VICI Properties (VICI) 21 Feb 252024 Q4 Earnings call transcript

Company Profile

Participants

Samantha Gallagher	executive
Edward Pitoniak	executive
John W. Payne	executive
David Kieske	executive
Anthony Paolone	analyst
Caitlin Burrows	analyst
Barry Jonas	analyst
Greg McGinniss	analyst
Richard Hightower	analyst
James Kammert	analyst
Bennett Rose	analyst
David Katz	analyst
John Kilichowski	analyst
John DeCree	analyst
Chris Darling	analyst

Call transcript

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded today, February 21, 2025.

call Samantha the with General turn Properties. VICI now over Gallagher, to Counsel I'll ahead. go Please

Samantha Gallagher

and operator, of you, to and earnings in and fourth access morning. be can Properties the quarter The found release website supplemental XXXX www.viciproperties.com. information year Investors Thank full good VICI company's and section Everyone the information. release the supplemental should have at

today meaning our comments will of federal of statements the be Some within laws. the securities forward-looking

of I refer to are are SEC words expect. more discussion should, for uncertainties which identified results numerous results company's Therefore, usually detailed you a materially actual believe, projects the use should to risks cause filings condition. financial we operating as statements, the impact expect, from in future you could such Forward-looking them. guidance, or by will, other risks interpreting and subject that and outlook, intends, of could differ caution similar the that phrases what on exercise and relying to

the our with SEC. certain information comparable in the available accordance our be will release, a the measures isolation for which on year as not company's prepared and the reconciliation results be measures, discuss performance. our full with these should our operating our filings fourth or most non-GAAP we GAAP. in evaluating can supplemental considered A useful GAAP substitute measures earnings to XXXX website believe of other in directly measure is we quarter financial and in During call, These

SEC. to filings on non-GAAP counterparties the this refer measures please information of additional the certain discussed to public For respective with company's and/or respect call, with tenants

and call questions. Laurie will remarks, John Officer; Ed Executive Senior open Officer; team the Chief we Kieske, and Vice and Financial Officer; of Wasserman, Chief provide we to Pitoniak, today, Chief Ed McCluskey, some have Markets. and then Payne, call Gabe will the Officer; Operating President Capital Hosting Accounting David Chief President opening

With call to over that, the Ed. I'll turn

Edward Pitoniak

Good us. Thanks you, for morning, Thank joining Samantha. everyone.

our Over the growth you'll course David of from hear the and activities, into guidance. Payne financing Kieske our hear on results, next John minutes, earnings XXXX you'll initial from and Q&A session, leading our financial activities few on

with initiating call This made time of initial on relationship. financing investment new London, and the financial last VICI find the about an with the activities, announcement Beverly this diversified should and of a Goldstein, through International, estate Like I work result start when real VICI a of we Jonathan few CEO most the Wednesday a Eldridge investment the words we of of I growth Hills development. to hour, our is a I'll new began relationship One agreed Cain end International morning, a Industries in relationship VICI's strategic that May investment and company. Cain to growing together. By global the and trip spent our ways with development Jonathan a founding

together and urge share recognition values. grew out we the work of to we convictions that Our share

in entertainment, based. of cultural the hospitality, a and of VICI for conviction values ambitions, meeting partnership. the come are meeting of way, to ethical secular experiences another in years We share and particularly We share minds Cain when ambition to a around strength of place-based sport meeting the wellness shared Put experiences. is experiences those invest and differentiated or

Todd partner, and Bowley. Todd affiliated of Cain, XXXX, in year-end Bowley, those billion nearly led you and founded Eldridge founded Industries, his by in familiar $XX It under management. not which an For is XXXX Jonathan as had of and with with investment assets was company by

Angeles Los brands English Delano, Lakers Angeles and and Flexjet. owner [indiscernible] that the Todd in an Todd League. made have St. James Eldridge iconic the Jonathan the and Los in are is Clubs, [indiscernible] owners investments of experiential both Sports Premier of Aman, include Dodgers and Cain and

announced development Hills Jonathan pursue Beverly few that's years Eldridge to that other signing investment to over get These a compelling experiential to and of As intention by, Beverly of our Wednesday, together Eldridge we work and investment to asked went together. VICI believe months, Cain's enabled experiences on around many our might objectives. VICI meet of Hills know announcing came opportunity opportunities place-based be opportunities XXXX could that well as in expressing our to investment discussions letter and each Cain, respective One intent, to our that why as identify to the the come. our shared better, conviction work our work last all and first One to And also Cain, as joint collaboratively yield

and As over among X Boulevard, with most of The Aman you development venerated rising the Hotel, among currently the you best-located Wilter Club. and brands. our a and hospitality One review luxury the history. is and deck development in by in Club to world's hospitality, Hills, towers. the acres spa posted is Beverly Hills residential the Hill American [indiscernible] branded Aman would out hospitality, investment wellness an compelling the stands wellness This seen, XX.X we living largest Aman to on if L.A. Beverly of be and bordered developments One most retail Beverly Santa and Monica website, residential Boulevard realization recent will centered Country Aman date to rank of Aman have triangle the brand luxury

