VICI Properties (VICI) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Entity Registrant Name	VICI Properties Inc.
Entity Central Index Key	0001705696
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		410,971,625
Trading Symbol	VICI
Entity Emerging Growth Company	false
Entity Small Business	false

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate portfolio:
Investments in direct financing and sales-type leases, net	$ 9,186,144	$ 8,916,047
Investments in operating leases	1,086,658	1,086,658
Land	94,711	95,789
Property and equipment used in operations, net	71,775	71,513
Cash and cash equivalents	598,276	577,883
Restricted cash	24,366	20,564
Short-term investments	356,878	520,877
Other assets	29,863	44,037
Total assets	11,448,671	11,333,368
Liabilities
Debt, net	4,123,350	4,122,264
Accrued interest	24,702	14,184
Deferred financing liability	73,600	73,600
Deferred revenue	355	43,605
Dividends payable	118,056	116,287
Other liabilities	62,720	62,406
Total liabilities	4,402,783	4,432,346
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.01 par value, 700,000,000 shares authorized and 410,970,554 and 404,729,616 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	4,110	4,047
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at March 31, 2019 and December 31, 2018	0	0
Additional paid-in capital	6,777,683	6,648,430
Accumulated other comprehensive income	(39,315)	(22,124)
Retained earnings	219,791	187,096
Total VICI stockholders’ equity	6,962,269	6,817,449
Non-controlling interests	83,619	83,573
Total stockholders’ equity	7,045,888	6,901,022
Total liabilities and stockholders’ equity	$ 11,448,671	$ 11,333,368

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	410,970,554	404,729,616
Common stock, shares outstanding (in shares)	410,970,554	404,729,616
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Leases, Income Statement, Initial Direct Costs	$ 889	$ 0
Revenues
Income from direct financing and sales-type leases	195,750	182,036
Income from operating leases	10,913	12,209
Tenant reimbursement of property taxes	0	17,243
Revenues	214,002	218,276
Operating expenses
General and administrative	6,225	7,308
Depreciation	930	906
Property taxes	0	17,243
Golf operations	4,092	4,095
Total operating expenses	12,136	29,552
Operating income	201,866	188,724
Interest expense	(53,586)	(52,875)
Interest income	5,167	1,678
Loss from extinguishment of debt	0	(23,040)
Income before income taxes	153,447	114,487
Income tax expense	(521)	(384)
Net income	152,926	114,103
Less: Net income attributable to non-controlling interests	(2,077)	(1,981)
Net income attributable to common stockholders	$ 150,849	$ 112,122
Net income per common share
Basic (in dollars per share)	$ 0.37	$ 0.33
Diluted (in dollars per share)	0.37	0.33
Dividends declared per common share (in dollars per share)	$ 0.2875	$ 0.1600
Weighted average number of common shares outstanding
Basic (in shares)	405,733,656	342,900,842
Diluted (in shares)	406,035,025	343,056,532
Other comprehensive income
Net income attributable to common stockholders	$ 150,849	$ 112,122
Unrealized loss on cash flow hedges	(17,191)	0
Comprehensive income attributable to common stockholders	133,658	112,122
Golf operations
Revenues
Revenues	$ 7,339	$ 6,788

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 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	114,103	112,122				112,122	1,981
Issuance of common stock, net	1,307,119	1,307,119	695	1,306,424
Distributions to non-controlling interests	(3,856)						(3,856)
Dividends declared	(59,221)	(59,221)				(59,221)
Share-based compensation, net of forfeitures	391	391	3	388
Unrealized loss on cash flow hedges	0
Ending balance at Mar. 31, 2018	6,134,900	6,051,900	3,701	5,952,636	0	95,563	83,000
Beginning balance at Dec. 31, 2018	6,901,022	6,817,449	4,047	6,648,430	(22,124)	187,096	83,573
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152,926	150,849				150,849	2,077
Issuance of common stock, net	128,265	128,265	62	128,203
Distributions to non-controlling interests	(2,031)						(2,031)
Dividends declared	(118,154)	(118,154)				(118,154)
Share-based compensation, net of forfeitures	1,051	1,051	1	1,050
Unrealized loss on cash flow hedges	(17,191)	(17,191)			(17,191)
Ending balance at Mar. 31, 2019	$ 7,045,888	$ 6,962,269	$ 4,110	$ 6,777,683	$ (39,315)	$ 219,791	$ 83,619

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income	$ 152,926	$ 114,103
Adjustments to reconcile net income to cash flows provided by operating activities:
Direct financing and sales-type lease adjustments	(2,512)	(12,914)
Stock-based compensation	1,051	391
Depreciation	930	906
Amortization of debt issuance costs and original issue discount	1,465	1,494
Loss on extinguishment of debt	0	23,040
Change in operating assets and liabilities:
Other assets	(3,215)	200
Accrued interest	10,518	3,792
Deferred revenue	(43,250)	(7,188)
Other liabilities	(2,271)	(1,341)
Net cash provided by operating activities	115,642	122,483
Cash flows from investing activities
Investments in direct financing and sales-type leases	(264,527)	0
Capitalized transaction costs	(485)	0
Investments in short-term investments	(24,783)	0
Maturities of short-term investments	188,782	0
Proceeds from sale of land	1,044	0
Acquisition of property and equipment	(1,191)	(345)
Net cash used in investing activities	(101,160)	(345)
Cash flows from financing activities
Proceeds from offering of common stock, net	128,085	1,307,119
Payment of Term Loan B Facility	0	100,000
Payment of Revolving Credit Facility	0	300,000
Payment of Second Lien Notes	0	(290,058)
Debt issuance costs	0	(726)
Distributions to non-controlling interests	(2,031)	(3,856)
Dividends paid	(116,341)	0
Net cash provided by financing activities	9,713	612,479
Net increase in cash, cash equivalents and restricted cash	24,195	734,617
Cash, cash equivalents and restricted cash, beginning of period	598,447	197,406
Cash, cash equivalents and restricted cash, end of period	622,642	932,023
Supplemental cash flow information:
Cash paid for interest	41,601	47,135
Cash paid for income taxes	700	0
Supplemental non-cash investing and financing activity:
Dividends declared, not paid	118,154	0
Right-of-use asset and lease liability recorded upon adoption of ASC 842	$ 11,133	$ 0

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization 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 22 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas. As of March 31, 2019 , we leased all of our properties to subsidiaries of Caesars with the exception of Margaritaville Resort Casino, which we lease to Penn National. We also own and operate four championship golf courses located near certain of our properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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 months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Principles of Consolidation and Non-controlling Interest 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 Agreement. 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 was primarily comprised of funds paid by us into a restricted account for a lender required furniture, fixtures and equipment (“FF&E”) replacement reserve. Pursuant to the amended CMBS Loan Agreement we are required to fund into escrow certain amounts to be used for FF&E replacement should Caesars vacate the property and remove the FF&E upon exit. 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) March 31, 2019 March 31, 2018 Cash and cash equivalents $ 598,276 $ 918,215 Restricted cash 24,366 13,808 Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows $ 622,642 $ 932,023 Short-Term Investments We generally invest our 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 and are accounted for as available for sale securities. As of March 31, 2019 , and December 31, 2018 , we had $356.9 million and $520.9 million of short-term investments. 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 Sheets 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 Sales-Type Leases, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”), which we adopted on January 1, 2019. Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component, unless the impact of doing so is immaterial. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Due to the nature of our assets, the net investment in the lease is generally equal to the purchase price of the asset, and the land and building components of an investment generally have the same lease classification. For leases determined to be sales-type leases, we further assess to determine whether the transaction is considered a sale leaseback transaction. If we determine that the lease meets the definition for a sale leaseback transaction, the lease is considered a financing receivable and is recognized in accordance with ASC 310 “Receivables” (“ASC 310”). We currently do not have any lease investments that are accounted for as financing receivables under ASC 310. Upon adoption of ASC 842, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. As such, we have not reassessed the classification of our Caesars Lease Agreements, as these leases existed prior to our adoption of ASC 842. We determined that the land and building components of the Margaritaville Lease Agreement meet the definition of a sales-type lease. The Caesars Lease Agreements continue to be accounted for as direct financing leases and are included within Investments in direct financing and sales-type leases on the Balance Sheet, with the exception of the land component of Caesars Palace Las Vegas which was determined to be an operating lease and is included in Investments in operating leases on the Balance Sheet. The income recognition for our direct financing leases recognized under ASC 840 is consistent with the income recognition for our sales-type lease under ASC 842. Income from Leases We recognize the related income from our direct financing and sales-type 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 and sales-type leases will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from direct financing and sales-type leases in our Statement of Operations and a portion is recorded as a change to Investments in direct financing and sales-type leases, net. Under ASC 840, we determined that the land component of Caesars Palace Las Vegas was greater than 25% of the overall fair value of the combined land and building components. At lease inception the land was determined to be an operating lease and we record the related income 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 the lessee’s incremental borrowing rate to the value of the land. Revenue from this lease is recorded as Income from operating leases in our Statement of Operations. Initial direct costs incurred in connection with entering into lease agreements are included in the balance of the net investment in lease. In relation to direct financing and sales-type leases, such amounts will be recognized as a reduction to Income from investments in leases over the life of the lease using the effective interest method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third-party fees, are expensed as incurred to Transaction and acquisition expenses in our Statement of Operations. Impairment We assess our investments in operating leases, land and property and equipment used in operations for impairment under ASC 360 “Property, Plant and Equipment” (“ASC 360”) 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. We assess our investments in direct financing and sales-type leases for impairment evaluation for impairment under ASC 310. Under ASC 310, the net investment in the lease is identified for impairment when it becomes probable that we will be unable to collect all rental payments associated with our investment in 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. With respect to estimated expected future cash flows for determining whether an asset is impaired, assets are grouped at the lowest level of identifiable cash flows. Concentrations of Credit Risk All of our real estate holdings (other than the Margaritaville Resort Casino, which is leased to Penn National, and VICI Golf, which is owned and operated by us) 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. Additionally, our properties on the Las Vegas Strip generated approximately 34%

