Greetings, welcome to Gaming and Leisure Properties' fourth quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Joe Jaffoni, investor relations. Thank you. You may begin. Thank you, Sherry, and good morning, everyone, and thank you for joining Gaming and Leisure Properties' fourth quarter 2020 earnings call and webcast. The press release distributed yesterday afternoon is available on the investor relations section of our website at www.glpropinc.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. Forward-looking statements may include those related to revenue, operating income, and financial guidance, as well as non-GAAP financial measures such as FFO and AFFO. As a reminder, forward-looking statements represent management's current estimates, and the company assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to risk factors and forward-looking statements contained in the company's filings with the SEC, including its 10-Q, the earnings release, and definitions and reconciliations of non-GAAP financial measures contained in the company's earnings release. On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer of Gaming and Leisure Properties, and Peter is joined by Desiree Burke, Senior Vice President, Chief Accounting Officer, and Treasurer, Brandon Moore, Executive Vice President, General Counsel, and Secretary, Steven Ladany, Senior Vice President, Chief Development Officer, and Matthew Demchyk, Senior Vice President and Chief Investment Officer. With that, it's now my pleasure to turn the call over to Peter Carlino, your host. Peter, please go ahead. Thank you, Joe, and welcome to all who have dialed in this morning. Let me start by saying that 2020 was a bizarre year, I think, for all of us, and I'm just glad to be on this side of a brand-new year. There are some good things that came out of last year for the company. We, in many respects, had one of the most successful, if not the most successful year we have had since our spin into GLPI. I think part of the good news is that we have proved what we've been saying all along, that the real strength of gaming is in the regions, not in Las Vegas. We've always, in the regional area, sold at a discount. Look, I get it. The Wynn is a lustrous, spectacular property. Love to own it, but I'd rather have, frankly, if we're interested in return on investment, the kind of properties that we build at Penn, the kind of properties that are in the GLPI portfolio. We will, and did, collect 100% of our rents this year, which is terrific in the worst of times, which is what we have said all along would be the case. We did a number of things as well to, along with some undisclosed, by the way, to strengthen relationships with each of our tenants. Notably, as you know, we provided the ability with a rent credit to help Penn at a time when maybe solvency was a question. That move has proven to be spectacularly successful. Obviously great for us because our tenant is stronger by leaps and bounds. Moreover, you can see what's happened with them. We have to feel particularly good. We acted swiftly. We acted early. There were a lot of questions about that at the time, but we thought it was the right thing to do in the long run. Boy, has that proved to be a great result. Along the way, let me just highlight a couple of things because the things as I look at a summary here in front of me, that so far back in 2020 I almost forgot that have occurred. I'll remind you that we did enter into a membership interest purchase agreement with Penn for the Hollywood Casino in Perryville. With Caesars, just quickly go through a couple of these things. We amended the Tropicana master lease with Caesars to remove variable rent components, provide a fixed escalation, and permit replacement of Tropicana Evansville and/or Greenville at the time, as well as the removal of Belle of Baton Rouge. Complex and difficult things, we got that accomplished for them. We exchanged Tropicana Evansville for the Isle Casino Hotel Waterloo, the Isle Casino Hotel Bettendorf. We entered into a repurchase agreement, which is very cool, to pick up the Evansville property again. It was gone, we're thrilled to say we got it back, which was not a foregone conclusion in a lease with Bally's, formerly Twin River Worldwide Holdings. We permitted a transfer of Belle of Baton Rouge to Casino Queen, which is owned by Standard General. Moving on quickly, we entered into a membership purchase agreement to sell operations at Hollywood Casino Baton Rouge. We agreed to the terms of a new master lease between Hollywood Casino Baton Rouge and Casino Queen. Finally, we entered into an agreement providing a $4 million recovery of an unsecured loan previously written off by the company with Casino Queen. With Bally's, we entered into agreement to acquire Dover Downs in Delaware. Terrific. We're excited about that. Agreed to the terms for the new master lease that will include Dover Downs and the Tropicana Evansville, and will help to broaden our tenant base further, which is always an objective for us. Miscellaneous stuff, I had almost forgotten. We acquired Lumiere Place in St. Louis, which we converted from an unsecured loan. That's way back, that was a massive accomplishment, more than you might guess, that we're quite excited about. We acquired the Belterra property in Cincinnati from Boyd Gaming in satisfaction of a loan. We also notably received approval to go landside with our Hollywood Casino property in Baton Rouge. We're working on that right now. I will say, it would appear to us that GLPI is the only REIT to announce and sign a real estate acquisition following a COVID announcement last year. As I look back on this, it was a pretty strong year for us. We're as hungry and interested and hardworking now as ever, if I can get that commercial. One has to feel pretty good about the regional gaming business and the regional REIT business as well. With that, because I've already said more than I usually like to say up front, I'm looking at Desiree, and I'm going to ask her to highlight a few points that she thought you should be aware of. Thanks, Peter. Good morning, everyone, thank you for