VICI Properties Inc (VICI) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties' second-quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. Please note that this conference call is being recorded today, August 1, 2024. (Operator Instructions)

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 VICI Properties 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。請注意，本次電話會議於今天（2024 年 8 月 1 日）錄製。（操作員說明）

I will now hand you over to Samantha Gallagher, General Counsel with VICI Properties. Samantha, please go ahead.

現在我將交給 VICI Properties 的總法律顧問 Samantha Gallagher。薩曼莎，請繼續。

Thank you, operator, and good morning. Everyone should have access to the company's second-quarter 2024 earnings release and supplemental information. The release and supplemental information can be found in the Investors Section of the VICI Properties' website at www.viciproperties.com.

謝謝您，接線員，早安。每個人都應該能夠存取該公司 2024 年第二季收益發布和補充資訊。該發布和補充資訊可在 VICI Properties 網站 www.viciproperties.com 的投資者部分找到。

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

我們今天的一些評論將屬於聯邦證券法含義內的前瞻性陳述。前瞻性陳述通常透過使用「意願」、「相信」、「期望」、「應該」、「指導」、「意圖」、「展望」、「項目」或其他類似短語等詞語來識別，存在眾多風險和不確定性，可能導致實際結果有所不同實質上與我們的預期不符。因此，您在解釋和依賴它們時應該小心謹慎。我建議您參閱該公司向 SEC 提交的文件，以更詳細地討論可能影響未來經營業績和財務狀況的風險。

During the call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available on our website, and our second-quarter 2024 earnings release or supplemental information and filings with the SEC. For additional information with respect to non-GAAP measures of certain tenants and our counterparties discussed on this call, please refer to their respective company's public filings with the SEC.

在電話會議期間，我們將討論某些非公認會計準則衡量標準，我們認為這些衡量標準有助於評估公司的營運績效。這些措施不應被孤立地考慮或取代我們根據公認會計準則編制的財務表現。我們的網站以及我們向 SEC 提交的 2024 年第二季財報或補充資料和文件中提供了這些指標與最直接可比較的 GAAP 指標的調節表。有關本次電話會議中討論的某些租戶和我們的交易對手的非公認會計準則措施的更多信息，請參閱各自公司向 SEC 提交的公開文件。

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

今天主持電話會議的是執行長 Ed Pitoniak；約翰‧佩恩，總裁兼營運長；大衛‧基斯克 (David Kieske)，財務長； Gabe Wasserman，首席會計官；以及資本市場資深總裁 Laurie McCluskey。Ed 和團隊將發表一些開場白，然後我們將開始提問。

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

這樣，我就把電話轉給艾德。

Thank you, Samantha. Good morning, everyone. As you may have figured out by now, I enjoyed putting my thoughts together for VICI's earnings call. I try to share through these opening remarks, not only what we've done, but what we're observing and learning from the marketplace. I may not always succeed in sharing anything genuinely fresh, but at the very least, I don't want my opening remarks to become repetitive.

謝謝你，薩曼莎。大家早安。正如您現在可能已經了解的那樣，我很高興在 VICI 的財報電話會議上整理自己的想法。我試著透過這些開場白來分享我們所做的事情，以及我們從市場中觀察和學習的內容。我可能不會總是成功地分享真正新鮮的東西，但至少，我不希望我的開場白變得重複。

When I began putting these thoughts together in early July, the risk of repetitive remarks was high given that, until a couple of weeks ago, for REITs generally and net lease REIT specifically, not a lot had changed since last quarter's earnings call when I spoke of the big tech investing party that we REITs hadn't been invited to.

當我在七月初開始將這些想法放在一起時，重複言論的風險很高，因為直到幾週前，對於一般的房地產投資信託基金，特別是淨租賃房地產投資信託基金，自上個季度的財報電話會議以來我發言以來並沒有太大變化我們房地產投資信託基金沒有被邀請參加大型科技投資聚會。

In Bank of America's most recent fund manager survey, Michael Hart net showed that fund managers were underweight real estate at a level equal to and not being since the great -- the depth of the great financial crisis.

在美國銀行最近的基金經理調查中，麥可哈特網路顯示，基金經理人對房地產的減持程度相當於金融危機爆發以來的最低水平，而且是自金融危機以來的最低水平。

Then came a welcome CPI print and REITs have begun to come back that we believe can endure. Before you hear from John and David, and before we field your questions, let me say a few words about the principles that guide us in a REIT marketplace like the ones we've been living through for a while now.

隨後出現了令人歡迎的消費物價指數 (CPI) 數據，房地產投資信託基金 (REITs) 開始復甦，我們相信這種趨勢能夠持續下去。在您聽取約翰和大衛的演講之前，在我們回答您的問題之前，讓我先談談指導我們進入房地產投資信託市場的原則，就像我們已經經歷了一段時間的市場一樣。

We start by asking ourselves is what we're going through, whether for all REITs generally or net lease REIT specifically, cyclical or secular in nature. There are REIT sectors that have secular issues right now. Office is an obvious example of a sector with negative secular trends. Data centers is the obvious sector with positive secular trends. We strongly believe that experiential real estate is another real estate category with positive secular trends as evidenced by research recently published by McKinsey showing that indexed back to 1959, the share of consumer discretionary income spent on experiences has grown to an index level of nearly 160, while the share of consumer discretionary income spent on things has shrunk to less than 75.

我們首先要問自己，我們正在經歷什麼，無論是一般的房地產投資信託基金還是具體的淨租賃房地產投資信託基金，本質上是週期性的還是長期的。目前，一些房地產投資信託基金產業存在長期問題。辦公室是長期負面趨勢的行業的一個明顯例子。資料中心是具有積極長期趨勢的明顯行業。我們堅信，體驗式房地產是另一個具有積極長期趨勢的房地產類別，麥肯錫最近發表的研究表明，自 1959 年起，消費者可自由支配收入中用於體驗的比例已增長至接近 160 的指數水平，而消費者可自由支配所得中用於物品的支出比例已縮減至少於75%。

Capitalizing on positive secular trends is fun, addressing negative secular trends, not so much. Positive cycles for REITs are fun, negative cycles for our specific REIT sector not so much. But it's always key to remember that cycles begin and cycles end, almost always driven by factors that are beyond the control of a REIT management team and Board.

利用正面的長期趨勢很有趣，而解決負面的長期趨勢則不然。房地產投資信託基金的正週期很有趣，但我們特定房地產投資信託產業的負週期就沒那麼有趣了。但重要的是要記住，週期的開始和結束幾乎總是由房地產投資信託基金管理團隊和董事會無法控制的因素所驅動。

In a period of lagging stock performance, driven by cyclical factors, it can be tempting for REIT management teams and boards to start deviating from the REIT's long-term goals and strategies in hopes that the deviation can somehow overcome the cycle. At VICI, we strive very hard not to deviate. Here's the strategic principle we strive to stay true to in all cycles.

在週期性因素驅動下股票表現落後的時期，房地產投資信託基金的管理團隊和董事會可能很容易開始偏離房地產投資信託基金的長期目標和策略，希望這種偏離能夠以某種方式克服週期。在 VICI，我們努力不偏離。這是我們在所有周期中努力恪守的戰略原則。

We dedicate ourselves to investing in experiential buildings that meet these three fundamental quality factors. Location quality, in other words, well located in markets that have sound fundamental demographics and economics. Asset quality, meaning designed and built to serve the distinct needs of experiential businesses that have high economic dynamism and economic durability.

我們致力於投資滿足這三個基本品質因素的體驗式建築。換句話說，位置品質位於人口結構和經濟基本面良好的市場。資產質量，意味著設計和建造的目的是滿足具有高經濟活力和經濟耐久性的體驗式企業的獨特需求。

Operator quality, meaning occupied by an experiential operator that has high economic energy, ingenuity and expertise, and a strong balance sheet and credit profile.

營運商質量，意味著擁有高經濟活力、獨創性和專業知識以及強大的資產負債表和信用狀況的經驗豐富的營運商。

With every investment we make, we, of course, seek accretion as measured in AFFO per share. But that is not the only accretion we seek and measure. With every investment opportunity we evaluate, in addition to AFFO accretion, we ask, is a given investment opportunity accretive to asset quality. Is a given investment accretive to tenant diversity and tenant quality? Is a given investment accretive to geographic and potentially categorical diversity and quality? Finally, can it give an investment be accretive to balance sheet quality and, potentially, our credit ratings?

當然，我們所做的每一項投資都尋求以每股 AFFO 衡量的增值。但這並不是我們尋求和衡量的唯一成長點。對於我們評估的每一個投資機會，除了 AFFO 增值之外，我們還要求，是否有特定的投資機會來提高資產品質。特定投資是否會增加租​​戶多樣性和租戶品質？特定投資是否會增加地理和潛在類別的多樣性和品質？最後，它能否使投資提高資產負債表質量，並可能提高我們的信用評級？

We have not and will not grow for growth's sake, if that growth doesn't continuously improve the quality and intrinsic value of our portfolio and balance sheet. We will not, as some of our net lease peers do, tell you we spend X hundreds of millions of dollars and Y percentage cap rate to generate Z dollars of new rent, but then never tell you into what we invested that amount of money. We will tell you what we invest in so that you can know what you own. The very good news is that our business development team, led by John Payne, is identifying and developing opportunities to meet our broader accretion criteria.

