I where want where we about Des, do to know, So but I go to you talk are?

Desiree Burke

it I increase -- deals not the the transactions necessary to do that dividend to would I right? of say close, are the have outlive order dividend the No. wait to the to that prior dividend. think we would for be company to prudent closing in for

to raise decision of the did fourth $X.XX our getting in stay comparable XX benefit X.X from to rent Xst, Cordish. because yield January at million think that do shares start and we of the received we until haven't So $X.XX, when quarter and we

very as in was ratio. we process it we we XX%, extremely we don't but out are the pay exactly So and to close get past well. thoughtful XX% But the XX% payout to the close haven't

Greg McGinnis

Okay.

sell because and of talked about I'm of to saying sounds confused So there guess little and the year. short for raise XX%. the just a in mean, kind ability I nearly confused want you've like guess it dividend we're kind just just XX% I comfortable just later I the nearly

Peter Carlino

our of closing In sort close. It doesn't confidence. transactions, that take lack very having approach. of emphasize decided I we these transactions That will want these we to all that. me been and say likelihood step-up the to any each said, of confident display this. Let really feel

get it is internally. saying have, we feel idea this I going optimistic the about next. like think psychologically just highlighted the like equivalent We're the seems it The through thing kind look quarter-to-quarter that but does having Desiree we you're good better? year some What was, up $X.XX this go of of is and fun into very old where kind really of it. this number of and to we and about question were setting the as might $X.XX

Greg McGinnis

back escalators guess results. up I kind going getting to don't where And the going Okay. the the on looks It of on which those cleans like to operating have then of you anymore, guidance most leases. lines along be handles assets question the you're

You kind are the that to idea transactions of close. going expectation or have an

talked transactions, you're the business guidance because sure guess closed, going of that I but transaction So reflects your the about kind right? to that, I prior not providing not and comfortable whole be don't you've part will call you're this when understand curious about there's with why really I think always of

Peter Carlino

decided we'll say with -- our Board to felt I next to the think that and the soon. was guidance. wait will step This of that as board this issue well there's on possibly with quite would caution. our a is with as kind death would had This relatively that It's take I at it our Board's board we'll was support an I meeting. we an And are or we up scheduled considered decided did to -- us, of item discussed with a We get this. have up. it our who bit a we haven't bring abundance meeting next approaches just issue approach cautious if back for see. that we just road then issue life think

I I'd And stay hear say -- We request. tuned. your so

Greg McGinnis

Yeah. Okay.

by know are markets confidence sell-side the investor you establishing do wider sharing of you, the say that least and for if guidance just necessarily there expected a perspective, implies the an analyst what bit Let's you always have, guidance. timing time and a the that in transactions. is you're the let go about with just guys at can future level And Peter. from of worried us Thank that perspective, more,

Peter Carlino

they board I our call, desire. your virtually suspect, that the this and into by way I members tuned enough. suspect fair of have all are That's heard

Greg McGinnis

Peter. Thanks,

Peter Carlino

-- It's much. fair very Thank you fair a question.

Operator

Thank the line with you. Katz with [Operator Please Jefferies. David of Instructions]. The your next question. from comes question proceed

David Katz

Hello.

Operator

open is line your questions. for Katz, Mr.

David Katz

- if morning, wonder on just it leaving know everyone. kinds as path strategy on like of mixed-use of it involvement could for a evolution you in to What is like. that I part beyond a where financing perhaps portion your gaming look broader? that or Post what might or loan-to-own elaborate Good like and property of Might taking other vehicle development of what could the be the a looked a a us through Apologies. a help might Thanks Is it my And question. I to more it color take? mute. relationship? bit might gaming. you. launch COVID evolve look Thank

Matthew Demchyk

us as earlier Look, did the I looked emphasize stuff doubt. internally some barring Well, week by answers, in banks frankly, that something the get we that's would it we'll hate and -- look, of in I our scarce farther business has other and a ways into that David, we space of have or that we've without the not brought some possibility. water think you I compelling. one we call friends are toe we know the that I hate to dodging likely the two something our sensible to is off consider look, get the goes that somebody we're there less one when at laid our truth and of see it. get but certainly to out looking a or very a at,

