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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Oct. 31, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 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)		370,229,491
Trading Symbol	VICI
Entity Emerging Growth Company	false
Entity Small Business	false

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate portfolio:
Investments in direct financing leases, net	$ 8,815,557	$ 8,268,643
Investments in operating leases	1,075,691	1,110,400
Land	95,789	73,600
Property and equipment used in operations, net	72,287	74,300
Cash and cash equivalents	145,223	183,646
Restricted cash	58	13,760
Short-term investments	320,676	0
Other assets	43,220	15,363
Total assets	10,568,501	9,739,712
Liabilities
Debt, net	4,121,153	4,785,756
Accrued interest	23,672	21,595
Deferred financing liability	73,600	73,600
Deferred revenue	701	68,117
Dividends payable	106,356	0
Other liabilities	31,742	10,562
Deferred income taxes	4,004	3,718
Total liabilities	4,361,228	4,963,348
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.01 par value, 700,000,000 shares authorized and 370,228,468 and 300,278,938 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	3,702	3,003
Additional paid-in capital	5,953,726	4,645,824
Accumulated other comprehensive income	5,465	0
Retained earnings	160,915	42,662
Total VICI stockholders’ equity	6,123,808	4,691,489
Non-controlling interests	83,465	84,875
Total stockholders’ equity	6,207,273	4,776,364
Total liabilities and stockholders’ equity	$ 10,568,501	$ 9,739,712

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 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)	370,228,468	300,278,938
Common stock, shares outstanding (in shares)	370,228,468	300,278,938

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Income from direct financing leases	$ 189,938		$ 554,293
Income from operating leases	12,209		36,627
Tenant reimbursement of property taxes	25,147		61,322
Net revenues	232,687		671,938
Operating expenses
General and administrative	5,678		20,145
Depreciation	929		2,757
Property taxes	25,423		61,598
Golf operations	4,223		12,832
Loss on impairment	12,334		12,334
Total operating expenses	48,587		109,666
Operating income	184,100		562,272
Interest expense	(54,051)		(158,365)
Interest income	2,027		7,504
Loss from extinguishment of debt	0		(23,040)
Income before income taxes	132,076		388,371
Income tax expense	(52)		(884)
Net income	132,024		387,487
Less: Net income attributable to non-controlling interests	(2,112)		(6,409)
Net income attributable to common stockholders	$ 129,912		$ 381,078
Net income per common share
Basic (in dollars per share)	$ 0.35		$ 1.06
Diluted (in dollars per share)	0.35		1.06
Dividends declared per common share (in dollars per share)	$ 0.2875		$ 0.7100
Weighted average number of common shares outstanding
Basic (in shares)	369,935,055		360,997,358
Diluted (in shares)	370,127,185		361,042,203
Other comprehensive income
Net income attributable to common stockholders	$ 129,912		$ 381,078
Unrealized gain on cash flow hedges	10,105		5,465
Comprehensive income attributable to common stockholders	140,017		386,543
Caesars Entertainment Outdoor
Revenues
Net revenues		$ 4,102		$ 13,827
Operating expenses
General and administrative		293		1,341
Depreciation		801		2,402
Total operating expenses		4,102		13,827
Net income		0		0
Golf
Revenues
Net revenues	$ 5,393		$ 19,696
Golf \| Caesars Entertainment Outdoor
Revenues
Net revenues		3,682		11,146
Operating expenses
Golf operations		1,461		5,088
Food and beverage \| Caesars Entertainment Outdoor
Revenues
Net revenues		233		1,338
Operating expenses
Golf operations		235		1,119
Retail and other \| Caesars Entertainment Outdoor
Revenues
Net revenues		187		1,343
Operating expenses
Golf operations		185		1,041
Property costs \| Caesars Entertainment Outdoor
Operating expenses
Golf operations		$ 1,127		$ 2,836

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Caesars Entertainment Outdoor
Revenue from related parties	$ 2,892	$ 5,562

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Total VICI Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings	Non-controlling Interests
Beginning balance at Dec. 31, 2017	$ 4,776,364	$ 4,691,489	$ 3,003	$ 4,645,824	$ 0	$ 42,662	$ 84,875
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	387,487	381,078				381,078	6,409
Issuance of common stock from Initial Public Offering	1,307,119	1,307,119	695	1,306,424
Distributions to non-controlling interests	(7,819)						(7,819)
Dividends declared	(262,825)	(262,825)				(262,825)
Share-based compensation	1,482	1,482	4	1,478
Unrealized gain on cash flow hedges	5,465	5,465			5,465
Ending balance at Sep. 30, 2018	$ 6,207,273	$ 6,123,808	$ 3,702	$ 5,953,726	$ 5,465	$ 160,915	$ 83,465

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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+ Details

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)
Cash flows from operating activities
Net income	$ 387,487
Adjustments to reconcile net income to cash flows provided by operating activities:
Direct financing lease adjustments	(39,119)
Stock-based compensation	1,482
Depreciation	2,757
Amortization of debt issuance costs and original issue discount	4,477
Loss on impairment	12,334
Loss on extinguishment of debt	23,040
Change in operating assets and liabilities:
Other assets	(19,609)
Accrued interest	2,077
Deferred revenue	(67,416)
Other liabilities	21,007
Net cash provided by operating activities	328,517
Cash flows from investing activities
Investments in direct financing leases	(507,795)
Deferred transaction costs	3,442
Investments in short-term investments	(421,434)
Maturities of short-term investments	100,758
Proceeds from sale of land	186
Acquisition of property and equipment, net of change in related payables	(744)
Net cash used in investing activities	(832,471)
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	(1,117)
Distributions to non-controlling interests	(7,819)
Dividends paid	(156,296)
Net cash provided by financing activities	451,829
Net decrease in cash, cash equivalents and restricted cash	(52,125)
Cash, cash equivalents and restricted cash, beginning of period	197,406
Cash, cash equivalents and restricted cash, end of period	145,281
Cash and cash equivalents, beginning of period	183,646
Cash and cash equivalents, end of period	145,223
Supplemental cash flow information:
Cash paid for interest	150,407
Cash paid for income taxes	1,174
Supplemental non-cash investing and financing activity:
Dividends declared, not paid	106,356
Transfer of investments in operating leases to land	$ 22,189
Caesars Entertainment Outdoor
Cash flows from operating activities
Net income		$ 0
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation		2,402
Provisions for (recoveries of) bad debt		11
Change in operating assets and liabilities:
Receivables		(141)
Inventories		(157)
Prepayments		192
Accounts payable		(127)
Accrued expenses		64
Net cash provided by operating activities		2,244
Cash flows from investing activities
Acquisition of property and equipment, net of change in related payables		(1,918)
Net cash used in investing activities		(1,918)
Cash flows from financing activities
Repayments for capital leases		(14)
Transactions with parent, net		(1,148)
Net cash provided by financing activities		(1,162)
Net increase (decrease) in cash and cash equivalents		(836)
Cash and cash equivalents, beginning of period		920
Cash and cash equivalents, end of period		84
Supplemental cash flow information:
Cash paid for interest		$ 0

Business and Basis of Presentation	9 Months Ended
Business and Basis of Presentation	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Business and Basis of Presentation	Business and Basis of Presentation Business We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality and entertainment destinations, subject to long-term triple net leases. Our national, geographically diverse portfolio consists of 20 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas. We currently lease all of our properties to subsidiaries of Caesars. We also own and operate four championship golf courses located near certain of our properties. We have elected to be taxed as a real estate investment trust (“REIT”) for U.S. Federal income tax purposes commencing with our taxable year ended December 31, 2017. We conduct our real property business through our Operating Partnership and our golf course business, through a taxable REIT subsidiary (a “TRS”), VICI Golf LLC (“VICI Golf”). Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“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”). The consolidated financial statements, including the notes thereto, are unaudited and exclude some of the disclosures and information normally required in audited financial statements. We believe the disclosures made are adequate to prevent the information presented from being misleading. However, the accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in our most recent Annual Report on Form 10-K and as updated from time to time in our other filings with the SEC. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Use of Estimates The preparation of financial statements in conformity with GAAP requires us 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 and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Principles of Consolidation The accompanying consolidated Financial Statements include our accounts and the accounts of our Operating Partnership, and the subsidiaries in which we or our Operating Partnership has a controlling interest, which includes a single variable interest entity (“VIE”) where we are 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. We present non-controlling interest and classify such interest as a component of consolidated stockholders’ equity, separate from VICI stockholders’ equity. Our non-controlling interest represents a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease.
Caesars Entertainment Outdoor
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Business and Basis of Presentation	Business and Basis of Presentation Organization At September 30, 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 $150,000 and $603,000 for the three and nine months ended September 30, 2017, respectively. 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 $2,695,000 and $4,570,000 for the three and nine months ended September 30, 2017, respectively. 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

9 Months Ended

Sep. 30, 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 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. Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair 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 our unrestricted operating account.

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



(In thousands)	September 30, 2018		December 31, 2017
Cash and cash equivalents	$	145,223	$	183,646
Restricted cash	58		13,760
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	145,281	$	197,406

Short-Term Investments

The Company generally invests its excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 120 days.

Fair Value Measurements

We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.

Refer to Note 10 - Fair Value for further information.

Derivative Financial Instruments

We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value.

The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction.

On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. If the hedge relationship is terminated, then the value of the derivative is recorded in Accumulated other comprehensive income and recognized in earnings when the cash flows that were hedged affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income on our consolidated financial statements.

We use derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.

Investments in Direct Financing and Operating Leases

Upon lease inception, we assess lease classification under ASC 840 “Leases” (“ASC 840”) to determine if the lease should be classified as capital or operating. If a lease is determined to be a capital lease, we further assess if it is a direct financing or sales-type lease as defined in ASC 840. For leases determined to be direct financing capital leases, upon execution of the lease transaction, the asset is classified to Investments in direct financing leases, net. For direct financing leases where the land represents greater than 25% of the fair value of the underlying asset, the land and building components of the lease are bifurcated and separately assessed for classification.

We have determined that all of our leases meet the definition of direct financing leases under ASC 840, with the exception of the land component of our investment in Caesars Palace Las Vegas and certain parcels of land contained in the Non-CPLV Lease. We recognize the related income from our direct financing leases on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under direct financing leases will not equal income from direct financing leases. Rather, a portion of the cash rent we receive is recorded as Income from direct financing leases in our Statement of Operations and a portion is recorded as a change to the Investments in direct financing leases, net.

Initial direct costs incurred in connection with direct financing lease transactions are included in the balance of Investments in direct financing leases, net. Such amounts will be recognized as a reduction to Income from direct financing leases over the life of the lease using the effective interest method.

If and when an investment in direct financing leases is identified for impairment evaluation, we 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 that we 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 we apply to real estate investments.