taking the time to join our call. Our performance for the quarter was good, as we're ahead of all of our key metrics compared to the fourth quarter of 2019 due to the fact that we fully collected the Casino Queen rent in the fourth quarter in compliance with our rent deferral agreement of $4.6 million. We had several non-cash items that are included in our P&L that I thought I should highlight. As Peter mentioned, we had the Caesars exchange transaction where we exchanged the Tropicana Evansville and received Bettendorf from Waterloo in return. We had to recognize a non-cash gain of $41.4 million in our income statement. Second, we had some straight-line rent adjustments in the quarter, and those are, we're just deferring less rent as a result of the accounting rules than what we had in the past. For more information on that, note 14 in our 10K has a lot of details about how we will recognize that rent deferral over the next several years. The percentage rent reset for Meadows occurred on October 1st, and the rent reset was down by $500,000 for the quarter, or a full $2.1 million for a full- year. This is our last percentage rent reset until 2022, obviously excluding the Ohio percentage rent for Casino Columbus and Toledo, which, as we've disclosed, Toledo is at a rent floor of $22.9 million. Additionally, our two TRS properties continue with strong results. Their net revenue and adjusted EBITDA were both up $1.3 million and $2.4 million compared to a year ago. We continue to see strong spend per visit, which is more than offsetting the reduced attendance levels. Our net income, FFO, AFFO, and adjusted EBITDA for the fourth quarter were all ahead of the prior year, which is detailed throughout our release. With that, I'll turn it over to Matt. Yeah. Matt, you want to add a few thoughts as well, please? Sure, yeah. First, turning to our balance sheet. Just after the third quarter call, we completed a successful equity raise to pre-fund our Bally's transaction, delivering on our promise of prudent balance sheet management. As a result, our balance sheet is characterized by robust liquidity and thoughtful leverage. In addition, our long-dated unsecured debt yields continue to trade materially inside those of our peers. This is a valuable validation by the debt markets of the safety inherent in our business model and a clear benefit to the weighted average cost of capital that we utilize for transactions. Based on the strength of our position, the theme for 2021 at GLPI is that of being offensively postured. As we navigate opportunities, we remain prudently disciplined in our focus on achieving a margin of safety, and our appetite remains voracious. Our team's decades-deep relationships across the gaming sector and our unique track record of being creative in structuring win-win solutions for counterparties both stand to be competitive advantages. Our team is committed to making the most of the opportunity set in 2021. As I wrap up, I'd like to take a step back for perspective. More than a decade ago, before we or our asset class existed, the global financial crisis tested cash flow resilience across the economy and the real estate world. Real estate asset classes that were newer quickly became battle-tested. New winners and losers became evident, and at times, contrary to traditionally held expectations. In the many years since, pricing trends and institutional interest has come to reflect the durability demonstrated amidst challenges. As the old saying goes, a hammer shatters glass, but forges steel. Of late, the entire world has been subject to the wrath of a new and different hammer. The unique and challenging backdrop presented by COVID-19 has resulted in yet another significant test for our broader economy and across the spectrum of real estate assets. Thus far, triple net gaming assets, especially regional ones like found in our portfolio, have collectively proven far more resilient than the vast majority of real estate that's currently considered to be of institutional quality. While the case study is still being written, it will undoubtedly serve as an important signpost on the path towards institutionalization and multiple expansion for gaming real estate. With that, I'd like to hand the call back to Peter. Thanks, Matt. In summary, I think 2020 was a great year for GLPI, and I can't say I'm sad about leaving it as we move into 2021, but it was a very impactful year. With that, we will open the floor to questions and perhaps create the opportunity to hear from the rest of our team present today. Operator, would you please go ahead? Our first question is from Barry Jonas with Truist Securities. Please proceed. Hey, guys. Good morning. Hi, Barry. Hey. Let's just start with the current M&A environment. Would love to get any updates there, what the pipeline looks like, and any notable changes over the past 90 days. I'm looking across at Steven Ladany. Look, there's life out there, but I'll leave it to Steve to tell you what he feels he can. Sure. Yeah. Good morning, Barry. I think from a technical perspective as far as the M&A landscape in front of us, on the non-gaming side, we continue to see a myriad of opportunities coming across our desk. As you'd imagine, gaming has held up wonderfully during the COVID experience, but other non-gaming areas of the leisure space, et cetera, have not. There's a number of opportunities that continue to come across our desk. As Peter has said many times before, we continue to believe that gaming presents us with the best opportunity for outsized returns on a risk/reward basis. As much as we are looking at other opportunities, the M&A landscape in the gaming space continues to be very active, and there are a number of discussions we continue to have with a number of parties, both existing and potential new operators. Great. That's really helpful. Just as a follow-up, can you give us a status on the Belle of Baton Rouge? I know Caesars sold it to Casino Queen, and it was removed from their master lease with no adjustment to the rent. I'm just curious if you guys still own it or what the status is there, and if there's any opportunity for