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    Colin Mansfield

    Research Analyst at CBRE Institutional Research

    Colin Mansfield is the Head of Credit Research at CBRE Institutional Research, where he specializes in the analysis of gaming, lodging, and leisure sectors. He has covered major companies in these industries, providing pivotal credit market insights for investors and institutional clients, though specific investment performance metrics are not publicly disclosed. Mansfield's career spans over a decade in credit and institutional research, having held progressively senior roles before being named head of credit research at CBRE; further details on prior roles are not widely published. He holds established professional credentials as a credit analyst but detailed securities licenses or FINRA registrations have not been made publicly available.

    Colin Mansfield's questions to Gaming & Leisure Properties (GLPI) leadership

    Colin Mansfield's questions to Gaming & Leisure Properties (GLPI) leadership • Q4 2024

    Question

    Colin Mansfield of CBRE Institutional Research questioned GLPI's willingness to commit additional capital to the Bally's Chicago project if needed, especially given potential legal challenges with a planned minority stake IPO.

    Answer

    President & COO Brandon Moore stated that it is too early to say if they would commit more capital. He noted that the current commitment is $940 million, and they have not been asked for more. He expressed the view that a failure of the minority stake IPO would not necessarily create a significant hole in the project's capital structure or require GLPI to provide additional funds, but they would evaluate any request if it were made.

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    Colin Mansfield's questions to Bally's (BALY) leadership

    Colin Mansfield's questions to Bally's (BALY) leadership • Q2 2024

    Question

    Colin Mansfield of CBRE Institutional Research asked about the Chicago project's approval timeline for its new design and any potential risks to the September 2026 opening date. He also had a modeling question regarding the amount of restricted cash held at the Chicago subsidiary.

    Answer

    President George Papanier expressed confidence in the Chicago timeline, stating that while city approvals for the new design are pending, they are working in parallel with partner GLPI to procure long-lead-time materials and will open by September 2026. He also clarified that of the reported restricted cash, $58 million was released shortly after the quarter ended, reducing the Chicago-related balance.

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    Colin Mansfield's questions to Bally's (BALY) leadership • Q2 2024

    Question

    Asked about the Chicago project, specifically the expected timeline for the city's approval of the new design and whether this process poses any risk to the September 2026 opening date. Also asked for a clarification on the amount of restricted cash held at the Chicago subsidiary.

    Answer

    The company stated that while they await final approvals for the new Chicago design, they are working on other aspects in parallel, such as ordering long-lead-time materials, and remain confident they will meet the September 2026 opening date. Regarding restricted cash, of the $171 million at quarter-end, $58 million was released shortly after for a payment to the Tribune and accumulated interest.

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    Colin Mansfield's questions to Bally's (BALY) leadership • Q2 2024

    Question

    Colin Mansfield of CBRE Institutional Research inquired about the approval timeline for the new Chicago casino design and any potential risks to the September 2026 opening date. He also asked a modeling question about the amount of restricted cash held at the Chicago subsidiary.

    Answer

    President George Papanier expressed confidence in the September 2026 opening, stating that while the new design requires city approval, the company is proceeding with parallel activities like ordering long-lead materials to maintain the schedule. He also clarified that of the $171 million in restricted cash at quarter-end, $58 million was released shortly after for a payment to the Tribune, reducing the effective balance.

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    Colin Mansfield's questions to Bally's (BALY) leadership • Q1 2024

    Question

    Asked for details on the customer profile at the Chicago temporary casino (demographics, catchment area). Also inquired about the drivers of variability and signs of stabilization in the Asian international interactive business.

    Answer

    The Chicago customer currently skews younger, is primarily driven by table games, and is concentrated within a 5-mile radius. The company is working to attract a more typical slot demographic. In Asia, the business has been 'lumpy,' but the recent launch of online Pachinko is driving a large volume of new sign-ups, which is a positive sign of stabilization despite currency headwinds.

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    Colin Mansfield's questions to Bally's (BALY) leadership • Q1 2024

    Question

    Colin Mansfield from CBRE Institutional Research requested details on the customer profile at the Chicago temporary casino and asked about the drivers of variability and signs of stabilization in the Asian interactive market.

    Answer

    President George Papanier described the Chicago customer as skewing younger and primarily driven by table games, with a strong draw from within a 5-mile radius. Regarding Asia, CEO Robeson Reeves explained the business has always been 'lumpy' with sentiment challenges. He noted that the recent launch of online Pachinko is a positive 'green shoot,' driving new sign-ups and providing comfort, despite the challenging Japanese yen to U.S. dollar exchange rate.

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    Colin Mansfield's questions to Bally's (BALY) leadership • Q1 2024

    Question

    Colin Mansfield requested more detail on the customer profile at the Chicago temporary casino, including catchment area and demographics. He also asked about the drivers of variability in the Asia interactive business and the signs of stabilization.

    Answer

    President George Papanier described the Chicago customer as skewing younger, driven by table games, and primarily drawn from a 5-mile radius. On Asia, CEO Robeson Reeves explained the business has been lumpy but is showing signs of stabilization, or 'green shoots,' driven by the launch of an exclusive online Pachinko product that is successfully attracting new sign-ups despite challenges from the weak Japanese Yen.

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    Colin Mansfield's questions to LAS VEGAS SANDS (LVS) leadership

    Colin Mansfield's questions to LAS VEGAS SANDS (LVS) leadership • Q1 2024

    Question

    Colin Mansfield inquired about the rationale for Sands China repaying its parent company loan and asked about the company's strategy for upcoming debt refinancings at both the LVS and SCL levels.

    Answer

    President and COO Patrick Dumont explained that the SCL Board decided to repay the loan because the subsidiary is performing strongly, has low leverage, and wanted to eliminate negative carry on its cash. Regarding refinancing, Dumont stated they will address the 2025 LVS bonds in the near term and have multiple flexible options for the SCL maturity, including their revolver, a new term loan, or accessing the high-grade credit markets.

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