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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 01, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Entity Registrant Name	VICI Properties Inc.
Entity Central Index Key	0001705696
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		370,130,536
Trading Symbol	VICI

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Investment in direct financing leases, net	$ 8,281,557	$ 8,268,643
Real Estate Investments:
Accounted for using the operating method	1,110,400	1,110,400
Land	73,600	73,600
Property and equipment used in operations, net	73,739	74,300
Cash and cash equivalents	918,215	183,646
Restricted cash	13,808	13,760
Other assets	14,920	15,363
Total assets	10,486,239	9,739,712
Liabilities
Debt, net	4,119,263	4,785,756
Accrued interest	25,387	21,595
Deferred financing liability	73,600	73,600
Deferred revenue	60,929	68,117
Dividends payable	59,221	0
Accounts payable and accrued expenses	9,221	10,562
Deferred income taxes	3,718	3,718
Total liabilities	4,351,339	4,963,348
Commitments and Contingencies (Note 10)
Shareholders’ equity
Common stock, $0.01 par value, 700,000,000 shares authorized and 370,128,832 and 300,278,938 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	3,701	3,003
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 12,000,000 shares issued and no shares outstanding at March 31, 2018 and December 31, 2017, respectively	0	0
Additional paid in capital	5,952,636	4,645,824
Retained earnings	95,563	42,662
Total VICI shareholders’ equity	6,051,900	4,691,489
Non-controlling interests	83,000	84,875
Total shareholders’ equity	6,134,900	4,776,364
Total liabilities and shareholders’ equity	$ 10,486,239	$ 9,739,712

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	370,128,832	300,278,938
Common stock, shares outstanding (in shares)	370,128,832	300,278,938
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	12,000,000	12,000,000
Preferred stock, shares outstanding (in shares)	0	0

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Earned income from direct financing leases	$ 182,036
Rental income from operating leases	12,209
Tenant reimbursement of property taxes	17,243
Golf-related	6,788
Net revenues	218,276
Operating expenses
General and administrative	7,308
Depreciation	906
Property taxes	17,243
Golf-related	4,095
Total operating expenses	29,552
Operating income	188,724
Interest expense	(52,875)
Interest income	1,678
Loss from extinguishment of debt	(23,040)
Income before income taxes	114,487
Income tax expense	(384)
Net income	114,103
Less: Net income attributable to non-controlling interests	(1,981)
Net income attributable to common shareholders	$ 112,122
Weighted average number of common shares outstanding
Basic (in shares)	342,900,842
Diluted (in shares)	343,056,532
Common per share data
Basic earnings per common share (in dollars per share)	$ 0.33
Diluted earnings per common share (in dollars per share)	0.33
Dividends declared per common share (in dollars per share)	$ 0.16
Caesars Entertainment Outdoor
Revenues
Golf-related		$ 3,570
Food and beverage		525
Retail and other		538
Net revenues		4,633
Operating expenses
General and administrative		550
Depreciation		805
Golf-related		1,796
Food and beverage		416
Retail and other		387
Property costs		679
Total operating expenses		4,633
Net income		$ 0

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Caesars Entertainment Outdoor
Revenue from related parties	$ 1,042

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Total VICI Shareholders’ Equity	Common Stock	Preferred Stock	Additional paid-in capital	Retained Earnings	Non-controlling interests
Balance at December 31, 2017 at Dec. 31, 2017	$ 4,776,364	$ 4,691,489	$ 3,003	$ 0	$ 4,645,824	$ 42,662	$ 84,875
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	114,103	112,122				112,122	1,981
Issuance of common stock from Initial Public Offering	1,307,119	1,307,119	695		1,306,424
Distribution to non-controlling interests	(3,856)						(3,856)
Dividends declared	(59,221)	(59,221)				(59,221)
Non-cash stock compensation	391	391	3		388
Balance at March 31, 2018 at Mar. 31, 2018	$ 6,134,900	$ 6,051,900	$ 3,701	$ 0	$ 5,952,636	$ 95,563	$ 83,000

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 114,103
Adjustments to reconcile net income to cash flows provided by operating activities:
Direct financing lease adjustments	(12,914)
Share-based compensation	391
Depreciation	906
Amortization of debt issuance costs and original issue discount	1,494
Loss on extinguishment of debt	23,040
Change in operating assets and liabilities:
Other assets	200
Accrued interest	3,792
Deferred revenue	(7,188)
Accounts payable and accrued expenses	(1,341)
Net cash provided by operating activities	122,483
Cash flows from investing activities
Acquisition of property and equipment, net of change in related payables	(345)
Net cash used in investing activities	(345)
Cash flows from financing activities
Proceeds from initial public offering of common stock	1,307,119
Payment of Term Loan B Facility	(100,000)
Payment of Revolving Credit Facility	(300,000)
Payment of Second Lien Notes	(290,058)
Debt issuance costs	(726)
Distributions to non-controlling interests	(3,856)
Net cash provided by financing activities	612,479
Net increase in cash and cash equivalents	734,617
Cash, cash equivalents and restricted cash, beginning of period	197,406
Cash, cash equivalents and restricted cash, end of period	932,023
Cash and cash equivalents, beginning of period	183,646
Cash and cash equivalents, end of period	918,215
Supplemental Cash Flow Information:
Cash paid for interest	47,135
Cash paid for income taxes	$ 0
Caesars Entertainment Outdoor
Cash flows from operating activities
Net income		$ 0
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation		805
Provisions for (recoveries of) bad debt		12
Change in operating assets and liabilities:
Receivables		(109)
Inventories		(69)
Prepayments		(4)
Accounts payable		214
Accrued expenses		60
Net cash provided by operating activities		909
Cash flows from investing activities
Other		(66)
Net cash used in investing activities		(66)
Cash flows from financing activities
Repayments for capital leases		(14)
Transactions with parent, net		(1,671)
Net cash provided by financing activities		(1,685)
Net increase (decrease) in cash and cash equivalents		(842)
Cash and cash equivalents, beginning of period		920
Cash and cash equivalents, end of period		78
Supplemental Cash Flow Information:
Cash paid for interest		$ 0

Business and Basis of Presentation	3 Months Ended
Business and Basis of Presentation	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Business Formation and Basis of Presentation	Business and Basis of Presentation Business VICI is a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality and entertainment destinations. Our national, geographically diverse portfolio consists of 20 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas. VICI leases its properties to subsidiaries of Caesars. VICI conducts its real property business through an operating partnership and its golf course business through a taxable REIT subsidiary (“a TRS”), VICI Golf LLC. VICI intends to make an election on its Federal income tax return for its taxable year ended December 31, 2017 to be treated as a real estate investment trust (“REIT”). Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in the Company's most recent Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Principles of Consolidation The accompanying condensed consolidated Financial Statements include the accounts of VICI, its wholly owned subsidiaries and a single variable interest entity (VIE) where VICI is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and VIEs for which we or one of our consolidated subsidiaries is the primary beneficiary.
Caesars Entertainment Outdoor
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Business Formation and Basis of Presentation	Business and Basis of Presentation Organization At March 31, 2017, the Outdoor Business was a wholly-owned business of CEOC, and included the operations of the Cascata golf course in Boulder City, Nevada, the Rio Secco golf course in Henderson, Nevada, the Grand Bear golf course in Biloxi, Mississippi, and the Chariot Run golf course in Elizabeth, Indiana. Caesars Entertainment Golf, Inc., Rio Development Company, Inc., Grand Casinos of Biloxi, LLC, and Riverboat Casino, LLC, directly owned these golf courses, respectively, and were debtor-in-possession subsidiaries of CEOC. The golf courses generated revenue through fees charged for general golf course usage (including green fees, golf club rentals, and cart charges), annual or corporate memberships (at Rio Secco, Grand Bear and Chariot Run), a school of golf (at Rio Secco), and food, beverage, and merchandise sales. Bankruptcy On January 15, 2015, CEOC and certain of its subsidiaries (the “Caesars Debtors”) voluntarily filed for relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) with the United States Bankruptcy Court for the Northern District of Illinois (the “Bankruptcy Court”). As a result of this filing, CEOC operated as a debtor-in-possession under the Bankruptcy Code. Because each of the four golf courses are owned by Caesars Debtor entities, the Outdoor Business was also considered a debtor-in-possession prior to the Formation Date. CEOC’s plan of reorganization (the “Plan”) was confirmed by the Bankruptcy Court on January 17, 2017. Transfer of Operations and Assets to VICI On the Formation Date, pursuant to the Bankruptcy Plan, subsidiaries of CEOC contributed the ownership of the Business to VICI Properties Inc. (“VICI”). Following the Formation, the assets, liabilities and operations of the Business are now included in VICI Golf LLC (“VICI Golf”), a Delaware limited-liability company. VICI Golf is a wholly-owned subsidiary of VICI. VICI is a separate entity initially owned by certain former creditors of CEOC. In addition, on the Formation Date, subsidiaries of VICI Golf, entered into a golf course use agreement (the “Golf Course Use Agreement”) with New CEOC and Caesars Enterprise Services, LLC (“CES”) (collectively, the “users”), whereby the users were granted certain priority rights and privileges with respect to access and use of certain golf course properties. Payments under the Golf Course Use Agreement are comprised of a $10.0 million annual membership fee, $3.0 million in annual use fees and minimum rounds fees of at least $1.1 million. The annual membership fee, use fees and minimum round fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. Basis of Presentation The Business’ Financial Statements do not include all information and footnotes necessary for complete financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods reflect all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of results of operations and cash flows. The Business’ Financial Statements were derived from the financial statements of CEOC, prepared on a “carve-out” basis, to present the results of operations of the Outdoor Business on a stand-alone basis. The legal entities that own the Grand Bear and the Chariot Run golf courses also include non-golf course operations that are excluded from these carve-out financial statements. The Financial Statements include allocations of certain revenue amounts and general corporate expenses among affiliated entities. Such allocated revenue and expenses may not reflect the results we would have incurred if we had operated as a stand-alone company nor are they necessarily indicative of our future results. Management believes the assumptions and methodologies used in the allocation of these revenues and expenses are reasonable. Each of the golf courses represents a separate operating segment and we aggregate all such operations into one reportable segment. Going Concern Our Financial Statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and liabilities in the ordinary course of business. The following information reflects the results of management’s assessment of Business’ ability to continue as a going concern. The Business relies on funding from affiliates of CEOC and CEC to fund capital improvements, management fees, insurance programs and other miscellaneous charges. Although CEOC’s plan of reorganization was confirmed by order of the Bankruptcy Court in January 2017, several issues must be resolved before CEOC successfully emerges from bankruptcy. The ability of the Business to continue as a going concern continues to be dependent upon CEOC’s ability to complete the restructure of its indebtedness, the ability of the Debtors, including entities that own the golf courses, to emerge from bankruptcy and a favorable resolution to the continued ability to use cash collateral. These uncertainties raise substantial doubt about the Outdoor Business to continue as a going concern. The Financial Statements do not include any adjustments that might result from the outcome of uncertainties, including the possibility that the Business loses some or substantially all of its assets to foreclosure as a result of these uncertainties. Golf Revenue Golf revenue from CEOC and Caesars’ affiliates includes reimbursement for below market-rate golf tee times and free play for certain casino guests. Included in golf revenue are market-rate fees received from public customers as well as discounted fees received from CEOC and Caesars-affiliated customers or associates. In addition, certain VIP casino guests play the golf courses for free. In these cases, the golf course receives amounts paid by CEOC and Caesars’ affiliates at an agreed upon rate for the free play provided to their VIP guests. The reimbursement for free play was approximately $170,000 for the three months ended March 31, 2017 There are additional variable golf fees provided by CEOC and Caesars’ affiliates based on revenue shortfalls necessary to cover the cost of operating the courses at a high level appropriate for casino guests. The variable fee is dependent upon the number of rounds played, the types of rounds played (market-rate or discounted rate), and costs incurred to allow the golf course to continue to offer golf as an amenity to its gaming customers. Variable golf fees included in golf revenue were approximately $733,000 for the three months ended March 31, 2017. The Business’ Financial Statements reflect the application of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852, Reorganizations. This guidance requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. In addition, the guidance provides for changes in the accounting and presentation of liabilities.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Cash, Cash Equivalents, and Restricted Cash

