AFFO (Absolute)

FY 2025

$2.47B - $2.5B "

$2.50B - $2.52B "

raised

AFFO per share

FY 2025

$2.33 - $2.36 per diluted common share "

$2.35 - $2.37 per diluted common share "

raised

AFFO per share growth

FY 2025

3.8% "

4.4% "

raised

Dividend and AFFO Growth

Earlier calls (Q1 2025, Q4 2024, Q3 2024) stressed dividend importance and AFFO growth—with Q1 emphasizing dividend yield and defended dividend " " " , Q3 discussing dividend compounding " , and Q4 focusing on AFFO increases. " "

In Q2 2025, the call underlined the paramount importance of dividends, highlighted improvements in AFFO (with raised 2025 guidance) and reinforced total return strategies. " " "

Consistent emphasis across periods with a continued focus on dividend importance and incremental AFFO growth; recent guidance adjustments signal a slight upward revision in expectations. " " "

Las Vegas Market Performance and Consumer Segmentation

Q1 2025 emphasized robust market performance and new consumer segments via attractions like Sphere. " Q4 2024 noted record tourism and significant operator investments. " Q3 2024 highlighted occupancy nuances and shifts in lower‐end segments. "

Q2 2025 acknowledged near-term moderation—citing normalization while reinforcing long­term confidence, with resilient higher-end consumer demand and noted shifts in segmentation. " "

Long­term optimism remains, though current sentiment accounts for near­term moderation and subtle consumer shifts; earlier emphasis on record highs and visitor diversification continues but with a more tempered view. " " " "

Capital Structure, Financing, and Refinancing Risks

Q1 showcased strong liquidity, debt issuances, and recast credit facilities with proactive refinancings. " Q4 focused on improved balance sheet, investment-grade ratings and refinancing challenges. " Q3 included robust liquidity and careful monitoring of market volatility. "

Q2 2025 highlighted recent bond issuances, no debt maturities until 2026, detailed refinancing actions, and disciplined cost management to protect liquidity. " "

Consistent focus on strong capital management and proactive refinancing strategies; the current period reinforces a stable and disciplined approach that has been maintained over time. " " " "

Tenant Investment and Capital Efficiency

Q1 2025 discussed tenant investments (e.g., Caesars) and capital efficiency through balance sheet prowess. " " Q4 2024 highlighted operator investments in remodels and property enhancements. " " Q3 2024 elaborated on reinvestment strategies and mezzanine financing in credit solutions. " "

Q2 2025 reiterated the strategic role of substantial tenant investments (with examples like MGM upgrades) and introduced mezzanine financing as a means to build relationships and deploy capital. " " " "

Persistent emphasis on leveraging tenant capital to enhance property value, with the current period showing an increased focus on mezzanine financing as a strategic tool while maintaining strong efficiency. " " " "

Tribal Gaming Opportunities and Associated Lending/Collateral Risks

Q1 2025 discussed tribal gaming opportunities with a structured loan for a tribal project and highlighted inherent collateral risks. " " " " Q3 2024 offered an in-depth look at idiosyncratic risks and unique collateral challenges on tribal land. "

Q2 2025 focused on the strategic partnership with Red Rock Resorts and initiating a $510 million term loan for North Fork Mono without explicitly revisiting collateral risks. " " "

Growing interest with cautious evolution: Earlier periods provided detailed risk analysis while the current period emphasizes the opportunity and partnership, suggesting an evolving understanding and mitigation of tribal-specific risks. " " " "

Emerging iGaming Regulatory Uncertainty Impacting Underwriting

Q1 2025 noted regulatory turbulence (e.g., in Australia) complicating long-term underwriting. " Q3 2024 discussed regulatory environments on regional markets and the need for disciplined underwriting amidst competitive pressures. " "

Q2 2025 integrated iGaming uncertainty into underwriting practices by actively monitoring states and assessing potential impacts, showing a learning curve in factoring iGaming into their models. "

Transition from uncertainty to proactive integration: Initial challenges with limited visibility have shifted into an active monitoring and inclusion of iGaming regulatory factors in underwriting. " " " "

Portfolio Diversification and Expansion into Experiential Sectors

Q1 2025 touched on expanding beyond gaming into experiential sectors with early-stage projects. " " Q4 2024 detailed a strategic shift with investments in diversified experiential developments and global expansion. " " " Q3 2024 balanced gaming and non-gaming opportunities. " "

Q2 2025 confirmed ongoing diversification—highlighting that the experiential focus remains a key pillar as they broaden their portfolio, with no significant decline in emphasis. " "

Steady commitment to diversification: The focus on expanding into experiential sectors remains robust; while previous calls noted evolution, the current period maintains this strategic priority without evident decline. " " " "

Capital Reinvestment and Deployment Challenges

Q1 2025 emphasized robust liquidity, committed capital, and clear construction draw schedules. " " " Q4 2024 discussed challenges in deal flow, volatility affecting pricing, and selective investment execution. " " " Q3 2024 focused on diversified reinvestment via multiple funding pillars. " " "

Q2 2025 highlighted a disciplined capital deployment strategy—balancing reinvestment in existing assets, tenant backing, and active refinancing, thus managing liquidity and deployment challenges effectively. " " " "

Ongoing discipline in capital allocation: Despite market challenges, the consistent focus on balanced reinvestment and deployment remains, with recent actions reinforcing disciplined capital management. " " " "

Macro Volatility and Economic Uncertainty Affecting Project Execution

Q1 2025 discussed construction challenges and broader economic uncertainty affecting project timelines. " " " Q4 2024 cited an increase in credit loss allowances driven by macro factors. " Q3 2024 provided a detailed view of interest rate volatility and its impact on underwriting and planning. " " " "

Q2 2025 did not explicitly address macro volatility in project execution; instead it referenced market normalization in Las Vegas and noted bonus depreciation implications for future capital investments. " "

Less explicit focus in the current period: Whereas earlier calls provided detailed commentary on macro uncertainties, the current period addresses these issues more indirectly, suggesting less immediate concern or a refocused narrative on specific market factors. " " "

Limited Acquisition Opportunities Impacting Future Growth

Q1 2025 did not specifically label this issue but discussed future growth priorities. " " Q4 2024 noted a dearth of high-quality acquisition opportunities, especially in casino assets. " " Q3 2024 described sporadic deal flow and the challenges of sourcing large experiential deals. " " "

Q2 2025 acknowledged that limited operator growth in store counts has constrained acquisition opportunities, while still pointing to select opportunities (e.g., Red Rock) as potential capital deployment avenues. "

Persistent challenge with cautious optimism: Acquisition opportunities remain limited; sentiment is cautious but acknowledges opportunistic areas, consistent with the earlier pattern of sporadic deal flow and an emphasis on quality over quantity. " " " "