Gaming and Leisure Properties Inc (GLPI) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Gaming and Leisure Properties first quarter 2025 earnings conference call.(Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Joe Jaffoni of Investor Relations. Thank you, sir. You may begin.

大家好，歡迎參加博彩和休閒地產 2025 年第一季收益電話會議。 （操作員指示）提醒一下，本次會議正在錄製中。現在我很高興介紹你們的主持人，投資者關係部的喬·賈福尼 (Joe Jaffoni)。謝謝您，先生。你可以開始了。

Thank you, Christine. Good morning, everyone, and thank you for joining Gaming and Leisure Properties first quarter 2025 earnings call and webcast. The press release distributed yesterday afternoon is available in the Investor Relations section on our website at www.glpropinc.com.

謝謝你，克里斯汀。大家早安，感謝您參加博弈和休閒地產 2025 年第一季財報電話會議和網路廣播。昨天下午發布的新聞稿可在我們網站 www.glpropinc.com 的投資者關係部分查閱。

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today.

在今天的電話會議上，管理層準備的評論和對您的問題的回答可能包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。前瞻性陳述涉及受風險和不確定因素影響的事項，這些風險和不確定因素可能導致實際結果與今天討論的結果有重大差異。

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

前瞻性陳述可能包括與收入、營業收入和財務指導以及非公認會計準則財務指標（如 FFO 和 AFFO）相關的陳述。

As a reminder, forward-looking statements represent management's current estimates, and the company assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to the risk factors and forward-looking statements contained in the company's filings with the SEC, including its 10-Q and in the earnings release as well as the definitions and reconciliations of non-GAAP financial measures contained in the company's earnings release.

提醒一下，前瞻性陳述代表管理階層目前的估計，本公司不承擔將來更新任何前瞻性陳述的義務。我們鼓勵聽眾閱讀公司向美國證券交易委員會提交的文件中所含風險因素和前瞻性陳述的更詳細討論，包括其 10-Q 和收益報告以及公司收益報告中包含的非 GAAP 財務指標的定義和對帳。

On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer of Gaming and Leisure Properties; as well as Brandon Moore, President and Chief Operating Officer; Desiree Burke, Chief Financial Officer and Treasurer; Steve Ladany, Senior Vice President and Chief Development Officer; and Matthew Demchyk, Senior Vice President and Chief Investment Officer. With that, it's my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

在今天早上的電話會議上，我們邀請了博彩和休閒地產董事長兼首席執行官 Peter Carlino、總裁兼首席營運官 Brandon Moore、首席財務官兼財務主管 Desiree Burke、高級副總裁兼首席開發官 Steve Ladany 和高級副總裁兼首席投資官 Matthew Demchyk。我很高興將電話轉給 Peter Carlino。彼得，請繼續。

Well, thank you, Joe, and good morning to everyone, and it's always fun to introduce a good quarter. It's another good quarter for us here at GLPI. And we have announced in our release an array of new projects, financing adjustments, and the like, which are, I think, well-documented and will be explained, I think, in more detail as you hear from Desiree and Matt. I won't run through them, though.

好吧，謝謝你，喬，大家早安，介紹一個好的季度總是很有趣的。對於 GLPI 來說，這又是一個好的季度。我們在新聞稿中宣布了一系列新項目、融資調整等，我認為這些都有據可查，Desiree 和 Matt 也會對它們進行更詳細的解釋。不過，我不會詳述它們。

There is one item that I think I will raise in advance, and that is Chicago. We've had a lot of questions. We -- I've read a lot of reports overnight through this morning asking about Chicago, which is understandable. But that project, I think you need to know, is well underway. Jim Baum, our Head of Construction, is in Chicago significantly monitoring what and how that is proceeding.

我想提前提出一個問題，那就是芝加哥。我們有很多問題。我們——我從昨晚到今天早上閱讀了很多關於芝加哥的報道，這是可以理解的。但我想你需要知道，這個專案正在順利進行中。我們的建築主管 Jim Baum 正在芝加哥密切關注專案的進度。

I'd highlight that we only got control of that ground in July. And it's a complex project requiring lots and lots of city approvals and the like. It was delayed first because the contractor managed to knock a concrete or a masonry wall into the river, which caused some environmental problems and needless to say, delays, understandable, but delays.

我要強調的是，我們直到七月才控制了那片土地。這是一個複雜的項目，需要大量的城市批准等等。首先是因為承包商設法將混凝土或磚牆推入河中，這導致了工程延誤，這當然也造成了延誤，這可以理解，但還是延誤了。

And then the complexities of putting a building on a site that has probably been developed over several hundred years and underground conditions meant that the caissons that are upon which the structure is built have to be approved and were examined very, very, very carefully by the city. So there are 331 caissons required at this project. I forget, Steve, the number is 200 -- how many in now.

然後，將建築物建在可能已經開發了幾百年的場地上以及地下條件的複雜性意味著，建造建築物的沉箱必須經過批准，並且經過市政府非常非常仔細的檢查。因此本工程需要331個沉箱。我忘了，史蒂夫，數字是 200——現在有多少人。

272.

272.

272. I got a new report this morning, and I just forgot to write the number down. 272 of those are done. They are installed. They'll all be finished in another 1.5 months.

272.我今天早上收到一份新報告，我只是忘了記下數字。其中 272 個已經完成。它們已安裝。再過一個半月它們就會全部完工。

And notably, too, you should know that steel has been long ordered and expected to arrive sometime in July, and that was an order placed quite early. So that all looks very good. So the company is committed. Remember, we're not the developer, Bally's is. But the company is committed to this project.

值得注意的是，您還應該知道，鋼材早已訂購，預計將在 7 月某個時候到達，這是一個相當早的訂單。一切看起來都很好。因此公司做出了承諾。請記住，我們不是開發商，Bally 是。但該公司致力於這個項目。

It is very well underway. And I just want to diffuse any thought to the contrary. So hopefully, I've done that. And with that, Desiree, would you take the floor?

一切進展順利。我只是想消除任何相反的想法。所以希望我已經做到了。那麼，Desiree，您願意發言嗎？

Sure. Good morning. For the first quarter of 2025, our total income from real estate exceeded the first quarter of 2024 by over $19 million. This growth was driven by increases in cash rent of over $26 million, resulting from acquisitions and escalations. The acquisition of Bally's Chicago land increased our cash income by $5 million.

當然。早安.2025 年第一季度，我們的房地產總收入比 2024 年第一季高出 1,900 多萬美元。這一增長是由收購和升級導致的現金租金增加 2,600 多萬美元所推動的。收購 Bally 的芝加哥土地使我們的現金收入增加了 500 萬美元。

Tropicana funding increased it by $1 million. Kansas City and Shreveport increased it by $8 million. The Tioga acquisition increased it by $1.4 million. The Rockford Loan increased it by $1.9 million. The strategic acquisition increased our cash income by $2.3 million. And lastly, the Ione cash income increased by $0.5 million for that funding.

Tropicana 基金將其增加了 100 萬美元。堪薩斯市和什里夫波特增加了 800 萬美元。收購 Tioga 後其價值增加了 140 萬美元。羅克福德貸款將其增加了 190 萬美元。此次策略收購使我們的現金收入增加了 230 萬美元。最後，Ione 的現金收入因這筆融資而增加了 50 萬美元。

The recognition of escalators and percentage rent adjustments on our leases also added approximately $6.7 million of cash income. The combination of non-cash revenue gross-ups, investment and lease adjustments and straight-line adjustments partially offset these increases, driving a collective year-over-year decrease of approximately $7.6 million.

我們租約中自動扶梯和百分比租金調整的確認也增加了約 670 萬美元的現金收入。非現金收入補償、投資和租賃調整以及直線調整等因素部分抵消了這些成長，導致年比整體減少約 760 萬美元。

On the expense side, our operating expenses increased by $18 million, but it was mainly resulting from a non-cash adjustment in the provision for credit losses due to a more pessimistic forward-looking economic forecast.

在費用方面，我們的營運費用增加了 1800 萬美元，但這主要是由於更悲觀的前瞻性經濟預測導致信貸損失準備金的非現金調整。

For the company's development properties, we will continue to capitalize interest and defer all our rent during the development period for financial reporting purposes. However, we will add these back as we have been doing and deduct the capitalized interest in deriving at AFFO.

對於公司的開發物業，出於財務報告目的，我們將繼續將利息資本化，並在開發期間推遲所有租金。然而，我們會像往常一樣將這些金額加回來，並扣除 AFFO 產生的資本化利息。

Included in today's release is an updated full year 2025 guidance ranging from $3.84 to $3.87 per diluted share in OP units. The reduction in the high end of our guidance from prior quarter is primarily a result of the assumption that the escalation on the Pinnacle lease will not be achieved. Please note that the guidance does not include impact of future transactions.

今天的發布中包含了更新的 2025 年全年指導價，範圍從每股 OP 單位攤薄收益 3.84 美元到 3.87 美元。我們對上一季指引高階價值的下調主要是因為我們假設 Pinnacle 租約的升級不會實現。請注意，該指南不包括未來交易的影響。

However, it does include our anticipated funding of approximately $375 million for the development projects and the expectations to settle our forward sale agreements in June of '25. Our rent coverage ratios remained strong, ranging from 1.73 to 2.51 times on our master leases as of the end of the prior quarter.

然而，它確實包括我們預計為開發項目提供的約 3.75 億美元的資金，以及預計在 25 年 6 月結算遠期銷售協議。我們的租金覆蓋率依然強勁，截至上一季末，主租約的租金覆蓋率在 1.73 倍至 2.51 倍之間。

With that, I'll turn it over to Matthew.

說完這些，我就把話題交給馬修。

Yes, indeed. Go ahead, Matt.