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU No. 2016-02 - Leases (Topic 842) - February 2016 (as amended through March 2019): The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and is implemented using a modified retrospective approach, with the option to apply the guidance at the effective date or the beginning of the earliest comparative period. We adopted the guidance on January 1, 2019 and elected to apply the effective date method and, as such, have not re-cast prior periods to show the effects of ASC 842. Additionally, upon adoption, we elected a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that exist as of the balance sheet date. As such, we have not reassessed the classification of our Caesars Lease Agreements, as these leases existed prior to our adoption of ASC 842. The new guidance did not have a material impact on the accounting treatment of our triple-net tenant leases, which are the primary source of our revenues. As such, upon adoption of ASC 842, we have not recorded any adjustment to our beginning balance of retained earnings. However, starting in the current quarter there are certain changes to the guidance under ASC 842, which will have an impact on future operating results, as follows: • Costs that are paid directly by the lessee to a third party, such as real estate taxes and insurance, are no longer recognized in our Statement of Operations. Prior to our adoption of ASC 842, we presented on a gross basis the real estate taxes that were paid by our tenants directly to the taxing authority. Subsequent to our adoption of ASC 842, Tenant reimbursements of property taxes and Property taxes expense are presented on a net basis, as the lessee pays for such costs directly. However, consistent with our effective date adoption approach, we have not re-cast prior year financial results to conform to the current period presentation. • Initial direct costs associated with the execution of lease agreements, such as legal fees and certain transaction costs will no longer be capitalizable and instead are expensed in the period incurred. • Long-term leases entered into or modified subsequent to our adoption of ASC 842 will most likely be considered sales-type leases, as defined in ASC 842. The accounting for a sales-type lease is materially consistent with that of the current accounting for our direct financing leases. If we determine that the lease meets the definition for a sale leaseback transaction, the lease is considered a financing receivable and is accounted for in accordance with ASC 310 “Receivables” (“ASC 310”). • Prior to our adoption of ASC 842, the residual value component of our Lease Agreements was assessed for impairment under ASC 360 “Property, Plant and Equipment” while the receivable component was separately assessed for impairment under ASC 310. Upon adoption of ASC 842, both the receivable and residual value components of the direct financing and sales-type leases are assessed for impairment under ASC 310. In relation to certain operating leases for which we are the lessee, such as the ground lease on the Cascata golf course, upon adoption of ASC 842, we recorded a right of use asset and corresponding lease liability of $11.1 million , which is included in Other assets and Other liabilities on our Balance Sheets. There was no change to our lease expense as a result of the change in accounting as such expense is still being recorded on a straight-line basis. Accounting Pronouncements Not Yet Adopted ASU No. 2016-13 - Financial Instruments-Credit Losses (Topic 326) - June 2016 (as amended through November 2018) :

Property Transactions

Property Transactions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Property Transactions	Property Transactions 2019 Transactions Our significant activities in 2019, in reverse chronological order, are as follows: Purchase of JACK Cincinnati Casino Subsequent to the quarter end, on April 5, 2019, we entered into definitive agreements to acquire the land and real estate assets of JACK Cincinnati Casino (“JACK Cincinnati Casino”), located in Cincinnati, Ohio from affiliates of JACK Entertainment LLC, for approximately $558.3 million , and a subsidiary of Hard Rock International (“Hard Rock”) has agreed to acquire the operating assets of the JACK Cincinnati Casino for $186.5 million (together, the “JACK Cincinnati Acquisition”). Simultaneous with the closing of this transaction, we will enter into a triple-net lease agreement for the JACK Cincinnati Casino with a subsidiary of Hard Rock. The lease will have an initial total annual rent of $42.75 million and an initial term of 15 years, with four five-year tenant renewal options. The tenant’s obligations under the lease will be guaranteed by Seminole Hard Rock Entertainment, Inc. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in late 2019. However, we can provide no assurances that the JACK Cincinnati Acquisition will be consummated on the terms or timeframe described herein, or at all. Purchase of Margaritaville Resort Casino On January 2, 2019 we completed the previously announced transaction to acquire the land and real estate assets of the Margaritaville Resort Casino, located in Bossier City, Louisiana, for $261.1 million . Penn National acquired the operating assets of Margaritaville Resort Casino for $114.9 million . Simultaneous with the closing of this transaction, we entered into a triple-net lease agreement with a subsidiary of Penn National. The lease has an initial annual rent of $23.2 million and an initial term of 15 years, with four five-year tenant renewal options. The tenant’s obligations under the lease are guaranteed by Penn National and certain of its subsidiaries. We determined that the land and building components of the Margaritaville Lease Agreement meet the definition of a sales-type lease and have recorded the corresponding asset, including related acquisitions and transaction costs, in Investments in direct financing and sales-type leases on our Balance Sheet. 2018 Transactions Our significant activities in 2018, in reverse chronological order, are as follows: Purchase of Harrah’s Philadelphia and Octavius Tower On December 26, 2018 we completed the previously announced transaction with Caesars 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 was reduced by $159.0 million to reflect the aggregate net present value of the modifications to the Caesars Lease Agreements (as further described below), resulting in cash consideration of approximately $82.5 million . In addition, 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 the CPLV Lease Agreement, which provides for annual rent with respect to Octavius Tower 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 tenant renewal options. In connection with the closing of the acquisition of Harrah’s Philadelphia, each of the Non-CPLV Lease Agreement and the CPLV Lease Agreement were 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. The amendment to the Non-CPLV Lease Agreement provided for an additional $21.0 million in annual rent for Harrah’s Philadelphia, which is subject to the amended provisions of the lease. The HLV Lease Agreement and the Joliet Lease Agreement were modified at such time to achieve consistency with the other Lease Agreements. Refer to Note 5 - Real Estate Portfolio for a summary of the terms of the modified leases. Purchase of Greektown On November 13, 2018, we entered into definitive agreements to acquire from affiliates of JACK Entertainment LLC all of the land and real estate assets associated with Greektown, for $700.0 million in cash, and an affiliate of Penn National has agreed to acquire the operating assets of Greektown for $300.0 million in cash (together, the “Greektown Acquisition”). Simultaneous with the closing of the Greektown Acquisition, we will enter into a triple-net lease agreement for Greektown with a subsidiary of Penn National. The lease will have an initial total annual rent of $55.6 million and an initial term of 15 years, with four five-year tenant 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 second quarter of 2019. However, we can provide no assurances that the Greektown Acquisition will be consummated on the terms or timeframe described herein, or at all. Other Agreements with Caesars 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, known as the Eastside Property, for $73.6 million . 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 Investments in operating leases to Land and recorded a $73.6 million Deferred financing liability on our Balance Sheet. Put/Call Agreement The Caesars Forum Convention Center is currently being constructed on the Eastside 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 Caesars Forum Convention Center (the “Put Right”); (ii) if Caesars exercises the Put Right and, among other things, the sale of the Caesars Forum Convention Center 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 Caesars Forum Convention Center. 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 the Caesars Forum 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. In December 2018, we entered into the Second Amended and Restated Right of First Refusal Agreement, which replaced the Amended and Restated Right of First Refusal Agreement and, among other things, provides us with the right to acquire from Caesars, under certain circumstances, certain undeveloped land adjacent to the Las Vegas Strip. 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