Under the operating lease model, as the lessor, at lease inception the land is recorded as Investments in operating leases in our Balance Sheet and we record income from operating leases on a straight-line basis over the lease term. The amount of annual minimum lease payments attributable to the land element after deducting executory costs, including any profit thereon, is determined by applying our incremental borrowing rate to the value of the land. We record this lease income as Income from operating leases in our Statement of Operations. The land is assessed for impairment on a quarterly basis under ASC 360.

Concentrations of Credit Risk

All of our real estate holdings (other than VICI Golf ) are currently leased by us to CEOC or other affiliates of Caesars, and most of our revenues are derived from the Lease Agreements that we have with CEOC or other affiliates of Caesars. Other than having a single tenant from which we will derive most of our revenue, we do not believe there are any other significant concentrations of credit risk.

Recently Issued Accounting Pronouncements	9 Months Ended
Recently Issued Accounting Pronouncements	Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting Standard Update (“ASU”) No. 2018-13 - Fair Value Measurement (Topic 820) - August 2018: The amendments in the update remove, modify and add certain fair value disclosures as a broader initiative to improve the effectiveness of financial disclosures. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. In the current quarter we elected to early adopt this ASU, which resulted in no material changes to our fair value disclosures. ASU No. 2017-12 - Derivatives and Hedging (Topic 815) - 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 adopted this guidance in the quarter ended June 30, 2018 in connection with the cash flow hedges that we entered into in April 2018. Since we did not hold any derivatives prior to implementation of this guidance, the adoption had no impact on our Financial Statements. ASU No. 2016-02 - Leases (Topic 842) - February 2016 (as amended through July 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 plan to elect to use such practical expedients upon adoption on January 1, 2019. We are currently finalizing our evaluation of 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. However, upon adoption we anticipate that certain initial direct costs associated with the execution of lease agreements such as legal fees and transaction costs will no longer be capitalizable and will instead be expensed in the period incurred. Additionally, in relation to certain leases for which we are the lessee, such as the ground lease on the Cascata golf course, upon adoption we will be required to record a right of use asset and corresponding liability on our balance sheet.

Property Transactions	9 Months Ended
Property Transactions	Sep. 30, 2018
Business Combinations [Abstract]
Property Transactions	Property Transactions 2018 Transactions Our significant activities in 2018, in reverse chronological order, are as follows: Purchase of Octavius Tower and Harrah’s Philadelphia On July 11, 2018, we completed the previously announced transaction with Caesars to acquire, and lease back, all of the land and real estate assets associated with the Octavius Tower at Caesars Palace (“Octavius Tower”) for a purchase price of $507.5 million in cash. Octavius Tower is operated pursuant to a stand-alone lease, which provides for annual rent of $35.0 million payable in equal consecutive monthly installments and has an initial term that expires on October 31, 2032, with four five-year renewal options. In addition, on July 11, 2018, we entered into a definitive agreement to acquire all of the land and real estate assets associated with Harrah’s Philadelphia Casino and Racetrack (“Harrah’s Philadelphia”) from Caesars for $241.5 million, which purchase price will be reduced by $159.0 million to reflect the aggregate net present value of the contemplated modifications to the Lease Agreements, resulting in cash consideration of approximately $82.5 million. In connection with the closing of the acquisition of Harrah’s Philadelphia, each of the Non-CPLV Lease and the CPLV Lease will be amended to, among other things, include Harrah’s Philadelphia and Octavius Tower, respectively, and Caesars will continue to operate both properties under the terms of such leases as amended. The amendment to the Non-CPLV lease will provide for an additional $21.0 million in annual rent for Harrah’s Philadelphia, which will be subject to the as amended provisions of the lease. The HLV Lease and the Joliet Lease will also be modified at such time to achieve consistency with the other Lease Agreements. The acquisition of Harrah’s Philadelphia and the entry into the contemplated modifications to the Lease Agreements are expected to close during the fourth quarter of 2018, and are subject to certain customary closing conditions, including obtaining certain regulatory approvals and requisite lender and holder consents under the documents governing certain of our outstanding debt obligations. We can provide no assurances that the acquisition of Harrah’s Philadelphia and the contemplated modifications to the Lease Agreements will be consummated on the terms or timeframe described herein, or at all. Further, the definitive documentation governing these acquisitions contemplates a put right held by us and a call right held by Caesars, pursuant to which Caesars may reacquire Octavius Tower under certain circumstances in the event that the acquisition of Harrah’s Philadelphia is not consummated. Purchase of Margaritaville Resort Casino On June 18, 2018, we entered into definitive agreements pursuant to which we will acquire the land and real estate assets of the Margaritaville Resort Casino (“Margaritaville”), located in Bossier City, Louisiana, for $261.1 million. Penn National Gaming, Inc. (“Penn National”) will acquire the operating assets of Margaritaville for $114.9 million. Simultaneous with the closing of this transaction, we will enter into a triple-net lease agreement with a subsidiary of Penn National. The lease will have an initial annual rent of $23.2 million and an initial term of 15 years, with four five-year renewal options. The tenant’s obligations under the lease will be guaranteed by Penn National and certain of its subsidiaries. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the fourth quarter of 2018. However, we can provide no assurances that the transaction will be consummated on the terms or timeframe described herein, or at all. 2017 Transactions Our significant activities in 2017, in reverse chronological order, are as follows: Purchase of Harrah’s Las Vegas Real Estate In December 2017, we completed a transaction with 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 $1.1 billion. At closing, we entered into the HLV Lease, whereby 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 accounted for this transaction as a direct financing lease on our Balance Sheet. Sale of Eastside Property In December 2017, we sold to Caesars 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 Investment in operating leases to Land. Additionally, we recorded a $73.6 million Deferred financing liability on our 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 of Harrah’s Las Vegas by us to Caesars; and (iii) a call right in our favor, 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 Simultaneously with the sale of the Eastside Property, we also entered into an Amended and Restated Right of First Refusal Agreement with Caesars 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 was acquired by Caesars in the third quarter of 2018, (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. The Amended and Restated Right of First Refusal Agreement also contains a right of first refusal in favor of Caesars, pursuant to which Caesars will have the right to lease and manage any domestic gaming facility located outside of Greater Las Vegas, proposed to be acquired or developed by us that is not: (i) any asset that is then subject to a pre-existing lease, management agreement or other contractual restriction that was not entered into in contemplation of such acquisition or development and which (x) was entered into on arms’ length terms and (y) would not be terminated upon or prior to closing of such transaction, (ii) any transaction for which the opco/propco structure would be prohibited by applicable laws, rules or regulations or which would require governmental consent, approval, license or authorization (unless already received), (iii) any transaction structured by the seller as a sale-leaseback, (iv) any transaction in which we and/or our affiliates will not own at least 50% of, or control, the entity that will own the gaming facility, and (v) any transaction in which we or our affiliates propose to acquire a then-existing gaming facility from ourselves or our affiliates. In the event that the foregoing rights are not exercised by us or Caesars and CEOC, as applicable, each party will have the right to consummate the subject transaction without the other’s involvement, provided the same is on terms no more favorable to the counterparty than those presented to us or Caesars and CEOC, as applicable, for consummating such transaction. Option Properties Call Right Agreements On the Formation Date, we entered into certain call right agreements, which provide us with the opportunity to acquire Harrah’s Atlantic City, Harrah’s New Orleans and Harrah’s Laughlin from Caesars. We can exercise the call rights within five years from the Formation Date by delivering a request to the applicable owner of the property containing evidence of our ability to finance the call right. The purchase price for each property will be 10 multiplied by the initial property lease rent for the respective property, with the initial property lease rent for each property being the amount that causes the ratio of (x) EBITDAR of the property for the most recently ended four-quarter period for which financial statements are available to (y) the initial property lease rent to equal 1.67.

Real Estate Portfolio

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Real Estate Portfolio

Our real estate portfolio consisted of the following as of September 30, 2018 and December 31, 2017:



(In thousands)	September 30, 2018			December 31, 2017
Minimum lease payments receivable under direct financing leases ⁽¹⁾	$	29,990,632		$	29,302,166
Estimated residual values of leased property (not guaranteed)	2,142,400			1,987,651
Gross investment in direct financing leases	32,133,032			31,289,817
Unamortized initial direct costs	295			—
Less: Unearned income	(23,317,770		)	(23,021,174		)
Investment in direct financing leases, net	8,815,557			8,268,643
Investment in operating leases ⁽²⁾	1,075,691			1,110,400
Land ⁽³⁾	95,789			73,600
Total Real estate portfolio	$	9,987,037		$	9,452,643

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.

(2) Represents portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Non-CPLV Lease.

(3) Represents our investment in the Eastside Property and certain non-operating, de minimis land parcels contained in the Non-CPLV Lease. Refer to Note 4—Property Transactions in relation to the Eastside Property and “Loss on impairment” for further information on the non-operating de minimis land parcels.

The following table details the components of our income from direct financing and operating leases:



(In thousands)	Three Months Ended September 30, 2018			Nine Months Ended September 30, 2018
Income from direct financing leases	$	189,938		$	554,293
Income from operating leases	12,209			36,627
Total leasing revenue	202,147			590,920
Less: Direct financing lease adjustment ⁽¹⁾	(13,007		)	(39,117		)
Total contractual leasing revenue	$	189,140		$	551,803

____________________

(1) Amounts represent the non-cash adjustment to income from direct financing leases in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases.

At September 30, 2018, minimum lease payments owed to us for each of the five succeeding years under direct financing and operating leases are as follows:



(In thousands)	Minimum Lease Payments ⁽¹⁾
2018 (remaining)	$	190,631
2019	765,060
2020	769,320
2021	773,656
2022	779,647
Thereafter	28,376,784
Total	$	31,655,098

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.

The weighted average remaining lease term, including renewal options, for both operating and direct financing leases at September 30, 2018 was 34.1 years.

Lease Provisions

The following is a summary of the material lease provisions of our Lease Agreements and the modifications to the Lease Agreements contemplated in connection with the closing of the acquisition of Harrah’s Philadelphia:



($ In thousands)	Non-CPLV Lease and Joliet Lease		CPLV Lease		HLV Lease ⁽⁶⁾
Lease Provision ⁽¹⁾	Current	As Amended	Current	As Amended	Current
Initial Term	15 years	15 years	15 years	15 years	15 years
Renewal Terms	Four, five-year terms	Four, five-year terms	Four, five-year terms	Four, five-year terms	Four, five-year terms
Initial Base Rent ⁽²⁾	$472,925	$493,925	$165,000	$200,000	$87,400
Escalator commencement	Lease year six	Lease year two	Lease year two	Lease year two	Lease year two
Escalator ⁽³⁾	Consumer price index subject to 2% floor	Lease years 2-5 - 1.5% Lease Years 6-15 - Consumer price index subject to 2% floor	Consumer price index subject to 2% floor	Consumer price index subject to 2% floor	Lease years 2-5 - 1% Lease Years 6-15 - Consumer price index subject to 2% floor
EBITDAR to Rent Ratio floor ⁽⁴⁾	None	1.2x commencing lease year 8	None	1.7x commencing lease year 8	1.6x commencing lease year 6
Variable Rent commencement/reset	Lease years 8 and 11	Lease years 8 and 11	Lease years 8 and 11	Lease years 8 and 11	Lease years 8 and 11
Variable Rent split ⁽⁵⁾	Lease years 8-10 - 70% Base Rent and 30% Variable Rent Lease years 11-15- 80% Base Rent and 20% Variable Rent	Lease years 8-10 - 70% Base Rent and 30% Variable Rent Lease years 11-15- 80% Base Rent and 20% Variable Rent	80% Base rent and 20% Variable rent	80% Base rent and 20% Variable rent	80% Base rent and 20% Variable rent
Variable Rent percentage ⁽⁵⁾	Lease years 8-10 - 19.5% Lease years 11-15 - 13%	4%	13%	4%	4%

____________________

(1) All capitalized terms used without definition herein have the meanings detailed in the applicable Lease Agreement.

