Gaming and Leisure Properties Inc (GLPI) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Gaming and Leisure Properties, Inc., second-quarter 2025 earnings conference call and webcast. (Operator Instructions)

大家好，歡迎參加 Gaming and Leisure Properties, Inc. 2025 年第二季財報電話會議和網路廣播。（操作員指示）

It is now my pleasure to introduce your host, Joe Jaffoni, Investor Relations. Thank you. You may begin.

現在我很高興介紹主持人、投資者關係部喬·賈福尼 (Joe Jaffoni)。謝謝。你可以開始了。

Thank you, Shamali, and good morning, everyone. And thank you for joining Gaming and Leisure Properties second-quarter 2020 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，Shamali，大家早安。感謝您參加遊戲和休閒地產 2020 年第二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. 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.

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

We encourage listeners to review the more detailed discussions related to risk factors and forward-looking statements contained in the company's filings with the SEC, including its Form 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.

我們鼓勵聽眾查看公司向美國證券交易委員會提交的文件（包括其 10-Q 表）和收益報告中包含的與風險因素和前瞻性陳述相關的更詳細討論，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. Also joining today's call are Brandon Moore, President and Chief Operating Officer; Desiree Burke, Chief Financial Officer and Treasurer; and Steve Ladany, Senior Vice President and Chief Development Officer.

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彼得·卡利諾 (Peter Carlino)。參加今天電話會議的還有總裁兼營運長 Brandon Moore、財務長兼財務主管 Desiree Burke 和資深副總裁兼首席開發長 Steve Ladany。

With that, it's my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

我很高興將電話轉給 Peter Carlino。彼得，請繼續。

Well, thank you, Joe, and good morning, everyone. We're pleased to announce another good quarter where most everything that we're working on has been moving according to plan.

好吧，謝謝你，喬，大家早安。我們很高興地宣布，我們又迎來了一個良好的季度，我們正在進行的大部分工作都按計劃進行。

I promised you last quarter that we would achieve and should achieve a very strong year in calendar year '25. That's still the case.

我上個季度向你們承諾，我們將在 2025 年取得並應該取得非常強勁的業績。至今仍是如此。

Timing, unfortunately, doesn't always align with our four quarterly calls. So stay tuned, we still stand by that. In the meantime, in this seemingly quiet quarter, we achieved a record year-over-year revenue, AFO, adjusted EBITDA, and -- so lots of good stuff happening, which we are excited to report as this year unfolds.

不幸的是，時間並不總是與我們的四次季度電話會議一致。所以請繼續關注，我們仍然堅持這一點。同時，在這個看似平靜的季度裡，我們實現了創紀錄的同比收入、AFO、調整後EBITDA等等——很多好事發生，我們很高興在今年報告這些情況。

With that, I'm going to quickly move to Desiree Burke. And Desiree, please go ahead.

有了這些，我很快就會轉向 Desiree Burke。還有 Desiree，請繼續。

Sure. For the second quarter of 2025, our total income from real estate exceeded the second quarter of 2024 by over $14 million. This growth was driven by increases in cash rent of over $22 million resulting from acquisitions and escalation.

當然。2025 年第二季度，我們的房地產總收入比 2024 年第二季高出 1,400 多萬美元。這一成長是由收購和升級導致的超過 2,200 萬美元的現金租金成長所推動的。

So we have Bally Chicago land, $5 million; the Tropicana funding, $1 million; Kansas City and Shreveport, $8 million; Rockford loan, $1 million; strategic acquisition, $1 million; Ione loan, $0.6 million; and the recognition of escalators and percentage rent adjustments added $4.9 million of cash income.

因此，我們有 Bally Chicago 土地，500 萬美元；Tropicana 資金，100 萬美元；堪薩斯城和什里夫波特，800 萬美元；Rockford 貸款，100 萬美元；戰略收購，100 萬美元；Ione 貸款，60 萬美元；自動扶梯和百分比租金調整的確認增加了 490 萬美元的確認收入。

The combination of non-cash revenue growth, such investment in lease adjustments, and straight-line rent adjustments partially offset these increases, driving a collective year-over-year decrease of approximately $8.2 million.

非現金收入成長、租賃調整等投資以及直線租金調整等因素部分抵消了這些成長，導致年比整體減少約 820 萬美元。

Our operating expenses increased by $65.6 million, primarily resulting from a non-cash adjustment in the provision from credit losses due to a more pessimistic forward-looking economic forecast that is used in the estimation. It should be noted that all our rent payments are current from all of our tenants.

我們的營運費用增加了 6,560 萬美元，主要原因是由於估算中使用的前瞻性經濟預測更為悲觀，導致信貸損失準備金進行了非現金調整。值得注意的是，我們所有的租金都是來自所有租戶的當前支付。

For the company's development properties, just a reminder that we continue to capitalize interest and defer all rent during the development for financial reporting purposes. However, we do add back that rent and deduct that interest in deriving at AFFO.

對於公司的開發物業，需要提醒的是，出於財務報告目的，我們在開發期間繼續將利息資本化並推遲所有租金。然而，我們確實加回了該租金，並扣除了 AFFO 產生的利息。

In today's release, our full-year 2025 AFFO guidance is ranging $3.85 to $3.87 per diluted share in OP units. Please note that our guidance does not include future transactions. However, it does include our anticipated funding of $130 million from the Joliet relocation project as well as $375 million for development projects, with approximately $338 million remaining at the fund during the second half of 2025.

在今天的發布中，我們對 2025 年全年 AFFO 的預期為每股 OP 單位攤薄收益 3.85 美元至 3.87 美元。請注意，我們的指導不包括未來的交易。不過，它確實包括我們預計從喬利埃特搬遷項目獲得的 1.3 億美元資金以及用於開發項目的 3.75 億美元，2025 年下半年該基金還剩餘約 3.38 億美元。

Our rent coverage ratios range from 1.69 to 2.72 in our master leases as of the end of the prior quarter end.

截至上一季末，我們的主租約租金覆蓋率為 1.69 至 2.72。

With that, I'll turn it back to Peter.

說完這些，我就把話題轉回給彼得。

Thanks, Desiree. And with that, we'll move to questions. Operator?

謝謝，Desiree。接下來，我們將開始提問。操作員？

(Operator Instructions) John Kilichowski, Wells Fargo.

（操作員指示）富國銀行的 John Kilichowski。

I just wanted to start by revisiting your interest in the Lincoln call option at the end of next year.

我只是想先重新審視您對明年年底林肯看漲期權的興趣。

It still remains and something we're counting on. What can we tell you about that?

它仍然存在並且是我們依賴的東西。關於這一點我們能告訴你什麼呢？

Well, I'm just getting a fair bit of interest on my end from investors, and I wanted to get your thoughts on this and really Bally's as a tenant. Fitch recently downgraded them to ratings watch negative based on negative free cash flow assumptions for '25 and '26.

好吧，我從投資者那裡得到了相當多的興趣，我想聽聽你對此的看法，以及作為租戶的 Bally 的看法。惠譽最近根據 2025 年和 2026 年的負自由現金流假設，將其評級下調至負面觀察。

So it seems like the only way to plug that funding gap would be with that sale leaseback capital. So I just want to hear about how you think about growing with them as an operator when one of their only solutions to keep them out of default is to grow exposure to them.

因此，填補資金缺口的唯一方法似乎是利用售後回租資本。因此，我只是想聽聽您如何看待作為運營商與他們一起成長，而他們避免違約的唯一解決方案之一就是增加對他們的曝光度。

Brandon?

布蘭登？

Yeah. I mean, I think that when it comes to Lincoln as it relates to Bally, as everybody knows, we still -- we currently own a large portion of the Bally's real estate portfolio as it is. So the question for us is, in my mind, is Lincoln an asset we'd like to own at that cap rate, in that price, in that market?

是的。我的意思是，我認為當談到林肯與 Bally 的關係時，正如大家所知，我們仍然 - 我們目前擁有 Bally 房地產投資組合的很大一部分。所以在我看來，我們的問題是，以這樣的資本化率、這樣的價格、這樣的市場，林肯是我們願意擁有的資產嗎？

So we have to evaluate that asset and say, is it an asset we'd like to own and add to that portfolio? And does it make that portfolio stronger? What does it do to that portfolio?

因此，我們必須評估該資產，並說，它是我們想要擁有並添加到該投資組合中的資產嗎？這是否會使投資組合更加強大？它對投資組合有何影響？

And as that opportunity becomes available to us, we are doing market studies and market research and taking a fresh look at that property to make sure that the economics that we've negotiated are still something that we think is accretive and good for the portfolio we own.

當我們獲得這樣的機會時，我們會進行市場研究和市場調查，重新審視該資產，以確保我們協商的經濟效益仍然具有增值性，並且有利於我們擁有的投資組合。

So we recognize the challenges that people have with Bally's and our exposure to Bally's in Chicago and Las Vegas and the various projects we're working on. But we're looking at Lincoln on a property level and determining whether that's a property we think is value additive to our portfolio.

因此，我們認識到人們在 Bally 面臨的挑戰、我們在芝加哥和拉斯維加斯對 Bally 的了解以及我們正在進行的各種項目。但我們從房地產角度審視林肯，並確定這是否是我們認為可以增加我們投資組合價值的房地產。

Brad Heffern, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧赫弗恩 (Brad Heffern)。

On Bally's Bronx, the Bally stock cited a $2.5 billion commitment from GLPI. I know that specific project has a pretty uphill battle to approval. But given what you were talking about, about the risk-reward of Lincoln, which is significantly smaller, I guess, how do you think about the risk-reward balance for that type of commitment to Bally's for this project or any others, just given the leverage and funding concerns?

在 Bally 的布朗克斯區，Bally 股票引用了 GLPI 的 25 億美元承諾。我知道這個具體項目要獲得批准還有很長的路要走。但考慮到您所談論的林肯的風險回報，我想，它要小得多，考慮到槓桿和資金問題，您如何看待對 Bally 的這個項目或任何其他項目做出這種承諾的風險回報平衡？

You want to take that, Steve?