Real Estate Portfolio	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Portfolio	Real Estate Portfolio As of March 31, 2019, our real estate portfolio consisted of the following: • Investments in direct financing and sales-type leases, representing our investment in 22 casino assets leased on a triple net basis to our tenants, Caesars and Penn National, under five separate lease agreements; • Investments in operating leases, representing the 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 Agreement; and • Land, representing our investment in the Eastside Property and certain non-operating, vacant land parcels contained in the Non-CPLV Lease Agreement. The following is a summary of the balances of our real estate portfolio as of March 31, 2019 and December 31, 2018 : (In thousands) March 31, 2019 December 31, 2018 Minimum lease payments receivable under direct financing and sales-type leases (1) $ 27,906,577 $ 27,285,943 Estimated residual values of leased property (not guaranteed) 2,170,076 2,135,312 Gross investment in direct financing and sales-type leases 30,076,653 29,421,255 Unamortized initial direct costs 29,004 22,822 Less: Unearned income (20,919,513 ) (20,528,030 ) Investment in direct financing and sales-type leases, net 9,186,144 8,916,047 Investment in operating leases 1,086,658 1,086,658 Total Investments in leases, net 10,272,802 10,002,705 Land 94,711 95,789 Total Real estate portfolio $ 10,367,513 $ 10,098,494 ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under the Lease Agreements. The following table details the components of our income from direct financing, sales-type and operating leases: (In thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Income from direct financing and sales-type leases $ 195,750 $ 182,036 Income from operating leases (1) 10,913 12,209 Total lease revenue 206,663 194,245 Less: Direct financing and sales-type lease adjustment (2) (2,512 ) (12,914 ) Total contractual lease revenue $ 204,151 $ 181,331 ____________________ (1) 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 Agreement. (2) Amounts represent the non-cash adjustment to income from direct financing and sales-type leases in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. At March 31, 2019 , minimum lease payments owed to us for each of the five succeeding years under direct financing, sales-type and operating leases are as follows: (In thousands) Minimum Lease Payments (1) 2019 (remaining) $ 614,455 2020 830,483 2021 842,488 2022 855,122 2023 869,242 2024 881,204 Thereafter 24,479,605 Total $ 29,372,599 ____________________ (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 our direct financing, sales-type and operating leases at March 31, 2019 was 33.6 years. Lease Provisions Caesars Lease Agreements - Overview The following is a summary of the material lease provisions of our Caesars Lease Agreements: ($ In thousands) Lease Provision (1) Non-CPLV Lease Agreement and Joliet Lease Agreement CPLV Lease Agreement HLV Lease Agreement Initial Term 15 years 15 years 15 years Renewal Terms Four, five-year terms Four, five-year terms Four, five-year terms Initial Base Rent (2) $493,925 $200,000 $87,400 Current Base Rent (3) $501,019 $204,358 $88,274 Escalator commencement Lease year two Lease year two Lease year two Escalator (4) Lease years 2-5 - 1.5% Lease Years 6-15 - 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 (5) 1.2x commencing lease year 8 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 Variable Rent split (6) 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 Variable Rent percentage (6) 4% 4% 4% ____________________ (1) All capitalized terms used without definition herein have the meanings detailed in the applicable Caesars Lease Agreements. (2) Reflects the addition of $21.0 million and $35.0 million per annum under the Non-CPLV Lease and the CPLV Lease, respectively, to incorporate the base rent for Harrah’s Philadelphia and Octavius Tower, respectively. The additional $35.0 million of rent for Octavius Tower is not subject to the Escalator. (3) In relation to the Non-CPLV Lease Agreement, Joliet Lease Agreement and CPLV Lease Agreement, the amount represents the current annual base rent payable for the current lease year which is the period from November 1, 2018 through October 31, 2019. In relation to the HLV Lease Agreement the amount represents current annual base rent payable for the current lease year which is the period from January 1, 2019 through December 31, 2019. (4) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. No such rent has been recognized for the three months ended March 31, 2019 . (5) In the event that the EBITDAR to Rent Ratio coverage is below the stated floor, the Escalator of the respective Caesars Lease Agreements will be reduced to such amount to achieve the stated EBITDAR to Rent Ratio coverage, provided that the amount shall never result in a decrease to the prior year’s rent. The EBITDAR to Rent Ratio floor is conditioned upon obtaining a favorable private letter ruling from the Internal Revenue Service. (6) Variable Rent is not subject to the Escalator and is calculated as an increase or decrease of Net Revenues, as defined in the Caesars Lease Agreements, multiplied by the Variable Rent percentage. Margaritaville Lease Agreement - Overview On January 2, 2019, we completed the previously announced transaction to acquire the Margaritaville Resort Casino. The following is a summary of the material lease provisions of our lease with a subsidiary of Penn National which commenced on January 2, 2019, the date of acquisition: ($ In thousands) Lease Provision Term Initial term 15 years Renewal terms Four, five-year terms Building base rent $17,200 Escalation commencement Lease in year two Escalation 2% of Building Base rent, subject to the EBITDAR to rent ratio floor EBITDAR to rent ratio floor (1) 1.9x commencing lease year two Land base rent (2) $3,000 Percentage rent (3) $3,000 (fixed for lease year one and two) Percentage rent reset Lease year three and each and every other lease year thereafter Percentage rent multiplier The product of (i) 4% and (ii) the excess (if any) of (a) the average annual net revenue of a trailing two-year period preceding such reset year over (b) a threshold amount (defined as 50% of LTM net revenues prior to acquisition) Total current rent (4) $23,200 ____________________ (1) In the event that the EBITDAR to rent ratio coverage is below the stated floor, the escalation 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. The EBITDAR to rent ratio floor is conditioned upon obtaining a favorable private letter ruling from the Internal Revenue Service. (2) Land base rent is not subject to escalation. (3) Percentage rent is subject to the percentage rent multiplier. (4) The amount represents current annual base rent payable for the current lease year which is the period from January 2, 2019 through January 31, 2020. Capital Expenditure Requirements We manage our residual asset risk through protective covenants in our Lease Agreements, which require the tenant to, among other things, hold specific insurance coverage, engage in ongoing maintenance of the property and invest in capital improvements. With respect to the capital improvements, the Lease Agreements specify certain minimum amounts that our tenants must spend on capital expenditures that constitute installation, restoration and repair or other improvements of items with respect to the leased properties. The following table summarizes the capital expenditure requirements of our tenants under the Lease Agreements: Provision Non-CPLV Lease Agreement and Joliet Lease Agreement CPLV Lease Agreement HLV Lease Agreement Margaritaville Lease Agreement Yearly minimum expenditure 1% of net revenues (1) 1% of net revenues (1) 1% of net revenues commencing in 2022 1% of net revenues based on four-year average Rolling three-year minimum (2) $255 million $84 million N/A N/A Initial minimum capital expenditure N/A N/A $171 million (2017 - 2021) N/A ____________________ (1) The lease agreement requires a $100 million floor on annual capital expenditures for CPLV, Joliet and Non-CPLV in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (2) CEOC is required to spend $350 million on capital expenditures over a rolling three -year period, with $255 million allocated to Non-CPLV, $84 million allocated to CPLV and the remaining balance of $11 million to facilities covered by any Formation Lease Agreement in such proportion as CEOC may elect. Additionally, CEOC is required to expend a minimum of $495 million across certain of its affiliates and other assets, together with the $350 million

Property and Equipment Used in

Property and Equipment Used in Operations, Net	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment Used in Operations, Net	Property and Equipment Used in Operations, Net Property and equipment used in operations is primarily attributable to the land, building and improvements of our golf operations and consists of the following: (In thousands) March 31, 2019 December 31, 2018 Land and land improvements $ 58,729 $ 58,573 Buildings and improvements 14,572 14,572 Furniture and equipment 3,839 2,805 Total property and equipment used in operations 77,140 75,950 Less: accumulated depreciation (5,365 ) (4,437 ) Total property and equipment used in operations, net $ 71,775 $ 71,513 (In thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Depreciation expense $ 930 $ 906

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2019
Other Liabilities [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities The following table details the components of our other assets: (In thousands) March 31, 2019 December 31, 2018 Right of use asset $ 11,104 $ — Debt financing costs and original issue discount 5,810 6,190 Deferred acquisition costs 4,208 7,062 Interest receivable 3,559 886 Prepaid expenses 3,449 3,060 Other 1,733 1,253 Tenant receivable for property taxes — 25,586 Total other assets $ 29,863 $ 44,037 The following table details the components of our other liabilities: (In thousands) March 31, 2019 December 31, 2018 Derivative liability $ 39,315 $ 22,124 Lease liability 11,104 — Other accrued expenses 5,608 30,951 Accrued payroll and other compensation 2,174 4,934 Deferred income taxes 3,292 3,340 Accounts payable 1,227 1,057 Total other liabilities $ 62,720 $ 62,406

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The following tables detail our debt obligations as of March 31, 2019 and December 31, 2018 : ($ in thousands) March 31, 2019 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 + 2.00% $ — $ — Term Loan B Facility (3)(4)(5) 2024 L + 2.00% 2,100,000 2,074,870 Second Lien Notes (6) 2023 8.00% 498,480 498,480 CPLV Debt CPLV CMBS Debt (7) 2022 4.36% 1,550,000 1,550,000 Total Debt $ 4,148,480 $ 4,123,350 ($ in thousands) December 31, 2018 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 + 2.00% $ — $ — Term Loan B Facility (3)(4)(5) 2024 L + 2.00% 2,100,000 2,073,784 Second Lien Notes (6) 2023 8.00% 498,480 498,480 CPLV Debt CPLV CMBS Debt (7) 2022 4.36% 1,550,000 1,550,000 Total Debt $ 4,148,480 $ 4,122,264 ____________________ (1) Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2) Interest on any outstanding balance is payable monthly. Any unused balance is subject to a 0.5% commitment fee paid quarterly. (3) 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% . (4) Interest is payable monthly. 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. As of March 31, 2019, we had six interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $2.0 billion at a blended LIBOR rate of 2.7173% . As of December 31, 2018, we had four interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $1.5 billion at a LIBOR rate of 2.8297% . (5) 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). (6) Interest is payable semi-annually. (7) Interest is payable monthly. The following table is a schedule of future minimum payments of our debt obligations as of March 31, 2019 : (In thousands) Future Minimum Payments 2019 (remaining) $ — 2020 — 2021 — 2022 1,560,000 2023 520,480 2024 2,068,000 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 on December 22, 2017 (the Term Loan B Facility and the Revolving Credit Facility are referred to together as 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 exceptions and qualifications, including, with respect to the restricted payments covenant, the ability to make unlimited restricted payments to maintain our REIT status and to avoid the payment of federal or state income or excise tax, the ability to make restricted payments in an amount not to exceed 95% of our Funds from Operations (as defined in the Credit Agreement) subject to no event of default under the Credit Agreement and pro forma compliance with the financial covenant pursuant to the Credit Agreement, and the ability to make additional restricted payments in an aggregate amount not to exceed the greater of 0.6% of Adjusted Total Assets or $30,000,000 . Commencing with the first full fiscal quarter ended after December 22, 2017, if the outstanding amount of the Revolving Credit Facility plus any drawings under letters of credit issued pursuant to the Credit Agreement that have not been reimbursed as of the end of any fiscal quarter exceeds 30% of the aggregate amount of the Revolving Credit Facility, VICI PropCo and its restricted subsidiaries on a consolidated basis would be required to maintain a maximum Total Net Debt to Adjusted Total Assets Ratio, as defined in the Credit Agreement as of the last day of any applicable fiscal quarter. The restricted net assets of VICI PropCo as of March 31, 2019 were approximately $5.7 billion . The Senior Secured Credit Facilities are secured by a first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly-owned material domestic restricted subsidiaries’ material assets, including mortgages on their respective real estate, subject to customary exclusions. None of VICI nor certain subsidiaries of VICI PropCo, including CPLV Borrower, are subject to the covenants of the Credit Agreement or are guarantors of the Senior Secured Credit Facilities. The Term B Loan Facility may be voluntarily prepaid at VICI PropCo’s option, in whole or in part, at any time, and is 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 of the Term B Loan Facility 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 on October 6, 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”), including CPLV Borrower’s fee interest in and to Caesars Palace Las Vegas and interest in the CPLV Lease Agreement and all related agreements, including the Lease Agreements, subject only to certain permitted encumbrances as set forth in the CMBS Loan Agreement. 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 on October 6, 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 nor 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; (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. These covenants are subject to a number of exceptions and qualifications, including the ability to declare or pay any cash dividend or make any cash distribution to VICI to the extent necessary for VICI to distribute cash dividends of 100% of our “real estate investment trust taxable income” within the meaning of Section 857(b)(2) of the Internal Revenue Code of 1986, as amended, the ability to make certain restricted payments not to exceed the amount of our cumulative earnings (calculated pursuant to the Indenture as $30,000,000 plus 95% of our cumulative Adjusted Funds From Operations (as defined in the Indenture) less cumulative distributions, with certain other adjustments), and the ability to make restricted payments in an amount equal to the greater of 0.6% of Adjusted Total Assets (as defined in the Indenture) or $30,000,000 . The Second Lien Notes are redeemable at the option of the Issuers, with the option to redeem up to 35% of the original aggregate principal amount thereof with the net cash proceeds of certain issuances of common or preferred equity by VICI PropCo or VICI, at a price equal to 108% of such principal amount of the Second Lien Notes redeemed. In February 2018, 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 partial redemption of the Second Lien Notes, 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 VICI PropCo and its subsidiaries’ ability to incur additional debt, sell certain asset and restrict certain payments, among other things. These covenants are subject to a number of exceptions and qualifications, including the ability to make restricted payments to maintain our REIT status. At March 31, 2019