(2) The base rents of the Non-CPLV Lease and CPLV Lease will be adjusted by $21.0 million and $35.0 million, respectively, to incorporate the base rent for Harrah’s Philadelphia and Octavius Tower, respectively. The additional $35.0 million of rent for Octavius Tower will not be subject to the Escalator.

(3) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three and nine months ended September 30, 2018.

(4) In the event that the EBITDAR to Rent Ratio coverage is below the stated floor, the Escalator of the respective Lease Agreements will be reduced to such amount to achieve the stated EBITDAR to Rent Ratio coverage, provided that the amount shall never result in a decrease to the prior year’s rent.

(5) Variable Rent is not subject to the Escalator and is calculated as an increase or decrease of Net Revenues, as defined in the Lease Agreements, multiplied by the Variable Rent percentage.

(6) No material modifications to the HLV Lease are contemplated as a result of the amendments to the Lease Agreements.

As a result of the amendments, the purchase price of Harrah’s Philadelphia will be reduced by $159.0 million to reflect the aggregate net present value of the contemplated modifications to the Lease Agreements. Additionally, the rent of the Non-CPLV Lease and CPLV Lease will be adjusted by $21.0 million and $35.0 million, per anum respectively, to incorporate the rent for Harrah’s Philadelphia and Octavius Tower, respectively.

Other provisions of the Lease Agreements are subject to change based on the terms of our agreement with Caesars. The acquisition of Harrah’s Philadelphia and the entry into the contemplated modifications to the Lease Agreements are expected to close during

the fourth quarter of 2018, and are subject to certain customary closing conditions, including obtaining certain regulatory approvals and requisite lender and holder consents under the documents governing certain of our outstanding debt obligations. We can provide no assurances that the acquisition of Harrah’s Philadelphia and the contemplated modifications to the Lease Agreements will be consummated on the terms or timeframe described herein, or at all.

Loss on Impairment

We assess our real estate portfolio for impairment on a quarterly basis or whenever certain events or changes in circumstances indicate a possible impairment of the carrying value of the asset. Events or circumstances that may occur include changes in management’s intended holding period or potential sale to a third party, significant changes in real estate market conditions or tenant financial difficulties resulting in non-payment of the lease. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset.

On the Formation Date, CEOC transferred certain vacant, non-operating land parcels to us which are subject to the provisions of the Non-CPLV Lease. The Non-CPLV Lease allows for the sale of these vacant, non-operating land parcels without Caesars consent since they are specifically identified as de minimis to the operations of Caesars. All of the land parcels are located outside of Las Vegas and none of the land parcels are a component of the operations of our regional property portfolio. These vacant parcels of land had a fair value of $34.7 million on the Formation Date and were included in Investments in operating leases on our Balance Sheet.

We undertook a short-term strategic initiative to monetize certain of these vacant, non-operating land parcels. In relation to this initiative, we sold one land parcel in the quarter ended September 30, 2018 and are actively engaged in negotiations with buyers on two other parcels of land. Based on the sales prices that were or are being negotiated, we determined that the fair value of these three land parcels was lower than their current carrying values and recognized an impairment charge of $6.3 million, based on the anticipated sales prices. As a result of the identified impairment on these three parcels of land, we undertook an evaluation to assess whether indicators of impairment were present on the remaining vacant, non-operating land parcels. We used a sales comparison approach to determine the fair value of the remaining vacant, non-operating land parcels and identified $6.0 million in additional impairment charges. The impairment loss recorded was the result of various factors including changes in market conditions, strategic assessment and environmental and zoning issues that were identified during the sales process. Taking into account the impairment charge recognized in the quarter ended September 30, 2018 and the sale of one of the parcels that occurred during the quarter, the current carrying value of the vacant, non-operating land parcels is $22.2 million as of September 30, 2018.

In the current quarter we reclassified the remaining $22.2 million carrying value of the vacant, non-operating land from Investments in operating leases to Land. As of September 30, 2017 the balance of Land consists of $22.2 million representing the vacant, non-operating land and $73.6 million representing the Eastside Property.

Property and Equipment Used in Operations, Net

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations, Net

Property and equipment used in operations is primarily attributable to golf operations land, building and improvements and consists of the following:



(In thousands)	September 30, 2018			December 31, 2017
Land and land improvements	$	58,223		$	57,901
Buildings and improvements	14,572			14,572
Furniture and equipment	3,000			2,578
Total property and equipment used in operations	75,795			75,051
Less: accumulated depreciation	(3,508		)	(751		)
Total property and equipment used in operations, net	$	72,287		$	74,300

(In thousands)	Three Months Ended September 30, 2018			Nine Months Ended September 30, 2018
Depreciation expense	$	929		$	2,757

Other Liabilities

9 Months Ended

Sep. 30, 2018

Other Liabilities [Abstract]

Other Liabilities

The following table details the components of our other liabilities:



(In thousands)	September 30, 2018		December 31, 2017
Accounts payable	$	24	$	5,207
Accrued payroll and other compensation	4,063		2,559
Other accrued expenses	27,655		2,796
Total other liabilities	$	31,742	$	10,562

Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Debt

The following tables detail our debt obligations as of September 30, 2018 and December 31, 2017:



($ in thousands)	September 30, 2018
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Senior Secured Revolving Credit Facility (“Revolving Credit Facility”) ⁽²⁾⁽³⁾	2022	L + 2.00%	$	—	$	—
First Lien Senior Secured Term Loan (“Term Loan B Facility”) ^(3)(4)(5)	2024	L + 2.00%	2,100,000		2,072,673
Second Priority Senior Secured Notes (“Second Lien Notes”) ⁽⁶⁾	2023	8.00%	498,480		498,480
CPLV Debt
CMBS Debt (the “CPLV CMBS Debt”) ⁽⁷⁾	2022	4.36%	1,550,000		1,550,000
Total Debt			$	4,148,480	$	4,121,153



($ in thousands)	December 31, 2017
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility ⁽²⁾⁽³⁾	2022	L + 2.25%	$	300,000	$	300,000
Term Loan B Facility ^(3)(4)(5)	2024	L + 2.25%	2,200,000		2,168,864
Second Lien Notes ⁽⁶⁾	2023	8.00%	766,892		766,892
CPLV Debt
CPLV CMBS Debt ⁽⁷⁾	2022	4.36%	1,550,000		1,550,000
Total Debt			$	4,816,892	$	4,785,756

____________________


(1)	Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.Interest on any outstanding balance is payable monthly. Any unused balance is subject to a 0.5% commitment fee paid quarterly.


(2)	Initially bore interest at LIBOR plus 2.25%. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%.


(3)	Interest is payable monthly. On April 24, 2018, we entered into four interest rate swap agreements with third party financial institutions having an aggregate notional amount of $1.5 billion. The interest rate swaps are designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt at 2.8297%.


(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 table is a schedule of future minimum repayments of our debt obligations as of September 30, 2018:



(In thousands)	Future Minimum Repayments
2018 (remaining)	$	—
2019	—
2020	—
2021	—
2022	1,560,000
Thereafter	2,588,480
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 $2.2 billion 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%. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%, as contemplated by the Credit Agreement.

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 our REIT status. Commencing with the first full fiscal quarter ended after December 22, 2017, the closing date under the Credit Agreement, if there is 30% utilization of the Revolving Credit Facility, VICI PropCo and its restricted subsidiaries on a consolidated basis is required to maintain a maximum Total Net Debt to Adjusted Total Assets Ratio, as defined in the Credit Agreement.

The Senior Secured Credit Facilities are collateralized by 17 of our properties and one parcel of land. 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, we completed an initial public offering resulting in net proceeds of approximately $1.3 billion. We 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 of the principal amount outstanding on the Term Loan B Facility. Under the Credit Agreement, 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. However, as a result of prepaying $100.0 million in February 2018 the next principal payment due on the Term Loan B Facility is September 2022.

Refer to Note 9—Derivatives for a discussion of our interest rate swap agreements related to the Term Loan B Facility.

CPLV CMBS Debt

The CPLV CMBS Debt was incurred in October 2017 pursuant to a loan agreement (the “CMBS Loan Agreement”), and is secured by a first priority lien on all of the assets of CPLV Property Owner LLC, as borrower (“CPLV Borrower”), subject only to certain encumbrances as set forth in the CMBS Loan Agreement and including CPLV Borrower’s (1) fee interest (except as provided in (2)) in and to Caesars Palace Las Vegas, (2) leasehold interest with respect to Octavius Tower, and (3) interest in the CPLV Lease and all related agreements, including the Lease Agreements. The CPLV CMBS Debt bears 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 CMBS Loan Agreement contains certain 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.

Second Lien Notes

The Second Lien Notes were issued in October 2017, pursuant to an indenture (the “Indenture”) by and among VICI PropCo and its wholly owned subsidiary, VICI FC Inc. (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 Borrower, 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 (with the exception that we have the ability to make unlimited restricted payments to maintain our REIT status); (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.

The Second Lien Notes were 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, we used a portion of the proceeds from our 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. Due to the paydown of the debt, we recognized a loss on extinguishment of debt of $23.0 million during the three months ended March 31, 2018, the majority of which relates to the premium paid on the redemption price.

Financial Covenants

As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict our ability to incur additional debt, sell certain asset and restrict certain payments, among other things. In addition, 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 our REIT status. At September 30, 2018, we are in compliance with all required covenants under our debt obligations.

Derivatives

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

On April 24, 2018, we entered into four interest rate swap agreements with third party financial institutions having an aggregate notional amount of $1.5 billion. The interest rate swap transactions are designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt under the Term Loan B Facility at 2.8297%.

The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:



($ in thousands)	September 30, 2018
Instrument	Number of Instruments	Fixed Rate	Notional	Index	Maturity
Interest Rate Swaps	4	2.8297%	$1,500,000	USD LIBOR	April 22, 2023

As of September 30, 2018, the interest rate swaps are in net unrealized gain positions and are recognized within Other assets. For the three and nine months ended September 30, 2018 the amount recorded in other comprehensive income related to the derivative instruments was an unrealized gain of $10.1 million and $5.5 million, respectively. For the three and nine months ended September 30, 2018, we recorded interest expense of $2.8 million and $4.2 million, respectively, related to the interest rate swap agreements.

