VICI Properties (VICI) 1 Nov 242024 Q3 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties Third Quarter 2024 Earnings Conference Call. [Operator Instructions]

Please note that this conference call is being recorded today, November 1, 2024. the Properties. to turn Counsel Gallagher, now VICI with will call Samantha over General I

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

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

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

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

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

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

many It's can that show everyone. hand in, wish for currently good an so living extreme the on funds the XX predicted I yield world weeks, in rate and was the isn't X U.S. Samantha, I the would lower how Fed morning, a rise it? mid-September, XX-year ask call of you, and XX next Thank this video bps. would Fed you over we're bps of that a

or paper, the this a the out if we're represent line at end tire about work and the spending use the latitude sense of never you the put make conditions. right know and line, through the lousy, so for on of all you we that that may made. of pen ready If At consumer thing money just prediction, a presence. To me at horizontal make that times the pencil, thing arise to that sense tell you the through, a the hedge old-fashioned let called times I be and grab trying called please of the the need that means old-fashioned to need latitude end economic help of fund VICI, the At future we're living of great. you you to bet we left situationally living can piece of put or we of line, axis will paper. Draw one

longitude At of axis at end bottom and of the horizontal represent will line, vertical the through a Now longitude end draw line, line, put capital the this middle great, top of put the conditions. lousy. or REIT line, the market the

capital conditions where determine at use conditions in the VICI You given now relation market where are have we key headed. might economic and to maps to we any time be longitudinally, and one located, latitudinally at we of REIT and consumer

growth dividend have we years existence, successfully grid, quadrant we through during on and in Over journey every this these quadrants. growth have operated X of generated our and VICI's all earnings

Given currently but be lat-long of all working good where situationally ready in towards. these XXXX's position for year-to-date. quadrants VICI, at position on in we a operated whatever We as we have always remain like are almost opportunities or verged are, on, we we volatility, or to we in headed fund the may

internal what to access allocation We've to that that in internal time. find over we hard and cost cycles which practice of to through markets develop come our and investments through capital in and philosophy, strategy use growth. We resources worked funding a allocation can quadrant, capable any allocate meaning sustainable matter capital to quadrant sustained enables all we to key given of the capital VICI of generate we've to X achieved capital call fund ourselves that no means: When capability capital accretive have available is us be want to time. independent, external negative we that capital a at we

not loans is $XXX internal through repayments markets we meaning million million. At anywhere $X billion overall on nearly of independence and again, can us power both million available to capital from retained call allocation When Depending cash in can we annual given levered funded solutions. even $XXX $XXX for when, give credit with VICI to market through conditions the year, VICI, made be positive. flow, capital resources experiential debt, of this repayments are investing cash a regained cash loan received flow what our

investment a of new XXXX $XXX the quarter we which fund developing capability and QX growth, matter lending growth rates property example far escalation sustained an in in is funds our external conventional regular documented put We off we're XXX% and by quadrant to as REITs being Green growth net leases, what opportunities thanks builds to on that, transactions, door announced work out VICI's of rent superior initiatives. to through by partner with in us cadence put nonetheless, to the same-store occupancy no ability a funding Street. of incremental capital nearly that capital our our lease sustained but to foundation no enable capitalize NOI million

are allocation the of religious total of capital that power are religious return. Sustainable to At we VICI, compounding the of subject growth, earnings of the about compounding compounding is about. integral compounding, dividend we a the growth,

is not the cycles keys momentum not go value not A through in forward all quadrants the earnings sustained of conditions all dividends, of total One growth in return. ability not our and in earnings, is map. to key backwards, to in compounding generate of VICI

may We every quarters the conditions for conditions, will market so be coming consumer ready don't day we in know what economic REIT capital what bring work or come. to

I'll and now who that, to over turn our current John? talk performance. about call David, With and will growth outlook the John

where times and the scale how VICI the to tailwinds one Partner create Fund specifically around Growth range various sectors to gaming to these that major to most the of announced across of experiences for of have We morning gaming And all spend gaming we've at opportunities our driver we the Good casino can on our in Ed. because in we growth. of often to Las element Las investment assets Property and assets Vegas quarter. in built similar energy. second call and this time during Vegas. will I gaming you be evolve, investment in of to contributing of tandem, Venetian focus, Thanks, The asked team while continue believe that continue today. a is also will like wide We're we assess a said the experiential size continue many opportunities geographies

of which exemplifies in article can't why Vegas. the Chairman entertainment, as experiential IAC, future every anywhere Times in He we company's estate in is then possible Financial real of in recent VICI's Barry Diller, amount goes significant the is Las In sports, stake Las underlies experience, quote shared thoughts view strategy article, "The Vegas the of our of a He This live on as physical say, in opportunities merits estate. Las real in well on MGM Las Vegas." disintermediate "You the betting his on ownership Vegas combination variety of Resorts. the his world." our are to A performances unequaled said,