你想接受這個嗎，史蒂夫？

Sure. Yeah. Look, I think with respect to all of the New York projects, we've had a number of conversations with various parties and remain interested across the wide array of projects and would be open to dialogue with multiple parties.

當然。是的。你看，我認為就所有紐約項目而言，我們已經與各方進行了多次對話，並且仍然對廣泛的項目感興趣，並願意與多方進行對話。

I think the reality is right now, where that process sits in the State of New York, your guess is as good as ours as far as which properties ultimately get the license and then how a location next door to you might impact your particular property or not. So once we know where everything is going, I think we'll have a better sense.

我認為現在的現實情況是，紐約州的這一流程，對於哪些房產最終能獲得許可證，以及您隔壁的地點會如何影響您的特定房產，您的猜測和我們一樣好。因此，一旦我們知道一切進展如何，我想我們就會有更好的判斷。

I think the way the process work, most parties have asked for highly confident type of letters from whether it be banks or real estate financing partners or any type of financing partner. So I think with respect to our relationship with Bally's in New York, as you know, we have the ROFR that still exists in the State of New York for all of New York, not just for downstate.

我認為，按照流程運作的方式，大多數各方都要求銀行、房地產融資合作夥伴或任何類型的融資合作夥伴提供高度自信的信件。因此，我認為，就我們與紐約 Bally's 的關係而言，正如您所知，我們擁有紐約州對整個紐約州（而不僅僅是紐約州南部）的 ROFR 權利。

And so with that, we have -- we're well positioned to be able to provide and evaluate real estate opportunities and financing opportunities there. So look, we're open to discussions not only with Bally's, but with other parties; and we've had many of those. It just so happens in this particular instance versus others, they elected to use our name in their application versus using the bank's.

因此，我們有能力提供和評估那裡的房地產機會和融資機會。所以，我們不僅願意與 Bally 進行討論，也願意與其他方進行討論；而且我們已經進行過多次這樣的討論。只是在這個特定情況下，與其他情況不同，他們選擇在申請中使用我們的名字，而不是銀行的名字。

Let me add and highlight something Brandon said earlier, and that is that if we look at these projects on a property-by-property, project-by-project basis and underwrite them in a freestanding sense so that they have to stand on their own merits.

讓我補充並強調布蘭登之前說過的一點，那就是如果我們逐個地產、逐個項目地看待這些項目，並以獨立的方式承保它們，那麼它們就必須有自己的優點。

And I think we ask ourselves, is this a property we can put back if it - under any circumstance? Is strong enough? So we look at it one at a time.

我想我們會問自己，無論何種情況下，這都是我們可以歸還的財產嗎？夠強嗎？因此我們一次只看一個。

Okay, got it. And then on the Casino Queen lease combination, can you give some insight into the give and take there? I assume you would have preferred to keep the Bally's corporate guarantee, but then you were able to get this incentive for them to keep the leverage below 5.5x. So I guess, how do you see those changes netting out?

好的，明白了。那麼，關於 Casino Queen 租賃組合，您能否透露其中的得失？我猜你本來更願意保留Bally的公司擔保，但你卻獲得了激勵措施，讓他們將槓桿率保持在5.5倍以下。所以，你認為這些改變最終會帶來什麼結果？

Yeah. I'll start there because I do think there's some confusion with our wording in the press release. Bally's Master Lease II, we still have the parent guarantee. It's on the Casino Queen lease that we took the St. Louis property and the Baton Rouge property out of that lease and moved it to Bally's Master Lease II.

是的。我先從這裡開始，因為我確實認為新聞稿中的措辭有些令人困惑。Bally 的 Master Lease II，我們仍然擁有母公司擔保。在 Casino Queen 租約中，我們將聖路易斯房產和巴吞魯日房產從租約中剝離出來，並轉移到 Bally 的主租約 II 中。

So it's really only that residual lease of Casino Queen, which leaves The Belle project as well as Marquette, that is without the parent guarantee. But it does have a guarantee from Bally's entities underneath. And the reason that we did that was to accommodate Bally's, and we had proposed to do that because it was in an unrestricted group versus a restricted group within their credit facility.

因此，實際上只有 Casino Queen 的剩餘租約（剩下 The Belle 項目和 Marquette 項目）沒有母公司擔保。但它確實得到了 Bally 實體的擔保。我們這樣做的原因是為了適應 Bally 的要求，我們之所以提議這樣做，是因為它屬於 Bally 信貸安排中的非限制組，而不是限制組。

Barry Jonas, Truist Securities.

巴里·喬納斯（Barry Jonas），Truist Securities。

This is Jeremy on for Barry. Curious how you guys think about the pending [intralot] transaction and how that changes Bally's credit profile?

這是傑里米 (Jeremy) 取代巴里 (Barry)。好奇你們如何看待待決的 [intralot] 交易以及這將如何改變 Bally 的信用狀況？

I'll give that to Steve.

我會把它交給史蒂夫。

Sure. So look, I think from our perspective, I think there are probably two major potential benefits that Bally's will receive from the Games's intralot transaction. One is, from a liquidity perspective, obviously, there's a large amount of proceeds that would come back to Bally's.

當然。所以，我認為從我們的角度來看，Bally's 可能會從奧運場內交易中獲得兩大潛在利益。一方面，從流動性角度來看，顯然有大量收益將回歸 Bally。

And Dave indicated to the world that the intent was to pay down secured debt. So I think from our perspective, I think that that liquidity infusion allows for debt pay down. And ultimately, it provides better collateral coverage for whatever secured debt remains in place thereafter.

戴夫向全世界表示，其意圖是償還擔保債務。因此，我認為從我們的角度來看，注入流動性可以減少債務。最終，它為此後剩餘的任何擔保債務提供了更好的抵押保障。

I think from our GLPI perspective, I think we believe that with the material paydown occurring, it probably does make it an easier path to removing the prohibition on the Lincoln sale leaseback, which would, in turn, provide $735 million of total proceeds to Bally's provided that deal got done.

我認為從我們的 GLPI 角度來看，隨著實質償還的發生，它可能確實為取消林肯售後回租的禁令提供了一條更容易的途徑，而如果交易完成，這將為 Bally's 帶來 7.35 億美元的總收益。

So I think there are a number of benefits. Another one I would highlight probably is just that the refinancing risk on their secured debt, which I think was an overhang for the company in 2026, is now reduced by the material paydown. So I think from our perspective, we view it as a positive outcome.

所以我認為這有很多好處。我想強調的另一點可能是，他們的擔保債務的再融資風險，我認為這是該公司 2026 年面臨的一個問題，現在由於實質償還而降低了。因此我認為從我們的角度來看，這是一個正面的結果。

Got it. That's super helpful. And then just one quick follow-up. Peter, curious to get your thoughts on the Big Beautiful Bill and implications for REITs as well as your tenants.

知道了。這非常有幫助。然後只需快速跟進一次。彼得，我很好奇你對《大美麗法案》的看法以及它對房地產投資信託基金和你的租戶的影響。

Boy, I'm not sure I'm the best person at this table to answer that question. I don't think we've gotten really around to getting a grasp on the full impact of that. Des, what do you --

天哪，我不確定我是不是這張桌子上最適合回答這個問題的人。我認為我們還沒有真正掌握這件事的全部影響。Des，你覺得--

There's discussions about how it impacts REITs. But for GLPI, it will have very little impact on GLPI. And I really haven't spoken to any of our tenants about how they're viewing the bill for themselves. But clearly, the tax rate remaining lower from a corporate perspective is a positive.

有關於它如何影響房地產投資信託基金的討論。但對於GLPI來說，它對GLPI的影響很小。我確實沒有和任何一位租戶談論過他們自己對這項法案的看法。但顯然，從企業角度來看，稅率維持較低是件好事。

I haven't heard any negative. So we'll look at the table, and I think we all feel likewise.

我沒有聽到任何負面消息。因此我們看一下表格，我想我們都有同樣的感受。

Robin Farley, UBS.

瑞銀的羅賓法利。

I wanted to go back to the provision for credit losses in the quarter. It's a large one relative to what you've done historically. You mentioned that nobody is delayed on payments. I think in your annual filings, it looks like a lot of the provisions for credit loss is based on commercial real estate price index changes.

我想回顧一下本季的信貸損失準備金。相對於你過去所做的，這是一個很大的挑戰。您提到沒有人拖欠付款。我認為在您的年度文件中，許多信貸損失準備金似乎都是基於商業房地產價格指數的變化。

And I don't know if they've released Q2 data yet. So I don't know if you could give us some color on that provision, that expense this quarter?

我不知道他們是否已經發布了第二季的數據。所以我不知道您是否可以向我們詳細介紹本季的這項規定和費用？

Sure. So we use Oxford Economics, and we use a very detailed model that is done by a third party called Trop -- Trep, sorry. But the GDP forecast that is in that Oxford Economic assumptions declined from the prior quarter.

當然。因此，我們使用牛津經濟學，並使用由第三方 Trop（抱歉，是 Trep）製作的非常詳細的模型。但牛津經濟研究院的GDP預測值較上一季下降。

So they give you a base case, a downside case, and an upside case. The upside case and the base case weren't too bad, but the downside case -- and they referenced the uncertainty caused by tariffs as a reason for their downside case showing a decrease in GDP growth as well as they're showing the CRE index growth declining from what it looked like prior quarter. It was still increasing, but it was a decline quarter over quarter, which caused the charge.

所以他們會給你一個基本情況、一個不利情況和一個有利情況。上行情況和基準情況都不算太糟糕，但下行情況——他們提到關稅造成的不確定性是下行情況的原因，顯示 GDP 增長下降，並且 CRE 指數增長較上一季有所下降。雖然仍在增長，但環比有所下降，從而導致了收費的增加。

Look, anything can happen in the next quarter. But these are all based on assumptions of where the economy is and where it's going in the future, and not necessarily based on whether or not we're receiving our cash rent, which is why I added that statement in.