Fair Value

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value

Recurring Fair Value Measurements

The following table summarizes our assets and liabilities measured at fair value on a recurring basis:



	September 30, 2018
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments ⁽¹⁾	$	320,676	$	—	$	320,676	$	—
Financial liabilities:
Derivative instruments - interest rate swaps ⁽²⁾	$	5,465	$	—	$	5,465	$	—

____________________


(1)	The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality.


(2)	The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.

Non-recurring Fair Value Measurements

The following table summarizes our assets and liabilities measured at fair value on a non-recurring basis:



	September 30, 2018
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Land ⁽¹⁾	$	19,019	$	—	$	7,419	$	11,600

____________________


(1)	The fair value of the de minimis land valued based on the contract price represents a level 2 measurement as defined in ASC 820, while the inputs for the de minimis land valued using the sales comparison approach represents level 3 measurements as defined in ASC 820.

The following table summarizes the significant unobservable inputs used in Level 3 fair value measurements:



				Significant Assumptions ($ in per sq. ft.)
Asset Type	Fair Value		Valuation Technique	Range	Weighted Average		Square Footage
Land	$	11,600	Sales comparison	$0.50 - 5.00	$	2.90	4,002,908

The estimated fair values of our financial instruments at September 30, 2018 and December 31, 2017 for which fair value is only disclosed are as follows:



	September 30, 2018				December 31, 2017
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	144,685	$	144,685	$	183,646	$	183,646
Restricted cash	58		58		13,760		13,760
Financial liabilities:
Debt ⁽¹⁾
Revolving Credit Facility	$	—	$	—	$	300,000	$	300,000
Term Loan B Facility	2,072,673		2,105,250		2,168,864		2,200,000
Second Lien Notes	498,480		550,820		766,892		853,167
CPLV CMBS Debt	1,550,000		1,529,405		1,550,000		1,559,486

____________________

(1)

- 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

9 Months Ended

Sep. 30, 2018

Loss Contingencies [Line Items]

Commitments and Contingent Liabilities

Litigation

In the ordinary course of business, from time to time, we may be subject to legal claims and administrative proceedings. As of September 30, 2018, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows.

Operating Lease Commitments

We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and (ii) offices in Las Vegas, Nevada; New Orleans, Louisiana; and New York, New York, which expire in 2018, 2019 and 2020, respectively. Total rental expense under these agreements, included in golf operations and general and administrative expenses in our Statement of Operations, was approximately $0.5 million and $1.1 million for the three and nine months ended September 30, 2018, respectively.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at September 30, 2018 are as follows:



(In thousands)	Lease Commitments
2018 (remaining)	$	314
2019	1,242
2020	983
2021	933
2022	951
Thereafter	17,865
Total minimum lease commitments	$	22,288

Other golf operations commitments

VICI Golf 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. Expenses under these agreements are recorded as a component of golf operations in our Statement of Operations and were approximately $0.6 million and $2.2 million for the three and nine months ended September 30, 2018, respectively.

Total commitments relating to golf operations maintenance agreements at September 30, 2018 are as follows:



(In thousands)	Golf Operations Maintenance Agreements
2018 (remaining)	$	787
2019	225
Total golf operations maintenance agreement commitments	$	1,012

Other Contractual Commitments

As discussed in Note 4—Property Transactions, pursuant to the Eastside Property sale 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.

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 Business 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 2038. Total rental expense under these agreements included in direct golf operating expenses and property costs in our Statement of Operations was approximately $219,000 and $645,000 for the three and nine months ended September 30, 2017, respectively.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at September 30, 2017 are as follows:



	(In thousands)
	Operating Leases
2017 (remaining)	$	211
2018	873
2019	891
2020	908
2021	926
Thereafter	20,234
Total minimum rental commitments	$	24,043

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 $600,000 and $2,149,000 for the three and nine months ended September 30, 2017, respectively.

The future commitments relating to these agreements at September 30, 2017 are as follows:



	(In thousands)
	Maintenance Agreements
2017	$	775
2018	2,969
2019	225
Total maintenance agreement commitments	$	3,969

Stockholders' Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Equity

Stock

We have the 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.

Initial Public Offering

On February 5, 2018, we 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 $1.4 billion, resulting in net proceeds of approximately $1.3 billion after commissions and expenses. After giving effect to the initial public offering and the issuance of certain unvested restricted shares under the 2017 Stock Incentive Plan (the “Plan”), we have 370,228,468 shares of Common Stock issued and outstanding as of September 30, 2018.

Distributions

Dividends declared (on a per share basis) during the nine months ended September 30, 2018 were as follows:



Declaration Date	Period	Dividend
March 15, 2018 ⁽¹⁾	February 5, 2018 - March 31, 2018	$	0.16
June 14, 2018 ⁽²⁾	April 1, 2018 - June 30, 2018	$	0.2625
September 17, 2018 ⁽³⁾	July 1, 2018 - September 30, 2018	$	0.2875

____________________


(1)	The dividend was pro-rated for the period commencing upon the closing of our 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.


(2)	The dividend was paid on July 13, 2018 to stockholders of record as of the close of business on June 28, 2018.

(3)

The dividend was paid on October 11, 2018 to stockholders of record as of the close of business on September 28, 2018. This dividend represents an increase in our targeted annualized dividend to $1.15 per share of common stock, which represents a 9.5% increase from our previous annualized dividend rate of $1.05 per share.

Earnings Per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to common stockholders 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 and nine months ended September 30, 2018:



(In thousands)	Three Months Ended September 30, 2018	Nine Months Ended September 30, 2018
Determination of shares:
Weighted-average common shares outstanding	369,935	360,997
Assumed conversion of restricted stock	192	45
Diluted weighted-average common shares outstanding	370,127	361,042

Basic and Diluted Earnings Per Share

(In thousands, except per share data)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Basic:
Net income attributable to common stockholders	$	129,912	$	381,078
Weighted-average common shares outstanding	369,935		360,997
Basic EPS	$	0.35	$	1.06

Diluted:
Net income attributable to common stockholders	$	129,912	$	381,078
Diluted weighted-average common shares outstanding	370,127		361,042
Diluted EPS	$	0.35	$	1.06

Share-Based Compensation

9 Months Ended

Sep. 30, 2018

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

Share-Based Compensation

Stock-Based Compensation

The Plan is designed to provide long-term equity-based compensation to our directors and employees. 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 stock-based compensation expense recorded as General and administrative expense in the Statement of Operations totaled $0.6 million and $1.5 million for the three and nine months ended September 30, 2018, respectively. Compensation expense is recognized on a straight-line basis over the term of the reward.

The following table details the activity of our restricted stock and performance based restricted stock units:



(In thousands, except per share data)	Shares		Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2017	124		$	15.61
Granted	383		17.05
Vested	(31	)	20.01
Forfeited	(2	)	20.03
Canceled	—		—
Outstanding as of September 30, 2018	474		$	16.47

As of September 30, 2018, there was $6.3 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements under the Plan. This cost is expected to be recognized over a weighted average period of 2.5 years.

Segment Information

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Information

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 our management assesses these results and allocates resources, which is a consolidated view that adjusts for the impact of certain transactions between our reportable segments, as described below.

The following table presents certain information with respect to our segments:



	Three Months Ended September 30, 2018									Nine Months Ended September 30, 2018
(In thousands)	Real Property Business			Golf Course Business			VICI Consolidated			Real Property Business			Golf Course Business			VICI Consolidated
Revenues	$	227,294		$	5,393		$	232,687		$	652,242		$	19,696		$	671,938
Operating income	183,857			243			184,100			558,160			4,112			562,272
Interest expense	(54,051		)	—			(54,051		)	(158,365		)	—			(158,365		)
Loss on extinguishment of debt	—			—			—			(23,040		)	—			(23,040		)
Income before income taxes	131,833			243			132,076			384,259			4,112			388,371
Income tax expense	—			(52		)	(52		)	—			(884		)	(884		)
Net income	131,833			191			132,024			384,259			3,228			387,487

Depreciation	3			926			929			5			2,752			2,757

Total assets	$	10,487,016		$	81,485		$	10,568,501		$	10,487,016		$	81,485		$	10,568,501

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events and except for the payment of dividends on October 11, 2018, as described in Note 12, there were no other events relative to the Financial Statements that require additional disclosure.

Liabilities Subject to Compromise	9 Months Ended
Liabilities Subject to Compromise	Sep. 30, 2018
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 September 30, 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 13 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 19 claims representing approximately $116.3 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	9 Months Ended
Income Taxes	Sep. 30, 2018
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 and nine months ended September 30, 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 the three and nine months ended September 30, 2017, no tax benefit/expense was recorded for those periods.

Related Party Transactions

9 Months Ended

Sep. 30, 2018

Caesars Entertainment Outdoor

Related Party Transactions

We had transactions with CEOC resulting in net distributions of approximately $1,148,000 for the Nine Months Ended September 30, 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 September 30, 2017		Nine Months Ended September 30, 2017
Insurance expense	Administrative and other	$	12	$	37
Allocation of indirect expenses from CEOC and Caesars’ affiliates ⁽¹⁾	Administrative and other	36		210
Golf revenue from CEOC and Caesars’ affiliates ⁽²⁾	Golf revenue	2,844		5,173
Pass-through revenue with CEOC and Caesars’ affiliates ⁽³⁾	Golf revenue	48		389
	Food and beverage revenue	12		107
	Retail and other revenue	26		114