Cash consists of cash-on-hand and cash-in-bank. Any short-term investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are stated at the lower of cost or market value.

Restricted cash is comprised of funds paid monthly by Caesars for the CPLV rent that are held in a restricted cash management account for the purpose of funding debt service or impositions related to CPLV debt issued by us. Once all debt service and impositions are paid out of restricted cash, the remaining funds are returned to the Company’s unrestricted operating account.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported with the Balance Sheet to the total of the same such amounts presented in the Statement of Cash Flows.



(In thousands)	March 31, 2018		December 31, 2017
Cash and cash equivalents	$	918,215	$	183,646
Restricted cash	13,808		13,760
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	932,023	$	197,406

Investment in direct financing leases, net and Real Estate Investments

Under guidance in ASC 840, the initial Lease Agreements were bifurcated between operating leases and direct financing leases. The fair value assigned to certain portions of the land qualify for operating lease treatment while the fair value assigned to the buildings was classified as a direct financing lease, and the portion of the land which was not bifurcated was also classified as part of direct financing lease.

Land accounted for under the operating method has an indefinite useful life and is not depreciated.

For real estate investments accounted for using the operating method, we continually monitor events and circumstances that could indicate that the carrying amount of our real estate investments may not be recoverable or realized. When events or changes in circumstances indicate that a potential impairment has occurred or that the carrying value of a real estate investment may not be recoverable, we use an estimate of the undiscounted value of expected future operating cash flows to determine whether the real estate investment is impaired. If the undiscounted cash flows plus net proceeds expected from the disposition of the asset is less than the carrying value of the assets, we recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value. If these estimates or the related assumptions change in the future, we may be required to record an impairment loss.

If and when an investment in direct financing leases is identified for impairment evaluation, the Company will apply the guidance in both ASC 310 "Receivables" ("ASC 310") and ASC 360 "Property, Plant and Equipment" ("ASC 360"). Under ASC 310, the lease receivable portion of the net investment in direct financing lease is identified for impairment when it becomes probable to the Company, as the lessor, will be unable to collect all rental payments associated with our investment in direct financing leases. Under ASC 360, the residual value portion of the net investment in direct financing leases is monitored for impairment under the same method the Company applies to real estate investments.

There were no impairments identified on our real estate investments or our investment in direct financing leases, net during the three months ended March 31, 2018.

Property and Equipment Used in Operations

Property and equipment used in operations represents assets for VICI Golf LLC, our golf operations. Judgments are made in determining their estimated useful lives and salvage values and if or when an asset (or asset group) has been impaired. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset.

We review the carrying value of our assets whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Other factors considered by management in performing this assessment may include current operating results, trends, prospects, and third-party appraisals, as well as the effect of demand, competition, and other economic, legal, and regulatory factors. During the three months ended March 31, 2018, no impairment on assets was recorded.

Income Taxes-REIT Qualification

We intend to elect to be taxed and qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2017, and we intend to continue to be organized and to operate in a manner that will permit us to qualify as a REIT beyond that taxable year end.

Debt Issuance Costs

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. At March 31, 2018 and December 31, 2017, the Company has $29.2 million and $31.1 million, respectively of unamortized debt issuance costs associated with obtaining the Term Loan B Facility.

In addition, the Company has $7.3 million and $7.5 million of unamortized debt issuance costs at March 31, 2018 and December 31, 2017, respectively, associated with obtaining the $400.0 million Revolving Credit Facility commitment. These costs are recorded as Other assets.

Share-Based Compensation

The VICI Properties Inc. 2017 Stock Incentive Plan (the “2017 Stock Incentive Plan”) provides for the Company to issue awards to certain key persons (employees and non-employee directors). Awards under the 2017 Stock Incentive Plan may include incentive stock options; non-qualified stock options; stock appreciation rights; dividend equivalent rights; restricted stock; restricted stock units and unrestricted stock.

The Company accounts for stock compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The method for calculating the fair value of the Company’s time-based restricted stock awards is determined by the Compensation Committee of the Board of Directors and for most grants in 2018 is equivalent to the 10-day volume weighted average price using the 10 trading days ending on the grant date.

Recently Issued Accounting Pronouncements	3 Months Ended
Recently Issued Accounting Pronouncements	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pronouncements Adopted by the Company Compensation - Stock Compensation - May 2017: Amendments in this update provide guidance regarding which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all of the following are met: (i) the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as before the original award was modified. The Company adopted this guidance prospectively on January 1, 2018. The adoption of this guidance does not have a material effect on our Financial Statements. Business Combinations - January 2017: Updated amendments intend to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for acquisitions (or disposals) of assets or businesses. Amendments in this update provide a more robust framework to use in determining when a set of assets and activities is a business and to provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. Specifically, the new guidance provides a screen to determine when an integrated set of assets and activities is not a business. Under the new guidance, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the assets do not represent a business. Amendments should be applied on a prospective basis on or after the effective date. No disclosures are required at transition. The Company adopted this standard on January 1, 2018. The adoption of this standard may have a material impact to our Financial Statements with future acquisitions or divestitures. Revenue from Contracts with Customers - May 2014 (amended January 2017): The new guidance is intended to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP applicable to revenue transactions. Existing industry guidance will be eliminated. The FASB has recently issued several amendments to the standard, including clarification on accounting for and identifying performance obligations. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. The guidance should be applied using the full retrospective method or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application. We adopted this standard effective January 1, 2018. There was no material impact on our Financial Statements as the majority of our revenue recognition policies was not impacted by the new standard, as leases, which represent the substantial majority of our revenues, were excluded from the new guidance. The adoption of this guidance did not change the timing or process in which we recognize golf revenue. Income Taxes - October 2016: Amended guidance addresses intra-entity transfers of assets other than inventory, which requires the recognition of any related income tax consequences when such transfers occur. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We adopted this guidance effective January 1, 2018. There was no material impact on our Financial Statements. Pronouncements Not Yet Adopted by the Company Derivatives and Hedging - August 2017: The amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The transition guidance provides the option of early adoption using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. We do not believe the effect of adopting this standard would have a material impact on our current Financial Statements. However, we will continue to assess the impact that this guidance might have on the accounting and disclosure of potential hedge transactions that we may enter into in the future. Leases - February 2016 (amended January 2017 and January 2018): The amended guidance requires most lease obligations to be recognized as a right-of-use asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance should be implemented for the earliest period presented using a modified retrospective approach, which includes optional practical expedients primarily focused on leases that commence before the effective date. We are evaluating the impact of adopting this new standard on our Financial Statements but do not expect the adoption of the new guidance to have a material impact on the accounting treatment of our triple-net tenant leases, which are the primary source of our revenues.

