VICI Properties Inc.

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VG Properties fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode. Please note this conference call is being recorded today, February 26, 2026. I will now turn the call over to Samantha Gallagher, General Counsel with VG Properties.

Thank you, Operator, and good morning. Everyone should have access to the company's fourth quarter and full year 2025 earnings release and supplemental information. The release and supplemental information can be found in the investor section of the VG Properties website at www.vgproperties.com. Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, intends, outlook, projects, or other similar phrases, are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. I refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future operating results and financial conditions. During the call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available on our website in our fourth quarter and full year 2025 earnings release, our supplemental information, and our filings with the SEC. For additional information with respect to non-GAAP measures of certain tenants and or counterparties discussed on this call, please refer to the respective company's public filings with the SEC. Hosting the call today, we have Ed Petoniak, Chief Executive Officer, John Payne, President and Chief Operating Officer, David Kieske, Chief Financial Officer, Gabe Wasserman, Chief Accounting Officer, and Maureen McCluskey, Senior Vice President of Capital Markets. Ed and team will provide some opening remarks, and then we'll open the call to questions. With that, I'll turn the call over to Ed.

Thank you, Samantha, and good morning, everyone. In the next few minutes, you'll hear from John Payne on our growth outlook and David Kieske on our financial results and our 2026 guidance. To start, I would like to thank the members of the Vici team for their hard work and dedication. Their contributions are the foundation of our success, and we're grateful for everything they do for our company and our shareholders. I'd also like to thank our operating partners for all that they do in bringing our buildings to life each and every day. Our leases are triple net. We don't get involved in how our tenants operate their businesses. But that doesn't mean we don't pay attention. We pay attention, of course, to what they produce, that is their operating results. But we also pay attention to how they produce results, because how they operate today can impact the results they produce in future quarters and years. How gaming, leisure, and hospitality companies produce results isn't usually captured in financial statements. And that's because financial statements don't directly tell you much, if anything, about one of the key factors that drives financial results. And that key factor is people, namely employees and customers. When I entered leisure and hospitality in the mid 1990s through ski resort operations, I had the good fortune to be introduced right away to the model that I believe best captures how value is created and sustained in a service-based business, including leisure and hospitality businesses like gaming and other experiential categories. That model was the Service Profit Chain, authored by a group of Harvard Business School professors that included Gary Loveman. Here's the essential dynamic of the Service Profit Chain as described in the original Harvard Business Review article published in 1994, quote, The service profit chain establishes relationships between profitability, customer loyalty, and employee satisfaction, loyalty, and productivity. The links in the chain are as follows. Profit and growth are stimulated primarily by customer loyalty. Loyalty is a direct result of customer satisfaction. Satisfaction is largely influenced by the value of services provided to customers. Value is created by satisfied, loyal, and productive employees. Employee satisfaction in turn results primarily from high quality support services and policies that enable employees to deliver results to customers. This sounds simple and logical. Why wouldn't every service business operate this way? Well, there are lots of reasons, starting with creating and sustaining this chain is hard, ceaseless work, especially in operationally intense businesses like gaming, which operate 24 hours a day, 365 days a year with multiple guest experience, service and profit units within a single operation. Because putting the service profit chain into full effect is hard to achieve, it's worth recognizing and celebrating when it is achieved. Last year, Harvard Business School, yes, back to them again, recognized such an achievement when it published a case study entitled The Venetian Resort Frontline Engagement as Value Driver. It's almost exactly five years ago that we announced our acquisition of the Venetian together with our partners at Apollo. The time was winter 2021, and the COVID pandemic was still severely impacting Las Vegas. As Apollo and Vici collectively underwrote that acquisition, Our hope and our stated intention on announcement was that the asset could recover to 2019 levels of profitability by 2026. We'll let Harvard Business School tell you how we collectively fared, and I quote, to bring Apollo's investment thesis to life, the Venetian's board of directors made three decisions. First, they appointed Patrick Nichols to lead the transformation. Second, they committed over $1 billion in capital. to enhance the guest experience from room renovations to convention center upgrades. And third, they implemented a broad-based equity-like program called the Venetian Las Vegas Appreciation Award, grounded in the belief that employee ownership could drive both cultural and operational change. Continuing the quote, three years later, the results were strong. Employee engagement increased materially above historic levels, signaling that cultural change was taking root. Guest satisfaction scores rebounded from pandemic lows of 56% to 61%, and the EBITDA of the property had increased from $487 million pre-pandemic to $777 million in 2024." From Vici's perspective, since Patrick Nichols took over leadership of the Venetian in early 2022, We've been privileged to witness the transformation that ensues when an experiential management team is attentive and responsive every single day to employee effectiveness and morale and its impact on guest behavior, satisfaction, and loyalty. I strongly encourage you to read the HBS case study on the Venetian. You can find a link to a PDF of the case study on our website, www.vgproperties.com. To reiterate, given our triple net leases, we don't operate anything that goes on within our real estate, but we pay attention to operations and greatly appreciate all that our operators do every day to make our real estate relevant to their end customers. And it's those end customers, after all, who produce the revenue that eventually funds our rent. With that, I'll now turn the call over to John Payne. John?