_____________

⁽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 was approximately $1,000 and $27,000 for the three and nine months ended September 30, 2017, respectively, and is included as a component of administrative and other on the Statement of Operations.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2018
Accounting Policies [Abstract]
Cash and Cash Equivalents	Cash consists of cash-on-hand and cash-in-bank. Any 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. Investments with an original maturity of greater than three months and less than one year from the date of purchase are considered short-term investments and are stated at fair 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 our unrestricted operating account.
Short-Term Investments	Short-Term InvestmentsThe Company generally invests its excess cash in short-term investment grade commercial paper as well as discount notes issued by government-sponsored enterprises including the Federal Home Loan Mortgage Corporation and certain of the Federal Home Loan Banks. These investments generally have original maturities between 91 and 120 days.
Fair Value Measurements	Fair Value Measurements We measure the fair value of financial instruments based on assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.
Derivative Financial Instruments	Derivative Financial Instruments We record our derivative financial instruments as either Other assets or Other liabilities on our Balance Sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. We formally document our hedge relationships and designation at the contract’s inception. This documentation includes the identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the effectiveness of its hedged transaction. On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the changes in fair value of the instrument are included in net income prospectively. If the hedge relationship is terminated, then the value of the derivative is recorded in Accumulated other comprehensive income and recognized in earnings when the cash flows that were hedged affect earnings. Changes in the fair value of our derivative instruments that qualify as hedges are reported as a component of Accumulated other comprehensive income on our consolidated financial statements. We use derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.
Investments in Direct Financing and Operating Leases	Investments in Direct Financing and Operating Leases Upon lease inception, we assess lease classification under ASC 840 “Leases” (“ASC 840”) to determine if the lease should be classified as capital or operating. If a lease is determined to be a capital lease, we further assess if it is a direct financing or sales-type lease as defined in ASC 840. For leases determined to be direct financing capital leases, upon execution of the lease transaction, the asset is classified to Investments in direct financing leases, net. For direct financing leases where the land represents greater than 25% of the fair value of the underlying asset, the land and building components of the lease are bifurcated and separately assessed for classification. We have determined that all of our leases meet the definition of direct financing leases under ASC 840, with the exception of the land component of our investment in Caesars Palace Las Vegas and certain parcels of land contained in the Non-CPLV Lease. We recognize the related income from our direct financing leases on an effective interest basis at a constant rate of return over the terms of the applicable leases. As a result, the cash payments accounted for under direct financing leases will not equal income from direct financing leases. Rather, a portion of the cash rent we receive is recorded as Income from direct financing leases in our Statement of Operations and a portion is recorded as a change to the Investments in direct financing leases, net. Initial direct costs incurred in connection with direct financing lease transactions are included in the balance of Investments in direct financing leases, net. Such amounts will be recognized as a reduction to Income from direct financing leases over the life of the lease using the effective interest method. If and when an investment in direct financing leases is identified for impairment evaluation, we 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 that we 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 we apply to real estate investments. Under the operating lease model, as the lessor, at lease inception the land is recorded as Investments in operating leases in our Balance Sheet and we record income from operating leases on a straight-line basis over the lease term. The amount of annual minimum lease payments attributable to the land element after deducting executory costs, including any profit thereon, is determined by applying our incremental borrowing rate to the value of the land. We record this lease income as Income from operating leases in our Statement of Operations. The land is assessed for impairment on a quarterly basis under ASC 360.
Concentrations of Credit Risk	Concentrations of Credit Risk All of our real estate holdings (other than VICI Golf ) are currently leased by us to CEOC or other affiliates of Caesars, and most of our revenues are derived from the Lease Agreements that we have with CEOC or other affiliates of Caesars. Other than having a single tenant from which we will derive most of our revenue, we do not believe there are any other significant concentrations of credit risk.
Pronouncements Adopted by the Company	Recently Issued Accounting Pronouncements Accounting Standard Update (“ASU”) No. 2018-13 - Fair Value Measurement (Topic 820) - August 2018: The amendments in the update remove, modify and add certain fair value disclosures as a broader initiative to improve the effectiveness of financial disclosures. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU. In the current quarter we elected to early adopt this ASU, which resulted in no material changes to our fair value disclosures. ASU No. 2017-12 - Derivatives and Hedging (Topic 815) - 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 adopted this guidance in the quarter ended June 30, 2018 in connection with the cash flow hedges that we entered into in April 2018. Since we did not hold any derivatives prior to implementation of this guidance, the adoption had no impact on our Financial Statements. ASU No. 2016-02 - Leases (Topic 842) - February 2016 (as amended through July 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 plan to elect to use such practical expedients upon adoption on January 1, 2019. We are currently finalizing our evaluation of 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. However, upon adoption we anticipate that certain initial direct costs associated with the execution of lease agreements such as legal fees and transaction costs will no longer be capitalizable and will instead be expensed in the period incurred. Additionally, in relation to certain leases for which we are the lessee, such as the ground lease on the Cascata golf course, upon adoption we will be required to record a right of use asset and corresponding liability on our balance sheet.

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash



(In thousands)	September 30, 2018		December 31, 2017
Cash and cash equivalents	$	145,223	$	183,646
Restricted cash	58		13,760
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$	145,281	$	197,406

Real Estate Portfolio (Tables)

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Schedule of Direct Financing Lease

Our real estate portfolio consisted of the following as of September 30, 2018 and December 31, 2017:



(In thousands)	September 30, 2018			December 31, 2017
Minimum lease payments receivable under direct financing leases ⁽¹⁾	$	29,990,632		$	29,302,166
Estimated residual values of leased property (not guaranteed)	2,142,400			1,987,651
Gross investment in direct financing leases	32,133,032			31,289,817
Unamortized initial direct costs	295			—
Less: Unearned income	(23,317,770		)	(23,021,174		)
Investment in direct financing leases, net	8,815,557			8,268,643
Investment in operating leases ⁽²⁾	1,075,691			1,110,400
Land ⁽³⁾	95,789			73,600
Total Real estate portfolio	$	9,987,037		$	9,452,643

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.

Schedule of Components of Direct Financing and Operating Leases

The following table details the components of our income from direct financing and operating leases:



(In thousands)	Three Months Ended September 30, 2018			Nine Months Ended September 30, 2018
Income from direct financing leases	$	189,938		$	554,293
Income from operating leases	12,209			36,627
Total leasing revenue	202,147			590,920
Less: Direct financing lease adjustment ⁽¹⁾	(13,007		)	(39,117		)
Total contractual leasing revenue	$	189,140		$	551,803

____________________

Schedule of Future Minimum Lease Payments for Operating and Capital Leases

At September 30, 2018, minimum lease payments owed to us for each of the five succeeding years under direct financing and operating leases are as follows:



(In thousands)	Minimum Lease Payments ⁽¹⁾
2018 (remaining)	$	190,631
2019	765,060
2020	769,320
2021	773,656
2022	779,647
Thereafter	28,376,784
Total	$	31,655,098

____________________

(1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements.

Schedule of Lease Agreements



($ In thousands)	Non-CPLV Lease and Joliet Lease		CPLV Lease		HLV Lease ⁽⁶⁾
Lease Provision ⁽¹⁾	Current	As Amended	Current	As Amended	Current
Initial Term	15 years	15 years	15 years	15 years	15 years
Renewal Terms	Four, five-year terms	Four, five-year terms	Four, five-year terms	Four, five-year terms	Four, five-year terms
Initial Base Rent ⁽²⁾	$472,925	$493,925	$165,000	$200,000	$87,400
Escalator commencement	Lease year six	Lease year two	Lease year two	Lease year two	Lease year two
Escalator ⁽³⁾	Consumer price index subject to 2% floor	Lease years 2-5 - 1.5% Lease Years 6-15 - Consumer price index subject to 2% floor	Consumer price index subject to 2% floor	Consumer price index subject to 2% floor	Lease years 2-5 - 1% Lease Years 6-15 - Consumer price index subject to 2% floor
EBITDAR to Rent Ratio floor ⁽⁴⁾	None	1.2x commencing lease year 8	None	1.7x commencing lease year 8	1.6x commencing lease year 6
Variable Rent commencement/reset	Lease years 8 and 11	Lease years 8 and 11	Lease years 8 and 11	Lease years 8 and 11	Lease years 8 and 11
Variable Rent split ⁽⁵⁾	Lease years 8-10 - 70% Base Rent and 30% Variable Rent Lease years 11-15- 80% Base Rent and 20% Variable Rent	Lease years 8-10 - 70% Base Rent and 30% Variable Rent Lease years 11-15- 80% Base Rent and 20% Variable Rent	80% Base rent and 20% Variable rent	80% Base rent and 20% Variable rent	80% Base rent and 20% Variable rent
Variable Rent percentage ⁽⁵⁾	Lease years 8-10 - 19.5% Lease years 11-15 - 13%	4%	13%	4%	4%

____________________

(1) All capitalized terms used without definition herein have the meanings detailed in the applicable Lease Agreement.

(5) Variable Rent is not subject to the Escalator and is calculated as an increase or decrease of Net Revenues, as defined in the Lease Agreements, multiplied by the Variable Rent percentage.

(6) No material modifications to the HLV Lease are contemplated as a result of the amendments to the Lease Agreements.

Property and Equipment Used in Operations, Net (Tables)

9 Months Ended

Sep. 30, 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 operations land, building and improvements and consists of the following:



(In thousands)	September 30, 2018			December 31, 2017
Land and land improvements	$	58,223		$	57,901
Buildings and improvements	14,572			14,572
Furniture and equipment	3,000			2,578
Total property and equipment used in operations	75,795			75,051
Less: accumulated depreciation	(3,508		)	(751		)
Total property and equipment used in operations, net	$	72,287		$	74,300

(In thousands)	Three Months Ended September 30, 2018			Nine Months Ended September 30, 2018
Depreciation expense	$	929		$	2,757

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2018

Other Liabilities [Abstract]

Schedule Of Other Liabilities

The following table details the components of our other liabilities:



(In thousands)	September 30, 2018		December 31, 2017
Accounts payable	$	24	$	5,207
Accrued payroll and other compensation	4,063		2,559
Other accrued expenses	27,655		2,796
Total other liabilities	$	31,742	$	10,562

Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The following tables detail our debt obligations as of September 30, 2018 and December 31, 2017:



($ in thousands)	September 30, 2018
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Senior Secured Revolving Credit Facility (“Revolving Credit Facility”) ⁽²⁾⁽³⁾	2022	L + 2.00%	$	—	$	—
First Lien Senior Secured Term Loan (“Term Loan B Facility”) ^(3)(4)(5)	2024	L + 2.00%	2,100,000		2,072,673
Second Priority Senior Secured Notes (“Second Lien Notes”) ⁽⁶⁾	2023	8.00%	498,480		498,480
CPLV Debt
CMBS Debt (the “CPLV CMBS Debt”) ⁽⁷⁾	2022	4.36%	1,550,000		1,550,000
Total Debt			$	4,148,480	$	4,121,153



($ in thousands)	December 31, 2017
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility ⁽²⁾⁽³⁾	2022	L + 2.25%	$	300,000	$	300,000
Term Loan B Facility ^(3)(4)(5)	2024	L + 2.25%	2,200,000		2,168,864
Second Lien Notes ⁽⁶⁾	2023	8.00%	766,892		766,892
CPLV Debt
CPLV CMBS Debt ⁽⁷⁾	2022	4.36%	1,550,000		1,550,000
Total Debt			$	4,816,892	$	4,785,756

____________________


(1)	Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.Interest on any outstanding balance is payable monthly. Any unused balance is subject to a 0.5% commitment fee paid quarterly.


(2)	Initially bore interest at LIBOR plus 2.25%. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%.


(3)	Interest is payable monthly. On April 24, 2018, we entered into four interest rate swap agreements with third party financial institutions having an aggregate notional amount of $1.5 billion. The interest rate swaps are designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt at 2.8297%.