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	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 . On January 3, 2019, we entered into two additional interest rate swap agreements with third-party financial institutions having an aggregate notional amount of $500.0 million . 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% and 2.3802% , respectively. Subsequent to the effectiveness and for the duration of the interest rate swap transactions, the Company is only subject to interest rate risk on $100.0 million of variable rate debt. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2019 and December 31, 2018 : ($ in thousands) March 31, 2019 Instrument Number of Instruments Fixed Rate Notional Index Maturity Interest Rate Swaps 4 2.8297% $1,500,000 USD LIBOR April 22, 2023 Interest Rate Swaps 2 2.3802% $500,000 USD LIBOR January 22, 2021 ($ in thousands) December 31, 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 March 31, 2019 and December 31, 2018, the interest rate swaps are in net unrealized loss positions and are recognized within Other liabilities. For the three months ended March 31, 2019 the amount recorded in other comprehensive income related to the derivative instruments was an unrealized loss of $17.2 million . For the three months ended March 31, 2019 , we recorded interest expense of $1.1 million

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables summarize our assets and liabilities measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 : March 31, 2019 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ 356,878 $ — $ 356,878 $ — Financial liabilities: Derivative instruments - interest rate swaps (2) $ 39,315 $ — $ 39,315 $ — December 31, 2018 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ 520,877 $ — $ 520,877 $ — Financial liabilities: Derivative instruments - interest rate swaps (2) $ 22,124 $ — $ 22,124 $ — ___________________ (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. The estimated fair values of our financial instruments at March 31, 2019 and December 31, 2018 for which fair value is only disclosed are as follows: March 31, 2019 December 31, 2018 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 598,276 $ 598,276 $ 577,883 $ 577,883 Restricted cash 24,366 24,366 20,564 20,564 Financial liabilities: Debt (1) Revolving Credit Facility $ — $ — $ — $ — Term Loan B Facility 2,074,870 2,068,500 2,073,784 2,016,000 Second Lien Notes 498,480 545,835 498,480 535,866 CPLV CMBS Debt 1,550,000 1,567,836 1,550,000 1,539,040 ____________________ (1)

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	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 March 31, 2019 , 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 New Orleans, Louisiana and New York, New York, which expire in 2019 and 2020, respectively. The weighted average remaining lease term as of March 31, 2019 under our operating leases was 18.7 years. Our Cascata ground lease has three 10 -year extension options. The rent of such options would be the in-place rent at the time of renewal. Total rental expense under these agreements, included in golf operations and general and administrative expenses in our Statement of Operations, was approximately $0.4 million and $0.3 million for the three months ended March 31, 2019 and 2018 , respectively. On January 1, 2019, upon adoption of ASC 842, we recorded an $11.1 million right of use asset and a corresponding lease liability within Other assets and Other liabilities, respectively, on our Balance Sheet, related to the ground lease of the land at the Cascata Golf Course. The discount rate for the lease was determined to be 5.5% and was based on the yield of our current secured borrowings, adjusted to match borrowings of similar terms. The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2019 are as follows: (In thousands) Lease Commitments 2019 (remaining) $ 924 2020 983 2021 933 2022 951 2023 970 2024 990 Thereafter 15,905 Total minimum lease commitments $ 21,656 Discounting factor 10,552 Lease liability $ 11,104

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders' Equity	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. Primary Follow-on Offering On November 19, 2018, we completed a primary follow-on offering of 34,500,000 shares of common stock at an offering price of $21.00 per share for an aggregate offering value of $724.5 million , resulting in net proceeds of $694.2 million . We intend to contribute the net proceeds from the offering to pay a portion of the aggregate purchase price of $700.0 million for the recently announced acquisition of the land and real estate assets of Greektown in Detroit, Michigan and related fees and expenses. At-the-Market Offering Program On December 19, 2018, we entered into an equity distribution agreement, or ATM Agreement, pursuant to which we may sell, from time to time, up to an aggregate sales price of $750.0 million of our common stock. Sales of common stock, if any, made pursuant to the ATM Agreement may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act of 1933, as amended. Actual sales will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. During the three months ended March 31, 2019 , we sold a total of 6,107,633 shares under the at-the-market offering program for aggregate proceeds of $129.9 million , net of stock issuance fees of $1.8 million , primarily related to underwriters' fees and commissions, and legal and accounting fees. After giving effect to the initial public offering, the primary follow-on offering, the at-the-market offering program and the issuance of certain unvested restricted shares under the 2017 Stock Incentive Plan (the “Plan”), we have 410,970,554 shares of Common Stock issued and outstanding as of March 31, 2019 . We have no obligation to sell the remaining shares available for sale under the at-the-market offering program. Dividends Dividends declared (on a per share basis) during the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 Declaration Date Period Dividend March 14, 2019 (1) January 1, 2019 - March 31, 2019 $ 0.2875 Three Months Ended March 31, 2018 Declaration Date Period Dividend March 15, 2018 (2) February 5, 2018 - March 31, 2018 $ 0.16 ____________________ (1) The dividend was paid on April 11, 2019 to stockholders of record as of the close of business on March 29, 2019. (2) 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

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	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 months ended March 31, 2019 and 2018 : (In thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Determination of shares: Weighted-average common shares outstanding 405,734 342,901 Assumed conversion of restricted stock 301 156 Diluted weighted-average common shares outstanding 406,035 343,057 Basic and Diluted Earnings Per Share (In thousands, except per share data) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Basic: Net income attributable to common stockholders $ 150,849 $ 112,122 Weighted-average common shares outstanding 405,734 342,901 Basic EPS $ 0.37 $ 0.33 Diluted: Net income attributable to common stockholders $ 150,849 $ 112,122 Diluted weighted-average common shares outstanding 406,035 343,057 Diluted EPS $ 0.37 $ 0.33

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-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. At March 31, 2019 , 11,939,399 shares of common stock remained available for issuance by us as equity awards under the Plan. Total stock-based compensation expense recorded as General and administrative expense in the Statement of Operations totaled $1.1 million and $0.4 million for the three months ended March 31, 2019 and 2018 , respectively. Compensation expense is recognized on a straight-line basis over the term of the award. The following table details the activity of our time-based restricted stock and performance-based restricted stock units: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In thousands, except per share data) Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at beginning of period 398 19.60 124 $ 15.61 Granted 299 22.00 100 20.04 Vested (82 ) 19.50 (27 ) 20.04 Forfeited (8 ) 20.47 — — Canceled — — — — Outstanding at end of period 607 20.78 197 $ 17.27 As of March 31, 2019 , there was $11.0 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

