VICI Properties Inc (VICI) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties first quarter 2025 earnings conference call. (Operator instructions) and please note that this conference call is being recorded today, May 1, 2025.

女士們、先生們，大家好。感謝您的支持。歡迎參加 VICI Properties 2025 年第一季財報電話會議。 （操作員指示）請注意，本次電話會議將於 2025 年 5 月 1 日今天錄製。

I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties.

現在我將電話轉給 VICI Properties 的總法律顧問 Samantha Gallagher。

Thank you, operator, and good morning. Everyone should have access to the company's first quarter 2025 earnings release and supplemental information. The release and supplemental information can be found in the investor section of the VICI Properties website at www.viciproperties.com.

謝謝接線員，早安。每個人都應該能夠查看該公司 2025 年第一季的收益報告和補充資訊。新聞稿和補充資料可在 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.

我們今天的一些評論將是聯邦證券法所定義的前瞻性陳述，前瞻性陳述通常使用諸如將、相信、期望、應該、指導、打算、展望、項目或其他類似措辭來識別，受多種風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。

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.

因此，您在解釋和依賴它們時應謹慎。我請您參閱該公司向美國證券交易委員會提交的文件，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. The reconciliation of these measures to the most directly comparable GAAP measure is available on our website in our first quarter of 2025 earnings release, or supplemental information, and our filings with the SEC.

在電話會議中，我們將討論某些非公認會計準則指標，我們認為這些指標有助於評估公司的營運表現。這些措施不應被孤立地考慮或取代我們根據 GAAP 編制的財務結果。這些指標與最直接可比較的 GAAP 指標的對帳可在我們網站的 2025 年第一季度收益報告或補充資訊以及我們向美國證券交易委員會 (SEC) 提交的文件中查閱。

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

有關本次電話會議中討論的某些租戶和交易對手的非公認會計準則指標的更多信息，請參閱各公司向美國證券交易委員會提交的公開文件。

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

今天主持電話會議的是執行長 Ed Pitoniak；總裁兼營運長 John Payne、財務長 David Keske、財務長 Gabe Wasserman；以及資本市場資深副總裁 William McCluskey。Ed 和他的團隊將致一些開場白，然後我們將開始提問。

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

說完這些，我將把電話轉給 Ed。

Thank you, Samantha, and good morning everyone. Over the next few minutes, John will talk to you about our exciting new relationship with Red Rock Resorts and our other growth activities, and then David will discuss our recent refinancing, our results, and our increased guidance.

謝謝你，薩曼莎，大家早安。在接下來的幾分鐘裡，約翰將與您討論我們與 Red Rock Resorts 令人興奮的新關係以及我們的其他成長活動，然後大衛將討論我們最近的再融資、我們的業績以及我們增加的指導。

To start, I'd like to share my thoughts on what we at VICI anchor to in all times, especially in periods of high volatility and low certainty, and that is working to ensure that we maintain our ability to sustain and grow the current cash income we distribute to our stockholders in the form of our dividend.

首先，我想分享我對 VICI 在任何時候都堅持的原則的看法，特別是在高波動性和低確定性時期，那就是努力確保我們能夠維持和增加以股息形式分配給股東的當前現金收入。

For a REIT management team, that should, of course, be standard operating procedure, and because of that, one might think that the sustaining and growing of dividends would be top of mind for REIT investors as well. Again, one would think, and yet, when we meet with our investors, which we do with great frequency, many of them will end the meeting by asking, is there anything we didn't ask about that other investors are asking about?

對於房地產投資信託基金管理團隊來說，這當然應該是標準作業程序，因此，人們可能會認為，維持和增加股息也是房地產投資信託基金投資者最關心的問題。再者，人們會想，然而，當我們與投資者會面時（我們經常這樣做），他們中的許多人會在會議結束時問，還有什麼我們沒有問而其他投資者問到的問題嗎？

When we are asked this question, we often answer with, well, you didn't ask about our dividend, but don't feel bad because very few investors do. Call me old fashioned, but I believe strongly that dividends should always be a top of mind topic, especially for REITs, but frankly, for most equity investments. As I'm sure you all know, over the long term, the last 100 years, dividends have contributed about one-third of the S&P 500's total return, and that's despite the fact that the long-term dividend yield of the S&P 500 has averaged under 2% over the last 30 years.

當我們被問到這個問題時，我們經常回答，嗯，你沒有問到我們的股息，但不要感到難過，因為很少有投資者會問。你可以說我老土，但我堅信股息應該始終是人們最關心的話題，尤其是對於房地產投資信託基金 (REIT) 而言，但坦白說，對於大多數股權投資而言，也是如此。我相信大家都知道，從長遠來看，在過去 100 年裡，股息貢獻了標準普爾 500 指數總回報的約三分之一，儘管過去 30 年裡標準普爾 500 指數的長期股息收益率平均低於 2%。

Given the greater dividend yield of REITs, dividends of course matter even more to total returns. As of yesterday's close, the trailing five year total return of the RMZ REIT index was 54%, of which 27% was price return and 27% was dividend return. Or that same five year period, which I should note started in the spring 2020 COVID drawdown for stocks.

鑑於房地產投資信託基金的股息殖利率較高，股息對總報酬的影響當然更為重要。截至昨日收盤，RMZ REIT 指數過去五年總回報率為 54%，其中 27% 為價格回報率，27% 為股息回報率。或者同樣的五年期，我應該指出的是，這個五年期始於 2020 年春季 COVID 導致的股市下跌。

VICI has generated 138% points of total return, of which 84 points come from price return, and about 54 points come from dividend return. I will also note that during that same five year period, the S&P 500 generated 106 percentage points of return, of which 91 points were price return and 15 points were dividend return.

VICI 產生了 138% 的總回報，其中 84 個點來自價格回報，約 54 個點來自股息回報。我還要指出的是，在同一五年期間，標準普爾 500 指數產生了 106 個百分點的回報率，其中 91 點為價格回報率，15 點為股息回報率。

As you can see over that five year period, dividends were a major factor in VICI outperforming the S&P 500 by a margin of over 30 percentage points or by about 30%. Over the last year or two, especially given the [mag 7's] dominance of investor mind and market share, dividends didn't get a lot of attention. But it's been interesting in recent weeks amidst the volatility of both equity and credit markets to see dividends being talked about again.

正如您所看到的，在這五年期間，股息是 VICI 表現優於標準普爾 500 指數 30 多個百分點或約 30% 的主要因素。在過去的一兩年裡，尤其是考慮到 [mag 7] 在投資者心目中和市場份額中的主導地位，股息並沒有受到太多關注。但有趣的是，最近幾週，在股票和信貸市場動盪的背景下，股息再次被討論。

One of my favorite readings each week is Michael Hartnett's weekly flow show bulletin, which tends to come out late Thursday evening or early Friday morning. In his April 11 bulletin, in this in inimitably cryptic way, Michael made the following points, and I quote, on portfolios we say A own credit, e.g., long dated high quality US corporate bonds, many yielding 5% to 6%. B on equity income. 71 companies within the S&P 500 have a dividend yield greater than 4%. 41 have a dividend yield greater than 5%. Buy stocks that can defend dividend, unquote.

我每週最喜歡閱讀的內容之一是 Michael Hartnett 的每週流動秀簡報，通常在周四深夜或週五凌晨發布。在 4 月 11 日的公告中，邁克爾以一種獨特的神秘方式提出了以下觀點，我引用一下，關於我們所說的 A 類自有信用的投資組合，例如長期優質美國公司債券，許多收益率為 5% 至 6%。B 為股權收益。標普 500 指數中有 71 家公司的股息殖利率超過 4%。 41家公司的股息殖利率超過5%。購買能夠捍衛股息的股票，引文結束。

Did you get that? Did you get Michael's point that as of his writing on April 11, only 71 companies in the S&P 500 had dividend yields above 4% and only 41 had dividends above 5%. What's notable about those dividend yields, especially the greater than 5% dividend yield is that those yields are comfortably above the current rate of inflation and then thus generate a meaningful real return in a world where real return matters as much as ever.

你明白了嗎？您是否明白麥可的觀點：截至 4 月 11 日他撰寫本文時，標普 500 指數中只有 71 家公司的股息殖利率超過 4%，只有 41 家公司的股息殖利率超過 5%。這些股息收益率，尤其是超過 5% 的股息收益率，值得注意的是，這些收益率遠高於當前的通貨膨脹率，從而在實際回報比以往任何時候都更重要的世界中產生了有意義的實際回報。

As a fellow VICI stockholder, it gladdens me to point out that as an S&P 500 stock, VICI currently offers a dividend yield greater than 5%, and we believe that that dividend yield is to paraphrase Michael Hartnett, a defended dividend. In the coming weeks and months, equity market volatility may die down, or it may not. Who really knows?

身為 VICI 的股東，我很高興地指出，作為標準普爾 500 指數成分股，VICI 目前的股息收益率超過 5%，我們認為，用 Michael Hartnett 的話來說，這種股息收益率是值得捍衛的股息。未來幾週和幾個月，股市波動可能會減弱，也可能不會。誰真正知道呢？

But whether market volatility dies down or not, a well-defended dividend can, and I believe likely will be a significant contributor to total return for the market as a whole and for VICI and its stockholders. Everything we do at VICI is ultimately about total return in all of its key components.

但無論市場波動是否減弱，有保障的股息都可以，而且我相信很可能會成為整個市場以及 VICI 及其股東的總回報的重要貢獻者。我們在 VICI 所做的一切最終都是為了獲得所有關鍵組成部分的總回報。

And so now I'll turn the call over to John and David, who will talk further about what we're doing to drive total return over the near and long term through our growth activities and through balance sheet and cost of capital optimization. John?