(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 table is a schedule of future minimum repayments of our debt obligations as of September 30, 2018:



(In thousands)	Future Minimum Repayments
2018 (remaining)	$	—
2019	—
2020	—
2021	—
2022	1,560,000
Thereafter	2,588,480
Total minimum repayments	$	4,148,480

Total commitments relating to golf operations maintenance agreements at September 30, 2018 are as follows:



(In thousands)	Golf Operations Maintenance Agreements
2018 (remaining)	$	787
2019	225
Total golf operations maintenance agreement commitments	$	1,012

Derivatives (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivatives

The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:



($ in thousands)	September 30, 2018
Instrument	Number of Instruments	Fixed Rate	Notional	Index	Maturity
Interest Rate Swaps	4	2.8297%	$1,500,000	USD LIBOR	April 22, 2023

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes our assets and liabilities measured at fair value on a recurring basis:



	September 30, 2018
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments ⁽¹⁾	$	320,676	$	—	$	320,676	$	—
Financial liabilities:
Derivative instruments - interest rate swaps ⁽²⁾	$	5,465	$	—	$	5,465	$	—

____________________


(1)	The carrying value of these investment is equal to their fair value due to the short-term nature of the investments as well as their credit quality.

(2)

The fair values of our interest rate swap derivative instruments were estimated using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs comprising interest rate curves and credit spreads, which are Level 2 measurements as defined under ASC 820.

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table summarizes our assets and liabilities measured at fair value on a non-recurring basis:



	September 30, 2018
(In thousands)			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Land ⁽¹⁾	$	19,019	$	—	$	7,419	$	11,600

____________________

(1)

The fair value of the de minimis land valued based on the contract price represents a level 2 measurement as defined in ASC 820, while the inputs for the de minimis land valued using the sales comparison approach represents level 3 measurements as defined in ASC 820.

Schedule Of Estimated Fair Value

The estimated fair values of our financial instruments at September 30, 2018 and December 31, 2017 for which fair value is only disclosed are as follows:



	September 30, 2018				December 31, 2017
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	144,685	$	144,685	$	183,646	$	183,646
Restricted cash	58		58		13,760		13,760
Financial liabilities:
Debt ⁽¹⁾
Revolving Credit Facility	$	—	$	—	$	300,000	$	300,000
Term Loan B Facility	2,072,673		2,105,250		2,168,864		2,200,000
Second Lien Notes	498,480		550,820		766,892		853,167
CPLV CMBS Debt	1,550,000		1,529,405		1,550,000		1,559,486

____________________

(1)

The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.The following table summarizes the significant unobservable inputs used in Level 3 fair value measurements:



				Significant Assumptions ($ in per sq. ft.)
Asset Type	Fair Value		Valuation Technique	Range	Weighted Average		Square Footage
Land	$	11,600	Sales comparison	$0.50 - 5.00	$	2.90	4,002,908

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2018

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 September 30, 2018 are as follows:



(In thousands)	Lease Commitments
2018 (remaining)	$	314
2019	1,242
2020	983
2021	933
2022	951
Thereafter	17,865
Total minimum lease commitments	$	22,288

Contractual Obligation, Fiscal Year Maturity Schedule

The following table is a schedule of future minimum repayments of our debt obligations as of September 30, 2018:



(In thousands)	Future Minimum Repayments
2018 (remaining)	$	—
2019	—
2020	—
2021	—
2022	1,560,000
Thereafter	2,588,480
Total minimum repayments	$	4,148,480

Total commitments relating to golf operations maintenance agreements at September 30, 2018 are as follows:



(In thousands)	Golf Operations Maintenance Agreements
2018 (remaining)	$	787
2019	225
Total golf operations maintenance agreement commitments	$	1,012

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 September 30, 2017 are as follows:



	(In thousands)
	Operating Leases
2017 (remaining)	$	211
2018	873
2019	891
2020	908
2021	926
Thereafter	20,234
Total minimum rental commitments	$	24,043

Contractual Obligation, Fiscal Year Maturity Schedule

The future commitments relating to these agreements at September 30, 2017 are as follows:



	(In thousands)
	Maintenance Agreements
2017	$	775
2018	2,969
2019	225
Total maintenance agreement commitments	$	3,969

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Schedule of Dividends Declared

Dividends declared (on a per share basis) during the nine months ended September 30, 2018 were as follows:



Declaration Date	Period	Dividend
March 15, 2018 ⁽¹⁾	February 5, 2018 - March 31, 2018	$	0.16
June 14, 2018 ⁽²⁾	April 1, 2018 - June 30, 2018	$	0.2625
September 17, 2018 ⁽³⁾	July 1, 2018 - September 30, 2018	$	0.2875

____________________


(1)	The dividend was pro-rated for the period commencing upon the closing of our 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.


(2)	The dividend was paid on July 13, 2018 to stockholders of record as of the close of business on June 28, 2018.

(3)

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2018:



(In thousands)	Three Months Ended September 30, 2018	Nine Months Ended September 30, 2018
Determination of shares:
Weighted-average common shares outstanding	369,935	360,997
Assumed conversion of restricted stock	192	45
Diluted weighted-average common shares outstanding	370,127	361,042

Basic and Diluted Earnings Per Share

(In thousands, except per share data)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Basic:
Net income attributable to common stockholders	$	129,912	$	381,078
Weighted-average common shares outstanding	369,935		360,997
Basic EPS	$	0.35	$	1.06

Diluted:
Net income attributable to common stockholders	$	129,912	$	381,078
Diluted weighted-average common shares outstanding	370,127		361,042
Diluted EPS	$	0.35	$	1.06

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

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

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

The following table details the activity of our restricted stock and performance based restricted stock units:



(In thousands, except per share data)	Shares		Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2017	124		$	15.61
Granted	383		17.05
Vested	(31	)	20.01
Forfeited	(2	)	20.03
Canceled	—		—
Outstanding as of September 30, 2018	474		$	16.47

Segment Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents certain information with respect to our segments:



	Three Months Ended September 30, 2018									Nine Months Ended September 30, 2018
(In thousands)	Real Property Business			Golf Course Business			VICI Consolidated			Real Property Business			Golf Course Business			VICI Consolidated
Revenues	$	227,294		$	5,393		$	232,687		$	652,242		$	19,696		$	671,938
Operating income	183,857			243			184,100			558,160			4,112			562,272
Interest expense	(54,051		)	—			(54,051		)	(158,365		)	—			(158,365		)
Loss on extinguishment of debt	—			—			—			(23,040		)	—			(23,040		)
Income before income taxes	131,833			243			132,076			384,259			4,112			388,371
Income tax expense	—			(52		)	(52		)	—			(884		)	(884		)
Net income	131,833			191			132,024			384,259			3,228			387,487

Depreciation	3			926			929			5			2,752			2,757

Total assets	$	10,487,016		$	81,485		$	10,568,501		$	10,487,016		$	81,485		$	10,568,501

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2018

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 September 30, 2017		Nine Months Ended September 30, 2017
Insurance expense	Administrative and other	$	12	$	37
Allocation of indirect expenses from CEOC and Caesars’ affiliates ⁽¹⁾	Administrative and other	36		210
Golf revenue from CEOC and Caesars’ affiliates ⁽²⁾	Golf revenue	2,844		5,173
Pass-through revenue with CEOC and Caesars’ affiliates ⁽³⁾	Golf revenue	48		389
	Food and beverage revenue	12		107
	Retail and other revenue	26		114

_____________

⁽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 (Details)		3 Months Ended		9 Months Ended
Business and Basis of Presentation (Details)	Oct. 06, 2017 USD ($) segment	Sep. 30, 2018 USD ($) property	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) segment property	Sep. 30, 2017 USD ($)	Sep. 30, 2018 golf_course	Sep. 30, 2018	Jan. 15, 2015 property
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties		20		20		4
Number of reportable segments \| segment				2
Net revenues		$ 232,687,000		$ 671,938,000
Caesars Entertainment Outdoor
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties \| property								4
Variable golf fees	$ 10,000,000.0		$ 2,695,000		$ 4,570,000
Use fees	3,000,000.0
Minimum rounds fees	$ 1,100,000
Number of reportable segments \| segment	1
Net revenues			4,102,000		13,827,000
Harrah’s Joliet LandCo LLC \| VICI Properties, Inc, NonControlling Interest
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage							20.00%
Gold Revenue, Reimbursements for Free Play \| Caesars Entertainment Outdoor
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Net revenues			$ 150,000		$ 603,000

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 145,223	$ 183,646
Restricted cash	58	13,760
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$ 145,281	$ 197,406

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Accounting Policies [Abstract]
Loss on impairment	$ 12,334	$ 12,334

Property Transactions (Details) $ in Millions			1 Months Ended	9 Months Ended
Property Transactions (Details) $ in Millions	Jul. 11, 2018 USD ($) option	Jun. 18, 2018 USD ($) option	Dec. 31, 2017 USD ($) a option	Sep. 30, 2018 USD ($)	Sep. 30, 2018 property	Sep. 30, 2018 golf_course
Business Acquisition [Line Items]
Number of real estate properties					20	4
Term of contract				5 years
Accounted for using the operating method			$ 73.6
Deposit liability			$ 73.6
Period of exercise of call rights				5 years
Initial property of lease rent				1.67
Octavius Tower
Business Acquisition [Line Items]
Cash consideration	$ 507.5
Amount of lease term annually	$ 35.0
Number of renewal options \| option	4
Renewal term	5 years
Harrah’s Philadelphia
Business Acquisition [Line Items]
Cash consideration	$ 82.5
Purchase price	241.5
Amount reduced to reflect aggregate net present value	159.0
Non-CPLV Lease Agreement
Business Acquisition [Line Items]
Amount of lease term annually	$ 21.0
Margaritaville
Business Acquisition [Line Items]
Purchase price		$ 261.1
Penn National
Business Acquisition [Line Items]
Amount of lease term annually		$ 23.2
Number of renewal options \| option		4
Renewal term		5 years
Purchase price		$ 114.9
Term of contract		15 years
Harrah’s Las Vegas, LLC
Business Acquisition [Line Items]
Amount of lease term annually				$ 87.4
Number of renewal options \| option			4
Renewal term			5 years
Purchase price			$ 1,100.0
Term of contract			15 years	7 years
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

Real Estate Portfolio - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 11, 2018	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Oct. 06, 2017	Sep. 30, 2017
Real Estate Properties [Line Items]
Weighted average remaining lease term			34 years 1 month 6 days
Investments in operating leases		$ 1,075,691	$ 1,075,691	$ 1,110,400	$ 34,700
Impairment of real estate		12,334	12,334
Harrah’s Philadelphia
Real Estate Properties [Line Items]
Amount reduced to reflect aggregate net present value	$ 159,000
Non-CPLV Lease Agreement
Real Estate Properties [Line Items]
Amount of base rent adjusted	21,000
CPLV Lease Agreement
Real Estate Properties [Line Items]
Amount of base rent adjusted	$ 35,000
Vacant Land Parcels
Real Estate Properties [Line Items]
Impairment of real estate		6,000
Land		22,200	$ 22,200			$ 22,200
Eastside property
Real Estate Properties [Line Items]
Land						$ 73,600
3 parcels of land
Real Estate Properties [Line Items]
Impairment of real estate		$ 6,300