瞧，下個季度任何事情都可能發生。但這些都是基於對經濟現狀和未來走向的假設，而不一定是基於我們是否收到現金租金，這就是我添加該聲明的原因。

Yeah, it's an unfortunate requirement, I'll say. It's not a real number. It's not going to -- not anything to be taken with any great fear, but it's a requirement. We do it, but I don't take it seriously.

是的，我會說這是一個不幸的要求。這不是一個實數。這不會——不是什麼需要特別擔心的事情，但這是必要的。我們確實這麼做了，但我並不把它當一回事。

No, that's fine. I just wanted to understand if this is outside the assumptions of an outside economic group rather than something that you're seeing fundamentally. So great.

不，沒關係。我只是想了解這是否超出了外部經濟團體的假設，而不是你從根本上看到的情況。太棒了。

Yeah, it is outside.

是的，它在外面。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Great. Peter, you started off talking about how things are moving according to plan. And so can you talk about just progress towards maybe a tribal deal this year? So I think you've talked about that in the past as maybe something that's in the cards?

偉大的。彼得，你一開始就說事情正在照計畫進行。那麼，您能談談今年在達成部落協議方面取得的進展嗎？所以我認為您過去曾談論過這個也許是有可能發生的事？

Happy to, as much as we can say, but I'll turn that over to Brandon.

我們很高興，盡我們所能，但我會把這個任務交給布蘭登。

Yeah. I will say that we are in advanced discussions with a couple of tribes. I caution that only because any deal that we strike with the tribe will require that to be reviewed by the NIGC and the timing of the NIGC. And therefore, any announcement of a concrete transaction, definitive transaction, will depend on that process.

是的。我想說的是，我們正在與幾個部落進行深入討論。我之所以要提醒這一點，只是因為我們與部落達成的任何協議都需要經過 NIGC 的審查以及 NIGC 的時間表。因此，任何具體交易、最終交易的公告都將取決於該過程。

But we have visited with tribes in Oklahoma, California, New York, Connecticut. We've been around the tour. We have a lot of interest. We're having preliminary discussions with a whole subset of other tribes.

但我們已經拜訪了俄克拉荷馬州、加利福尼亞州、紐約州和康乃狄克州的部落。我們已經到處巡迴演出了。我們非常感興趣。我們正在與其他部落進行初步討論。

And so I think so far, the education process on the type of financing we're willing to provide and what we can offer to tribes and the circumstances under which we can offer it is becoming more well known among the tribal communities. And we're getting a lot of positive feedback.

所以我認為到目前為止，我們願意提供的融資類型、我們可以向部落提供的服務以及我們可以在何種情況下提供的服務等教育過程在部落社區中已經變得越來越廣為人知。我們收到了很多正面的回饋。

But as we said earlier in the year when this came out, this is going to take quite a bit of time. I think that we are seeing some fruits from our labor. But whether or not we can actually get that across the finish line with a couple of these tribes, we'll probably find out in the next few months.

但正如我們在今年早些時候發佈時所說的那樣，這將需要相當長的時間。我認為我們的勞動已經取得了一些成果。但我們是否真的能夠與其中幾個部落一起跨越終點線，我們可能會在接下來的幾個月內找到答案。

Okay. And so would you announce and then take it through that process or you'd have to go through the process before you even announce it? Like how would that work?

好的。那麼，您會先宣布，然後再經過流程，還是必須在宣布之前先經過流程？那會怎麼樣呢？

It's a very good question.

這是一個非常好的問題。

It's a fair question. I think in some ways, it depends on the tribe and the operator, if there's a third-party operator, and their motivation. So for example, if somebody else wants to put it out there, we will indicate that we are part of it and our role in it.

這是一個公平的問題。我認為在某些方面，這取決於部落和運營商（如果有第三方運營商）及其動機。舉例來說，如果其他人想要把它放在那裡，我們就會表明我們是其中的一部分，並且我們在其中扮演著重要的角色。

I guess if we had our way, we probably would wait until we had a concrete transaction through the NIGC to roll it out to the market just so we don't get people stirred up in one direction and then ultimately have to back off of it. So I think it will depend on the facts and circumstances of the project and whether or not that project is going to be public anyway.

我想，如果我們能如願以償，我們可能會等到透過 NIGC 達成具體交易後再將其推向市場，這樣我們就不會讓人們被激怒到某個方向，最終不得不放棄。所以我認為這將取決於項目的事實和情況，以及該項目是否要公開。

I would add -- this is Steve. I would add, though. I agree with everything Brandon said. The one thing I would preface our thinking is, I don't think there's a scenario right now where GLPI would fund any portion of a transaction absent the NIGC final approval in hand.

我想補充一下——這是史蒂夫。不過，我想補充一下。我同意布蘭登所說的一切。首先我想說的是，我認為目前不存在 GLPI 會在沒有 NIGC 最終批准的情況下為任何交易部分提供資金的情況。

So that is one nuance. I know that some other deals have gotten announced recently where NIGC approval was pending but fundings went ahead. I don't think that's something we're looking to do.

這是一個細微差別。我知道最近還宣布了一些其他交易，這些交易正在等待 NIGC 的批准，但資金已經到位。我認為這不是我們想要做的事情。

Okay, I understand. And then just my other question for Desiree, maybe. Just over the next 18 months, any thoughts on just how you think about refinancing debt? You did a couple of hundred million of the swaps in the quarter. I'm just trying to think about how early you want to address those or any other types of approaches to it.

好的，我明白了。然後我可能還有另一個問題想問 Desiree。在接下來的 18 個月裡，您對如何再融資債務有什麼想法？本季你們進行了數億美元的掉期交易。我只是想知道你想多早解決這些問題或任何其他類型的方法。

Yeah. So you're absolutely right. We started with the $200 million in hedges, right, towards the $975 million,; and we are internally reviewing our options and looking at the markets and the pricing and the spreads. The spreads happen to be pretty tight right now, which is good.

是的。所以你完全正確。我們從 2 億美元的對沖開始，朝著 9.75 億美元邁進；我們正在內部審查我們的選擇，並研究市場、定價和利差。目前利差相當小，這是好事。

But there's nothing I can really signal that we're doing at the moment. But know that we are on it, and we are well aware of our future commitments.

但目前我還不能真正表明我們正在做什麼。但要知道，我們正在努力，我們非常清楚我們未來的承諾。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

First, I just wanted to follow up on that last question actually. Desiree, when did the forward interest rate swaps commence? And are there additional interest rate swaps being considered or are you currently comfortable with where your variable rate debt exposure is today?

首先，我實際上只是想跟進最後一個問題。Desiree，遠期利率互換什麼時候開始？您是否正在考慮額外的利率互換，或者您目前對當前的浮動利率債務敞口是否感到滿意？

Yeah. So the swaps that I'm talking about are forward starting swaps, so they're actually hedging the future bond issuance. They're not typical interest rate swaps, and they are effective at any point.

是的。所以我談論的掉期是遠期掉期，所以它們實際上是在對沖未來的債券發行。它們不是典型的利率互換，並且在任何時候都有效。

If we pull a bond down next month, let's say, they would be placed against that bond. And it would reduce the interest rate that we would receive based on where the tenure is today.

如果我們下個月撤銷一筆債券，那麼他們就會將其作為該債券的抵押品。而且它會降低我們根據目前的期限所獲得的利率。

Do I -- am I considering more? It really depends on where rates are. And there's a lot of economic news that comes out next week, so we will be paying close attention to determine whether or not we want to do any additional swaps depending on what happens in the market next week.

我是否——我是否考慮了更多？這實際上取決於利率水準。下週將會有許多經濟新聞發布，因此我們將密切關注，根據下週市場的情況來確定是否要進行任何額外的掉期交易。

Yeah. Let me add just a gratuitous comment that, look, we have a lot of things on the horizon. We're very mindful of our requirements and spend a great deal of time trying to noodle out where we can best head down that path. So we're very attuned to what our requirements are going to be, and we're going to be ahead of it as we possibly can. Nobody is asleep around that issue.

是的。讓我補充一點無關的評論，你看，我們有很多事情要做。我們非常注意自己的需求，並花費大量時間嘗試找出最佳的實現方式。因此，我們非常清楚自己的需求，並且會盡可能地滿足這些需求。沒有人忽視這個問題。

Okay, that's helpful. And then I also -- I wanted to ask about the management changes that were recently announced and disclosed. Going back, the company went without a Chief Financial Officer for a little while before Desiree was appointed to that seat. And you now are eliminating the Chief Investment Officer role.

好的，這很有幫助。然後我還想問一下最近宣布和披露的管理層變動。回顧過去，在 Desiree 被任命為財務長之前，公司曾有一段時間沒有財務長。而現在你們卻取消了首席投資長的職位。

I realize you have a lot of activity in the works, and it sounds like the pipeline is active. You commented on tribal deals, but I'm just curious if there are broader implications to how we should think about that decision at all as it pertains to the broader investment landscape and opportunities that you see emerging over the next several years.

我知道你們正在進行很多活動，而且聽起來管道很活躍。您對部落交易發表了評論，但我只是好奇，這是否對我們應該如何看待這一決定具有更廣泛的影響，因為它涉及未來幾年出現的更廣泛的投資前景和機會。

The quick answer is no. There's really no change in our thinking or our behavior. Look, we operate in a pretty flat basis, as you pointed out, before Desiree was appointed. We had an office of four. And there's certainly no financial decision made that everybody that is at the table isn't involved with.

答案是「否」。我們的思想和行為其實沒有任何改變。你看，正如你所指出的，在 Desiree 被任命之前，我們的運作基礎相當平穩。我們的辦公室有四個人。當然，沒有任何財務決策是與會人員不參與的。

Steve is really point in all gaming-related stuff. Matt had joined us, I think, pretty effectively early on with the idea of bringing an investor's perspective, an outside perspective, of what it takes to be a REIT and serve our shareholders well. And I think he did that quite well.