現在我將把電話轉給約翰和大衛，他們將進一步討論我們如何透過成長活動以及資產負債表和資本成本優化來推動近期和長期的總回報。約翰？

Thanks, Ed. Good morning to everyone. VICI is very proud of our core ability to develop relationships and convert them into valuable long-term investment partnerships. Not only were we able to successfully do this with Kane and Eldridge's teams and connection with one Beverly Hills earlier in the first quarter, but subsequent quarter end, we closed our first transaction in partnership with Red Rock Resorts connected to the development of a casino on tribal land in Central California.

謝謝，艾德。大家早安。VICI 對我們發展關係並將其轉化為有價值的長期投資夥伴關係的核心能力感到非常自豪。我們不僅能夠在第一季初與 Kane 和 Eldridge 的團隊成功合作並與比佛利山莊建立聯繫，而且在接下來的季度末，我們還與 Red Rock Resorts 合作完成了第一筆交易，涉及在加州中部的部落土地上開發賭場。

As announced in our earnings release last night on April 4, VICI committed up to $510 million of a delayed draw term loan facility for the development of the North Fork Mono Casino and Resort, which will be developed and managed by Red Rock Resorts. Red Rock is a premier gaming development and management company that operates productive assets and attractive geographies, and they've developed over $9 billion of regional gaming and entertainment destinations.

正如我們昨晚（4 月 4 日）發布的收益報告所宣布的那樣，VICI 承諾提供高達 5.1 億美元的延期提取定期貸款，用於開發 North Fork Mono 賭場和度假村，該賭場和度假村將由 Red Rock Resorts 開發和管理。Red Rock 是一家頂級遊戲開發和管理公司，經營著生產性資產和極具吸引力的地理位置，並且已經開發了價值超過 90 億美元的區域遊戲和娛樂目的地。

They are also an established leader in Native American gaming have developed and managed tribal casinos for over 20 years. Red Rock broke ground on the North Fork project in September 2024, and expects it to be completed by September of 2026. Upon completion, the casino is expected to feature 2,400 slot machines, 40 table games, two restaurants, three bars, a food hall, and a small retail offering.

他們也是美洲原住民博彩業的領導人物，開發和管理部落賭場已有 20 多年的歷史。Red Rock 於 2024 年 9 月破土動工建設 North Fork 項目，預計將於 2026 年 9 月完工。建成後，賭場預計將配備 2,400 台老虎機、40 張賭桌、兩家餐廳、三家酒吧、一個美食大廳和一個小型零售店。

The 305 acre site located in Madera, California, directly adjacent to Highway 99, where 4.2 million people live within a 2-hour drive of the North Folk site. This transaction established a formal relationship between VICI and Red Rock and represent Red Rock's first partnership with a REIT. For VICI, it represents our first gaming investment on tribal land and our second investment on tribal land overall, with the first being our great wolf Northeast loan announced in February of 2023.

該佔地 305 英畝的場地位於加州馬德拉，緊鄰 99 號高速公路，這裡居住著 420 萬人，距離 North Folk 場地 2 小時車程。此交易建立了 VICI 與 Red Rock 之間的正式關係，也是 Red Rock 與房地產投資信託基金的首次合作。對 VICI 來說，這是我們在部落土地上進行的首次博彩投資，也是我們在部落土地上進行的第二筆投資，第一筆投資是 2023 年 2 月宣布的東北大狼貸款。

Lending on tribal land in partnership with a high quality gaming operator in Red Rock demonstrates VICI's ability to drive high quality opportunities for continued investment in the gaming sector.

與紅岩的一家高品質博彩營運商合作提供部落土地貸款，證明了 VICI 有能力推動博彩業持續投資的高品質機會。

Another benefit of VICI's relationship-based approach is that it fosters close communication with each of our tenants. Having just 13 tenants and 8 financing partners on our roster allows us to maintain consistent and frequent dialogue with all of them, which is particularly advantageous during this volatile times such as these. We believe this level of communication, coupled with the monthly financial reporting received from the majority of our tenants provides VICI with strong oversight of our portfolio.

VICI 基於關係的方法的另一個好處是它促進了我們與每位租戶的密切溝通。我們的名冊上只有 13 個租戶和 8 個融資合作夥伴，這使我們能夠與所有租戶保持一致和頻繁的對話，這在當前動蕩的時期尤其有利。我們相信，這種程度的溝通，加上從大多數租戶收到的每月財務報告，使 VICI 能夠對我們的投資組合進行強有力的監督。

Looking across our portfolio, we continue to be big believers in Las Vegas, as there are just so many unique demand drivers that continue to fuel the city's activity. For example, over the Easter weekend, Las Vegas hosted WWE's Wrestle Mania at Allegiant Stadium, drawing nearly 125,000 fans and marking the largest gate for any event in WWE history.

縱觀我們的投資組合，我們仍然堅信拉斯維加斯，因為這裡有如此多獨特的需求驅動因素，持續推動著這座城市的活動。例如，復活節週末，拉斯維加斯在 Allegiant 體育場舉辦了 WWE 摔角狂熱大賽，吸引了近 125,000 名粉絲，創下了 WWE 歷史上任何賽事的觀賽人數之最。

T-Mobile Arena has also hosted has recently hosted packed houses for Stanley Cup playoff games, and the musical talent at the sphere remains a compelling draw for the city. Additionally, during the first quarter, tens of thousands of guests attending conferences hosted by companies like Home, Depot and Adobe flooded the city with activity.

T-Mobile 競技場最近還舉辦了史丹利盃季後賽，場館內座無虛席，而場館內的音樂才華仍然是這座城市引人​​注目的吸引力。此外，第一季度，數萬名嘉賓出席了由 Home、Depot 和 Adob​​e 等公司舉辦的會議，使這座城市熱鬧非凡。

While a potential international travel slowdown has come into question, we would note that only 12% of Las Vegas visitation in 2024 was from international travelers. It is also possible Las Vegas may benefit from a domestic trade down effect if Americans forego international destinations.

儘管人們質疑國際旅遊放緩的可能性，但我們注意到，2024 年拉斯維加斯的遊客中只有 12% 來自國際遊客。如果美國人放棄國際旅遊目的地，拉斯維加斯也可能受益於國內貿易下滑效應。

In regional gaming, we continue to monitor the landscape, and based on prior periods of heightened market volatility, we expect performance to be relatively resilient. Property performance will vary based on geography and assets, and at VICI we focus on working with our tenants so they feel positioned to continue to successfully operate the properties we own.

在區域博彩領域，我們將繼續關注形勢，並且根據先前市場波動加劇的情況，我們預期業績將相對具有彈性。物業表現將根據地理位置和資產而有所不同，在 VICI，我們專注於與租戶合作，以便他們能夠繼續成功經營我們擁有的物業。

Like I said, partnership is at the core of what we do. It is one of the key factors underlying our success in building this company as it drives current and future opportunities and allows our team to consistently seek to create value for our shareholders.

正如我所說，合作是我們工作的核心。這是我們成功建立這家公司的關鍵因素之一，因為它推動了當前和未來的機會，並使我們的團隊能夠不斷尋求為股東創造價值。

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

現在我將電話轉給 David，他將討論我們的財務表現和指導。戴維？

Thanks, John. It's great to speak with everyone today and we greatly appreciate your time. Starting with our Q1 capital markets activity and balance sheet, at the end of the quarter, we very successfully addressed all of our 2025 maturities, and now we have no debt maturing until September of 2026. On March 26, we priced our bond offering and at its peak, our order book was 6 times oversubscribed.

謝謝，約翰。我很高興今天能與大家交談，非常感謝您的時間。從我們第一季的資本市場活動和資產負債表開始，在本季末，我們非常成功地解決了所有 2025 年到期的債務，現在我們沒有在 2026 年 9 月之前到期的債務。3 月 26 日，我們對債券發行進行了定價，在高峰期，我們的訂單超額認購了 6 倍。

We see $400 million of three year notes at a coupon of 4.75% and $900 million of 10 year notes at a coupon of 5.625% or a blended coupon of 5.34%, including the impact of our hedging program. During the quarter, we also sold 7.8 million shares, raising $254 million in gross proceeds under our ATM via the forward. And as I mentioned on our last call, in February, we recast our $2.5 billion unsecured multi-currency revolving credit facility and extended the maturity until 2029, providing us additional duration and an ample source of liquidity.

我們看到 4 億美元的三年期票據的票面利率為 4.75%，9 億美元的 10 年期票據的票面利率為 5.625%，或混合票面利率為 5.34%，其中包括我們的對沖計畫的影響。在本季度，我們還出售了 780 萬股股票，透過遠期 ATM 籌集了 2.54 億美元的總收益。正如我在上次電話會議上提到的那樣，今年 2 月，我們重新制定了 25 億美元無擔保多幣種循環信貸額度，並將期限延長至 2029 年，為我們提供了額外的期限和充足的流動性來源。

We have approximately $3.2 billion in total liquidity, comprised of approximately $334 million in cash, $625 million under our outstanding boards, and $2.3 billion of availability under our revolving credit facility. Our net debt to annualized first quarter adjusted EBITDA, excluding the impact of unsettled forward equity is approximately 5.3 times within our target leverage range of 5 times to 5.5 times.