very is prime the the Stadium ] contained A in with we MGM at unique An Allegiant of within sports end this they on is Given the seek a of in to Las may to ] increased one-of-a-kind in the traffic investment all former assets ownership over the Stadium, coming scale south partners Tropicana further triangle and and already T-Mobile site. our cited the densification alongside as VICI [ X opportunity the our Arena reinvest a Strip. [ assets to positioned assets opportunity operators invest VICI partner With advantage. foot seek us the by potential city. provides presented owns those the at Vegas and area, of The often have example MGM within of years. be our

We've not a investment partners of to with. opening tenants, capital best-in-class regional opportunities but this In strategy fund consistent ensure and Partner Caruthersville, announced the casino XXXX, partners quality well at portfolio casino is Growth grow sets only Missouri. ethos a with who $XX have new We their open replace to remaining resort in grand hosting with utilized our week to million of Property last land-based VICI also this an on Caruthersville the including Missouri. riverboat Century is Century, casino development This and in and in to for our capital investments care taken future selection water investments the of allocation foundational of and great we deployment. up income, our portfolio VICI of pipeline can Fund

Partner we XXth Property quarter, getting has be growth. our third Fund a of continue bigger, capital situationally deployed million of and legacy of and deliver Growth as strategy disciplined the us our built agreements. This capital various we will we sustainable grow quarter and ready to been to loans to believe consistent allow through consecutive In deployment. VICI has $XXX better

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

We I'll to received us. X $XXX sale our forward proceeds $XXX updated of million forwards and million the funding John. $X.X shares cash our agreements. QX. These end, under Thanks, to for our facility. Venetian million approximately guidance. of liquidity, capital full billion have comprised contributed Thanks, quarter in in balance and in under equivalents, estimated announced and million everybody, results Great. cash year credit our $XXX our investment Subsequent under on total approximately liquidity, availability joining revolving we touch proceeds $X.X sheet, approximately currently of settled we billion outstanding and available

revolving option, to In to accordion additional an has billion. credit facility us lender of commitments addition, up request $X allowing our

currently $XX.X debt leverage, of billion. total is terms In our

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

our We average interest taking of have hedge maturity. to X.XX%, average account a weighted rate and portfolio a years into weighted X.X

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

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

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

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

Turning to guidance.

a yet future or We our are share. XX, And does do December structures, share nonrecurring XXXX, guidance have operating expected loans include XXXX updating from AFFO and interest markets both capital possible income the billion for not $X.XX as between not on not between well transactions results other just our reminder, dollars or absolute have or that as ending as be $X.XX and draw basis. on from items. $X.XX any activity the or guidance any now closed, AFFO $X.XX a year per per is common dispositions, to in billion final for transactions acquisitions impact that diluted

Adam, that, line for questions. please the With open

Instructions] Securities. from comes Barry from Truist Our question first [Operator Jonas

had you tribal parameters you spell if start wanted I updated to to could loans out would any see there? execute sale with leasebacks. you any any Maybe look views or forward gaming,

Barry. Yes.

the the developed X have starting over have American tribal years, Tribal is relationships Nations. positive very think and with relationships. by team, John powerful us to relationship X currently for I that VICI We led point we our

about have doing business to being risks business As you when idiosyncratic. when to the that a the doing opportunities again perhaps great tribes, all a how about do that create it to Barry, enables commercial, with is it's you you counterfactual tribal with the And useful the situation, tribes of of on that to with. When know, doing it is, they off business it idiosyncratic. better idiosyncrasy. with not idiosyncrasy gaming comes and understanding collaborative to on tribal we understand idiosyncratic idiosyncrasy, them. tribal better tribal to with they're They're land, land. in business of commercial again, price obviously tribes partnering comes to that applies love structure It's And involve the sometimes risk land an gaming and associated

imagine we to tell I'm operator the world that a land announced as But of So Barry, land. we've scenario economic freehold to the the only a be ground done deal, on which is center to lessor operator to with the moreover, going the commercial in floor that operator that, ask would a gaming at and the owns underneath deal that in in the gaming counterfactual, commercial to that everything, commercial you, asset. party gaming likely lessee. a entitled operate we the you the same thus, us And engine and asset create the ground of

behind still full -- our At understanding coming the that and the on so tail the you're some this much tail give to able moments and feel internally, curve what we for both spend maybe that work structure that understand people say little doing sandwich and to when a to that of implicitly price to learn, we been that would situation unique we with any a we can fact, a cracked in to tail has announced that spend for say learning time is risks there time risk. case, are with week focusing associated I this, have where best the at may been again, we to always to okay, everything it risk. got point and by either are So the can minimized colleagues have And we've went comes definition, lease. on risks it. referring be that But credit GLPI. We -- too is, have lot particular confidently focused the announcing by VICI, risk. how externally up applied to confidence, a when in the to idiosyncratic at from the risk, here transaction idiosyncratic the GLPI And But price a so peers degree is applies code or not the we're eliminated and when where risk. been been last