史蒂夫在所有與遊戲相關的事情上都非常出色。我認為，馬特很早就加入了我們，他的想法是帶來投資者的視角、外部的視角，來了解成為房地產投資信託基金 (REIT) 並更好地服務股東所需的條件。我認為他做得非常好。

His internal work and his agreement with that title was really for non-gaming things. Obviously, we have a great gaming team here. We were hoping that there might be opportunity to do more outside of gaming things, which as it turns out, never really materialized simply because we find ourselves in such a terrific space.

他的內部工作以及他對該頭銜的認同實際上與遊戲無關。顯然，我們這裡有一支優秀的遊戲團隊。我們希望有機會在遊戲之外做更多的事情，但事實證明，由於我們處於一個如此出色的領域，這個願望從未真正實現。

We've not find anything better, and so it goes. So this really makes -- this just involve no change at all for the team. We wish Matt well. We thank him for the things he did for us over in the early days. And that's really all we can really say about it.

我們還沒有找到更好的方法，所以就這樣吧。所以這實際上——這對團隊來說根本不會有什麼改變。我們祝福馬特一切順利。我們感謝祂早期為我們所做的一切。這就是我們能說的全部了。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste、瑞穗證券。

Des, I wanted to follow up, I guess, on the capital deployment outlook for the back half of the year you outlined. I think there's another $338 million still expected to be deployed in the second half of the year. So I'm curious, how much of that is tied to Bally's versus other projects like The Belle and I think Ione? And what's the risk of some of that slipping into next year?

德斯，我想跟進一下您所概述的下半年資本部署前景。我認為預計今年下半年還將部署 3.38 億美元。所以我很好奇，這與 Bally 和其他項目（如 The Belle 和 Ione）有多少關聯？其中一些影響到明年的風險有多大？

Yeah. So as you know, we didn't change the number for this year. So we're still at [375] for the full year. And yes, we only funded $25 million or so in the second quarter. The majority of it is definitely Bally's.

是的。如您所知，我們今年的數字沒有改變。因此全年我們的數字仍為 [375]。是的，我們在第二季只提供了 2500 萬美元左右的資金。其中大部分肯定是 Bally 的。

I will tell you that since The Belle is opening in the fourth quarter or at the end of the year, that will likely be fully funded. But the majority of that remainder to be fund is mainly Bally's Chicago project, and we feel good about the number.

我可以告訴你，由於 The Belle 將在第四季度或年底開業，因此很可能會獲得全額資金。但剩餘資金的大部分主要用於 Bally 的芝加哥項目，我們對這個數字感到滿意。

Okay, fair enough. And then maybe a follow-up on Bally's, but from a different perspective. Curious, we're getting some questions from investors on the lack of a guarantee there.

好吧，夠公平。然後可能會對 Bally 進行跟進，但從不同的角度來看。奇怪的是，我們收到了一些投資者關於缺乏擔保的問題。

So I guess your thoughts on why the Bally's Chicago's lease does not have a guarantee considering the Bally's credit profile and the inherent development risk for that project. And then maybe some color on how you're underwriting potential inflation and tariff headwinds tied to construction costs at that project.

因此，考慮到 Bally 的信用狀況和該專案固有的開發風險，我猜您會想到為什麼 Bally's Chicago 的租約沒有保證。然後也許可以介紹一下您如何承保與該項目建設成本相關的潛在通貨膨脹和關稅阻力。

Yeah. I can take the -- this is Brandon. I can take the guarantee piece. So when we negotiated Chicago, Chicago development is in the Bally's credit unrestricted group. And so that prevents them providing a parent guarantee on that project.

是的。我可以接聽——這是布蘭登。我可以拿走保證件。因此，當我們談判芝加哥時，芝加哥開發案屬於 Bally 的信用不受限制組。因此，他們無法為該項目提供母公司擔保。

There are -- and they've disclosed this in their 8-K filing around the development agreement. There is a path to adding that Chicago property to the parent guarantee on the restricted group, but that will come upon completion of development property and certain other hurdles.

有——他們已經在有關開發協議的 8-K 文件中披露了這一點。有一種方法可以將芝加哥的房產添加到受限集團的母公司擔保中，但這需要在開發房產完成並克服某些其他障礙後才能實現。

I think what you see there is Bally's (inaudible) Marquette, The Belle, Chicago, all other development projects that are not currently generating cash flow in that unrestricted group. There are other assets in that unrestricted group that we got comfortable with.

我認為您看到的是 Bally 的（聽不清楚）Marquette、The Belle、Chicago，以及該不受限制組中所有其他目前尚未產生現金流的開發項目。該不受限制的組別中還有其他令我們感到滿意的資產。

But overall, I would say, with Chicago, it's not unlike the rest of these. We've underwritten that project that if -- in the unlikely circumstance that Bally's has to sell that project or something happens to Bally's corporate, that project is still a great project.

但總的來說，我想說，芝加哥與其他地方並沒有什麼不同。我們已經為該項目承保，如果——在 Bally 必須出售該項目或 Bally 公司發生某些事情的不太可能的情況下，該項目仍然是一個偉大的項目。

We know a number of different tenants that will be more than happy to be in that location in Chicago. And so when we look at that risk associated with having that in the unrestricted group, we're not terribly concerned about that at the moment. But that's why it's there.

我們知道許多不同的租戶都非常樂意入住芝加哥的那個地方。因此，當我們考慮不受限制的群體中存在這種風險時，我們目前並不太擔心。但這就是它存在的原因。

Yeah, let me make a couple of comments. First, The Belle is a terrific project. You know how successful the Queen was in Baton Rouge, and The Belle is moving along extraordinarily well. And it's going to be a very cool project. It will be successful. I have no worries about that at all.

是的，讓我發表幾點評論。首先，《美女》是一個很棒的項目。你知道《女王》在巴吞魯日有多成功，《美女》的進展也異常順利。這將是一個非常酷的項目。它會成功的。我對此一點也不擔心。

In Chicago, we're much involved. Jim Baum, our Head of Construction, is out there several days a week, every week. And we have a team of people, the accounting group, whose sole responsibility is to track cost approve bills, invoices, work in place, and so forth.

在芝加哥，我們參與度很高。我們的建築主管 Jim Baum 每週都會在那裡待幾天。我們有一個團隊，即會計組，其唯一職責是追蹤成本、批准帳單、發票、工作到位等。

And then finally, I can say with some enthusiasm, the project is moving along pretty quickly. Over 100 people working at that site every day right now, more to come. And we feel pretty good about that. So at the moment, things are looking good.

最後，我可以滿懷熱情地說，這個計畫進展得相當快。目前每天有 100 多人在該工地工作，而且還會有更多的人。我們對此感到非常高興。因此，目前情況看起來不錯。

And I think I've committed -- and we'll try to get it out next week -- to start with a quarterly newsletter, if you will, that lays out progress at the Chicago site, maybe including some photographs. Let people recognize this is a real project moving along very, very well and that we're pretty excited about it.

我想我已經承諾——我們將嘗試在下週發布——如果你願意的話，我們將開始發布一份季度通訊，其中將介紹芝加哥站點的進展情況，可能還會包括一些照片。讓人們認識到這是一個真正的項目，進展非常順利，我們對此感到非常興奮。

It might be an opportunity, too, for us to clear up a little bit of confusion that there's been around our Chicago development agreement that was recently filed. There was some confusion that there have been in change in economics or terms associated with that.

這對我們來說也可能是一個機會，讓我們澄清一些圍繞我們最近提交的芝加哥開發協議的困惑。人們對經濟或與此相關的術語的變化感到有些困惑。

The reality is that that is the development agreement, the first version of that development agreement, that was signed after the binding term sheet. So there have been no changes in the economics. We've finally agreed to certain terms related to that project, and that was the filing of the document.

事實是，那是開發協議，是該開發協議的第一個版本，是在具有約束力的條款清單之後簽署的。因此經濟狀況沒有任何變化。我們最終同意了與該項目相關的某些條款，這就是文件的歸檔。

So there was no change. That wasn't an amendment, and there was some confusion around the cap rate on the lease property that was originally 8%, it's still 8%. The improvements are at 8.5% cap rate, but there were no changes in the economics in that transaction either.

所以沒有變化。這並不是一項修正案，而且對於租賃物業的資本化率存在一些混淆，租賃物業的資本化率原本是 8%，現在仍然是 8%。改進的資本化率為 8.5%，但該交易的經濟效益也沒有改變。

And that's also the reason why we haven't had any draws under that contract to date until all that was signed and done and committed, and that will follow shortly.

這也是為什麼到目前為止，我們還沒有根據該合約進行任何抽籤的原因，直到所有事項都簽署、完成和承諾完畢，而這些事項很快就會完成。

Ronald Kamdem, Morgan Stanley Investment Management.

摩根士丹利投資管理公司 (Morgan Stanley Investment Management) 的羅納德‧坎登 (Ronald Kamdem)。

It's Jenny on for Ron. I just want to follow up on the two properties that you transferred to Bally's Master Lease II. I'm just curious, can you talk a little bit about the four-wall coverage of these two specific transferred properties compared to the other Bally's properties in your profile?

珍妮 (Jenny) 代替榮恩 (Ron)。我只是想跟進一下您轉移到 Bally 的 Master Lease II 的兩處房產。我只是好奇，您能否與您個人資料中的其他 Bally 房產相比，稍微談談這兩處特定轉讓房產的四面覆蓋情況？

Actually, we do not receive individual property coverage. We only get it lease by lease. So there's really nothing I can add there. But as we move forward and reporting occurs, we will be updating you with where the four-wall coverages in Bally's Master Lease II.