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	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 March 31, 2019 Three Months Ended March 31, 2018 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues (1) $ 206,663 $ 7,339 $ 214,002 $ 211,488 $ 6,788 $ 218,276 Operating income 199,546 2,320 201,866 186,936 1,788 188,724 Interest expense (53,586 ) — (53,586 ) (52,875 ) — (52,875 ) Loss on extinguishment of debt — — — (23,040 ) — (23,040 ) Income before income taxes 151,091 2,356 153,447 112,699 1,788 114,487 Income tax expense — (521 ) (521 ) — (384 ) (384 ) Net income 151,091 1,835 152,926 112,699 1,404 114,103 Depreciation 3 927 930 — 906 906 Total assets $ 11,350,664 $ 98,007 $ 11,448,671 $ 10,404,715 $ 81,524 $ 10,486,239 ____________________ (1)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	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.
Use of Estimates	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 months ended March 31, 2019
Principles of Consolidation and Non-controlling Interest	Principles of Consolidation and Non-controlling Interest 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%
Cash, Cash Equivalents and Restricted Cash	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.
Short-Term Investments	Short-Term InvestmentsWe generally invest our 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 and are accounted for as available for sale securities.
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 Sheets 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.
Investments in Direct Financing and Sales-Type Leases, Net	Investments in Direct Financing and Sales-Type Leases, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”), which we adopted on January 1, 2019. Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a direct financing, sales-type or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component, unless the impact of doing so is immaterial. If the lease component is determined to be a direct financing or sales-type lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Due to the nature of our assets, the net investment in the lease is generally equal to the purchase price of the asset, and the land and building components of an investment generally have the same lease classification. For leases determined to be sales-type leases, we further assess to determine whether the transaction is considered a sale leaseback transaction. If we determine that the lease meets the definition for a sale leaseback transaction, the lease is considered a financing receivable and is recognized in accordance with ASC 310 “Receivables” (“ASC 310”). We currently do not have any lease investments that are accounted for as financing receivables under ASC 310. Upon adoption of ASC 842, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. As such, we have not reassessed the classification of our Caesars Lease Agreements, as these leases existed prior to our adoption of ASC 842. We determined that the land and building components of the Margaritaville Lease Agreement meet the definition of a sales-type lease. The Caesars Lease Agreements continue to be accounted for as direct financing leases and are included within Investments in direct financing and sales-type leases on the Balance Sheet, with the exception of the land component of Caesars Palace Las Vegas which was determined to be an operating lease and is included in Investments in operating leases on the Balance Sheet. The income recognition for our direct financing leases recognized under ASC 840 is consistent with the income recognition for our sales-type lease under ASC 842. Income from Leases We recognize the related income from our direct financing and sales-type 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 and sales-type leases will not equal income from our Lease Agreements. Rather, a portion of the cash rent we receive is recorded as Income from direct financing and sales-type leases in our Statement of Operations and a portion is recorded as a change to Investments in direct financing and sales-type leases, net. Under ASC 840, we determined that the land component of Caesars Palace Las Vegas was greater than 25% of the overall fair value of the combined land and building components. At lease inception the land was determined to be an operating lease and we record the related income 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 the lessee’s incremental borrowing rate to the value of the land. Revenue from this lease is recorded as Income from operating leases in our Statement of Operations.
Impairment	Impairment We assess our investments in operating leases, land and property and equipment used in operations for impairment under ASC 360 “Property, Plant and Equipment” (“ASC 360”) 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. We assess our investments in direct financing and sales-type leases for impairment evaluation for impairment under ASC 310. Under ASC 310, the net investment in the lease is identified for impairment when it becomes probable that we will be unable to collect all rental payments associated with our investment in the lease.
Concentrations of Credit Risk	Concentrations of Credit Risk All of our real estate holdings (other than the Margaritaville Resort Casino, which is leased to Penn National, and VICI Golf, which is owned and operated by us) 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. Additionally, our properties on the Las Vegas Strip generated approximately 34%
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted ASU No. 2016-02 - Leases (Topic 842) - February 2016 (as amended through March 2019): The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and is implemented using a modified retrospective approach, with the option to apply the guidance at the effective date or the beginning of the earliest comparative period. We adopted the guidance on January 1, 2019 and elected to apply the effective date method and, as such, have not re-cast prior periods to show the effects of ASC 842. Additionally, upon adoption, we elected a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that exist as of the balance sheet date. As such, we have not reassessed the classification of our Caesars Lease Agreements, as these leases existed prior to our adoption of ASC 842. The new guidance did not have a material impact on the accounting treatment of our triple-net tenant leases, which are the primary source of our revenues. As such, upon adoption of ASC 842, we have not recorded any adjustment to our beginning balance of retained earnings. However, starting in the current quarter there are certain changes to the guidance under ASC 842, which will have an impact on future operating results, as follows: • Costs that are paid directly by the lessee to a third party, such as real estate taxes and insurance, are no longer recognized in our Statement of Operations. Prior to our adoption of ASC 842, we presented on a gross basis the real estate taxes that were paid by our tenants directly to the taxing authority. Subsequent to our adoption of ASC 842, Tenant reimbursements of property taxes and Property taxes expense are presented on a net basis, as the lessee pays for such costs directly. However, consistent with our effective date adoption approach, we have not re-cast prior year financial results to conform to the current period presentation. • Initial direct costs associated with the execution of lease agreements, such as legal fees and certain transaction costs will no longer be capitalizable and instead are expensed in the period incurred. • Long-term leases entered into or modified subsequent to our adoption of ASC 842 will most likely be considered sales-type leases, as defined in ASC 842. The accounting for a sales-type lease is materially consistent with that of the current accounting for our direct financing leases. If we determine that the lease meets the definition for a sale leaseback transaction, the lease is considered a financing receivable and is accounted for in accordance with ASC 310 “Receivables” (“ASC 310”). • Prior to our adoption of ASC 842, the residual value component of our Lease Agreements was assessed for impairment under ASC 360 “Property, Plant and Equipment” while the receivable component was separately assessed for impairment under ASC 310. Upon adoption of ASC 842, both the receivable and residual value components of the direct financing and sales-type leases are assessed for impairment under ASC 310. In relation to certain operating leases for which we are the lessee, such as the ground lease on the Cascata golf course, upon adoption of ASC 842, we recorded a right of use asset and corresponding lease liability of $11.1 million , which is included in Other assets and Other liabilities on our Balance Sheets. There was no change to our lease expense as a result of the change in accounting as such expense is still being recorded on a straight-line basis. Accounting Pronouncements Not Yet Adopted ASU No. 2016-13 - Financial Instruments-Credit Losses (Topic 326) - June 2016 (as amended through November 2018) :

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	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) March 31, 2019 March 31, 2018 Cash and cash equivalents $ 598,276 $ 918,215 Restricted cash 24,366 13,808 Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows $ 622,642 $ 932,023

Real Estate Portfolio (Tables)

Real Estate Portfolio (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Direct Financing Lease	ur real estate portfolio consisted of the following: • Investments in direct financing and sales-type leases, representing our investment in 22 casino assets leased on a triple net basis to our tenants, Caesars and Penn National, under five separate lease agreements; • Investments in operating leases, representing the 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 Agreement; and • Land, representing our investment in the Eastside Property and certain non-operating, vacant land parcels contained in the Non-CPLV Lease Agreement. The following is a summary of the balances of our real estate portfolio as of March 31, 2019 and December 31, 2018 : (In thousands) March 31, 2019 December 31, 2018 Minimum lease payments receivable under direct financing and sales-type leases (1) $ 27,906,577 $ 27,285,943 Estimated residual values of leased property (not guaranteed) 2,170,076 2,135,312 Gross investment in direct financing and sales-type leases 30,076,653 29,421,255 Unamortized initial direct costs 29,004 22,822 Less: Unearned income (20,919,513 ) (20,528,030 ) Investment in direct financing and sales-type leases, net 9,186,144 8,916,047 Investment in operating leases 1,086,658 1,086,658 Total Investments in leases, net 10,272,802 10,002,705 Land 94,711 95,789 Total Real estate portfolio $ 10,367,513 $ 10,098,494 ____________________
Schedule of Components of Direct Financing and Operating Leases	The following table details the components of our income from direct financing, sales-type and operating leases: (In thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Income from direct financing and sales-type leases $ 195,750 $ 182,036 Income from operating leases (1) 10,913 12,209 Total lease revenue 206,663 194,245 Less: Direct financing and sales-type lease adjustment (2) (2,512 ) (12,914 ) Total contractual lease revenue $ 204,151 $ 181,331 ____________________ (1) 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 Agreement.
Schedule of Future Minimum Lease Payments for Operating and Capital Leases	At March 31, 2019 , minimum lease payments owed to us for each of the five succeeding years under direct financing, sales-type and operating leases are as follows: (In thousands) Minimum Lease Payments (1) 2019 (remaining) $ 614,455 2020 830,483 2021 842,488 2022 855,122 2023 869,242 2024 881,204 Thereafter 24,479,605 Total $ 29,372,599 ____________________
Schedule of Lease Agreements	The following is a summary of the material lease provisions of our lease with a subsidiary of Penn National which commenced on January 2, 2019, the date of acquisition: ($ In thousands) Lease Provision Term Initial term 15 years Renewal terms Four, five-year terms Building base rent $17,200 Escalation commencement Lease in year two Escalation 2% of Building Base rent, subject to the EBITDAR to rent ratio floor EBITDAR to rent ratio floor (1) 1.9x commencing lease year two Land base rent (2) $3,000 Percentage rent (3) $3,000 (fixed for lease year one and two) Percentage rent reset Lease year three and each and every other lease year thereafter Percentage rent multiplier The product of (i) 4% and (ii) the excess (if any) of (a) the average annual net revenue of a trailing two-year period preceding such reset year over (b) a threshold amount (defined as 50% of LTM net revenues prior to acquisition) Total current rent (4) $23,200 ____________________ (1) In the event that the EBITDAR to rent ratio coverage is below the stated floor, the escalation will be reduced to such amount to achieve the stated EBITDAR to rent ratio coverage, provided that the amount shall never result in a decrease to the prior year’s rent. The EBITDAR to rent ratio floor is conditioned upon obtaining a favorable private letter ruling from the Internal Revenue Service. (2) Land base rent is not subject to escalation. (3) Percentage rent is subject to the percentage rent multiplier. ($ In thousands) Lease Provision (1) Non-CPLV Lease Agreement and Joliet Lease Agreement CPLV Lease Agreement HLV Lease Agreement Initial Term 15 years 15 years 15 years Renewal Terms Four, five-year terms Four, five-year terms Four, five-year terms Initial Base Rent (2) $493,925 $200,000 $87,400 Current Base Rent (3) $501,019 $204,358 $88,274 Escalator commencement Lease year two Lease year two Lease year two Escalator (4) Lease years 2-5 - 1.5% Lease Years 6-15 - 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 (5) 1.2x commencing lease year 8 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 Variable Rent split (6) 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 Variable Rent percentage (6) 4% 4% 4% ____________________ (1) All capitalized terms used without definition herein have the meanings detailed in the applicable Caesars Lease Agreements. (2) Reflects the addition of $21.0 million and $35.0 million per annum under the Non-CPLV Lease and the CPLV Lease, respectively, to incorporate the base rent for Harrah’s Philadelphia and Octavius Tower, respectively. The additional $35.0 million of rent for Octavius Tower is not subject to the Escalator. (3) In relation to the Non-CPLV Lease Agreement, Joliet Lease Agreement and CPLV Lease Agreement, the amount represents the current annual base rent payable for the current lease year which is the period from November 1, 2018 through October 31, 2019. In relation to the HLV Lease Agreement the amount represents current annual base rent payable for the current lease year which is the period from January 1, 2019 through December 31, 2019. (4) 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 months ended March 31, 2019 . (5) In the event that the EBITDAR to Rent Ratio coverage is below the stated floor, the Escalator of the respective Caesars 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. The EBITDAR to Rent Ratio floor is conditioned upon obtaining a favorable private letter ruling from the Internal Revenue Service.
Schedule Of Capital Expenditure Requirements Under Lease Agreements	The following table summarizes the capital expenditure requirements of our tenants under the Lease Agreements: Provision Non-CPLV Lease Agreement and Joliet Lease Agreement CPLV Lease Agreement HLV Lease Agreement Margaritaville Lease Agreement Yearly minimum expenditure 1% of net revenues (1) 1% of net revenues (1) 1% of net revenues commencing in 2022 1% of net revenues based on four-year average Rolling three-year minimum (2) $255 million $84 million N/A N/A Initial minimum capital expenditure N/A N/A $171 million (2017 - 2021) N/A ____________________ (1) The lease agreement requires a $100 million floor on annual capital expenditures for CPLV, Joliet and Non-CPLV in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (2) CEOC is required to spend $350 million on capital expenditures over a rolling three -year period, with $255 million allocated to Non-CPLV, $84 million allocated to CPLV and the remaining balance of $11 million to facilities covered by any Formation Lease Agreement in such proportion as CEOC may elect. Additionally, CEOC is required to expend a minimum of $495 million across certain of its affiliates and other assets, together with the $350 million