是的，確實如此。繼續吧，馬特。

Good morning, everyone. Thanks, Desiree, and welcome. In the first quarter, amid the market noise and macro uncertainty, we remain focused. We don't manage for the moment, we manage for the long term, and that discipline leads to consistent results. In choppy waters, our cash flows remain steady, transparent, and resilient.

大家早安。謝謝，Desiree，歡迎。第一季度，在市場噪音和宏觀不確定性的背景下，我們仍然保持專注。我們不是管理當前，而是管理長遠，這種紀律會帶來一致的結果。在波濤洶湧的環境中，我們的現金流依然保持穩定、透明和有彈性。

We respect our balance sheet as the foundation for all that we do. Our leverage is very healthy at 4.7 times annualized net debt to EBITDA, and that's before including the benefit of the forward pulling in that Desiree mentioned. Our maturities are also very well-laddered, and our prefunding capital strategy is designed to reduce risk, maximize flexibility, and position us to act decisively when opportunities arise.

我們尊重資產負債表，將其作為我們一切工作的基礎。我們的槓桿率非常健康，年化淨債務與 EBITDA 比率為 4.7 倍，這還沒有計入 Desiree 提到的遠期拉動收益。我們的到期日也是非常分階段的，我們的預先融資資本策略旨在降低風險、最大限度地提高靈活性，並讓我們能夠在機會出現時果斷採取行動。

In volatile times, that kind of readiness is an asset. The pipeline of opportunities we have built is intentional. It helps lay the groundwork for growth that reaches into 2026, 2027, and beyond. In periods like this, the value of a strong, reliable partner becomes even more evident. Our tenant partnerships rooted in a creative win-win mentality often open doors that others don't see.

在動盪時期，這種準備是一種優勢。我們所建構的機會管道是有意而為之的。它有助於為 2026 年、2027 年及以後的成長奠定基礎。在這樣的時期，一個強大、可靠的合作夥伴的價值變得更加明顯。我們與租戶的合作關係植根於創造性的雙贏心態，常常能打開別人看不到的大門。

In a relationship-driven business, as we continue to grow our roster of tenants, our reputation continues to be one of our most valuable competitive advantages.

在關係驅動的業務中，隨著我們租戶名單的不斷增加，我們的聲譽仍然是我們最寶貴的競爭優勢之一。

Our strategic approach is simple but not easy. Keep the balance sheet strong, deploy capital with discipline and scale with purpose. Our teams, both at the core and the specialized areas are executing to monitor the active opportunities and also create new ones in our effort to maximize long-term intrinsic value per share. With those comments, I'll hand things back to Peter.

我們的策略方針很簡單，但並不容易。保持資產負債表強勁，有紀律地部署資本，有目的地擴大規模。我們的核心團隊和專業團隊都在努力監控活躍的機會並創造新的機會，以最大限度地提高每股的長期內在價值。有了這些評論，我將把事情交還給彼得。

Thank you. And with that, Christine, would you open the floor to Q&A?

謝謝。那麼，克莉絲汀，您願意開始問答環節嗎？

(Operator Instructions) Greg McGinniss, Scotiabank.

（操作員指示）加拿大豐業銀行的 Greg McGinniss。

On the Chicago development, I'm just curious on the expectation of the build-out from this point forward, is it basically just assuming that there's kind of no other complications, I guess, from this point forward?

關於芝加哥的發展，我只是好奇從現在開始對建設的預期，基本上只是假設從現在開始不會有其他複雜情況？

Well, I mean, look, that's a speculative question. Who knows? I mean it's a massive project. Delays are always possible, but I can't predict what the future looks like. We're monitoring this process.

嗯，我的意思是，看，這是一個推測性的問題。誰知道呢？我的意思是這是一個龐大的項目。延遲總是有可能的，但我無法預測未來會是什麼樣子。我們正在監控這一過程。

As I mentioned, we have our Head of Construction, who has built many, many projects with us through my years at PENN. And he's on site and will remain on site until this thing is well, well established. So could something else come up, of course. I mean, it goes without saying, is there any reason to expect that? Well, let's hope not.

正如我所提到的，我們有一位建築主管，在我任職賓州大學期間，他與我們一起建造了許多計畫。他現在就在現場，並且會一直待在現場，直到這件事順利完成。當然，還可能出現其他情況。我的意思是，不用說，有什麼理由期待這一點嗎？好吧，但願不會。

So -- but the point is things are well underway. The thing is coming out of the ground, which ought to be quite visible, publicly visible to anybody who rides by wants to take a look. How is it going? So far, so good. It's a guy who falls out the top window of a tall building on the way down, so far, so good. I mean, look, I can't give you a better answer than that.

所以——但重點是事情進展順利。這個東西是從地面冒出來的，應該是很明顯的，任何路過的人都可以公開看到。最近好嗎？到目前為止，一切都很好。故事講的是一個男人在下樓途中從高樓頂層窗戶掉了下去，到目前為止一切都好。我的意思是，看，我無法給你比這更好的答案。

And Greg, that is -- we structured this to make sure we had current pay along the way. So it's not like some of the other structures we have to wait until it opens to get our cash flow. And separately, we also capped our exposure as part of our deal structure.

格雷格，我們這樣建構是為了確保我們在整個過程中都有當前的薪酬。因此，它不像其他一些結構，我們必須等到它開放才能獲得現金流。另外，作為交易結構的一部分，我們也限制了風險敞口。

Yeah. Right now, the cash that's been advanced comes from Bally's. So that's fine with us -- cash draw for us is not predictable until we get there.

是的。目前，預付的現金來自 Bally's。所以這對我們來說沒問題——在我們到達那裡之前，我們的現金流是無法預測的。

Okay. Yeah. No, that all makes sense. I can appreciate it. I was just trying to understand how much leeway was built into the assumptions.

好的。是的。不，這一切都是有道理的。我很欣賞。我只是想了解這些假設中有多少餘地。

On the PENN projects, have you had any recent conversations with them? Ameristar in Iowa just got approval from State Commission. Has there been any recent conversations there as to whether or not they plan on taking the GLPI capital to help?

關於賓州大學的項目，您最近與他們進行過任何交談嗎？愛荷華州的 Ameristar 剛剛獲得州委員會的批准。最近是否有人討論過他們是否計劃利用 GLPI 資金來提供幫助？

Do you want to take it, Steve?

你想拿走它嗎，史蒂夫？

Sure. I think that it's a constant dialogue we have with them. I don't think we have any better clarity than we've conveyed in our documents here that we've published. I don't think our current expectation is that they would draw funds this calendar year, but we will have to wait and see what comes with that. I can tell you that the dialogue around their reinvestment in properties is along the same lines as what you've seen in Boyd's announcements yesterday.

當然。我認為我們與他們保持著持續的對話。我認為，我們所發表的文件中表達的清晰度已經不夠了。我認為我們目前的預期是他們不會在今年籌集資金，但我們必須拭目以待，看看會帶來什麼結果。我可以告訴你，他們關於房地產再投資的對話與你昨天在博伊德的聲明中看到的是一致的。

I think the operators we talk to and deal with are starting to focus on the brick-and-mortar assets, and we think that's a positive thing for our properties and our assets.

我認為與我們交談和打交道的運營商開始關注實體資產，我們認為這對我們的財產和資產來說是一件好事。

Yeah. Let me say this. I'm not totally sad that they haven't drawn on our cash right now, suggests that they've got enough cash to do what they need to do. And look, PENN is in the digital element aside in a very strong position. They've got great properties.

是的。讓我這麼說吧。我並不完全為他們現在沒有動用我們的現金而感到難過，這表明他們有足夠的現金來做他們需要做的事情。看看吧，賓大在數位元素方面處於非常有利的地位。他們擁有優良的財產。

They're performing relatively well. And that side of the business, the bricks-and-mortar side is doing extremely well. And I'm gratified, frankly, to see that they're actually highly focused now on bricks and mortar again. So good for them.

他們的表現相對較好。而這方面的業務，也就是實體業務，做得非常好。坦白說，我很高興地看到他們現在實際上再次高度關注實體店。對他們來說真好。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just two quick ones for me. So I noticed the guidance, I think the assumptions for development funding was reduced. I think it was $400 million last quarter, now it's $375 million. Is that all related to Bally's? Just what's the color behind that timing? And what sort of drove that sort of change?

我只想簡單說兩句話。所以我注意到了指導，我認為開發資金的假設減少了。我認為上個季度是 4 億美元，現在是 3.75 億美元。這一切都跟 Bally 有關嗎？那個時機的背後究竟是什麼顏色？那麼是什麼原因導致了這種變化呢？

So it's all timing, and it's just pushing out some of the projects due to the delays that Peter mentioned.

所以這都是時間問題，只是因為彼得提到的延誤而延後了一些專案。

Yeah. And believe me, we just -- it's a guesstimate. It's best we can make it, but you need to know. It's just a guesstimate of where things are going.

是的。相信我，我們只是——這只是一個估計。我們能做到最好，但你需要知道。這只是對事情發展方向的猜測。

Okay. Great. That's helpful. I guess my second question is just going back to sort of the Chicago project. Maybe can you comment on just the latest update on gaming trends around the asset, nearby the assets, what you guys are seeing, what you're hearing?

好的。偉大的。這很有幫助。我想我的第二個問題就是回到芝加哥計畫。也許您可以評論一下有關資產、資產附近的遊戲趨勢的最新更新，你們看到了什麼，聽到了什麼？

And if you can broaden that out to just regional gaming overall. I mean you mentioned PENN, but just curious about what trends you're seeing in regional gaming overall and your views post tariffs.

如果你可以將其擴展到整個區域遊戲。我的意思是您提到了 PENN，但我只是好奇您在整體上看到了區域博彩業的什麼趨勢以及您對關稅的看法。

Sure. Maybe starting in Chicago land area. Look, I think that the trends have been pretty consistent so far this year with the one wrinkle being the recent opening of Wind Creek and the performance there, which I think has done what most people expected it to do, which is take some market share from other competitors.