如果成長不能持續提高我們投資組合和資產負債表的品質和內在價值，我們就不會也不會為了成長而成長。我們不會像一些淨租賃同行那樣告訴您我們花了 X 億美元和 Y 百分比上限來產生 Z 美元的新租金，但永遠不會告訴您我們投入了這筆錢。我們會告訴您我們投資了什麼，讓您知道您擁有什麼。好消息是，由約翰·佩恩 (John Payne) 領導的我們的業務開發團隊正在尋找和開發機會，以滿足我們更廣泛的成長標準。

And with that, I'll turn the call over to John. John?

然後，我會將電話轉給約翰。約翰？

Thanks, Ed, and good morning to everyone. We acted on the investment criteria Ed just spoke of when, in the second quarter, we made capital commitments of up to $950 million in the highly differentiated experiential buildings that have indispensable value to their occupants, namely the Venetian and a collection of Great Wolf Resorts. These are investments that live up to our quality criteria, and at the same time, the $650 million firmly committed to those investments will generate a blended investment yield of 7.9%.

謝謝艾德，大家早安。我們按照艾德剛才提到的投資標準採取行動，在第二季度，我們對高度差異化的體驗式建築（即威尼斯人和大狼度假村系列）做出了高達9.5 億美元的資本承諾，這些建築對其使用者俱有不可或缺的價值。這些投資符合我們的品質標準，同時，堅定投入這些投資的 6.5 億美元將產生 7.9% 的混合投資收益率。

Our conviction that we can continue to identify and invest in experiential properties that are accretive against multiple quality factors is a key reason that we have decided that we will not be exercising our call right to acquire Harrah’s Hoosier Park in Horseshoe, Indianapolis. We can and are making this decision because of our confidence and conviction that we are actively identifying and pursuing investment opportunities that enable us to generate future AFFO growth and accretion, while furthering the strength and diversity of our portfolio and tenant roster.

我們堅信，我們可以繼續尋找和投資能夠對多種品質因素產生增值作用的體驗式房產，這是我們決定不行使收購印第安納波利斯霍斯舒市 Harrah’s Hoosier Park 的認購權的關鍵原因。我們能夠而且正在做出這一決定，因為我們有信心和信念，我們正在積極尋找和尋求投資機會，使我們能夠實現未來AFFO 的成長和增值，同時進一步增強我們的投資組合和租戶名冊的實力和多樣性。

At this time, we believe that we have the opportunity to create greater portfolio value by allocating VICI's capital to other gaming and nongaming opportunities the team is actively pursuing. This is an approach that we believe will produce 2024 AFFO (technical difficulty) the highest in our net lease category. And with our newly (inaudible) 2024 (technical difficulty) roadmap (technical difficulty) at the midpoint is nearly 3 times the 2024 AFFO per growth rate guided into last week by our one gaming REIT peer. One factor that continues to accrue to our overall portfolio quality and structured tenant credit is the success of the dynamic city of Las Vegas, where VICI collects 45% of our rent from assets that we own.

目前，我們相信，透過將 VICI 的資本分配給團隊正在積極追求的其他遊戲和非遊戲機會，我們有機會創造更大的投資組合價值。我們相信這種方法將在我們的淨租賃類別中產生最高的 2024 年 AFFO（技術難度）。我們新的（聽不清楚）2024 年（技術難度）路線圖（技術難度）的中點幾乎是我們的一位遊戲 REIT 同行上週指導的 2024 年 AFFO 增長率的 3 倍。拉斯維加斯這個充滿活力的城市的成功是我們整體投資組合品質和結構性租戶信貸持續成長的因素之一，VICI 從我們擁有的資產中收取了 45% 的租金。

Over the years, I've cited on record-breaking (technical difficulty) in the first half of 2024. Harry Read International Airport had back-to-back record months reporting 5.1 million passengers arriving and parting in June. June was the third best month ever. Trailing May, the second best month ever. And October of 2023 was the best month ever.

多年來，我一直提到2024年上半年破紀錄（技術難度）。哈利里德國際機場 6 月抵港和離港旅客量連續數月創下 510 萬人次的紀錄。六月是有史以來第三好的月份。繼五月之後，這是有史以​​來第二好的月份。2023 年 10 月是有史以來最好的一個月。

In May, international visitation of Vegas also jumped 23% year-over-year. And in June, it was reported that city officials are contemplating adding a second airport to Las Vegas, with executives from Southwest Airlines stating, and I quote it feels like any flight we add in Vegas gets filled. It's almost this insatiable appetite for people wanting to come and see Vegas. Our Las Vegas tenants continue to benefit from this momentum as evidenced by our up to $700 million capital investment to fund extensive reinvestment projects at the Venetian in exchange for increased rent. The size and the success of our gaming properties allows us a unique opportunity to put large dollars to work into assets we already own. There continues to be a variety of opportunities on the horizon (technical difficulty) to the growth of our portfolio.

5 月份，拉斯維加斯的國際遊客量也較去年同期成長 23%。6 月份，據報道，市政府官員正在考慮在拉斯維加斯增加第二個機場，西南航空的高層表示，我引用的是，感覺我們在拉斯維加斯增加的任何航班都會滿員。對於想要來維加斯旅遊的人來說，這幾乎是一種無法滿足的胃口。我們的拉斯維加斯租戶繼續受益於這一勢頭，我們高達 7 億美元的資本投資為威尼斯人的廣泛再投資項目提供資金以換取增加的租金就證明了這一點。我們遊戲產業的規模和成功為我們提供了一個獨特的機會，可以將大量資金投入到我們已經擁有的資產中。我們的投資組合的成長仍然存在各種機會（技術難度）。

Casino gaming assets continue to present the largest opportunity, both domestically and internationally, inclusive of investment opportunities into the casino resort properties we already own. The magnitude and consistency of gaming cash flows and the creativity of our gaming tenants continue to drive our conviction in this section and have set the blueprint REIT to extend our TAM in other experiential sectors.

賭場博彩資產繼續提供國內和國際上最大的機會，包括對我們已經擁有的賭場度假村物業的投資機會。博彩現金流的規模和一致性以及博彩租戶的創造力繼續推動我們在這一領域的信念，並製定了房地產投資信託藍圖，以將我們的 TAM 擴展到其他體驗領域。

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

我現在將把電話轉給大衛，他將討論我們的財務表現和指導。大衛？

Thanks, John. Based on the balance sheet, liquidity, results, and our updated full-year guidance, which we are very excited about. As we work on the right side of the balance sheet, we are constantly focusing on VICI's balance sheet quality, bringing our leverage further down within our range of 5 times to 5.5 times, diligently working with the rating agencies to improve our credit ratings over time, and ultimately lowering our cost of capital, balancing the right long-term leverage for the company, all while ensuring we have the dry powder to continue to fund accretive growth for our owners.

謝謝，約翰。基於資產負債表、流動性、績效和我們更新的全年指引，我們對此感到非常興奮。當我們在資產負債表右側工作時，我們不斷關注VICI 的資產負債表質量，將我們的槓桿率進一步降低到5 倍至5.5 倍的範圍內，並與評級機構努力合作，隨著時間的推移提高我們的信用評級，並最終降低我們的資本成本，平衡公司正確的長期槓桿，同時確保我們擁有乾粉來繼續為我們的所有者的增值增長提供資金。

In terms of dry powder, as of today, we have approximately $3.2 billion in total liquidity, comprised of $347 million in cash and cash equivalents, $566 million of estimated proceeds available under our outstanding forwards, and $2.3 billion of availability under our revolving credit facility. In addition, our revolving credit facility has an accordion option, allowing us to request additional lender commitments of up to $1 billion.

就乾粉而言，截至目前，我們擁有約32 億美元的總流動性，其中包括3.47 億美元的現金和現金等價物、未償還遠期合約下可用的預計收益5.66 億美元以及循環信貸額度下的23億美元的可用收益。此外，我們的循環信貸安排有一個手風琴選項，使我們能夠請求貸方額外承諾最多 10 億美元。

Subsequent to quarter end, we sold 4 million shares and received approximately $115 million under our forward sale agreements. These proceeds were used to partially fund the Venetian capital investment John mentioned earlier.

季度末後，我們根據遠期銷售協議出售了 400 萬股股票並收到了約 1.15 億美元。這些收益用於部分資助約翰之前提到的威尼斯資本投資。

In terms of leverage, our total debt is currently $17.1 billion. Our net debt to annualized second-quarter adjusted EBITDA, excluding the impact of unsettled foreign equity is approximately 4.4 times -- excuse me, 5.4 times within our target leverage range of 5 times to 5.5 times. We have a weighted average interest rate of 4.36%, taking into account our hedge portfolio at a weighted average 6.6 years to maturity.

就槓桿而言，我們的總債務目前為 171 億美元。我們的淨債務與第二季度年化調整後EBITDA 之比（不包括未結算的外國股權的影響）約為4.4 倍——對不起，在我們5 倍至5.5 倍的目標槓桿範圍內，是5.4 倍。考慮到我們的對沖投資組合的加權平均到期日為 6.6 年，我們的加權平均利率為 4.36%。

Touching on the income statement, AFFO per share was $0.57 for the quarter, an increase of 5.9% compared to $0.54 for the quarter ended June 30, 2023. We are very proud to deliver this continued consistent growth to our owners. Our results once again highlight our highly efficient triple-net model given the increase in adjusted EBITDA as a proportion of the corresponding increase in revenue. Our margins continue to run strong in the high 90% range when eliminating noncash items, and we have the highest net income margin in the S&P 500 as noted in an article published by Barron's during the month of July.

