Financial Data and Key Metrics Changes - Total consolidated revenues for Q3 2025 were $45.1 million, reflecting a 1% year-over-year increase compared to pro forma Q3 2024 [23] - Net loss attributable to common stockholders was $33.2 million, a year-over-year decline of approximately $700,000 or 2%, with a net loss per share of $2.61, improving by $3.28 per share or 56% compared to Q3 2024 [31] - Non-GAAP adjusted net loss attributable to common stockholders for Q3 was $7.2 million, representing an improvement of around $18 million or 71% versus the comparable period in 2024 [32] Business Line Data and Key Metrics Changes - Hospitality revenues declined 4% year-over-year in Q3, primarily due to lower revenues at the Tin Building and certain legacy standalone restaurants [24] - Same-store hospitality revenue rose 11%, driven by the success of the Long Club and the strong launch of Dutano [25] - Entertainment segment revenues decreased 5% year-over-year, mainly due to hosting seven fewer concerts at the Rooftop at Pier 17 compared to the prior year [26] Market Data and Key Metrics Changes - International visitation to New York City remains below pre-pandemic levels, currently at about 90% of 2019 volume, while domestic travel remains resilient [5] - Total New York City visitation is projected to reach almost 65 million visitors in 2025, surpassing 2024 levels and approaching pre-pandemic visitation levels [6] - The Manhattan office market has shown strength, with leasing activity exceeding pre-COVID levels, particularly in financial services, technology, and media industries [6] Company Strategy and Development Direction - The company aims to refine its focus and priorities to stabilize and optimize operating models, emphasizing financial discipline and thoughtful capital deployment [4] - Plans include reinvestment into existing assets to improve space utilization and drive customer engagement, while also seeking opportunistic growth in real estate-driven hospitality and entertainment platforms [5] - The company is committed to enhancing the Seaport as a cultural and experiential destination, leveraging marquee events to drive visitation and awareness [39] Management's Comments on Operating Environment and Future Outlook - Management noted that the New York City market presents a mixed picture, with challenges in international tourism but resilience in domestic travel [5] - The company is optimistic about the performance of new hospitality concepts and events, which are expected to drive customer spending and engagement [12][16] - Management expressed confidence in the sale of 250 Water Street, which is expected to positively impact cash burn and eliminate associated interest expenses [10] Other Important Information - The company completed several technology initiatives, including centralizing point-of-sale and procurement systems across hospitality businesses, enhancing financial visibility and reporting accuracy [13] - The sale of 250 Water Street is expected to close by December 15, with an increased sale price of $152 million [10] - General and administrative expenses during the quarter were $18 million, reflecting a year-over-year reduction of 2% [30] Q&A Session Summary Question: What are the biggest levers to drive profitability? - Management highlighted the importance of getting tenants open and operational, focusing on operational efficiencies, and filling remaining vacancies as key drivers for profitability [35] Question: Can you discuss the demand for prospective spaces? - Management noted strong demand for restaurant space and is focusing on finding the right partners and experiences for the community [36] Question: What is the timing for opening new tenants? - Management anticipates that velocity will pick up in the back half of the year, with several openings expected before Meow Wolf [38] Question: What are the expectations for the Tin Building's break-even in 2026? - Management stated that they are not in a position to provide forward guidance on the Tin Building's performance in 2026 but will outline plans in the next earnings call [41] Question: What are the capital expenditures expected for Q4? - Management indicated that capital expenditures for Q4 will be somewhat light, with a ramp-up expected in the first half of 2026 [45]

Core Insights - VICI Properties Inc. has entered into a new agreement with Clairvest Group for the Northfield Park property in Ohio, previously owned by MGM Resorts International [1] - The lease for Northfield Park will have an initial annual base rent of $53 million, increasing to $54 million with a 2% escalation if closing occurs after May 1, 2026 [2] - The MGM master lease will be amended to reflect the divestiture, resulting in a reduction in annual base rent [3] Lease Details - The new lease will commence a 25-year term with three 10-year renewal options, maintaining other terms [2] - The transaction is expected to be completed in the first half of 2026, pending customary closing conditions and regulatory approvals [3] Clairvest Group's Role - Clairvest is a leader in the gaming industry with ownership interests in 36 assets, enhancing Northfield Park's competitiveness in Ohio gaming [4] - The partnership with Clairvest is expected to bolster VICI's revenue stability amid economic uncertainty [5] VICI Properties Overview - VICI Properties has a diversified portfolio of gaming, hospitality, and entertainment destinations across 26 states in the U.S. and one Canadian province [6] - The company is expanding beyond gaming by investing in non-gaming experiential assets, such as Chelsea Piers and Lucky Strike Entertainment, to reduce exposure to gaming-specific volatility [7] Agreement Impact - The agreement with Clairvest modifies the MGM lease through the Northfield Park divestiture, ensuring stable base rent and extended renewal options for VICI [9]