我們擁有約 32 億美元的總流動資金，其中包括約 3.34 億美元的現金、6.25 億美元的未償付董事會債務以及 23 億美元的循環信貸額度。我們第一季淨負債與年度化調整後 EBITDA 比率（不包括未結算遠期權益的影響）約為 5.3 倍，處於我們 5 倍至 5.5 倍的目標槓桿範圍內。

Taking into account our recent bond refinancing activity, we have a weighted average interest rate of 4.47% as adjusted to account for our hedge activity and a weighted average 6.7 years to maturity. Our proactive risk management of our cost of capital, of our balance sheet, and of our liquidity profile through volatile markets allows our team to stay focused on building relationships and our investment pipeline.

考慮到我們最近的債券再融資活動，我們的加權平均利率為 4.47%，已根據我們的對沖活動進行調整，加權平均到期時間為 6.7 年。我們對資本成本、資產負債表和流動性狀況進行主動風險管理，以應對動盪的市場，這使我們的團隊能夠專注於建立關係和投資管道。

This allows VICI to continue pursuing our sustained and sustainable return goals for our shareholders without having to go pencils down for any period of time.

這使得 VICI 能夠繼續為我們的股東追求持續且可持續的回報目標，而無需在任何時期內停止努力。

Just touching on the income statement. AFFO per share was $0.58 for the quarter, an increase of 4.3% compared to $0.56 for the quarter ended March 31, 2024. 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 non-cash items.

只是談談損益表。本季每股 AFFO 為 0.58 美元，較 2024 年 3 月 31 日結束季度的 0.56 美元增長 4.3%。鑑於調整後的 EBITDA 的成長與相應收入的成長相稱，我們的業績再次凸顯了我們高效的三重淨模型。當消除非現金項目時，我們的利潤率仍然保持在 90% 的高點。

Our G&A was $14.9 million for the quarter, and as a percentage of total revenues was only 1.5%, which continues to be one of the lowest ratios in not only the triple net sector, but across all leads.

本季我們的 G&A 費用為 1,490 萬美元，佔總收入的百分比僅為 1.5%，這不僅是三重淨收入領域最低的比率之一，也是所有領先企業中最低的比率之一。

Turning the guidance. And as we noted in our release last night, we are raising our AFFO guidance for 2025 in both absolute dollars as well as on a per share basis. AFFO for the year ending December 31, 2025 is now expected to be between $2.47 billion and $2.5 billion or between $2.33 and $2.36 per delivered common share. Compared to our prior AFFO per per share guidance of [232 to 235], the raise represents an increase of a penny at both ends of the range.

轉向引導。正如我們昨晚發布的新聞稿中指出的那樣，我們將提高 2025 年的 AFFO 指導，包括絕對美元和每股金額。目前預計截至 2025 年 12 月 31 日的年度 AFFO 將在 24.7 億美元至 25 億美元之間，或每股普通股 2.33 美元至 2.36 美元之間。與我們先前的每股 AFFO 指導價 [232 至 235] 相比，此次上調代表著區間兩端均增加了一美分。

Based on the midpoint of our increased 2025 guidance, VICI now expects to deliver year-over-year AFFO per share growth at 3.8%. Just as a reminder, our AFFO per share guidance or guidance, excuse me, does not include the impact on operating results for any transactions that have not closed interest income from many loans that do not yet have final draw structures, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions or items.

根據我們上調的 2025 年指引的中點，VICI 現預計每股 AFFO 將年增 3.8%。需要提醒的是，我們的每股 AFFO 指導或指導，對不起，不包括尚未完成的許多貸款的利息收入、可能的未來收購或處置、資本市場活動或其他非經常性交易或項目對任何交易的經營業績的影響。

With that operator, please open the line for questions.

請與該接線員聯繫，以便我們解答疑問。

(Operator instructions)

（操作員指示）

Steve Sakwa, Evercoree ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercoree ISI。

Yeah, thanks. Good morning, I guess I wanted to focus on the the newest deal, and maybe just get a little bit more color on, kind of the, I guess the draw of the property given the location, it's reasonably far from say the Bay Area. I heard, I think John's comments about the local population, but I guess is it fair to assume that you're, this resort is really being designed to just tap that central California market? Do you expect other kind of draws into the area. Just trying to get a better feel for kind of what's going to attract people there.

是的，謝謝。早安，我想先集中討論一下最新的交易，再稍微介紹一下，考慮到地理位置，我想這處房產的吸引力在於它距離灣區相當遠。我聽說了，我想約翰對當地人口的評論，但我想是否可以公平地假設，這個度假村真的只是為了挖掘加州中部的市場而設計的？您是否期待其他類型的吸引力進入該地區？只是想更了解那裡到底有什麼能吸引人們。

And then secondly, given that it's on Indian land, how does the collateral work to the extent something doesn't work out? I don't think you can own property on casino land, so just trying to understand sort of the protections VICI has in the lending structure.

其次，鑑於它位於印第安人的土地上，如果出現問題，抵押品將如何發揮作用？我認為你不能在賭場土地上擁有財產，所以只是想了解 VICI 在貸款結構中所享有的保護措施。

George, Steve, John Payne talking. Nice to talk to you this morning. We spent a lot of time over the years. First, we'll start with getting to know the operator of the business, Red Rock Resorts. This is our first opportunity to work with them, but we've known them for years. We've followed, what they've done, in Las Vegas. We've watched their developments, most recently, the Durango facility that's being built and is already being expanded, so we've been incredibly impressed with the way they operate their businesses, the way they run the facilities, and obviously you could argue they are the best developers in the gaming space.

喬治、史蒂夫、約翰佩恩正在交談。很高興今天早上和你談話。這些年來我們花了很多時間。首先，我們來了解這家飯店的營運商——Red Rock Resorts。這是我們第一次有機會與他們合作，但我們已經認識他們很多年了。我們關注著他們在拉斯維加斯所做的事情。我們關注他們的發展，最近，我們正在建造並擴大的杜蘭戈設施，因此，他們的業務運作方式和設施運作方式給我們留下了深刻的印象，顯然你可以說他們是遊戲領域最好的開發商。

They've been working on this facility with the nation for over, I believe over 20 years and have studied how successful this can be. The catchment area, as I mentioned in my opening remarks is large, and I do think there is what we've seen is there's a last mover advantage or new business can attract new customers and steal customers from from others, particularly when you have a great operator who understands the way-- understands customers the way that Red Rock does. So we were very excited to work this opportunity and to announce this first deal with Red Rock.

他們與國家一起為這項設施工作已經超過二十年了，我相信他們已經研究過這項設施能取得多大的成功。正如我在開場白中提到的那樣，集水區很大，我確實認為，我們看到的是後發優勢，或者新企業可以吸引新客戶並從其他企業手中搶走客戶，特別是當你有一個像 Red Rock 那樣了解客戶的優秀運營商時。因此，我們非常高興能有這個機會並宣布與 Red Rock 達成第一筆交易。

I'll turn it over to David here who worked on a lot of the details of this deal.

我將把這個任務交給負責這筆交易許多細節的戴維。

Yeah, Steve, good to talk to you. And just in terms of location, and the location is phenomenal, as John mentioned in his comments, it's right off the Highway 99, 4.5 million people go by the site. The competition in the area will be far, is far inferior to the quality of the build that Red Rock is developing here and the draw that this facility will have in the area.

是的，史蒂夫，很高興與您交談。就地理位置而言，地理位置非常優越，正如約翰在評論中提到的那樣，它就在 99 號高速公路旁，每年有 450 萬人經過這裡。該地區的競爭將遠遠落後於 Red Rock 在這裡開發的建築品質以及該設施在該地區的吸引力。

And it's just in terms of, other ways that we got comfortable with this, and this Red Rock went out to raise this capital and we participated in the syndicate of large money center banks. So, the total loan $725 million or $510 million of that commitment.

就其他方面而言，我們對此感到滿意，Red Rock 出去籌集資金，我們參與了大型貨幣中心銀行的財團。因此，貸款總額為 7.25 億美元，承諾金額為 5.1 億美元。

And just given Red Rock experience, as John alluded to, there is a guarantee from Red Rocks to complete the project, and we felt really good about stepping in and developing a relationship with Red Rock, who is just one of the best developers out there in gaming as well as travel gaming facilities.

正如約翰所提到的，鑑於紅岩的經驗，紅岩保證完成該項目，我們很高興介入並與紅岩建立合作關係，紅岩是遊戲和旅遊遊戲設施領域最好的開發商之一。

Barry Jonas, Trust Securities.

巴里·喬納斯（Barry Jonas），信託證券。

I was just curious, if your view on tribal cell lease back has changed at all, obviously you've done a lot of work on it and this deal brings you a little bit closer, not quite there yet, so thanks.

我只是好奇，如果您對部落小區回租的看法有任何改變，顯然您已經為此做了很多工作，這筆交易讓您更接近目標，但還沒有完全實現，所以謝謝。

Yeah, this is Ed. I'll start and, John and David can add in. Tribal sale lease backs continue to be for us a complex subject we haven't entirely figured out. Steve was right to ask about the collateral on a lending package of a casino on tribal land, but especially with the involvement of Red Rock, we have a high level of confidence that the asset can perform and that our collateral is good and it's obviously in the interests of the tribe that Red Rock be able to operate the property successfully and that our loan eventually be able to be paid off.