will include Milken and Globes of space botanical and a with high-end host acres gardens well the as dining offerings. The longtime renovation XX the as Hilton open the Golden retail full development of conference also legendary of Beverly and site

differentiated Cain the the Eldridge we represents experience for and a our will be coming balances abundant hope becoming management. about We partnership the This know of place what multinational opportunities venture be for in we're among key for non-gaming. we've and placemakers Cain experienced seen announcement that excited most place stands Cain ambitious with within to new capability of a fuel to is and creators. we multigenerational, ambition prospect Capital come makers ventures our in development and partner yet strong the a and differentiated first the in decades, ambitious will believe have create demand new of with and in both gaming investment long-term what new year growth. their in Cain risk Eldridge

For call that, the now more John? on turn to I'll over John.

John W. Payne

we everyone. Eldridge. by and Ed, Cain good the enthusiasm morning and reiterating start Thanks, relationship with strategic to new around formed I'll

the strength time with of As XXXX approximately Great X.X%. Home able yield Wolf commit of an with to relationships deep the and at a of time relationships strategy. Kansas we we've in at the City existing said from and the Venetian, relationship billion of core capital and investment VICI's are Through initial development new team again, $X.X of were field,

November, platform. quality of earnings early single The scale and conference our Strip every attended our properties Conference physically call a to VICI Vegas our the of great the to The the scale of in convey assets Las showcase at these opportunity our provided Since operations portfolio happening Vegas. in NAREIT value last day. team existing also the incredible accrues Las and

as growth to Venetian fund in it proactively million committed which reimagined the property through of optimization, more rooms, including example, the several on $XXX partner the entertainment is which feet, to and our as XXXX growth well the business convention, the verticals, For square XX sits up floor across continued Venetian. food operating being million capitalize and business beverage, strategy, to drive sprawls over hotel gaming behind sphere, we

market real and events note, of don't In quote in that enough " VICI's as the the that "with well-located to I the was hard quality all same credit to cap rate recap RJ we stated VICI observed just around a RJ. ignore which Milligan's estate, well dollar he for. is Vegas, the think able it NAREIT Venetian Las purchase comprehend the giving It's so general, to them hard at was

hit Vegas year to increased [ the also According visitation for continues the through to approximately and $XX to the passengers to LVCVA, XXXX Las airline million record Airport million. at X% Harry saw ] tourism Reid city $XX year-over-year records.

proactively in and experiences partners in investing on at reinventing the our operating demand. to assets Our recognize capitalize value

example, and December hotel completed their Orleans outdoor many Super hosted will For May Grand Tree Club weeks Beach announced of recently be X,XXX entertainment all XXXX, XXXX. Palm to in which in a $XXX MGM their million property of of goers and of remodel ago. couple launched music of open following a opened comprehensive the New a just Caesars venue, Bowl renovation rooms and million $XXX

properties. high-quality all-incumpency Tahoe of announced announced around also last in million fourth $XXX the our project billion of a experiences operators our high-quality November the is real conviction have quarter, And estate. just value in transformational of That investments our nearly since Harvey's at $X year, reflective shared Lake of

as the that ability provide of and existing future investment well scale springboard our in will growth. relationships believes partners deep to and our cultivate maintain VICI as for with opportunity quality our properties

I and turn Now financial David, the guidance. our results discuss over will who call will to

David Kieske

I'm going John. our with to sheet. Thanks, balance start

our of becoming As we matured the since second for instruments loan our want the IPO going in tenor, a has highlight in knew VICI We I sheet total billion . should born in that a to XXXX, well debt, XXXX XX.Xx debt, and years with short we were had very REIT, XXXX, our how when blue-chip not all $X.X we lien sheet on consistent debt-to-EBITDA. to of begin we could X REIT, pre-emergence were secured balance XXXX, after way balance reflect that summer far come with become. leverage unnatural roughly back a CMBS do XXXX,

Eldorado got with we February connection April the fixing million our in Caesars received $XXX able acquisition and on IPO the we remaining our retire the balance investment-grade debt retired MGP, merger, Fitch and were chip to credit XXXX, away of We October with our we to S&P and remaining of notes debt. lien CMBS of XXXX. After second we rating to in sheet. XXXX with emerged And work an in from in of secured retired all our started the

to upgrade worked Moody's was [indiscernible], balance an the ratings off November should them that with years our tenants' resiliency to offering. XX, down next balance business the complex total improved leadership debt across of weak our Through agencies. an educate access the and with upgrade the our This straggler we of new of debt and billion, in over That creates put X December this The the all time, Moody's landscape coming with on in cost accrue saw Moody's. We $XX.X There time. across gaming, we unsecured the received capital over giving quality at and work debt the of refinancing institutional liquid of liquidity we X heads merits benefit on we of notes, our to sheet rating had debt which more credit our $XX.X sheet. investors unsecured of one have complexes of and the unsecured one investment-grade to credit and XXXX, believe several paid our we billion. our our where is us with