Property and Equipment Used i_2

Property and Equipment Used in Operations, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule Of Property and Equipment Used in Operations, Net	Property and equipment used in operations is primarily attributable to the land, building and improvements of our golf operations and consists of the following: (In thousands) March 31, 2019 December 31, 2018 Land and land improvements $ 58,729 $ 58,573 Buildings and improvements 14,572 14,572 Furniture and equipment 3,839 2,805 Total property and equipment used in operations 77,140 75,950 Less: accumulated depreciation (5,365 ) (4,437 ) Total property and equipment used in operations, net $ 71,775 $ 71,513 (In thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Depreciation expense $ 930 $ 906

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Other Liabilities [Abstract]
Schedule of Other Assets	The following table details the components of our other assets: (In thousands) March 31, 2019 December 31, 2018 Right of use asset $ 11,104 $ — Debt financing costs and original issue discount 5,810 6,190 Deferred acquisition costs 4,208 7,062 Interest receivable 3,559 886 Prepaid expenses 3,449 3,060 Other 1,733 1,253 Tenant receivable for property taxes — 25,586 Total other assets $ 29,863 $ 44,037
Schedule Of Other Liabilities	The following table details the components of our other liabilities: (In thousands) March 31, 2019 December 31, 2018 Derivative liability $ 39,315 $ 22,124 Lease liability 11,104 — Other accrued expenses 5,608 30,951 Accrued payroll and other compensation 2,174 4,934 Deferred income taxes 3,292 3,340 Accounts payable 1,227 1,057 Total other liabilities $ 62,720 $ 62,406

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following tables detail our debt obligations as of March 31, 2019 and December 31, 2018 : ($ in thousands) March 31, 2019 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 + 2.00% $ — $ — Term Loan B Facility (3)(4)(5) 2024 L + 2.00% 2,100,000 2,074,870 Second Lien Notes (6) 2023 8.00% 498,480 498,480 CPLV Debt CPLV CMBS Debt (7) 2022 4.36% 1,550,000 1,550,000 Total Debt $ 4,148,480 $ 4,123,350 ($ in thousands) December 31, 2018 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 + 2.00% $ — $ — Term Loan B Facility (3)(4)(5) 2024 L + 2.00% 2,100,000 2,073,784 Second Lien Notes (6) 2023 8.00% 498,480 498,480 CPLV Debt CPLV CMBS Debt (7) 2022 4.36% 1,550,000 1,550,000 Total Debt $ 4,148,480 $ 4,122,264 ____________________ (1) Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2) Interest on any outstanding balance is payable monthly. Any unused balance is subject to a 0.5% commitment fee paid quarterly. (3) 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% . (4) Interest is payable monthly. 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. As of March 31, 2019, we had six interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $2.0 billion at a blended LIBOR rate of 2.7173% . As of December 31, 2018, we had four interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $1.5 billion at a LIBOR rate of 2.8297% . (5) 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). (6) Interest is payable semi-annually. (7)
Contractual Obligation, Fiscal Year Maturity Schedule	The following table is a schedule of future minimum payments of our debt obligations as of March 31, 2019 : (In thousands) Future Minimum Payments 2019 (remaining) $ — 2020 — 2021 — 2022 1,560,000 2023 520,480 2024 2,068,000 Total minimum repayments $ 4,148,480

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivatives	The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2019 and December 31, 2018 : ($ in thousands) March 31, 2019 Instrument Number of Instruments Fixed Rate Notional Index Maturity Interest Rate Swaps 4 2.8297% $1,500,000 USD LIBOR April 22, 2023 Interest Rate Swaps 2 2.3802% $500,000 USD LIBOR January 22, 2021 ($ in thousands) December 31, 2018 Instrument Number of Instruments Fixed Rate Notional Index Maturity Interest Rate Swaps 4 2.8297% $1,500,000 USD LIBOR April 22, 2023

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value, Net Derivative Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables summarize our assets and liabilities measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 : March 31, 2019 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ 356,878 $ — $ 356,878 $ — Financial liabilities: Derivative instruments - interest rate swaps (2) $ 39,315 $ — $ 39,315 $ — December 31, 2018 (In thousands) Fair Value Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (1) $ 520,877 $ — $ 520,877 $ — Financial liabilities: Derivative instruments - interest rate swaps (2) $ 22,124 $ — $ 22,124 $ — ___________________ (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.
Schedule Of Estimated Fair Value	The estimated fair values of our financial instruments at March 31, 2019 and December 31, 2018 for which fair value is only disclosed are as follows: March 31, 2019 December 31, 2018 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 598,276 $ 598,276 $ 577,883 $ 577,883 Restricted cash 24,366 24,366 20,564 20,564 Financial liabilities: Debt (1) Revolving Credit Facility $ — $ — $ — $ — Term Loan B Facility 2,074,870 2,068,500 2,073,784 2,016,000 Second Lien Notes 498,480 545,835 498,480 535,866 CPLV CMBS Debt 1,550,000 1,567,836 1,550,000 1,539,040 ____________________ (1)

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at March 31, 2019 are as follows: (In thousands) Lease Commitments 2019 (remaining) $ 924 2020 983 2021 933 2022 951 2023 970 2024 990 Thereafter 15,905 Total minimum lease commitments $ 21,656 Discounting factor 10,552 Lease liability $ 11,104

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Dividends Declared	Dividends declared (on a per share basis) during the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 Declaration Date Period Dividend March 14, 2019 (1) January 1, 2019 - March 31, 2019 $ 0.2875 Three Months Ended March 31, 2018 Declaration Date Period Dividend March 15, 2018 (2) February 5, 2018 - March 31, 2018 $ 0.16 ____________________ (1) The dividend was paid on April 11, 2019 to stockholders of record as of the close of business on March 29, 2019. (2) 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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Weighted Average Earnings Per Share	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic earnings per share to the weighted-average common shares outstanding used in the calculation of diluted earnings per share for the three months ended March 31, 2019 and 2018 : (In thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Determination of shares: Weighted-average common shares outstanding 405,734 342,901 Assumed conversion of restricted stock 301 156 Diluted weighted-average common shares outstanding 406,035 343,057 Basic and Diluted Earnings Per Share (In thousands, except per share data) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Basic: Net income attributable to common stockholders $ 150,849 $ 112,122 Weighted-average common shares outstanding 405,734 342,901 Basic EPS $ 0.37 $ 0.33 Diluted: Net income attributable to common stockholders $ 150,849 $ 112,122 Diluted weighted-average common shares outstanding 406,035 343,057 Diluted EPS $ 0.37 $ 0.33

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
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 time-based restricted stock and performance-based restricted stock units: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In thousands, except per share data) Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at beginning of period 398 19.60 124 $ 15.61 Granted 299 22.00 100 20.04 Vested (82 ) 19.50 (27 ) 20.04 Forfeited (8 ) 20.47 — — Canceled — — — — Outstanding at end of period 607 20.78 197 $ 17.27

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by 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 March 31, 2019 Three Months Ended March 31, 2018 (In thousands) Real Property Business Golf Course Business VICI Consolidated Real Property Business Golf Course Business VICI Consolidated Revenues (1) $ 206,663 $ 7,339 $ 214,002 $ 211,488 $ 6,788 $ 218,276 Operating income 199,546 2,320 201,866 186,936 1,788 188,724 Interest expense (53,586 ) — (53,586 ) (52,875 ) — (52,875 ) Loss on extinguishment of debt — — — (23,040 ) — (23,040 ) Income before income taxes 151,091 2,356 153,447 112,699 1,788 114,487 Income tax expense — (521 ) (521 ) — (384 ) (384 ) Net income 151,091 1,835 152,926 112,699 1,404 114,103 Depreciation 3 927 930 — 906 906 Total assets $ 11,350,664 $ 98,007 $ 11,448,671 $ 10,404,715 $ 81,524 $ 10,486,239 ____________________ (1)

Business and Organization (Deta

Business and Organization (Details) - Mar. 31, 2019	property	golf_course
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties	22	4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 598,276	$ 577,883	$ 918,215
Restricted cash	24,366	20,564	13,808
Total cash, cash equivalents and restricted cash shown in the Statement of Cash Flows	$ 622,642	$ 598,447	$ 932,023	$ 197,406

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Short-term investments	$ 520,877	$ 356,878
Property, Las Vegas Strip | Geographic Concentration Risk | Sales Revenue, Net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	34.00%
Harrah’s Joliet LandCo LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage by noncontrolling owners		20.00%

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset	$ 11,104		$ 0
Lease liability	11,104		$ 0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset	11,100	$ 11,100
Lease liability	$ 11,100

Property Transactions (Details)

Property Transactions (Details) $ in Thousands	Apr. 05, 2019USD ($)option	Jan. 02, 2019USD ($)option	Dec. 26, 2018USD ($)	Nov. 13, 2018USD ($)option	Jul. 11, 2018USD ($)option	Dec. 31, 2017USD ($)a	Mar. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Renewal term							10 years
Accounted for using the operating method						$ 73,600
Deposit liability						73,600
Initial property of lease rent								1.67
Margaritaville
Business Acquisition [Line Items]
Purchase price		$ 261,100
Penn National
Business Acquisition [Line Items]
Purchase price		114,900
Payments for rent		$ 23,200
Initial term		15 years
Number of renewal options | option		4
Renewal term		5 years
Harrah’s Philadelphia
Business Acquisition [Line Items]
Purchase price			$ 82,500
Cash consideration			241,500
Amount reduced to reflect aggregate net present value			159,000
Octavius Tower
Business Acquisition [Line Items]
Payments for rent					$ 35,000
Number of renewal options | option					4
Renewal term					5 years
Cash consideration					$ 507,500
Non-CPLV Lease Agreement
Business Acquisition [Line Items]
Payments for rent			$ 21,000
Eastside Convention Center, LLC
Business Acquisition [Line Items]
Purchase price						$ 73,600
Acres of parcel | a						18.4
Penn National
Business Acquisition [Line Items]
Period of exercise of call rights							5 years
Penn National | Greektown Acquisition
Business Acquisition [Line Items]
Payments for rent				$ 55,600
Initial term				15 years
Number of renewal options | option				4
Renewal term				5 years
JACK Entertainment LLC | Greektown Acquisition
Business Acquisition [Line Items]
Cash consideration				$ 700,000
Penn National | Greektown Acquisition
Business Acquisition [Line Items]
Cash consideration				$ 300,000
Subsequent Event | JACK Cincinnati Casino
Business Acquisition [Line Items]
Purchase price	$ 558,300
Subsequent Event | Hard Rock
Business Acquisition [Line Items]
Purchase price	186,500
Payments for rent	$ 42,750
Initial term	15 years
Number of renewal options | option	4
Renewal term	5 years