是的，這是艾德。我先開始，然後約翰和大衛可以加入。部落售後回租對我們來說仍然是一個複雜的問題，我們還沒有完全弄清楚。史蒂夫詢問部落土地上賭場貸款方案的抵押品是正確的，但特別是在紅岩的參與下，我們高度相信該資產能夠發揮作用，我們的抵押品是良好的，而且紅岩能夠成功運營該財產並且我們的貸款最終能夠償還，這顯然符合部落的利益。

When it comes to a sale lease back, I would say we still haven't exactly figured out if we can get comfortable with the nuances of owning property on a tribal land, given the fact, as Steve alluded to, in the event of any kind of default, we, as the owner of the building would not have the right or the opportunity to operate the gaming, which is obviously the economic engine of the asset. So I would say at this point, we are still very much in a learning phase, but very glad to be partnering with the tribe and with Red Rock in this opportunity. David or John, anything you want to add?

談到售後回租，我想說我們還沒有完全弄清楚我們是否能夠適應在部落土地上擁有財產的細微差別，因為正如史蒂夫提到的那樣，如果發生任何形式的違約，我們作為建築物的所有者就沒有權利或機會經營博彩業，而博彩業顯然是該資產的經濟引擎。所以我想說，目前我們仍處於學習階段，但很高興能與該部落和 Red Rock 合作。David 或 John，還有什麼要補充嗎？

Yeah, you got it right.

是的，你答對了。

Great, and then just as a follow up, given the macro environment, I'm just curious if you're seeing tariffs impact any of your partners in terms of their construction budgets or timing, any impact to drawing down schedules or else future discussions for pipeline. Thanks.

太好了，然後作為後續問題，考慮到宏觀環境，我只是好奇您是否看到關稅對您的任何合作夥伴的建設預算或時間安排產生影響，對縮短時間表或未來管道討論產生任何影響。謝謝。

Yeah, no, it's a very good question, Barry. And, as a general principle, there are obviously general conditions, across the construction landscape. And, when it comes to general conditions, you really want to be able to understand, are you partnering with a development company?

是的，不，這是一個非常好的問題，巴里。而且，作為一般原則，在整個建築領域顯然存在著一般條件。而且，當涉及一般情況時，您真的希望能夠了解，您是否與一家開發公司合作？

That is very experienced in development through thick and thin, or are you partnering with an operator with a deep and successful track record of development? So whether it's Kane at One Beverly Hills, which is a dedicated development company, or Red Rock, which is an operating company with a very proven track record as a developer, as John pointed out, a $9 billion dollar development track record.

那是在開發領域有著豐富經驗的公司，還是您與一家在開發領域有著深厚成功記錄的營運商合作？因此，無論是專注於開發的 Kane at One Beverly Hills 公司，還是擁有出色開發業績的營運公司 Red Rock 公司，正如約翰指出的那樣，該公司擁有 90 億美元的開發表現。

We're very confident in their ability to manage the variability associated with tariffs, and, in particular, get in front of them, and David has been very close to Kane as it's gone through the planning and costing of this project, I don't know if you want any color on how resourceful and anticipatory they have been when it comes to the whole tariff.

我們對他們管理與關稅相關的波動的能力非常有信心，特別是走在關稅之前，而且在該項目規劃和成本核算過程中，大衛一直與凱恩保持著非常密切的聯繫，我不知道你是否想了解他們在整個關稅問題上是多麼足智多謀和具有預見性。

They're obviously understanding the magnitude of what they're building getting ahead of the tariffs as best as they possibly can, even developing hedging strategies around, being a little bit kind of groundbreaking around hedging, potential future purchases around raw materials, but knowing that they have the right contingency and the right development experience in place to help me get this bill to this comfort.

他們顯然了解他們所做的事情的重要性，盡可能地領先於關稅，甚至制定對沖策略，在對沖方面有點開創性，未來可能購買原材料，但他們知道他們有適當的應急措施和正確的開發經驗來幫助我讓這項法案達到這種程度。

Great. Thanks so much. Appreciate the call.

偉大的。非常感謝。感謝您的來電。

Anthony Paolne, JPMorgan.

摩根大通的安東尼‧保爾恩 (Anthony Paolne)。

Great, thanks. Good morning. I was wondering if you could talk about what the pipeline has looked like lately in the face of just the macro volatility and whether there have been any changes in the types of things that you're seeing, types of deals that folks want to do or don't want to do geography, so forth.

太好了，謝謝。早安.我想知道您是否可以談談在宏觀波動面前，最近的渠道情況如何，以及您所看到的事物類型是否發生了變化，人們想做或不想做的交易類型，地理位置等等。

Yeah, I'll turn it over to John and Molly here, Tony, but, I feel a little bit like we're living in [Groundhog] Day because I think at Beachy we've been talking about volatility for a while now, and one could say, VICI, are you ever going to stop talking about volatility, but it seems to have been a reality of our life now for at least a couple of years, and I think we would be foolhardy to have a house view at VICI that it's going to die down anytime soon.

是的，東尼，我將把它交給約翰和莫莉，但是，我覺得我們有點像生活在[土撥鼠]日，因為我認為在 Beachy 我們一直在談論波動性，有人可能會說，VICI，你永遠不會停止談論房屋波動性嗎，但它似乎已經成為我們至少幾年來生活的現實，我認為，如果 VICI 的房屋波動性嗎，但它似乎已經成為我們至少幾年來生活的現實，我認為，如果 VICI 的房屋波動性嗎，但它似乎已經成為我們至少幾年來生活的現實，我認為，如果 VICI 的房屋波動性嗎，但它似乎已經成為我們至少幾年來生活的現實，我認為，如果 VICI 的房屋波動性嗎，但它似乎已經成為我們至少幾年來生活的現實，我認為，如果 VICI 的房屋波動性嗎，但它似乎已經成為我們至少幾年來生活的現實，我認為，如果 VICI 的房屋波動性嗎，但它似乎已經成為我們至少幾年來生活的現實，我認為，如果 VICI 的房屋波動性嗎，但它似乎已經成為我們至少幾年來生活的現實，我認為，如果 VICI 的房屋波動”

It certainly affects, I think, on a most fundamental level, Tony, it certainly affects animal spirits around M&A and the growth ambitions that usually drive M&A. I would say across the gaming spectrum and Narrowly and the experiential spectrum more broadly. These volatile conditions and the uncertainty around both economic conditions and capital financing conditions have somewhat diminished animal spirits around growth, and growth by operators is, we believe, the biggest driver of the demand for our kind of capital and the role our capital can play. In operators either developing new assets or through M&A growing their store account and having summarized sort of the general conditions.

東尼，我認為，從最根本的層面來說，它肯定會影響併購周圍的動物精神以及通常推動併購的成長雄心。我想說的是整個遊戲範圍和狹義的體驗範圍。這些不穩定的條件以及經濟狀況和資本融資條件的不確定性在一定程度上削弱了成長的動物精神，我們認為，營運商的成長是推動我們這種資本需求和我們的資本所能發揮的作用的最大驅動力。營運商要么開發新資產，要么透過併購來擴大其門市帳戶，並總結出一般情況。

I'll turn over to John for more specific color.

我將向約翰詢問更具體的顏色。

Well Tony, Ed answered that very well. Really quarter-to-quarter things don't change that quickly in the spaces that we look at is my opening remarks talked a lot about relationship-based approach, and my colleagues are always tired of me saying, you don't do a deal at the first lunch. So we continue to spend time with operators not only in gaming, but in other forms of experiential. We educate them on how our capital can work and we continue to see if there's opportunities where we can be valuable during this time, ensuring that it's a creative for us and valuable to them.

好吧，托尼，艾德回答得很好。實際上，在我們所關注的領域中，季度間情況的變化並沒有那麼快，我的開場白談了很多關於基於關係的方法，我的同事總是厭倦我說，你不會在第一次午餐時就達成交易。因此，我們不僅在遊戲方面，而且在其他形式的體驗方面繼續與運營商共度時光。我們向他們講解我們的資本如何運作，並繼續觀察在此期間是否有機會發揮我們的價值，確保這對我們來說是創造性的，對他們來說是有價值的。

Got it. Thanks and then just one follow up on the guidance. How much in committed capital for various projects and loans, et cetera.is not in the guide because there's not a draw schedule just wondering like how much like you kind of have, but just didn't put in at this point.

知道了。謝謝，然後只需跟進指導一次。指南中沒有關於各種項目和貸款等的承諾資本數額，因為沒有提款時間表，只是想知道你有多少，但目前還沒有投入。

Given the guidance, Tony it's about $130 million of committed capital. I'd have to get back in with outside of that. I just kind of know what's you know that and that comprises finishing off Great Wolf Northeast home field (inaudible) starting up as well as obviously the North Fork investment that we just announced.

根據指導，托尼，承諾資本約為 1.3 億美元。我必須回到外面去。我只是有點知道你知道那是什麼，包括完成 Great Wolf Northeast 主場（聽不清楚）的啟動，以及顯然是我們剛剛宣布的 North Fork 投資。

Okay, good, (multiple speakers)

好的，很好，（多位發言者）

Yeah, I think Tony it'd be fair to say a lot, but we will get back to you with a a more precise answer than a lot is outside.

是的，我認為托尼說了很多，但我們會給你一個比外面更精確的答案。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi, first, maybe I'll follow up on that last question and congrats on the new relationship with Red Rocks. Can you give any details on why you think they came to you for development funding? I think you mentioned that it is part of a larger syndicate. And then do you have any insight on how the timing of the funding could play out, which again I feel like is what just was asked and maybe the answer is no, but confirming.

嗨，首先，也許我會跟進最後一個問題，並祝賀與 Red Rocks 建立新的關係。您能否詳細說明他們為什麼向您尋求開發資金？我想您提到過它是一個更大的集團的一部分。然後，您對融資時間安排有何見解？我再次覺得這又是剛才被問到的問題，也許答案是否定的，但還是要確認。

Caitlin, it's John. I'll start and then turn it over to David. That seems the rhythm of this call right now. But, look, we have followed with great respect, I guess, of the Red Rock since we started the company, even before my time when I was a former casino operator for 23 years, I've watched Red Rock and watch what they have operated and really watched what they've developed.