XX anything Great. VICI I you acres Curious got me on Vegas. LINQ, I that you correct wanted I'm a happen of then looked with for at And Caesar's adjacent those see really wondering to the appreciate ROFR that. a just with if I sale that follow-up, sale, if could believe, touch Maybe if there. owns? wrong, we

Yes.

a our it well, -- very shouldn't LINQ an have property. Promenade, distinct a at lease Barry, by ROFR we're and But The idiosyncrasy. the we Promenade. [ property are unto clear, on especially Bernstein, The to not we be to Just TPG assets is I assets There did not LINQ not Ken see led in Promenade casino ROFR have on and idiosyncrasy a is go the which itself. net call glad friends there. Acadia, ] a an is technically

very to and in potential lot become area we a Promenade your a land the Convention own Center. think quarter around in the to powerful continue that exactly a can to ] point, there's the quarter of in that [indiscernible] back [ of I make to

from The next from Anthony JPMorgan. question comes Paolone

like John, for your of mentioned properties you such. into comments lot in opportunities reinvestment a just and things

in can and So as changed the much really talk you of those at acquisitions the or just whether now I versus mean, quarter investments just you of pipeline, it look new types is that's how two? focused about on much last

acquisitions. think about real Yes, what done good it's growth. have opportunities question. created these changed. continue pillars like to Tony. is we've got to don't We've Very I What of estate I

I Property regional some mentioned particularly As we Vegas, well. we my because -- the in assets own, already are grow you with as in ability our as Partner to remarks, Las in Funds, my comments, although Growth do we opening large opportunities our have that to referred in they're with assets

and a in have then credit And hopefully for provide Experiential mentioned credit his estate with in, time, ownership. we it over solution then this real VICI where Ed into open book opportunity, our us come Credit remarks, Solutions, to flip it's as doors

fact wouldn't growth more other of time today spending So I've are spending like will we're the on on which provide a team that Growth the time two. Property term. us long for for got focused now Partner that than I all three say the Tony, I the and we're Funds these,

on there, of just be? basis you, commented period XX over then to to pricing need the think want your might the about Do and to any And John, point also, just counterparts follow-up Okay. just propensity where in for short you the had XX-year maybe pretty transact Ed, move time. or on effect of that's a the you

led that itself month it's And of think -- been Tony, by kind but volatility certainly it's able period has what inaction to tell last to start and necessarily hope that over that we it's reflected has will wouldn't about. been -- a that it's soon level of do period frankly, part a well, been come impactful, of and I of the very to needless just this indecision all Yes. is volatility I for nauseating. you pass. to of us much say forward And say, we've and move been highly been

And transaction I the XX-year days. I Just XXs today dramatize XXXX, example XX In was the really really to Tony. or basis sides of volatility, was In lot trying days XXXX, this lot it year week? out points XXXX, have was was number think it when of going the XX last XXXX, it a it a the be more next an Back given In am been week, into with to both U.S. have days people of moved in was X. is that XX. and X. year. just I we're where [indiscernible] It X. trading ] to of table XXXX, XX on am the how In the where of [ seen, figure volatility -- people now. even hell the just we've And this in

distracted are especially say, down many all seen kinds in globally to who hope week, led the to those we've really kind down the that I NFL things the watch people to focus [ volatility down kind ratings different and America the because and [indiscernible] to attributed that some has we're starts and are and we needless the of of stressed among -- like, investors, just out calm games over thought that's for It's definitely next and man, quiet move NFL it election. -- of And last and so month, in both ] index time to by can't even are sake. of behaviors

The from Green Street. next from question comes Chris Darling

opportunity you with interest Maybe on what helpful for potential how maybe for part to on in the yield, pursuing and scenario. look acquire extent can in it'd about Vegas that could of partnering coverage, the gaming Ed, think there's off-strip you operator also that, assets be opportunity locations? in And if to you talk the you elaborate right about of sort in but terms your

be when Vegas? -- and to when downtown you're in to say, Las just you're markets clear, you saying off-strip, Chris, referring locals the And

exactly. Yes,

you speaking regional gaming? about are Or

It Metro could be either, referring honestly, Vegas but I'm just within the off-strip. more to itself area so

would Yes, doing John John. a work that area, John, lot see. of are you? good. I in team and

this you Yes. talk Chris, nice to to morning.