institution recent credit facility, quality revolving a highlighted billion had The balance of and which was bank end that $X.X group to we thank from want have of the also unsecured to quarter new during recast with that our committed facility. and sponsorship sheet subsequent our business. facility our strong We our closed balance sheet every they all in our and to each conviction and

and under $X.X comprised forwards availability million $X.X of proceeds available approximately $XXX approximately billion have We cash, $XXX our million credit liquidity billion facility. of revolving under in our estimated of total outstanding in

of to forward was target debt fourth net our approximately X range within the impact of adjusted unsettled quarter Our EBITDA, to excluding X.Xx equity annualized X.Xx. leverage

we done portfolio average team and X.XX% rate average our that work weighted the of completed, focus Again, with continual you a a our on X.X Aaron maturity. a interest thank hedge not has know taking the but that into entire have to been years We weighted and sheet. to improving for account balance are

quarter per to on statement, XX, the income an ended increase compared XXXX. for $X.XX AFFO Touching X.X% the was $X.XX quarter, share December the of for the

compared X.X% year full was share full of an the AFFO the For $X.XX $X.XX, year for to XXXX. per XXXX, increase

net increase the EBITDA given Our the our triple proportion a efficient adjusted corresponding results increase as revenue. model, of in highly highlight in

XX% range noncash Our margins continue items. high eliminating to in run the when strong

which for Our only across lowest as in revenues ratios $XX.X total one X.X%, G&A REITs. net the be and was the triple to sector, only million was not quarter of percentage of a but all continues the

to Turning guidance.

diluted We are as XXXX, billion in between per $X.XXX per share a share. AFFO we as and ending XXXX $X.XX absolute initiating per of as AFFO Based AFFO deliver point for to guidance $X.XXX billion, growth both our solid basis. very begin common $X.XX a to share between guidance, VICI well for is of on expected on XXXX the starting X.X%, or and the year-over-year December midpoint expects be dollars XXXX. year XX,

reminder, our or that include final any of from that loans other have draw guidance that the closed not questions. interest As operating a possible not capital line for impact results operator, the nonrecurring do or items. structures, not With any activity future does acquisitions please have or markets yet from income open transactions dispositions, transactions

Operator

[Operator Instructions] today JPMorgan. Our Anthony from question first from comes for Paolone

Anthony Paolone

not and see deal from looked it my about a of looks finish of the kind if like But guess you're seeing currently the it making is, stuff our in as just I 'XX maybe much past terms things that closed. in just lot first and talk just outright purchases. what we you of the contrast to it's in or question wondering what years, like not you seeing you'd side, property obviously line in whether like could you're flow prior

And so any would color great? there be

Edward Pitoniak

compelling be ongoing which or Yes. in did further in start, John. marquee we it, done And we've high-quality of a of with experiential widely of the appear with existing developments Canyon is Ranch beginning when to also a to We not home while work our whether there. very work our what Eldridge XXXX the place very those real XXXX, very, resembling turn see for acquisition identifying then year to we're comparing good high-quality was were year, a whether Cabot. see plentiful and in Tony, of helping we the opportunities. field compelling saw especially to I'll to estate least work fund. ongoing of and very to high properties work one for Venetian. and getting flow to is did it on lot over opportunity us Great our a the anything with now capital incredibly And Cain compelling, I'll at that great at yields and about highly assets high-quality our invest and didn't providing the don't with makers yields And new Wolf, developments quality sale

more saw see in I'll beyond And who what over we you but XXXX, to importantly, we can what turn that, on in it believe John, John? we give further will maybe color XXXX.

John W. Payne

If to company, to before. it other that through were a bit one to casino the little Remember lease you when simply question we continue remarks, announcement diversify Tony, A talk some David this of of your of announcement the portfolio. the started morning. add, how with parts good born you walked was, does and as in Today, see Ed's REIT. years compare you triple-net to his opening day, our our can history we really to

I've look in as long busier So than been that of the capital that or time. business we work, And thoughtful of would beginning at. of the type to the do say get to And funnel continues the things XXXX to busy wider very potential. very I we want of growth our be type partners of put to continue we where we with, a

long that's busy. in saying The a and is wide. way things So space. of gaming quite a casino We're variety funnel the of looking the we're experiential at

Anthony Paolone

some would yields for looking be Any where you're versus other be of Okay. it the might versus think various comments categories? whether on some the buckets the that you be high-quality right follow-up. where And of cash asset strip a then would on just now regional at,

Edward Pitoniak

represented trades volatility strip. we've any that lot change of think year well, haven't X the XX that, volatility. seen what the and has we meaningful do And meaningful -- we the Obviously, the over year the I Tony, really on that this know from recently into with in strip. seen visibility Not a on years last a not

strip, there's John. whether really permanent little think to think assets -- on been get I more activity, it's on I hard a the certainty trading it's pricing bit regional,

somewhat So more clarity there's probably there.

a quality for is key again, consideration. So us

John W. Payne

that the a a And world such again good remember after there. XXXX. strip, in on XXXX not great record there's market the I'm Tony, of out had sure following pretty is success

time on across of looking likely continues the assets sell strong at operators be to in business segments the many this So those because not is to the Las strip different Vegas.