凱特琳，我是約翰。我先開始，然後交給大衛。這似乎是目前這通通話的節奏。但是，你看，我想，自從我們創立公司以來，我們就一直非常尊重紅岩，甚至在我擔任賭場運營商 23 年之前，我就一直關注著紅岩，關注著他們的運營，關注著他們的發展。

So as as Ed and I started the company back in 2017, he asked me the companies that I had great respect with and one of them was obviously Red Rocks and went out and started to build a relationship. It's started that far back and there just hadn't been any opportunity for us to work together. And so as they, as we talked through the years about this opportunity coming to them developing this opportunity, we obviously, we're in the loop from the start and had a good conversation and we're excited to be a part of it.

因此，當我和 Ed 在 2017 年創辦公司時，他詢問了我非常尊重的公司，其中一個顯然是 Red Rocks，然後我們開始建立關係。事情開始得那麼早了，我們只是沒有任何機會一起合作。因此，當我們多年來談論這個機會時，我們顯然從一開始就了解情況並進行了良好的對話，我們很高興成為其中的一部分。

And then Caitlin, in terms of just the funding cadence, this is a construction draw schedule. We put out an initial $75 million upon closing, but it'd be a little bit more regular cadence between now and as John said September 26 when it opens up, so we're excited about the ability to deploy capital on a consistent monthly basis.

然後凱特琳，就資金節奏而言，這是一個建設提款計劃。我們在交易結束時投入了 7500 萬美元作為初始資金，但從現在到約翰所說的 9 月 26 日開業期間，我們的投入節奏會更加規律一些，因此我們很高興能夠每月持續投入資金。

And I will just add, Caitlin, that for those who don't follow gamin are read analysts and are read investors, to understand, Red Rock, you really need to understand and experience, moreover, the quality of what they build and the quality of their operation.

凱特琳，我還要補充一點，對於那些不關注 gamin 的人來說，他們是分析師，是投資者，要理解 Red Rock，你真的需要了解和體驗他們所構建產品的質量和運營的質量。

I think, John, it would be fair to say it is strip level quality, even when it is off strip as most of their assets as all of their assets are, and if you were in Las Vegas, I think we'd highly encourage you to visit their assets like the Red Rocks sort of anchor in in Summerland or their new asset in Durango, which is, as John says, very comparable to what you can expect them to be building with their partners in North Fork.

約翰，我認為可以公平地說，它具有地帶級的質量，即使它不在地帶內，因為他們的大部分資產和所有資產都是如此，如果你在拉斯維加斯，我想我們強烈建議你參觀他們的資產，比如位於薩默蘭的紅岩錨地或位於杜蘭戈的新資產，正如約翰所說，這與你期望他們與合作夥伴在北福克建造的資產非常相似。

Got it. And I know that there's limited detail you guys can give us on future, but I know that when you guys establish these relationships, it's not with the intent of doing a single deal. So considering that and all the development Red Rocks has done in the past, I'm wondering how you think about that future opportunity with them. Are you thinking it would be more development? Are there still lease back opportunities, something else?

知道了。我知道你們能給我們的未來細節有限，但我知道你們建立這些關係的目的並不是為了達成單一交易。因此，考慮到這一點以及 Red Rocks 過去所做的所有開發，我想知道您如何看待與他們合作的未來機會。您認為它會有更多的發展嗎？還有回租機會嗎？還有其他嗎？

Well, Caitlin, there right now there's no other opportunities. It's a one transaction with them. I think the question you're asking is, in the future, if Red Rock was growing their business, would we be interested in helping them grow in a variety of ways, whether it was sell the real estate, whether it was another opportunity to develop.

好吧，凱特琳，現在沒有其他機會了。這是與他們的一次交易。我認為您問的問題是，如果 Red Rock 未來發展業務，我們是否有興趣透過各種方式幫助他們發展，無論是出售房地產，還是提供另一個發展機會。

The answer is absolutely yes for the right opportunity and obviously it's got to be accreta for us and work for them, but I hope you hear from our remarks. We have tremendous respect for how they run their company, how they develop their projects, how they build partnerships with tribal nations. We really like all of that, but it's, to be clear, this is one opportunity and only one opportunity today, but we would hope or we would love the opportunity in the future, but no commitments.

對於合適的機會，答案絕對是肯定的，而且顯然這對我們來說是必要的，對他們來說也是有用的，但我希望你能聽到我們的評論。我們非常尊重他們經營公司的方式、開發專案的方式以及與部落國家建立夥伴關係的方式。我們真的很喜歡這一切，但需要明確的是，這只是今天的一個機會，而且只有一個機會，但我們希望或我們喜歡未來有這樣的機會，但沒有承諾。

Got it. Thanks.

知道了。謝謝。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

Hey, good morning guys. Thanks for taking the question here. Just, maybe a little more of the nuts and bolts on the tribal side and the deal with Red Rock, but just to be clear, Red Rock's, the borrower, the collateral package the VICI you would have an interest in, it sounds like has really nothing to do with the land itself, but it really would be just the construction that sits on top of the land. Just help me understand kind of what that is and a little more about the security of anything, might ever go wrong and obviously doesn't sound like it ever would, but just help us understand that.

嘿，大家早安。感謝您在這裡提出這個問題。只是，也許部落方面的具體細節以及與 Red Rock 的交易，但需要明確的是，Red Rock 的借款人、抵押品包以及您感興趣的 VICI，聽起來似乎與土地本身無關，但它實際上只是位於土地之上的建築。只是幫助我理解那是什麼，以及任何事物的安全性，可能會出錯，但顯然聽起來不會出錯，只是幫助我們理解這一點。

And then, secondly, it does sound like tribal lending is this much bigger opportunity than maybe any of us sort of appreciated sitting here 12 months ago and just help us understand how that landscape has evolved and changed, now that GLPI's announced a deal you guys have now have announced this deal, just help us understand the moving parts there as well please

其次，聽起來部落貸款是一個比我們 12 個月前坐在這裡所意識到的更大的機會，這只是為了幫助我們了解這個情況是如何演變和變化的，現在 GLPI 宣布了一項協議，你們現在已經宣布了這項協議，請幫助我們了解那裡的活動部分

Yeah, right. It's David. I'll start and then I'll just (inaudible) in. The borrower is actually the tribe, North Monte Rio, Red Rocks' developer and providing the construction guarantee or completion guarantee to get the project built, the oversight, the expertise that we talked about that they bring to the table, and so the collateral is the building, but obviously we talked about in this call and other calls taking that back is very difficult, and given the fact that the tribe is the only entity that has the right to operate gaming.

是的，對。是戴維。我會開始，然後我就會（聽不清楚）進去。借款人實際上是部落，即北蒙特里奧，紅岩的開發商，並提供建設擔保或完工擔保以建造項目，監督，以及我們談到的他們提供的專業知識，因此抵押品是建築物，但顯然我們在這次電話會議和其他電話會議中談到收回這些建築物非常困難，因為部落是唯一有權經營博彩的實體。

So we've got full faith and conviction around Red Rock and their buildings, the fact that they're putting up their -- they put up their balance sheet to provide the initial funding. This loan will complete the funding and as I mentioned, there's a whole host of money center banks that have come into the syndicate to provide the financing for the development here.

因此，我們對 Red Rock 及其建築充滿信心，他們正在提供資產負債表來提供初始資金。這筆貸款將完成融資，正如我所提到的，有許多貨幣中心銀行加入銀團，為這裡的開發提供融資。

Yeah, just one other thing to add. This is Samantha, with respect to the collateral package, we also have a first priority security interest in the future cash flows and revenues from the gaming activities, and inclusive of the gaming, and that's an important point.

是的，還有一件事要補充。我是薩曼莎，關於抵押品方案，我們對博彩活動（包括博彩）的未來現金流和收入也擁有優先擔保權益，這是很重要的一點。

And also when we think about lending. Lending versus a sale lease back. It's also thinking about the LTV or the LTC, which is different than your percentage interest when you're looking at what your quote unquote collateral when you already own the building and you can operate and so we view them as as different when you think about (inaudible) where we are on the risk spectrum.

當我們考慮借貸時也是如此。貸款與售後回租。它還考慮了 LTV 或 LTC，這與您在查看已經擁有建築物並且可以運營時的報價抵押品時的百分比利息不同，因此當您考慮（聽不清楚）我們在風險範圍內的位置時，我們認為它們是不同的。

(multiple speakers)

（多位發言者）

Yeah, this is all dependent on it ultimately operating successfully. And again, the involvement of a proven operating partner, proven across the gaming landscape broadly, but specifically in tribal gaming and specifically in California gives us a lot of comfort, and I really would not minimize the importance of that completion guarantee either from Red Rock.

是的，這一切都取決於它最終能否成功運行。再次強調，擁有一個在博彩業，特別是在部落博彩業和加州都得到廣泛認可的營運合作夥伴的參與，給了我們很大的安慰，我真的不會低估 Red Rock 的完成保證的重要性。

Okay. And then, I guess the second part of the question just, maybe more broadly about the tribal lending landscape and, maybe help me understand too if if there were other traditional lending sources for a lot of these projects historically. What has other than pricing, maybe there's more to it, what has caused the REITs, to kind of have an opening in the way that we've seen in the last few quarters here.

