Highlights

Data Collection and Reporting

We are continuously developing and improving our ability to collect, analyze and release environmental sustainability data with respect to both our triple-net lease portfolio and our golf course assets.

Golf Course Sustainability Measures

Naturalized Landscaping and Xeriscaping 

Turf Reduction Initiative

Reclaimed Water Irrigation Processes

Resource Conservation

Water Reduction and Conservation

Energy Efficient Appliances and Operations 

Waste Repurposing and Recycling

Our KEY Objectives and approach  

Our key environmental sustainability objectives and approach are set forth in three pillars: 

• Corporate Sustainability – Set an example by striving to improve the environmental performance of our headquarters and externally managed golf course operations, including reducing water usage, improving energy efficiency, reducing waste, and increasing recycling and waste diversion
• Triple-Net Property Sustainability Support – Act within the scope of our lease structure to address the sustainability and long-term climate resilience of properties across our portfolio by supporting our tenants’ implementation of environmental sustainability and performance improvement measures
• Stakeholder Expectations and Reporting – Improve our ability to address investor and other stakeholder group expectations with respect to our corporate-level environmental sustainability initiatives, including through our tenant engagement efforts and data reporting capabilities

Our Triple-Net Lease Model

We are a triple net-lease real estate investment trust (REIT) that owns and leases experiential real estate assets across leading gaming, hospitality, entertainment and leisure destinations. All of our leased property portfolio is subject to long-term triple-net leases, also referred to as “NNN leases”, which generally provide that our tenants are solely responsible for management of the property and all related expenses, including property taxes, insurance and maintenance, as well as other property-related expenses (such as utilities).

Our tenants’ responsibilities under these triple-net leases include operation of the business at the property as well as the maintenance, repair and improvement of the property. While the terms of our triple-net leases include conditions and requirements relating to, among other things, operating condition and maintenance, capital expenditures, and reporting that allow us to monitor and, if necessary, address significant issues at our leased properties, our tenants generally have a great deal of autonomy in operating their businesses and managing the properties subject to the leases.

In addition, due to the highly regulated nature of the gaming industry, the ownership and operation of our assets by us and our tenants, respectively, are subject to the terms of applicable gaming licenses, state and local gaming laws and gaming regulatory oversight. In particular, our ability to participate in any operational decisions is restricted by the nature and limitations of our licensure status as an owner and supplier of real estate (as contrasted with the licensure status of a gaming operator).

Our Properties

As a result of our triple-net lease structure, our tenants maintain sole operational control over our properties, including the authority to develop and improve the environmental sustainability of the properties through initiatives such as energy conservation and environmental management programs, subject to compliance with the terms of our leases. To the extent that our tenants implement energy conservation and environmental management programs, these programs are generally designed to limit the use of resources and limit the impact of our properties on the environment, including but not limited to implementing specific environmental efficiency enhancements, green building and lighting standards, standards regarding the reduction in energy and water consumption, and recycling programs.

For more information on our tenants’ environmental sustainability, social responsibility, corporate governance, and related initiatives, refer to their websites below:

These links are provided for informational purposes only and, by providing links to other websites, we do not guarantee, approve, or endorse the information on these sites, or otherwise incorporate by reference such information on to this website. We have not been involved in the preparation of the content included therein and, as noted above due to our triple-net lease structure, we are not involved in our tenants’ operations at our leased properties.

Our Golf Courses

We own four championship golf courses – Cascata Golf Club in Boulder City, Nevada, Chariot Run Golf Club in Laconia, Indiana, Grand Bear Golf Club in Saucier, Mississippi and Rio Secco Golf Club in Henderson, Nevada. Grand Bear is a National Forest supervised by the United Stated Forest Service. Chariot Run is certified by the Audubon Cooperative Sanctuary Program as an Audubon Sanctuary, and maintains a written environmental management plan. Each of our other golf courses is also enrolled in the Audubon Cooperative Sanctuary Program and currently undergoing the certification process.