當然。也許從芝加哥地區開始。你看，我認為今年到目前為止的趨勢相當一致，唯一的問題是最近 Wind Creek 的開業和那裡的表現，我認為這已經達到了大多數人的預期，即從其他競爭對手那裡奪取一些市場份額。

I think we -- talking about Chicago specifically, I think we did notice that the performance last month was up, which is positive. I think there have been some changes there on the Bally side, and I think that we are looking forward to what those might bring to the property going forward.

我認為我們——具體談論芝加哥，我認為我們確實注意到上個月的表現有所上升，這是積極的。我認為 Bally 方面已經發生了一些變化，我們期待這些變化將來會為酒店帶來什麼變化。

More broadly speaking, I think -- look, I think we -- what we hear and what we see from our tenants when we talk to them is very much in line with what you heard on Boyd's call yesterday, which is that they continue to see a resilient customer base, they continue to see assets performing.

更廣泛地說，我認為——看，我認為我們——我們在與租戶交談時聽到的和看到的與你昨天在博伊德的電話中聽到的非常一致，那就是他們繼續看到一個有彈性的客戶群，他們繼續看到資產表現良好。

And at the same time, they're very, very attentive to those trends and what is going on and their ability to pivot and take care and manage their costs if, in fact, they have to do that. So I think we're seeing promising trends right now. And as we all know, that's only good for as many minutes as until the next tweet comes out.

同時，他們非常關注這些趨勢和正在發生的事情，以及在必要時調整、處理和管理成本的能力。所以我認為我們現在看到的是令人鼓舞的趨勢。眾所周知，這只能持續到下一則推文發佈為止的幾分鐘。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

First one is just with regards to the pipeline and your own thinking right now. Has anything changed in terms of what you might want in terms of a yield now versus even like a month or so ago? And just what your thought process is there as you look at deals?

第一個問題只是關於管道和您現在的想法。與一個月前相比，您現在想要的收益有什麼改變嗎？當您考慮交易時，您的思考過程是怎樣的？

I'll go and then anybody else wants to jump in, they can. Look, I think from my perspective, from our perspective, with respect to deals, I think, obviously, we always want to get the most accretive transaction as possible.

我會去，然後任何想加入的人都可以。看，我認為從我的角度來看，從我們的角度來看，就交易而言，我認為，顯然，我們總是希望獲得盡可能最具增值性的交易。

And so when our cost of capital starts to climb, we obviously look to keep the spread intact and increase the cap rate at which we would transact. I will tell you, though, anecdotally, and I think it's important, the counterparties seem more interested in talking right now.

因此，當我們的資本成本開始攀升時，我們顯然希望保持利差不變，並提高交易的資本化率。不過，我會告訴你，根據軼事，我認為這很重要，交易對手現在似乎更有興趣進行談判。

So as you would imagine, as the markets gyrate and stock prices move around and credit spreads move and the treasury moves, discussions which were maybe exploratory and soft in nature seem to be a renewed interest. That doesn't mean that transactions happen. It just means that there's a more attentive counterparty on the other end of the phone. So I would share that with you anecdotally.

因此，正如您所想像的，隨著市場波動、股票價格波動、信貸利差波動和國債波動，原本可能具有探索性和溫和性質的討論似乎重新引起了人們的興趣。這並不意味著交易就會發生。這只是意味著電話另一端有一個更細心的對方。因此我想以軼事的方式與你們分享這一點。

Okay. And then just a quick follow-up on the guidance and just the assumption around the equity settlement at midyear. Is that just a placeholder? Or do you intend to do it that way? It doesn't seem like you necessarily need the money. So just trying to think what --

好的。然後只是對指導和年中股權結算的假設進行快速跟進。那隻是一個佔位符嗎？或者你打算這麼做嗎？看起來你不一定需要錢。所以只是想想想--

So we wanted to give everyone a placeholder for doing your modeling. Clearly, our forwards do expire by August for the majority of them anyway. So we just provided a placeholder.

因此，我們想為每個人提供一個進行建模的佔位符。顯然，我們的遠期合約大部分都會在 8 月到期。所以我們只是提供了一個佔位符。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

I wanted to just maybe get a little more color kind of your thoughts. You mentioned your counterparties being more attentive. I mean do you just put that up to kind of just volatility in interest rates in the overall market? Or is there anything else going on specifically?

我只是想更詳細地了解你的想法。您提到您的交易對手更加細心。我的意思是，您是否只是將其歸因於整個市場利率的波動？或是有其他具體情況發生嗎？

And then maybe just as a part two, you mentioned on your last quarterly call, potentially with higher layoffs from the government that, that could encourage some states to look to issue more gaming license or to initiate gaming legislation. I'm just wondering if you're seeing anything on that end of things.

然後也許只是第二部分，您在上次季度電話會議上提到，政府裁員人數可能會增加，這可能會鼓勵一些州考慮頒發更多的博彩許可證或啟動博彩立法。我只是想知道您是否看到了有關這方面的任何資訊。

I'll take the first one, maybe. With respect to the counterparties, look, I think the interest is, yes, as you highlighted, a lot of it's around what is their alternative capital sources? What could they do with the capital? Where do they find themselves in the current universe. So I think folks who were maybe willing to dip their toe in and find out what they could get done and maybe we're holding out for a very significant price.

也許我會選擇第一個。對於交易對手，我認為興趣是，是的，正如您所強調的，許多都圍繞著他們的替代資本來源是什麼？他們能用這些資金做什麼？他們在當前宇宙中處於什麼位置？所以我認為人們可能願意嘗試一下，看看他們能做什麼，也許我們會以非常高的價格出售。

I think all of a sudden, they've seen that the field and landscape in front of them is changing and maybe they don't need to hold out for the last penny.

我想，他們突然發現，眼前的領域和景觀正在發生變化，也許他們不需要再堅持最後一分錢了。

So I do think there's -- it's just the macro climate has caused people to kind of have a renewed sense of where they sit in the grand scheme of things. With respect to other jurisdictions, I don't know if anybody else.

所以我確實認為──宏觀環境讓人們對自己在宏觀格局中的地位有了新的體會。關於其他司法管轄區，我不知道是否有其他人。

Brandon, do you want to talk about just the regulatory climate?

布蘭登，你只想談監管環境嗎？

Yeah, sure. Well, we are monitoring legislation in a number of different states for different reasons. So you have bills that were proposed in states like Georgia and Alabama that would introduce gaming for the first time. I think those look unlikely in those states. But you have other states where iGaming and VLTs in Illinois and other states.

是的，當然。嗯，出於不同的原因，我們正在監測不同州的立法。因此，喬治亞州和阿拉巴馬州等州提出了首次引入博彩業的法案。我認為在這些州，這種情況不太可能發生。但伊利諾伊州和其他州也有 iGaming 和 VLT。

And we take a very close watch on those for the impacts those could have on the bricks-and-mortar businesses and our tenants. And I think those are all complicated endeavors, and it's different in each state.

我們密切注意這些事件對實體企業和租戶可能產生的影響。我認為這些都是複雜的工作，而且每個州的情況都不同。

So there's a lot of different factions at play when you have those kinds of regulations that are being proposed and you have a lot of different groups that are pushing and pulling on those. And to handicap the legislation in some of these other states will be a bit speculative right now.

因此，在提出這類法規時，會有許多不同的派系參與其中，而且會有許多不同的團體在推動和拉動這些法規。而現在，阻礙其他一些州的立法將有點難以預測。

But I think you're seeing a very intense focus on things like iGaming and supply expansion because people are starting to realize the impacts that those things have, and it's not as simple as just build it and they will come.

但我認為你會看到人們對 iGaming 和供應擴張等事情的關注度非常高，因為人們開始意識到這些事情的影響，而且這並不像建好之後他們就會來那麼簡單。

So I think those are pretty complex. I think you're going to continue to see legislation on iGaming and sports betting. Sports betting is now prevalent in the majority of states. But you'll see it in states that don't have it. And I think you'll continue to see legislation this year and in future years in states that don't have gaming, Georgia, Alabama, South Carolina, North Carolina.

所以我認為這些相當複雜。我認為你將繼續看到有關 iGaming 和體育博彩的立法。體育博彩目前在大多數州盛行。但你會在沒有它的州看到它。我認為今年以及未來幾年，在沒有博彩業的州，如喬治亞州、阿拉巴馬州、南卡羅來納州和北卡羅來納州，你將繼續看到立法。

Now some of those have tribal gaming, but the ones that don't have commercial gaming, I think you'll continue to see those coming up.

現在其中一些有部落遊戲，但是那些沒有商業遊戲的，我想你會繼續看到它們的出現。

Texas in somebody's near lifetime.

某人一生中都會去過德克薩斯州。

Todd Thomas, KeyBanc.

托德·托馬斯，KeyBanc。

I just wanted to follow up a little bit on the investment landscape and sort of thinking about funding future investments, just given the comments that conversations are active around potential new deals. So you have the $400 million of unsettled equity, but you weren't active this quarter at all.

我只是想稍微跟進一下投資前景，並考慮為未來的投資提供資金，因為有評論稱圍繞潛在的新交易的討論很活躍。因此，您擁有 4 億美元的未結算股權，但本季您根本沒有活躍。

And the stock is up on the year, your absolute cost of capital seems to be holding in relatively well. And in the past, you've been fairly proactive about raising capital and prefunding investments. I'm just curious how you're thinking about your equity capital here today.

今年股價上漲，您的絕對資本成本似乎保持得相對較好。過去，您在籌集資金和預先融資投資方面一直相當積極。我只是好奇您今天如何看待您的股本。

Yeah. Todd, our philosophy remains the same. If you look at our business plan for this year, we've got $375 million going out. You've got $400 million-plus coming in from that forward settlement, and you've also got our free cash flow, which is about $200 million per year. So if you look at it in isolation, we're in a cash positive position for calendar year before anything new happens.