談到損益表，本季 AFFO 每股為 0.57 美元，較截至 2023 年 6 月 30 日的季度每股 0.54 美元增長 5.9%。我們非常自豪能夠為我們的所有者帶來持續的持續成長。考慮到調整後 EBITDA 佔相應收入成長的比例，我們的結果再次凸顯了我們高效的三網模型。在消除非現金項目後，我們的利潤率繼續保持在90% 的高水平，並且正如《巴倫周刊》7 月份發表的一篇文章指出的那樣，我們的淨利潤率是標準普爾500 指數中最高的。

Our G&A was $15.8 million for the quarter, and as a percentage of total revenues, it was only 1.6%. This continues to be one of the lowest ratios in not only the triple-net sector, but across all REITs.

本季我們的 G&A 為 1,580 萬美元，佔總營收的比例僅為 1.6%。這不僅是三網產業的最低比率之一，也是所有房地產投資信託基金中最低的比率之一。

Turning to guidance. We are raising our AFFO guidance for 2024 in both absolute dollars as well as on a per share basis. The AFFO for the year ending December 31, 2024 is expected to now be between $2.35 billion and $2.37 billion, or between $2.24 and $2.26 per diluted common share. Based on the midpoint of our updated guidance range, VICI expects to deliver year-over-year AFFO per share growth of 4.7%.

轉向指導。我們正在提高 2024 年 AFFO 的絕對值和每股指引。截至 2024 年 12 月 31 日的年度 AFFO 目前預計為 23.5 億美元至 23.7 億美元之間，或稀釋後普通股每股 2.24 美元至 2.26 美元之間。根據我們更新的指導範圍的中點，VICI 預計 AFFO 每股將年增 4.7%。

As a reminder, our guidance does not include the impact on operating results from any transactions that have not closed, interest from any loans that do not yet have final draw schedules, possible future acquisitions or dispositions, capital markets activity, or other nonrecurring transactions or items. And as we have mentioned in the past, we reported noncash CECL allowance on a quarterly basis, which due to its inherent unpredictability, leaves us unable to forecast net income and FFO with accuracy. Accordingly, our guidance is AFFO focused as we believe AFFO represents the best way of measuring the productivity of our equity investments and evaluating our financial performance and ability to pay dividends.

提醒一下，我們的指導不包括任何尚未結束的交易、尚未確定最終提款計劃的任何貸款的利息、未來可能的收購或處置、資本市場活動或其他非經常性交易對經營業績的影響，或項目。正如我們過去提到的，我們按季度報告非現金 CECL 津貼，由於其固有的不可預測性，使我們無法準確預測淨利潤和 FFO。因此，我們的指導以 AFFO 為重點，因為我們相信 AFFO 是衡量我們股權投資生產力、評估我們財務表現和支付股息能力的最佳方式。

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

那麼，接線員，請開通提問線路。

(Operator Instructions) Caitlin Burrows, Goldman Sachs.

（操作員指令）Caitlin Burrows，高盛。

Well, thanks for the update on the plans to not execute options that you have this year. I guess just as you think bigger picture on deals you might do going forward and the options that you might create, does the way that this one ended up kind of working out or turning out, and your decision-making process have any impact on, I guess, how you structure options in the future, what the details might be, how far in advance they are? Anything like that.

好吧，感謝您更新今年不執行選項的計劃。我想就像你對未來可能做的交易以及你可能創造的選擇的更大前景進行思考一樣，這件事最終的解決或結果的方式以及你的決策過程是否會產生任何影響，我想，你未來如何建構選項，細節可能是什麼，提前了多久？任何類似的事情。

John or David, do you want to take a first crack at that in terms of how we think about options going forward?

約翰或大衛，你想先試試我們如何考慮未來的選擇嗎？

Yes, it's a very good question. I do think it's important. I heard my comments were broken up a little bit. But it is important to understand that this was a strategic decision really based on capital allocation and portfolio management at this time. We have great conviction with opportunities that are in front of us that will further our tenant and geographical and category diversity. And as we continue to look at opportunities and we negotiate put calls or renegotiate [growth] we'll think about the likes of those and the appropriate times of those. But again, it's important to understand that we have great conviction to continue to grow the business around the world.

是的，這是一個非常好的問題。我確實認為這很重要。我聽說我的評論有點支離破碎。但重要的是要明白，這是當時真正基於資本配置和投資組合管理的策略決策。我們對擺在我們面前的機會充滿信心，這將進一步促進我們的租戶、地理和品類的多樣性。當我們繼續尋找機會並談判看跌期權或重新談判[成長]時，我們將考慮這些機會以及這些機會的適當時機。但同樣重要的是要明白，我們有堅定的信念繼續在全球範圍內發展業務。

Got it. And just as a follow-up on that geographic diversity point, I noticed the prepared remarks also mentioned international potential opportunities. So just wondering if you comment further on kind of what sort of international opportunities for the size, type that you think could come up over the medium term or where?

知道了。正如地理多樣性問題的後續行動一樣，我注意到準備好的演講也提到了國際潛在機會。所以想知道您是否進一步評論您認為中期內可能出現的規模、類型的國際機會或在哪裡？

John?

約翰？

Yeah. Another good question. We have been busy traveling not only domestically but internationally. And I think on other calls, we've talked about countries that we've been studying. We've spent some time in Australia and New Zealand. We've spent some time in Europe and the UK and other parts of the world where it makes sense and our capital can work. I don't have anything to announce now obviously, but we see opportunities to continue to diversify not only in location but with new tenants as well.

是的。另一個好問題。我們不僅忙於國內旅行，還忙於國際旅行。我認為在其他電話中，我們討論了我們一直在研究的國家。我們在澳洲和紐西蘭待了一段時間。我們已經在歐洲、英國和世界其他地方度過了一段時間，在那裡我們的資本可以發揮作用。顯然，我現在沒有什麼要宣布的，但我們看到了繼續多元化的機會，不僅是在地點上，而且還有新租戶。

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

As you look at that international opportunity set, just curious how that's split between gaming and non-gaming?

當您看到國際機會集時，只是好奇遊戲和非遊戲之間是如何劃分的？

John, do you want to take that once again?

約翰，你想再接受一次嗎？

It seems like I am answering the first three questions today, Barry, but it's all good. I'm not sure we'll have the exact percentage of what's going to come in gaming and non-gaming. But I think you can imagine when we travel around the world, we spend time in countries that have legalized gaming and understanding the real estate of those assets while, at the same time, meeting with experiential operators.

看起來我今天正在回答前三個問題，巴里，但這一切都很好。我不確定我們將獲得遊戲和非遊戲領域的確切百分比。但我想你可以想像，當我們環遊世界時，我們會在遊戲合法化的國家度過一段時間，了解這些資產的房地產，同時會見經驗豐富的運營商。

In my remarks, and I've said this for the past seven years, the greatest opportunity we see is still in casino gaming, both domestically and internationally. But we do spend time with operators in both the experiential sectors in gaming when we travel around the world.

在我的演講中，我在過去七年裡一直這麼說，我們看到的最大機會仍然是國內和國際的賭場遊戲。但當我們環遊世界時，我們確實會花時間與遊戲體驗領域的營運商交流。

And Barry, I'll just add that -- Barry, I'll just add that pretty much by definition and by logic, the dollar percentage will always tend -- whether domestically or internationally, the dollar percentage will very much favor gaming investment given the magnitude of the assets and the capital required to acquire them.

巴里，我只想補充一點 - 巴里，我只是補充一點，根據定義和邏輯，美元百分比將始終趨向於 - 無論是國內還是國際，美元百分比將非常有利於遊戲投資資產的規模以及收購資產所需的資本。

Got it, got it. And then just as a follow-up, seriously how you're thinking about your strip land and just development these days. You obviously own several acres on the strip and office strip and then your tenant, Caesars, is now talking about maybe selling some noncore assets, which I presume include land.

明白了，明白了。然後作為後續行動，認真地談談您最近如何考慮您的地帶土地和開發。顯然，您在地帶和辦公地帶擁有幾英畝土地，然後您的租戶凱撒現在正在談論可能出售一些非核心資產，我認為其中包括土地。

Yeah. So Barry we -- as John talked about in his opening remarks, we are just great believers in the Las Vegas ecosystem which has obviously got gaming at its center. But as we see with really almost each passing quarter the amount of innovation that's going on in terms of the broadening and deepening of Las Vegas experiences truly makes it like no other place on earth. We obviously have a lot of exposure to Las Vegas right now as a percentage of our annual base rent. But we would -- we are and we will be very comfortable in continuing to invest incremental capital, much the way we did with the Venetian investment in Las Vegas because it is truly one-of-a-kind destination in the world.

是的。所以巴里，正如約翰在開場白中談到的那樣，我們只是拉斯維加斯生態系統的堅定信徒，該生態系統顯然以遊戲為中心。但正如我們所看到的，幾乎每個季度，在拓寬和深化拉斯維加斯體驗方面所發生的大量創新確實使其成為地球上獨一無二的地方。顯然，我們目前在拉斯維加斯的業務占我們年基本租金的百分比很高。但我們會——我們現在並將非常樂意繼續投資增量資本，就像我們在拉斯維加斯投資威尼斯人所做的那樣，因為它確實是世界上獨一無二的目的地。

And that has implications obviously for putting incremental money into the assets we already own, whether with the Venetian, with our Caesar asset, and especially obviously given magnitude of MGM assets we own, particularly at the South end of the strip, we're seeing more and more demand drivers. And then in addition to that, as you alluded to, we do have that vacant land that, over the coming years and decades, obviously represents further potential to invest capital and broaden and deepen our exposure to Las Vegas.