Core Insights - FanDuel and Delaware North have formed a market access partnership for online sports betting and igaming in West Virginia, utilizing Delaware North's Mardi Gras Casino & Resort as a platform [1][2]. Company Overview - FanDuel Group is recognized as North America's premier mobile gaming company, offering a range of products including FanDuel Sportsbook, FanDuel Casino, and FanDuel Racing, with a customer base of approximately 17 million across all 50 states [5][6]. - Delaware North is a global leader in hospitality and entertainment, serving over half a billion guests annually across various venues, including casinos and resorts [7]. Partnership Details - The partnership leverages Delaware North's gaming and hospitality expertise alongside FanDuel's advanced sports betting technology and brand recognition [2][3]. - FanDuel will continue to operate its sportsbook at the Greenbrier Resort in White Sulphur Springs, West Virginia, in addition to the new partnership [4]. Strategic Goals - The collaboration aims to enhance customer experiences by combining innovative gaming solutions with trusted hospitality services [4].

Financial Data and Key Metrics Changes - Total consolidated revenues for Q1 2025 were $16.1 million, representing a 12% year-over-year decrease compared to pro forma Q1 2024 [18] - First quarter net loss attributed to common stockholders was $31.9 million, an improvement of $12.2 million or 28% versus the comparable period in 2024 [24] - Non-GAAP adjusted net loss attributable to common stockholders for Q1 2025 was $22.8 million, representing an improvement of $11.9 million or more than 34% versus the comparable period in 2024 [24] - General and administrative expenses during the quarter were just under $10 million, resulting in a year-over-year reduction of 41% [22] Business Line Data and Key Metrics Changes - Hospitality segment consolidated revenue decreased 28% compared to pro forma Q1 2024, with same-store hospitality revenues down 12% year-over-year [19] - Overall hospitality revenues declined 16%, driven by a 33% reduction at the Tin Building [6] - Entertainment revenue increased 18% versus Q1 2024, benefiting from increased Seaport Winter activation revenue and higher Aviators ticket sales [20] - Landlord segment operating EBITDA increased 13% versus Q1 2024, primarily due to better expense management [21] Market Data and Key Metrics Changes - The Las Vegas Aviators reached the midpoint of the 2025 season in first place atop the AAA Minor League standings, indicating strong performance [11] - The company hosted various events, including the Las Vegas College Baseball Classic and the West Coast Conference Baseball Tournament, contributing to ticket sales and attendance [11] Company Strategy and Development Direction - The company aims to achieve breakeven in 2026, profitability in 2027, and stabilization of the current asset base by 2028 [4] - Key initiatives include optimizing the Tin Building operations, monetizing non-cash flowing assets, and enhancing the Las Vegas Ballpark utilization [4] - The company is focused on transforming the Seaport into a year-round vibrant neighborhood, enhancing its entertainment and hospitality offerings [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges of cash burn and emphasized the importance of strategic initiatives to improve financial performance [4] - The company is optimistic about the future, citing positive press and customer interest surrounding new openings and events [8][10] - Management expressed confidence in the ongoing marketing process for 250 Water Street, with over 130 potential buyers or partners showing interest [14] Other Important Information - Capital expenditures in Q1 2025 totaled $16.5 million, primarily related to the completion of the Gatano NYC build-out and initial work for Meow Wolf [25] - Long-term debt outstanding as of March 31 was $102.4 million, unchanged from year-end 2024, with a negative net debt position benefiting from healthy cash balances [25] Q&A Session Summary Question: What are the expectations for the new event space at Pier 17? - Management highlighted the event space's capacity of approximately 800 people and its strategic location, which will enhance year-round usage and attract more events [10] Question: How is the company addressing the cash burn issue? - The company is implementing strategies to achieve breakeven by 2026 and is focused on optimizing operations and enhancing revenue streams [4] Question: Can you provide an update on the performance of the Las Vegas Aviators? - The Aviators are currently in first place in the AAA Minor League standings, showcasing strong performance and effective ticket sales strategies [11]