是的。托德，我們的理念保持不變。如果你看一下我們今年的商業計劃，你會發現我們的支出為 3.75 億美元。您從該遠期結算中獲得了 4 億多美元的收入，並且還獲得了我們的自由現金流，大約每年 2 億美元。因此，如果單獨來看，在任何新情況發生之前，我們的年度現金狀況都是正數。

And to your point, we're always looking out at least 12 months and thinking about the needs beyond the end of the calendar year and also thinking about our pipeline. And you're right, we've used our ATM program as a tool historically, and we'll continue to have that.

正如您所說，我們總是會展望至少 12 個月，考慮日曆年末之後的需求，同時也考慮我們的管道。你說得對，我們過去一直將 ATM 程式用作一種工具，而且我們將繼續這樣做。

I mean our goal is to continue to prefund, but always to do it in a very measured and balanced way. And if you look at our balance sheet, we've got some flexibility and some capacity. So we're going to continue doing what we did. I wouldn't take this quarter in isolation as any read in any direction, but we're in a very solid place.

我的意思是，我們的目標是繼續預先籌資，但始終以非常謹慎和平衡的方式進行。如果你看一下我們的資產負債表，你會發現我們有一定的彈性和一定的能力。因此我們將繼續做我們正在做的事情。我不會孤立地看待本季的任何走勢，但我們的處境非常穩固。

Okay. And then I just wanted to also -- just following up on the [$375 million] of fundings that are in guidance. I realize it's fluid a little bit, not entirely in your control. And I think that it was initially described as being back-end loaded during the year. But just curious if there are any updated thoughts at this point around the cadence of that amount?

好的。然後，我還想跟進指導中的 [3.75 億美元] 資金。我意識到它有點不穩定，並不完全由你控制。我認為它最初被描述為年內後端加載。但只是好奇目前對於這個數量的節奏是否有任何更新的想法？

And then any early thoughts on how we should think about fundings in '26, just given the timing of Bally Chicago was pushed out into '27 at this point and some of those amounts seem to be spread out a little bit further than we previously may have thought.

然後，對於我們應該如何考慮 26 年的融資，有任何早期想法嗎？因為 Bally Chicago 的時間被推遲到了 27 年，而且其中一些金額似乎比我們之前想像的要分散一些。

I mean I can start with [$375 million] is still back-end loaded. We had only funded about $12 million in the quarter. As far as pushing it out, as I think I said on the last call, we do fund after Bally's has done the work. So therefore, we pushed ours out to '27 because the funding will lag when the actual work is completed and can be reviewed and signed off. So I do think that everything is consistent with what we said on our last call.

我的意思是我可以從 [3.75 億美元] 開始，這仍然是後端加載的。本季我們僅提供了約 1200 萬美元的資金。至於推出它，正如我在上次通話中所說的那樣，我們會在 Bally 完成工作後提供資金。因此，我們將專案期限推遲到 27 年，因為當實際工作完成並可以進行審查和簽署時，資金將會落後。所以我確實認為一切都與我們上次通話時所說的一致。

Jay Kornreich, Wedbush.

傑伊‧科恩賴希 (Jay Kornreich)，韋德布希 (Wedbush)。

Just going back for one follow-up to the Bally Chicago Casino development. Are you expecting any impact just from the recent tariffs maybe increasing the cost of building items and maybe just the overall cost of the total project. Does that -- I guess, does that lead to any changes in your funding commitments if that happens? And any significant impact to how you think about stabilized rent for the overall asset if it does become more expensive or stabilized rent coverage, I mean?

就回去跟進一下巴利芝加哥賭場的開發情況。您是否預計最近的關稅會產生任何影響，可能會增加建築項目的成本，甚至可能增加整個項目的總成本。我想，如果發生這種情況，這是否會導致您的資金承諾發生任何變化？如果整體資產的價格確實變得更高或租金穩定覆蓋率更高，這會對您如何看待穩定租金產生任何重大影響嗎？

It's hard to know just because we're so early in the game. Many of the expensive components have already been ordered and are in hand. We'll get a report somewhere down the road in the next weeks about where they are in purchases and so forth and what's locked in and what is not.

由於我們處於遊戲的早期階段，因此很難知道。許多昂貴的零件已經訂購併到貨。我們將在未來幾週內收到一份報告，介紹他們的購買情況等等，以及哪些東西被鎖定了，哪些東西沒有被鎖定。

The goal, of course, is always to lock in as many of the big contracts as you possibly can, steel, concrete, a lot of the electronics, and coupling equipment and so forth. And that -- a good bit of that has been ordered and is in the queue.

當然，我們的目標始終是盡可能鎖定大合同，包括鋼材、混凝土、大量電子設備、耦合設備等等。其中很大一部分已經下訂單並正在排隊。

So we need more information at our end, frankly, to kind of know just where that is, what percentage is bought out. We'll know that fairly soon and what percentage is still out there.

所以坦白說，我們需要更多資訊來了解具體情況，以及購買的百分比。我們很快就會知道還有多少比例存在。

And a lot of that was domestically sourced. So the tariffs would not have had an impact on that, things like steel would not have had a big -- any impact on that anyway.

其中很多都是國內採購的。因此，關稅不會對此產生影響，鋼鐵等產品不會對此產生重大影響。

Yeah. From a rent perspective, our financing commitment is a locked number. So if you extrapolated a tariff impact, that would just mean that we're buying less assets, but we're spending the same amount of dollars. And therefore, your stabilized rent math will be the same thing because my rent is going to be a function of the amount of spend I have. It would just mean that the return on capital from the valley side of the equation would be worse if they had to actually fund more dollars into the project to get the same amount of EBITDA.

是的。從租金角度來看，我們的融資承諾是一個鎖定的數字。因此，如果推斷關稅的影響，那就意味著我們購買的資產減少了，但花費的金額卻相同。因此，您的穩定租金計算將是相同的，因為我的租金將取決於我的支出金額。這僅僅意味著，如果他們必須向該專案投入更多資金才能獲得相同數額的 EBITDA，那麼等式穀底一側的資本回報率將會更差。

And this tariff thing, as you all know, is pretty fluid. So it's not real clear kind of who, what, where, and when.

眾所周知，關稅問題非常不穩定。因此，我們並不清楚誰、什麼、在哪裡、何時發生的事。

That's the understatement of the day.

這是今天的輕描淡寫。

[When it hits the dollar] --

[當它影響美元時]——

We'll know it when we see it.

當我們看到它時我們就會知道。

Okay. I appreciate that thought. And then just one follow-up. I guess going to the Ione Band investment, it looks like you guys have invested [$18 million out of $110 million] commitment. Just curious of your thoughts on is the pace of investment going along as planned?

好的。我很欣賞這個想法。然後只需進行一次跟進。我想就 Ione Band 投資而言，看起來你們已經投入了 [1.1 億美元中的 1800 萬美元] 承諾。我只是好奇您認為投資進度是否按計劃進行？

And just any overall thoughts about how that progress is going in the overall just general opportunity set of tribal end investments?

您對部落投資在整體機會方面的進展有何整體看法？

Brandon, do you want to do that?

布蘭登，你想這麼做嗎？

Yeah. The Ione investment is going as we had expected. There's a GMP contract there. So I think if there's a question on tariffs and things like that, that's been covered on the Ione project. We were out there recently for a tribal meeting and had an opportunity to see the site. I think that project is going great. We're enthusiastic about that project.

是的。Ione 的投資進展正如我們所預期的。那裡有一份 GMP 合約。因此我認為如果有關於關稅和類似問題的問題，Ione 項目已經涵蓋了這些問題。我們最近去那裡參加一個部落會議，並有機會參觀了該地點。我認為該專案進展順利。我們對那個專案充滿熱情。

And tribal gaming in general, we were out at the Indian Gaming Tradeshow & Convention in San Diego a few weeks ago. We had two days of meetings with a lot of different tribes. And I think there is a healthy level of interest from both tribes and quite frankly, professional tribal advisers in our structure.

對於部落遊戲，幾週前我們參加了在聖地牙哥舉行的印度遊戲貿易展和大會。我們與許多不同的部落舉行了為期兩天的會議。我認為兩個部落都對此有濃厚的興趣，坦白說，我們的組織中還有專業的部落顧問。

And I'm not saying that's things that people are definitively deciding they need, but I think they are recognizing that they need to consider it as part of their overall financing program when they are refinancing debt, entering into expansion programs, doing greenfield investments.

我並不是說人們肯定需要這些東西，但我認為他們認識到，在再融資債務、實施擴張計劃和進行綠地投資時，他們需要將其視為整體融資計劃的一部分。

So we're out there, and we're talking to a lot of folks. I think it will take some time to get traction on additional deals. And to say we will or we won't do additional deals, I don't think we're there yet. But I would say the interest level in tribal country for our financing structure on tribal land is robust at the moment.

所以我們在那裡，與很多人交談。我認為需要一些時間來推動更多交易。至於我們是否會進行額外的交易，我認為我們還沒有做到這一點。但我想說的是，目前部落地區對我們部落土地融資結構的興趣程度很高。

(Operator Instructions)

（操作員指示）

Barry Jonas, Truist.

巴里·喬納斯，Truist。

How do you guys think Bally's risk profile has evolved since you started the relationship?

自從你們開始合作以來，你們認為 Bally 的風險狀況發生了怎樣的變化？

That's an interesting question. I'm looking for somebody who wants to jump on that one.

這是一個有趣的問題。我正在尋找一個願意參與其中的人。

Yeah. Look, I think that we have -- obviously, we have more exposure to them now than we had before, which is stating and obvious. They obviously were more broadly held as a public equity when we started the relationship. That's obviously changed.