Operator

of question Sachs. comes Burrows Our from Caitlin Goldman next

Caitlin Burrows

Maybe sense time. following at just up when the funding, I on talked. mentioned what you 'XX, development the like that's know look that through you seems of it the opportunities

that for of you of funding of the how nature recurring guess do back means portfolio acquisitions? that that I eventually So future income? what versus and gets And the think development like paid

Edward Pitoniak

very we has a talk Wolf. lot good at a starting one We at much it's and with with and -- Caitlin, a VICI. case it's Cain particular the Eldridge, question, Great No, point, the this in been about Management case and table think as

We money depth but case, and pipeline, in the need could we say here, we obviously or case the of this to And particular have are believe I not coming I be overly Hills, One should to out the we in with Cain time concerned about the Cain. money with of I participating particular the that Cain work want extend at we door, back because already Hills. potentially do with $XXX One Beverly longer with way million know working but and to are -- larger got to in continue work we a the [indiscernible] has continue Beverly and careful

the opportunity opportunities enable our various an beyond continue see in partner continue been Cain have funding Wolf, now long, particular globally, new Cain to a your partner question, that get they ventures. in roll team heart could to for to their across verticals of coming steady growth a example, When Europe David to we talk, see and to Great really pipeline into with about a We of opportunity decade. us to example, especially the much capital be But David? that how way across to the the [indiscernible] for the for that in

David Kieske

years. X Yes,

Edward Pitoniak

obviously mindful some us money into could at roll we to we to manifestations point the enable that to are focus that continue us at come We do of think to given new us some Caitlin, partnership. will or fact on come back basically that could capital back a this relationships of but really point,

Caitlin Burrows

it. Got

of you share lot guys that but makes maybe Okay. question, on Yes, And like sense. a equity. then count, have nerdy the forward

So what what settle would under assumptions conditions you you're assumed period can shares time go to own choose you required in your what them . price guidance? to for those over or through settle and share

David Kieske

in as annual done we in amended entire an time, equity we've the around acquisitions, into with and dilution X-year a obviously potential count, our Caitlin, and contracts, are are a that treasury dilution beyond we initial estimates level of those for [indiscernible] years very not been prices. those to not making and forward in basis. share funds have contracts use into of period is around range, And that guidance. take and on method they use then future many now, And are our consideration those our our incorporating stock outstanding go match on do but quarter-by-quarter the guidance extended because the some outstanding counterparties. projections stock banks guidance reasonable we We've to forward typically which but commonplace

nets done it have REIT is been for we've common I of other land it triple the and and years. across this a know So doing lot very

Edward Pitoniak

done. the have And just guidance in been There's the by we is it Caitlin way methodology. XXXX for to the emphasizing add I'll David change did always what that we way no maybe said,

Operator

Jonas comes question Barry next Our Truist Securities. from of

Barry Jonas

the at you the the right and you Any have exercising Forum on option? thoughts you'll cap takes puts can properties. the to the September, call Indiana Center that had Caesars on same offer rate to In Convention

John W. Payne

definitely Barry, we that anchors facility Vegas. John It's a that Payne, in well good -- to It acreage have the built talk an there. they aware Las you're to you. asset empty of great

own obviously how Ceasars. lease real the up [indiscernible] to that continue estate and the to in it back we see time connects also that we'll facility assets our of to performing and So in it's building when one comes the

on it's it the have, we -- years that So we've could looking and It's definitely as continue our we'll period definitely to been this of opportunity in study something over that it the at aware and time approaches. radar. well

Barry Jonas

as you courses, before, is about Understood. this just Understood. operated but would follow-up, sure scenario then golf in you've talked assets And where casinos a or there not obviously TRS? a I'm other but consider operating the you've

Edward Pitoniak

starting X REIT help would would There with repeat went a and point, any or X of inclusion a as is out legislation to TRS a Samantha me rooms. and in have Well, here, be hotel hotel into that perfidthe casino of with casino that casino a any an intricacy ATRS. nuance rooms David casino

we that don't we see We rule possibility Beyond to [indiscernible] to that, out always not seek would a plans. happen. I would with but that guess have be happening. would say that our it's certainty, I not in silly XXX%

Operator

question . Our McGinniss Greg of comes from Scotiabank. next

Greg McGinniss

you Give and providers how as describe to relative positioning capital other options the partnership completion would of nonbinding competitive with permanent upon consider Eldridge, they more development? intent especially new financing letter that your of the on Cain