好的。然後，我想問題的第二部分可能更廣泛地涉及部落貸款狀況，也許也能幫助我了解歷史上這些項目中是否有其他傳統貸款來源。除了定價之外，也許還有更多因素，是什麼導致房地產投資信託基金 (REIT) 出現我們在過去幾個季度看到的那樣的開局？

It's definitely something we continue to look at, Rich. I'm not here to say that there's 20 opportunities out there, but it's definitely a part of our business that we're studying, better understanding, as Ed just walked you through, not all deals are the same, not all deals have an operator like Red Rocks running it, but it's something that we're looking at.

這絕對是我們會繼續關注的事情，里奇。我在這裡並不是說有 20 個機會，但這絕對是我們正在研究的業務的一部分，更好地理解，正如 Ed 剛才向您介紹的那樣，並非所有交易都是一樣的，並非所有交易都有像 Red Rocks 這樣的運營商來運營，但這是我們正在關注的事情。

I don't think you should say this is something the res have been looking at just the past two quarters. I think what you should know is at least from a VICI perspective, these are things that we study for years and it doesn't mean that it shows up and we've looked at it for three months. So this is something we've been studying for years.

我認為你不應該說這是共和黨過去兩季以來一直在關注的事情。我認為你應該知道的是，至少從 VICI 的角度來看，這些都是我們研究多年的事物，但這並不意味著它會出現，我們已經研究了它三個月。這是我們多年來一直在研究的東西。

There have been others that have been involved in this type of lending over the decades that tribal casinos have been developed all over the United States, but it's something that this particular opportunity was one we were quite excited about, and obviously we announced that investment here over the past coming days.

幾十年來，隨著部落賭場在美國各地的發展，也有其他人參與過這種類型的貸款，但這個特殊的機會讓我們感到非常興奮，顯然，我們在過去幾天宣布了這項投資。

And just to, kind of reiterate what I said to Tony, Rich, growth creates a demand for capital and, as you look across the US gaming landscape, California is still a relatively young gaming jurisdiction. I think John Gaming has been in California now for maybe 20 odd years, and it is only tribal gaming in California. So there is still white space on the California gaming map. Tribes are gaining the opportunities to put new stores onto that map, and that's creating a need for capital that you don't necessarily see everywhere else in the country at this point.

只是想重申我對東尼里奇說的話，成長會產生對資本的需求，而縱觀美國博彩業，加州仍然是一個相對年輕的博彩管轄區。我認為 John Gaming 已經在加州存在了大約 20 多年，而且它是加州唯一的部落遊戲。因此，加州博彩業地圖上仍存在空白。部落正在獲得在地圖上開設新店的機會，而這正在產生對資本的需求，而這種需求目前在該國其他任何地方都不一定能看到。

Alright. Appreciate the color guys.

好吧。欣賞這些色彩。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Thanks, it's, Nick Joseph here Meads. I was hoping you could, touch on your expectations for the Century casino lease, and I know it's a small part of rents overall, but do you feel comfortable that the recent CapEx investments that those properties will help improve coverage.

謝謝，我是 Nick Joseph Meads。我希望您能談談您對世紀賭場租賃的期望，我知道這只是整體租金的一小部分，但您是否認為最近的資本支出投資將有助於提高這些物業的覆蓋率。

Yeah, very good question. And I'm smiling here because we had part of our organization in the assets, actually two days ago visiting the assets, visiting with the teams, looking at the new construction, looking at the new casino that was put in place and talking about. the great numbers that are coming out of there.

是的，非常好的問題。我在這裡微笑，因為我們組織的部分人員在資產中，實際上兩天前我們參觀了資產，與團隊一起參觀，查看了新建築，查看了已建成的新賭場並進行了討論。從那裡走出來的人數眾多。

In my opening remarks, one of the things that's great about VICI and the way that we're structured is that we have constant communication with our operator. We also get, for the majority of our operators, we get monthly results. We have conversations with them about how the business Is working, how they think about capital.

在我的開場白中，VICI 的優點之一以及我們的結構方式是我們與營運商保持持續溝通。對於我們的大多數運營商，我們還可以獲得月度結果。我們與他們討論了業務運作方式以及他們對資本的看法。

So Century is one of them, but you'd expect, or I think you'd hope that we're having conversations with our large operators in in MGM or or Hard Rock or others that we have assets with. But it is exciting to see that the new development we helped finance really take off down in in the Missouri properties and we'll continue to see if there's ways over time we can put money to work with, with Century as well as with some of our other operators.

世紀娛樂是其中之一，但你會期待，或者我想你會希望我們正在與米高梅、硬石或其他與我們有資產的大型運營商進行對話。但令人興奮的是，我們幫助資助的新開發項目在密蘇裡州的房地產中真正取得了進展，我們將繼續看看是否有辦法隨著時間的推移將資金投入到與 Century 以及我們的其他一些運營商的合作中。

Thanks and then I guess just one other partner, you didn't mention there was Caesars and obviously we've received some questions on the regional casinos and I know there's 10 years remaining on that lease but, how are those conversations going if they are, just given current coverage.

謝謝，然後我想只有另一位合作夥伴，您沒有提到凱撒，顯然我們收到了一些關於地區賭場的問題，我知道該租約還有 10 年，但是，如果是的話，這些談話進展如何，只是考慮到目前的報道。

Yeah, Nick, good to hear from you. I wouldn't say there's any burning conversations of any kind between us and Caesars around regional property performance. We obviously continue to be pleased at the magnitude of capital that Caesars has been and continues to invest. In, our assets, both on the Las Vegas Strip and in the regions, you are obviously seeing, we're seeing the benefits in real time of the [300 odd million they put into New Orleans], John.

是的，尼克，很高興收到你的來信。我不會說我們和凱撒之間就區域房地產表現進行過任何激烈的對話。顯然，我們對凱撒娛樂已經並將繼續投資的資本規模感到高興。在我們的資產中，無論是在拉斯維加斯大道還是在各個地區，你顯然都看到了，我們實時看到了他們向新奧爾良投入的 3 億多美元所帶來的收益，約翰。

Obviously, a couple $100 million into Atlantic City, the recent announcement of $160 million of their capital into Lake Tahoe, we think is pretty strong evidence of Caesar's willingness to continue to invest in these properties and drive this kind of performance that ultimately should lead to rent coverage we're all happy and satisfied with.

顯然，向大西洋城投資幾億美元，最近又宣布向太浩湖注資 1.6 億美元，我們認為這充分證明了凱撒願意繼續投資這些地產，並推動這種業績，最終實現我們都滿意的租金覆蓋率。

Thank you very much.

非常感謝。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hi, morning. Thanks for taking my questions. So with respect to the Red Rock arrangement. I don't know if you're able to sort of characterize what the capital structure of that property is setting up to be and or, any comments around pricing on the loan that that may be helpful and as a part of that bigger picture, how you look at opportunities and the risk profile of them relative to sort of where you were one, two, three years ago. Is it still the same, and is there some progression and kind of risk profile as you look at stuff today? Thanks.

嗨，早安。感謝您回答我的問題。因此，關於 Red Rock 的安排。我不知道您是否能夠描述一下該房產的資本結構，或者，對於貸款定價的任何評論可能會有所幫助，並且作為更大圖景的一部分，您如何看待機會及其風險狀況，相對於一、二、三年前的狀況。它還是一樣嗎？從您今天的角度來看，它是否存在某種進展和風險狀況？謝謝。

Right in David. Good to talk to you. Let me, just start with the loan. ,As we've talked about the $725 million total facility comprised of two term loans, term on A and a term loan B are blended all in, yield is so for right around [7]. That includes some incremental fees and whatnot on the capital that we committed. The $725 million term loan will be the development funding for the project, and then we are comfortable with the capitalization and the support that's coming from Red Rock and their expertise around getting this open and really the location and you look at the competing product in the area it's far inferior to what the Durango-ii style facility that will be built here in (inaudible), California.

就在大衛那裡。很高興和你談話。讓我先從貸款開始。正如我們討論過的，總額 7.25 億美元的貸款由兩筆定期貸款組成，其中 A 筆貸款和 B 筆定期貸款混合在一起，收益率約為[7]。其中包括我們承諾的資本的一些增量費用等等。7.25 億美元的定期貸款將作為該項目的開發資金，我們對 Red Rock 提供的資金和支持以及他們在開放該項目方面的專業知識感到滿意，而且地理位置優越，您可以看看該地區的競爭產品，它遠遠不如將在加利福尼亞州（聽不清）建造的 Durango-ii 式設施。

And in terms of our risk appetite, I think we continue as we talk about at VICI, we have a table of learning, we continue to learn internally and study different opportunities and as we've noted on this call, we've looked at tribal for years and partnering with the right operator in the right location and doing things with the right guarantees and right structure.

就我們的風險偏好而言，我認為我們會繼續，就像我們在 VICI 談論的那樣，我們有一個學習表，我們繼續內部學習並研究不同的機會，正如我們在這次電話會議上指出的那樣，我們多年來一直在關注部落，並與正確的運營商在正確的地點合作，並以正確的擔保和正確的結構做事。

We get comfortable with that and the ultimate return that we earn on that capital that we deploy. So, I think, we spend a lot of time ensuring that we put our capital out in ways that makes sense, and as I talked about protecting the dividend, but also ensuring that we get that capital repaid.

我們對此感到滿意，並且對我們部署的資本所獲得的最終回報感到滿意。因此，我認為，我們花費大量時間確保以合理的方式投入資本，正如我所說的保護股息，同時也確保我們能夠償還資本。

Yeah, and I'll just add, David, that in investing in any category, but in particular in our investment category, general principles only take you so far. And so any kind of general principles we might hold about tribal gaming are just not that useful in us ultimately making investment decisions and we make investment decisions based entirely on specifics, not generalities, and the specifics of this investment opportunity were very compelling.