是的。看，我認為我們已經——顯然，我們現在比以前更多地接觸它們，這是顯而易見的。當我們開始建立合作關係時，它們顯然被更廣泛地視為公開股權。這顯然已經改變了。

Casino Queen, when we started some of this was in a significantly worse position and Standard General was involved there, which they turned that around. And then now that's part of Bally's. So that's another aspect that has uniquely changed here.

Casino Queen，當我們開始經營這家公司時，它的處境非常糟糕，當時 Standard General 參與其中，扭轉了局面。現在它是 Bally 的一部分。這是這裡發生的獨特變化的另一個方面。

So I think the relationship has continued to evolve. I think we continue to look at it in ways that we can be a cooperative long-term partner while supporting their business and at the same time, making sure we don't take undue risk for our shareholders. And that's partly how we ended up structuring Chicago the way in which we structured it, which is direct funding hard cost as opposed to providing a loan alongside of all the rest of their capital structure.

所以我認為這種關係還在繼續發展。我認為我們會繼續以這樣一種方式來看待這個問題：我們可以成為一個長期合作夥伴，同時支持他們的業務，同時確保我們不會為股東承擔過度風險。這就是我們最終構建芝加哥的方式的一部分，即直接為硬成本提供資金，而不是在所有其他資本結構的同時提供貸款。

So things like that were done in a thoughtful manner. We capped the amount of exposure we had on that financing driven by our underwriting of the asset. So I think we continue to look at it as well as any other tenant relationship we have as we want to be supportive, we want to be helpful and we want to be thoughtful. But all of that is clocked in making sure we take care of our shareholders, not only return, but the risk that the shareholders of ours are taking in any one of these relationships.

所以這樣的事情都是經過深思熟慮後才完成的。我們透過承銷資產來限制我們在該融資中的風險敞口。因此，我認為我們會繼續審視它以及我們與任何其他租戶的關係，因為我們希望提供支持、提供幫助和體貼。但所有這些都是為了確保我們照顧好我們的股東，不僅要回報，還要承擔股東在任何關係中所承擔的風險。

So a lot has changed. But at the same time, I think at the end of the day, we look at a lot of it very similar. We're just much more alert to some of the risks.

所以很多事情都改變了。但同時，我認為最終我們對其中許多內容的看法都非常相似。我們只是對某些風險更加警惕。

Yeah. I'll also say, and I'm not discounting the Bally's parent corporation credit risk as an important and integral component of what we look at. But the underlying assets that we have in our portfolio are strong assets. They're performing very well. And you can see that in the earnings release and the table there and the coverage, the four-wall coverage at those properties is very strong.

是的。我還要說的是，我不會忽視 Bally 母公司的信用風險，它是我們關注的重要且不可或缺的一部分。但我們投資組合中的底層資產都是強勢資產。他們的表現非常出色。您可以在收益報告和表格中看到，這些房產的四面覆蓋範圍非常強大。

So -- and I will say Bally's has in front of them some challenging yet potentially very big opportunities when you look at Chicago, Las Vegas, and other things they do. So they've proven to be a very good partner to us, but I don't want to underestimate the value of the assets that we have in our portfolio and the importance that we place on that.

所以——當你看看芝加哥、拉斯維加斯以及他們所做之事時，我想說的是，Bally 面前有一些挑戰，但潛在的巨大機會。因此，事實證明他們是我們的非常好的合作夥伴，但我不想低估我們投資組合中的資產的價值以及我們對此的重視程度。

Yeah. As you know, we opened two essentially new projects with them at the Hollywood Baton Rouge property, which we completely redeveloped. It's really exceeded all expectations. And the Belle Baton Rouge, of course, is under construction now. The hotel has opened and the gaming facility is a fourth quarter target.

是的。如您所知，我們與他們一起在好萊塢巴吞魯日地產開設了兩個全新的項目，並對其進行了徹底的重新開發。這確實超出了所有人的預期。當然，貝爾巴吞魯日號目前正在建設中。酒店已經開業，博彩設施是第四季度的目標。

It's first rate. It is really, really first rate. So they have single-handedly transformed that market with just going land side and building high-quality property.

這是一流的。這確實真的是一流的。因此，他們僅憑一己之力就改變了這個市場，僅僅透過登陸並建造高品質的房產。

And I don't think it's unique to that market. I think you're seeing with Boyd and others, the transition from boat to land side is proving to be a pretty profitable move. And so that move off the water at the Belle, we'll see how much that grows the market there, but it's proving in other situations to be a good investment.

我不認為這是該市場獨有的。我認為，正如博伊德和其他人所見，從船上到陸地的轉變被證明是一個非常有利可圖的舉措。因此，我們將看看貝爾號的水上運輸對當地市場有多大的成長，但在其他情況下，事實證明這是一項不錯的投資。

Yeah. I think it's spurred PENN to move seriously to going land side where they can. And it's hard to mistake the reality that going landside beats the heck out of the three-storey boats.

是的。我認為這促使賓州大學認真地向陸地方向發展。毋庸置疑，搭乘陸地遊覽比搭乘三層船好得多。

Got it. That's all really helpful. And just as a follow-up, I think you mentioned iGaming before. And I wanted to maybe see if you could talk more about how that factors into your underwriting. I know Sands looks to be exiting New York and they cited cannibalization as a concern.

知道了。這些都非常有幫助。作為後續問題，我認為您之前提到過 iGaming。我想看看您是否可以進一步談談這對您的承保有何影響。我知道金沙集團似乎要退出紐約，他們表示擔心內部蠶食。

Yeah. I'll skip the Sands part because I'm not sure if that was the reason they went or not. I just -- I haven't done any digging into that. But on iGaming, I think we're very cautious with iGaming. There are -- it's obvious that with our bricks-and-mortar portfolio, iGaming on its face would seemingly be dilutive to that and a threat to that revenue.

是的。我將跳過金沙部分，因為我不確定這是否是他們去的原因。我只是——我還沒有深入研究過這一點。但在 iGaming 方面，我認為我們對 iGaming 非常謹慎。有——很明顯，以我們的實體投資組合來看，iGaming 從表面上看似乎會稀釋我們的收入並構成威脅。

That being said, a lot of our leases have parent guarantees. And if you tie the iGaming to the bricks-and-mortar casinos, that may not necessarily be a bad thing for us. If that increases the revenue and strength of our tenants, that's good.

話雖如此，我們的許多租約都有父母擔保。如果將 iGaming 與實體賭場連結起來，這對我們來說未必是壞事。如果這能增加我們租戶的收入和實力，那就太好了。

Where you have iGaming coming into states where you don't have to have any investment in the state. So you really have no employees, you don't have any real skin in the game in any state. Clearly, that's more destructive to us than in the other states.

當 iGaming 進入某個州時，你無需在州內進行任何投資。所以你其實沒有員工，在任何州你都沒有任何真正的利益。顯然，這對我們造成的破壞比對其他州更大。

So I would say, broadly, we're against iGaming. I think there are a lot of public policy reasons why iGaming can be dangerous if it's not regulated as meaningfully as it is at the bricks-and-mortar casinos. I think by having bricks-and-mortar operators be the iGaming licensees, you at least have your hooks as a regulator into those licensees in a manner where they have investments in the states, employees in the states. And so we continue to monitor that.

所以我想說，總的來說，我們反對 iGaming。我認為，如果 iGaming 不像實體賭場那樣受到有效監管，那麼有許多公共政策原因會導致 iGaming 變得危險。我認為，透過讓實體業者成為 iGaming 許可證持有者，你至少可以作為監管機構與這些許可證持有者建立聯繫，因為他們在各州有投資，在各州有員工。因此我們將繼續監控此事。

And as it relates to our underwriting, we have to look at the relative strength of our tenants, and we have to look at the markets where iGaming has been in place for some time, including our own home state of Pennsylvania and see to the extent we believe that ultimately impacts our rent. So in order to impact our rent, iGaming has to have a very dilutive impact on the bricks and mortar. Is it having an impact? Sure, it is. We've seen that.

就我們的承保而言，我們必須考慮租戶的相對實力，還必須考慮 iGaming 已經存在一段時間的市場，包括我們自己的家鄉賓夕法尼亞州，並看看我們認為這最終會對我們的租金產生多大影響。因此，為了影響我們的租金，iGaming 必須對實體店產生非常稀釋的影響。有影響嗎？當然是。我們已經看到了。

Is it strong enough to date to cause us concern as to the stability of our rent? Not at the moment, but we'll continue to look to monitor it.

到目前為止，它的強度是否足以引起我們對租金穩定性的擔憂？目前還沒有，但我們會繼續監控。

Yeah. Let me suggest it's really unconscionable for these states to approve the invaders to arrive at the door and offer iGaming who have no investment in the state whatsoever when those of us in the bricks-and-mortar world have hundreds of millions, if not billions invested in that state so that we will lobby strongly in the future. Look, if you're not -- if you don't have a bricks-and-mortar investment, you ought not to be in the iGaming business.

是的。我認為，這些州批准入侵者上門並向那些在該州沒有任何投資的人提供 iGaming 服務，這實在是不合情理的，而我們這些實體世界中的人已經在該州投資了數億甚至數十億美元，以便我們將來會強烈遊說。你看，如果你沒有實體投資，你就不應該從事 iGaming 業務。

There's a price to be paid. So we'll see how that all plays out. But I maintain it is an unconscionable excess on the part of these states. So we'll continue to lobby hard against iGaming where it's detrimental.

這是需要付出代價的。因此我們將拭目以待這一切將如何發展。但我認為這些州的做法是無良的。因此，我們將繼續大力遊說反對 iGaming，因為它會帶來危害。

Mitch Germain, Citizens.