實際上，我們沒有獲得個人財產保險。我們只能透過租賃獲得它。因此我實在沒有什麼可以補充的。但隨著我們不斷前進和報告的出現，我們將向您更新 Bally 的 Master Lease II 的四面牆覆蓋情況。

Got it. Okay, sounds good. I think I'm actually really interested in the potential financial commitment you guys are going to put in New York's downstate casinos. Do you have a number or budget on your mind now for like the total commitment of each of the projects?

知道了。好的，聽起來不錯。我認為我實際上對你們將對紐約州下州賭場投入的潛在財務承諾非常感興趣。您現在對每個專案的總投入是否有一個數字或預算？

And do you have a preference? Like in an ideal world, if you win both, like simultaneously, do you have a priority -- would you prioritize either of the properties?

您有偏好嗎？就像在理想世界中，如果您同時贏得兩者，您是否有優先權——您會優先考慮其中任何一個財產嗎？

I don't -- I mean, I guess you never say never. But I think based on the recent news around Bally's, I'm not sure that that project has an ability to go forward, at least based on the current voting that has occurred.

我不知道——我的意思是，我想你永遠不會說永遠。但我認為，根據最近有關 Bally 的新聞，我不確定該項目是否有能力繼續推進，至少根據目前的投票結果來看是如此。

So -- look, I think the bottom line is, if the properties are constructed to the right size for the addressable market from a diligence perspective, we get comfortable that there's adequate coverage -- and by adequate, I mean, well north of 2 times coverage -- on the new development. And we're getting adequate spread to our cost of capital.

所以——看，我認為底線是，如果從盡職調查的角度來看，這些房產的建造規模適合目標市場，那麼我們就會放心，新開發項目有足夠的覆蓋範圍——我所說的足夠，是指覆蓋範圍遠高於 2 倍。我們的資本成本也得到了充分的分散。

I think it's -- I feel pretty comfortable saying we would probably look at any of the projects in New York, and we'll be happy to engage in those discussions. I think our level of commitment -- I'll use that word with asterisk around it. I think our level of commitment varies based on every project.

我認為——我可以很放心地說，我們可能會考慮紐約的任何項目，我們很樂意參與這些討論。我認為我們的承諾程度——我會使用帶有星號的單字。我認為我們的承諾程度因每個項目而異。

We're more than happy to engage in discussions and have detailed back and forth and try to help people find solutions. But I think where the dollars come from ultimately, if these projects were to be awarded, may or may not come from us, I think, is a pretty fair way to describe it.

我們非常樂意參與討論，進行詳細的交流並嘗試幫助人們找到解決方案。但我認為，如果這些項目被授予，資金最終從何而來，可能是也可能不是來自我們，我認為這是一種相當公平的描述方式。

There's a long distance between where we sit today, the application process, the approval process, decision process, and ultimately somebody financing it. So whether we're the person sitting with them at the end of that race is hard to tell.

我們今天所處的階段，從申請過程、批准過程、決策過程到最終有人為其提供資金，還有很長的路要走。因此，很難說我們是否是比賽結束時與他們坐在一起的人。

(multiple speakers) to make money -- not to make money unless you overspend. I mean, you can do something collaterally stupid. But if you build to the market, as Steve highlighted, it would be a nice problem to have. But I think we have a realistic sense of what the prospects are there.

（多位發言者）賺錢──除非你超支，否則不會賺錢。我的意思是，你可能會做一些愚蠢的事情。但正如史蒂夫所強調的那樣，如果你針對市場進行開發，這將是一個值得慶幸的問題。但我認為我們對那裡的前景有著現實的認識。

Daniel Guglielmo, Capital One Securities.

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

Based on state revenue data and operator commentary, regional gaming trends have been strong this quarter. Do those positive trends change the way you think about your business as the owner of regional properties? Does risk appetite increase or the willingness to be more aggressive to go after deals? Any commentary?

根據州收入數據和營運商評論，本季區域博彩趨勢強勁。這些積極的趨勢是否會改變您作為區域房地產所有者對自己業務的看法？風險偏好是否會增強或是否願意更積極地爭取交易？有什麼評論嗎？

I don't think it makes us want to be more aggressive. I think we underwrite these things the same way regardless.

我認為這不會讓我們變得更具侵略性。我認為無論如何我們都會以同樣的方式承保這些事情。

Is there an appropriate spread to our cost of capital? Can we make -- and how secure is that particular property now and for the long term that we're going to be involved with it? So we do underwrite this with that long-term view in mind.

我們的資本成本是否有適當的利差？我們能否確保—目前以及從長遠來看，該特定財產的安全性如何？因此，我們確實是從長遠角度考慮了這一點。

But no, we're gratified. Look, I have said many times -- and many of you know that I have described gaming revenues as bulletproof, and I stand by that. They've been bulletproof for the many, many, many years that I've been in and around this business. And -- so I think we're gratified to see that these companies are doing very well.

但事實並非如此，我們很高興。聽著，我已經說過很多次了——你們很多人都知道，我把博彩收入描述為堅不可摧的，我堅持這一點。在我從事這個行業很多很多年的時間裡，他們一直堅不可摧。所以我認為我們很高興看到這些公司表現良好。

And I would say underwriting-wise, we don't look at one quarter, right? We look at history, go back three, four, five years to see how a property has performed. So one quarter wouldn't change our bullishness, per se. But obviously, it helps the rent coverage that we would be looking at, at a point in time. But we even consider that in anything that we would bid on.

我想說，從承保角度來看，我們不會只看一個季度，對嗎？我們回顧歷史，回顧三、四、五年前某項房產的表現。因此，從本質上來說，一個季度不會改變我們的看漲情緒。但顯然，它有助於我們在某個時間點關注的租金覆蓋率。但我們甚至在競標任何事物時都會考慮到這一點。

Yeah, if you take -- looking across the street at the PENN entertainment building, it -- the company is doing extraordinary well with its bricks-and-mortar properties. We all know what caused the overhang on its stock value, but it has nothing to do with the properties that we own. They're doing terrifically well, and we're happy that that's the case.

是的，如果你看看街對面的賓州大學娛樂大樓，你會發現，這家公司的實體資產經營狀況非常好。我們都知道是什麼原因導致其股票價值過高，但這與我們擁有的財產無關。他們做得非常好，我們對此感到高興。

Great. Yeah, I really appreciate all that color. And then this one is a little more high level. But do you think the focus for the stock has shifted too much towards what can go wrong instead of the positive and what can go right? And then on that, what are the team's goals for the second half of this year to maybe try and help shift that focus?

偉大的。是的，我真的很欣賞這些顏色。然後這個就稍微高級一點了。但是，您是否認為，對股票的關注點已經過度轉向了可能出現的問題，而不是積極的方面和可能出現的問題？那麼，球隊今年下半年的目標是什麼，可以試著幫忙轉移這個重點嗎？

Well, that is really -- that is a totally good question in the sense. I'm glad you asked it. No, I don't think we get credit for the consistently good things that we have done here at this company. And I've never heard it expressed quite that way, that there are people focusing on what could go wrong rather than what could go right. I think that is the case.

嗯，從某種意義上來說，這確實是一個非常好的問題。我很高興你問了這個問題。不，我不認為我們因在這家公司一貫所做的好事而獲得讚譽。我從未聽過這樣的表達，有人關注的是可能出錯的事情，而不是可能正確的事情。我認為確實如此。

Look, in fairness, Chicago raises some questions. I think Bally's credit, not unfairly, raises some questions. We're sensitive to that. But as I think we said earlier, we look at these projects on a unit-by-unit basis. And we're satisfied, if everything develops as we plan, that things will be fine. We're happy with where we find ourselves.

公平地說，芝加哥確實提出了一些問題。我認為 Bally 的信譽引發了一些質疑，這並非不公平。我們對此很敏感。但我想我們之前說過，我們會逐個單位審視這些項目。我們感到滿意的是，如果一切都按照我們的計劃發展，那麼一切都會好起來。我們對目前的狀態很滿意。

Let me address one other point, too. We get questions about, quote, development, We're not out of the sale-leaseback business by any means at all. I think you'll see some transactions evolve shortly, we hope so, between now and the end of the year that answer that question.

我還要談另外一點。我們收到了有關報價、開發等方面的問題，我們絕對沒有退出售後回租業務。我想您很快就會看到一些交易的進展，我們希望如此，從現在到年底，這些交易可以回答這個問題。

We're just willing because we are capable of doing the development stuff ground up because that is the business that we all come out of, this group around the table. We're willing to do that because I think it opens another avenue, but just one of several that we will pursue. Our business is putting money to work at an appropriate spread, and we'll do it in any way we think we can.

我們之所以願意這麼做，是因為我們有能力從頭開始做開發工作，因為這是我們所有人、圍坐在一起的這個團隊所從事的業務。我們願意這樣做，因為我認為這開闢了另一條途徑，但這只是我們將要追求的幾條途徑之一。我們的業務是以適當的利差來使資金發揮作用，並且我們將以我們認為可行的任何方式來實現這一點。

Yeah. I think some goals for the back half of the year would be to try to get one of these tribal transactions that Brandon mentioned earlier, try to get one of those over the line and announced; and obviously, try to continue to expand our relationship with current tenants. I think there's opportunities to continue to do things.

是的。我認為下半年的一些目標是嘗試完成布蘭登之前提到的部落交易之一，嘗試完成並宣布其中一項交易；顯然，嘗試繼續擴大我們與現有租戶的關係。我認為還有機會繼續做下去。

You've seen us announce things in the past with them with respect to their properties or expansion projects they've worked on. And I think we're going to continue to try to push those processes forward. And we're always out trying to create new tenant relationships. So I expect this to be very active through the rest of the year.

您已經看到我們過去與他們一起宣布過有關他們的財產或他們所從事的擴建項目的事情。我認為我們將繼續努力推動這些進程。我們始終致力於建立新的租戶關係。因此我預計今年剩餘時間內活動將會非常活躍。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

Obviously, I think a lot of my questions have been asked and answered, but I definitely appreciate the additional color on the Bally's II Master Lease. I think that was helpful for everybody here.