Edward Pitoniak

But we ever we a a do the not I owner Yes. Yes. work Greg. with anything Hills, that, across out estate would Beverly priority, become that so been in again, the [indiscernible]. the to based on a say very we've One We [indiscernible] rule expect of having Hills. case Todd of in question shouldn't Goldstein assets One see Jonathan It's opportunities to ask, real Beverly said the to good discussions already permanent portfolio. at with and

that slide For investments And and that will emphasize of that looking example, can these Chelsea deck the knowledge one recreation through we And the our and sports Cain into portfolio, of see in capitalize Peers an they wonderful in I us James Club example Hayes you James St. the of together. the have further again, really in investment St. gained to complexes. in at represent Clubs. kind put Eldridge on

to will of I chance a of ability Cain, us choice them capital. always confidence other are compelling other capitalize we among that union a is they making. to investments between always to the of a or have emphasize seek as that sources there a And experiential Eldridge seek VICI will But cultural have gives and partner the absolutely, they lot really they that to will be forms,

say say Greg, I but Todd of regard, that you an It I'll to will that do mean Todd's just [indiscernible] to Greg, "Hey, to mean, case I a let's why regard. like kind to can " was Samantha proposed, have the sign LOI. was I commitment of it that, explain in who nonbinding, make partnership. it a

Barry Jonas

hear. Okay. for the potentially I funding you've about already the Good this year. looking MGM to of more Venetian have. as assets thinking One, in to investing then capital lower of committed. for guess CapEx slightly that guided you growth And kind curious

So investment Vegas Grand. that for obligated What's contractual allocating What to sense the few are compared CapEx? for it MGM does with kind they're trending compare to might that of appear years? Las your also, how mean last does general to in then and your funding some opportunities the casinos how for regionally? budgets them CapEx And

David Kieske

I'll Yes. Very Las question. good start Vegas. in

about assets advantages the square companies over have that market big putting such as opportunity to market. portfolio, remarks, opening to in absolutely is grow. to about And of portfolio with my use operator I into and bring bigger team then that the us [indiscernible], assets million them that In how are XX in amount -- year, brainstorm our incredible. up Why that our million the whole to $XXX Venetian. with provides the Apollo said of X we I some up we talked and obviously, our feet the than continue I announced the that's in over having been past we've for presence to it's the a it of one money and One capital of

We Las build has the conversations with boxes our same to hotels on boats opportunities all have do operators. or river to Vegas bigger to partners other the regional casinos about partners our and regionals. opportunities have than conversations the bring we on with those that happen other be But land. Obviously,

continue we have So those to discussions.

to about there into putting continues think capital I new Vegas. an excitement be Las

In this I about saw couple the organization, morning fact, an past years. article the was Vegas in over Las over $X putting there the of billion Caesars

you get could investors what and even to But should that reinvest 'XX themselves 'XX I they that and that saw So continue our to similar 'XX presented in create be to that about we think is opportunities excited new need experiences. in operators market. and the very capital

Operator

next Rich Hightower of comes question Our from Barclays.

Richard Hightower

with And congrats the Cain on new and Eldridge. again partnership

what as contemplated? included, Just understanding et time. of cadence year Can dollars, last cetera? precisely Let currently the comments the think through number you you in timing, you guidance have as so I quickly, mind. walk us don't the we if David, to loan me presented go in the back kind is really AFFO throughout a prepared clear mentioned are of certain fundings funding not included

David Kieske

completes $XX [indiscernible] today, that working And so Yes, Northeast million guidance next do or Wolf early through sometime in $XX include million, we in Great Great Wolf not is the May we year or as fund that does have Ranch schedule. an any specific or draw 'XX, Canyon to And as Citrus of funding identified month 'XX. here Northeast, [indiscernible] in later [indiscernible] continuing Canon Austin. we're a the funding funding in not development Farms this year. is comments of or sit or

and obviously, not as the the there's we on the draws because draws the and timing construction have based developments then -- the number specific a of all loans it's per of amount completed, it's So outstanding. are month a [indiscernible] construction

Richard Hightower

funding had timing -- as that that what's well? clear, be And from is just I helpful. separate the Is kind correct Venetian actually it? That's that Okay. PPG of that. one to on If

David Kieske

rent commitment and $XXX in is lease. converted announced million. We embedded to $XXX and a million XXXX, They of in drew that total all the

not option, putting of talked to plans. on the have over as to budgets new $XXX right of and goes million obligation they -- but a draw lot now they draw when million. And incremental a the an the Now may if in commitment they're new that that the incremental John Venetian seen And about lot there restaurants, new of $XXX would experiences through working and a you lot so the of have time.