米奇·傑曼，公民。

How will the accounting for the PENN commitments, if they -- when or if they're done, is that going to be similar to a loan or what you're doing on the development side with capitalized interest?

如果 PENN 承諾已經完成，那麼這些承諾將如何核算？這是否類似於貸款，或者您在開發方面對資本化利息的處理？

Yeah. So it really depends on the timing of when they take our funding. So if the property is open and running when they come to us to ask for the funding, then it will not -- it will just be a normal lease and an add-on to the lease. However, if, in fact, they take it during the development period, we will end up with some of the same accounting that you see with Chicago, which will be capitalization of interest and deferral of any rent collected.

是的。所以這其實取決於他們接受我們資助的時間。因此，如果當他們來找我們要求資金時，該物業已經開業並正在運營，那麼它就不會——它只是一份普通的租約和租約的附加條款。然而，如果他們實際上在開發期間收取這筆款項，我們最終將獲得與芝加哥相同的會計處理，即利息資本化和所收取的任何租金的遞延。

Got you. Okay. That's helpful. And then Desiree, maybe take me to what variables have to occur to bring you to the low end of guidance. It seems like there's absolutely no growth at that if you get there. What kind of has to go wrong to take you to the low end here?

明白了。好的。這很有幫助。然後，Desiree，也許可以告訴我需要發生哪些變數才能讓你達到指引的低端。如果你到達那裡，似乎絕對不會有任何增長。什麼樣的錯誤會讓您陷入低谷？

Right. So to the low end, it would mean that we do not achieve any escalation on our variable escalators for Boyd. We already removed Pinnacle. Also, what happens with -- we now have 900 -- over $930 million of variable rate debt. So what happens with our variable rate on that as well would have to increase pretty significantly from where we are now to get us down to our low end, but that has been pretty volatile.

正確的。因此，就低端而言，這意味著我們無法為 Boyd 實現任何可變自動扶梯的升級。我們已經移除了 Pinnacle。此外，我們現在有 900 億——超過 9.3 億美元的浮動利率債務，會發生什麼情況？那麼，我們的浮動利率也必須從現在的水平大幅上升，才能降至低端，但這一水平一直非常不穩定。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

I wanted to circle back really quickly just on the -- some of the counterparty discussions and more openness to talking with GLPI about different forms of funding. Can you guys help us understand the composition of the projects we're talking about there? I mean are we -- is it more expansions, construction-related financing? Is it full on traditional sale leasebacks for assets that aren't already sort of nailed down within a REIT structure somewhere? Just help us understand maybe what the opportunity set looks like at this point.

我想很快地回顧一下——一些交易對手的討論以及與 GLPI 更開放地討論不同形式的融資。你們能幫助我們了解我們正在談論的項目的組成嗎？我的意思是我們是否有更多的擴張和與建設相關的融資？它是否完全採用傳統的售後回租方式，針對尚未在 REIT 結構內確定的資產？只是幫助我們了解此時機會集是什麼樣的。

Kind of all of the above. But Steve, why don't you --

以上皆是。但是史蒂夫，你為什麼不--

Yeah. I would say I would -- look, my comments were more directed at traditional sale leaseback and M&A, to be honest. Some of the other types of financings you mentioned, like our involvement or any one of our counterparties' involvements in a discussion around a greenfield financing probably yields a better result for the counterparty. So those discussions were -- we were already -- those were already intertwined and those were progressing as you would expect.

是的。我想說我會——看，老實說，我的評論更多是針對傳統的售後回租和併購。您提到的其他一些類型的融資，例如我們參與或我們的任何交易對手參與有關綠地融資的討論，可能會為交易對手帶來更好的結果。因此，這些討論 — — 我們已經 — — 這些討論已經交織在一起，並且正在按照您所期望的方式取得進展。

Things like M&A where maybe I'm interested, maybe I'm not from a counterparty perspective, I think those are the areas where people seem to be a little more open to now discussing in a real tangible way what might have been on the periphery before.

我可能對併購之類的事情感興趣，也許我不是從交易對手的角度出發，但我認為在這些領域，人們似乎現在更願意以切實的方式討論以前可能處於邊緣地位的事情。

Okay. That's helpful. And then just on the balance sheet side, going back to some of Matt's prepared comments in terms of capital funding and that sort of thing. But -- so if I'm not mistaken, you still got the Lincoln Bally's option sitting out there. I think you guys have said you would do that in a sort of 100% debt financed method.

好的。這很有幫助。然後，就資產負債表方面而言，回顧馬特就資本融資和諸如此類的事情所準備的一些評論。但是——如果我沒有記錯的話，你仍然可以選擇林肯巴利。我想你們已經說過，你們會採取某種 100% 債務融資的方式來實現這一目標。

So let's just fast forward and assume that, that happens at some point. Where would you sit leverage-wise based on kind of everything in the mix as of today that we know about? And what would you have to do at that point to fund new growth from there, if you don't mind?

因此，讓我們快進並假設，這在某個時刻發生。根據我們目前所知的所有情況，您的槓桿率處於什麼水平？如果您不介意的話，那麼您到時候要做什麼來為新的成長提供資金呢？

We'll still be well inside of our target leverage of 5.5 times, right, once we fund the $735 million with all debt. I haven't calculated the number, but I'm sure it's right around 5 because we're at 4.7 now. So I think our balance sheet will still be in an extremely strong position post that acquisition.

一旦我們用所有債務籌集到 7.35 億美元，我們仍將遠遠達到 5.5 倍的目標槓桿率。我沒有計算出具體數字，但我確定它就在 5 左右，因為現在是 4.7。因此我認為，收購後我們的資產負債表仍將處於極為強勁的狀態。

Yeah. We have it in this shape in part because we know our forward commitments and pieces like that of the puzzle that we have to think about. So just think about us as we use the ATM to the previous question is kind of chipping away at that on a blended basis.

是的。我們之所以形成這種局面，部分原因在於我們知道我們的前瞻性承諾以及我們必須考慮的難題的碎片。所以想想我們在使用 ATM 時，前面的問題就是在混合的基礎上逐漸解決這個問題。

And in an environment like this, we're not going to stray meaningfully, especially in the higher leverage direction. We're getting a very good spread to our cost of capital, and we want to lock that in for our shareholders.

在這樣的環境下，我們不會出現重大偏離，特別是在更高槓桿的方向。我們的資本成本獲得了非常好的利差，我們希望為股東鎖定這一點。

Daniel Guglielmo, Capital One.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One 的總裁。

So there's a lot of good construction going on at the Bally's and PENN properties. Can you talk about the team's process for keeping up to date and in the know on those projects? And then is there a different level of touch project to project or partner to partner?

因此，Bally 和 PENN 地產上正在進行大量優質建設。您能談談團隊如何及時了解並掌握這些專案進度嗎？那麼，專案與專案之間、合作夥伴與合作夥伴之間的接觸程度是否有所差異？

That's actually a fair question. I guess it depends not surprisingly on the scale of the project, the complexity of the project, things are pretty much on autopilot, for example, in Baton Rouge. Big project, terrific project, but it's well understood and proceeding pretty simply and straightforwardly well. Chicago is in the early phases. It's a bigger project.

這實際上是一個公平的問題。我想這取決於專案的規模和專案的複雜性，事情基本上是自動駕駛的，例如在巴吞魯日。大項目，很棒的項目，但它很容易理解，進展相當簡單直接。芝加哥目前處於早期階段。這是一個更大的項目。

Obviously, it's going to take a lot more attention from us. As I mentioned at the outset, we have detailed our Head of Construction since we're involved in such projects to Chicago, and we expect to spend a lot of time until we're absolutely satisfied that most of the major buys have been done, pricing looks good and the project is well underway. It is now well underway, and we're confident in that.

顯然，這將需要我們投入更多的注意力。正如我在一開始提到的，自從我們參與芝加哥的此類項目以來，我們已經將我們的建築主管詳細安排了過來，我們預計會花費大量時間，直到我們完全滿意，大部分主要採購已經完成，定價看起來不錯，項目正在順利進行。目前進展順利，我們對此充滿信心。

But now we're in the process of trying to buy out the balance of the job, get the balance of the plans drafted, and priced and so forth. So there's a lot going on. And so the bigger the project, the more complex we'll spend more time there. And remember, we're not really -- we're not the developer. Bally's is.

但現在我們正試圖買下剩餘的工作，起草剩餘的計劃，並進行定價等等。所以有很多事情發生。因此，專案越大，越複雜，我們花費的時間就越多。請記住，我們實際上並不是開發商。Bally 的就是。

But because we can and wish to be helpful, we'll pay close attention to that to make sure that project comes out successfully. And I'll look around the table if anyone wants to add anything to that, but it's a matter of need and importance. And so Chicago does rise to the top.

但因為我們能夠並且希望提供幫助，所以我們會密切注意這一點，以確保該專案成功完成。我會看看是否有人想補充什麼，但這是一個必要性和重要性的問題。因此芝加哥確實名列前茅。

We've got a smaller case study, if you look down at Baton Rouge of some of the same points of contact and what was done at the Queen and the outcome we got there.

我們有一個較小的案例研究，如果你看一下巴吞魯日的一些相同的接觸點以及在女王所做的事情以及我們在那裡得到的結果。

Well, the Queen is a little different because we actually built that. We actually did the construction and turnkeyed to Bally's. That's not the case in Chicago. This is their project, and we're monitoring that. So far, of course, there's been no request for a draw from us, and that's fine.

嗯，女王有點不同，因為我們實際上建造了它。我們實際上完成了施工並交給了 Bally's。芝加哥的情況並非如此。這是他們的項目，我們正在監控。當然，到目前為止，我們還沒有提出平局的要求，這很好。

And as I said earlier, I'm always gratified when our tenants reach into their own pocket and put money up, suggest that they got it. So -- but in due time, obviously, that money will be drawn and required without any doubt at all. So it's just a matter of timing. The long way around of saying we do pay attention, but it's proportional to the complexity of the project.