on structure have local they could you we an -- the the you market, downtown been not only love past as market but the obviously, assets, just we the said, in obviously in regional how fabulous quality, only we ask we've assets market or current grow. meeting got you've capital quality, the help in a have to great credit If the there assets. regional plan could our grow, grow quality, a of do, look how talk Vegas. who but spend in what are Las could you but asset us operator's what we've with local of downtown where following the a assets, time lease help of them And if number spending years operator the could some strip, assets our years, the we couple operators, potentially to has And like, understand the not of been heard you've us for about as

So only to team neat are me also and of over some there places years a operators we definitely that great been would but it's my and be love focus past really there. partners of not recently with the couple

All focused the right, one on is just of regional then and helpful Vegas. side so maybe thoughts. more, And outside this more

felt a today? slower from in you to conservative if bit be backdrop any hear. some wondering need little we're an a lately, be thoughts that helpful to given Just competitive would more the that underwriting around of seemingly So you standpoint pressures, growth

London when more is areas, creation I where market of Illinois be think the in and and we I creating of in being given just by me. in that would it's sustain. Indiana, the I'll moment, the than moment it's in a mindful are authorizing him, just regulatory the the it main is he guy, influential is Mike [ thesis Regional ago, of say one But to assays, you market excess category And And capacity sorry, enough, I a know of to have by Marathon's be all John of capacity. a named we of ] that few book management would about right the areas risk years which out regime market, called able what making a when given like -- by Edward book think founder which degree really of I have understand, not should to categories enough? think is invested like the And lower Gaming of the mindful one and of, Chris. [ is investment a investment the talk I Simanovsky, collects really talk excess risk memos market are was about sure identify to particular, Conversant. shop asset to American assays I we of are to me And for at Marathon. the some of at read capital a okay, to there ] now Chancellor, And in things

to tone of the of market, it regional John. terms in over market, turn the I'll current But

Ed and on Chris, Yes. very this well. hit

Pennsylvania Just should to of slot added see underwrite very You similar ] add machine. gaming, of understand about [ places it, -- as you machines racing some you like to that look or horse added states licenses should that start historical Illinois new you that regional new the now history VLTs.

could to we your we're the buy impact Because point, machines, time on do don't and going the that regional years, continue the the as I'm would regional but if that new have think the or gaming to is now, which Virginia, don't open myself, we like the [indiscernible] can the markets understanding they business, now. and at estate we that date who's our potential market look So assets, up. lifetime, is Nebraska like someone almost thoughtful they at at magnitude belief I but in in really in we're could states and a do the very and in asset best Kentucky, buildings real will there that assets, been the competition buying XX then has that I moment that that

as So thoughtful our disciplined are to your look at being in question, assets. answer and underwriting we regional we

next from The Smedes comes from Citi. Rose question

previously? to your to of if I'm to your reinvest kind or the that you of if of you've little kind bit the their of on a wondering propensity that feedback especially about talked end consumer continue funds you about talked weakness, your interesting kind think spectrum. in call, and that might participate On lower you some hear impact last of

John?

extensive first good our positive weakness. growth seeing Yes. talk question seeing to this Probably to databases they're on better and have and Smedes, for is a you part details that the great they're where operators some where morning. it's their

way could come you've we is whether there whether And in to like little a seeing I quite new are the particularly how business. credit to seen would few building, they're have the slowness out, is are a different the they Fund, segments lower have their them, think whether earlier they'd about earnings having beauty for and them, talked and have that's I the -- build like regional a Partner pillars build continue them talk growth, about grow. with Growth help of the hotel, opportunity, a Property meet of casino of on markets, they to to of our some And having growth different great a like Those a types that that But talked, they're that all of leads partners boat. and this that bit have to hope land partners we to continue a of all thinking are partners. having capital about for instead are that us type we of of on . and with conversations our we with whether in

set on And are then, kind guys XXXX. the maybe into reasonable still smaller external kind frequent Ed, sort I of growth space kind of think chasing your you you to do a gaming I like coming opportunities, scope? just about out big as would next the Or of time, to think more just think and trying had you deals, earnings I'm think opportunity as how non-gaming about investment might growth giving I you've year? more about maybe more kind just you of of maybe guess, guess that now picture it the that drive would of side just here? in bigger non-gaming meaningfully mean, deals play be you about maybe the

something we day. think it's Smedes, about every Yes,

our at that, not understand doesn't strategies either have set any doesn't strategy, We marketed And forth transaction that goals have doesn't their accept endless it it has strategy that anyone not both a our who estate differentiated or VICI strategy. the focus experiential is And trade-offs dedication goals and an is a involve a truly it trade-off and thinks processes. trade-offs. like have and experiential, strategies, gaming category in to have of to on and we nongaming, stream real of

team and marketed all, the they not a David the down if So work every work Samantha opportunities do it's every and quite John do at are to single the team identify usually marketed we've day, and and got are chase and of or day, that to lot and team, and quietly.