In October 2022, we entered into a partnership with CDN Golf, an affiliate of Cabot, a developer, owner, and operator of world-class destination golf resorts and communities, pursuant to which CDN Golf manages and operates our four golf courses. CDN Golf and Cabot are committed to sustainability and innovation in golf course management. We are actively working together with CDN Golf and Cabot to further advance our sustainability initiatives at our golf courses.

 Corporate Headquarters

Investment and Asset Management Strategy

We incorporate sustainability into our investment and asset management strategies with a focus on identifying environmental risks and minimizing environmental impact with respect to such investments and assets. In evaluating a potential investment or property acquisition, we consider environmental-related risks, including those related to environmental performance of the property and potential environmental exposure or liability, regulatory and zoning-related risks, as well as the long-term impact of climate change. We also conduct energy audits for potential property acquisitions in order to gather data on the environmental sustainability of the property’s operations. As part of our asset management strategy, we engage with our tenants to encourage and support their implementation of environmental sustainability initiatives.

TENANT ENGAGEMENT STRATEGY

Our tenant engagement strategy includes the identification of potential areas of focus or improvement with respect to sustainability and working in partnership with our tenants to implement measures to address sustainability issues. Beginning in 2020, we began incorporating limited “green lease” provisions into our triple-net lease forms, which generally specify that such tenants shall reasonably cooperate and participate in conservation, sustainability, recycling, energy efficiency, and waste reduction and other similar programs. We are also in the process of developing incentives for our tenants through which we seek to recognize, and encourage their implementation of sustainability, efficiency, and climate change mitigation measures at our leased properties, for which they retain exclusive operational control during the terms of the leases. 

ESG Committee

Environmental opportunities, risks and programs are managed strategically by our ESG Committee, which consists of employees across functional areas and professional levels, including our Chief Financial Officer and General Counsel. The ESG Committee periodically meets to consider, implement, and oversee our ESG strategy and initiatives and is tasked with monitoring our environmental performance, facilitating our environmental sustainability efforts, and communicating with stakeholders. The ESG Committee reports to the Nominating and Governance Committee of the Board of Directors on a quarterly basis. 

Water Usage

We recognize the vital importance of responsible water usage and continue to implement water reduction initiatives at our golf courses. We are also proud of the independent efforts that tenants at our leased properties are taking throughout their operations, including our Las Vegas properties, to improve water efficiency, reduce water usage, and promote sustainability. 

At our corporate headquarters, our water use is limited to the daily needs of our in-office employees and our corresponding portion of water utilized by building management in connection with HVAC systems. In connection with our transition to new office space in 2024, we expect to install a sub-meter to track our direct water usage and identify potential areas of improvement.

Due to the irrigation needs of our golf courses, particularly at Cascata and Rio Secco in the Southern Nevada area, a significant majority of our reported water usage is utilized in the maintenance and irrigation of the golf courses. While the golf courses overall are not financially material to our business, the water usage at Cascata and Rio Secco represents a significant majority of our overall water usage and we recognize the importance of continuing to reduce our water usage and improve efficiency. At these courses, our external golf course manager, CDN Golf, is actively implementing measures to reduce water usage, including the utilization of reclaimed water for irrigation activities, installing artificial turf in certain areas and converting actively maintained and irrigated areas to drought-tolerant grass or naturalized landscaping. CDN Golf is also evaluating and implementing further water reduction initiatives, including equipment replacement and leak mitigation, increased utilization of reclaimed water (which is currently in place for a significant portion of irrigation activities at Rio Secco), and utilizing closed loop wash water recycling systems for equipment maintenance and cleaning.

Energy and emissions

We are seeking to reduce our overall energy requirements and emissions profile at our corporate headquarters and each of our golf courses. We are also proud of the independent efforts that tenants at our leased properties are taking throughout their operations to reduce energy usage, implement renewable energy solutions, and limit greenhouse gas (“GHG”) emissions. Our corporate headquarters represents a small portion of our overall energy use and emissions profile. In July 2023, we engaged a green energy service company (ESCO) to supply electricity to our corporate headquarters, following which 100% of electricity consumption at our corporate headquarters is generated from wind and solar energy sources and certified through renewable energy certificates (RECs) that are generated and retired on our behalf.

