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 Adjusted Revenue*

1

Operator

Commercial gaming facilities represent the largest component of the experiential real estate market. Gross gaming revenues from commercial gaming facilities totaled $41.7 billion* in 2018, 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.

*Annualized Adjusted Revenue (a non-GAAP financial measure) is Total Revenue for the quarter ended September 30, 2019, excluding public charter school total revenue, other income and pass through revenues, further adjusted for in-service projects and percentage rent and participating interest. This number is then multiplied by four to get an annual amount. See reconciliation of Annualized Adjusted Revenue to Total Revenue on Slide 17 in the Charter School Transaction Presentation in the Investor Center.