Financial Data and Key Metrics Changes - For Q3 2025, the company reported an AFFO per share of $0.60, reflecting a 5.3% increase compared to $0.57 in Q3 2024, demonstrating the company's ability to grow earnings despite market uncertainties [5][19][21] - The company declared a dividend of $0.45 per share, marking a 4% increase from the previous dividend, representing the eighth consecutive annual dividend increase since inception [19] Business Line Data and Key Metrics Changes - The company announced the addition of its 14th tenant, Clairvest, in connection with MGM Resorts International's agreement to sell the operations of MGM Northfield Park, with an initial annual base rent of $53 million [12][13] - The transaction will not change the total amount of rent collected by the company, as the rent under the MGM master lease will decrease by the same amount [13] Market Data and Key Metrics Changes - The company remains optimistic about the casino gaming sector, despite recent challenges in Las Vegas, citing the Venetian Resort's strong performance with record hotel revenues and gaming volumes [14][16] - The convention business in Las Vegas is highlighted as a significant growth area, with convention visitors spending 33% more than average leisure visitors [16][17] Company Strategy and Development Direction - The company emphasizes a disciplined capital allocation strategy focused on long-term growth and risk management, avoiding oversupply and obsolescence risks [10][18] - The management is exploring opportunities in university sports infrastructure, indicating a shift towards diversifying investment beyond traditional gaming assets [32][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current market challenges but maintains a long-term view, believing in the resilience of Las Vegas as a premier destination [15][17] - The company is actively monitoring the evolving landscape of gaming and experiential sectors, indicating readiness to adapt to market changes [18][32] Other Important Information - The company has a total debt of $17.1 billion, with a net debt to annualized third-quarter adjusted EBITDA ratio of approximately five times, at the low end of its target leverage range [20] - The updated AFFO guidance for 2025 is projected to be between $2.51 billion and $2.52 billion, or between $2.36 and $2.37 per diluted common share, representing a year-over-year growth of 4.6% [21] Q&A Session Summary Question: How often do lease amendments come up, and how does the company approach those conversations? - The company focuses on understanding challenges and working productively to find solutions, emphasizing a track record of addressing tenant needs [23][24] Question: How might the company approach the situation with Caesars regarding regional assets? - The company plans to apply the same frameworks used in the past, focusing on win-win outcomes for both parties [26][27] Question: What non-gaming conversations is the company having, particularly regarding university-level athletic facilities? - The company is exploring opportunities in university sports infrastructure, indicating a significant interest in this area [30][32] Question: What are the implications of MGM Resorts International's decision to withdraw from the New York City license bidding process? - The company was not surprised by MGM's decision and sees potential opportunities to partner with other bidders in the future [47][49] Question: How has the company's comfort level evolved regarding working with tribes in the tribal lending landscape? - The company maintains active relationships with tribes and is open to future opportunities, emphasizing the importance of strong credit investments [83] Question: What is the company's perspective on the theme park real estate ownership? - The company has studied the theme park landscape and is interested in potential opportunities, although no transactions have been made yet [70][72]