這顯然對將增量資金投入到我們已經擁有的資產中產生了影響，無論是威尼斯人還是凱撒資產，尤其是考慮到我們擁有的米高梅資產規模，特別是在拉斯維加斯大道的南端，我們看到越來越多的需求驅動因素。除此之外，正如您所提到的，我們確實擁有那塊空置土地，在未來幾年和幾十年裡，這顯然代表著投資資本以及擴大和深化我們在拉斯維加斯的業務的進一步潛力。

Wes Golladay, Baird.

韋斯·戈拉戴，貝爾德。

I know you target full cycle investments with high-quality partners, but there has been some pockets of weakness in the consumer. Has this led you to change how you're looking at the current acquisition pipeline?

我知道你們的目標是與高品質合作夥伴進行全週期投資，但消費者方面存在一些弱點。這是否導致您改變了對目前收購管道的看法？

Yeah. It's a very good question, Wes. And obviously, whether it's McDonald's earnings report or other earnings reports, you are starting to hear about weakness especially in the lower end consumer. And even recently, there has been some talk among gaming operators about seeing some weakness at the lower end in the regionals.

是的。這是一個非常好的問題，韋斯。顯然，無論是麥當勞的收益報告還是其他收益報告，您都開始聽到疲軟的消息，尤其是低端消費者的疲軟。甚至最近，博彩業者之間也有一些討論稱，該地區的低端市場出現了一些疲軟。

I would not say at this point it's yet affected how we are thinking about our investments going forward. We're focusing on the categories of experiences that we do, focusing generally on middle to higher end, it hasn't caused concern for us yet. Especially when, of course, you take in the existential fact that we as a net lease asset owner are not exposed to the variability quarter by quarter in consumer spending.

目前我不會說它已經影響了我們對未來投資的思考。我們專注於我們所做的體驗類別，通常專注於中高端，它還沒有引起我們的注意。當然，特別是當你考慮到一個存在的事實時，即我們作為淨租賃資產所有者，不會受到消費者支出逐季度變化的影響。

Okay. And then you do have a highly predictable business model, but you have the Caesars lease coming up in November. It does have a variable component that's a little bit harder to model. Could you maybe put some goalposts on that, how we should think of that?

好的。然後你確實有一個高度可預測的商業模式，但凱撒的租約將於 11 月到期。它確實有一個可變組件，建模起來有點困難。你能否在上面放一些球門柱，我們該如何看待這一點？

David?

大衛？

We are entering lease year eight with Caesars. Hard to believe it has been -- we're getting to lease year eight. It just seems like yesterday we started this company. But November 1 will be the start of that year and there does -- start of that lease year, and that does become a variable component and a base component. And we are -- the way that the calculation runs for the Vegas lease, 80% is based, 20% is variable for the regional lease, it's 70% based and 30% variable. It's based on a comparison of net revenues for years five through seven versus year zero through one.

我們與凱撒的租賃即將進入第八年。難以置信——我們即將租用第八年。我們創辦這家公司就像昨天一樣。但 11 月 1 日將是該年的開始，並且確實是該租賃年的開始，這確實成為可變組成部分和基本組成部分。我們是 - 維加斯租賃的計算方式，80% 是基於的，20% 是可變的，對於區域租賃，它是 70% 的基於，30% 是可變的。它是基於第五年到第七年與零到一年的淨收入比較。

We are still collecting the data from Caesars because the calculation period actually runs through September of 2024. But based on what we're seeing, it should be relatively neutral to no impact to our escalation in November 1, 2024.

我們仍在收集凱撒的數據，因為計算期實際上持續到 2024 年 9 月。但根據我們所看到的情況，這對我們 2024 年 11 月 1 日的升級應該是相對中性的，甚至沒有影響。

John DeCree, CBRE?

約翰‧德克里，世邦魏理仕？

Maybe one on your decision today to say that you're not going to move forward with Centaur. So I thought you may have had until the end of the year to make a decision, and so we certainly can appreciate being decisive and looking at your pipeline. But curious if you could talk a little bit about why make that announcement today with still maybe several months ahead to consider that?

也許你今天的決定表明你不會繼續與半人馬一起前進。因此，我認為您可能需要在今年年底之前做出決定，因此我們當然可以欣賞您的果斷並審視您的頻道。但好奇您是否能談談為什麼今天宣布這一消息，也許還需要幾個月的時間才能考慮這一點？

Yeah, no. It's a very, very good question, John. The reason we decided to announce this today is that the strategic factors that went into making our decision are of a nature that they were not going to change over the ensuing, whatever it is now left in the year, five months of the year. And so in fairness, obviously, we're partners at Caesars, but also recognizing our need to always be as ruthlessly efficient as we can be with return on management time, we decided, again, because the strategic decision factors will not change in the next five months, decided to announce it today, so that everyone can understand, our team can understand, Caesars can understand, you all can understand that we will not be calling it, and none of us have to spend time wondering if and when we might between now and the very end of the year.

是的，不。這是一個非常非常好的問題，約翰。我們決定今天宣布這一消息的原因是，做出我們決定的戰略因素的性質是，無論今年還剩下什麼，一年中的五個月，它們都不會改變。因此，公平地說，顯然，我們是凱撒的合作夥伴，但也認識到我們需要始終盡可能提高管理時間的效率，我們再次決定，因為戰略決策因素不會在未來發生變化。月，決定今天宣布，這樣每個人都可以理解，我們的團隊可以理解，凱撒可以理解，你們都可以理解，我們不會調用它，我們都不必花時間思考是否以及何時我們可能從現在到今年年底。

Yeah, that's helpful. And that's probably the last question you will get from us get us on Centaur, although there has been many over the last eight months or so, so I appreciate that. Maybe bigger picture, in terms of underwriting gaming assets today, so a lot has happened. We've talked about some of consumer trends. We've looked at where some recent deals have gone out.

是的，這很有幫助。這可能是您在半人馬座上收到的最後一個問題，儘管在過去八個月左右的時間裡有很多問題，所以我很感激。也許從更大的角度來看，就今天承保遊戲資產而言，發生了很多事情。我們已經討論了一些消費趨勢。我們研究了最近一些交易的去向。

And just kind of curious if your -- any updated thoughts on how you think about full four-wall coverage kind of cap rates in the gaming space now. If there's a little bit more strict in how you think about four-wall coverage and kind of where you think cap rates are going. And I know kind of every asset and transaction is a little different, but just high level, would be good to kind of get any kind of thinking on broad strokes.

只是有點好奇您是否對現在遊戲領域的全面四牆覆蓋率上限有任何更新的想法。如果您對四面牆面覆蓋的看法更加嚴格，以及您認為資本化率的走向。我知道每項資產和交易都有點不同，但只是高水平，有助於獲得任何廣泛的思考。

Yeah. So I think our starting point, John, is that we always want our capital investments to pass the test of if this was our last dollar capital, would this be the highest and best use of that capital? And as we have engaged in the continuous learning given at the heart of our creation of VICI is both the company and the culture, I think very much to the point of the question you're asking, we continue to refine our thinking on what will drive the strongest, continuous improvement in our access to and our cost of capital.

是的。所以，約翰，我認為我們的出發點是，我們總是希望我們的資本投資能夠通過測試：如果這是我們最後的一美元資本，這是否是該資本的最高和最佳用途？由於我們致力於持續學習，VICI 的創建核心既是公司又是文化，我認為非常符合您提出的問題，我們將繼續完善我們的想法推動我們的資本獲取和成本最強勁、持續的改善。

And that really guides our decision-making in many different forms, including, obviously, tenant diversity, geographic diversity, tenant credit quality, strength of tenant balance sheet and, very much to your point, rent coverage. So as we look at that mosaic of factors, we, again, we feel very good about the discipline we've developed around capital allocation. And the degree to which it can, again, just to stress the point, lead ultimately to strongest comparative cost of capital advantage over the long term.

這確實以許多不同的形式指導我們的決策，顯然包括租戶多樣性、地理多樣性、租戶信用品質、租戶資產負債表的強度，以及非常符合您的觀點的租金覆蓋率。因此，當我們審視這些複雜的因素時，我們再次對我們圍繞資本配置所製定的紀律感到非常滿意。再次強調這一點，它最終能在多大程度上帶來長期最強的比較資本成本優勢。

Nick Joseph, Citi.

尼克約瑟夫，花旗銀行。

Maybe just following up on the Indiana Casino question. Is this deal fully vetted? And I guess would -- is there any chance that the assets are put to you? Or is that all put to that as well?

也許只是跟進印第安納賭場的問題。這筆交易經過充分審查嗎？我想──這些資產是否有機會交給你？或者這也是全部嗎？

John?

約翰？

The way the contract reads, you are correct, that the assets could be put to us. But Tom Reeg at Caesars, I think, has been very vocal about this, at least over the past year, that they had no plans to put these two assets to us. But the contract does last until the end of the year, as we spoke about earlier today.

從合約上看，你是對的，資產可以交給我們。但我認為，凱撒的湯姆·雷格（Tom Reeg）對此一直非常直言不諱，至少在過去的一年裡，他們沒有計劃將這兩項資產交給我們。但正如我們今天早些時候談到的，合約確實持續到今年年底。

And then just as we look to November, I'm just curious if there's any legislative issues on any ballots that you're watching that could be important for regional gaming.

然後，正如我們展望 11 月一樣，我只是好奇您正在觀看的任何選票是否存在任何可能對區域遊戲很重要的立法問題。

John?

