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

LED Lighting Replacement Project

Elimination of Styrofoam

Turf Reduction Initiative

Reclaimed Water Irrigation Processes

Resource Conservation

~1% Reduction in Golf Course Energy Use Between 2018 and 2019

~6% Reduction in Golf Course Water Use Between 2018 and 2019

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 and operate 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.

At all of our golf courses, we strive to contribute to the health and sustainable functioning of our ecosystems with policies and practices that protect watersheds, promote biodiversity, and sustain natural resources through maintenance of naturalized areas where possible. In addition, we focus on sustainable water use at our golf courses through reduction of overwatering and irrigation management based on analysis and smart technology, and maintain expressly naturalized areas appropriate to their respective climates. We continue to progress our turf reduction initiative at Cascata Golf Club and utilize reclaimed water for a portion of our irrigation requirements at Rio Secco Golf Club in order to reduce our total water usage and environmental impact.

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.

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. We have recently begun working to include limited “green lease” provisions in coordination with our tenants, which specify that such tenants shall reasonably cooperate and participate in conservation, sustainability, recycling, energy efficiency, and waste reduction and other similar programs. As part of our asset management strategy, we engage with our tenants to encourage and support their implementation of environmental sustainability initiatives.

Environmental Initiatives

Environmental opportunities, risks and programs are managed strategically by our environmental sustainability team, which reports to our board of directors and is tasked with monitoring our environmental performance, facilitating our environmental sustainability efforts, and communicating with stakeholders.

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.

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). We are continuously exploring additional initiatives to improve our environmental sustainability and efficiency at our operated golf courses. For example, in 2019, we eliminated all Styrofoam products from use at all our golf courses and we continue to pursue a transition project to shift to 100% LED lighting at all of our golf courses.

Water Usage

We acknowledge water as a valuable resource and monitor water use in our corporate headquarters with the goal of efficiently managing that resource. Our golf course operations also focus on sustainable water use through reduction of overwatering and irrigation management based on analysis and smart technology, and maintain expressly naturalized areas appropriate to their respective climates.

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.
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.

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.