Daniel Guglielmo: Great. Thank you. And then you all have such tremendous growth with some pretty big deals over the last few years. And thinking about kind of similar risk adjusted opportunities, are there areas that you see kind of, I would say, like big hitter opportunities or transactions out there, not just thinking next year, but maybe down, like, the line five years from now, that horizon.
John Payne: Dan, nice to talk to you this morning. I’ll just go back to our assets in Las Vegas and I don’t know how you’re describing big hitter. But, if there are opportunities for us to continue to invest in assets that we already own and help the operator grow with accretive new projects, I’ll consider that being a big hitting because I’m not sure there’s a better place in the world to invest in right now than Las Vegas. Obviously, we’ve got a portfolio there, but there are some amazing assets Ed referred to the Venetian that has a lot of footprint to continue to be developed. So —
Edward B. Pitoniak: Yes. And then I think John, we can add in obviously MGM, the MGM property in Yonkers should they be granted a full gaming license that will obviously that’s property we already owned Daniel, that would obviously represent a significant incremental investment opportunity, but contingent, of course, on how the license award process plays out.
Daniel Guglielmo: Great. Thank you.
Operator: We now turn to Jake Kornreich with Wedbush Securities. Your line is open. Please go ahead.
Jake Kornreich: Hey, thanks so much. Good morning. As you look to expand the non-gaming segment, should we continue to expect loans on the relatively smaller side for you as a way to step into longer term relationships? Or would you be willing to take kind of a larger bite into either the real estate or debt and a new asset type in a much bigger way, say, over $1 billion?
Edward B. Pitoniak: Oh, boy. That would be a pretty big number, Jay. The check sizes you’re referring to, they may look small in relation to our overall scale. But I would tell you in returns, they’re pretty big checks. These are not small assets and they’re certainly not small and economic productivity. And so, if we can do $50 million to $100 million and up loans on assets that we either have a direct path to ownership on or a potential path to ownership on, you add those up and you can get to $1 billion in aggregate. But obviously, by not having it all in one single investment, we are obviously spreading out our risk and amplifying our opportunities to develop new relationships.
Jake Kornreich: Okay. I appreciate that. And then just a quick follow-up on, I guess, the leverage. You’re now at 5.5 times, which is in your, 5.5 times range. So, should we expect new transactions to be funded, I guess, with incrementally more debt capital at this point? Or do you intend to continue to over equitize new deals and get that leverage further down?
David Kieske: Jake, it’s David. We will continue to migrate our leverage down. We’re obviously within our target range. And just to recap everybody post MGP, we take the leverage up to 5.8 times and worked very hard to get that back down to 5.5 times at the end of last year. So, that’ll continue to drift downward both from over equitization of transactions and then depending on the size leverage neutral transactions.
Jake Kornreich: Okay. Thanks very much.
Operator: Our next question comes from John DeCree with CBRE. Your line is open. Please go ahead.
John DeCree: Good morning, everyone. I’ve been looking up for almost an hour here and I think only one mention of F1. So, Ed, to kind of go back to your sports triangle, in Las Vegas, and you guys have some land, near the [F1 Paddock] (ph). And, you talk about this every once in a while, but curious your thoughts on professional sports, stadiums, that type of investment, and maybe specifically in the context of Las Vegas given, all the development around professional sports that we’re seeing there and your land and partners?
Edward B. Pitoniak: Yes. I would say, John, it’s professional sports. It’s obviously the emergence of this sphere. It’s the overall growth of Las Vegas. And we obviously have the vacant land, but probably even more valuable is the land we already own. You referred to the triangle formed by A Stadium, T-Mobile and Allegiant. We own everything inside that triangle. MGM operates everything inside that triangle. If you think about where the A Stadium is going to go, we own three of those four corners in MGM Grand, Excalibur and New York, New York. I know MGM is very excited about the repositioning opportunities at Dallas Four Corners and it applies to so many of the other assets that we own up and down the strip, as well as you say that vacant land.
I just can’t again emphasize enough how incredibly valuable it is to have the position we have in Las Vegas, because Las Vegas is reaching a global critical mass that really no other place on earth right now rivals, not Orlando, not Macau, the way things have evolved there. Las Vegas is a category of one and we are very happy to be the leading owner of real estate in a place that is a global category of one.
John DeCree: Very good. Thanks. And maybe just one, since a lot of people are asking me, is the photo book going to be available in hard copy?
Edward B. Pitoniak: We actually have printed a few, and if anybody really, really wants one, they should give me a call at their earliest convenience.
John DeCree: [Indiscernible]
Edward B. Pitoniak: Thanks, John. Elliot, I think we’re probably about wrapped up, right?
Operator: Yes. This concludes our Q&A. I’ll now hand back to Edward Pitoniak, CEO for final remarks.
Edward B. Pitoniak: Thank you, Elliot, and thanks everyone for your time today. And please, please do go to www.viciproperties.com under our Portfolio heading to view our brand new VICI Properties photo book. It’s a magnificent book about your magnificent properties. Bye for now.
Operator: Ladies and gentlemen, today’s call is now concluded. We’d like to thank you for your participation. You may now disconnect your lines.