正如我之前所說，當我們的租戶自掏腰包，拿出錢來，並表示他們得到了它時，我總是感到欣慰。所以——但到了適當的時候，顯然，這筆錢將被提取並需要，毫無疑問。所以這只是時間問題。繞遠了說，我們確實關注了，但這與專案的複雜性成正比。

Great. Yeah, I really appreciate all that color, and that makes sense. And then just one more on the counterparty sale leaseback interest. How long does it take from someone dipping a toe into an actual announcement and deal? And do you think we need a little bit more macro stability before we really start to see folks commit and get serious?

偉大的。是的，我真的很欣賞所有這些顏色，而且這很有意義。然後再談一下交易對手售後回租權益。從某人開始嘗試實際宣布訊息並達成交易需要多長時間？您是否認為我們需要更多的宏觀穩定性才能真正看到人們做出承諾並認真對待？

Well, I'll stick my nose on that one. Totally unpredictable. Some deals go in a negotiated in 90 days or less and some take years. I mean it's another unknown. We want to get these things done as quickly as you can.

好吧，我會關注這個。完全無法預測。有些交易在 90 天或更短的時間內完成談判，有些則需要數年時間。我的意思是這又是一個未知數。我們希望盡快完成這些事情。

What's the motivation of the seller, so to speak, what do they need, want or desire. And then I can maybe tell you how long it might take. So -- but that's all over the lot. We want them as fast as possible. 30 days and done would be ideal. But they don't usually go that way.

賣家的動機是什麼，可以這麼說，他們需要什麼、想要什麼或渴望什麼。然後我就可以告訴你這可能需要多長時間。那麼——但這一切都結束了。我們希望他們盡快完成。 30 天完成是理想的。但他們通常不會這麼做。

We wish we had that level of predictability --

我們希望有這樣的可預測性--

Deal. Yeah.

交易。是的。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Just one for me today. I wanted to ask about a deal that we saw this quarter with one of your tenants, Bally's and Star Entertainment. It looked like a pretty complicated multi-tranche convertible note and subordinated debt deal. Wondering your interest kind of working with them on this, just given kind of the risk profile? And then also related to that, your interest in getting into some of these other international markets where there might not be as much competition.

今天我只要一個。我想詢問一下本季我們與你們的一位租戶 Bally's 和 Star Entertainment 達成的一項交易。它看起來像是一筆相當複雜的多期可轉換票據和次級債務交易。考慮到風險狀況，您是否有興趣與他們合作？與此相關的是，您有興趣進入一些競爭可能不那麼激烈的其他國際市場。

I think at this point, we have not been approached by Bally's to participate in the Star transaction, and we haven't done any level of work on that. We're obviously cognizant of it, and we're cognizant on the impact that could have on the overall credit profile of that tenant. But at the moment, we don't really have any more information than that.

我認為目前為止，Bally 還沒有與我們接洽參與 Star 交易，而且我們也沒有為此做任何工作。我們顯然意識到了這一點，我們也意識到這可能會對該租戶的整體信用狀況產生影響。但目前，我們確實沒有更多資訊。

And those assets have come up several times over the course of the last several years. We've looked at them at various points in time, but I don't think that translates into the transaction that Bally's is potentially looking at. So I don't know we'll have much more to add to that until or unless we hear something from Bally's.

過去幾年中，這些資產已經出現過多次。我們曾在不同時間點對它們進行研究，但我不認為這能夠轉化為 Bally 可能正在考慮的交易。因此，除非我們從 Bally 聽到任何消息，否則我不知道我們是否還能再補充更多內容。

And on the international front, we do look at international acquisitions on a regular basis. The things that we have to worry about are the tax consequences of getting the money back to the US, how it impacts our REIT as well as exchange rate risk. But we do look at all of those risks, and we do look at international transactions regularly.

在國際方面，我們確實定期關注國際收購。我們需要擔心的是將資金匯回美國的稅務後果、對我們的房地產投資信託基金的影響以及匯率風險。但我們確實會考慮所有這些風險，並且我們確實會定期審查國際交易。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

This is Ravi Vaidya on the line for Haendel. Can you offer any commentary regarding foot traffic, consumer spend at your properties in light of a slowing macro and the tariffs?

我是 Ravi Vaidya，代表 Haendel 轉達。鑑於宏觀經濟放緩和關稅，您能否對您物業的客流量和消費者支出發表任何評論？

Yeah. So we don't actually get property level information from any of our tenants. So all we can tell you is what you've seen at Boyd's results were very positive that came out. I'm sure we'll get more information as our other tenants release. But we have -- everything I've read to date has been pretty positive in the first quarter. I don't know whether or not that will continue, but we know what you know at this point.

是的。因此，我們實際上並沒有從任何租戶那裡獲得房產層面的資訊。因此，我們只能告訴您，博伊德的成果非常令人欣喜。我相信隨著其他租戶的釋放，我們會獲得更多資訊。但我們已經——到目前為止，我所讀到的關於第一季的一切都相當積極。我不知道這種情況是否會持續下去，但我們知道你現在所知道的事情。

Yeah. Remember, we get no non-public information. You know exactly what we know, and there's no inside track with any of our tenants. Sometimes we wish we had that, but we do not. I think our general expectation is things are fine.

是的。請記住，我們不會獲得任何非公開資訊。您完全了解我們所知道的事情，而且我們與任何租戶都沒有內幕關係。有時我們希望擁有這些，但我們沒有。我認為我們的普遍預期是一切都好。

I'm not remotely -- I'm not losing any sleep over how well our tenants are doing, have high confidence that we'll be perfectly fine with every one of them, frankly.

坦白說，我一點也不——我不會因為我們的租戶過得好而失眠，我非常有信心我們會很好地照顧好每一個租戶。

Got it. Just one more here. Regarding the new deal at Council Bluffs, do you expect PENN to take up to the $150 million? And if they do, do you think they'll take it as rent or as a five-year prepayable term loan?

知道了。這裡再多一個。關於康瑟爾布拉夫斯的新交易，您是否預計賓州大學將承擔高達 1.5 億美元的費用？如果他們這樣做，您認為他們會將其作為租金還是五年可預付定期貸款？

We've left that option to PENN. I think it's too early for us. We have not heard from them as to the final spend in that market or the structure pursuant to which they'll take our money.

我們把這個選擇權留給了賓州大學。我認為對我們來說還太早。我們還沒有聽到他們關於該市場最終支出的消息，也沒有聽到他們接受我們資金的結構的消息。

Yeah. I mean they just wanted to backstop and make it very clear, getting regulatory approval that it could be financed and done. So we've served that purpose. In due time, I'm sure they'll come to us with the request.

是的。我的意思是，他們只是想提供支援並明確表示，獲得監管部門的批准，以確保該專案能夠獲得融資並完成。所以我們已經達到這個目的了。我相信，在適當的時候，他們會向我們提出請求。

Robin Farley, UBS.

瑞銀的羅賓法利。

You've answered most of them, and you did talk a little bit about tribal opportunities already. I guess the takeaway from that is it doesn't sound likely that there'd be a tribal transaction and anything additional in 2025. Is that kind of what the bottom line would be on that?

您已經回答了大部分問題，並且已經談到了一些部落機會。我想由此得出的結論是，2025 年不太可能發生部落交易或任何其他交易。這就是事情的底線嗎？

And then I mean, is it really -- is the opportunity really in tribal only if there's kind of a new development or something, right, maybe not some of the other reasons that we see you doing transactions. Is that sort of fair in terms of expectations?

然後我的意思是，這真的是——只有在出現某種新的發展或某種情況時，部落才有機會嗎？對吧，也許不是我們看到你進行交易的其他一些原因。從期望角度來說，這公平嗎？

Look, I'm not prepared to say that there's no chance that we can get something signed in 2025. I think that is certainly a possibility. I can't give you a probability on it, but I think it's a possibility. And as far as the types of transactions we're looking at, I would say no, it's not all limited to greenfield projects. We have had a lot of conversations that have run the gamut from expansion opportunities to refinancing debt to greenfield opportunities.

聽著，我還沒準備好說我們沒有機會在 2025 年簽署任何協議。我認為這當然是有可能的。我無法給你一個機率，但我認為這是可能的。至於我們正在考慮的交易類型，我想說，不，它並不僅限於綠地專案。我們進行了很多對話，涉及從擴張機會到債務再融資到綠地投資機會等各個方面。

So I don't think the uses of capital are significantly different than the uses of capital in a commercial transaction, quite frankly. The one type of deal you don't get is just a traditional sale leaseback, but we could have those too. We haven't had those conversations where somebody just wants cash for no use, specific use, but I think that's certainly possible.

因此坦白說，我認為資本的用途與商業交易中的資本用途並沒有顯著不同。您無法獲得的一種交易類型是傳統的售後回租，但我們也可以提供這種交易。我們還沒有進行過這樣的對話，有人只是想要沒有用途、沒有特定用途的現金，但我認為這當然是可能的。

And I think part of the determination that some of these tribes need to make is not unlike a commercial facility of -- when you have your debt stack, you have to think about how valuable a long-term piece of debt is to your overall financial picture and your growth opportunities and your goals and your strategies. And to date, that hasn't been available to tribes on tribal land, and we have a structure that's making that possible. And it's a new conversation.

我認為這些部落需要做出的決定與商業設施不同——當你有債務時，你必須考慮長期債務對你的整體財務狀況、成長機會、目標和策略有多大價值。到目前為止，部落土地上的部落還無法享受這項福利，而我們有一個結構可以實現這一目標。這是一場新的對話。

So it's not only with tribes, but quite frankly, a lot of it is with professional tribal advisers who advise these tribes on their financing packages and their debt stacks and how to approach these things. And those conversations are ongoing, and I'm optimistic that we'll be able to make something out of those, but we're still in a wait-and-see mode. But I wouldn't say necessarily 2025 is out of the picture.