約翰？

We all take that -- yes, I'll take that, Ed. We continue to look not only, I think you mentioned regional gaming, but I think we're looking all over the world where there are changes happening to the good, and I guess it could be to the bad, but where are there going to be opportunities to deploy capital with new tenants and new locations, possibly in new categories. And there are some places around the world that are going through quite a bit of change that we're better understanding.

我們都接受這一點——是的，我會接受這一點，艾德。我們不僅繼續關注，我想你提到了區域性遊戲，而且我認為我們正在關注世界各地正在發生的好的變化，我想這可能是壞的，但是哪裡會發生變化？ （可能是新類別）部署資本的機會。世界上有些地方正在經歷相當大的變化，我們對此有了更好的理解。

We'll continue to watch opportunities in the United States as well. Every year, I think you know the state of Texas and the state of Georgia, state of Kentucky often come out with some form of gaming. And then obviously, with online sports betting, which is spread across the United States, there will be other states that think about that. And usually, in some deals, they talk about the bricks-and-mortar casinos. So not specifically, but we stay in touch to see if there ultimately will be some opportunities for us to invest. And then I'll finally say, we continue to monitor New York, where that process continues to proceed into 2025. And we'll have a better understanding when 3 licenses will be awarded and to whom they are awarded.

我們也將繼續關注美國的機會。每年，我想你都知道德州、喬治亞州、肯塔基州經常推出某種形式的遊戲。顯然，隨著線上體育博彩在美國各地的普及，其他州也會考慮這一點。通常，在某些交易中，他們會談論實體賭場。所以不是特別具體，但我們保持聯繫，看看最終是否會有一些投資機會。最後我要說的是，我們將繼續監控紐約，這個過程將持續到 2025 年。我們將更了解何時授予 3 個許可證以及授予誰。

Nick, I would just add that -- Nick, I'll just add that we obviously do monitor continuous -- continuing legislative change and, in many cases, the associated emergence of new supply across American regional gaming. And I do think we obviously need to take care, as capital allocators, that as we allocate capital into regional gaming assets, which we will continue to do. They were doing so aware of the supply-demand trends on a mark-to-market basis. Because in regional gaming, catchment areas for regional gaming, obviously tend to be more confined than we would find in Las Vegas, because the catchment area for Las Vegas is global.

尼克，我只想補充一點 - 尼克，我只是補充一點，我們顯然確實在監控持續不斷的立法變化，以及在許多情況下，整個美國區域遊戲中相關的新供應的出現。我確實認為，作為資本配置者，我們顯然需要注意將資本配置到區域博彩資產中，我們將繼續這樣做。他們這樣做是為了了解以市價計價的供需趨勢。因為在區域性博彩中，區域性博彩的服務區域顯然比我們在拉斯維加斯發現的更為有限，因為拉斯維加斯的服務區域是全球性的。

As John said in his opening remarks, international travel to Vegas has rebounded stronger than any place else in the U.S., probably one of the strongest international travel rebounds around the world. And so while new supply will come to Las Vegas, it will come into a market whose catchment area, again, is global. And we obviously need to be mindful in regional areas that the catchment areas are somewhat infinite, and we need to weigh our capital allocation decisions based upon supply/demand trends on a highly localized basis.

正如約翰在開場白中所說，拉斯維加斯的國際旅遊反彈比美國其他任何地方都強勁，可能是全球國際旅遊反彈最強勁的地方之一。因此，雖然新的供應將來到拉斯維加斯，但它將進入一個其服務區域同樣是全球性的市場。我們顯然需要注意，在偏遠地區，服務範圍在某種程度上是無限的，我們需要在高度在地化的基礎上根據供需趨勢來權衡我們的資本配置決策。

Haendel St. Juste, Mizuho.

亨德爾‧聖朱斯特，瑞穗。

This is Ravi Vaidya on the line for Haendel. Just had a couple of quick follow-ups here on the Indiana assets. Was the cap rate not attractive enough in the current rate environment? And did the emergence of Bala Chicago coming up the next five years' payroll as it could possibly impact casino operations throughout the midwest?

我是拉維·維迪亞 (Ravi Vaidya)，正在接聽亨德爾 (Haendel) 的電話。剛剛對印第安納州的資產進行了一些快速跟進。在當前的利率環境下，上限利率是否不夠有吸引力？巴拉芝加哥的出現是否會出現在未來五年的薪資中，因為它可能會影響整個中西部的賭場營運？

Yes. I'll let John take the second part of that. On the first part, the cap rate is perfectly fine cap rate. As we look across our array of investment opportunities and as we contemplated potentially investing more than $2 billion of capital or close to 5% of our total capital, we, again, wanted to be relentless in our scrutiny as what would this be the highest and best use of our capital both on a cap rate basis and the associated accretion, but also on the key, if you will, nonfinancial accretion factors of tenant diversity, geographic diversity and those secondary factors. So the cap rate by itself was not the gaining issue.

是的。我會讓約翰來講第二部分。在第一部分中，上限利率是非常好的上限利率。當我們審視一系列投資機會並考慮可能投資超過 20 億美元的資本或接近我們總資本的 5% 時，我們再次希望堅持不懈地審查，看看這將是最高的和充分利用我們的資本，既要在上限利率和相關增值的基礎上，也要在關鍵的（如果你願意的話）租戶多樣性、地理多樣性和那些次要因素的非財務增值因素上。因此，資本化率本身並不是獲利問題。

And then I will turn it over to John for his thoughts on midwestern gaming.

然後我會將其交給約翰，詢問他對中西部遊戲的看法。

Yes. The question about will the facility that ultimately is built in downtown Chicago will impact the Indianapolis to casinos, the answer is now on that. To Ed's comments earlier about where consumers go to regional gaming and how far do they drive, the Indianapolis market is considerably far away from downtown Chicago. In fact, there's many other casinos between Indianapolis and Chicago that consumers can choose from as well. So that was not a factor in our decision to not call the to Indianapolis asset.

是的。關於最終在芝加哥市中心建成的設施是否會對印第安納波利斯賭場產生影響的問題，現在的答案就在於此。根據艾德之前關於消費者去哪裡參加區域博彩以及他們開車多遠的評論，印第安納波利斯市場距離芝加哥市中心相當遠。事實上，印第安納波利斯和芝加哥之間還有許多其他賭場可供消費者選擇。因此，這並不是我們決定不呼叫印第安納波利斯資產的因素。

How large do you forecast the experiential credit solution strategy to become? And we noticed you have a couple of deals with Great Wolf here over the years, how important is that as a defense and entertainment option in this recessionary environment?

您預期體驗式信貸解決方案策略的規模有多大？我們注意到，多年來您與 Great Wolf 達成了幾筆交易，在這個經濟衰退的環境中，作為防禦和娛樂選擇有多重要？

David, do you want to take the first part of that?

大衛，你想聽第一部分嗎？

Yes. Thanks, Ravi. Roughly, our credit book today is $2.2 billion, it's 4% to 5% of total assets, and we feel good in and around that area. We developed a credit book as a way to broaden our means and to expand our relationships. And you've heard us talk about, at the end of the day, our capital is relationship capital. And the credit book allows us to develop new partnerships, develop new relationships, ultimately through some of the deals that have call options at our discretion.

是的。謝謝，拉維。粗略地說，我們今天的信用帳簿為 22 億美元，佔總資產的 4% 到 5%，我們在該領域及其周邊地區感覺良好。我們發展了信用簿作為擴大我們的手段和擴大我們的關係的一種方式。你已經聽過我們談論，歸根究底，我們的資本是關係資本。信用簿使我們能夠發展新的合作關係，最終透過一些由我們自行決定擁有看漲期權的交易來發展新的關係。

But along the way, we learn about new segments and new businesses, and we've learned things that ultimately we may not like, we -- our loan gets repaid and we move on. But if we learn things we like, we continue to want to grow in those areas through either real estate ownership or deepening the existing relationships. So it's been a very, very effective tool and it's been something we're excited about, and something that we continue to use in our toolkit as we expand both domestically and internationally.

但一路走來，我們了解了新的細分市場和新的業務，我們學到了最終我們可能不喜歡的東西，我們的貸款得到償還，然後我們繼續前進。但如果我們學習自己喜歡的東西，我們就會繼續希望透過房地產所有權或深化現有關係在這些領域發展。因此，它是一個非常非常有效的工具，我們對此感到興奮，隨著我們在國內和國際上的擴張，我們將繼續在我們的工具包中使用它。

And Ravi, could you repeat the second half of that question?

拉維，你能重複一下這個問題的後半部嗎？

Sure. We've had a couple of deals with the Great Wolf over the years, I just wanted to hear your comments on how this is particularly defensive and important entertainment source as we go into a recessionary environment here where the consumer is stretched?

當然。多年來我們與「大狼」達成了幾筆交易，我只是想聽聽您的評論，當我們進入消費者捉襟見肘的經濟衰退環境時，這如何成為特別具有防禦性和重要的娛樂來源？

Yes. David, do you want to talk about what we have seen historically on Great Wolf's durability through all cycles?

是的。大衛，你想談談我們在歷史上看到的大狼在所有周期中的耐用性嗎？

Yes. In the broader indoor water park sector or, broadly, Gabe Wasserman is in the room here and he did our first white paper back in '18 when we started looking at indoor water parks and the economic vitality of these businesses. When the original Great Wolf went public back in '04, '05, it was Thursday through Sunday, Thursday through Monday business. Now it's a seven-day a week business. And we call them casinos without gaming, because of the economic leverage they have and the multiple cash registers they have, both with the water park, the family entertainment center, the food and beverage, the lodging. And as an example, Perryville opened just earlier this year -- last year.