Property Transactions	3 Months Ended
Property Transactions	Mar. 31, 2018
Business Combinations [Abstract]
Property Transactions	Property Transactions Purchase of Harrah’s Las Vegas Real Estate In December 2017, an indirect wholly owned subsidiary of VICI, completed a transaction with a subsidiary of Caesars, pursuant to which we acquired all of the land and real property improvements associated with the property commonly known as Harrah’s Las Vegas Hotel & Casino (“Harrah’s Las Vegas” or “HLV”) for a purchase price of $1,136.2 million. At closing, we entered into an amended and restated lease (“HLV Lease”), whereby a subsidiary of Caesars leased back Harrah’s Las Vegas from us. Under the terms of the HLV Lease, Caesars is responsible for ongoing costs relating to the property, including property taxes, insurance, and maintenance and repair costs that arise from the use of the property and are required to continue to invest in the property and related equipment. The HLV Lease has an initial 15 year term with four five-year renewal terms exercisable at the option of the lessee (subject to certain conditions) and provides for a fixed base rent for each of the first seven years of the lease term equal to $87.4 million annually. We recorded this purchase using the Direct Financing Method in our Balance Sheet. Sale of Eastside Property In December 2017, an indirect wholly owned subsidiary of VICI, completed a transaction with a subsidiary of Caesars pursuant to which we agreed to sell approximately 18.4 acres of certain parcels located in Las Vegas, Nevada, east of Harrah’s Las Vegas (“Eastside Property”). The sales price for the Eastside Property was $73.6 million. Pursuant to this agreement, Caesars is responsible for the remediation of the flood plain mechanism on the Eastside Property. The costs of the remediation work will be borne fifty percent (50%) by us and fifty percent (50%) by Caesars, pari passu, until such time as the total cost incurred in connection with the remediation work is equal to $12.0 million. Any costs in excess of $12.0 million incurred in connection with the remediation work shall be the sole responsibility of Caesars. Due to the put/call option on the land parcels, as described below, it was determined that the transaction does not meet the requirements of a completed sale for accounting purposes. As a result, at December 31, 2017, we reclassified $73.6 million from Real estate investments accounted for using the operating method to Land. Additionally, the Company recorded a $73.6 million Deferred financing liability in its Balance Sheet. Put/Call Agreement The Eastside Property may in the future be improved by a convention center (the “Convention Center Property”). Accordingly, we entered into a put/call agreement with Caesars, which provides both parties with certain rights and obligations including: (i) a put right in favor of Caesars, which, if exercised, would result in the sale by Caesars to us and simultaneous leaseback by us to Caesars of the Convention Center Property (the “Put Right”); (ii) if Caesars exercises the Put Right and, among other things, the sale of the Convention Center Property to us does not close for certain reasons more particularly described in the put/call agreement, then a repurchase right in favor of Caesars, which, if exercised, would result in the sale by of Harrah’s Las Vegas by us to Caesars; and (iii) a call right in favor of VICI, which, if exercised, would result in the sale by Caesars to us and simultaneous leaseback by us to Caesars of the Convention Center Property. Amended and Restated Right of First Refusal Agreement A wholly-owned subsidiary of VICI and Caesars also entered into an Amended and Restated Right of First Refusal Agreement pursuant to which we will have a right, subject to certain exclusions, (i) to acquire (and lease to Caesars) any of the gaming facilities of Centaur Holdings, LLC, which are proposed to be acquired by Caesars, (ii) to acquire (and lease to Caesars) any domestic gaming facilities located outside of the Gaming Enterprise District of Clark County, Nevada, proposed to be acquired or developed by Caesars, and (iii) to acquire certain income-producing improvements if built by Caesars in lieu of a large-scale convention center on the Eastside Property, subject to certain exclusions.

Investment in Direct Financing Leases, Net and Real Estate Investments

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

Investment in Direct Financing Leases, Net and Real Estate Investments

Amounts were recorded at fair value for real estate assets under lease through the initial Lease Agreements and the reclassification of such real estate assets to Investments in direct financing leases, net and Real estate investments accounted for using the operating method. The fair value assigned to the buildings is classified as an Investment in direct financing leases, while the fair value assigned to certain portions of land is recorded as Real Estate Investments accounted for using the operating method.

The weighted average remaining lease term for both operating and direct financing leases at March 31, 2018 and December 31, 2017 was 34.6 years and 34.9 years, respectively.

VICI’s investment in direct financing leases, net consisted of the following as of March 31, 2018 and December 31, 2017:



(In thousands)	March 31, 2018			December 31, 2017
Minimum lease payments receivable ⁽¹⁾	$	29,133,043		$	29,302,166
Estimated residual values of leased property (not guaranteed)	1,987,651			1,987,651
Gross investment in direct financing leases	31,120,694			31,289,817
Unamortized initial direct costs	—			—
Less: Unearned income	(22,839,137		)	(23,021,174		)
Net investment in direct financing leases, net	$	8,281,557		$	8,268,643

____________________


(1)	Minimum lease payments do not include contingent rent that may be received under the Lease Agreements. There was no contingent rent for the period ended March 31, 2018.

At March 31, 2018, minimum lease payments owed to VICI for each of the five succeeding years are as follows:



(In thousands)	Minimum Lease Payments
2018	$	544,544
2019	730,060
2020	734,320
2021	738,656
2022	744,647

Property and Equipment Used in Operations, Net

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations, Net

Property and Equipment Used in Operations is primarily attributable to golf-related land, building and improvements and consists of the following:



(In thousands)	March 31, 2018			December 31, 2017
Land and land improvements	$	58,157		$	57,901
Buildings and improvements	14,572			14,572
Furniture and equipment	2,667			2,578
Total property and equipment	75,396			75,051
Less: accumulated depreciation	(1,657		)	(751		)
Total property and equipment, net	$	73,739		$	74,300



(In thousands)	Three Months Ended March 31, 2018
Depreciation expense	$	906

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses



(In thousands)	March 31, 2018		December 31, 2017
Accounts payable	$	2,458	$	5,207
Accrued payroll and other compensation	1,998		2,559
Other accrued expenses	4,765		2,796
Total accrued expenses	$	9,221	$	10,562

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

Outstanding Indebtedness on March 31, 2018:



(Dollars in thousands)	March 31, 2018
Description of Debt	Final Maturity	Rate(s)⁽¹⁾	Face Value		Book Value⁽²⁾
VICI PropCo Senior Secured Credit Facilities
Senior Secured Revolving Credit Facility (“Revolving Credit Facility”) ⁽³⁾	2022	Variable	$	—	$	—
First Lien Senior Secured Term Loan (“Term Loan B Facility”) ⁽³⁾⁽⁴⁾	2024	Variable	2,100,000		2,070,783
Second Priority Senior Secured Notes (“Second Lien Notes”)⁽⁵⁾	2023	8.00%	498,480		498,480
CPLV Debt
CPLV CMBS Debt ⁽⁶⁾	2022	4.36%	1,550,000		1,550,000
Total Debt			$	4,148,480	$	4,119,263

____________________


⁽¹⁾	Interest rate is fixed, except where noted.


⁽²⁾	Book value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.


⁽³⁾	Interest is payable quarterly at a rate per annum equal to LIBOR plus 2.00%.


⁽⁴⁾	Final maturity is December 2024 or, to the extent the Second Lien Notes remain outstanding, July 2023 (three months prior to the maturity of the Second Lien Notes).


⁽⁵⁾	Interest is payable semi-annually.


⁽⁶⁾	Interest is payable monthly.

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2018:



(In thousands)
2018	$	15,711
2019	20,765
2020	20,558
2021	20,353
2022	1,570,150
Thereafter	2,500,943
Total minimum repayments	$	4,148,480

Senior Secured Credit Facilities

In December 2017, VICI PropCo entered into a credit agreement (the “Credit Agreement”) comprised of a $2,200 million Term Loan B Facility and a $400.0 million Revolving Credit Facility, $300.0 million of which was borrowed (the Term Loan B Facility and the Revolving Credit Facility together, the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities initially bore interest at LIBOR plus 2.25%; provided that following an underwritten public offering of the equity interests of any parent entity of VICI PropCo which results in such equity interests being listed on a national securities exchange and generates gross cash proceeds of at least $500.0 million, such interest rate will be reduced by 25 basis points. As a result of the Company’s initial public offering, the interest rate was reduced to LIBOR plus 2.00% on February 5, 2018. The Term Loan B Facility was funded with an original issue discount of 0.25%. The Revolving Credit Facility will mature in 2022, and the Term Loan B Facility will mature in 2024 or the date that is three months prior to the maturity date of the Second Lien Notes, whichever is earlier. The Term Loan B Facility is subject to amortization of 1.0% of principal per annum payable in equal quarterly installments on the last business day of each calendar quarter from and after March 31, 2018.

The Credit Agreement contains customary covenants that, among other things, limit the ability of VICI PropCo and its restricted subsidiaries to: (i) incur additional indebtedness; (ii) merge with a third party or engage in other fundamental changes; (iii) make restricted payments; (iv) enter into, create, incur or assume any liens; (v) make certain sales and other dispositions of assets; (vi) enter into certain transactions with affiliates; (vii) make certain payments on certain other indebtedness; (viii) make certain investments; and (ix) incur restrictions on the ability of restricted subsidiaries to make certain distributions, loans or transfers of assets to VICI PropCo or any restricted subsidiary. These covenants are subject to a number of important exceptions and qualifications, including, with respect to the restricted payments covenant, the ability to make unlimited restricted payments to maintain the REIT status of the Company. Commencing with the first full fiscal quarter ending after the Closing Date, if there is 30% utilization of the Revolving Credit Facility, VICI PropCo will be required to maintain a maximum total net debt to adjusted asset ratio. At March 31, 2018, the Company is in compliance with all required covenants under the Credit Facility.

The Senior Secured Credit Facilities may be voluntarily prepaid at VICI PropCo’s option, in whole or in part, at any time, and are subject to mandatory prepayment in the event of receipt by VICI PropCo or any of its restricted subsidiaries of the proceeds from the occurrence of certain events, including asset sales, casualty events and issuance of certain indebtedness. In February 2018, the Company completed an initial public offering resulting in net proceeds of approximately $1,307.1 million. The Company used a portion of those proceeds to pay down the $300.0 million outstanding on the Revolving Credit Facility and to repay $100.0 million principal amount of the Term Loan B Facility.