Peter Carlino

because And objectives companies -- quite again, is we are we're long-term. look this seriously stuff this at

not do stuff, that to to we've think company heroic are trying And we long build pretty for to-date. the I a future. done crazy pressed or we While are effectively long,

So that's an ongoing process.

know I when it. we think see it we'll

of find we grabs think the continue on discuss -- it's I happens until to what us. I do be a precise, calendar folks. my unless memory afternoon. we there be normal for -- and just is to X:XX this part from As mentioned, we'll to Monday fun, different. it's a I know some But something call with something that

Matthew Demchyk

our we're to of, been. the interested only "strategic that's in We're are It getting " flow returns. not really since safety spread its is quote, business That's it's cost cash we've in inappropriate curious. I'm and cash getting capital, who and always and we But to in transactions. who

David Katz

much them. are just there Historically discussed there this we'll attractive. while heard take have of about at I paid more issue new of market your if pay better that which Okay. likes price And question sometimes peers the as most people be go competitive the you've one entirely recent of numbers willing to appreciate so look make looked in a higher I could more I great the is back like bit, I necessarily that to just prices them, price It the like pays a that little that comment into highly price and think a choice whether at can I isn't opportunities. much than you most only far. that to a of that. than driven. earlier, I'm that entry category. and to better posing sure be the than the more them, should they've for But just context higher you tighter got a And opportunities

Peter Carlino

a property A property. and in that overbuilt Las we tell. market. But a will it's very question, think that's a property, fair I time monopolistic in position. expensive, a city argue major a Look, really Vegas It's I as for unique can said, Strip

I'm folks I the smart, similar [Indiscernible] a think in being wouldn't imagine market that's be -- multiple. unique. asset just buy any at would to going in I Mississippi those to

to partnering unique think that it's think property go I like fair? I look, a or Time situation. them go. else where property they So that Is was market-to-market. people tell And will

David Katz

think I Thank do it's fair. you.

Peter Carlino

me look but to transaction going our let [Indiscernible] at add historically. It's interesting, the David, everything and Okay. go I'm to thought back to done table that. a point we've

structured their -- point to some rightfully but owning trying were was made our find what for future, business to on the were a know dozen you proceeds, reliance model able kids coverage. to maximize this on plan And trying do reasons times. a a many they people in business not future they enable transaction. are the least these strategic I of needing to for I all business don't in next to to out assets clear And number partner kids foreseeable I things I there that and them much that they and help now, be Opco a mean, that. So paid at that that's do would happened more very Cordish generations. kids, their others running we've things have for beyond. the transaction, execute and be of expect their to aggressive suspect mean,

In in language. they're they their rent our wanted and speaking less case, fact,

again use in world that way. of philosophical only a have alignment and not think the they're that We people the

cost constant. keep be the else it, say creative times to held it's shareholders. the were that ideal or cap reality complex. things deal to do and You all lot can looking we do execute case just time all before do got have people at and in deal, a that We move more the terms back be on quickly we may to is public a the of that again they at M&A and least And that best from just the be and to do that in before take your ways additive without can creative, not for exactly history. than order of Those was back were we for our aggressive piece question, our for time to the Historically, that what look our to we're buy added very every ones things and something you bespoke, doing And be fact But whatever a for look to in those of in aggressive the there's we're cancel. on. the looking with that looking just stock's needs pointed more buyer, very it a found that, seriously support, something lowest of someone transaction portfolio mortgage out, muscle And coverage I'll time gets we've next. challenging to UK value similar company, not we've many capital. whole. at strategic this everything to if our credit a needed a Peter rate do at memory broker may a it that Bally's selling And that very valuation our us very rate shareholders. spite Remember, been

can't. Look, me Let say, we

to not work a develop our with choice Matt think with most the the Well, we situation, be to tenants. in to That's friend choice Maybe want it. industry. the I but people's best. partner. every absolutely desired said the not add, But of we're together in [Indiscernible] what existing be. but best we The the available our strive future most to biggest, this

David Katz

Thank you.

Operator

UBS, is next Our question Farley the from of please with your line with proceed question. Robin

Peter Carlino

may mute. you on be Robin,

Operator

line is your Robin, open.