因此，這不僅與部落有關，而且坦白說，很多時候都需要專業的部落顧問為這些部落提供有關融資方案和債務堆積以及如何處理這些事情的建議。這些對話仍在進行中，我樂觀地認為我們能夠從中取得一些成果，但我們仍處於觀望狀態。但我並不認為 2025 年就不可能實現。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Maybe just a question on new supply. As you guys think about that, what it means for your own construction opportunities and competition for existing properties, I guess, what's your expectation for new supply of regional gaming maybe over the next three years? And do you even have much or any visibility on that?

也許只是關於新供應的一個問題。你們想想，這對你們自己的建設機會和現有物業的競爭意味著什麼，我想，你們對未來三年區域博彩業新供應的預期是什麼？您對此有什麼了解嗎？

I don't know that we have any more visibility than you do at this point. As you've seen, states that were limited license jurisdictions have found ways to be not limited license jurisdictions. So here in Pennsylvania, we've had expansion of supply in the last five years. Illinois has had expansion of supply.

我不知道我們現在是否比你們有更高的知名度。如您所見，曾經限制許可管轄權的州已經找到了不再限制許可管轄權的方法。因此，在賓州，我們過去五年來一直在擴大供應。伊利諾伊州的供應量已經擴大。

And so I think it's certainly possible in states that we may not be predicting at the moment. I do believe in the Southeastern part of the United States in the next two to four years, you will see some expansion of gaming.

所以我認為，在我們目前無法預測的州，這種情況肯定有可能發生。我確實相信，在未來兩到四年內，美國東南部地區將會看到遊戲產業的擴張。

There are states there, obviously, that don't have commercial gaming to date, and there are a lot of folks that are pushing for that down there. Next year being an election year, we'll make that more of a challenging environment for a new piece of gaming legislation. But I think you'll see expanded supply in the Southeastern part of the United States in the coming years.

顯然，有些州至今還沒有商業博彩，也有很多人正在推動商業博彩。明年是選舉年，我們將為新的博彩立法創造更具挑戰性的環境。但我認為未來幾年你會看到美國東南部的供應增加。

Look, and our job, of course, is to be close to every and all opportunities coast to coast. I mean that's it. And so we want to be a player in every case, stay on top of that stuff, have lobbyists in place. We ourselves spend time in these various states that look possible. I was going to say likely, but look possible. So yeah, we stay -- as the expression goes, we stay close to the hoop.

你看，我們的工作當然是從東岸到西岸，抓住每一個機會。我的意思是就是這樣。因此，我們希望在每種情況下都發揮重要作用，掌握最新動態，並派遣說客。我們自己花時間處於這些看似可能的各種狀態。我本來想說“很可能”，但看起來有可能。是的，我們待在──正如俗話所說，我們待在靠近籃框的地方。

Yeah. We monitor this very closely because it's part of our underwriting. So any time we're looking at a new project, we don't just look at that project and in that market. We're thinking five years ahead, 10 years ahead, where can the competition come? Where is the new supply likely to come?

是的。我們對此進行密切監控，因為這是我們承保的一部分。因此，每當我們在考慮一個新項目時，我們不僅僅關注該項目和該市場。我們思考未來五年、十年，競爭又會如何發展？新的供應可能來自哪裡？

What markets are currently underserved that could open themselves to new supply. So it is part of the overall underwriting process here at the company to make sure we're thinking ahead about how new supply could impact a deal today because we're entering into transactions for the long term, not the short term. And so this is something we do follow very closely.

目前服務不足的市場有哪些可以開放新的供應。因此，這是公司整體核保流程的一部分，以確保我們提前考慮新供應如何影響今天的交易，因為我們正在進行長期交易，而不是短期交易。所以我們確實密切關注此事。

Got it. And then, Peter, you mentioned earlier how some deals take like 90 days, other takes years, which I would totally believe. I was wondering if you could talk a little bit whatever you could tell us about the pipeline today and kind of just like what's active versus put on hold given macro volatility right now? Or have you -- to what extent have you seen some potential partners say, you know what, let's revisit in a while, and we're going to pause conversation for now?

知道了。然後，彼得，你之前提到過，有些交易需要 90 天，有些則需要數年，我完全相信。我想知道您是否可以稍微談談今天的管道情況，以及考慮到目前的宏觀波動，哪些管道是活躍的，哪些管道被擱置了？或者您是否——在多大程度上看到一些潛在合作夥伴說，您知道嗎，我們過一會兒再討論，我們現在暫停對話？

There's not much I can tell you about that. I really -- as you know, I can't say too much. But I'll give you this one story. There was a particular property owner in another state that had properties that I really desired. And every year, I'd go talk to that person, sometimes a couple of times a year and year in, year out, and he was so well off and it is true.

關於這一點我能告訴你的不多。我真的——如你所知，我不能說太多。但我會給你講這個故事。另一個州有一位特定的業主，他擁有我非常想要的房產。每年我都會去找那個人談話，有時一年幾次，年復一年，他過得很富裕，這是真的。

He didn't need the money. He said, I have no place to put it. I just don't need it. I think after three or four years, I finally gave up. And then a year or two later, made a deal with somebody else because they just happened to be there at the right time at a time when he decided to do something.

他不需要錢。他說，我沒有地方放。我根本不需要它。我想三、四年後我終於放棄了。一兩年後，他與其他人達成了協議，因為當他決定做某事時，他們恰好在正確的時間出現。

So our job, as we said earlier, is to stay close to opportunity and basically never give up and make sure that you're there because there's often a day when that person decides for reasons or state reasons and who knows that now they're ready to transact. And we want to be there with close at hand. So that really characterizes our job and responsibility in looking at opportunities, completely unknown beyond that. Our job is to dig them up, keep close, hope to get lucky.

因此，正如我們之前所說，我們的工作是緊跟機遇，基本上永不放棄，並確保你在那裡，因為總有一天，那個人會因為某些原因或國家原因而做出決定，誰知道現在他們已經準備好進行交易了。我們希望就在我們身邊。所以這確實體現了我們的工作和責任，即尋找機會，除此之外完全未知。我們的工作就是把它們挖出來，密切關注，希望有好運。

Yeah, there are some groups that the macro uncertainty may impact, maybe some of the larger public companies that Steve mentioned, maybe are slower to do big things in an environment without the certainty. But there's a lot of catalysts and there's a lot of other groups out there that are doing things that need to do things. So the comments about us being more relevant in a volatile environment, we'll go back to.

是的，有些群體可能會受到宏觀不確定性的影響，也許是史蒂夫提到的一些較大的上市公司，在缺乏確定性的環境中，做大事的速度可能會比較慢。但是有很多催化劑，還有很多其他團體正在做需要做的事情。因此，我們將回顧關於我們在動盪環境中更具相關性的評論。

It's just getting to the finish line with folks, but we certainly have encouraging conversations in a backdrop like this. And our letter head is very valuable. I mean, with that balance sheet behind it, especially for some of the things that are out there for a counterparty.

這只是和大家一起到達終點線，但在這樣的背景下，我們肯定會進行令人鼓舞的對話。我們的信頭非常有價值。我的意思是，有了這個資產負債表，特別是對於交易對手來說，就可以知道一些事情了。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

You've talked in the past about your relationship with Cordish on prior calls. But now that the Petersburg, Virginia casino has broken ground, do you have any renewed interest in a 20% equity co-investment there? If not, why? And when would you have to make that investment if you choose to?

您之前在通話中談到您與 Cordish 的關係。但是現在弗吉尼亞州彼得斯堡的賭場已經破土動工，您是否對在那裡進行 20% 的股權共同投資有新的興趣？如果不是，為什麼？如果您選擇投資的話，您什麼時候必須進行投資？

That is a difficult thing to answer. So I'm looking to bail out. I'm going to give it to Brandon.

這是一個很難回答的問題。所以我想尋求救助。我要把它交給布蘭登。

Well, I think they're in the process of correcting their temporary structure down there. And we can't say too much more about the Virginia opportunity and our thoughts on our investment, potential investment, any investment there at the present time. You can ask the same question, Greg, on the next call, and maybe we'll have a better answer.

嗯，我認為他們正在修復那裡的臨時結構。我們不能透露太多有關維吉尼亞的機會以及我們對目前在那裡的投資、潛在投資和任何投資的想法。格雷格，你可以在下次通話時問同樣的問題，也許我們會得到更好的答案。

Yeah, I kind of figured it'd be something like that.

是的，我有點想到它會是那樣的。

I used to say one question, do you look at this? Do you look at that? I would say if it's alive and breathing, we're probably looking at it. That doesn't mean -- it's the biblical sense, many are called, but few are chosen. And that's sort of the challenge for us always to stay close.

我以前說過一個問題，你看這個嗎？你看了那個嗎？我想說，如果它還活著並且還在呼吸，我們可能會觀察它。這並不意味著──這是聖經的意思，被召喚的人很多，但被選中的人很少。這對我們來說是一個挑戰，讓我們始終保持密切聯繫。

Thank you. We have reached the end of the question-and-answer session. I would now like to turn the floor back over to management for closing comments.

謝謝。問答環節已結束。現在我想將發言權交還給管理階層，請他們發表最後評論。

Well, that's pretty simple. We thank all of you who have dialed in this morning to many of the questions asked. Stay tuned. Maybe by next quarter, we'll be able to give you some more color. And we thank you. See you next quarter.

嗯，這很簡單。我們感謝今天早上撥通電話回答我們提出的問題的所有人。敬請關注。也許到下個季度，我們就能為您提供更多細節。我們感謝您。下個季度見。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。