Real Estate Portfolio - Narrati

Real Estate Portfolio - Narrative (Details)	3 Months Ended
	Mar. 31, 2019casinoarrangement
Real Estate [Abstract]
Number of casinos | casino	22
Weighted average remaining lease term	33 years 7 months 6 days
Number of lease arrangements | arrangement	5

Real Estate Portfolio - Schedul

Real Estate Portfolio - Schedule Of Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Minimum lease payments receivable under direct financing and sales-type leases	$ 27,906,577	$ 27,285,943
Estimated residual values of leased property (not guaranteed)	2,170,076	2,135,312
Gross investment in direct financing and sales-type leases	30,076,653	29,421,255
Unamortized initial direct costs	29,004	22,822
Less: Unearned income	(20,919,513)	(20,528,030)
Investment in direct financing and sales-type leases, net	9,186,144	8,916,047
Investment in operating leases	1,086,658	1,086,658
Total Investments in leases, net	10,272,802	10,002,705
Land	94,711	95,789
Total Real estate portfolio	$ 10,367,513	$ 10,098,494

Real Estate Portfolio - Sched_2

Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate [Abstract]
Income from direct financing and sales-type leases	$ 195,750	$ 182,036
Income from operating leases	10,913	12,209
Total lease revenue	206,663	194,245
Less: Direct financing and sales-type lease adjustment	(2,512)	(12,914)
Total contractual lease revenue	$ 204,151	$ 181,331

Real Estate Portfolio - Sched_3

Real Estate Portfolio - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Real Estate [Abstract]
2019 (remaining)	$ 614,455
2020	830,483
2021	842,488
2022	855,122
2023	869,242
2024	881,204
Thereafter	24,479,605
Total	$ 29,372,599

Real Estate Portfolio - Sched_4

Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands	Jan. 02, 2019USD ($)	Jul. 11, 2018USD ($)option	Mar. 31, 2019USD ($)option
Property Subject to or Available for Operating Lease [Line Items]
Renewal term			10 years
Octavius Tower
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent		$ 35,000
Number of renewal options | option		4
Renewal term		5 years
Non-CPLV Lease Agreement | Harrah’s Philadelphia
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent			$ 21,000
Non-CPLV Lease Agreement and Joliet Lease Agreement
Property Subject to or Available for Operating Lease [Line Items]
Initial Term			15 years
Payments for rent			$ 493,925
Current Base Rent			$ 501,019
Escalator commencement			Lease year two
Number of renewal options | option			4
Renewal term			5 years
Percentage of EBITDAR to rent ratio floor			120.00%
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 Agreement and Joliet Lease Agreement | Lease Years 2-5
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			1.50%
Non-CPLV Lease Agreement and Joliet Lease Agreement | Lease Years 6-15
Property Subject to or Available for Operating Lease [Line Items]
Consumer price index			2.00%
Non-CPLV Lease Agreement and Joliet Lease Agreement | 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 Agreement and Joliet Lease Agreement | 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 Agreement and Joliet Lease Agreement | 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 Agreement and Joliet Lease Agreement | Lease Years 11-15 | Variable Rent
Property Subject to or Available for Operating Lease [Line Items]
Percentage of rent split			20.00%
CPLV Lease Agreement
Property Subject to or Available for Operating Lease [Line Items]
Initial Term			15 years
Payments for rent			$ 200,000
Current Base Rent			$ 204,358
Escalator commencement			Lease year two
Number of renewal options | option			4
Renewal term			5 years
Consumer price index			2.00%
Percentage of EBITDAR to rent ratio floor			170.00%
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 | Octavius Tower
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent			$ 35,000
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%
HLV Lease
Property Subject to or Available for Operating Lease [Line Items]
Initial Term			15 years
Payments for rent			$ 87,400
Current Base Rent			$ 88,274
Escalator commencement			Lease year two
Number of renewal options | option			4
Renewal term			5 years
Percentage of EBITDAR to rent ratio floor			160.00%
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%
Penn National | Magaritaville Lease
Property Subject to or Available for Operating Lease [Line Items]
Initial Term	15 years
Current Base Rent	$ 23,200
Escalator commencement	Lease in year two
Percentage rent	$ 3,000
Escalator commencement term in year three			Lease year three
Escalator commencement term in every other lease year thereafter			Thereafter
Percentage of rent multiplier			4.00%
Period of revenue of rent multiplier			2 years
Percentage of rent revenue prior to acquisition			50.00%
Building | Penn National | Magaritaville Lease
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent	17,200
Land | Penn National | Magaritaville Lease
Property Subject to or Available for Operating Lease [Line Items]
Payments for rent	$ 3,000

Real Estate Portfolio - Sched_5

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Non-CPLV Lease Agreement and Joliet Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Rolling three-year minimum	$ 255
CPLV Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Rolling three-year minimum	$ 84
HLV Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Initial minimum capital expenditure	$ 171
Margaritaville Lease Agreement
Real Estate [Line Items]
Yearly minimum expenditure, percentage of net revenues	1.00%
Average period of yearly minimum expenditure	4 years
CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate [Line Items]
Capital expenditures	$ 100
Percentage of prior year net revenues	1.00%
CEOC
Real Estate [Line Items]
Rolling three-year minimum	$ 350
Payments due in rolling year three	3 years
Minimum amount to be expended across certain affiliates and other assets	$ 495
CEOC | CPLV Lease Agreement
Real Estate [Line Items]
Rolling three-year minimum	84
CEOC | CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate [Line Items]
Additional capital expenditure requirement	11
CEOC | Non-CPLV Lease Agreement
Real Estate [Line Items]
Rolling three-year minimum	$ 255

Property and Equipment Used i_3

Property and Equipment Used in Operations, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	$ 77,140		$ 75,950
Less: accumulated depreciation	(5,365)		(4,437)
Property and equipment used in operations, net	71,775		71,513
Depreciation	930	$ 906
Land and land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	58,729		58,573
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	14,572		14,572
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment used in operations	$ 3,839		$ 2,805

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Right of use asset	$ 11,104	$ 0
Debt financing costs and original issue discount	5,810	6,190
Deferred acquisition costs	4,208	7,062
Interest receivable	3,559	886
Prepaid expenses	3,449	3,060
Other	1,733	1,253
Tenant receivable for property taxes	0	25,586
Total other assets	$ 29,863	$ 44,037

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Liabilities [Abstract]
Derivative liability	$ 39,315	$ 22,124
Lease liability	11,104	0
Other accrued expenses	5,608	30,951
Accrued payroll and other compensation	2,174	4,934
Deferred income taxes	3,292	3,340
Accounts payable	1,227	1,057
Total other liabilities	$ 62,720	$ 62,406

Debt - Schedule Of Outstanding

Debt - Schedule Of Outstanding Indebtedness (Details)	Feb. 05, 2018	Dec. 31, 2017	Mar. 31, 2019USD ($)instrument	Dec. 31, 2018USD ($)instrument	Jan. 03, 2019USD ($)instrument	Apr. 24, 2018USD ($)instrument	Feb. 28, 2018USD ($)
Debt Instrument [Line Items]
Face Value			$ 4,148,480,000	$ 4,148,480,000
Carrying Value			4,123,350,000	4,122,264,000
Senior Notes | Term B Loan Facility
Debt Instrument [Line Items]
Face Value			2,100,000,000	2,100,000,000
Carrying Value			$ 2,074,870,000	$ 2,073,784,000
Senior Notes | Term B Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%	2.00%
Senior Notes | Second Lien Notes
Debt Instrument [Line Items]
Face Value			$ 498,480,000	$ 498,480,000
Carrying Value			$ 498,480,000	$ 498,480,000
Interest rate, stated percentage			8.00%	8.00%
Senior Notes | Senior Secured Revolving Credit Facility (“Revolving Credit Facility”)
Debt Instrument [Line Items]
Commitment fee percentage			0.50%
CPLV CMBS Debt | CPLV CMBS Debt
Debt Instrument [Line Items]
Face Value			$ 1,550,000,000	$ 1,550,000,000
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					2	4
Notional amount				$ 1,500,000,000	$ 500,000,000	$ 1,500,000,000
Interest Rate Swaps | LIBOR
Debt Instrument [Line Items]
Number of instruments | instrument			6	4
Notional amount			$ 2,000,000,000
Fixed interest rate			2.7173%	2.8297%
Interest Rate Swaps | Senior Notes | Term B Loan Facility
Debt Instrument [Line Items]
Carrying Value			$ 100,000,000
Revolving Credit Facility | Term B Loan Facility
Debt Instrument [Line Items]
Carrying Value							$ 300,000,000
Revolving Credit Facility | Term B Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%	2.25%
Revolving Credit Facility | CPLV CMBS Debt
Debt Instrument [Line Items]
Interest rate, stated percentage			4.36%
Revolving Credit Facility | Senior Notes
Debt Instrument [Line Items]
Face Value			$ 0	$ 0
Carrying Value			$ 0	$ 0
Revolving Credit Facility | Senior Notes | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%	2.00%

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Repayment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2019 (remaining)	$ 0
2020	0
2021	0
2022	1,560,000
2023	520,480
2024	2,068,000
Total minimum repayments	$ 4,148,480	$ 4,148,480