John gaming. the these to week deal year, can going next stamp it'd convenience the fruition, and that's some time our we be washes when bought trade-off teams and is deals that's and what in, wish, bigger a wish tell look just not, stuff, be dry out not one car and these whatever, ahead of we times we nice or David we to we again, machines working very have accept more bring we that but including or stamping are full assets focus the there or only we exciting to sporadic. or if we flow And every geez, on, maybe on where Samantha and As to not invest stores cleaners to what that's we will few are have

But deals, working XXXX given continue to we at we're had as look remain profile gaming our both the growth confident over we small. that be the to we'll on, table X bringing are years. big nongaming going and we've what And we and and

comes next DeCree John from The question from CBRE.

and unit wanted there's maybe seeing, some landscape the sales Ed, if thinking something your to lot, because the to about answer I John, apologize same. it's going been earlier response a be to to I been question about go we're an back I've is But gaming new same-store some some a talk trend more to growth, areas cannibalization wanted and where I or lot declines. the openings where and regional your

being mentioned so you that. of you're And very cognizant

maybe couple kind But in investments Would a perhaps a pointed John, of rent unique that in how have more assets deploying the curious that think in about more barriers operators detail history. I underwriting? competitive gaming, could regulatory thinking certain or you predictable the into it markets have larger consider casinos I kind before. that if go a given to So -- have curious markets, where environment, just you'd regional of that to some you about Is some it consider that larger little today you bit about weren't the coverage? was only capital think we maybe and out of have But Is advantage? things entry? a bit you scale it's higher

how might you underwrite at? you criteria of of curious kind So look the some

smaller have really starting is. is say I'd a a position every for by marketplace that the to understand in to marketplace. operator, won't a Yes. out carve always And It I'll assets. a assets small you the that something a us. necessarily know, how to the attractive be in asset for be to we've knows and a turn in the a situation can to And it a big with still given competitive opportunity at what over right, look comes market their make to market the operator But given John. John very degree profitable money healthy It what assets so moment, just smaller as those But point, function. has market, who hands of in could asset to competitive always given compete operator much given down valued. really really be really, response that's to which it and

you market at point, time understand profitably your think a for given to that to I But operators' John, really like implicit share. to this, want compete ability

do to want Payne? that. add to John, you John

a asked where in one And your myself inside the we career from REIT Yes. our business. of has views make old I to question, the operating VICI is my in things will, operator the in real left way I I my John. started some as this the I difference When an back job would was estate? underwrite XXXX, and value Ed a actually underwriting

our great where is can detail beauty the and business. is the dig consumer into coming. consumer So on And the we they the of operators have

greater asset looking gets markets. be probably example So going we than the just of away. an regional an from from of a to that potentially at if miles chance that are of one we go from how gets into as XX their guests That's their new is away, disciplined miles we're consumers asset impact hundreds casino

structure disciplined, quality, quality, disrupted lease quality, with things, also, quality, just should of credit remember, about we'll can types it not investing Because weigh asset the our of course, but and we Of could we're go change. better those landscape background, near get for understand the operator operations in being term.

I for term near the look think anyone invest and good. could

the And you term. in need be environment next next year ultimately it's decade. long is over mission we're the the I for not or this year to the understand business, disciplined and could what think impact but maybe Our in

stuff curious market radar, some of investments a Vegas the a helpful. bit nongaming off in And just the town. city that sports metro on if becoming incremental earlier maybe ways. Las the maybe area, Las appreciate we but all Strip, also one, opportunities I'm outside thriving bubble the it's in of opportunities that's gaming That's Vegas the to something massive in starting are maybe quick I and strip, up. mean locals there. the Vegas kind I about some Las little color but a talked is