John [Indiscernible] move Ladenburg Thalmann. to may You our on be with muted. from question next Massocca

John Massocca

portfolio at have the standard kind by acquisition of point, in-place not Good values you standard leases know either morning. I offer the to but an in that hypothetical opportunities, general this tenants a much structured, you other today? any from Good deal controlled of general, very it's is morning. thing impact just proposed and of or there

Peter Carlino

Matt, opine? to want you

Matthew Demchyk

think pass Brandon. I to I'll

Brandon Moore

the one itself credit look and I'll quality, process we're to that will extent through the to support to the I Bally's. care all have accretive there, into ways something and of coverage, formed of to they sure part The don't any we independent put Yeah. in be really opportunity that. figuring based for run speak the banker. release, going have part same. it, there I'm always the an quality, is factors. Clearly, an the that sure those from to try and process spread we out we a to suspect have knowledge is thing will They've hired we but not operator general it, Bally's to is a extent asset a add on offer that the It's standard a be take to committee. of they'll lens inside I'm out be get four-wall position press

John Massocca

[Indiscernible] entity anything a by becoming all that structural a at traded opposed is the would within as agreements there publicly one? that private be leases or impacted to existing

Matthew Demchyk

think the structural problem. don't I the there's particularly in that would No. leases anything

a the become of the structure in entity, if in remain the of would those try we'd owner. leases bolster privately-held were participate we I I leases, the opportunity think to to that nature effect. don't changes if the by lease an think had And it to clearly, it that, but

John Massocca

novo tenants transactions, in to about rate cap already to de capital of compression you the seen are fund especially your access think or with de rate into alternative working cap capital frankly, you can can with deployment of sources if we've transactions get you the there competing, deploy potentially existing that properties own, maybe existing then properties? you And is improvements advantage tenants those in versus any that novo

Peter Carlino

We'll of go other question. words, In tricky leases sort. question. existing fair difficult is, do I It's X. The almost there answer every some trade-off to be give think better. be under a a will to in yes, why can That's very we And case, elsewhere. are there reasons you

it'll Y You and be may want discussion. a

don't discussion a have to it's that go a take sort. So trade-off going I Because of that and fear like a would transaction clearly any some elsewhere.

at being almost So it [Indiscernible]. but I to that, just impossible leave good. Very

Steve Ladany

-- typically is tenant at it Maybe would this looks what I that Steve, a real is I quick. add lens. the Maybe with think different

they building, thinking For the the land end they're still a property, Well, own adding of we own we building. the the the they're land and I lease, think about a own at example, deciding hotel. -- the if casino and --

lower they they're just psychology of of simple at they rate leaving offer the I X and because may might as it pick as all they should say, well, borrow two, it the just at cases, many the in many it seem behind know can and cases in So the changes Y, to end.

hotel So going at to bank of either the it day, they're maybe move and fund my digit property bill. all because not it, and to up the end pick to a cheaper loan. with get it's potentially But going I

they cases, So us. more a in our to use they look way look for ultimately, advantageous might use capital in -- many to

Matthew Demchyk

we've about I'd capital side equation And they've out, point share but latter point to buybacks. with so other equities of some John, instituted other this of point for potential is the watched comparing also your pressure is sources our get Matthew, the the is uses. that capital other relevant operators of the

incremental dollar either So interesting there's putting GAAP fill it balance if a a building, they at their can price there. buying an sheet for our very an on opportunistic may and use it back or capital shares their into

John Massocca

Okay, that was all me. and Thank that's very you very much. it helpful, for

Matthew Demchyk

you. Thank

Operator

with Green your line question. Please Our from next is question Spenser the proceed of with Allaway Street.