顯然，我認為我的許多問題都已經被問到並得到了解答，但我真的很欣賞 Bally's II Master Lease 上的額外顏色。我認為這對在座的每個人都有幫助。

But I think maybe just more globally, as we think about your position effectively as a creditor to your tenant base and using Bally's as a great example, what is the value of a parent guarantee in a situation where you do have a balance sheet-constrained operator? And I'm also thinking in the context of iGaming and online sports stealing share evidently.

但我認為，也許從更全局的角度看，當我們有效地思考您作為租戶群體債權人的地位，並以 Bally 為例，在您確實有一個受資產負債表約束的運營商的情況下，母公司擔保的價值是什麼？而且我還在思考 iGaming 和線上運動顯然搶佔市場份額的情況。

I'm thinking -- I'm looking at Pennsylvania and Michigan, but there are other examples. What's the value of a parent guarantee if total system revenues, which would include some of those alternate gaming forms, could contribute to the security of the lease? Just how do you think about the moving pieces on the chessboard there? And how should we think about it?

我在想——我正在看賓夕法尼亞州和密西根州，但還有其他例子。如果包括一些替代博彩形式的總系統收入可以有助於保障租賃的安全性，那麼母公司擔保的價值是多少？您如何看待棋盤上棋子的移動？我們又該如何思考這個問題呢？

There's a multi-loaded question there. I'll start with the top of how we think about the parent guarantee. I think we don't look at the parent guarantee and work our way down, right? The parent guarantee is nice to have, and we believe it's important to have so that things like iGaming revenue and other things can be used to support our leased property in our rental income.

這裡有一個多重問題。我首先要談談我們對父母保障的看法。我認為我們不應該考慮父母擔保，而應該努力降低擔保金額，對嗎？母公司擔保是件好事，我們認為這很重要，這樣 iGaming 收入和其他東西就可以用來支持我們的租賃物業的租金收入。

That being said, we are very careful to underwrite each property on its own merits and look at the portfolio on a four-wall coverage basis, which we said in the past. And therefore, if the parent guarantee doesn't end up having value because the parent gets themselves in trouble, we're hyper-focused on making sure that these assets are a portfolio of assets that other tenants could come in and operate because it has the appropriate coverage.

話雖如此，我們非常謹慎地根據每個房產的特點對其進行承保，並以全覆蓋的方式審視投資組合，就像我們過去所說的那樣。因此，如果由於母公司本身陷入困境而導致母公司擔保最終失去價值，我們就會高度重視確保這些資產是一個資產組合，其他租戶可以進入並運營，因為它具有適當的覆蓋範圍。

We haven't allowed the rent to outpace the revenue in a way that makes that lease a weak lease. We're hyper focused on those things. And that's why when you hear us talk about Chicago and other markets, Lincoln, we're looking at the asset, the quality of the asset, the quality of its cash flows. It's risk to adjacent growth, supply growth within the state.

我們不允許租金超過收入，以免使租約變得不划算。我們高度關注這些事情。這就是為什麼當您聽到我們談論芝加哥和其他市場、林肯時，我們會專注於資產、資產品質及其現金流的品質。這對鄰近的成長和州內的供應成長構成風險。

We're looking at all those things because we don't rely solely on that parent guarantee. So I don't want to discredit it as something that's not important. I think it's important to have. And as the parent generates more capital and cash flow through things like iGaming, that parent guarantee us value because then all the revenues from those sources of income can be used to support our rent. But we don't rely on that in our underwriting as a threshold matter.

我們正在考慮所有這些事情，因為我們不僅僅依賴父母的擔保。所以我不想把它貶低成不重要的事。我認為這一點很重要。隨著母公司透過 iGaming 等方式產生更多的資本和現金流，母公司保證我們的價值，因為這些收入來源的所有收入都可以用來支付我們的租金。但我們在承保時並不依賴這一點作為門檻問題。

Yeah. Said differently, if the tenant had a 1.1 times rent coverage but had a massive valuable business that sits outside of our property that caused the parent guarantee to be very valuable and the overall corporate coverage to look great, we wouldn't feel any better about our position. Because the person could turn around and hand us the keys back at some point because the asset that we have association with is not all that valuable to their overall enterprise.

是的。換句話說，如果租戶的租金覆蓋率是 1.1 倍，但其擁有大量有價值的業務，並且該業務位於我們的物業之外，從而導致母公司擔保非常有價值，並且整體公司覆蓋率看起來很棒，那麼我們對我們的處境也不會感到更好。因為這個人可能會在某個時候轉身把鑰匙交還給我們，因為我們所關聯的資產對他們的整體企業來說並不是那麼有價值。

When we look at things, if we say, well, if they're making the equal amount of rent -- they're making an equal amount of EBITDA as we're making rent, then they are incented to try to make it work and continue to operate our business regardless of what's happening outside of that.

當我們看待事物時，如果我們說，好吧，如果他們賺取的租金數額相同 - 他們賺取的 EBITDA 與我們賺取的租金數額相同，那麼他們就會受到激勵去努力使其運轉並繼續經營我們的業務，而不管外面發生什麼。

And that's why that four-wall coverage is so critically important. Because at the end of the day, whether someone or some company gets themselves into hot water because of investments they've done away or leverage issues or whatever it may be, if the core business is strong, whether it's that tenant or a new tenant will want to run that business.

這就是為什麼全方位報道如此重要。因為歸根結底，無論某人或某家公司是否因為他們取消的投資或槓桿問題或其他原因而陷入困境，如果核心業務強勁，無論是該租戶還是新租戶都會想要經營該業務。

Yeah. I mean (multiple speakers) highlight something that you would remember well in the Apollo TPG, Harris acquisition, I'd like to point out. I mean, the sponsors had a problem, but the properties were fine. They continue to operate to this very day and did so profitably.

是的。我的意思是（多位發言者）強調一些你們在 Apollo TPG、Harris 收購中會記得很清楚的事情，我想指出。我的意思是，贊助商遇到了問題，但性能很好。他們至今仍在運作並且盈利。

So that's why we look at property by property, as I think both Brandon and Steve have highlighted. We think that's where the value lies. Is this property worth what we're paying for it, exactly?

所以這就是我們逐一查看房產的原因，我認為布蘭登和史蒂夫都強調這一點。我們認為這就是其價值所在。這處房產到底值多少錢？

And I think on iGaming, we're keenly aware of the expansion of iGaming. We are in a state where iGaming was one of the first states to be introduced here in Pennsylvania prior to COVID. So we have many years of runway on iGaming here in Pennsylvania, and we own properties in Pennsylvania.

我認為，在 iGaming 方面，我們敏銳地意識到了 iGaming 的擴張。我們所在的州是賓州在新冠疫情爆發之前最早引入 iGaming 的州之一。因此，我們在賓夕法尼亞州的 iGaming 領域擁有多年的經驗，並且我們在賓夕法尼亞州擁有房產。

And what we've seen is, has it had an impact on the growth of the bricks and mortar? Yes. It's impacted the growth, but it hasn't resulted in deterioration as far as we're seeing.

我們看到的是，它對實體店的成長有影響嗎？是的。它影響了成長，但據我們所知，並沒有導致惡化。

And so you have a somewhat mature iGaming market here in Pennsylvania. The tenants that are participating in that market are getting fairly robust revenues from that source, but it isn't reaching a level where we are concerned about the viability of the bricks and mortar.

因此，賓州的 iGaming 市場已經比較成熟。參與該市場的租戶從該來源獲得了相當可觀的收入，但還沒有達到我們擔心實體店生存能力的水平。

And so we're cautious. But I think if you look at that as a data point, for us, it gives us a little -- a little bit of comfort. But we still are very focused on the growth and proliferation of iGaming in different jurisdictions.

因此我們非常謹慎。但我認為，如果你把它看作一個數據點，對我們來說，它會給我們一點安慰。但我們仍然非常關注不同司法管轄區內 iGaming 的成長和擴散。

Very, very helpful, guys. I really appreciate it. I guess let me ask it another way just to put things in a vacuum. If you agree to shift two assets out of a master lease or whatever the arrangement was in order to cater to tenant's other creditors, what does GLPI get in return? And how should we think about that more in isolation, if that's the right way to think about it?

非常非常有幫助，夥計們。我真的很感激。我想讓我換個方式問這個問題，把事情放在真空裡。如果您同意將兩項資產從主租約或任何安排中轉移出來以滿足租戶的其他債權人的需求，那麼 GLPI 會得到什麼回報？如果這是正確的思考方式，那麼我們該如何更孤立地思考這個問題呢？

I'm not sure I would necessarily agree with the characterization that we agreed to cater to the creditors. I think Bally's came to us with a proposed merger with Standard General, some of which we had a right to say yes or no to; other pieces of it, we did not under the terms of our legal documents with them.

我不確定我是否一定同意我們同意迎合債權人的說法。我認為 Bally 向我們提出了與 Standard General 合併的提議，其中有些部分我們有權表示同意或反對；但對於其他部分，根據我們與他們簽訂的法律文件條款，我們無權表示同意或反對。

Their requests to move assets that are not generating income and keep them in the unrestricted group is something we agreed to as part of the overall transaction. And we were comfortable in doing so because of some of the things that Peter described, where we believe that the land side moves of those properties will generate a significant amount of additional EBITDA and revenue such that we're comfortable with those few properties being in an unrestricted group.

他們要求轉移不產生收入的資產並將其保留在不受限制的群組中，這是我們在整個交易中同意的。我們之所以願意這樣做，是因為彼得描述的一些情況，我們相信這些房產的土地轉讓將產生大量額外的 EBITDA 和收入，因此我們對將這幾處房產納入不受限制的集團感到滿意。

So I would say that was at the request of our tenant. But we didn't feel as though on the whole, we were having any detriment in the quality of what we have.