Vegas looking the other so an paying to you're portfolio, of nongaming in now? about in your sports, is cetera, the And that that of or area right focus, meaningful Las in way et off a some attention strip youth thinking at assets

that interesting it Las Lights, as USL. who his We've the going turn of he team over to to of team Jose it's at to I bring you know Yes, Las gives was Joey one the home John is the Baste up. ] those I'll the about soccer in remember, we've which invested a John. the in in [ talked much the to ahead, in may as an Bautista, home the And John how like kind we've he is good you Payne, Vegas sport please. sense really environment some that the so degree terms makes City gotten owner Vegas now field say, of the demand go Basin, of project of Kansas for DeCree. But like projects facilities, new in in, things looks

on time things, experiential operators involved but it's other many only assets. are They're entrepreneurs. Yes. when much market, the strip, the of question. which not in John, we regional downtown you the excellent in spend we locals the in love have, only but casinos, And as as not market, casinos, an

right on opportunity great Ed's And studying estate, are estate point. on Not real regional so you're Las local we'll get term. opportunities in see the and question. something other or term that up even near involved Great in long there's opened have study can we to right own point, if only the of them the market these and we casino in real Vegas,

Jim Next question Kammert from from comes Evercore.

book reflecting earlier solutions and potentially close available volatility. to ability capital? would not that backing up and the credit a certainty thought have of scale given your I obviously, comments, does experiential naively, your help Ed, rates on the lot

lending Jim. of wonder, what market us next to water the lot look spread a right? got is week. this I ] spread, I And spread right potential is would on say to week, a It borrower commit the does. like we're and any side. we've week-by-week now It in uncertainty this just on does, the what going the basis But [ my -- lines can that What's but week, if to cause

I challenging. it's a again, market of made been every having flux here of So markets, think decision-making and parcel markets in all has consumer more volatility that and about and other capital part just state

that I Lenox Jim, with ] Board share [ low to, -- of X. from on in long-term [ X.X was of period, X.X presenting X then you stock And high. annual I'll XX-week plan preparation period, it XX-year percentage our to to went points in that our think, low over our down U.S. a just XX-day Canyon and new that XX-week as at went began ]. Over as the up mid-September. July We we our in Ranch went ended

October, that about we really to to a think -- I been August, again, just tumultuous the they we're more visibility flow conviction deal we So has degree X everybody will commit where and it period and hope of think affected things months, July, and certainty all and think everybody But talking September affected of believe definitely a I and what a have in have it's that now underwrite. I to. feels can come how else down bit affected and

markets. would in in enough. comments horizontal -- the real I And terms above top fair Where back and how capital And is analysis, line terms consumer then 'XX? thinking Good et you're the are are that to investing imagine the potentially comments. sentiment, That's in thinking you how the about of influencing REIT cetera? opening quadrant of your regarding into estate VICI going presumes

ask would right hoping overall, we market few REIT bit needed to of potential say since looks right where last certainly weakness, a it's into But are card been was signs car bit in Jim, I question, other capital in delinquency, mid-July, that a Yes. quadrant. the I do think think I mixed going good. volatile delinquency, a the upper was they've entire we're Obviously, quite would it but now. good. whether of credit footfalls good are And somebody economic seeing loan what say, I conditions conditions earlier, consumer the I across in metrics. and weeks. yes, are been on generally consumer the is we And little would generally it consumer we retail but be picture, ask spectrum. think have And

future of are we where to in We time need a need pull as say going in but trajectory of deal alluded know So upper only is today. on, to together. know given where what a not Jim, period right. we're it I I we is think us would the we to are, But always terms might the be focus amount the we to where to, be likely much takes what as as do in where we we

Kilichowski question from next comes The Wells John from Fargo.

you or this option. you wait me what's to keep exercising about you Park lot options? thinking the sort commentary there? it options? sidelined likely? remind time about attached talking made Last spoken about before, if you Is to those happen have to this of quarter, see that How put and that I Or about that, of about that as a those commentary forum, to have we've of going are them any does expire think Harrah's when they we capital the of asset put And And made spent likelihood also put call Hoosier there's December but year. options

the Yes. putting intention occasions, Actually, stated Caesars have to they a Indiana no of has at very number explicitly of us. assets

we capital affected our not funding So and no, how our think about has that capabilities.

thinking Okay. Anything we -- here. it the as election should ballot regional pertains on just Understood. to then that about? gaming maybe on And be the on

Not of. aware that you? I'm Payne, John are

couple Yes. things. and mean, Missouri, There's a Virginia. there's Arkansas I of

in are casino, a betting in New casino Virginia, Missouri, talking about as Ozark. well Polk new as then they Arkansas, online County sports and

years. when particularly compare gaming, it for you to quiet quite actually So other

million last went capital? for that capital that or that But more that The Okay. Venetian. color the other terms to work of $XX caught was to was don't million and the that put loan, fund give I in a mentioned the me. And there then quarter, maybe you $XXX one you if a what Could loan on us know little I the you in.