Real Estate Portfolio - Schedule Of Direct Financing Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Oct. 06, 2017
Real Estate [Abstract]
Minimum lease payments receivable under direct financing leases	$ 29,990,632	$ 29,302,166
Estimated residual values of leased property (not guaranteed)	2,142,400	1,987,651
Gross investment in direct financing leases	32,133,032	31,289,817
Unamortized initial direct costs	295	0
Less: Unearned income	(23,317,770)	(23,021,174)
Investment in direct financing leases, net	8,815,557	8,268,643
Investment in operating leases	1,075,691	1,110,400	$ 34,700
Land	95,789	73,600
Total Real estate portfolio	$ 9,987,037	$ 9,452,643

Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Real Estate [Abstract]
Income from direct financing leases	$ 189,938	$ 554,293
Income from operating leases	12,209	36,627
Total leasing revenue	202,147	590,920
Less: Direct financing lease adjustment	(13,007)	(39,117)
Total contractual leasing revenue	$ 189,140	$ 551,803

Real Estate Portfolio - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Real Estate [Abstract]
2018 (remaining)	$ 190,631
2019	765,060
2020	769,320
2021	773,656
2022	779,647
Thereafter	28,376,784
Total	$ 31,655,098

Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands		9 Months Ended
	Jul. 11, 2018 option	Sep. 30, 2018 USD ($) option
Property Subject to or Available for Operating Lease [Line Items]
Term of contract		5 years
Harrah’s Philadelphia
Property Subject to or Available for Operating Lease [Line Items]
Operating Leases, Rent Expense		$ 21,000
Octavius Tower
Property Subject to or Available for Operating Lease [Line Items]
Operating Leases, Rent Expense		35,000
Payments for Rent		$ 35,000
Number of renewal options \| option	4
Renewal term	5 years
Non-CPLV Lease and Joliet Lease
Property Subject to or Available for Operating Lease [Line Items]
Term of contract		15 years
Payments for Rent		$ 472,925
Number of renewal options \| option		4
Renewal term		5 years
Escalator commencement		Lease year six
Consumer price index		2.00%
Time of lease year of EBITDAR to rent ratio floor		None
Variable Rent commencement/reset		Lease years 8 and 11
Non-CPLV Lease and Joliet Lease \| Lease Years 8-10
Property Subject to or Available for Operating Lease [Line Items]
Variable rent percentage		19.50%
Non-CPLV Lease and Joliet Lease \| Lease Years 8-10 \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		70.00%
Non-CPLV Lease and Joliet Lease \| Lease Years 8-10 \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		30.00%
Non-CPLV Lease and Joliet Lease \| Lease Years 11-15
Property Subject to or Available for Operating Lease [Line Items]
Variable rent percentage		13.00%
Non-CPLV Lease and Joliet Lease \| Lease Years 11-15 \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		80.00%
Non-CPLV Lease and Joliet Lease \| Lease Years 11-15 \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		20.00%
Non-CPLV Lease and Joliet Lease \| Scenario, Plan
Property Subject to or Available for Operating Lease [Line Items]
Term of contract		15 years
Payments for Rent		$ 493,925
Number of renewal options \| option		4
Renewal term		5 years
Escalator commencement		Lease year two
Percentage of EBITDAR to rent ratio floor		120.00%
Time of lease year of EBITDAR to rent ratio floor		1.2x commencing lease year 8
Variable Rent commencement/reset		Lease years 8 and 11
Variable rent percentage		4.00%
Non-CPLV Lease and Joliet Lease \| Scenario, Plan \| Lease Years 2-5
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index		1.50%
Non-CPLV Lease and Joliet Lease \| Scenario, Plan \| Lease Years 6-15
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index		2.00%
Non-CPLV Lease and Joliet Lease \| Scenario, Plan \| Lease Years 8-10 \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		70.00%
Non-CPLV Lease and Joliet Lease \| Scenario, Plan \| Lease Years 11-15 \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		80.00%
CPLV Lease Agreement
Property Subject to or Available for Operating Lease [Line Items]
Term of contract		15 years
Payments for Rent		$ 165,000
Number of renewal options \| option		4
Renewal term		5 years
Escalator commencement		Lease year two
Consumer price index		2.00%
Time of lease year of EBITDAR to rent ratio floor		None
Variable Rent commencement/reset		Lease years 8 and 11
Variable rent percentage		13.00%
CPLV Lease Agreement \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		80.00%
CPLV Lease Agreement \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		20.00%
CPLV Lease Agreement \| Scenario, Plan
Property Subject to or Available for Operating Lease [Line Items]
Term of contract		15 years
Payments for Rent		$ 200,000
Number of renewal options \| option		4
Renewal term		5 years
Escalator commencement		Lease year two
Consumer price index		2.00%
Percentage of EBITDAR to rent ratio floor		170.00%
Time of lease year of EBITDAR to rent ratio floor		1.7x commencing lease year 8
Variable Rent commencement/reset		Lease years 8 and 11
Variable rent percentage		4.00%
CPLV Lease Agreement \| Scenario, Plan \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		80.00%
CPLV Lease Agreement \| Scenario, Plan \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		20.00%
CPLV Lease Agreement \| Scenario, Plan \| Lease Years 8-10 \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		30.00%
CPLV Lease Agreement \| Scenario, Plan \| Lease Years 11-15 \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		20.00%
HLV Lease
Property Subject to or Available for Operating Lease [Line Items]
Term of contract		15 years
Payments for Rent		$ 87,400
Number of renewal options \| option		4
Renewal term		5 years
Escalator commencement		Lease year two
Percentage of EBITDAR to rent ratio floor		160.00%
Time of lease year of EBITDAR to rent ratio floor		1.6x commencing lease year 6
Variable Rent commencement/reset		Lease years 8 and 11
Variable rent percentage		4.00%
HLV Lease \| Base Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		80.00%
HLV Lease \| Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split		20.00%
HLV Lease \| Lease Years 2-5
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index		1.00%
HLV Lease \| Lease Years 6-15
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index		2.00%

Property and Equipment Used in Operations, Net (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	$ 75,795	$ 75,795	$ 75,051
Less: accumulated depreciation	(3,508)	(3,508)	(751)
Property and equipment used in operations, net	72,287	72,287	74,300
Depreciation	929	2,757
Land and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	58,223	58,223	57,901
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	14,572	14,572	14,572
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	$ 3,000	$ 3,000	$ 2,578

Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other Liabilities [Abstract]
Accounts payable	$ 24	$ 5,207
Accrued payroll and other compensation	4,063	2,559
Other accrued expenses	27,655	2,796
Total other liabilities	$ 31,742	$ 10,562

Debt - Schedule Of Outstanding Indebtedness (Details)		9 Months Ended	12 Months Ended
Debt - Schedule Of Outstanding Indebtedness (Details)	Feb. 05, 2018	Sep. 30, 2018 USD ($) instrument	Dec. 31, 2017 USD ($)	Apr. 24, 2018 USD ($) instrument	Feb. 28, 2018 USD ($)
Debt Instrument [Line Items]
Face Value		$ 4,148,480,000	$ 4,816,892,000
Long-term debt, carrying value		4,121,153,000	4,785,756,000
Senior Notes \| Senior Secured Revolving Credit Facility (“Revolving Credit Facility”)
Debt Instrument [Line Items]
Face Value		0	300,000,000
Long-term debt, carrying value		$ 0	$ 300,000,000
Commitment fee percentage		0.50%
Senior Notes \| Senior Secured Revolving Credit Facility (“Revolving Credit Facility”) \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%	2.25%
Senior Notes \| First Priority Senior Secured Notes Maturing in 2024
Debt Instrument [Line Items]
Face Value		$ 2,100,000,000	$ 2,200,000,000
Long-term debt, carrying value		$ 2,072,673,000	$ 2,168,864,000
Senior Notes \| First Priority Senior Secured Notes Maturing in 2024 \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%	2.25%
Senior Notes \| Second Lien Notes
Debt Instrument [Line Items]
Face Value		$ 498,480,000	$ 766,892,000
Long-term debt, carrying value		$ 498,480,000	$ 766,892,000
Interest rate, stated percentage		8.00%	8.00%
CPLV CMBS Debt \| CPLV CMBS Debt
Debt Instrument [Line Items]
Face Value		$ 1,550,000,000	$ 1,550,000,000
Long-term debt, carrying value		$ 1,550,000,000	$ 1,550,000,000
Interest rate, stated percentage		4.36%	4.36%
Interest Rate Swaps
Debt Instrument [Line Items]
Number of instruments \| instrument		4		4
Notional amount		$ 1,500,000,000		$ 1,500,000,000
Fixed interest rate		2.8297%		2.8297%
Interest Rate Swaps \| LIBOR
Debt Instrument [Line Items]
Number of instruments \| instrument				4
Fixed interest rate				2.8297%
Revolving Credit Facility \| CPLV CMBS Debt
Debt Instrument [Line Items]
Interest rate, stated percentage		4.36%
Revolving Credit Facility \| Term B Loan Facility
Debt Instrument [Line Items]
Face Value					$ 300,000,000.0
Revolving Credit Facility \| Term B Loan Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%		2.25%

Debt - Schedule of Future Minimum Repayment (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2018 (remaining)	$ 0
2019	0
2020	0
2021	0
2022	1,560,000
Thereafter	2,588,480
Debt, net	$ 4,148,480	$ 4,816,892

Debt - Narrative (Details)		1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
Debt - Narrative (Details)	Feb. 05, 2018 USD ($)	Feb. 28, 2018 USD ($)	Sep. 30, 2018 USD ($) parcel_of_land	Mar. 31, 2018 USD ($)	Sep. 30, 2018 USD ($) parcel_of_land	Dec. 31, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2018 property	Sep. 30, 2018 golf_course	Sep. 30, 2018
Debt Instrument [Line Items]
Number of real estate properties								20	4
Proceeds from initial public offering of common stock	$ 1,300,000,000
Debt, net						$ 4,816,892,000	$ 4,148,480,000
Loss on extinguishment of debt			$ 0		$ 23,040,000
Term B Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount						2,200,000,000
Senior Notes \| Second Lien Notes
Debt Instrument [Line Items]
Debt, net						$ 766,892,000	$ 498,480,000
Interest rate, stated percentage						8.00%				8.00%
Percentage of principal amount redeemed (up to)					35.00%
Redemption price, percentage (equal to)					108.00%
Amount redeemed		$ 268,400,000
Loss on extinguishment of debt				$ 23,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount						$ 400,000,000.0
Percentage of utilization of revolving credit facility					30.00%
Number of real estate properties			1		1			17
Revolving Credit Facility \| Term B Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount						$ 300,000,000.0
Proceeds from initial public offering of common stock		1,300,000,000
Debt, net		300,000,000.0
Repayments of debt		$ 100,000,000.0
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%
LIBOR \| Revolving Credit Facility \| Term B Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%					2.25%