所以我想說這是我們租戶的要求。但總體而言，我們並不覺得我們所擁有的東西的品質受到了任何損害。

Yeah. And look, we have a relationship now with Bally's that we are good partners. And as a result, I think we feel very strongly that they're committed to us as we are to them, as we are to all of our tenants, as the sensible friendly source financing as time goes on. So we think that we got a lot of benefit from that allowance.

是的。瞧，我們現在與 Bally 的關係很好。因此，我認為我們強烈感覺到，他們對我們的承諾就像我們對他們的承諾一樣，就像我們對所有租戶的承諾一樣，隨著時間的推移，我們會成為明智友好的融資來源。因此我們認為我們從這項津貼中獲得了許多好處。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

It appears that some of these large to land-based moves have proven -- received pretty strong returns. We heard this from one of your tenants last night on the earnings call, and we're excited to see upcoming opening here.

看來，其中一些大規模的陸上行動已經證明獲得了相當豐厚的回報。我們昨晚在收益電話會議上從您的一位租戶那裡聽說了這一點，我們很高興看到即將在這裡開業。

So given that regional gaming revenues, particularly in the second quarter have looked pretty good and there's still some opportunities out there, do you think the opportunity of these moves will grow? And how will GLPI's funding opportunities participate in this potential growth?

因此，鑑於區域博彩收入（尤其是第二季的收入）看起來相當不錯，並且仍然存在一些機會，您認為這些舉措的機會會增加嗎？GLPI 的融資機會將如何參與這項潛在成長？

I think it will grow because I think states recognize that the river boats are in an (inaudible) and we can all benefit from going land side. I think you're going to be quite excited about what what PENN will do and Joliet and Aurora as well. I think it's going to be terrific. And again, I expect great results out of Baton Rouge for Bally's with The Belle, so I think that's a trend that's going to continue.

我認為它會增長，因為我認為各州認識到河船處於（聽不清楚）狀態，我們都可以從陸地上受益。我想你會對賓州大學以及喬利埃特大學和奧羅拉大學的未來發展感到非常興奮。我認為這將是非常棒的。再次，我期待巴吞魯日的 Bally's 和 The Belle 能取得優異成績，所以我認為這種趨勢將會持續下去。

Yeah. I think what you're seeing in regional gaming is the regional gamer values the additional amenities that can be added by these landside moves. So when you're gaming on a boat, you have multilevel of gaming with low ceilings and stairs and other challenges.

是的。我認為您在區域遊戲中看到的是區域玩家重視這些陸上舉措所能增加的額外便利。因此，當您在船上玩遊戲時，您會遇到多層次的遊戲，包括低矮的天花板、樓梯和其他挑戰。

And amenities to the floor is difficult. So you bring these things land side and you add entertainment venue and a sports book and more food and beverage outlets, I think you're seeing a big lift in some of these things.

而設施到地板很困難。因此，如果你把這些東西搬到陸地上，並添加娛樂場所、體育博彩和更多的食品和飲料店，我認為你會看到其中一些東西的巨大提升。

So overall, I think these are good for regional gaming. And as we think about iGaming versus bricks and mortar, as these things turn into more entertainment destinations as opposed to just floating slots, I think it's a value add to our portfolio and to gaming in general.

所以總的來說，我認為這些對區域遊戲來說是好事。當我們考慮 iGaming 與實體賭場時，隨著實體賭場變成更多的娛樂目的地而不僅僅是浮動老虎機，我認為這會為我們的投資組合和整個遊戲產業增加價值。

Plus, PENN is investing in other bricks-and-mortar amenities, a hotel in Columbus, an expansion that they've all needed in -- at the M. So there's some pretty cool stuff happening that we think is -- will prove to be very successful.

此外，賓州大學還在投資其他實體設施，在哥倫布投資一家酒店，這是他們都需要的擴建項目——在 M。所以，有一些非常酷的事情正在發生，我們認為這些事情將被證明是非常成功的。

Great. And then just in terms of international opportunities. I know this quarter, we saw a record setting EBITDA result from a company that's in a pretty good position in Singapore. So not specifically looking at Singapore, but it sounds like international EBITDA for this industry still has a long way to grow. So what's your appetite at this point to look outside of United States and Canada.

偉大的。然後就國際機會而言。我知道本季度，我們看到一家在新加坡處於相當有利地位的公司創下了 EBITDA 業績紀錄。因此，雖然沒有專門關注新加坡，但聽起來該行業的國際 EBITDA 仍有很長的成長路要走。那麼，您現在有興趣看看美國和加拿大以外的地區嗎？

Yeah, we've looked at things in the past, whether it be South America or Australia. We've looked at some European things. But I think the reality is it all comes back to what the tax treaties are and how you bring the money back and what that costs you because the IRS -- excuse me, the REIT is an IRS tax code, and therefore, we don't get the same tax benefits in some jurisdictions.

是的，我們已經研究過一些過去的事情，無論是南美洲還是澳洲。我們研究了一些歐洲的事物。但我認為，現實情況是，一切都歸結於稅收協定是什麼，你如何把錢帶回來，以及你要花多少錢，因為美國國稅局——對不起，房地產投資信託基金是美國國稅局的稅法，因此，在某些司法管轄區，我們無法獲得相同的稅收優惠。

So we have to consider that with respect to our cost of capital when we look at anything ,and the same in Canada. So that's just an extra amount of diligence that goes into looking at anything, but we're clearly open to entertaining the idea. But at this point, I'd say we're a little more focused on the US and the tribal aspects.

因此，我們在考慮任何事情時都必須考慮資本成本，加拿大也是如此。所以這只是在審視任何事物時需要付出的額外努力，但我們顯然願意接受這個想法。但在這一點上，我想說我們更關注美國和部落方面。

Yes. And to be clear, we have looked at a number of things over time, but just again, never found anything that worked for us.

是的。需要明確的是，我們長期以來研究過很多東西，但始終沒有找到對我們有用的方法。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Look, I just wanted to go back to the gaming side and ask Steve a question, which is: we're seeing a lot of the opportunity set coming from existing tenants. In our travels, it does feel as though there's a bit of a divide between those that have a philosophical willingness to either be or not be tenants.

瞧，我只是想回到遊戲方面並問史蒂夫一個問題，那就是：我們看到很多機會來自現有租戶。在我們的旅程中，確實感覺到那些在哲學上願意成為或不願意成為租戶的人之間存在一些分歧。

Do you find in your travels that there's -- there are operators or prospective tenants that are on the fence? And I guess, said a different way, is there a pipeline of new tenants within the land-based gaming world that we could see adding three to five years?

您在旅行中是否發現有些運營商或潛在租戶猶豫不決？換言之，我想，在實體博弈界是否存在新的租戶，我們能否預見在未來三到五年內會出現這些租戶？

Yeah. I think the -- yeah. I think the key to your question was the three to five years -- not necessarily five. But I think if you were saying, hey, in the next 12 months, how do you take a sole proprietor and convince them that not only do they want to now no longer own their real estate, but maybe they want to exit completely?

是的。我認為——是的。我認為你問題的關鍵是三到五年——不一定是五年。但我認為，如果你說，嘿，在接下來的 12 個月裡，你如何說服自僱者，他們不僅想不再擁有自己的房地產，而且也許想完全退出？

And so I think there's -- I think you're right that there is a little bit of I'm on the idea and I like it or I'm out and I've never really considered it. I think that that ice cube melts as time goes on.

所以我認為——我認為你是對的，我對這個想法有點興趣，我喜歡它，或者我不同意，我從來沒有真正考慮過它。我認為隨著時間的推移，冰塊會融化。

In the conversations we've had, I think the landscape of the gaming, non-current REIT tenant folks is predominantly sole proprietors and family-owned businesses. There are plenty of those out there. And I think that there's an education and a comfort level that has to be built, and that takes time.

在我們的對話中，我認為博彩業、非現有房地產投資信託基金的租戶主要是獨資企業和家族企業。還有很多這樣的。我認為需要建立一種教育和舒適度，這需要時間。

And I think we are getting traction. I mean, I think if you had asked this question three years ago, I don't know that we would have said we thought Cordish was going to ultimately sell their real estate and become a tenant.

我認為我們正在獲得進展。我的意思是，我認為如果您三年前問這個問題，我不知道我們是否會說我們認為 Cordish 最終會出售他們的房地產並成為租戶。

And they've done it, and they're a huge fan of what it's done for them. And they're a huge proponent, and then we've had them talk to other tenants that we now have in our roster who are considering it.

他們確實做到了，並且非常欣賞它為他們帶來的好處。他們是我們這項計劃的堅定支持者，然後我們讓他們與我們名單上正在考慮該計劃的其他租戶進行交談。

So I think as we move forward, there is a continued opportunity to win people over one at a time. They have to be in the right mindset, they have to be looking for the right solution, and we have to have a relationship with them such that we are the provider of that solution.

因此我認為，隨著我們不斷前進，我們仍有機會一次贏得一個人的支持。他們必須有正確的心態，他們必須尋找正確的解決方案，我們必須與他們建立關係，以便我們成為解決方案的提供者。

I think, David, as you've seen, this industry is really very -- relationships are extremely important. And we spend a lot of time here at GLPI cultivating both new and existing relationships. And so we don't take any of those things for granted.

我認為，大衛，正如你所見，這個行業真的非常——人際關係極為重要。我們在 GLPI 花費了大量時間來培養新的和現有的關係。因此，我們不會將任何這些事情視為理所當然。

And as Steve said, and we are like ships passing in the night sometimes because folks are out visiting with people and making sure that they understand we're interested. We're not twisting anybody's arm. But we do feel as though when the right time comes for some of these proprietors to think about monetizing some of what they have, we hope that GLPI is the first name they think of.

正如史蒂夫所說，我們有時就像夜間穿梭的船隻，因為人們出去拜訪人們，並確保他們明白我們感興趣。我們不會強迫任何人。但我們確實覺得，當一些業主考慮將他們擁有的部分資產貨幣化時，我們希望 GLPI 是他們首先想到的名字。

And the way to do that is to cultivate these relationships over time. And we think we do a pretty good job at that.