David?

field it's as under Good primarily loans development Foxwoods and Cabot to the the talk John, then is Those fundings you. draws well the and Great Ranch. smaller -- are home for incremental million David. Canyon incremental Wolf to $XX-odd some in as

loan continued previously that have or So loans schedules. fundings draw to announced announced previously

Dan Guglielmo The comes from from Capital One. question next

seems been estate some this be experience, short earnings on investor your and like do it nature softness the term of for In to of just operators owning for Or and there? tough casino the real kind Is Vegas cap trends minds. It's a impact those too Vegas rates assets?

in in and to QX. performance rates what are Dan, MGM's you a talk occupancy Yes, [indiscernible]? comes when John, to was market have I'm trends going on I valuation everybody cap just remind little probably good talk rates, you. to it the quarter-to-quarter. do our much would to just Payne Strip John cap say to real how they conditions general want about operator than investment dependent bit are estate capital more But on

know. as I'm Dan, a you operator, recovering

-- look and Caesars. I've in XX% performance MGM the was Ed at numbers are ADR they the the And largest of X, that as was saw of I digits. quarter our ran X tenants, occupancy and some -- single from MGM about So seen comments saying, you up in

that as see. what's it, weekend the I'm they coming we'll it huge But So tiny be city. short XX% it's X them. city. as bit see about talk probably company a a the is year? FX, great a term, you It down very quarter for there'd sure slow. thrown dig hotel term, for if and I that that about looks as Is to great had and in not And they from talk It's again, which critical know comments about FX reported and I last some Ed driving like wait occupancy was party have for you in up, long a

And the these operators more measure So and them, out is before. it's these them world. to how was at casino every When something large it's ran thrown time every down hard shut business. the they assets during continue are than back run figure they on to interesting, best the grow XX-day an COVID, Every in profitably they to came period. ever

tough a have XX days, next of out they'll over they XX, if it years. couple again, figure So the the in next XXX,

teams the really good feel Las are and there. that we So their Vegas about running businesses

experiential Great are I from doing appreciate of Ranches of kind Wolves, the just a and of all Cabots it's in that color around [ the that And how tough partners, Canyon sense. this get RC view makes ] the time. kind world and to complex of

headwinds what of they with about? at you some are and high the level, all thinking when those partners, talk So tailwinds a are that

that? David, take to you want do

Dan, the to. have place. very partnered happy sure, reason speak them that's we unique, of part drill partners, an and to of you Yes, in offering each the the Look, they with into first good with you. when

And offering consumer, the casino weaker But your performance for the the can kids. affordability day, that of you X and X for from go days. you to of little maybe without of don't drive-to you take destination the go that offering, as to Wolf, And so vacations consumer, away a similar in Great gaming, solid, a lower-end bit be a falloff continues gaming.

And early X another opening strong. year year X in so with X to next up assets their assets, business this Foxwoods. They've opened continues be

talked about avid so and And golfer [indiscernible] the end the with consumer, out of we very very, those going then pipeline and are tire of Cabot, the performance great. And is assets and the providing. courses. experience does trying new highlighting that in job quality marketing new bringing assets their they and golf Cabot guests of a the of they're for the in the do phenomenal that

people's and in then past for talked we and living. longevity with about you mindfulness better wellness around And the desire and

service the that provide And customers to performing of to of Canyon well the is and second are attract and level none. world continue a so Ranches

next Sachs. Burrows comes The Goldman Caitlin from from question

Are this the of the opportunities growth you're start growth know to Caitlin. This partner agreement the other I going by? you on there pipeline in approach or [indiscernible] for property is property guys Venetian. specific the mentioned with was that considering any

John?

around my look where for But as current to but the more to to said town be opportunities X to assets, of sports the nothing invest announce. don't own remarks, in continuously there'll opening announce particularly Las is time. our the us hope for invest in triangle, anything We an dense. in at have we opportunity I Vegas. We ones coming We becoming assets the that this there, over area an years, growing and

talked I Arena in QX that I'd in you together of And that beneficiary ] fact, to there's the be actually MGM [ of biggest look [indiscernible], would about, densify pages have is Stadium about beneficiaries John the to T-Mobile operates the the A greatest that of I to Stadium. don't add. the which few those A intensification which just follow Payne was deck talking there when for will the to credit go just [ opportunity a and Vegas. the speculated into MGM, who area MGM, what that a Allegiant, defined does who own at stand area operation. comes and by the forthcoming ] just analyst you of going be, MGM Las We exactly with out we assets encourage intensify, Yes, add, earnings their

build continues new recurring relationships and the guess in explore it. relationships get as to That's I one then and majority Got are the of And to growth, nongaming you VICI these transactions more question would say space? opportunities helpful.