incremental rent down the road. Thanks. Brandon, you want to at least take the part of it? The regulatory piece? Yeah. Yeah. That transaction has not yet closed. I think they've announced that Caesars has agreed to sell the Belle of Baton Rouge operation to the Standard General Casino Queen team, but that's subject to regulatory approval by the Louisiana Gaming Control Board still. Our intention is to continue to own that property. Currently, that property is still in the Caesars lease. If that transaction is approved in Louisiana, we'll remove it from the lease and put it in a separate lease with the new Standard General team. Our intentions at the moment are to continue to own that property. There's no adjustment to the Caesars master lease if that transaction does occur and that property comes out. Got it. Okay. Guess we'll wait and see. All right. Thank you so much, guys. Thanks, Barry. Our next question is from Greg McGinniss with Scotiabank. Please proceed. Hey, good morning. Peter, we've been getting a lot of questions from investors regarding the CIO and CDO roles as they seem a bit duplicitous. Could you please walk us through the need for creating both those roles and how responsibilities are split between the two? We've had a couple of questions like that, Greg, along the way. Look, it's actually, in our minds, pretty straightforward. Steve's job primarily is to source opportunity within the gaming world with which he's quite familiar. Matt, I'm simplifying this, is to look at its place in our portfolio, its valuation, its financing, and all the elements that relate to, well, if we have an interest in a property, what does it look like? How do we fit it in our balance sheet? Do we pre-finance? You've seen some evidence of that already. That's Matt's influence. I can appreciate the confusion, but they're really two different roles. The guy out on the road, if you will, by phone or in person, is Steve. The guy on the phone, if you will, who works this is Matt. Look, the two work together, our team works together, and functionally, frankly, it's working fine. Okay. Thank you. Then for a follow-up, the questions on these calls are so often focused on the acquisition pipeline, and I don't really feel like breaking tradition this morning. Are there any casino assets that are currently for sale and being marketed right now? If so, what kind of EBITDA do those assets generate? To clarify, the question was, are there currently casinos being marketed? Yeah. Right. Yeah, there are many opportunities, obviously, we're under NDA. I can give you a sense. There are some that are not so private that there have been public leaks, very large-scale assets that are for sale on the Las Vegas Strip. There's also individual, smaller single property assets that exist as well. In between those two are portfolio trades that could occur with multi properties. I think one of the things that we're seeing is that with the margin improvement of these properties. I think the sellers are trying to figure out where they're in fact going to land as far as a run rate. That's part of the complication on the buyer side as well, is the new operator, if in fact it's a wholesale transaction, needs to also contemplate where they believe margins will settle in. All right. Thank you. Yeah. You know how to answer that clearly. There's always activity of one sort or another. Actionable activity is another matter. Our job, as I've said for many years, is we look at everything. If it's alive and breathing, you've heard me say this many times before, you can imagine we're looking at it. What's doable is always another matter. When you get the seller's interest aligned, if you were to go out now and say, "What's for sale?" Well, I don't know. I think I can find a property or so on the Strip you could probably buy. These things evolve as they do. Our job, frankly, is just to be ready, prepared financially. That's a big role that Matthew plays, of course, to make sure that we're, as he said earlier, offensively positive, to be ready as opportunity appears. That we are. All right. Appreciate that, Peter. Thank you. Our next question is from Jay Kornreich with SMBC. Please proceed. Hey, good morning. Good morning. I guess just sticking with the acquisition pipeline, can you just provide any update on your dialogue with Bally's, either around potential sale-leasebacks within their current casino portfolio or further expansion with you? Steve. Sure. Bally's is no different than our other tenants in that we talk to them very frequently about different opportunities, whether they are within their current existing portfolio or potential opportunities to expand. I think the world has come to recognize that they have been growing pretty rapidly, and looking at expansion. We are constantly talking to them about what opportunities exist, what markets they may be interested in, and what things we can help them shake loose. Yeah, we're in constant dialogue. Yeah. Look, they're hungry buyers. I think as Steve says, they're very hungry. We want to be their partner of choice. We work at that very hard. Okay. I guess moving to Casino Queen, which was your trouble tenant, and now you have a master lease with them. They've paid back the deferred rent, $4 million of the loan, and you have this ROFR agreement. Can you maybe just provide an update on their performance? Is this an operator that you'd like to expand further with? Who wants to take that? Steve. All right. Sure. I think one clarification I would make is that the master lease would exist post their acquisition of our TRS property. Currently, that's still in a single asset lease. I think we are very comfortable with the management team, their experience. They've worked in very competitive marketplaces like Vegas locals markets. I think we're comfortable that they have the talent necessary and required to continue to manage these properties and get the most out of the performance. As far as their interest in growing, I think it's very similar to what you've heard, with respect to Bally's. I think they're interested in acquiring assets, expanding their footprint, and I think they'll