Spenser Allaway

Thank you.

arms are with gain Penn share some to seem an in That appear to Just high. and front, does digital from its audience costs on seems it operators partnerships. sort as its have advantage of said gaming the though market acquisition race captive the customer

curious comment if view how the of you out can on you couple years. this Just playing next over

Peter Carlino

bricks impact forth be, to they to presence I the I couple awareness in Morgantown, a they our that's sportsbook very us, right Well, Bricks-and-mortar from minutes believe that spend it's have thinking just And today. Pennsylvania, been open they that's facility goal will are the be facility. What philosophy in The I or earlier, pretty disciplined hard and we for we all to time or marketing profitability who facility on then road claim near know. to a know. operations ago kind the down that decided in has away. on been profitable do the will so into our than successful tell. attracting mean, know, mean, and of to sticks play and get of Penn's that customers XX an other no whatsoever example, months insight offices, to

to be. likely the what impact overall So is

it's that's to but I some going. I take be really to think going it's where time positive, going think to understand

Matthew Demchyk

I add will just Peter.

really offers, the I sportsbooks facilities. the a look And lot that We investment customers of it'd expanding beverage. offer and in there bar by and if you attract with think a in wall at Cordish product stadium probably properties team our in XX the of and building product sports I have agree seen the in foot our to to tenants into fantastic than they TV better an many think food be atmosphere. instances, you Where be a

And so in across it's quite in bit has as betting done resulted it investment the sports our has portfolio is assets. I think spread of what country a

Peter Carlino

got facilities, are points just are people Cordish to so just The Brandon license because lives, else not about customers. than planet. the big Their and down hugely scaled successful this out time, anybody new beautifully even better exciting facilities gaming physically very have they are they they're on done. And attractive as

companies, think I they sports what evolving. play sports betting, customers, when I mean, was the come plus. betting. tables mostly with for Charlestown is I opened early came do up attracting days know to successful, the a at this in who But male, they would casino I new it's So the think it very to addition early, and

think the I not So in is a see the this a it companies. future. arrangements. been We'll where actually for know, goes, symbiotic It's plus net draw, a it's been net you

Matthew Demchyk

enjoy out and over isn't, make about it manages. bets zone Cordish who things more if bets that's making properties are think us. And the over and sense with in that Spenser, are lot reality shows this is well. that of of out some the that Brandon the be is thinking of too David there and convergence phones sports about likelihood you as we and what folks ones on likely the and might next we earlier Peter the kinds making other some there's makes certainly ties about questions that may sorry, time our [Indiscernible] Spenser. how based the of When a the are that isn't this that something I'd casinos, for also number some theme people play that their exciting but that the years strike point place develops, think those like betting there The creates, places. a into thoughtful fun, data articulated, and environment about of

Spenser Allaway

Okay.

additive, would insight, the level. the really but we especially will Now agree that at appreciate be property

Just from me. last one

escalators, around As just you're have look concerns signing leases? and future the leases, long any the you been given has towards duration there uncapped consideration inflation PPI-linked to new

Peter Carlino

of current on I I prospect I is tenant would you an to mind the I would imagine either. It's do know, I signing this uncapped Would think be this. I'd current have But I for to that if to that. it? to in do anybody rope Absolutely. think tight dangerous as the and get it and have be we're happen. environment to But who adjustment suggest an walking can't going CPI. so just in mean, try would uncapped we mean, out can. your days. anybody a the I wouldn't call large shocked suspect a isn't love these I as environment. nobody we went I

Matthew Demchyk

their Spenser, which certainly what it's it got, escalator, same I Income or [Indiscernible] even But is in favorably number their for last top with fixed, deals, lease MGP, consideration. made. is X%. want you interestingly, lot as incredibly XXX rate, again. to At lease. they these in compares to And lease, to at which the triple-net crept will There's have the I'd say a of that that couple think our same standard Income's to On you've Even market at lease -- a that case, become of with I it's Matthew time, have look a closer points Cordish. lease the initial Realty term Realty the into that new in market. point caps the reset

the we're fully triple-net not of other lot But So there a leases we're inflation doing a the in certainly that the other that is capturing lot direction, than true. the world. in better is fact case the

risk is out I'll point to fact and debt exposure staggered our shareholders The you I our that there, this other think thing want dated and long to maturity when about schedule. the company back point our

on not [Indiscernible] issuance's to thing we've even go we short with So debt focused been capital. cheaper if one very is new

issuance. we So and our debt we've skipped over actually XXX% three-year, five-year, did last on XX-year

when we're our to of dated, credit In to on, about are very ticked the thread get a from bond needle going which into timeline, to we better matching and that's But on just wanting course, income balance able XX-year strong even based which market, but to year. something on actually long and flows fact, were thought we was market a our the out of focus the continue by very point you sheet. the cash the up with end and volatility done of stream, and duration credit hit

Spenser Allaway

you. Thank

Operator

your DeCree line The Please [Operator you Thank from comes of question CBRE. John proceed with the Instructions] next with question.

