Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| Our thoughtfully constructed portfolio of safe and durable cash flows combined with our liquidity and capital markets discipline have set the stage for opportunity |
| We're proud of that |
| I would also like to note that our first quarter dividend was declared of $0.76 per share and our rent coverage ratios remain strong, ranging from 1.95 to 2.75 on our master leases as of the end of the prior quarter |
| And if there's a way that we can find from a REIT perspective to generate good REIT income from an investment with those tribes on those properties, we see it as a tremendous opportunity |
| The ones we're looking at, I think are pretty exciting, pretty positive |
| It's really tremendous |
| It's a terrific property and it's had the desired result |
| So, we're encouraged |
| And it also tends to help us get a back to the sweat equity theme, a better than market return when we close these deals for our shareholders |
| We're especially pleased to be here with you this morning talking about the windup of a very good year, last year and off to a good start in the first quarter of this year |
| You've got a pretty good track record |
| And to that end, this past quarter, we again demonstrated our team's ability to uniquely source and structure a transaction to the benefit of our shareholders |
| So, we started from a strong position, it got incredibly strong and we expect it to fall out somewhere in the strong plus category |
| So, we felt very good about the longevity of the asset and the counterparty we were dealing with and the ability to solve some of the problems that he was working through from a tax perspective |
| We've underscored our dual commitment for GLPI to be both safe in a Voldo [ph] environment, and also very well positioned to take advantage of opportunity if and when it arises |
| so, we're pleased to say 62 properties in the time, we've been in this business |
| It's still extremely strong |
| It's related to operational adjustments that they've made and strengthening their margins |
| But we continue to have dialogues and I think we feel very, very good about the upcoming quarters |
| So, I'm -- I do think that it's a, it's a helpful thing to us as we continue to do transactions with counterparty tenants, that do have this form and shape that we do start to kind of better our position as far as competitive advantage against others in our space |
| It's a wonderful asset and I think we feel very comfortable that whether it's Jeff or someone, someone will want to run that property long into the future beyond when I'm here even |
| And I think if we're able to do that, it's a tremendous market |
| from a position, where we already had really strong debt to EBITDA |
| But separately though, I do think as we continue to do transactions with this type of counterparty and we get, and we perfect kind of our thinking around tax structuring transactions and the use of operating partnership units and the like, I do think we start to gain a competitive advantage |
| That's a positive thing |
| It's a very interesting backdrop to further highlight the relevance of GLPI's enduring cash flows |
| And we still believe that the fully-developed property will be a very good addition to that corner of the strip |
| Our very healthy net leverage positions us to be highly opportunistic in our use of debt and equity for new deals |
| Our capital market actions reemphasize our commitment to balance sheet strength and our respect for the role it plays in our long-term success |
| And so I think to Steve's point in a competitive advantage, we show a willingness to try to take a problem and see if we can't put our resources behind it to try to solve it |
| Statement |
|---|
| So look, I mean, I think a lot of the news coming out of Las Vegas lately has been somewhat negative questioning the timing and development, and maybe the viability of that project |
| So, Vernon doesn't generate a ton of EBITDA and it has some challenges, some tax challenges and other things in the way that that property came to be |
| It's a difficult environment for folks that are trying to raise dollars |
| And if you're talking about Canada, you may have less so, but you certainly have regulatory risks |
| you have political instability |
| And therefore, at times, I think that's maybe caused us to not win in a particular bidding scenario |
| Look, my second question and we do appreciate the presentation so -- my second question is just moving to the guidance, so you guys sort of came in below consensus, right |
| So, as the capital markets are more expensive on the debt side in particular, it definitely causes a slowdown in regular way "traditional" sale leaseback transactions and puts a little bit of a capping on the pricing aspect |
| You have currency risks |
| But there's a whole handful of other risks that we have to analyze when we look at that |
| So, I think -- I don't think there's the headwinds are there |
| States feel the pressure when the guy next door and half their population is going elsewhere to gamble |
| I feel like that, that in most cases, things have become a little easier, not easy |
| You have to take that into consideration and what your return is that you're really getting, it's not a primary factor, but it is a factor, which will cause us to need more income in order to overcome that |
| I think from our perspective, a lot of that's noise |
| And it sounds like there's some conservatism baked in there |
| And then the coverage ratios continue to work down fractionally each quarter |
| Hey, sorry about that |
| So, it's completely unpredictable |
| When you think about ROI projects and things operators can do to bring more people in the door, what do you think is the best bang for the buck? Are there certain projects you'd be excited to see announced by your tenants in the coming years? Peter Carlino Wow, that's a difficult question |
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