continue to look to enhance their reach, especially on the sports betting and iGaming side as well, which you've seen with the renaming of the Casino Queen asset to DraftKings. Okay. Thanks very much. That's it for me. Thank you. Our next question is from Daniel Adam with Loop Capital. Please proceed. Hi. Good morning. Thanks for taking my question. Good morning. This is, I believe, the first earnings call where Penn's market cap is larger than GLPI's, roughly 80% larger. Peter, I'm just curious, what do you make of that dynamic, if anything? I think it's great. Terrific. Look, it's always nice to have a tenant that is well-capitalized and at this time, Penn clearly is. Look, I founded Penn, as you well know, and seeing it grow and do what it has been able to do, and it's been transformative, is quite remarkable. By the way, the question hasn't been asked yet, it's an opportunity for me to sort of jump right to it, and that is this. I think what they're doing with the Barstool brand is an enormous enhancement to the bricks and mortar property that we own. Feel very confident about that. Penn is committed to build out Barstool themed facilities at its properties. I think that rollout has begun now. People are social animals. I think you're going to find whatever else is done on the internet, that's a guy placing a bet on a football game on a Saturday morning in his driveway, you're going to find a tremendous lift. I'm utterly satisfied in the properties that we own as well. It's going to help change the demographic of who comes and plays at these facilities and so forth. I couldn't be more excited about what's going on at Penn. I think it's a huge plus for us at GLPI. Brandon was going to say? I'd just say, well, it's exactly why we did what we did when COVID hit in early 2020, was to assist our largest tenants in ensuring their long-term success. I think what's happened with Penn since that transaction that we did for Tropicana Las Vegas to help them out in a time of need, has benefited them greatly and therefore benefited us greatly. I think they're going to prove the ability to be profitable, and are, well before any other player in the field. That's a huge advantage that they expect to capitalize on. Look, the company is well run. They have ambitious goals. I couldn't feel better about what's happening with Penn. Again, it all inures to our benefit in having a strong, well-capitalized tenant. Okay, great. That makes a lot of sense. I guess related to that, any update on the timing and level of interest in a possible sale of the Tropicana in Vegas? Thanks. Yeah, look, there are others. Steve's a lot closer to it than I am, although Matt also has had contact with people. There has been a shocking number, to my mind, I'll use that word, of people coming out of the woodwork signing NDAs to take a look at it. A lot of them, I will say, are what I call the dollar down, dollar a week crowd with transactions that wouldn't interest us at all because they can't. We're not intending to take any risk whatsoever. We're looking for a cash buyer. It's possible we could participate in something, never to put our capital at risk. Never. I can't underscore that enough. There's some pretty good activity out there. Who knows? Again, got to caveat that with who knows what will get to the signing line. I would say that it's been pretty impressive. Steve, do you want to comment? I'd just add, there's a few parties that have shown very strong interest. We continue to work on that. I would also add that the Koch transaction that just occurred at the Fontainebleau we view as a very positive signal for our ability to exercise our sales process. Would you want to add anything, Matt? Any thought? The one other thought that's relevant is just we're seeing signs of a little loosening in the debt markets for developments, which is another encouraging development in that market. I'll just remind everyone that every potential buyer is looking at a meaningful redevelopment plan there to help maximize the potential of the asset. That's going to be an important element for anyone who buys it. I'll remind everyone, we're in a balance sheet position where we don't have to do anything. We're going to wait until we have a good deal on hand if and when we'll move forward. Look, we're never one to promote stuff that frankly would mislead you in any way at all. Until we know for certain, it's not certain. I will tell you, and in all honesty, we're kind of heartened by the level of activity has perked up as we have gotten into 2021 with some serious buyers. That's what we can report today. Great. Very encouraging. Thanks, guys. Thank you. Our next question is from Thomas Allen with Morgan Stanley. Please proceed. Hey, good morning. Can you just update us on your dividend? You announced in the release that you're going to go back to being a full cash dividend payer, but just kind of how you're thinking about it medium to long- term. Thank you. Well, we're thinking about it a lot, I'm going to give you half an answer because unfortunately, timing has just not worked out well for us. We have a board meeting next week to discuss the dividend. In fact, I think I'm looking at our general counsel. We should be prepared to get an announcement out next week, Brandon, should we not? I expect there'll be next week. Yeah, we expect we will. Look, we have said cash dividend 2021, and you can count on that. The precise amount, we've also said we're not going backwards. The goal, of course, is to move forward, but we can't get ahead of the board. All I can say is by the end of next week, you should have an answer. Look, you recall, I am first and foremost a shareholder in this company, and my thoughts are completely aligned with what's best for shareholders. I want to move the highest possible dividend at the earliest possible time, consistent with prudence and just good sense. We're going to look at it carefully. Remember, the goal is to build value, to build dividend income over the years. We've done that all along. We're back to that. Just how far, how fast we can push it, we'll let you know shortly. You can expect a cash dividend going