是的，大衛，我還要補充一點，在投資任何類別時，特別是在我們的投資類別中，一般原則只能幫助你走這麼遠。因此，我們對部落遊戲持有的任何一般原則對我們最終做出投資決策都沒有那麼大用處，我們完全根據具體情況而不是一般情況做出投資決策，而這個投資機會的具體情況非常引人注目。

The involvement of a highly proven, highly successful developer that also happens to be a highly proven and highly successful operator. Those specifics were incredibly important to making this particular decision, and any future decisions we might make, whether around tribal or commercial will always again be made on the specifics.

一位經驗豐富、極為成功的開發商的參與，同時也是一位經驗豐富、極為成功的經營者。這些細節對於做出這個特定的決定非常重要，而且我們將來可能做出的任何決定，無論是關於部落還是商業，都將再次基於這些細節。

Thank you very much.

非常感謝。

Haendel St. Juste, Mizuho

瑞穗 Haendel St. Juste

Hey guys, good morning. I guess I'm curious if we should also be reading into the Red Rock construction loan that perhaps you'd be more comfortable being a construction lender more broadly under the right circumstances and with the right partner. So perhaps can you talk about your appetite and doing more of that type of loan activity going forward. And also some thoughts on the underwriting of the loan and the required return that you have there. Thanks.

大家好，早安。我想我很好奇，我們是否也應該了解一下 Red Rock 建設貸款，也許在適當的情況下並與合適的合作夥伴一起，您會更願意成為更廣泛的建設貸款人。那麼，您能否談談您的意願以及未來有更多此類貸款活動？還有一些關於貸款承保和所需回報的想法。謝謝。

Yeah, I would really reiterate, what I just said in response to David that it would be, it will always be highly specific. We do not have a general strategy around construction funding. We have a general strategy around relationship development and identifying experiential partners, we would like to have a relationship with them grow over time.

是的，我真的要重申，我剛才在回答大衛的問題時說，它將永遠是非常具體的。我們沒有圍繞建設融資的整體策略。我們有一個關於關係發展和確定體驗合作夥伴的整體策略，我們希望與他們的關係隨著時間的推移而發展。

And if helping them finance a development opportunity is the way to start the relationship, we will certainly look at that energetic and yet rigorously. And you can see in both the cane and the Red Rock situations, we are being driven by the opportunity to establish relationships, and not really specifically being driven by a desire to become a construction financier.

如果幫助他們融資發展機會是建立關係的方式，我們肯定會積極且嚴格地看待這一點。您可以從甘蔗專案和紅岩專案中看到，我們受到建立關係機會的驅動，而不是真正受到成為建築金融家的願望的驅動。

Appreciate that. And maybe, a follow up here just speaking of relationships. I'm curious if there any role for opportunities with any of your other partnerships that could be attractive to you here. Thank you.

非常感謝。也許，這裡的後續內容只是談論關係。我很好奇，您的其他合作夥伴關係中是否有任何機會對您有吸引力。謝謝。

I didn't hear exactly the question, but I think that it was, are there opportunities to grow with our current set of 13 tenants and 8 financing partners. The answer I'll give you is I hope so. I think that's always been the way we have talked about this and why we don't have 100 tenants right now. We have 13 and I'm sure over time they'll grow to 14, 15, 16, but part of our strategy that we've talked about since we started the company was to find the best in the business and help them grow over time, while also adding new tenants as well as new financing partners to grow the business accretively.

我沒有聽到確切的問題，但我認為問題是，我們目前的 13 個租戶和 8 個融資合作夥伴是否有機會一起成長。我的答案是，我希望如此。我認為我們一直都是這樣談論這個問題的，這也是為什麼我們現在沒有 100 名租戶。我們目前有 13 家門市，我相信隨著時間的推移，它們會發展到 14、15、16 家，但自從公司成立以來，我們就一直在討論的策略之一就是找到業內最優秀的企業，並幫助它們隨著時間的推移而發展，同時增加新的租戶和新的融資合作夥伴，以增加業務。

Thank you.

謝謝。

Daniel Guglielmo, Capital One Securities.

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

Hi everyone. Thank you for taking my questions. The March and April trend commentary for your big public partners in Las Vegas has been very positive this earnings. Can you give us a sense if you're hearing the same things from the non-public partners on the strip, so I guess the Venetian complex and then maybe Fountain Blue in the investment (inaudible) .

大家好。感謝您回答我的問題。您在拉斯維加斯的大型公共合作夥伴對三月和四月的收益趨勢評論非常樂觀。你能告訴我們，你是否從拉斯維加斯大道的非公共合作夥伴那裡聽到了同樣的事情嗎？我猜是威尼斯人綜合體，然後可能是 Fountain Blue 的投資。（聽不清楚）。

Yeah, we're very excited. Nice to talk to you, Daniel. We were very excited. Obviously, we see some of the numbers before they become public at times, and we're very excited to see Las Vegas continue to be quite successful and growing, as you heard in my comments. We like Vegas so much because there's so many different, what I call cash registers for and reasons for consumers to come to the city.

是的，我們非常興奮。很高興和你交談，丹尼爾。我們非常興奮。顯然，我們有時會在數據公開之前看到一些數據，而且我們非常高興看到拉斯維加斯繼續取得成功並不斷發展，正如您在我的評論中聽到的那樣。我們非常喜歡拉斯維加斯，因為這裡有很多不同的理由，我稱之為“收銀機”，吸引消費者來到這座城市。

MGM and Caesars were talking about their business. The Venetian has a robust business. I was just out there myself and I know Ed was as well, enjoying our time at the sphere and watching how that brings in a whole bunch of new consumers to not only the Venetian, but really brings a new consumer set to Las Vegas, which is great to have a city like that.

米高梅和凱撒正在談論他們的業務。威尼斯人飯店的生意十分興隆。我自己就在那裡，我知道艾德也在那裡，享受我們在球場上度過的時光，觀察它不僅為威尼斯人帶來了一大批新消費者，而且確實為拉斯維加斯帶來了一批新的消費者，擁有這樣的城市真是太好了。

So Daniel, the answer is Vegas seems to be continuing to have a very good run. Part of that, the credit goes to the operators because they continue to find different ways to attract not only their existing customers, but new and there's no better group than the group that runs Las Vegas. So we're excited to be so invested there owning those assets because I know that the people who do will continue to find ways, no matter what the economic conditions are to grow their business.

所以丹尼爾，答案是拉斯維加斯似乎繼續保持著非常好的發展。這部分歸功於營運商，因為他們不斷尋找不同的方式來吸引新客戶和現有客戶，而沒有比經營拉斯維加斯的集團更好的集團了。因此，我們很高興能夠在那裡投資並擁有這些資產，因為我知道，無論經濟狀況如何，這樣做的人都會繼續尋找方法來發展他們的業務。

Great, thank you. That's really helpful. And I did like your point on the the potential trade down, more people to Las Vegas. And then on the second one, so you all have a wide range of partners, John, I think you mentioned 21, both big and small with very different risk characteristics. And given the confusing macro, can you just talk about the team's approach to risk and if there's a formal risk process in place to to flag and work through any issues that you see developing over the next few years.Thank you.

太好了，謝謝。這真的很有幫助。我確實喜歡你關於潛在貿易下滑的觀點，更多的人會去拉斯維加斯。然後關於第二個問題，你們都有廣泛的合作夥伴，約翰，我想你提到了 21 個，有大有小，風險特徵也大不相同。鑑於令人困惑的宏觀因素，您能否談談團隊應對風險的方法，以及是否有一個正式的風險流程來標記和解決您在未來幾年內看到的任何問題？謝謝。

Yeah, hey Dan, it's Gab Wassman here. I can take the first part of that question, and others can weigh in as well, but since we founded the company in 2017, we've had a pretty rigorous risk management process. We meet, as a management team every quarter. There's two separate meetings. One is to go over the performance of our our tenants and our tenants and the lease investments and there's a separate meeting to go over our borrowers and the performance of our our loan investments. So, as a management team, a lot of visibility into the performance of our investments and a lot of discussions and rigorous underwriting and monitoring.

是的，嘿，丹，我是 Gab Wassman。我可以回答這個問題的第一部分，其他人也可以發表意見，但自 2017 年成立公司以來，我們就有一個非常嚴格的風險管理流程。我們管理團隊每季都會開會。有兩次單獨的會議。一是審查我們的租戶和租戶以及租賃投資的表現，還有一個單獨的會議來審查我們的借款人和我們的貸款投資的表現。因此，作為管理團隊，我們需要對投資表現有很高的了解，並進行大量的討論和嚴格的核保和監控。

Okay. Appreciate it.

好的。非常感謝。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, good morning. This is Jenny on Ron. Thanks for taking my question. I think my first one is regarding the Caesar's Forum convention center call options you have later this year. What is your latest thoughts on the deal and if you would like to exercise on that?

嘿，早安。我是 Ron 的 Jenny。感謝您回答我的問題。我認為我的第一個問題是關於今年稍後凱撒論壇會議中心的看漲期權。您對這筆交易的最新想法是什麼？您是否願意付諸實行？

Yeah, very good question. That call becomes live here later in the fall. It's September of this year. I don't have the exact date, but I believe it's late September of this year. I think your question is, do we like the asset? Is it a, beautiful asset? How is it performing?