是的。在更廣泛的室內水上樂園領域，或者更廣泛地講，Gabe Wasserman 就在這兒，他在 18 年寫了我們的第一份白皮書，當時我們開始研究室內水上樂園和這些企業的經濟活力。當最初的「大狼」於 04 年、05 年上市時，週四到週日、週四到週一都是營業時間。現在它是每週工作 7 天的業務。我們稱它們為沒有博彩的賭場，因為它們擁有經濟槓桿和多個收銀機，包括水上樂園、家庭娛樂中心、食物和飲料、住宿。舉個例子，佩里維爾今年早些時候——去年才開業。

And within three months, it was exceeding its initial underwriting and ultimately went into the broader refi package. So these things open, they open quick and they open producing a lot of cash flow. So we're excited about that. And hopefully, there's an opportunity someday to own the real estate of some of these indoor water park businesses.

三個月內，它就超出了最初的承保範圍，並最終進入了更廣泛的再融資計劃。所以這些東西打開了，它們打開得很快，而且它們打開後產生了大量的現金流。所以我們對此感到興奮。希望有一天有機會擁有其中一些室內水上樂園企業的房地產。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

So a little bit of a different -- great, a little bit of a different kind of question for John, which is through our window past couple of days, we've seen a pretty consistent outlook shift to something more moderate or even down, specifically around leisure transient activities across hospitality. And not that it will impact your earnings stream imminently, but John, I assume in your travels, you have a finger on that pulse as well. I just would love a little bit of insight from what you're seeing and hearing through your window, please?

所以有點不同——很好，對約翰來說有點不同類型的問題，過去幾天通過我們的窗口，我們看到相當一致的前景轉變為更溫和甚至更低的觀點，特別是圍繞酒店業的休閒短暫活動。這並不是說它會立即影響你的收入流，但約翰，我想在你的旅程中，你也掌握著這個脈動。我只是想從你透過窗戶看到和聽到的事情中得到一點見解，好嗎？

Yes, David. Nice to talk to you. And hopefully, I'll see you on the road while I'm traveling. Look, you are correct. We're hearing in some businesses some softness and hearing about the consumer, and Ed touched on this earlier in his comments, particularly around the lower-end consumer. I was telling my colleague, David, a story about I was in Scotland recently. And every person I met talked about visiting United States. And guess what city -- if they were only going two to three cities, they said they would have to go to, it was Las Vegas.

是的，大衛。很高興和你說話。希望我能在旅途中在路上見到你。你看，你是對的。我們在一些企業中聽到了一些軟弱的聲音，並聽到了有關消費者的聲音，埃德在他的評論中早些時候談到了這一點，特別是圍繞低端消費者。我向我的同事大衛講述了我最近在蘇格蘭的一個故事。我遇到的每個人都談到了訪問美國。猜猜哪個城市 - 如果他們只去兩到三個城市，他們說他們必須去，那就是拉斯維加斯。

And what's become so interesting traveling the world is that 10 years ago, that wouldn't have been the answer, right? Everyone has said, I flying to New York. When I hit Chicago, I'm going to go on to San Francisco and the West Coast, and you probably wouldn't hear about Las Vegas. The beauty about what our tenants have done is diversifying the reasons to come to Las Vegas. And no matter what sector, whether you're in the high-end sector that comes by private jet, or where you're a sector that, like myself, travels by Southwest Airlines, they continue to attract different folks to that city.

環遊世界變得如此有趣的是，十年前，這還不是答案，對吧？每個人都說，我飛往紐約。當我到達芝加哥時，我將前往舊金山和西海岸，你可能不會聽說拉斯維加斯。我們的租戶所做的一切的美妙之處在於使他們來到拉斯維加斯的理由變得多樣化。無論哪個行業，無論您是乘坐私人飛機的高端行業，還是像我一樣乘坐西南航空旅行的行業，它們都會繼續吸引不同的人來到該城市。

So I'm not giving you a macro answer about the whole world of the United States, I'm giving you an answer about where we look to put our money and where our money is right now, and that's why we're so bullish on Las Vegas. As we study other sectors, as we study other parts of the world, we will definitely make sure we understand what the consumer is doing up and down with spending tree. But I will tell you, in my travels, I'm excited about where we have our money and continue to put money in because that people are traveling to that destination of Las Vegas.

所以我不是給你一個關於美國整個世界的宏觀答案，而是給你一個關於我們希望把錢放在哪裡以及我們的錢現在在哪裡的答案，這就是為什麼我們如此看好在拉斯維加斯。當我們研究其他產業時，當我們研究世界其他地區時，我們一定會確保我們了解消費者在消費樹上的上下活動。但我會告訴你，在我的旅行中，我對我們有錢的地方感到興奮，並繼續投入資金，因為人們正在前往拉斯維加斯這個目的地。

And that -- operator, before we go to the next question, I'd just like to add to David Katz's question. In a time like this, where we could be potentially looking at a period of economic volatility as measured in consumer spending, it really highlights the value of dividend-paying stocks when it comes to reducing the volatility of the equity versus the volatility of the consumer economy. And that is why, again, we're so careful in what we investing because we want to make sure we're investing in assets and partner relationships that we believe very strongly can endure up and down cycles in consumer spending.

運營商，在我們討論下一個問題之前，我想補充一下大衛·卡茨的問題。在這樣的時期，我們可能會關註一段以消費者支出來衡量的經濟波動時期，這確實凸顯了派息股票在降低股票波動性與消費者波動性方面的價值。這就是為什麼我們對投資如此謹慎，因為我們希望確保我們投資的資產和合作關係能夠承受消費者支出的上下週期。

We do not go seeking C guard but real estate, to use the old Benjamin Graham term. We are seeking real estate that we know can endure a cycle and cycle out and has positive secular trends, such that we can feel very confident in our ability to continually pay a dividend and steadily grow the dividend ideally at a rate that is equal to or exceed inflation.

用本傑明·格雷厄姆的舊術語來說，我們不是在尋找C後衛，而是在尋找房地產。我們正在尋找我們知道可以承受一個週期和週期並具有積極的長期趨勢的房地產，這樣我們就可以對我們持續支付股息的能力非常有信心，並以等於或理想的速度穩定地增加股息。 。

Michael Herring, Green Street.

邁克爾·赫林，格林街。

My question on balance sheet. VICI has roughly $2 billion in notes coming due in the first half of next year. How did that factor into the decision to not exercise those call rights particularly as you look to potentially reduce your leverage and earn a better investment-grade rating?

我關於資產負債表的問題。VICI 約有 20 億美元的票據將於明年上半年到期。這是如何影響您決定不行使這些認購權的，特別是當您希望降低槓桿率並獲得更好的投資等級評級時？

Yeah. I'll turn it over to David in a moment, Michael. But I would say it really factored in, virtually not at all. And not that we're not mindful of the obligation we have to refinance as effectively as we can in the coming year. But we, again, made the decision we made on those call rights because of how compelling our other investment opportunities are, which you should be hearing about in due course. And so that was not a constraining factor. And Dave, I don't know if you want to add anything in terms of how we're thinking about leverage and the ratings curve.

是的。邁克爾，我一會兒就把它交給大衛。但我想說，這確實是一個因素，但實際上根本沒有。這並不是說我們沒有意識到我們在未來一年必須盡可能有效地進行再融資的義務。但我們再次做出了這些認購權的決​​定，因為我們的其他投資機會非常引人注目，您應該在適當的時候聽到這些機會。所以這不是一個限制因素。戴夫，我不知道你是否想補充一些關於我們如何看待槓桿和評級曲線的內容。

Yeah, no. You touched on it, Ed. It's portfolio management around not exercising the book call. Michael, in terms of the balance sheet, we've got three maturities next year, February, May and June. And as you saw us actively and very successfully refi our 2024 maturity with a well, well, well oversubscribed refinancing that we did back in March. We're working and planning towards refi-ing those maturities that, again, come due first part -- in the first quarter and then in late second quarter of '25.

是的，不。你談到了這一點，艾德。這是圍繞著不進行簿記的投資組合管理。邁克爾，就資產負債表而言，明年我們有三個到期日，即二月、五月和六月。正如您所看到的，我們在 3 月進行了超額認購的再融資，積極且非常成功地對 2024 年到期進行了再融資。我們正在努力並計劃重新融資這些到期日，這些到期日將在 25 年第一季和第二季末到期。

And then you saw our peer, GLPI had a very, very successful refi or a debt offering two days ago. And being investment-grade rated, having a very deep liquid investment-grade credit profile accrues to our benefit. And we feel very good about our ability to refi those maturities and continue to extend and ladder our maturity profile and ultimately, over time, might grade up to BBB curve, lowering our cost of capital being able to continue to compete for asset acquisitions across the globe.

然後你看到我們的同行 GLPI 兩天前進行了一次非常非常成功的再融資或債務發行。作為投資等級評級，擁有非常深厚的流動性投資等級信用狀況將為我們帶來好處。我們對自己重新融資這些到期日的能力感到非常滿意，並繼續擴展和階梯化我們的成熟度概況，最終，隨著時間的推移，可能會升級到BBB 曲線，從而降低我們的資本成本，從而能夠繼續在整個資產收購領域競爭。

Maybe just one more and switching gears a little bit. As there has been some M&A chatter on the operator side, can you just speak broadly -- maybe this is more for John on just the practical protection that VICI has on its master leases in the event there is a change of control on the operator side.