forward. Perfect. Thanks. Just a clarification on Casino Queen. You've gone back to receiving $3.6 million a quarter of rent. There was this catch-up payment in the fourth quarter for what wasn't paid in the third and second. Once the Hollywood Casino Baton Rouge closes, it goes to that $21.4 million run rate. Is that right? Des, do you want to? Yes, you're correct. We collected $4.6 million of deferred rent in the fourth quarter. Our rent as of 2020 is fully collected. They were closed in 2021, so we have a small deferral that we expect to collect in 2020 when the sale of the Baton Rouge property is finalized. Yes, your number is correct, that it goes to the increased rent once the deal closes. Yeah. It's tied to the other transaction with certainty so that we'll get paid. Hopefully, they'll remain open as going forward. Even if they don't, we still get paid. For the next couple of quarters until the deal closes, it should be $3.6 million of rent. Given that they closed for a period of time, maybe it's slightly lower in the short- term. Is that what I'm hearing? Yes. It's about $2 million of rent that was deferred for January and February, but then it'll go back to cash since they reopened their property. That $2 million we expect to collect during 2020 when we close on the transaction. In any case, we will collect. Yes. We're certain. Yes. Okay. Yep. Got it. Just want to make sure we're modeling correctly. Thank you. Our next question is from David Katz with Jefferies. Please proceed. Hi. Morning, everyone. David, morning. Morning. Look, your comments are quite clear about the Las Vegas Strip and a preference elsewhere within regional gaming. I'm just trying to think through other avenues of growth on the margin where there might be elements of specific regional properties, such as a hotel or retail element outside of just owning the casino four walls, and whether those kinds of opportunities are out there and interesting in some way. David, they certainly are interesting, and they are out there. We continue to talk with Penn. I think we've brought that up before about a hotel in, say, Columbus, and some other development that could occur. I think some of our open undeveloped property has had interest recently for different kinds of uses. We certainly had offers to sell some. As I like to say, we're not really in the sale business. We're in the income business. That's not to say we wouldn't sell for some generous price. We might have to just suck it up and take the money. Our real goal is to build revenue over time. Yes, we are actually looking at a variety of things, and time will tell. Just to follow that up, if we were to qualify between owning a new hotel or participating, I think you've said no participating in development of any kind, that's putting capital at risk. You'd be owning the real estate on normalized or mature assets rather than newer ones. Is that fair? We do a new property with a credit tenant. We're not taking the risk. The risk is going to go elsewhere. Somebody's got to step up who's going to be able to support it. Again, I've long said it on the Penn side, you will remember, I love saying it again, we are not in the gambling business. Our customers might be, but we are not. That never is going to change. We don't take risks that we can avoid. I understand. Thanks very much. Thank you. Our next question is from RJ Milligan with Raymond James. Please proceed. Hey, good morning, guys. I was wondering if you could just walk us through how we should think about both the escalators and the variable rent components in 2021 and 2022, given we're coming off such a low EBITDA year in 2020. Des, we're looking in your direction for that. Right. If you look at the release, we have a table in the release that details out the performance of the adjusted revenue to rent ratio for most of our tenants, and it describes how escalation would occur if in fact it did occur. It is a lease by lease view on what you expect to happen in 2021. I would say that we're not expecting escalators in 2021 for the most part, but we could be surprised. I'm looking at information that is related to 2020 and the projections for all of our tenants and how they perform into 2021 is unknown at this time. As far as variable rent resets, percentage rent resets, we're done with those for 2021. There are no percentage rent resets. The next ones occur in 2022, and we have a lot of data to gather before then to know what those resets will look like. I should have started with this, just a brief comment. I want to get in a commercial for our financial and our legal teams here that we've always prided ourselves on releases that provide an enormous amount of detail, and we put as much in that as you can possibly stand taking the time to read. There is a lot of detail, and hopefully, that can answer it. Okay. Yep. The table's helpful. Thank you. Thank you. Our next question is from Shaun Kelley with Bank of America. Please proceed. Hi, good morning, everyone. Just wanted to get some thoughts on maybe the depth. As we're thinking about the buyer pool and the M&A environment broadly, I think we're starting to see some new people arrive on the operating front as well. I specifically want to get your take on some of the Native American operators looking at the opco side of transactions and what that might mean for the broader depths of the buying and selling market or the transaction market, if anybody had any thoughts there. Well, it's a good thing. We have entertained conversations with such folks over time. Nothing at the moment actionable. Steve, do you want to add any thought to that? Sure. I think we're going to continue to see the trend. I think a number of the Native American tribal gaming enterprises are well-capitalized and looking for areas to reinvest their capital in industries that they're comfortable with, which at this point is definitely gaming. I think it's something that we're going to continue to see. I think there's also a number of instances with some of the casino expansion that's been proposed in different jurisdictions like Alabama and Nebraska, where some of that could also come into