Financial Data and Key Metrics Changes - Total consolidated revenues during the fourth quarter were $22.8 million, largely flat year-over-year [36] - Consolidated hospitality revenue increased 6.5% during the quarter, while overall hospitality revenue grew 12.8% [22][37] - Fourth quarter net loss attributable to common stockholders was $41.6 million, representing an increased loss of $5.6 million or 16% versus the comparable period in 2023 [44] - Non-GAAP adjusted net loss attributable to common stockholders for the fourth quarter was $19.2 million, representing an improvement of $8.8 million or more than 31% versus the comparable period in 2023 [45] Business Line Data and Key Metrics Changes - Same-store hospitality revenues were down 3.5%, primarily due to underperformance at the Tin Building [22][37] - Rental revenues were up nearly 15% during the quarter, primarily due to the benefit of the Alexander Wang lease [39] - The hospitality segment's operating income was down year-over-year due to higher operating expenses and payroll [38] Market Data and Key Metrics Changes - The Seaport's Tin Building launched in late 2022 but has not been profitable, requiring immediate focus for improvement [9] - The Rooftop at Pier 17 concert series brings approximately 200,000 visitors to the Seaport each year, while the new partnership with Meow Wolf is expected to drive over 1 million visitors annually [15][16] Company Strategy and Development Direction - The company aims to create a premier real-estate centric hospitality and entertainment company, focusing on the Seaport Neighborhood in New York City [7] - A significant priority is to optimize the utilization of existing vacancies within Pier 17 and the Cobblestones [12] - The company is exploring options for the development site at 250 Water Street, including potential partnerships or outright sales [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about executing identified areas for improvement and finding unique growth opportunities [53] - The company anticipates headwinds for hospitality revenue growth in the first quarter of 2025 due to strategic reductions in operating hours [38] - Management is committed to providing more robust portfolio detail and operational metrics to help the investment community measure progress [51] Other Important Information - The company completed a rights offering in October, generating net proceeds of approximately $167 million, which was more than two times oversubscribed [47] - The company has engaged a leading investment sales team to explore different options for the 250 Water Street site [26] Q&A Session Summary Question: What is the expected impact of the A's move to Las Vegas on the Aviators? - Management believes it will be a long-term benefit, enhancing community support and providing fans with the opportunity to see future stars [28] Question: How will the company utilize cash on the balance sheet? - A portion will be used to absorb operating losses, while significant amounts will be allocated for landlord work, tenant improvement allowances, and leasing commissions [48][49]

Financial Data and Key Metrics Changes - Total consolidated revenues during the fourth quarter were $22.8 million, largely flat year-over-year [36] - Consolidated hospitality revenue increased 6.5% during the quarter, with overall hospitality revenue growth of 12.8% [22][37] - Fourth quarter net loss attributable to common stockholders was $41.6 million, representing an increased loss of $5.6 million or 16% versus the comparable period in 2023 [44] - Non-GAAP adjusted net loss attributable to common stockholders for the fourth quarter was $19.2 million, representing an improvement of $8.8 million or more than 31% versus the comparable period in 2023 [45] Business Line Data and Key Metrics Changes - Same-store hospitality revenues were down 3.5%, primarily due to underperformance at the Tin Building [22][37] - Rental revenues were up nearly 15% during the quarter, primarily due to the benefit of the Alexander Wang lease [39] - The hospitality segment's operating income was down year-over-year due to higher operating expenses and payroll [38] Market Data and Key Metrics Changes - The Seaport's Tin Building launched in late 2022 but has not been profitable, indicating challenges in the market [9] - The Rooftop at Pier 17 concert series brings approximately 200,000 visitors to the Seaport each year, while the new partnership with Meow Wolf is expected to drive over 1 million visitors annually [15][16] Company Strategy and Development Direction - The company aims to optimize the Seaport Neighborhood in New York City by focusing on entertainment and hospitality [12][49] - A significant focus is on consolidating operations at the Tin Building to improve efficiency and reduce cash burn [10][11] - The company is exploring options for the 250 Water Street development site, considering partnerships or outright sale to maximize long-term value [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about executing identified areas for improvement and finding unique growth opportunities [53] - The company anticipates headwinds for hospitality revenue growth in the first quarter of 2025 due to strategic reductions in operating hours [38] - Management is committed to providing more robust portfolio detail and operational metrics to help the investment community measure progress [51] Other Important Information - The company completed a rights offering in October, generating net proceeds of approximately $167 million, which is seen as a strong endorsement of its strategy [47] - The company has engaged a leading investment sales team to explore different options for the 250 Water Street site [26] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call concluded without a formal Q&A session [55]