Edward Pitoniak

say to needless that using Rich, guidance. that. they that have is And in committed given of any not of None fervently to

Richard Hightower

think then Okay. prior And have all one. last That's kind guys very And addressed we on you but just of it I calls, small this helpful. clear. have so X

obviously, see there But the the change swing? that We do a pretty drivers time. swings in any losses. pretty allowance income understand big actual number, of credit aren't hope the in losses just, help I credit quarter-to-quarter some the You swing in statement, guess, for David, us noncash most

David Kieske

It's David can Kieske here. take Yes. that. I

of So in really and allowance we that quarter, kind some model model is going for using provider requirement economic quarter, out future [indiscernible] economically project the was use losses. to banks driven their the fourth service forecasting They are headwinds a and through projections. most condition Moody's, that of the tariffs us scenario of and In a which our and the fourth really scenario, potential similar by and were forward projections. the is is the interest higher help driven rate, longer which

fourth the really quarter driver in was in [indiscernible]. allowance of the the So the that increase

Unknown Executive

is it was of than it [indiscernible] another general to more specific any [indiscernible]? saying way

David Kieske

to opposed Yes, [indiscernible]. as macro similar more

Edward Pitoniak

You get . for in large risk a CECL. about asking

Richard Hightower

while. addressed a had we -- but think little I prior calls, I just it's know been I CECL on

So again, color. the I appreciate

Operator

of from Evercore. comes question next Our Jim Kammert

James Kammert

right new How or $X.X maturing, say, now, I markets cost be? QX. in the is that's capital activities, what of should that leaning excludes where or billion repay a part David, I reasonable rolling given obviously, notes a of but know guidance the would and VICI

David Kieske

main but your on got think refis, June we on I think a around. don't little break in a know answered XX-year any I but XX is we're assumptions [indiscernible] the earlier XXX, we've of kind ] obviously Yes, bounces guidance maturity maturity, those a and was morning, [ this to over which bit. spread year, I on question a seeing XXX

X.XX% X.X% So to at if look refinancing. for area you mid XX-year a

James Kammert

as to relationship how attracting capital inside the innings ownership and Chelsea and of Todd owners kind for obviously, then And [indiscernible] you Great. about think a little early help his but relationship VICI? opportunity those consortiums view otherwise, has additional and the with with give or new of

Edward Pitoniak

true maximizing at League They're case focused they as that on specific sure the of many the making have revenue day maximize of to in very the are can optimal Chelsea, everything you Premier the one doing a so certainly, great day Well, game is the sure involves they and teams. degree now game around increasingly, obviously, making to stadium stadium. revenue surroundings and right

that. We've become for with what say, London, vision I chats terms their preliminary much of in very more [indiscernible] Todd placement had, its not but [indiscernible] than in around would

Operator

from comes Citi. of question next Rose . Smedes Our

Bennett Rose

just York license, -- of process forward ask remain full-on selected just in maybe sort wanted not New kind kind of update provide I property if other change seems to MGM if as could for casinos? you on as does part that a were a Or be of it place? there you take lurching that, And for slots-only facility? just your would essentially is some of I any to that the licensing

John W. Payne

think progress York being an process. the It like end We're probably win I still of seem York potentially steps on the John. altogether. about every groups is asking New for license. different the you . It But like guess shooting X there's there's of they're it the you at all to a almost it's year. as the this mine. decision takes should X read your article think Steve, what day. good news here does about made licenses. bidding in does I seem I sitting of on one yesterday Look, the is New that be

last MGM answer don't plays the they with excited City. Empire that about for bid I to know more the the your progress quarter of the that, stage We're ultimately we'll X it's asked make does Same group with full to question. in I process to facility. together license. plays it out of part not gaming the out in healthy there's has decisions, put more, they you property that determine final X, hard question, X but than the as seem Should but a while, has 'XX very exact But the how commission, think a when ultimately whole this how about your like there continue slot licenses, at the been with receive is. their learn

Bennett Rose

just wanted hotels. difference and available, housing terms of Los and I One confidence just terms but channels the in loan lot maybe ask whatnot. in thinking And incremental what, readily more luxury condominiums could lot of question, retail, I any Angeles factor I they're a then of And And just you, lot has to kind I of Beverly demand mean, don't about Hills make guess, demand that's dumb this for wondering to has and dollar that Okay. of maybe of know guess, there? of more I But there's how from sort I'm a a your luxury has the me them. has their a and perspective, luxury multimillion given

Edward Pitoniak

Yes.

I Aman. he's she here to [indiscernible], and going a that -- in actually experience moment need to to think speak because I'm has

not I a question, we Smedes, help would can check obviously, no portfolios. because brand is location [indiscernible] that in think to But to There Samantha? world are really the lead we gets -- if all just to you rates hotel Aman's the location Right by own. its the around I REIT a understand have do of on answer everyone power Aman is your Aman a price do within of public company.

Samantha Gallagher

Beverly it Yes, cities been I ultra a is above to what don't have think beyond which that's up and I do in in It see talking think bring they I and just to what the you're monthly. here. the they've to Hills, they'll able And world, high-end you add world. else anywhere truly really throughout almost think point,

Edward Pitoniak

were hotel of Beverly for to seen XX.X in get to differentiated -- credit of very, so of course to incremental the of on for understand position you over the will it's much in help that and to was in your do Drive. There have operates. LVMH some entitlement but acres and Rodeo They Aman Cain Hills can it we supply again, which very point, all it the we entitlements permitting operates, And able supply and in there, would the unable Smedes, everyone I get for to market world may [indiscernible] team. is that Yes. comparable that permitting the in every XXXX