Derivatives - Narrative (Details)	3 Months Ended	9 Months Ended
Derivatives - Narrative (Details)	Sep. 30, 2018 USD ($) instrument	Sep. 30, 2018 USD ($) instrument	Apr. 24, 2018 USD ($) instrument
Derivative [Line Items]
Unrealized gain on cash flow hedges	$ 10,100,000	$ 5,500,000
Interest expense	$ 54,051,000	$ 158,365,000
Interest Rate Swaps
Derivative [Line Items]
Number of instruments \| instrument	4	4	4
Notional amount	$ 1,500,000,000	$ 1,500,000,000	$ 1,500,000,000
Fixed interest rate	2.8297%	2.8297%	2.8297%
Interest expense	$ 2,800,000	$ 4,200,000

Derivatives - Schedule of Derivatives (Details) - Interest Rate Swaps	Sep. 30, 2018 USD ($) instrument	Apr. 24, 2018 USD ($) instrument
Derivative [Line Items]
Number of Instruments \| instrument	4	4
Fixed Rate	2.8297%	2.8297%
Notional \| $	$ 1,500,000,000	$ 1,500,000,000

Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 320,676	$ 0
Carrying Amount \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	320,676
Carrying Amount \| Fair Value, Measurements, Recurring \| Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	5,465
Carrying Amount \| Fair Value, Measurements, Nonrecurring [Member]
Financial assets:
Land	19,019
Level 1 \| Fair Value \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 1 \| Fair Value \| Fair Value, Measurements, Recurring \| Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	0
Level 1 \| Fair Value \| Fair Value, Measurements, Nonrecurring [Member]
Financial assets:
Land	0
Level 2 \| Fair Value \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	320,676
Level 2 \| Fair Value \| Fair Value, Measurements, Recurring \| Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	5,465
Level 2 \| Fair Value \| Fair Value, Measurements, Nonrecurring [Member]
Financial assets:
Land	7,419
Level 3 \| Fair Value \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0
Level 3 \| Fair Value \| Fair Value, Measurements, Recurring \| Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	0
Level 3 \| Fair Value \| Fair Value, Measurements, Nonrecurring [Member]
Financial assets:
Land	$ 11,600

Fair Value - Schedule Of Estimated Fair Values (Details) $ in Thousands	Sep. 30, 2018 USD ($) ft²	Dec. 31, 2017 USD ($)
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 144,685	$ 183,646
Restricted cash	58	13,760
Carrying Amount \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	300,000
Carrying Amount \| Term Loan B Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	2,072,673	2,168,864
Carrying Amount \| Second Lien Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	498,480	766,892
Carrying Amount \| CPLV CMBS Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,550,000	1,550,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	144,685	183,646
Restricted cash	58	13,760
Fair Value \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	300,000
Fair Value \| Term Loan B Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	2,105,250	2,200,000
Fair Value \| Second Lien Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	550,820	853,167
Fair Value \| CPLV CMBS Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,529,405	$ 1,559,486
Land \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recurring basis, asset value	$ 11,600
Square Footage \| ft²	4,002,908
Land \| Level 3 \| Measurement Input, Quoted Price \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assumptions	2.90
Land \| Level 3 \| Fair Value, Measurements, Recurring \| Measurement Input, Quoted Price \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assumptions	0.50
Land \| Level 3 \| Fair Value, Measurements, Recurring \| Measurement Input, Quoted Price \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assumptions	5.00

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 06, 2017 USD ($)	Dec. 31, 2017 USD ($)	Jan. 31, 2015 USD ($) payment	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)
Loss Contingencies [Line Items]
Expenses related to operating lease commitments				$ 500		$ 1,100
Term of contract				5 years		5 years
Expenses related to other golf-related commitments				$ 600		$ 2,200
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					$ 219		$ 645
Period of arrangement							5 years
Cost of property repairs and maintenance					$ 600		$ 2,149
Vegas Development Land Owner LLC
Loss Contingencies [Line Items]
Percentage of costs of remediation work		50.00%
Costs incurred in remediation work		$ 12,000
Eastside Convention Center, LLC
Loss Contingencies [Line Items]
Percentage of costs of remediation work		50.00%

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017
Loss Contingencies [Line Items]
2018 (remaining)	$ 314
2019	1,242
2020	983
2021	933
2022	951
Thereafter	17,865
Total minimum lease commitments	$ 22,288
Caesars Entertainment Outdoor
Loss Contingencies [Line Items]
2018 (remaining)		$ 211
2019		873
2020		891
2021		908
2022		926
Thereafter		20,234
Total minimum lease commitments		$ 24,043

Commitments and Contingent Liabilities - Schedule Of Other Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017
Loss Contingencies [Line Items]
2018 (remaining)	$ 787
2019	225
Total golf operations maintenance agreement commitments	$ 1,012
Caesars Entertainment Outdoor
Loss Contingencies [Line Items]
2018 (remaining)		$ 775
2019		2,969
2020		225
Total golf operations maintenance agreement commitments		$ 3,969

Stockholders' Equity - Narrative (Details) - USD ($)		9 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Feb. 05, 2018	Sep. 30, 2018	Dec. 31, 2017
Equity [Abstract]
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
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01
Shares issued in IPO (in shares)	69,575,000
Share price (in dollars per share)	$ 20.00
Aggregate offering value of shares	$ 1,400,000,000	$ 1,307,119,000
Proceeds from issuance of common stock	$ 1,300,000,000
Common stock, shares issued (in shares)		370,228,468	300,278,938

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares			3 Months Ended			9 Months Ended
	Sep. 28, 2018	Mar. 15, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2018
Equity [Abstract]
Dividends declared per common share (in dollars per share)		$ 0.2625	$ 0.2875	$ 262,500	$ 160,000	$ 0.7100
Targeted annualized dividend (in dollars per share)	$ 1.15
Percentage of increase of annualized dividend rate	9.50%
Percentage of previous targeted annualized dividend (in dollars per share)	$ 1.05

Earnings Per Share - Schedule Of Weighted Average Earnings Per Share (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (in shares)	369,935,055	360,997,358
Assumed conversion (in shares)	192,000	45,000
Diluted weighted-average common shares outstanding (in shares)	370,127,185	361,042,203

Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Basic:
Net income attributable to common stockholders	$ 129,912	$ 381,078
Weighted-average common shares outstanding (in shares)	369,935,055	360,997,358
Basic EPS (in dollars per share)	$ 0.35	$ 1.06
Diluted:
Net income attributable to common stockholders	$ 129,912	$ 381,078
Diluted weighted-average common shares outstanding (in shares)	370,127,185	361,042,203
Diluted EPS (in dollars per share)	$ 0.35	$ 1.06

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Share-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2018 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 6.3	$ 6.3
Weighted average period		2 years 6 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	$ 0.6	$ 1.5

Share-Based Compensation - Schedule Of Restricted Stock (Details) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2018 $ / shares shares
Shares
Beginning balance (in shares) \| shares	124
Granted (in shares) \| shares	383
Vested (in shares) \| shares	(31)
Forfeited (in shares) \| shares	(2)
Canceled (in shares) \| shares	0
Ending balance (in shares) \| shares	474
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 15.61
Granted (in dollars per share) \| $ / shares	17.05
Vested (in dollars per share) \| $ / shares	20.01
Forfeited (in dollars per share) \| $ / shares	20.03
Canceled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 16.47

Segment Information - Narrative (Details) - 9 months ended Sep. 30, 2018	segment property	golf_course
Segment Reporting [Abstract]
Number of reportable segments	2
Number of real estate properties	20	4

Segment Information - Schedule Of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net revenues	$ 232,687	$ 671,938
Operating income	184,100	562,272
Interest expense	(54,051)	(158,365)
Loss on extinguishment of debt	0	(23,040)
Income before income taxes	132,076	388,371
Income tax expense	(52)	(884)
Net income	132,024	387,487
Depreciation	929	2,757
Total assets	10,568,501	10,568,501	$ 9,739,712
Real Property Business
Segment Reporting Information [Line Items]
Net revenues	227,294	652,242
Operating income	183,857	558,160
Interest expense	(54,051)	(158,365)
Loss on extinguishment of debt	0	(23,040)
Income before income taxes	131,833	384,259
Income tax expense	0	0
Net income	131,833	384,259
Depreciation	3	5
Total assets	10,487,016	10,487,016
Golf Course Business
Segment Reporting Information [Line Items]
Net revenues	5,393	19,696
Operating income	243	4,112
Interest expense	0	0
Loss on extinguishment of debt	0	0
Income before income taxes	243	4,112
Income tax expense	(52)	(884)
Net income	191	3,228
Depreciation	926	2,752
Total assets	$ 81,485	$ 81,485

Liabilities Subject to Compromise - Narrative (Details) - Caesars Entertainment Outdoor $ in Thousands		9 Months Ended
	Oct. 06, 2017 USD ($)	Sep. 30, 2017 USD ($) 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		13
Amount of claims filed		$ 122,200
Number of filed claims likely to be denied \| claim		19
Amount of filed claims likely to be denied		$ 116,300
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) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
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	$ 1,000	27,000
Accumulated Net Investment Gain (Loss) Attributable to Parent \| Caesars Entertainment Outdoor
Related Party Transaction [Line Items]
Dividends		$ 1,148,000

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Line Items]
Administrative and other	$ 5,678		$ 20,145
Net revenues	232,687		671,938
Caesars Entertainment Outdoor
Related Party Transaction [Line Items]
Administrative and other		$ 293		$ 1,341
Net revenues		4,102		13,827
Caesars Entertainment Outdoor \| Insurance expense
Related Party Transaction [Line Items]
Administrative and other		12		37
Caesars Entertainment Outdoor \| CEOC and Caesars' Affiliates \| Indirect Expenses
Related Party Transaction [Line Items]
Administrative and other		36		210
Golf
Related Party Transaction [Line Items]
Net revenues	$ 5,393		$ 19,696
Golf \| Caesars Entertainment Outdoor
Related Party Transaction [Line Items]
Net revenues		3,682		11,146
Golf \| Caesars Entertainment Outdoor \| CEOC and Caesars' Affiliates \| Golf revenue
Related Party Transaction [Line Items]
Net revenues		2,844		5,173
Golf \| Caesars Entertainment Outdoor \| CEOC and Caesars' Affiliates \| Pass-Through Revenue
Related Party Transaction [Line Items]
Net revenues		48		389
Food and beverage \| Caesars Entertainment Outdoor
Related Party Transaction [Line Items]
Net revenues		233		1,338
Food and beverage \| Caesars Entertainment Outdoor \| CEOC and Caesars' Affiliates \| Pass-Through Revenue
Related Party Transaction [Line Items]
Net revenues		12		107
Retail and other \| Caesars Entertainment Outdoor
Related Party Transaction [Line Items]
Net revenues		187		1,343
Retail and other \| Caesars Entertainment Outdoor \| CEOC and Caesars' Affiliates \| Pass-Through Revenue
Related Party Transaction [Line Items]
Net revenues		$ 26		$ 114