Energy usage at our golf courses is the largest driver of our Scope 1 and Scope 2 GHG emissions and represents a significant area of potential improvement with respect to reducing our energy needs and improving performance. We seek to reduce our fuel use and Scope 1 emissions by implementing high efficiency generators, heating, and maintenance equipment, such as replacing gas-powered vehicles with energy-efficient battery-powered units; and reducing overall fuel needs by eliminating unnecessary energy use across our golf courses.  With respect to Scope 2 emissions, we seek to reduce our electricity consumption by continuing to replace conventional lightbulbs with LEDs across our golf courses, including exterior lighting; replacing existing HVAC units and appliances with ENERGY STAR certified units going forward; and implementing operational improvements.

Climate Change

We recognize that climate change and its widespread impacts collectively represent one of the most significant economic and environmental issues faced today. In addition, the impacts of climate change represent a significant risk to the underlying value of our properties, the viability of our tenants’ businesses at our properties, and the health, safety, growth and prosperity of the communities that surround our properties. With respect to our leased property portfolio, due to our triple-net lease model, each of our tenants are generally responsible for the operation, maintenance, repair and improvement of our leased properties. This responsibility includes the implementation of energy conservation and environmental sustainability measures, as well as the assessment and implementation of measures intended to mitigate the impact of climate change.

In 2022, we performed a property and portfolio-level climate change risk assessment, following which we aligned our climate change-related disclosure with the Task Force on Climate-Related Financial Disclosures (TCFD) framework, which is available in our most recent ESG Report available on this website.  Following these climate risk assessments, we determined that flooding, heat stress, and water stress represent the greatest material risk to our portfolio. In assessing risk trends across the portfolio, we categorized our leased properties and golf courses into four regions: Nevada, Southeast, Midwest, and Northeast & West Virginia, and identified major and notable stressors that impacted a designated portion of each region’s properties. We expect to continue to update this framework to incorporate additional acquired properties. 

At our golf courses, we have implemented sustainability measures to mitigate the environmental impact of these businesses and continue to evaluate additional measures to contribute to addressing this important issue.

WASTE MANAGEMENT AND RECYCLING

We have an active and effective recycling program at our corporate headquarters to maintain the recycling of all waste paper products (including packaging), glass, metal, plastic, and electronic wastes, including ink cartridges, cell phones and office equipment, and we encourage our employees to avoid the unnecessary use of paper and other environmental resources. Any hazardous waste generated, such as electronics at our corporate headquarters and fertilizers and cooking byproducts at our golf courses, is disposed of safely and securely through third-party service providers.

We have also implemented recycling programs at each of our golf courses, which encourage all employees and customers to participate in recycling consumer waste, including paper, glass and plastic (including packaging waste). Our golf courses retain on-site landscape materials generated from maintenance activities and repurpose them into other areas. Reclaimed soil from landscaping and feature projects is stockpiled on site for repurposing. In connection with a cart path replacement project at Grand Bear, approximately 100 tons of old concrete was retained to repurpose into riprap that will be utilized to protect against soil erosion and maintain other areas of the property.

Our ability to track and report waste and waste diversion data is limited in some cases by the available utilities and services at our corporate headquarters and our golf courses, including the communities in which they are located. Specifically, we do not provide for waste disposal or recycling tracking on a tonnage basis at a significant portion of our operational portfolio.

Supplier Relationships

We consider and evaluate our suppliers taking into consideration their ability to abide by the principles set forth in our Corporate Social Responsibility Policy and our Code of Business Conduct. We set forth our reasonable expectations for the business practices of our suppliers in our Responsible Supplier Principles. In addition, we are committed to working with suppliers who are dedicated to excellence in their respective fields, and aim to work with suppliers who:

• share our goals and values with respect to environmental sustainability;
• comply with all applicable laws and regulations relating to the environment;
• drive environmental sustainability through energy, water and waste conservation policies;
• implement sustainability and conservation initiatives in their businesses; and
• support efforts to engage in business practices that promote environmental sustainability, such as by providing recycled content and reduced packaging options.