Gaming

We focus on casino resorts and hotels that provide a wide array of experiential offerings, beyond hotel rooms and state-of-the-art gaming. Through live entertainment, various recreational opportunities, dining options and night clubs, this combination of amenities appeals to a broader demographic.

1

Property

2%

Annualized Adj. EBITDAre*

1

Operator

Commercial gaming facilities represent the largest component of the experiential real estate market. Gross gaming revenues from commercial gaming facilities totaled $43.6 billion** in 2019, excluding non-gaming revenues which have become a significant portion of casino resorts and hotel revenues.

Our strategic focus is on casino resorts and hotels leased to leading operators with a strong regulatory track record that seek to drive consumer loyalty and value through quality customer experiences, superior service, world-class affinity programs and continuous innovation on and off the gaming floor. This mirrors our investment approach with theatres, ski resorts, experiential lodging, attractions and other experiential concepts. We expect our primary casino resort and hotel investments will consist of premier assets in major gaming markets, including Las Vegas and dynamic regional markets.

*See Supplemental Operating and Financial Data for definition and calculation of this non-GAAP measure.
**American Gaming Association, “State of Play,” americangaming.org/state-of-play/