Second Lien Notes

The Second Lien Notes were issued in October 2017, pursuant to an indenture (the “Indenture”) by and among VICI Properties 1 LLC and VICI FC Inc., a wholly owned subsidiary of VICI PropCo, as issuers (together, the “Issuers”), the subsidiary guarantors party thereto, and UMB Bank National Association, as trustee. The Second Lien Notes are guaranteed by each of the Issuers’ existing and subsequently acquired wholly owned material domestic restricted subsidiaries, and secured by a second priority lien on substantially all of the Issuers’ and such restricted subsidiaries’ material assets, including mortgages on their respective real estate, subject to customary exclusions. None of VICI or certain subsidiaries of VICI PropCo, including CPLV and its subsidiaries, are subject to the covenants of the Indenture or are guarantors of the Second Lien Notes.

The Indenture contains covenants that limit the Issuers’ and their restricted subsidiaries’ ability to, among other things: (i) incur additional debt; (ii) pay dividends on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create or permit to exist dividend and/or payment restrictions affecting their restricted subsidiaries; (vi) create liens on certain assets to secure debt; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets; (viii) enter into certain transactions with their affiliates; and (ix) designate their subsidiaries as unrestricted subsidiaries. At March 31, 2018, the Company is in compliance with all required covenants under the Second Lien Notes.

The Second Lien Notes are redeemable at the option of the Issuers, with the option to redeem up to 35% of the original aggregate principal amount thereof with the net cash proceeds of certain issuances of common or preferred equity by VICI PropCo or VICI, at a price equal to 108% of such principal amount of the Second Lien Notes redeemed. In February 2018, the Company used a portion of the proceeds from its initial public offering to redeem $268.4 million of the Second Lien Notes, which represented 35% of the original aggregate principal amount, at a redemption price of 108% plus accrued and unpaid interest to the date of redemption.

CPLV CMBS Debt

The CPLV CMBS Debt is secured by all of the assets of CPLV Borrower, including, but not limited to, the CPLV Borrower’s (1) fee interest (except as provided in (2)) in and to CPLV, (2) leasehold interest with respect to Octavius Tower, and (3) interest in the CPLV Lease Agreements and all related agreements, including the Lease Agreements. The CPLV CMBS Debt is a first priority lien, subject only to permitted encumbrances (which are as set forth in the loan documentation), and an obligation to repay a specified sum with interest at 4.36% per annum. The CPLV CMBS Debt is evidenced by one or more promissory notes and secured by, among other things, a mortgage, deed of trust or other similar security instrument that creates a mortgage lien on the fee and/or leasehold interest of the CPLV Borrower.

The loan documents governing the CPLV CMBS Debt contain covenants limiting CPLV Borrower’s ability to, among other things: (i) incur additional debt; (ii) enter into certain transactions with its affiliates; (iii) consolidate, merge, sell or otherwise dispose of its assets; and (iv) allow transfers of its direct or indirect equity interests. At March 31, 2018, the Company is in compliance with all required covenants under the CPLV CMBS Debt.

Summary of Debt-related transactions since December 31, 2017:



	Face Value (In thousands)
Description of Debt	Debt at December 31, 2017		Payment Activity			Debt at March 31, 2018
VICI PropCo Senior Secured Credit Facilities:
Revolving Credit Facility	$	300,000	$	(300,000	)	$	—
Term Loan B Facility	2,200,000		(100,000		)	2,100,000
Second Lien Notes	766,892		(268,412		)	498,480
CPLV Debt:
CPLV CMBS Debt	1,550,000		—			1,550,000
Total Debt	$	4,816,892	$	(668,412	)	$	4,148,480

Fair Value

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate:

Cash, Cash Equivalents, and Restricted Cash

The fair value of the Company’s cash, cash equivalents and restricted cash approximate their carrying value due to the short maturity of these instruments.

Debt

The fair value is estimated based on quoted market prices and as such is a Level 1 measurement as defined under ASC 820.

The estimated fair values of the Company’s financial instruments at March 31, 2018 and December 31, 2017 are as follows:



	March 31, 2018				December 31, 2017
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	918,215	$	918,215	$	183,646	$	183,646
Restricted cash	13,808		13,808		13,760		13,760
Financial liabilities:
Senior Secured Credit Facilities
Revolving Credit Facility	$	—	$	—	$	300,000	$	300,000
Term Loan B Facility	2,070,783		2,107,875		2,168,864		2,200,000
Second Lien Notes	498,480		553,313		766,892		853,167
CPLV Debt
CPLV CMBS Debt	1,550,000		1,546,869		1,550,000		1,559,486

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Loss Contingencies [Line Items]

Commitments and Contingent Liabilities

Litigation

In the ordinary course of business, from time to time, the Company may be subject to legal claims and administrative proceedings, none of which are currently outstanding, which the Company believes could have, individually or in the aggregate, a material adverse effect on its business, financial condition or results of operations, liquidity or cash flows.

Operating Lease Commitments

The Company is liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2039 and (ii) offices in Las Vegas, Nevada and New Orleans, Louisiana, which expire in 2018 and 2019, respectively. Total rental expense under these agreements, included in golf-related and general and administrative expenses in our Statement of Operations, was approximately $0.3 million for the three months ended March 31, 2018.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2018 are as follows:



(In thousands)	Lease Commitments
2018	$	799
2019	948
2020	908
2021	926
2022	945
2023 and thereafter	17,966
Total minimum rental commitments	$	22,492

Other golf-related commitments

The TRS utilizes a third-party golf maintenance company for its Rio Secco and Cascata golf courses. The agreements are for five years and expire in February 2019 and include all labor and equipment necessary to maintain both golf course grounds. Total expense under these agreements included as golf-related expenses in our Statement of Operations was approximately $0.8 million for the three months ended March 31, 2018.

Total commitments relating to golf-related maintenance agreements at March 31, 2018 are as follows:



(In thousands)	Golf-related maintenance agreements
2018	$	2,160
2019	225
Total golf-related maintenance agreement commitments	$	2,385

Caesars Entertainment Outdoor

Loss Contingencies [Line Items]

Commitments and Contingent Liabilities

Litigation, Contractual Commitments and Contingent Liabilities

Litigation

The Business and its operations may be subject to litigation involving employment matters, personal injuries, and other matters that arise in the normal course of business. We do not expect the outcome of such ordinary and routine litigation to have a material effect on our combined financial position, results of operations, or cash flows.

Contingent Liabilities

In January 2015, a majority of the Trustees of the National Retirement Fund (“NRF”), a multi-employer defined benefit pension plan, voted to expel Caesars and certain of its affiliates from the plan. The NRF has advised Caesars and Caesars Entertainment Resort Properties, LLC (“CERP”) that this expulsion triggered a withdrawal liability with a present value of approximately $360 million, payable in 80 quarterly payments of about $6 million. The NRF filed a similar claim against each Caesars Debtor in CEOC’s bankruptcy. Although the Business’ employees did not participate in this plan, because the entities that own the Business are a member of the Caesars Group (as defined below), such entities are jointly and severally liable with Caesars and CEOC for any liability under the NRF’s claims.

On March 13, 2017, CEOC, CEC, CERP, the Caesars employers that contribute to the NRF, and the NRF and certain of its related parties entered into a settlement agreement resolving all issues related to the disputes with the NRF. Under the terms of the settlement, CEC, or a person on CEC’s behalf, was required to pay a total of $45 million to the NRF on the Formation Date. Under the Caesars Debtors’ Plan, the NRF is barred from asserting any claims against the Company and its subsidiaries to the extent such claims arose prior to the Formation Date.

Operating Lease Commitments

The Business is liable under operating leases for land at the Cascata golf course, equipment and other miscellaneous assets, which expire at various dates through 2039. Total rental expense under these agreements included in direct golf operating expenses and property costs in our Statement of Operations was approximately $211,000 for the three months ended March 31, 2017.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2017 are as follows:



	(In thousands)
	Operating Leases
2017	$	645
2018	873
2019	891
2020	908
2021	926
2022 and thereafter	18,911
Total minimum rental commitments	$	23,154

Other Commitments

The Business utilizes a third-party golf maintenance company for its Rio Secco and Cascata golf courses. The agreements are for five years and expire in February 2019 and include all labor and equipment necessary to maintain both golf course grounds. Total expense under these agreements included in direct golf operating expenses in the Statements of Operations were approximately $796,000 for the three months ended March 31, 2017.

The future commitments relating to these agreements at March 31, 2017 are as follows:



	(In thousands)
	Maintenance Agreements
2017	$	2,128
2018	2,969
2019	225
Total maintenance agreement commitments	$	5,322

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2018
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Stock Effective with its formation, the Company has authority to issue 750,000,000 shares of stock, consisting of 700,000,000 shares of Common Stock, $0.01 par value per share and 50,000,000 shares of Preferred Stock, $0.01 par value per share (“Preferred Stock”), of which 12,000,000 shares has been classified as Series A Convertible Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”). Initial Public Offering On February 5, 2018, the Company completed an initial public offering of 69,575,000 shares of common stock at an offering price of $20.00 per share for an aggregate offering value of $1,391.5 million, resulting in net proceeds of approximately $1,307.1 million after commissions and expenses. After giving effect to the initial public offering and certain Stock Incentive Plan transactions, the Company has 370,128,832 shares of Common Stock issued and outstanding as of March 31, 2018. Distributions On March 15, 2018, we announced a pro-rated quarterly cash dividend of $0.16 per share of common stock for the period from February 5, 2018 to March 31, 2018. The dividend is pro-rated for the period commencing upon the closing of the Company’s initial public offering and ending on March 31, 2018, based on a quarterly distribution rate of $0.2625 per share. The dividend was paid on April 13, 2018 to stockholders of record as of the close of business on March 29, 2018.

Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic earnings per share to the weighted-average common shares outstanding used in the calculation of diluted earnings per share for the three months ended March 31, 2018:



(In thousands)	Three Months Ended March 31, 2018
Determination of shares:
Weighted-average common shares outstanding	342,901
Assumed conversion of restricted stock	156
Diluted weighted-average common shares outstanding	343,057

Basic and Diluted Earnings Per Share

(In thousands, except per share data)	Three Months Ended March 31, 2018
Basic:
Net income attributable to common shareholders	$	112,122
Weighted-average common shares outstanding	342,901
Basic EPS	$	0.33

Diluted:
Net income attributable to common shareholders	$	112,122
Diluted weighted-average common shares outstanding	343,057
Diluted EPS	$	0.33

Share-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

The 2017 Stock Incentive Plan (“Plan”) is designed to provide long-term equity based compensation to directors and employees of the Company and its subsidiaries. It is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted with respect to an aggregate of 12,750,000 shares of common stock and may be issued in the form of: (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) dividend equivalent rights, (e) restricted stock, (f) restricted stock units or (g) unrestricted stock. In addition, the Plan limits the total number of shares of common stock with respect to which awards may be granted to any employee or director during any one calendar year.

Total shared-based compensation expense recorded as General and administrative expense in the Statement of Operations totaled $0.4 million for the three months ended March 31, 2018. Compensation expense is recognized on a straight-line basis for awards with only service conditions.

Restricted Stock Activity

	Units		Weighted Average Fair Value
Outstanding as of December 31, 2017	123,610		$	15.61
Granted	100,322		20.04
Vested	(26,557	)	20.04
Forfeited	—		—
Canceled	—		—
Outstanding as of March 31, 2018	197,375		$	17.27

As of March 31, 2018, there was $2.9 million of unrecognized compensation cost related to non-vested share-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 2.9 years.

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

The following table presents certain information with respect to the Company’s segments.

Our real property business and our golf course business represent two reportable segments. The real property business segment consists of leased real property and represents the substantial majority of our business. The golf course business segment consists of four golf courses, with each being operating segments that are aggregated into one reportable segment.

The results of each reportable segment presented below are consistent with the way VICI management assesses these results and allocates resources, which is a consolidated view that adjusts for the impact of certain transactions between reportable segments within VICI, as described below. Accordingly, the results of certain reportable segments presented in this footnote differ from the financial statement information presented in their standalone reports.



	Three Months Ended March 31, 2018
(In thousands)	Real Property Business			Golf Course Business			VICI Consolidated
Net revenues	$	211,488		$	6,788		$	218,276
Operating income	186,936			1,788			188,724
Interest expense	(52,875		)	—			(52,875		)
Loss on extinguishment of debt	(23,040		)	—			(23,040		)
Income before income taxes	112,699			1,788			114,487
Income tax expense	—			(384		)	(384		)
Net income	112,699			1,404			114,103

Depreciation	—			906			906

Total assets	$	10,404,715		$	81,524		$	10,486,239

All of our real estate holdings (other than those related to the Golf Course Business) are leased to Caesars and certain of its subsidiaries, and substantially all of our revenues are derived from the Lease Agreements, which represents a concentration of credit risk due to the single tenant nature of our leases. Management does not believe there are any other significant concentrations of credit risk.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	On April 24, 2018, VICI Properties 1 LLC, a wholly owned subsidiary of Company, entered into interest rate swap transactions with third party financial institutions having an aggregate notional amount of $1,500.0 million. The interest rate swap transactions each have an effective date of May 22, 2018 and a termination date of April 22, 2023. The interest rate swap transactions are intended to be cash flow hedges that effectively fix at 2.8297% the LIBOR portion of the interest rate on the outstanding debt under the Term Loan B Facility.

Liabilities Subject to Compromise	3 Months Ended
Liabilities Subject to Compromise	Mar. 31, 2017
Caesars Entertainment Outdoor
Reorganizations [Line Items]
Liabilities Subject to Compromise	Liabilities Subject to Compromise On March 25, 2015, the Bankruptcy Court entered an order establishing May 26, 2015 as the bar date for potential general creditors to file proofs of claims and established the required procedures with respect to filing such claims. A bar date is the deadline by which creditors must file a proof of claim against the Debtors for the claim to be allowed. In addition, a bar date of July 14, 2015 was established as a deadline for claims from governmental units. As of March 31, 2017, the Business had received 55 proofs of claim, a portion of which assert, in part or in whole, unliquidated claims. These proofs of claims include 9 claims that were carved out of the legal entities that own the Business and that have additional claims, which do not correspond to the Business. In addition, the Business has been assigned by the court an additional 12 claims. In the aggregate, total asserted liquidated proofs of claim for approximately $122.2 million had been filed against or assigned to the Business. Based on reasonable current estimates, the Business expects to ask the Bankruptcy Court to disallow 21 claims representing approximately $121.5 million of such claims. These claims are classified by the Business as amended and replaced, duplicate, redundant or non-Debtor claims. New and amended claims may be filed in the future, including claims amended to assign values to claims originally filed with no designated value. On October 6, 2017, the Business settled claims included in liabilities subject to compromise for $125,000 recognizing a reorganization gain of $124,000. In addition, approximately $5.1 million of claims are still disputed and unresolved and have been transferred to New CEOC for final resolution.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
Caesars Entertainment Outdoor
Income Tax Contingency [Line Items]
Income Taxes	Income Taxes Since Caesars Entertainment Outdoors did not have a formal tax sharing agreement in place with Caesars Entertainment for federal income tax purposes, Caesars Entertainment paid all of Caesars Entertainment Outdoors’ federal income taxes. The tax benefit/expense for the three months ended March 31, 2017 is primarily related to the federal and state tax impact of the pre-tax book income/loss. As there was no pre-tax book income/loss recorded for Q1 2017, no tax benefit/expense was recorded for that period.

Related Party Transactions

3 Months Ended

Mar. 31, 2017

Caesars Entertainment Outdoor

Related Party Transactions

We had transactions with CEOC resulting in net distributions of approximately $1,671,000 for the three months ended March 31, 2017. The net distributions were the result of cash generated by the operations of the Business and proceeds from the sale of assets, partially offset by amounts contributed by CEOC to fund capital improvements and capital lease obligations.

Related Party Fees and Expenses

The following amounts were recorded with respect to the related-party transactions described in this section:



		(In thousands)
Transaction type	Recorded as:	Three Months Ended March 31, 2017
Insurance expense	Administrative and other	$	14
Allocation of indirect expenses from CEOC and Caesars’ affiliates ⁽¹⁾	Administrative and other	84
Golf revenue from CEOC and Caesars’ affiliates ⁽²⁾	Golf revenue	903
Pass-through revenue with CEOC and Caesars’ affiliates ⁽³⁾	Golf revenue	139
	Food and beverage revenue	16
	Retail and other revenue	25

_____________

⁽¹⁾

The Statement of Operations included allocated overhead costs for certain functions historically performed by CEOC and Caesars’ affiliates, including allocations of direct and indirect operating and maintenance costs and expenses for procurement, logistics and general and administrative costs and expenses related to executive oversight, marketing, information technology, accounting, treasury, tax, and legal. These costs were allocated on the basis of either revenue or payroll costs.


⁽²⁾	See Business and Basis of Presentation - Golf Revenue.


⁽³⁾	Primarily includes transactions where CEOC and Caesars affiliates’ customers charge their golf, food and beverage and retail purchases directly to their hotel bill. Amounts collected from the customer by the hotel are remitted to the golf course.