play. It's an area we're focused on, we're looking at, and we continue to try to build out relationships there because I think it is an opportunity for growth going forward. Great. Steve, my other question referred to something you mentioned earlier about some of the challenge in underwriting right now is the flux that the margin profile of a number of casinos find themselves in. Hopefully, it's largely a good thing. I just wanted to get your thoughts on what do you think the long-term implication on valuation is from what many people are viewing as a bit of a structural change in margin. Just thinking, will this result in potentially higher overall valuations and similar metrics, or could it result in higher rent coverage ratios? Just how are you thinking this might actually start to play out? I don't have my crystal ball, but if I had to guess, I would suggest it probably for new transactions, which I'm assuming that's what you're asking me about. On a new potential transaction, I don't think it necessarily changes the rent coverage that's underwritten by a landlord and a tenant, and I don't think it necessarily changes the valuation that the landlord or the tenant would pay on a multiple basis. I think what changes is that now there's more cash flow, and therefore, when you multiply the larger EBITDA times all those factors, you're just going to get to a higher total valuation. I think that's the main driver. Separate from that, I think a lot of value is going to be determined by the opco, and that's going to be driven right now by whether there's sports betting or iGaming on the forefront in that jurisdiction, or did the property already cut skin deals and there's no opportunity, or is it wide open and the operator that acquires the asset now has market access? I think those are some of the variables that'll continue to drive some of the valuation anomalies. Let me squeeze in one thought about that. This is still early days, and we all see these margins, reduced occupancies, higher margins. It's a bizarre, it's an incredible anomaly, a very positive one, and I think it's going to be much sustainable. Is it completely sustainable? Well, time is going to have to tell. From a buyer's perspective, buying off numbers today probably involves some level of risk or judgment or however you might want to look at it. I do think, because I get that question a lot, is this sustainable? I think they're not going back to where they were. They found that they can operate these operating companies much more efficiently. Is it going to remain where it is? That's still an early unknown. That's my view. Thank you very much. Our next question is from David Gallagher with Green Street. Please proceed. Morning, everyone. Thanks for taking my question. Just to follow up on Penn. Obviously, market cap growth over the last year has been tremendous. Certainly, they're in a much healthier liquidity position now than, say, a year ago. Moving forward with that relationship, does that change how you view rent coverage at all? Understanding that these are obviously long-term leases and property-level dynamics are important. Does that change how you view rent coverage? Anybody want to opine on that? The rent coverage is specific to the lease and the property that's in the lease. No, that would not have an impact on what we would expect for rent coverage on the lease. Yeah. Yes. I think just to clarify what I meant is that I would say, would you be willing to accept a little bit less rent coverage? Will we take less? Yes. Given the corporate experience is a little bit stronger. I figured that's where you're going, yeah. Maybe. That's the most I can say, but Maybe, but not much. I think we're comfortable in the range we are. Matt, what do you think? It's not our intention to take less. We haven't looked at the corporate-level coverage. We've been focused on the four-wall coverage for all the right reasons historically. Okay. Yeah. Okay. Yeah. I think going forward, you'll see us continue to focus on four-wall coverage, because at the end of the day, it's a duplicative benefit, right? You get the greater of the corporate coverage The asset coverage. As we move forward, I think that discipline will serve us well. Well, even though they're in a master lease, I think we've always looked at four-wall coverage. Some of our competitors have been a little less vigorous in that area. We prefer to have four-wall coverage that we feel good about. Yeah. Ultimately, the corporate coverage really speaks to the multiple that the cash flow should trade at, right? This is a very senior lien in their capital stack. At the end of the day, they're going to view it as a business unit like everyone else would, and when it comes up for renewal, it's going to depend on how profitable those assets are. That's why we have the highest four-wall coverage, and we focused on that out of our peer set. Got it. That makes sense. Just a quick follow-up, the right of first refusal for Casino Queen. Can you give us maybe some potential opportunities that could arise with that relationship with Casino Queen and that right of first refusal? It's hard to say at this point, to be totally honest. I think they are focused on closing out the two transactions that they've announced, that they've signed, one with us and one with Caesars. I think they continue to look to try to find areas to grow, but I don't have a good sense to be able to give you any guidance around what that means on a quantitative. I do get the sense in talking with their principals that they're committed to doing more business with us. That is for a variety of reasons, and I think it's pretty clear that's the intent. We're staying tuned with what they're up to and anxious to help if and when we can. Got it. Thank you, everyone. Happily, they're very aggressive right now. It's great. Good to have a hungry partner. Our next question is from John Massocca with Ladenburg Thalmann. Please proceed. Good morning. Good morning. What is your view on guidance going forward? Is that something you would feel comfortable providing again after some of these outstanding deals close, or might that