也許只是再多一個，然後稍微換一下方式。由於運營商方面存在一些併購傳聞，您能否籠統地說一下——也許這對 John 來說更重要的是，如果運營商方面的控制權發生變化，VICI 對其主租賃擁有的實際保護。

John?

約翰？

Yes, it's a very good question, Michael. It's a hard one to answer simply because we have -- we used to be a company when we started that had one or two leases, now we've got over double digits. But in all our leases, we do have protection. Samantha Gallagher, our General Counsel is on the line, that could add to that.

是的，這是一個非常好的問題，邁克爾。這是一個很難回答的問題，因為我們剛成立時曾經是一家只有一、兩個租約的公司，現在我們的租約已經超過兩位數。但在我們所有的租約中，我們確實有保護。我們的總法律顧問 Samantha Gallagher 正在電話中，這可能會增加這一點。

But we feel good. We're staying in touch with our operators to better understand what's going on in the market. I think you used the word chatter, I think that's probably the best word out there right now. But we do have protection in our many leases that we have. Sam, I don't know if you would like to add anything to the question?

但我們感覺很好。我們正在與營運商保持聯繫，以更好地了解市場動態。我想你用了「喋喋不休」這個詞，我認為這可能是目前最好的詞。但我們的許多租約確實受到保護。Sam，我不知道您是否願意為這個問題添加任何內容？

Yes, John, you did a great job. I think just to John's point, while we do have a number of different leases, all of our leases are mindful of what happens in a change of control and have strong protections to ensure. And just as a reminder, we have gone through a change of control with one of our tenants already, where -- we see the Caesars Eldorado merger. So we feel very comfortable with how our leases are structured to address any change in control.

是的，約翰，你做得很好。我認為，就約翰的觀點而言，雖然我們確實有許多不同的租約，但我們所有的租約都考慮到控制權變更時會發生什麼，並確保提供強有力的保護。提醒一下，我們已經與一位租戶進行了控制權變更，我們看到了凱撒埃爾多拉多 (Caesars Eldorado) 的合併。因此，我們對我們的租賃結構如何應對控制權的任何變化感到非常滿意。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

David, was there anything in particular that led you to bump the guidance at this point? I mean the acquisition investing activity has been well disclosed and you don't include prospective activity and guidance. So I was just curious there are one or two factors that motivated to do it at this time?

大衛，有什麼特別的事情導致你在這一點上改變了指導方針嗎？我的意思是收購投資活動已經充分披露，並且您沒有包括預期活動和指導。所以我只是好奇此時是否有一、兩個因素促使我這麼做？

David?

大衛？

I mean, Jim, you touched on that. I think when we lapped our first quarter earnings call, the thing -- the funding timing and some of the -- how we were going to fund some of the announcements that we had previously made weren't finalized. And so as we talked about in our guidance, we don't project any unknown capital markets activities or any unidentified or unknown activities. So those announcements plus the continued funding through our loan book has led us to feel very confident about the increase in guidance and feel very good about achieving that guidance. And a lot of it came from the Great Wolf impact, which closed slightly after our earnings.

我的意思是，吉姆，你談到了這一點。我認為，當我們結束第一季財報電話會議時，融資時間以及我們將如何為我們之前發布的一些公告提供資金的問題尚未最終確定。因此，正如我們在指導中談到的，我們不會預測任何未知的資本市場活動或任何未識別或未知的活動。因此，這些公告加上透過我們的貸款簿提供的持續資金使我們對指導的增加非常有信心，並且對實現該指導感到非常高興。其中很大一部分來自「大狼」的影響，該影響在我們的財報公佈後稍微結束。

And then the second question, please. Ed, you almost get -- I've obviously enthused about you said your alternatives to invest capital other than the Caesar option properties. Obviously not going to give us a whole lot of color, but are they -- these future opportunities, is this a ramp in the tools of bucket or opportunity set in dollar value in your mind? What would the split maybe be between further credit book or more fee interest?

然後是第二個問題。艾德，你幾乎明白了——我顯然對你所說的除了凱撒選擇財產之外的投資資本的替代方案很感興趣。顯然不會給我們太多的色彩，但它們是——這些未來的機會，是你心目中的桶工具的斜坡還是美元價值設定的機會？進一步的信用簿或更多的費用利息之間可能會如何分配？

Yes. It will very much predominantly be fee interested, Jim. And I think one thing you can expect is that as we continue to allocate capital it will be on a cadence that is not necessarily as heavily weighted to one single investment, as would have been the case with the Indiana assets. Again, that -- just to reiterate, that would have been almost 5% of capital into one deal. And I do think as a REIT from both a return and a risk management point of view, we will always be very happy to achieve a sustained and sustainable capital allocation cadence, which, again, will be principally in gaming and principally fee over time.

是的。吉姆，這主要是對費用感興趣。我認為你可以預料到的一件事是，隨著我們繼續分配資本，其節奏不一定會像印第安納州資產那樣嚴重偏重於單一投資。再次重申，一筆交易將佔到近 5% 的資本。我確實認為，從回報和風險管理的角度來看，作為房地產投資信託基金，我們將始終非常高興實現持續和可持續的資本配置節奏，隨著時間的推移，這將主要用於遊戲和費用。

Kilichowski, Wells Fargo.

基利霍夫斯基，富國銀行。

Kind of going back to the embedded growth pipe, maybe if we can jump down to the experiential side following the comments of Heros and Caesars. I'm just curious, and I know that these are a little less pressing in terms of time line, but how are you thinking about the call options for Canyon Ranch and Cabot and home field to market retail?

有點回到嵌入式成長管道，也許我們可以根據英雄和凱撒的評論跳到體驗方面。我只是很好奇，我知道這些在時間安排上不那麼緊迫，但是您如何考慮 Canyon Ranch 和 Cabot 以及主場市場零售的看漲期權？

Yes, John, I'm happy to start with that. And before I do, I just wanted to add one last comment to the last question that Jim Kammert asked. And that has to do with not only a sustained and sustainable capital allocation cadence, that lends itself to a more sustained and sustainable funding cadence as opposed to the need to draw a whole lot of funding at one time for one deal.

是的，約翰，我很高興從這個開始。在此之前，我只想對吉姆·卡默特提出的最後一個問題添加最後一條評論。這不僅與持續和可持續的資本配置節奏有關，也與更持續和可持續的融資節奏有關，而不是需要為一筆交易一次性籌集大量資金。

Anyway, to go on to your question about Cabot, Canyon Ranch and the others, we obviously -- we're talking here about assets that are under development or otherwise ramping. So we will obviously take the time we need and the time the operator needs to get the assets to where they can best sustain the opco/propco model, none of which at this point are immediately imminent. We were very excited about, obviously, what Cabot is doing in Cabot Citrus Farms. They have really created some session there. And I think, Samantha, we're pretty confident in saying that we look forward to the day when we can exercise our call right at Cabot Citrus Farms.

不管怎樣，繼續你關於卡博特、峽谷牧場和其他公司的問題，我們顯然——我們在這裡談論的是正在開發或以其他方式增加的資產。因此，我們顯然會花我們需要的時間和營運商所需的時間，將資產轉移到最能維持 opco/propco 模式的地方，但目前這些都不是迫在眉睫的。顯然，我們對卡博特在卡博特柑橘農場所做的事情感到非常興奮。他們確實在那裡創建了一些會話。我認為，薩曼莎，我們非常有信心地說，我們期待有一天我們可以在卡博特柑橘農場行使我們的權利。

But in the meantime, Samantha, do you want to add any color to what we're seeing in terms of mind share and market share.

但與此同時，薩曼莎，您是否想為我們所看到的心智份額和市場份額添加一些色彩？

Yes -- no, thanks, Ed. Just as some may know, when we follow and we talk about the Cabot relationship, they continue to expand their global portfolio. We're excited about that and we're excited about our opportunities in the future to exercise our call rights. No changes in our commitment there.

是的——不，謝謝，艾德。正如有些人可能知道的那樣，當我們關注並談論卡博特關係時，他們正在繼續擴大其全球產品組合。我們對此感到興奮，也對未來有機會行使我們的認購權感到興奮。我們的承諾沒有改變。

And then maybe just jumping quickly to your guidance. And there was a sentence there that reflects the dilutive effect of the roughly 90 million shares, under your for sale agreements. Just wondering what the -- like the impact of that dilutive effect for the rest of the year?

然後也許只是快速跳到你的指導。那裡有一句話反映了根據你們的出售協議，大約 9,000 萬股股票的稀釋效應。只是想知道這種稀釋效應對今年剩餘時間的影響是什麼？

David?

大衛？

Yes, John, it's David. Yes, it's very minimal. If we've got to account for the forwards under the treasury stock dilution method, and it's a very, very minimal impact to the share count that shows up in our guidance range.

是的，約翰，是大衛。是的，這是非常小的。如果我們必須考慮庫存股稀釋法下的遠期，那麼這對我們指導範圍內顯示的股票數量的影響非常非常小。

RJ Milligan, Raymond James.

RJ 米利根，雷蒙德詹姆斯。

I think John was probably a little early calling the last question on Centaur. I just have one follow-up. There was some overhang on the stock given the uncertainty, the Centaur assets. And I'm curious how much of an impact that had on your decision to announce today that you wouldn't be calling the assets? I'm just curious if we can interpret that as doing other opportunities between now and the end of the year that you may pursue and don't want this overhang on your cost of equity?