Operator

comes David Jefferies. Katz Our of question from next

David Katz

ask bigger little picture question. a to wanted I

all think the have in First, aspects right? underwriting some of your you context, frequently TAM. in And congratulations investors the obviously, have But TAM a an duration about the deal is out question ways, thinking earlier or like to we of and -- and your right? with those and the portfolio They're to about But expansions about current it the on spectrum, to speak, this embedded now of partnership. potential sort adds capital how of in to to strategically, we think we around new comments discussion new the your so your that I'd any how various we announcement that your add putting in and those versus it's thoughts underwriting math? straight a across later, named how your about just casino be -- underwrite love around partner whether

Edward Pitoniak

trying the one the I'm the Yes. and -- going not spot, It's total to amount I also TAR, think good, about we I'm not is a to up that the it relationship, say think we when like is answer it. the really total do on great David. the in question, that's acronym David. very it, -- going to of which TAM, of an And ways was I'll about with come the

at funding The estate, our the multibillion-dollar that opportunities to Eldridge, and -- over there began we continue developed the that as behind we get conviction quickly to roll a as opportunity I time. the what to thus we to relationship initiatives. this very in when I'll relationship -- high So has can opportunities do getting to better We also know be potential next their is answer opportunity [indiscernible], do own continue -- I'm capital to indicated, Caitlin promise. believe Cain very time and I within us be to permanent for real opportunities but ultimately my to numerous have to

very, we taking investment. these -- right quality, kinds place stockholders in are relationship And what making diluting some focused our the to we now. our relationships give think place of our quality our on quality is so very of without our compelling And participation by and again, most [indiscernible] developing of widening of TAM

Operator

comes question of next Fargo. from Our John Kilichowski Wells

John Kilichowski

own have that if of looking the comment, owning the eventually real to Cain it's Eldridge, this the hotel, circle you what specifically last and with Obviously, Ed, types in and food and residences, beverage. the could of Maybe I real maybe estate estate the you'd you could we deals back that here. just on the specify said project, some multiuse, be retail,

you what not would curious owning considering Just owning? be versus

Edward Pitoniak

that good criteria, involve of trade [indiscernible] nature when real it lease. trades, And This will we indicated and as estate own Yes. net very, values. Eldridge slide and that which -- optimistic Cain earlier that within in it clear, real One already does is if any I continue to again, that the will exactly estate. doesn't obviously really businesses my we think not I to resembles of And is I just real example type see, of that, that at is are we the own excited involved real estate be Hills. across mainly estate and own and -- and the very businesses also you real as remarks, citing that within would Eldridge as beyond already much and in. Peers very to . look you cite investment eventually the Cain in we invest current estate would Beverly portfolio, fit transaction -- are estate Chelsea real deck, a our But

Unknown Executive

to grow. with are that involved we are doing the world to companies there this other talk seeing way to well. I that to folks capital like and that opens X, And you a as experiential made and announcement, about Y mean help getting you partnerships with like we are Eldridge have just out our other I We'd that partners reaching we've Z. potential one thing are around are Creating also very are interesting what Cain project. that that with saying, have and

we us love us underestimate which just you're the that continue new but opportunities doesn't that rate, that gaming, and about to casino opened that ones opens it hey, we around us partners also other don't So build world-class for as really and has keep gaming for it world. developers as, conversations you're funnel the these for

Edward Pitoniak

are partnership to and This just is time in not been partnered on releases. participating, development. you very a very together have I working there's in a for in that what want actually know, structure saying, announced maybe we've dimension our what visible marks the though And on which And just as we another fourth we build compelling a too, Yes. small of in John it team. with all JPMorgan will have capital

sitting have people. that's company this at and We over of X XX% table the

able at opportunities his what and we we're so partnership the And his that appreciated very and really and at have And Baker opportunities our multiply otherwise Brian to team to together team to force us. have always are VICI. really, focused that achieve identifying to David work on we are not with work might put available been when it JPMorgan comes capital in to opportunities to formed

John Kilichowski

our first was comments And that. heard the curious has discussions maybe made of back pipeline jumping curious on that today on up. competition then appreciate the quarter, other it. Got we've you're I'm from side. if the private landscape of change? one And just side I the like this competitive the across I seeing to picking earnings I'm the has of feel spiked same? you How really certainly equation. most

Unknown Executive

estate. the been started interest. a the experiential casino is the space, we other great where since in The sector. It's operators, of the perform There's like particularly great real there's a lot space, there's This buildings company. no same

at look any fashion. the ties we ourselves pride open relationships on looking and company in that's that as we -- in at there's this. with others we So building the deep that eyes And we grow in are why our go opportunity, that

always say we say see it's We to wouldn't I'd be an as well. to continue I in there. competition. So there want out been increase

Operator

Our next of John question comes from DeCree CBRE.

John DeCree

the it else it X thoughts to maybe One environment, involves I of say, real kind the seems John in kind space, I I whether It estate M&A casino David, any M&A curious to of we like have but think but would on still the is what guess, ground, quiet. bit if pointing more. you lack it's Ed of or as volatility influencing lot XX-year, in of a talked or or earlier You a little the discussed not?