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Nov. 19, 2018	Feb. 05, 2018	Feb. 28, 2018	Dec. 31, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Restricted net assets					$ 5,700,000,000
Proceeds from offering of common stock, net	$ 694,200,000	$ 1,300,000,000			128,085,000	$ 1,307,119,000
Debt, net					4,123,350,000		$ 4,122,264,000
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
Debt Instrument [Line Items]
Percentage of adjusted total assets					0.60%
Amount of adjusted total assets					$ 30,000,000
Percentage of cash dividends					100.00%
Amount of cash dividends					$ 30,000,000
Senior Notes | Term B Loan Facility
Debt Instrument [Line Items]
Debt, net					$ 2,074,870,000		2,073,784,000
Senior Notes | Second Lien Notes
Debt Instrument [Line Items]
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
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount				400,000,000
Percentage of utilization of revolving credit facility					30.00%
Revolving Credit Facility | Term B Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount				$ 300,000,000
Proceeds from offering of common stock, net			1,300,000,000
Debt, net			300,000,000
Repayments of debt			$ 100,000,000
Percentage of amortization of principal amount per annum			1.00%
Revolving Credit Facility | CPLV CMBS Debt
Debt Instrument [Line Items]
Interest rate, stated percentage					4.36%
Revolving Credit Facility | Senior Notes
Debt Instrument [Line Items]
Debt, net					$ 0		$ 0
LIBOR | Senior Notes | Term B Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%		2.00%
LIBOR | Revolving Credit Facility | Term B Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%		2.25%
LIBOR | Revolving Credit Facility | Senior Notes
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%		2.00%

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	3 Months Ended
	Mar. 31, 2019USD ($)instrument	Mar. 31, 2018USD ($)	Jan. 03, 2019USD ($)instrument	Dec. 31, 2018USD ($)instrument	Apr. 24, 2018USD ($)instrument
Derivative [Line Items]
Debt, net	$ 4,123,350,000			$ 4,122,264,000
Interest expense	53,586,000	$ 52,875,000
Unrealized loss on cash flow hedges	(17,200,000)
Interest Rate Swaps
Derivative [Line Items]
Number of instruments | instrument			2		4
Notional amount			$ 500,000,000	$ 1,500,000,000	$ 1,500,000,000
Interest expense	$ 1,100,000
Interest Rate Swap Maturing April 22, 2023
Derivative [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%
Term B Loan Facility | Senior Notes
Derivative [Line Items]
Debt, net	$ 2,074,870,000			$ 2,073,784,000
Term B Loan Facility | Senior Notes | Interest Rate Swaps
Derivative [Line Items]
Debt, net	$ 100,000,000

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives (Details)	Mar. 31, 2019USD ($)instrument	Dec. 31, 2018USD ($)instrument
Interest Rate Swap Maturing April 22, 2023
Derivative [Line Items]
Number of Instruments | instrument	4	4
Fixed Rate	2.8297%	2.8297%
Notional | $	$ 1,500,000,000	$ 1,500,000,000
Interest Rate Swap Maturing January 22, 2021
Derivative [Line Items]
Number of Instruments | instrument	2
Fixed Rate	2.3802%
Notional | $	$ 500,000,000

Fair Value - Recurring Basis (D

Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Financial assets:
Short-term investments	$ 356,878	$ 520,877
Financial liabilities:
Derivative instruments - interest rate swaps	39,315	22,124
Carrying Amount
Financial assets:
Short-term investments	356,878	520,877
Carrying Amount | Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	39,315	22,124
Level 1 | Fair Value
Financial assets:
Short-term investments	0	0
Level 1 | Fair Value | Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	0	0
Level 2 | Fair Value
Financial assets:
Short-term investments	356,878	520,877
Level 2 | Fair Value | Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	39,315	22,124
Level 3 | Fair Value
Financial assets:
Short-term investments	0	0
Level 3 | Fair Value | Interest Rate Swaps
Financial liabilities:
Derivative instruments - interest rate swaps	$ 0	$ 0

Fair Value - Schedule Of Estima

Fair Value - Schedule Of Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 598,276	$ 577,883
Restricted cash	24,366	20,564
Carrying Amount | Revolving Credit Facility
Financial liabilities:
Debt	0	0
Carrying Amount | Term Loan B Facility
Financial liabilities:
Debt	2,074,870	2,073,784
Carrying Amount | Second Lien Notes
Financial liabilities:
Debt	498,480	498,480
Carrying Amount | CPLV CMBS Debt
Financial liabilities:
Debt	1,550,000	1,550,000
Fair Value
Financial assets:
Cash and cash equivalents	598,276	577,883
Restricted cash	24,366	20,564
Fair Value | Revolving Credit Facility
Financial liabilities:
Debt	0	0
Fair Value | Term Loan B Facility
Financial liabilities:
Debt	2,068,500	2,016,000
Fair Value | Second Lien Notes
Financial liabilities:
Debt	545,835	535,866
Fair Value | CPLV CMBS Debt
Financial liabilities:
Debt	$ 1,567,836	$ 1,539,040

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)option	Mar. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Weighted average remaining lease term	18 years 8 months 12 days
Number of extension options | option	3
Renewal term	10 years
Right-of-use asset	$ 11,104			$ 0
Lease liability	$ 11,104			$ 0
Lessee, finance lease, discount rate	5.50%
Lessee, operating lease, discount rate	5.50%
Accounting Standards Update 2016-02
Loss Contingencies [Line Items]
Right-of-use asset	$ 11,100		$ 11,100
Lease liability	11,100
General and Administrative Expense
Loss Contingencies [Line Items]
Expenses related to operating lease commitments	$ 400	$ 300

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
2019 (remaining)	$ 924
2020	983
2021	933
2022	951
2023	970
2024	990
Thereafter	15,905
Total minimum lease commitments	21,656
Discounting factor	10,552
Lease liability	$ 11,104	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	Dec. 19, 2018	Nov. 19, 2018	Nov. 13, 2018	Feb. 05, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Total number of common and preferred shares authorized (in shares)					750,000,000
Common stock, shares authorized (in shares)					700,000,000		700,000,000
Common stock, par value (in dollars per share)					$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)					50,000,000		50,000,000
Preferred stock, par value (in dollars per share)					$ 0.01		$ 0.01
Shares issued in IPO (in shares)		34,500,000		69,575,000
Share price (in dollars per share)		$ 21		$ 20
Aggregate offering value of shares		$ 724,500,000		$ 1,400,000,000	$ 128,265,000	$ 1,307,119,000
Proceeds from issuance of common stock		$ 694,200,000		$ 1,300,000,000	$ 128,085,000	$ 1,307,119,000
Common stock, shares issued (in shares)					410,970,554		404,729,616
JACK Entertainment LLC | Greektown Acquisition
Class of Stock [Line Items]
Cash consideration			$ 700,000,000
ATM Stock Offering Program
Class of Stock [Line Items]
Shares issued in IPO (in shares)					6,107,633
Proceeds from issuance of common stock					$ 129,900,000
Stock issuance fees					$ 1,800,000
Maximum amount of shares to be sold	$ 750,000,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.2625	$ 0.2875	$ 0.1600

Earnings Per Share - Schedule O

Earnings Per Share - Schedule Of Weighted Average Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Weighted-average common shares outstanding (in shares)	405,733,656	342,900,842
Assumed conversion (in shares)	301,000	156,000
Diluted weighted-average common shares outstanding (in shares)	406,035,025	343,056,532

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic:
Net income attributable to common stockholders	$ 150,849	$ 112,122
Weighted-average common shares outstanding (in shares)	405,733,656	342,900,842
Basic EPS (in dollars per share)	$ 0.37	$ 0.33
Diluted:
Net income attributable to common stockholders	$ 150,849	$ 112,122
Diluted weighted-average common shares outstanding (in shares)	406,035,025	343,056,532
Diluted EPS (in dollars per share)	$ 0.37	$ 0.33

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 11
Weighted average period	2 years 6 months
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	12,750,000
Number of shares available for issuance (in shares)	11,939,399
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General and administrative	$ 1.1	$ 0.4

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule Of Restricted Stock (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Shares
Beginning balance (in shares)	398	124
Granted (in shares)	299	100
Vested (in shares)	(82)	(27)
Forfeited (in shares)	(8)	0
Canceled (in shares)	0	0
Ending balance (in shares)	607	197
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 19.60	$ 15.61
Granted (in dollars per share)	22	20.04
Vested (in dollars per share)	19.50	20.04
Forfeited (in dollars per share)	20.47	0
Canceled (in dollars per share)	0	0
Ending balance (in dollars per share)	$ 20.78	$ 17.27

Segment Information - Narrative

Segment Information - Narrative (Details) - 3 months ended Mar. 31, 2019	segmentproperty	golf_course
Segment Reporting [Abstract]
Number of reportable segments	2
Number of real estate properties	22	4

Segment Information - Schedule

Segment Information - Schedule Of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues (1)	$ 214,002	$ 218,276
Operating income	201,866	188,724
Interest expense	(53,586)	(52,875)
Loss on extinguishment of debt	0	(23,040)
Income before income taxes	153,447	114,487
Income tax expense	(521)	(384)
Net income	152,926	114,103
Depreciation	930	906
Total assets	11,448,671	10,486,239	$ 11,333,368
Real Property Business
Segment Reporting Information [Line Items]
Revenues (1)	206,663	211,488
Operating income	199,546	186,936
Interest expense	(53,586)	(52,875)
Loss on extinguishment of debt	0	(23,040)
Income before income taxes	151,091	112,699
Income tax expense	0	0
Net income	151,091	112,699
Depreciation	3	0
Total assets	11,350,664	10,404,715
Golf Course Business
Segment Reporting Information [Line Items]
Revenues (1)	7,339	6,788
Operating income	2,320	1,788
Interest expense	0	0
Loss on extinguishment of debt	0	0
Income before income taxes	2,356	1,788
Income tax expense	(521)	(384)
Net income	1,835	1,404
Depreciation	927	906
Total assets	$ 98,007	$ 81,524