我認為約翰提出關於半人馬座的最後一個問題可能有點早了。我只有一個後續行動。鑑於半人馬資產的不確定性，該股存在一些過剩。我很好奇這對您今天宣布不調用這些資產的決定有多大影響？我只是好奇我們是否可以將其解釋為從現在到年底之間您可能會尋求的其他機會，並且不希望這種懸而未決的股本成本？

R.J., Good to hear be from you. That was not a deciding factor by any means. Obviously, we are aware, we're aware of the perception of overhang on the stock, and that was obviously -- it felt like a more significant factor through much of Q2 and even into the first couple of weeks of Q3 given the general state of the REIT equity market. But no, that wasn't a deciding factor and are deciding to announce it now. Again, the real driving factor was just to make sure everybody understood we've made a decision. And we're comfortable -- very comfortable announcing the decision. Very comfortable that we have very compelling other opportunities to allocate capital.

R.J.，很高興收到你的來信。無論如何，這不是決定性因素。顯然，我們知道，我們意識到股票存在過剩的感覺，這顯然是一個更重要的因素，在第二季度的大部分時間裡，甚至在第三季度的前幾週，考慮到總體狀況REIT 股票市場。但不，這不是決定性因素，我們決定現在宣布。同樣，真正的驅動因素只是為了確保每個人都明白我們已經做出了決定。我們很放心地宣布這個決定。很高興我們有非常引人注目的其他機會來配置資本。

And again, I would just go back to the point of our desire -- and we won't achieve it every time, but our desired capital allocation and capital funding strategies are based on being sustained and sustainable. We obviously spent a good number of our early years doing very big deals that had very big funding requirements, that generally needed to happen all in one day. And as VICI matures and as we achieve a sustained and sustainable cadence in AFFO growth, we want that to be driven by a sustained and sustainable cadence in both capital allocation activity, i.e., acquisitions and funding.

再次，我想回到我們的願望——我們不會每次都實現它，但我們期望的資本配置和資本融資策略是基於持續和可持續的。顯然，我們早年花了很多時間做一些非常大的交易，這些交易有非常大的資金需求，通常需要在一天內完成。隨著 VICI 的成熟以及我們在 AFFO 成長中實現持續且可持續的節奏，我們希望這種成長受到資本配置活動（即收購和融資）持續且永續節奏的推動。

Should we interpret that funding comment as you're likely to be a bigger user of the ATM going forward versus overnights?

我們是否應該將這一資金評論解釋為您未來可能會比隔夜使用更多 ATM 機？

I'll turn that over to David. But before I do, we obviously want to take care that the market never develops VICI ATM fatigue. And with that, I'll turn it over to David for any further color he wants to add.

我會把它交給大衛。但在此之前，我們顯然希望確保市場永遠不會出現 VICI ATM 疲勞。這樣，我會將其交給大衛，以獲取他想要添加的任何進一步的顏色。

No. Ed, you stole my line. That's exactly right. You've heard us say, under Mo’'s leadership, we have a balanced approach to raising equity, whether that be an ATM, blocks, overnights, smart deals in connection with larger transactions. So we want to ensure that we raise capital the most efficiently, but also ensure that we are not developing or becoming stale in our style and then developing fatigue out there with our owners.

不。艾德，你偷了我的台詞。完全正確。您已經聽我們說過，在 Mo 的領導下，我們採用平衡的方法來籌集股本，無論是 ATM、大宗交易、隔夜交易還是與大型交易相關的智能交易。因此，我們希望確保最有效地籌集資金，同時也確保我們的風格不會發展或變得陳舊，然後與我們的所有者產生疲勞。

The next question comes from Dan Guglielmo from Capital One Securities.

下一個問題來自第一資本證券的 Dan Guglielmo。

Just one from me on the credit solution investments. Most of the recent growth has been in the mezz and preferred investments, which do historically carry more risk. How are you all monitoring those investments? And could you pull future funding commitments if the macro economy does get choppy?

這只是我關於信貸解決方案投資的一篇。最近的成長大部分來自中階投資和優先投資，從歷史上看，這些投資確實承擔著更大的風險。你們如何監控這些投資？如果宏觀經濟確實變得不穩定，您能否取消未來的融資承諾？

David?

大衛？

Yes. Gabe is the envy of the VICI experiential credit solutions. He's here in the room, our Chief Accounting Officer. So for this Credit Solutions head on and answer that.

是的。Gabe 是 VICI 體驗式信貸解決方案令人羨慕的對象。他就在房間裡，是我們的首席會計官。因此，對於這個 Credit Solutions，請正面回答這個問題。

Dan, thanks for the question. So we're very and thoughtful with our underwriting. Even though those certain investments are structured as mezz and preferred equity, we're very thoughtful about where our attachment point is and our last dollar. Looking at the operating history of the property kind of future underwriting projections and strength and sophistication of the sponsor, so that all goes into our underwriting. We have quarterly investment loan reviews, where we're working at the property performance and discuss it as a management team.

丹，謝謝你的提問。因此，我們的承保非常周到。儘管這些特定投資的結構為夾層投資和優先股，但我們對我們的附著點和我們最後的錢在哪裡非常深思熟慮。查看該物業的營運歷史、未來承保預測以及保薦人的實力和成熟度，以便將所有內容納入我們的承保範圍。我們每季進行一次投資貸款審查，我們負責房地產績效並作為管理團隊進行討論。

And then in terms of contractual rights, if there's something that went sideways in the macro economy, generally, that wouldn't allow us to have funding. But we certainly have protections under all of our loan agreements, that the borrowers have to meet certain conditions precedent in order for us to fund.

然後就合約權利而言，如果宏觀經濟出現問題，一般來說，我們就無法獲得資金。但我們所有的貸款協議當然都有保護措施，借款人必須滿足某些先決條件才能讓我們提供資金。

And Dan, this is Ed. I would just add that we are always lending against experiential assets, that, in a worst-case scenario, would meet our strategic investment criteria. If again, in the worst case, the asset ever came into our hands, we would want -- we always want these to be assets that, in the worst case, we would be willing to own.

丹，這是艾德。我想補充一點，我們總是以體驗資產為抵押進行貸款，在最壞的情況下，這些資產將滿足我們的策略投資標準。如果在最壞的情況下，資產再次落入我們手中，我們會希望——我們總是希望這些資產是在最壞的情況下我們願意擁有的資產。

Chad Beynon, Macquarie.

查德貝農，麥格理。

You guys a few times have highlighted the strength in Las Vegas, some of the stats in terms of visitation, which is obviously being driven by the casino assets, but also the growth in sports and entertainment that we've seen out there, that gets a lot of people who don't visit the casino to still come to the city. So with that in mind, you obviously benefit from the visitation. But has anything changed in terms of you looking to do deals with some of those live entertainment, concert event stadium types of businesses? And how do you think about the durability and pricing of that sector?

你們幾次強調了拉斯維加斯的實力，一些訪問量方面的統計數據，這顯然是由賭場資產推動的，而且也是我們在那裡看到的體育和娛樂業的增長，這得到了很多不去賭場的人仍然來到這座城市。因此，考慮到這一點，您顯然會從這次訪問中受益。但是，您希望與一些現場娛樂、音樂會活動體育場類型的企業進行交易方面有什麼變化嗎？您如何看待該行業的耐用性和定價？

John?

約翰？

Yes, it's a great question, Chad. And I think you've heard us over the years talk about the sectors that we're looking at. And obviously, we've made investments in Pilgrim's Golf, indoor water parks, wellness sports. I think you're asking us a question about would we make an investment in the live entertainment, real estate and facilities. I know you're asking that question about Las Vegas, but would we also -- I think filters out into the rest of the United States. It is a sector that we have been spending some time and better understanding.

是的，這是一個很好的問題，查德。我想您多年來已經聽到我們談論我們正在關注的行業。顯然，我們在朝聖者高爾夫、室內水上樂園、健康運動方面都進行了投資。我認為您問我們的問題是我們是否會投資現場娛樂、房地產和設施。我知道你問的是關於拉斯維加斯的問題，但我認為我們也會問這個問題到美國其他地區。我們已經花了一些時間並更好地了解了這個領域。

We love what has happened in the city of Las Vegas with the growth of sports and entertainment. We're better understanding the economics of what happens inside those big buildings. They're absolutely beautiful and the shows are great, but can they support our model. And we're continuing to study that.

我們喜歡拉斯維加斯市隨著體育和娛樂業的發展而發生的事情。我們更了解了這些大型建築內部發生的事情的經濟學原理。他們非常漂亮，表演也很棒，但他們能支持我們的模式嗎？我們正在繼續研究這一點。

And could there be an investment over time? There could be. But we want to make sure that the cash flows are durable and that the operator is a tenant that we want to be partners with for a long time. But it sure is exciting how Las Vegas has diversified its revenue stream and attracting new consumers by adding sports and entertainment, not just gambling and food and nightlife.

隨著時間的推移，是否會產生投資？可能有。但我們希望確保現金流是持久的，並且營運商是我們希望長期合作的租戶。但令人興奮的是，拉斯維加斯透過增加體育和娛樂而不僅僅是賭博、美食和夜生活來實現收入來源多元化並吸引新消費者。

And this concludes today's question-and-answer session. I would now like to hand over to Edward Pitoniak for any final remarks.

今天的問答環節到此結束。現在我想請愛德華·皮托尼亞克（Edward Pitoniak）發表最後的評論。

Thank you, Carla. And we'll just thank all of you for your time on today's call and wish you, once earnings season is over, an enjoyable rest of the summer. Bye for now.

謝謝你，卡拉。我們感謝大家抽出時間參加今天的電話會議，並祝福大家在財報季結束後度過一個愉快的夏天。暫時再見。

And this concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。