So curious are any if see other in of factors maybe causing that there kind that? you

John W. Payne

I talk nice John, to. don't to -- it's

and customers this there's of saw incredible. Again, performing few. results out Las that in you my of I you question, while buildings can And I a answering door this about that an would where -- own I on results coming performing, out was the going it. better are we I make -- were well, land absolutely remarks Vegas just new hit Las results own. to in a like the invest and There operate through We Vegas. I'm continue operator to I every you're coming you're my talked to earlier, place. way to if else the you're day, Las incredible on you asset, You one Vegas, mean, just in have saw a mean, say, and I wins rather

those don't an the right see it lot [indiscernible] a us. if in When There for time. operating trades I trading of be think I to if comes businesses it's this over could John, matter like So of see opportunity they Las a just at now. Vegas we'll are regionals, some there's time. And there

Edward Pitoniak

in we're to asset. regional by investing you're add precision, gaming, new growth be it by a much John, obviously when done supply landscape. you I'll what invest asset and gaming, has And at gaming sales with new And We're seeing regional in and existing to where just of to market, of conscious assets. comes competition for same-store I supply to be I that, market across the highly if want regional that in going capital incremental think would mean U.S. to think but regional period

going and nature it's in you the want not available. Again, It's we of, term, again, also are very of for by this So do long be a to solely well, selective. we own. much to are case what really what's thus, a case

John DeCree

on of in would example. international Obviously, more California Hotels overseas you some bit lot ultra-high-end Maybe done of one kind expanding Aman your think of of investment go That's those kind how there's Canada, like lending internationally. discussion more a in hotels. the A on about thoughts helpful. you've Curious as a capacity an but or good in recently. you

estate else where opportunities? lending opportunities but maybe would some in like something ownership, it explored How kind markets table? and you those real structure international that So kind or have not of you the of market international far [indiscernible] on

Samantha Gallagher

Samantha. is Yes, this

our most [ Scotland actually have we work world of can some really a U.K. ]. the well has compelling would And from internal invest with jurisdictions Cabot a understanding perspective, we for around and acquisition be and looking will now So leakage the an definitely us. mapping lot any we and lending team done really what and both -- as in lending we've as done at do tax where activity right perspective

about that knowledgeable So we our that. when look at we're TAM, really

answer the So yes, is question that to we can and absolutely would.

Operator

comes Green Our Street. from next of question Chris Darling

Chris Darling

think gaming on of a horse A been historic a segment market. lot seems about of interesting Question more the that's you the would racing Hampshire. flowing risks side. have segment there's to the market sort Is the I couple projects, capital this of the been like opportunities And It New and think, in how you? announced into of involved?

Unknown Executive

of investment. some these investment asking, you. particularly gambling of track make would are a adding race form Nice Yes, to into you're to if new we that to speak an most investments

adding certain III So earlier fledge ability the just casino. turn a to as machines full being racing added into that we today Other heard historical simple talking Class about slot whether markets, City, it's [indiscernible] Empire markets are and some, in machines are a

would to So areas placing have way. answer if in it the investments we we right your are along the there that all question, interest if structure partners, underwrite have

that you there interested continue markets that -- markets we new be to we'd well. study the mentioned could time, Ed markets and could and in mentioned, as over as up open that some So other be those

Chris Darling

the then And one standpoint helpful more rationale operations And to Canadian enough. Fair just pure transitions. bit Curious could the right. gaming own their if quickly little through All you a you where IGP. for scale, IGP me. a walk more to sell well they understand as be it then from think future about is kind would to could Anything of who add? that I

John W. Payne

excited of very are Yes. a We their things to partner this to few more the grow their of could of also form owners and relationship to We're their was ability together we management excited all one that to the but interest That that had have in our continue about, not that with but opportunities [indiscernible] then form we're excited. the the only Canada, with our acquiring about We be world. Pure, not group. there Canada, the were new have business. come great over in to only learning operations we capacity the relationship but assets trials team own

about this the our the each So I first work we other, grow opportunities them about. the come with us should more learn time over you'll to more was together, opportunity think see right

Edward Pitoniak

having buyers has want to your clearly, are didn't I question it we assets, understood owner Toronto-based prior and being value. excited about for questioning a partner this PE our a is marketable, but I of On-X, OpCos are signifies sold firm Opcos, sure that make not gaming Opcos are some to example the think OpCo on and we to there just which that sell Chris, also clear clarify that The And of new IGP Alberta around, the IGP, there anything. [indiscernible] Pure, I only been

Chris Darling

yes, but point understood, Ed, And clarification. Got appreciate that it. the I was

Operator

turn Ed this Pitoniak the At you. call Thank further remarks. time, to will back I for any

Edward Pitoniak

you thanks call to you. know of you've up and many We momentarily. -- another Alex, have of Thanks, all here just coming got

best, Bye for this we So you thanks for again wish the now. and attending morning.

Operator

Thank joining. you for all

now disconnect your lines. may You

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