而實現這目標的方法就是隨著時間的推移培養這些關係。我們認為我們在這方面做得非常好。

Yeah. Look, I've said for many, many years, people do business with people they like. So being a landlord of choice with the benefits that I think the sale-leaseback arrangement offers is something that people have to come around to. And I think Steve's answered -- Brandon's answer were as perfect as they could get, frankly. Lots of opportunity here.

是的。聽著，我已經說了很多年了，人們會和他們喜歡的人做生意。因此，我認為，身為房東，人們必須接受售後回租安排的好處。坦白說，我認為史蒂夫的回答——布蘭登的回答是他們所能給出的最完美的答案。這裡有很多機會。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

We've obviously covered a lot of territory here. But I just wanted to ask you one question on the development of the ballpark in Las Vegas. Is there any update there and maybe any change around your thinking in terms of your commitments to the Bally's casino hotel that, I guess, eventually will be built there as well?

我們顯然已經涉及了很多領域。但我只想問您一個有關拉斯維加斯棒球場發展的問題。您對巴利賭場酒店的承諾有什麼最新進展嗎？您的想法有什麼改變嗎？我猜，巴利賭場酒店最終也會建在那裡。

There's a lot of finger pointing at the table here as to who wants to take that. Well, we have an answer. Brandon, we'll look at you. Yeah, you take it.

很多人在指責誰想獲得這個權利。嗯，我們有答案了。布蘭登，我們會看著你的。是的，你拿著。

(inaudible) decent amount of time out there these days. Look, I think we're pretty excited about what's happening on the site. I'll say that from the get-go.

（聽不清楚）這些天我在外面度過了相當多的時間。看，我認為我們對網站上發生的事情感到非常興奮。我從一開始就這麼說。

Steve and I were out at the groundbreaking a few weeks ago. A lot of excitement in that town, both from the LVCVA, from the County Commission, from local businesses. I think people are very excited about what the As are going to bring to Las Vegas.

幾週前，史蒂夫和我參加了奠基儀式。拉斯維加斯會展觀光與觀光管理局 (LVCVA)、縣委員會和當地企業都對這個小鎮感到非常興奮。我認為人們對As隊將為拉斯維加斯帶來什麼感到非常興奮。

That being said, we are still working with Bally's on the remainder of the site and how a resort development with a combination of entertainment and gaming and retail can best complement the product that the As are delivering. And I think Bally's is coming close to a more final product there.

話雖如此，我們仍在與 Bally's 合作開發該場地的剩餘部分，以及如何將娛樂、遊戲和零售相結合的度假村開發項目與 As 提供的產品進行最佳補充。我認為 Bally 即將推出最終產品。

I know that they've shared that both with us and with various politicians there in Las Vegas, and everyone is pretty excited about what they're seeing.

我知道他們已經與我們以及拉斯維加斯的各位政客分享了這一點，每個人都對他們所看到的一切感到非常興奮。

As it relates to our future investment in the site, as you know, we've committed $150 million -- $175 million, $50 million of which we have spent through the demolition. $125 million remains. We are committed to funding that $125 million.

至於我們未來對該地點的投資，如您所知，我們已承諾投資 1.5 億至 1.75 億美元，其中 5000 萬美元已用於拆除，剩餘 1.25 億美元。我們承諾提供 1.25 億美元的資金。

Where it goes in the site is up for some negotiation because there's something we'd like to own for the $125 million. There are a lot of different opportunities. And I think as we see the full financing of the site and the build-out of the site and the amenities and the third-party vendors that are coming in, there is an opportunity to -- for us to invest more into that site.

至於它在場地中的放置位置，還需要進行一些協商，因為我們想用 1.25 億美元購買一些東西。有很多不同的機會。我認為，隨著我們看到該場地的全部融資、建設和設施以及第三方供應商的加入，我們就有機會對該場地進行更多投資。

Whether or not we capitalize on that opportunity will depend on what the opportunity is, how the financing of that property shapes up. And at that time, we'll figure out whether or not more investment in that property by us makes sense for us and for Bally's, quite frankly.

我們是否能利用這個機會將取決於這個機會是什麼，以及該房產的融資情況如何。到那時，我們就會弄清楚，坦白說，對該房產進行更多投資對我們和 Bally's 來說是否有意義。

Bally's needs to decide how they want to fund and finance that site. And if they don't need any more capital from us, that's fine, too. But I think overall, there's a lot of excitement about that site and what it will bring to that corner in Las Vegas.

Bally 需要決定如何為該網站提供資金和融資。如果他們不需要我們提供更多資金，那也很好。但我認為總體而言，人們對這個場地以及它將在拉斯維加斯的角落帶來的變化感到非常興奮。

Yeah. We, I think, did a good thing in connecting Bally's with the Marnell organization, who have done a terrific job of planning out the balance of the site. But I think Brandon is correct. What happens next is going to be in Bally's court.

是的。我認為，我們將 Bally's 與 Marnell 組織聯繫起來做得很好，後者在規劃場地平衡方面做得非常出色。但我認為布蘭登是對的。接下來發生的事將由 Bally 決定。

And we stand by, encouraging, but the final script has not been written. Maybe suffice it to say, we're not going to do anything stupid. We're not going to jump up any bridges.

我們袖手旁觀，鼓勵鼓勵，但最終的劇本尚未寫好。也許可以說，我們不會做任何愚蠢的事。我們不會跳過任何橋樑。

How's our time? We've got maybe one more question.

我們的時間怎麼樣？我們可能還有一個問題。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

In the discussions with PENN on their request for the $130 million on Joliet, do those conversations also touch on the other potential investments? And I understand that these items won't be included in guidance until there's a signed agreement, but what's your confidence that they could call on that, what could be up to $600 million in additional funding?

在與賓州大學討論喬利埃特核電廠 1.3 億美元的投資請求時，這些對話是否也涉及其他潛在投資？我知道，在簽署協議之前，這些項目不會納入指導意見，但您是否有信心他們能夠利用這些資金，最多可以獲得 6 億美元的額外資金？

Well, the $225 million for Aurora is a definitive obligation that GLPI has. So that one, I can tell you for sure, will happen. The other ones remain -- the only two that remain now would be the M and the Columbus hotel. And those are really up to PENN to request our funding.

嗯，支付給 Aurora 的 2.25 億美元是 GLPI 的明確義務。因此，我可以肯定地告訴你，那件事一定會發生。其餘的都還保留著——現在只剩下 M 酒店和哥倫布酒店了。這些實際上都取決於賓州大學是否向我們申請資金。

Okay. And then I just wanted to clarify on that Bally's proposal. Did you make -- there is a $2.5 billion commitment from GLPI if they get one of the licenses.

好的。然後我只是想澄清一下 Bally 的提議。您是否知道——如果 GLPI 獲得其中一個許可證，他們將承諾投入 25 億美元。

There is a -- yes, there is a piece of paper from GLPI that says that we were -- we would consider a commitment. It is not -- well, I mean, yes, we would consider committing financing to owning land and funding building improvements, depending on diligence, where the licenses are awarded, and a myriad of other terms and conditions which have yet to be discussed or determined.

是的，GLPI 有一份文件表明我們會考慮做出承諾。不是——嗯，我的意思是，是的，我們會考慮承諾提供資金來擁有土地和資助建築改進，這取決於盡職調查、頒發許可證的地方，以及尚未討論或確定的無數其他條款和條件。

I think globally, I would think about it like this. The downstate licenses present a tremendous potential -- potential -- opportunity. And we would like to be a part of those opportunities should we have counterparties that would like for us to be a part of those opportunities.

我從整體思考，我會這樣想。下州許可證代表著巨大的潛力——潛在——機會。如果我們的交易對手希望我們成為這些機會的一部分，我們也願意成為這些機會的一部分。

I think the Bally's script at that location is largely unwritten, right? We haven't seen plans and specs and budget and all the kinds of things that would be required for GLPI to commit a fixed dollar amount to that site. We're supportive of Bally's. We're supportive of the project.

我認為 Bally 在那個地方的劇本基本上是未寫的，對嗎？我們還沒有看到 GLPI 為該網站投入固定金額所需的計劃、規格、預算和所有東西。我們支持 Bally's。我們支持該項目。

Just like Steve said, we will probably be supportive of many other projects in downstate New York. Do we think $12 billion is the right number? Probably not. Is $2 billion the right number? That may be great.

正如史蒂夫所說，我們可能會支持紐約州南部的許多其他項目。我們認為 120 億美元是正確的數字嗎？可能不是。20億美元是正確的數字嗎？那可能很棒。

I think it all depends on how these unfold. And all I think you're seeing is that GLPI has indicated a willingness to use our balance sheet to fund what we think will be very accretive cash flow in downstate New York under the right circumstances.

我認為這一切都取決於事情如何發展。我認為您所看到的是，GLPI 已表示願意使用我們的資產負債表來資助我們認為在適當情況下將為紐約州南部帶來非常大的增值現金流的項目。

Any other comment from around the table? Do you want to do that, Steve?

大家有其他意見嗎？你想這麼做嗎，史蒂夫？

Yeah, we have a little discussion around the table about some statistics and information around the Chicago project, I think we'll wait until we issue a press release around that issue just to bring people up to date to be highly transparent with what's going on at that site and with that project.

是的，我們在餐桌上討論了有關芝加哥項目的一些統計數據和信息，我想我們會等到就該問題發布新聞稿後再進行討論，只是為了讓人們了解該地點和該項目的最新進展，並保持高度透明。

So stay tuned, we'll get something out to you. So with that, I thank you all for dialing in today. We're happy with where we are. except for, I think, our stock price. But that aside, we're doing fine. So thank you. See you next quarter.

請關注，我們會向您發布一些消息。因此，我感謝大家今天的來電。我們對目前的狀況很滿意。我認為，除了我們的股價。但除此之外，我們做得很好。所以謝謝你。下個季度見。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。