Savings and Retirement Plans

CEOC maintained a defined contribution savings and retirement plan that allows certain employees of the Business to make pre-tax and after-tax contributions. Under the plan, participating employees could elect to contribute up to 50% of their eligible earnings, subject to IRS rules and regulations, and be eligible to receive a company match of up to $600. Participating employees became vested in matching contributions on a pro-rata basis over five years of credited service. Our contribution expense, included in direct operating expenses and administrative and other expense, was approximately $16,000 for the three months ended March 31, 2017.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
Cash and Cash Equivalents	Cash consists of cash-on-hand and cash-in-bank. Any short-term investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are stated at the lower of cost or market value.
Restricted Cash	Restricted cash is comprised of funds paid monthly by Caesars for the CPLV rent that are held in a restricted cash management account for the purpose of funding debt service or impositions related to CPLV debt issued by us. Once all debt service and impositions are paid out of restricted cash, the remaining funds are returned to the Company’s unrestricted operating account.
Investment in direct financing leases, net and Real Estate Investments	Investment in direct financing leases, net and Real Estate Investments Under guidance in ASC 840, the initial Lease Agreements were bifurcated between operating leases and direct financing leases. The fair value assigned to certain portions of the land qualify for operating lease treatment while the fair value assigned to the buildings was classified as a direct financing lease, and the portion of the land which was not bifurcated was also classified as part of direct financing lease. Land accounted for under the operating method has an indefinite useful life and is not depreciated. For real estate investments accounted for using the operating method, we continually monitor events and circumstances that could indicate that the carrying amount of our real estate investments may not be recoverable or realized. When events or changes in circumstances indicate that a potential impairment has occurred or that the carrying value of a real estate investment may not be recoverable, we use an estimate of the undiscounted value of expected future operating cash flows to determine whether the real estate investment is impaired. If the undiscounted cash flows plus net proceeds expected from the disposition of the asset is less than the carrying value of the assets, we recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value. If these estimates or the related assumptions change in the future, we may be required to record an impairment loss. If and when an investment in direct financing leases is identified for impairment evaluation, the Company will apply the guidance in both ASC 310 "Receivables" ("ASC 310") and ASC 360 "Property, Plant and Equipment" ("ASC 360"). Under ASC 310, the lease receivable portion of the net investment in direct financing lease is identified for impairment when it becomes probable to the Company, as the lessor, will be unable to collect all rental payments associated with our investment in direct financing leases. Under ASC 360, the residual value portion of the net investment in direct financing leases is monitored for impairment under the same method the Company applies to real estate investments. There were no impairments identified on our real estate investments or our investment in direct financing leases, net during the three months ended March 31, 2018.
Property Used in Operations	Property and Equipment Used in Operations Property and equipment used in operations represents assets for VICI Golf LLC, our golf operations. Judgments are made in determining their estimated useful lives and salvage values and if or when an asset (or asset group) has been impaired. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. We review the carrying value of our assets whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Other factors considered by management in performing this assessment may include current operating results, trends, prospects, and third-party appraisals, as well as the effect of demand, competition, and other economic, legal, and regulatory factors. During the three months ended March 31, 2018, no impairment on assets was recorded.
Income Taxes-REIT Qualification	Income Taxes-REIT Qualification We intend to elect to be taxed and qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2017, and we intend to continue to be organized and to operate in a manner that will permit us to qualify as a REIT beyond that taxable year end.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness.
Share Based Compensation	Share-Based Compensation The VICI Properties Inc. 2017 Stock Incentive Plan (the “2017 Stock Incentive Plan”) provides for the Company to issue awards to certain key persons (employees and non-employee directors). Awards under the 2017 Stock Incentive Plan may include incentive stock options; non-qualified stock options; stock appreciation rights; dividend equivalent rights; restricted stock; restricted stock units and unrestricted stock. The Company accounts for stock compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The method for calculating the fair value of the Company’s time-based restricted stock awards is determined by the Compensation Committee of the Board of Directors and for most grants in 2018 is equivalent to the 10-day volume weighted average price using the 10 trading days ending on the grant date.
Pronouncements Adopted by the Company	Pronouncements Adopted by the Company Compensation - Stock Compensation - May 2017: Amendments in this update provide guidance regarding which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all of the following are met: (i) the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as before the original award was modified. The Company adopted this guidance prospectively on January 1, 2018. The adoption of this guidance does not have a material effect on our Financial Statements. Business Combinations - January 2017: Updated amendments intend to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for acquisitions (or disposals) of assets or businesses. Amendments in this update provide a more robust framework to use in determining when a set of assets and activities is a business and to provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. Specifically, the new guidance provides a screen to determine when an integrated set of assets and activities is not a business. Under the new guidance, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the assets do not represent a business. Amendments should be applied on a prospective basis on or after the effective date. No disclosures are required at transition. The Company adopted this standard on January 1, 2018. The adoption of this standard may have a material impact to our Financial Statements with future acquisitions or divestitures. Revenue from Contracts with Customers - May 2014 (amended January 2017): The new guidance is intended to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP applicable to revenue transactions. Existing industry guidance will be eliminated. The FASB has recently issued several amendments to the standard, including clarification on accounting for and identifying performance obligations. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. The guidance should be applied using the full retrospective method or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application. We adopted this standard effective January 1, 2018. There was no material impact on our Financial Statements as the majority of our revenue recognition policies was not impacted by the new standard, as leases, which represent the substantial majority of our revenues, were excluded from the new guidance. The adoption of this guidance did not change the timing or process in which we recognize golf revenue. Income Taxes - October 2016: Amended guidance addresses intra-entity transfers of assets other than inventory, which requires the recognition of any related income tax consequences when such transfers occur. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We adopted this guidance effective January 1, 2018. There was no material impact on our Financial Statements. Pronouncements Not Yet Adopted by the Company Derivatives and Hedging - August 2017: The amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. The transition guidance provides the option of early adoption using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. We do not believe the effect of adopting this standard would have a material impact on our current Financial Statements. However, we will continue to assess the impact that this guidance might have on the accounting and disclosure of potential hedge transactions that we may enter into in the future. Leases - February 2016 (amended January 2017 and January 2018): The amended guidance requires most lease obligations to be recognized as a right-of-use asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance should be implemented for the earliest period presented using a modified retrospective approach, which includes optional practical expedients primarily focused on leases that commence before the effective date. We are evaluating the impact of adopting this new standard on our Financial Statements but do not expect the adoption of the new guidance to have a material impact on the accounting treatment of our triple-net tenant leases, which are the primary source of our revenues.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash



(In thousands)	March 31, 2018		December 31, 2017
Cash and cash equivalents	$	918,215	$	183,646
Restricted cash	13,808		13,760
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	932,023	$	197,406

Investment in Direct Financing Leases, Net and Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2018

Leases [Abstract]

Schedule Of Direct Financing Lease

VICI’s investment in direct financing leases, net consisted of the following as of March 31, 2018 and December 31, 2017:



(In thousands)	March 31, 2018			December 31, 2017
Minimum lease payments receivable ⁽¹⁾	$	29,133,043		$	29,302,166
Estimated residual values of leased property (not guaranteed)	1,987,651			1,987,651
Gross investment in direct financing leases	31,120,694			31,289,817
Unamortized initial direct costs	—			—
Less: Unearned income	(22,839,137		)	(23,021,174		)
Net investment in direct financing leases, net	$	8,281,557		$	8,268,643

____________________


(1)	Minimum lease payments do not include contingent rent that may be received under the Lease Agreements. There was no contingent rent for the period ended March 31, 2018.

Schedule of Future Minimum Lease Payments for Operating and Capital Leases

At March 31, 2018, minimum lease payments owed to VICI for each of the five succeeding years are as follows:



(In thousands)	Minimum Lease Payments
2018	$	544,544
2019	730,060
2020	734,320
2021	738,656
2022	744,647

Property and Equipment Used in Operations, Net (Tables)

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule Of Property and Equipment Used in Operations, Net

Property and Equipment Used in Operations is primarily attributable to golf-related land, building and improvements and consists of the following:



(In thousands)	March 31, 2018			December 31, 2017
Land and land improvements	$	58,157		$	57,901
Buildings and improvements	14,572			14,572
Furniture and equipment	2,667			2,578
Total property and equipment	75,396			75,051
Less: accumulated depreciation	(1,657		)	(751		)
Total property and equipment, net	$	73,739		$	74,300



(In thousands)	Three Months Ended March 31, 2018
Depreciation expense	$	906

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Schedule Of Accrued Expenses



(In thousands)	March 31, 2018		December 31, 2017
Accounts payable	$	2,458	$	5,207
Accrued payroll and other compensation	1,998		2,559
Other accrued expenses	4,765		2,796
Total accrued expenses	$	9,221	$	10,562

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Summary of Debt-related transactions since December 31, 2017:



	Face Value (In thousands)
Description of Debt	Debt at December 31, 2017		Payment Activity			Debt at March 31, 2018
VICI PropCo Senior Secured Credit Facilities:
Revolving Credit Facility	$	300,000	$	(300,000	)	$	—
Term Loan B Facility	2,200,000		(100,000		)	2,100,000
Second Lien Notes	766,892		(268,412		)	498,480
CPLV Debt:
CPLV CMBS Debt	1,550,000		—			1,550,000
Total Debt	$	4,816,892	$	(668,412	)	$	4,148,480

Outstanding Indebtedness on March 31, 2018:



(Dollars in thousands)	March 31, 2018
Description of Debt	Final Maturity	Rate(s)⁽¹⁾	Face Value		Book Value⁽²⁾
VICI PropCo Senior Secured Credit Facilities
Senior Secured Revolving Credit Facility (“Revolving Credit Facility”) ⁽³⁾	2022	Variable	$	—	$	—
First Lien Senior Secured Term Loan (“Term Loan B Facility”) ⁽³⁾⁽⁴⁾	2024	Variable	2,100,000		2,070,783
Second Priority Senior Secured Notes (“Second Lien Notes”)⁽⁵⁾	2023	8.00%	498,480		498,480
CPLV Debt
CPLV CMBS Debt ⁽⁶⁾	2022	4.36%	1,550,000		1,550,000
Total Debt			$	4,148,480	$	4,119,263

____________________


⁽¹⁾	Interest rate is fixed, except where noted.


⁽²⁾	Book value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.


⁽³⁾	Interest is payable quarterly at a rate per annum equal to LIBOR plus 2.00%.


⁽⁴⁾	Final maturity is December 2024 or, to the extent the Second Lien Notes remain outstanding, July 2023 (three months prior to the maturity of the Second Lien Notes).


⁽⁵⁾	Interest is payable semi-annually.


⁽⁶⁾	Interest is payable monthly.

Contractual Obligation, Fiscal Year Maturity Schedule

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2018:



(In thousands)
2018	$	15,711
2019	20,765
2020	20,558
2021	20,353
2022	1,570,150
Thereafter	2,500,943
Total minimum repayments	$	4,148,480

Total commitments relating to golf-related maintenance agreements at March 31, 2018 are as follows:



(In thousands)	Golf-related maintenance agreements
2018	$	2,160
2019	225
Total golf-related maintenance agreement commitments	$	2,385

Fair Value (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Schedule Of Estimated Fair Value

The estimated fair values of the Company’s financial instruments at March 31, 2018 and December 31, 2017 are as follows:



	March 31, 2018				December 31, 2017
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	918,215	$	918,215	$	183,646	$	183,646
Restricted cash	13,808		13,808		13,760		13,760
Financial liabilities:
Senior Secured Credit Facilities
Revolving Credit Facility	$	—	$	—	$	300,000	$	300,000
Term Loan B Facility	2,070,783		2,107,875		2,168,864		2,200,000
Second Lien Notes	498,480		553,313		766,892		853,167
CPLV Debt
CPLV CMBS Debt	1,550,000		1,546,869		1,550,000		1,559,486

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Loss Contingencies [Line Items]

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2018 are as follows:



(In thousands)	Lease Commitments
2018	$	799
2019	948
2020	908
2021	926
2022	945
2023 and thereafter	17,966
Total minimum rental commitments	$	22,492

Contractual Obligation, Fiscal Year Maturity Schedule

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2018:



(In thousands)
2018	$	15,711
2019	20,765
2020	20,558
2021	20,353
2022	1,570,150
Thereafter	2,500,943
Total minimum repayments	$	4,148,480

Total commitments relating to golf-related maintenance agreements at March 31, 2018 are as follows:



(In thousands)	Golf-related maintenance agreements
2018	$	2,160
2019	225
Total golf-related maintenance agreement commitments	$	2,385