be somewhat more contingent on a normalized operator environment given how that impacts escalators? That's a very fair question. It's one we're kicking around hot and heavy here. It'll be a board discussion shortly as well. Look, while we have the TRSs out there kind of in limbo, not sure when precisely they're going to close, and that obviously would have some big impacts. We just don't think it's in investors' best interest to have us put something out there that could be wildly, depending upon timing of closings and so forth, wrong. When we're free and have closed those transactions and we're down to pure REIT operations, I think that's something we could well consider. I'm looking at Desiree, who's, I think, shaking her head in a positive way. What do you think? No, I agree. Right now we have the Bally's transaction also, which would be $10 million a quarter in rent, right? Not knowing the timing of the sale of the TRS operations, not knowing the timing of the closing of the Bally's transaction, we just thought it better to get more clarity around those things before reconsidering guidance. That kind of says it. Yeah. We'll take a serious look at it post these transactions. Makes plenty of sense. Building on Greg's question earlier in the call, there is one kind of traditional C-level position, if you will, that you don't have filled at the company. I guess as you think about the expertise that you have in kind of the CAO, CIO, CDO positions, do you think you need to hire a CFO at this point? Well, the quick answer is the proof is in the pudding. We haven't because we don't. We really don't need such a person. Now, look, we're going to have to fill that role at some point along the way. We put that issue on hold. Right now, we function as kind of the office of CFO with Desiree, Matt, and Steve, fully capable, and the rest of our team internally, of doing, as you can see, everything that needs to be done. There's no lack of talent, capability, or anything. You can run the company like this forever. It looks like a hole in the program, and we got to pop a name in there at some point, and we will. We're not under any pressure to do it. I think the proof's in the pudding. You're looking at it today. We pride ourselves on precision with what we present over all the years that I've been in this business. Our team has been together for a pretty long time. That's really the best answer I can provide. When you have as much talent as we have here, we interviewed some very capable people, but it almost has to be that this team looks across the table and says, "Wow. You got Harriet, or you got George, or you got" It has to be somebody so compelling that it exceeds the capability that we've got here. For the moment, we're kind of going to play with the office of CFO. We haven't announced it publicly that way, but it might help you to know, for the moment at least, that's how we're thinking about it. Okay. You think about the asset class, it's a pretty easily manageable asset class. As you said, you have this group of talented people around you. CFO is an extra cost, and it's not a huge extra cost, but it is an extra cost. Is there any thought to maybe just either not filling it at all or just changing a title in order to kind of not add the extra G&A, if you will? The answer is yes and maybe. Okay. We're actively thinking about that right now. I think you know and you can see that we have all the capability in this company that we need. Sure to do what we do. Just a quick modeling question. With regards to Casino Queen, I know you put that on cash accounting in 2Q. Are they back on an accrual basis today and as of 4/2/2020? No, they're still on cash accounting basis. Once you elect, you have to stay with that. They're on cash accounting. That repayment, that $4.7 million, that is going to get backed out again in 1Q 2021. You would not expect another $4.6 million in 4Q2021. That's right, because there will not be $4.6 million of deferred rent at that time. As we said earlier, there's about $2 million that will be deferred out of the first quarter that we expect to collect sometime during 2021, but it's not $4.6 million. If I think about the relative impact, though, from 4Q 2020 to 1Q 2021, is that $6 million or so of rent, given what they paid in 4Q and given what they're not going to pay in 1Q, and the fact it's all cash? Yes, that's correct. You would lose $4.6 million that you collected in the fourth quarter, plus their normal rents that was in the fourth quarter. You would not expect to see it all in the first quarter, other than another $1.2 million for March. Okay. That's it for me. Thank you all very much. Thank you. As a reminder, it is star one on your telephone keypad if you would like to ask a question. Our next question is from John DeCree with Union Gaming. Please proceed. Good morning, everyone. Thanks for taking my question. Good morning. Peter, I think in an earlier comment, you've mentioned that a lot of folks have come by and taken a peek at Tropicana, but really not serious buyers, or just perusing. I'm curious if you're seeing that on the sell side as well for stuff that you're looking at. Are there really motivated sellers, or are people just putting a sign out hoping that they catch a lofty price and aren't particularly motivated? Yeah. Look, by the way, just to correct one point on the folks that are looking at Tropicana. It's not that they're not serious buyers, they just don't have serious cash. That's the difference. I think they're quite serious about wanting the asset, just not on terms that we're willing to accept. Look, there's not a whole lot of stuff falling off of trees in the gaming world right now. Not surprising. There's some things that we look at. Look, we had a great year last year, in a year that we wouldn't have imagined would be the case. There are things we're looking at, but you've got to dig and scratch. As I like to say, there's not a lot of the easy pickings. When I started in this business, it was in 1994 and formed Penn National Gaming out of a little racetrack in Harrisburg, Pennsylvania, there were companies galore all over the place