David, do you to take that? want or John

side. There's take all. on I nongaming say opportunities the necessarily still at it's I'll wouldn't more that. gaming

As scale gaming we most smaller the nongaming transactions likely experiential other than the before, of said will be side.

may the frequent, new and in lead over States the casino with but United more to not the there's nongaming only we space, have in that more all partners may But So partners. opportunities still many world. smaller,

license And asked And say, I for that the that me in process. because that, to little own we with -- the of major about when a partner do has we property the is has be will it approval comes, MGM day growth the while. a license VICI. add [indiscernible], that when nobody real gaming that let should and But gaming just Yes. New granted course, if the opportunity for well, of and a estate property comes full any hope day York

question from from comes Next David Jefferies. Katz

on have just are to I X nongaming it, And you on to answered to but those or term part, think may much remain larger a something I X longer perhaps can vision which small. and If fact us touched double do start expect thinking give than that years, we for and the become little they opportunities, I a necessarily become that in term, small. the could Or this how they is less XX%? back you want I a on put XX% today you but longer think out please? look don't number John,

Yes.

basis a to right? is new And about X-odd of maybe we think I think, grow an represent ambition our year, year. David, how would the a every way about in base rent run the $XX-odd build a percent it base rent level, of we really about do that by context base rent a on on the million at so rate rent of current base -- year-by-year with our

which nongaming And so the X every we X. can including rent they by evaluate contribute degree opportunities X to growing or on opportunity, point percentage to or

that of we deals, of many versus have deals, so are large by $XXX,XXX actually conventional between of of net when standards going dollars deals. per that buying deals, They VICI nongaming the box. might tend us stores $XXX,XXX are millions to rent these of which by involve and to generally really standards the rent of speak deals are box about doing smaller small And they have per lease rents

question Stanley. from from final Kamdem Our Ronald Morgan comes today

Jenny ] on for [ It's Ron.

sports the in investment do but you only for in dig I to sector this years? [ the growth? little this X a on opportunities more not you strategic of to And in little recreational you see area do want look bit deeper sports next talk to and X national-wise, do or think more Vegas, a on I Can first youth ] is, sector. more outlook

look right I it going I sure to I'm there a a capitalizing as of comparing you and data how night, but I investments last shops. the coming youth lot definitely can really roaming at there's But you [ totally sport for And that Yes, population number example in very there And of ] grown treating Again, youth itself now. [indiscernible] and exactly I [ facilities which a Samantha key you ] up, and in notes now see should sports the grow. Blitzer a blown and this example family Blitzer's need little to like a Connecticut. do. Well, anecdotally, lot little trick the high sport. participation And level. is over equity to or the what private right were Halloween think are the years. manifesting on given of only is a on certain of there And [ kids know, lot in or is see rates ] firm out them can data, David that's were good we youth Jenny. is hard going tell -- on office obviously say, picks company way we how of a Harris going West that has they're is the kids focused a streets of by many out culture. was we And sport kids tell all to and a in just family it's think away key, youth a at are the youth component not play great

specific sector like to prefer you that I to tenant is if the pretty sports. the for specific VICI to tenant strategy, already that base. is the I to to on Yes. there acknowledging want current my forward Any a side guess you going agree the any discuss think sectors get more have is more want have youth broaden you exposure? bit a diversification want you base? question But of diversified know tricky little tone I data second

or David? John

John. ahead, Go [indiscernible]

No, Go Go ahead. go ahead, David. ahead.

Yes.

We've real look sure that make right? touched globe. Jenny, heard in question, comments just across about and and I you, his globe at high taxes of foreign estate, and this lot can both on we countries had to if of has a with team gaming estate the think opportunities internationally, to And on a regime, we buy markets, really that's Canada, operators focus certain on how spoken nongaming ownership. where I at there's about the foreign our look Canada rule mapped of very globe gaming the earlier very, John is we about and and real you the tax try function law, currency

Canada, like investment So competitive in that negates to some of into our Scotland [ opportunity. specifically first gone then But we've like into up nongaming great parts do ] operators since of economies both there, go obviously to [indiscernible]. the and we've more made the Canada gaming that the up And there, forward of We'd there's into. experiential great think we north border. we'd great spectrum

there's to have don't come more hopefully, we so there. would And anything immediate, but up as John say,

closing for remarks. the to hand now Ed call I'll back some

this great going those weeks. in partners, bye Guess where what's Vegas everybody there. lot that, showcase going for out going to respective fun. some see We've of hey, a now. November? on a events in of Thanks it's are and We be got our events. Las They that Adam. Vegas. is for Las you're With help guess to banking what? is reach you, to many of And couple interested just if are today. to Thank you NAREIT joining us guess Yes. hope of in we It I

This much attendance. your Thank for concludes call. today's you very

your You lines. now disconnect may