Caesars Entertainment Outdoor

Loss Contingencies [Line Items]

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2017 are as follows:



	(In thousands)
	Operating Leases
2017	$	645
2018	873
2019	891
2020	908
2021	926
2022 and thereafter	18,911
Total minimum rental commitments	$	23,154

Contractual Obligation, Fiscal Year Maturity Schedule

The future commitments relating to these agreements at March 31, 2017 are as follows:



	(In thousands)
	Maintenance Agreements
2017	$	2,128
2018	2,969
2019	225
Total maintenance agreement commitments	$	5,322

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Schedule of Weighted Average Earnings Per Share

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic earnings per share to the weighted-average common shares outstanding used in the calculation of diluted earnings per share for the three months ended March 31, 2018:



(In thousands)	Three Months Ended March 31, 2018
Determination of shares:
Weighted-average common shares outstanding	342,901
Assumed conversion of restricted stock	156
Diluted weighted-average common shares outstanding	343,057

Basic and Diluted Earnings Per Share

(In thousands, except per share data)	Three Months Ended March 31, 2018
Basic:
Net income attributable to common shareholders	$	112,122
Weighted-average common shares outstanding	342,901
Basic EPS	$	0.33

Diluted:
Net income attributable to common shareholders	$	112,122
Diluted weighted-average common shares outstanding	343,057
Diluted EPS	$	0.33

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

Restricted Stock Activity

	Units		Weighted Average Fair Value
Outstanding as of December 31, 2017	123,610		$	15.61
Granted	100,322		20.04
Vested	(26,557	)	20.04
Forfeited	—		—
Canceled	—		—
Outstanding as of March 31, 2018	197,375		$	17.27

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	Three Months Ended March 31, 2018
(In thousands)	Real Property Business			Golf Course Business			VICI Consolidated
Net revenues	$	211,488		$	6,788		$	218,276
Operating income	186,936			1,788			188,724
Interest expense	(52,875		)	—			(52,875		)
Loss on extinguishment of debt	(23,040		)	—			(23,040		)
Income before income taxes	112,699			1,788			114,487
Income tax expense	—			(384		)	(384		)
Net income	112,699			1,404			114,103

Depreciation	—			906			906

Total assets	$	10,404,715		$	81,524		$	10,486,239

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2017

Caesars Entertainment Outdoor

Schedule of Related Party Transactions

The following amounts were recorded with respect to the related-party transactions described in this section:



		(In thousands)
Transaction type	Recorded as:	Three Months Ended March 31, 2017
Insurance expense	Administrative and other	$	14
Allocation of indirect expenses from CEOC and Caesars’ affiliates ⁽¹⁾	Administrative and other	84
Golf revenue from CEOC and Caesars’ affiliates ⁽²⁾	Golf revenue	903
Pass-through revenue with CEOC and Caesars’ affiliates ⁽³⁾	Golf revenue	139
	Food and beverage revenue	16
	Retail and other revenue	25

_____________

⁽¹⁾


⁽²⁾	See Business and Basis of Presentation - Golf Revenue.


⁽³⁾	Primarily includes transactions where CEOC and Caesars affiliates’ customers charge their golf, food and beverage and retail purchases directly to their hotel bill. Amounts collected from the customer by the hotel are remitted to the golf course.

Business and Basis of Presentation - Narrative (Details) $ in Thousands		3 Months Ended
	Oct. 06, 2017 USD ($) segment	Mar. 31, 2018 segment property	Mar. 31, 2017 USD ($)	Jan. 15, 2015 property
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of golf courses \| property		4
Number of reportable segments \| segment		2
Caesars Entertainment Outdoor
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of golf courses \| property				4
Variable golf fees	$ 10,000		$ 733
Use fees	3,000
Minimum rounds fees	$ 1,100
Number of reportable segments \| segment	1
Reimbursement revenue			$ 170

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 918,215	$ 183,646
Restricted cash	13,808	13,760
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$ 932,023	$ 197,406

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2018 USD ($) day	Dec. 31, 2017 USD ($)
Real Estate Properties [Line Items]
Period of volume of weighted average price \| day	10
Trading days \| day	10
Term B Loan Facility
Real Estate Properties [Line Items]
Debt instrument, face amount		$ 2,200,000,000
Term B Loan Facility \| Senior Notes
Real Estate Properties [Line Items]
Unamortized issuance costs	$ 29,200,000	31,100,000
Revolving Credit Facility
Real Estate Properties [Line Items]
Debt instrument, face amount		400,000,000
Revolving Credit Facility \| Term B Loan Facility
Real Estate Properties [Line Items]
Debt instrument, face amount		300,000,000
Revolving Credit Facility \| Term B Loan Facility \| Senior Notes
Real Estate Properties [Line Items]
Unamortized issuance costs	$ 7,300,000	7,500,000
Debt instrument, face amount		$ 400,000,000

Property Transactions - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
Property Transactions - Narrative (Details) $ in Millions	Dec. 31, 2017 USD ($) a option	Mar. 31, 2018 USD ($)
Business Acquisition [Line Items]
Term of contract		5 years
Accounted for using the operating method	$ 73.6
Deposit liability	73.6
Harrah’s Las Vegas, LLC
Business Acquisition [Line Items]
Purchase price	$ 1,136.2
Term of contract	15 years	7 years
Number of renewal options \| option	4
Renewal term	5 years
Amount of lease term annually		$ 87.4
Eastside Convention Center, LLC
Business Acquisition [Line Items]
Purchase price	$ 73.6
Acres of parcel \| a	18.4
Percentage of costs of remediation work	50.00%
Vegas Development Land Owner LLC
Business Acquisition [Line Items]
Percentage of costs of remediation work	50.00%
Costs incurred in remediation work	$ 12.0

Investment in Direct Financing Leases, Net and Real Estate Investments - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Weighted average remaining lease term	34 years 7 months	34 years 10 months 24 days

Investment in Direct Financing Leases, Net and Real Estate Investments - Schedule Of Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Minimum lease payments receivable	$ 29,133,043	$ 29,302,166
Estimated residual values of leased property (not guaranteed)	1,987,651	1,987,651
Gross investment in direct financing leases	31,120,694	31,289,817
Unamortized initial direct costs	0	0
Less: Unearned income	(22,839,137)	(23,021,174)
Net investment in direct financing leases, net	$ 8,281,557	$ 8,268,643

Investment in Direct Financing Leases, Net and Real Estate Investments - Schedule Of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Leases [Abstract]
2018	$ 544,544
2019	730,060
2020	734,320
2021	738,656
2022	$ 744,647

Property and Equipment Used in Operations, Net - Schedule Of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 75,396	$ 75,051
Less: accumulated depreciation	(1,657)	(751)
Property and equipment used in operations, net	73,739	74,300
Depreciation	906
Land and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	58,157	57,901
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	14,572	14,572
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,667	$ 2,578

Accounts Payable and Accrued Expenses - Schedule Of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable	$ 2,458	$ 5,207
Accrued payroll and other compensation	1,998	2,559
Other accrued expenses	4,765	2,796
Total accrued expenses	$ 9,221	$ 10,562

Debt - Schedule Of Outstanding Indebtedness (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt, net	$ 4,148,480	$ 4,816,892
Book Value	4,119,263	4,785,756
Senior Notes \| Senior Secured Revolving Credit Facility (“Revolving Credit Facility”)
Debt Instrument [Line Items]
Debt, net	0
Book Value	0
Senior Notes \| First Priority Senior Secured Notes Maturing in 2024
Debt Instrument [Line Items]
Debt, net	2,100,000
Book Value	$ 2,070,783
Senior Notes \| First Priority Senior Secured Notes Maturing in 2024 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Senior Notes \| Second Lien Notes
Debt Instrument [Line Items]
Debt, net	$ 498,480
Book Value	$ 498,480
Interest rate, stated percentage	8.00%
CPLV CMBS Debt \| CPLV CMBS Debt
Debt Instrument [Line Items]
Debt, net	$ 1,550,000	$ 1,550,000
Book Value	$ 1,550,000
Interest rate, stated percentage	4.36%

Debt - Schedule of Future Minimum Repayment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2018	$ 15,711
2019	20,765
2020	20,558
2021	20,353
2022	1,570,150
Thereafter	2,500,943
Debt, net	$ 4,148,480	$ 4,816,892

Debt - Narrative (Details) - USD ($)		1 Months Ended		3 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 05, 2018	Feb. 28, 2018	Dec. 31, 2017	Mar. 31, 2018
Debt Instrument [Line Items]
Proceeds from initial public offering of common stock	$ 1,307,100,000	$ 1,307,100,000
Debt, net			$ 4,816,892,000	$ 4,148,480,000
Repayments of debt				668,412,000
Term B Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount			2,200,000,000
Repayments of debt		100,000,000
Second Lien Notes
Debt Instrument [Line Items]
Amount redeemed		268,400,000
Senior Notes \| Term B Loan Facility
Debt Instrument [Line Items]
Debt, net			2,200,000,000	2,100,000,000
Repayments of debt				$ 100,000,000
Senior Notes \| Second Lien Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				8.00%
Debt, net				$ 498,480,000
Percentage of principal amount redeemed (up to)				35.00%
Redemption price, percentage (equal to)				108.00%
Senior Notes \| Second Lien Notes
Debt Instrument [Line Items]
Debt, net			766,892,000	$ 498,480,000
Repayments of debt				$ 268,412,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount			400,000,000
Percentage of utilization of revolving credit facility				30.00%
Debt, net		$ 300,000,000
Revolving Credit Facility \| Term B Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount			300,000,000
Proceeds from issuance of debt			$ 500,000,000
Percentage of issuance discount			0.25%
Percentage of amortization of principal amount per annum			1.00%
Revolving Credit Facility \| CPLV CMBS Debt
Debt Instrument [Line Items]
Interest rate, stated percentage			4.36%
Revolving Credit Facility \| Senior Notes
Debt Instrument [Line Items]
Debt, net			$ 300,000,000	$ 0
Repayments of debt				$ 300,000,000
Revolving Credit Facility \| Senior Notes \| Term B Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount			$ 400,000,000
LIBOR \| Revolving Credit Facility \| Term B Loan Facility
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%		2.25%
Basis spread on variable rate			2500.00%