because it was the early days in the riverboat business, as you know, companies left and right, and we swept up a lot of them. In fact, we own, if not most of the good ones in the Penn portfolio, or many of them, for sure, in the regional world. Those aren't out there in those numbers. You're seeing a lot of one-off opportunities. It's all timing. There are people that have assets, single assets, that we'd love to have in our portfolio, until they're really ready or have a need or for estate reasons, all you can do is really hang close. Our former CFO, Bill Clifford, used to have a line. I liked it a lot. I quote him and credit him, and that is this. A guy's riding down the road, and he rides by your house, and he looks out the window and says, "Wow, that is a beautiful-looking house." He goes, jumps, pulls his car over the curb, and he runs up to the front door, bangs on the door. You come to the door, and he says, "You've got a beautiful house, and I really want to have it." You say, "But it's not for sale." He says, "But you don't get it. I really, really want it." You go through the, again, "It's not for sale." Well, maybe if that little iteration went back and forth for a while, there is a price at which you would run into the back room and grab your keys and say, "Here it is." By and large, it's all a matter of timing, and our job is to stay close to opportunity to reach that moment when it may appear. Also, frankly, to cultivate the people who say, "We want to work with Penn or with GLPI because those guys have their act together. They can do tough, complex, multi-company transactions," et cetera. That's kind of the way we look at it. It's not like there's deals. Well, take a look at last year, how many deals got signed besides what we did? Not much. You got to fight for it. You got to scratch for it every day. I'm not trying to be overdramatic, but that pretty well characterizes what we are charged with doing. Understood. That's helpful, Peter. If I could ask one more. Matt, I think it was earlier you've mentioned that a lot of the folks that are looking at Tropicana are considering a redevelopment plan. I just wanted to confirm that comment. My question is, of the folks that seem to be most interested, are you seeing interest from casino companies, traditional casino companies? Is it financial sponsors, third-party real estate developers like we've seen perhaps up in northern end of the Strip get involved before? Just kind of curious where you're seeing the most interest. Yeah. I'll take the second part first. The answer's all of the above. We've got diverse set of interests from folks from a lot of different specialties. The key thing I'd point out is you've got 35.1 acres that are some of the most strategic acres on the Strip right now that are primed for redevelopment. What the Koch folks are doing and what we'll see happen on the Strip over the next decade, really, this is an important piece of that. Yes, everybody's looking at redevelopment. There's so much underutilized acreage there. There's so much upside to the operations from taking more market share. I think everyone's thinking about how to make it most relevant for the upcoming decade or two. As you see the benefits of the Raiders field not far away in that end of the Strip coming to life, I think you're going to see something really interesting happen there. We've been privy to what the plans might look like, and they're all interesting and compelling. Yeah, look, it's likely a multi-use development, as you would imagine, from residential, retail, a whole enhanced casino, et cetera. It's the kind of folks who would do that are most serious about this opportunity. Got it. Thanks so much for all, Vic taller, and thanks again. Thank you. How we doing time-wise? We have time for one or two more questions. We have one more left, which is Robin Farley with UBS. Please proceed. Great. Thanks for fitting me in. Most of my questions have been answered, but just going back to your earlier comment about potential transactions. You mentioned the Strip, and it seemed like it was more than just the Trop you were referring to. Is there interest out there from buyers in kind of working with you to do something with an existing Strip operation, not a redevelopment opportunity, but just more typical of the type of transactions you've done? Steve, you want to take that? Certainly. Look, at different points in time, there have been different interested operators, and obviously, the market has continued to evolve. I think there are some highly integrated destination resorts that sit on the Strip that are, at any one point in time, being marketed. As we think through those and have discussions with potential operators, we're always interested and willing to look at transactions. Different times we've had different folks that have come forward, and we've pursued things with them. Yeah, we'll look at anything, and we constantly talk to current and new potential operators about possible transactions. Yeah, look, maybe I should make clear, we're not anti-Strip. There's some wonderful properties there. Just have to be underwritten differently. You've got a whole different cost structure. When those hotels, for example, are empty, they are empty. You've got enormous cost drag and so forth. It's not, let's say, a property in Toledo, Ohio, where you don't even have a hotel. Cost structures are so entirely different, and the ability to make money is so much simpler. It's just more complex. We're up for anything, and we would do anything, but you just have a different view of how you put it together. Okay, great. Thank you very much. Thank you, Robin. That does conclude our question and answer session. I would like to turn the call back over to management for closing remarks. Operator, thank you very much, and thank you all for dialing in today. As we said, last year was a surprisingly successful year for us. We're charging ahead in 2021, hoping we get through COVID and get out the other side. We're optimistic about this year and look forward to talking with you next quarter. Thanks again. Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.