John Decree

question. Good morning, taking Thanks my for everyone.

then think what one your evaluate Peter one betting I seriously of of bit context and how is talked kind lot possible border of you've opportunities? that and would you a ground, about maybe opportunities. blurs the U.S. international those pretenses little between and gaming the covered but gaming consider peers maybe under gaming that in something And and or you the Canada a more digital sports international would

Peter Carlino

and to look right particularly and Japan, Do places spend We've tricky. looked days looking course Canada, just going. Finding I've I time, that go Would a with book keep a how Vietnam, exchange the a at then write my on I list. we we of Australia, Penn, on been opportunity we makes haven't given could felt right all International could rates bet it's for we found Absolutely. places. be Portugal, time. we these many You do. We where the sense just long long could where I competitive. transaction China, do that? there? in

our not everything. kind at that's I'm the look bible job. at of we taking process. many we of are everything. being look But So are called look, but few kind quote, chosen, That's but [Indiscernible], a

Matthew Demchyk

and we of in the that adjusted takes company's impacts could at the and that for ability math any perfect certainly couple comments with [Indiscernible] us ultimately a sheet. robes to it rates. the same really place and we make sure flow cash guardrails be then And Peter's issues. the John net cash how risk taxes of our would look any costs getting at all long explicit black to want value. property and out our onto key process is translation, balance looking the the asset involved to And of are the also We with countries have collect rent

John Decree

helpful. all gaming, you've but but Thanks, and about with Peter, and in very side non-gaming just reservation it Native all to if done that regulatory had I Matthew, to a half you as those the adjacent there's any it of to into spoken is potential gaming push Maybe their answer way more of to perspective, hotels tricky on anything Obviously gaming given conversations? from think where American one a front movement on that's the any know U.S. probably Matthew, opportunities casinos. there's in the relates Is Native involved, get perhaps there get tricky here, American is the commercial tribes casino. creative too or Have to restrictions there

Peter Carlino

I easing that It will up to say very hard in at is tricky years, we've for of looked I that many a for commercial it maybe becoming and more markets. variety many now reasons but is think the the this opportunity tribes

open of that. yes, we're So But aware that opportunity leave may of at it and now more course, very that. be just

John Decree

Yeah.

massive industry. gaming U.S. the of part Just

we how So how can long to and crossover. curious or if start

so I thoughts, the thanks So for much questions. appreciate my taking everyone,

Matthew Demchyk

By at or wind take I then Penn my many, questions? two or GLPI. this don't maybe many records all-time just here Thank years sets just more Why for the at an the And up. was one call, you. way, with either we'll looking we clock

Operator

line Loop Sure. The with from question of is Daniel Adam the next Markets. Capital

Daniel Adam

thank you. everyone. morning, right, And All good

me. for question one Just

and your competitors circumstances might make a what to than for you've being under arise. should structure joint a of to more So venture yesterday, it a kind deal at going of alone. certain wondering joint they if sense that embracing open I'm considered structure Thanks. alluded one venture

Peter Carlino

you That's and we're a answer what say, the do know spend is examining prepared want I that time we comments? question make to of fair Matt, lot any to don't possibility. a pretty

Matthew Demchyk

our every our I in think tool some aggressive. for to and us comment, that is for a obviously, platform capital our value chest, transaction get to tool pricing validation a in might access be have we to need able be and where

the haven't date, appropriate we when certainly able be done right folks. it's use to we to it a with If position to and have it. in So but dialogue

Daniel Adam

Great. Thank you.

Peter Carlino

Unless. How question? about more one

Operator

like this questions would additional no time. make have closing Mr. to comments. some We at Carlino

Peter Carlino

excited It that Well, like about we have this those this particularly thank year. about the last strong dialed accomplished believe excited what looks another get in We're simply year. are to year. going things we're to who done we morning,

So much. forward talking all thank And next at very to the you we'll quarter. look

Operator

conference. Thank you. conclude Instructions] will This [Operator today's

this you may time for disconnect at your participation. thank lines and your You

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