Debt - Schedule of Debt Related Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2018	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt, net		$ 4,148,480	$ 4,816,892
Payment Activity		(668,412)
Term Loan B Facility
Debt Instrument [Line Items]
Payment Activity	$ (100,000)
Senior Notes \| Term Loan B Facility
Debt Instrument [Line Items]
Debt, net		2,100,000	2,200,000
Payment Activity		(100,000)
Senior Notes \| Second Lien Notes
Debt Instrument [Line Items]
Debt, net		498,480	766,892
Payment Activity		(268,412)
CPLV CMBS Debt \| CPLV CMBS Debt
Debt Instrument [Line Items]
Debt, net		1,550,000	1,550,000
Payment Activity		0
Revolving Credit Facility
Debt Instrument [Line Items]
Debt, net	$ 300,000
Revolving Credit Facility \| Senior Notes
Debt Instrument [Line Items]
Debt, net		0	$ 300,000
Payment Activity		$ (300,000)

Fair Value - Schedule Of Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 918,215	$ 183,646
Restricted cash	13,808	13,760
Carrying Amount \| Senior Secured Credit Facilities \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities	0	300,000
Carrying Amount \| Senior Secured Credit Facilities \| Term Loan B Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities	2,070,783	2,168,864
Carrying Amount \| Senior Secured Credit Facilities \| Second Lien Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities	498,480	766,892
Carrying Amount \| Unitranche Debt \| CPLV CMBS Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities	1,550,000	1,550,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	918,215	183,646
Restricted cash	13,808	13,760
Fair Value \| Senior Secured Credit Facilities \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities	0	300,000
Fair Value \| Senior Secured Credit Facilities \| Term Loan B Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities	2,107,875	2,200,000
Fair Value \| Senior Secured Credit Facilities \| Second Lien Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities	553,313	853,167
Fair Value \| Unitranche Debt \| CPLV CMBS Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial liabilities	$ 1,546,869	$ 1,559,486

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended
	Oct. 06, 2017 USD ($)	Jan. 31, 2015 USD ($) payment	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)
Loss Contingencies [Line Items]
Expenses related to operating lease commitments			$ 300
Term of contract			5 years
Expenses related to other golf-related commitments			$ 800
Caesars Entertainment Outdoor
Loss Contingencies [Line Items]
Present value of withdrawal liability		$ 360,000
Frequency of withdrawal of payment \| payment		80
Withdrawal liability		$ 6,000
Loss in period	$ 45,000
Rent expense				$ 211
Period of arrangement				5 years
Cost of property repairs and maintenance				$ 796

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Loss Contingencies [Line Items]
2018	$ 799
2019	948
2020	908
2021	926
2022	945
2023 and thereafter	17,966
Total minimum rental commitments	$ 22,492
Caesars Entertainment Outdoor
Loss Contingencies [Line Items]
2018		$ 645
2019		873
2020		891
2021		908
2022		926
2023 and thereafter		18,911
Total minimum rental commitments		$ 23,154

Commitments and Contingent Liabilities - Schedule Of Other Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Loss Contingencies [Line Items]
2019	$ 2,160
2020	225
Total golf-related maintenance agreement commitments	$ 2,385
Caesars Entertainment Outdoor
Loss Contingencies [Line Items]
2018		$ 2,128
2019		2,969
2020		225
Total golf-related maintenance agreement commitments		$ 5,322

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Mar. 15, 2018	Feb. 05, 2018	Feb. 28, 2018	Mar. 31, 2018	Dec. 31, 2017	Oct. 06, 2017
Subsidiary or Equity Method Investee [Line Items]
Total number of common and preferred shares authorized (in shares)						750,000,000
Common stock, shares authorized (in shares)				700,000,000	700,000,000	700,000,000
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)				50,000,000	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)				$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)				12,000,000	12,000,000
Shares issued in IPO (in shares)		69,575,000
Share price (in dollars per share)		$ 20.00
Aggregate offering value of shares		$ 1,391,500		$ 1,307,119
Proceeds from issuance of common stock		$ 1,307,100	$ 1,307,100
Common stock, shares issued (in shares)				370,128,832	300,278,938
Cash dividend per share (in dollars per share)	$ 0.16
Distribution rate per share (in dollars per share)	$ 0.2625
Series A Preferred Stock
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, par value (in dollars per share)						$ 0.01
Preferred stock, shares issued (in shares)						12,000,000

Earnings Per Share - Schedule Of Weighted Average Earnings Per Share (Details)	3 Months Ended
	Mar. 31, 2018 shares
Schedule Of Weighted Average Number Of Shares [Line Items]
Weighted-average common shares outstanding (in shares)	342,900,842
Diluted weighted-average common shares outstanding (in shares)	343,056,532
Assumed conversion of restricted stock
Schedule Of Weighted Average Number Of Shares [Line Items]
Assumed conversion (in shares)	156,000

Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares
Basic:
Net income attributable to common shareholders \| $	$ 112,122
Weighted-average common shares outstanding (in shares) \| shares	342,900,842
Basic EPS (in dollars per share) \| $ / shares	$ 0.33
Diluted:
Net income attributable to common shareholders \| $	$ 112,122
Diluted weighted-average common shares outstanding (in shares) \| shares	343,056,532
Diluted EPS (in dollars per share) \| $ / shares	$ 0.33

Share-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 2.9
Weighted average period	2 years 11 months
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares) \| shares	12,750,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General and administrative	$ 0.4

Share-Based Compensation - Schedule Of Restricted Stock (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Units
Beginning balance (in shares) \| shares	123,610
Granted (in shares) \| shares	100,322
Vested (in shares) \| shares	(26,557)
Forfeited (in shares) \| shares	0
Canceled (in shares) \| shares	0
Ending balance (in shares) \| shares	197,375
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 15.61
Granted (in dollars per share) \| $ / shares	20.04
Vested (in dollars per share) \| $ / shares	20.04
Forfeited (in dollars per share) \| $ / shares	0.00
Canceled (in dollars per share) \| $ / shares	0.00
Ending balance (in dollars per share) \| $ / shares	$ 17.27

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2018 segment property
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Number of golf courses \| property	4

Segment Information - Schedule Of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net revenues	$ 218,276
Operating income	188,724
Interest expense	(52,875)
Loss on extinguishment of debt	(23,040)
Income before income taxes	114,487
Income tax expense	(384)
Net income	114,103
Depreciation	906
Total assets	10,486,239	$ 9,739,712
Real Property Business
Segment Reporting Information [Line Items]
Net revenues	211,488
Operating income	186,936
Interest expense	(52,875)
Loss on extinguishment of debt	(23,040)
Income before income taxes	112,699
Income tax expense	0
Net income	112,699
Depreciation	0
Total assets	10,404,715
Golf Course Business
Segment Reporting Information [Line Items]
Net revenues	6,788
Operating income	1,788
Interest expense	0
Loss on extinguishment of debt	0
Income before income taxes	1,788
Income tax expense	(384)
Net income	1,404
Depreciation	906
Total assets	$ 81,524

Subsequent Events (Details) - Subsequent Event $ in Millions	Apr. 24, 2018 USD ($)
Subsequent Event [Line Items]
Notional amount	$ 1,500.0
Term B Loan Facility
Subsequent Event [Line Items]
Basis spread on variable rate	2.8297%

Liabilities Subject to Compromise - Narrative (Details) - Caesars Entertainment Outdoor $ in Thousands		6 Months Ended
	Oct. 06, 2017 USD ($)	Mar. 31, 2018 USD ($) claim	Mar. 31, 2017 USD ($) claim
Reorganizations [Line Items]
Number of proofs of claims \| claim		55
Number of claims carved out of legal entities \| claim		9
Additional claims assigned by court \| claim		12
Amount of claims filed		$ 122,200
Number of filed claims likely to be denied \| claim			21
Amount of filed claims likely to be denied			$ 121,500
Liabilities subject to compromise	$ 125
Gain on settlement of other claims	124
Amount of claims under review by management	$ 5,100

Related Party Transactions - Narrative (Details)	3 Months Ended
Related Party Transactions - Narrative (Details)	Mar. 31, 2017 USD ($)
Caesars Entertainment Operating Company, Inc.
Related Party Transaction [Line Items]
Maximum annual contributions per employee, percent (up to)	50.00%
Employer matching contribution, amount (up to)	$ 600
Administrative expense	16,000
Accumulated Net Investment Gain (Loss) Attributable to Parent \| Caesars Entertainment Outdoor
Related Party Transaction [Line Items]
Dividends	$ 1,671,000

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Administrative and other	$ 7,308
Golf revenue	$ 6,788
Caesars Entertainment Outdoor
Related Party Transaction [Line Items]
Administrative and other		$ 550
Golf revenue		3,570
Food and beverage revenue		525
Retail and other revenue		538
Caesars Entertainment Outdoor \| Insurance expense
Related Party Transaction [Line Items]
Administrative and other		14
Caesars Entertainment Outdoor \| CEOC and Caesars' Affiliates \| Indirect Expenses
Related Party Transaction [Line Items]
Administrative and other		84
Caesars Entertainment Outdoor \| CEOC and Caesars' Affiliates \| Golf revenue
Related Party Transaction [Line Items]
Golf revenue		903
Caesars Entertainment Outdoor \| CEOC and Caesars' Affiliates \| Pass-Through Revenue
Related Party Transaction [Line Items]
Golf revenue		139
Food and beverage revenue		16
Retail and other revenue		$ 25