Gaming & Leisure Properties Inc. held a conference call with stock analysts and it revealed more about Caesars Entertainment and, to a lesser extent, Penn National Gaming than the companies themselves were saying. Rents and income were described as “better than expected” and GLPI used the present crisis to its advantage to “strengthen its relationship” with Caesars in return for “increased near-term flexibility” on its leases, which GLPI extended by five years. No more variable rent, though. In other news …
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The lack of conventions for the remainder of this year and into early
next year is going to hurt Las Vegas. Hopefully the large conventions can come back soon but until there is a vaccine everything is kind of at a stand still. This year just sucks and I would assume at least 15% of the restaurants in the USA will not come back and close forever.
The one business because of social distancing that has done well is drive-in movie theaters and several “pop up” drive-ins have opened up around Chicago. Its possible that other large cities have these “pop up” drive-ins also. Across the Strip from Mandalay Bay Bulloch’s lonely pillars and some of the vacant land south and west of the twin pillars would be an interesting location for a Strip drive-in movie theater.