是的，非常好的問題。該電話會議將於秋季晚些時候在這裡舉行。現在是今年九月。我不知道具體日期，但我相信是今年九月下旬。我想你的問題是，我們喜歡這項資產嗎？這是一項美好的資產嗎？其表現如何？

It is something that we'll continue to evaluate as that time comes. Caesars built just a beautiful place and is using it effectively as my last comments of driving new business and new meeting business there. So, we are aware of that opportunity. We've got a window that's quite wide and we'll study the opportunity that when it comes.

到時候我們會繼續評估這件事。凱撒建造了一個美麗的地方，並有效地利用它，這是我在那裡推動新業務和新會議業務的最後評論。所以，我們意識到了這個機會。我們擁有一個相當廣闊的機會窗口，當機會來臨時，我們會研究它。

Perfect. (multiple speakers)

完美的。（多位發言者）

Yeah, go ahead, please.

是的，請繼續。

Yeah, Jenny, I'll just, yeah, Jenny, I was just going to say before you ask your second question, that our decision making is always guided by solving for total return as I spoke of in my opening remarks. And as we look at the building blocks of our total return, those building blocks are dividend yield, same star NOI levered into AFFO per share, and then external growth.

是的，珍妮，是的，珍妮，在你問第二個問題之前，我只是想說，我們的決策總是以解決總回報為指導，正如我在開場白中提到的那樣。當我們查看總回報的構成要素時，這些構成要素是股息收益率、利用相同明星 NOI 轉化為每股 AFFO，然後是外部成長。

And we try to optimize our timing around any kind of opportunities like that such that we are solving fundamentally for sustained and sustainable superior total return. So that really is the calculus that guides so much of our decision making around not only what we invest in, but when we invest in it.

我們嘗試針對任何類似的機會來優化我們的時機，以便從根本上解決持續、可持續的卓越總回報問題。所以這其實是指導我們做出許多決策的計算方法，不僅包括我們投資什麼，還包括我們何時投資。

Makes sense. I think the second one is regarding the strategic relationship with [Kane] International. I'm just curious if there's any incremental conversation this quarter with them, like what other kind of experiential investment opportunities are you looking to pursue together beyond the one Beverly Hills project?

有道理。我認為第二個是關於與[Kane] International的戰略關係。我只是好奇本季是否與他們進行任何漸進式對話，例如除了比佛利山莊項目之外，你們還希望共同尋求哪些其他類型的體驗式投資機會？

Yeah, well, they are involved in a lot of experiential categories we are fundamentally interested in, and I will just cite one example, and that is their investment in a facility called the (inaudible) St. James, which is just outside of Washington DC and is very much like Chelsea Pierce.

是的，他們參與了很多我們從根本上感興趣的體驗類別，我只想舉一個例子，那就是他們對一個名為（聽不清）聖詹姆斯的設施的投資，該設施位於華盛頓特區郊外，非常像切爾西皮爾斯。

They've been very open and energetic about their growth ambitions for the St. James as ultimately a network of facilities across the country and we've enjoyed very much the conversations we've had on, I must emphasize a very preliminary basis on how we might ever be of service to them in growing that network.

他們對聖詹姆斯的發展抱負非常開放和積極，最終將其打造成一個覆蓋全國的設施網絡，我們非常享受我們之間的對話，我必須強調，我們目前還處於非常初步的基礎之上，我們想知道我們如何才能為他們擴大這個網絡提供服務。

Okay, sounds great. Thanks so much.

好的，聽起來不錯。非常感謝。

Max Marsh, CBRE.

馬克斯‧馬什，世邦魏理仕。

Good morning. Thanks for taking my question. With recently had a deal with Star in Australia, do you guys have interest in participating in that or maybe in Australia more broadly?

早安.感謝您回答我的問題。最近你們與澳洲的 Star 達成了一項協議，你們有興趣參與其中嗎？或更廣泛地參與澳洲的活動？

If you've been following us for a while, David and I spent some time down under, about two years ago visiting Australia and New Zealand and understanding the landscape. Obviously the market in Australia, particularly where the assets are for the star has gone through radical change, not only structural balance sheet structural issues, but the regulators and the regulations of those businesses have changed. And I've had a real, put a real hurt, I guess is the best way on the business right now. I think your question was, would we be involved in an opportunity with the star-in-laws in, Australia, the answer is no.

如果你已經關注我們有一段時間了，那麼你就會知道，大約兩年前，大衛和我曾在澳洲和紐西蘭待過一段時間，了解那裡的風景。顯然，澳洲的市場，特別是明星資產所在的市場，已經發生了根本性的變化，不僅是結構性資產負債表結構性問題，而且監管機構和這些企業的法規也發生了變化。我真的受到了極大的傷害，我想這是目前處理生意最好的方式。我想你的問題是，我們是否會參與與澳洲明星岳父岳母合作的機會，答案是否定的。

Okay, I would say just to add. (multiple speakers) Yeah, sorry, Max, I was just going to add that really one key predicate for any investment we ever make is having as high a degree of visibility and confidence around what the future earnings profile of a given asset will be.

好的，我只是想補充一下。（多位講者）是的，抱歉，馬克斯，我只是想補充一點，我們進行的任何投資的一個關鍵前提是對特定資產的未來盈利狀況具有高度的可見性和信心。

And right now, given the turmoil on the, in the regulatory landscape and its impact on the economic performance of gaming assets in Australia, it is very difficult to have any visibility or confidence around what kind of money these assets are going to make over the longer term.

目前，鑑於監管環境的動盪及其對澳洲博彩資產經濟表現的影響，很難預測或確信這些資產在長期內將賺取多少錢。

Understood. Thank you for that. And maybe zoom out and take it at a higher level. Other than economics and accretion could you talk about some of your top strategic priorities in your current opportunities set whether that might be tenant diversification, geographic diversification, or maybe something else?

明白了。謝謝你。或許可以縮小範圍，從更高的層次拍攝。除了經濟和成長之外，您能否談談您當前機會中的一些首要策略重點，例如租戶多樣化、地理多樣化，還是其他什麼？

I would say, there's really a couple of key result areas we really focus on. I've already talked about obviously our ceaseless dedication to building total return on a sustained and sustainable basis, but as well, it's obviously doing what we can, all we can to weatherproof the business as best we can. No business is obviously ever absolutely weatherproof, but I am so glad and so proud of the work David and the team did, for example, in getting the refinancing done when we got it done and against this backdrop of volatility and low visibility, a paramount focus of management will continue to be being highly anticipatory of what is potentially coming and being as ready for it as we can and protecting our capital and the cost of our capital.

我想說，我們真正關注的確實有幾個關鍵結果領域。我顯然已經談到了我們不懈地致力於持續和可持續地創造總回報，但同時，我們顯然也在盡我們所能，盡我們所能，盡可能地保護業務不受風雨侵襲。顯然，沒有一家企業是絕對不會受到風雨影響的，但我對戴維和團隊所做的工作感到非常高興和自豪，例如，在我們完成再融資時，在這種波動性和低能見度的背景下，管理層的首要關注點將繼續是高度預測可能發生的事情，並儘可能做好準備，保護我們的資本和資本成本。

Great. Thank you very much.

偉大的。非常感謝。

[Alex Bacon], Baird.

[亞歷克斯培根]，貝爾德。

Hey, good morning and thanks for taking my question. Just one quick one for me. There was some news, regarding, New York gaming. I'm curious what your latest thoughts on the New York gaming license processes and what we will be doing from now till a decisions ultimately made.

嘿，早上好，感謝您回答我的問題。對我來說只有一個快速答案。有一些關於紐約博彩的新聞。我很好奇您對紐約博彩許可證流程的最新看法，以及從現在到最終做出決定我們將做什麼。

Yeah, it's exciting times in some of the news that's out there. By no means am I going to predict when a license will be granted or the three licenses will be granted. It does seem like there's momentum moving for the RFPs to be put in by the end of June, early July. I think you know that one of the bidders is going to be MGM at the site that we own the real estate in the buildings.

是的，有些新聞確實令人興奮。我絕不會預測何時會頒發許可證或何時頒發三個許可證。看起來，目前有勢頭推動在 6 月底或 7 月初提交 RFP。我想你知道，其中一個競標者是米高梅，我們擁有該建築的房地產。

There are other very exciting opportunities that are in the news that could win one of the licenses, but we are standing by better understanding the circumstances. Obviously we're a big fan of the MGM bid, simply because the asset is one that is ours and we would hope that we would help our current tenant at MGM grow that should they win one of the three licenses. So like you, we'll continue to watch and continue to read the paper and better understand as it gets closer.

新聞中也報導了其他一些非常令人興奮的機會，它們可能會贏得其中一項許可證，但我們正在更好地了解具體情況。顯然，我們非常支持米高梅的競標，因為這項資產是我們的，我們希望，如果米高梅贏得三個許可證中的一個，我們就能幫助米高梅的現有租戶實現成長。因此，像您一樣，我們將繼續關注並繼續閱讀論文，並在接近結論時更好地理解它。

Got it. That that's it for me. Thanks.

知道了。對我來說就是這樣了。謝謝。

And I'll hand the floor back to Ed for some closing comments.

現在我將把發言權交還給 Ed，請他發表一些結束語。

Yeah, so we know that all of you, whether you're analysts or investors are incredibly stretched in right now given the volume the company's reporting, so we cannot express deeply and offer our thanks for your time and attention this morning and your continued support, and bye for now.

是的，我們知道，無論你是分析師還是投資者，考慮到公司報告的數量，現在你們都忙得不可開交，所以我們無法深深地表達我們對你們今天上午的時間和關注以及你們持續支持的感謝，現在再見了。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。