VICI Properties 10-K 22 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-55791
Entity Registrant Name	VICI Properties Inc.
Entity Incorporation, State	MD
Entity Tax Identification Number	81-4177147
Entity Address, Street	535 Madison Avenue, 20th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10022
City Area Code	646
Local Phone Number	949-4631
Title of each class	Common stock, $0.01 par value
Trading Symbol	VICI
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 31,600,000,000
Entity Common Stock, Shares Outstanding		1,042,679,525
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the VICI Properties Inc.’s definitive proxy statement relating to the 2024 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days after the end of the calendar year to which this report relates, are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Central Index Key	0001705696
VICI Properties LP
Document Information [Line Items]
Entity File Number	333-264352-01
Entity Registrant Name	VICI Properties L.P.
Entity Incorporation, State	DE
Entity Tax Identification Number	35-2576503
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001920791

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Line Items]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York
VICI Properties LP
Audit Information [Line Items]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

VICI PROPERTIES INC. CONSOLIDAT

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Real estate portfolio:
Investments in leases - sales-type, net	[1]	$ 23,015,931	$ 17,172,325
Investment in unconsolidated affiliate		0	1,460,775
Land		150,727	153,560
Cash and cash equivalents		522,574	208,933
Short-term investments		0	217,342
Other assets		1,015,330	936,328
Total assets		44,059,841	37,575,826
Liabilities
Debt, net		16,724,125	13,739,675
Accrued expenses and deferred revenue		227,241	213,388
Dividends and distributions payable		437,599	380,178
Other liabilities		1,013,102	952,472
Total liabilities		18,402,067	15,285,713
Commitments and contingent liabilities (Note 10)
Stockholders’ equity
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,042,702,763 and 963,096,563 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively		10,427	9,631
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2023 and 2022		0	0
Additional paid-in capital		24,125,872	21,645,499
Accumulated other comprehensive income		153,870	185,353
Retained earnings		965,762	93,154
Total VICI stockholders’ equity		25,255,931	21,933,637
Non-controlling interests		401,843	356,476
Total stockholders’ equity		25,657,774	22,290,113
Total liabilities and stockholders’ equity		44,059,841	37,575,826
Investments in leases - financing receivables, net
Real estate portfolio:
Investments in leases and loans	[1]	18,211,102	16,740,770
Investments in loans and securities, net
Real estate portfolio:
Investments in leases and loans	[1]	$ 1,144,177	$ 685,793
[1]As of December 31, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $701.1 million, $703.6 million, $29.8 million and $18.7 million, respectively, and $570.4 million, $726.7 million, $6.9 million, and $19.8 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

VICI PROPERTIES INC. CONSOLID_2

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,350,000,000	1,350,000,000
Common stock, shares issued (in shares)	1,042,702,763	963,096,563
Common stock, shares outstanding (in shares)	1,042,702,763	963,096,563
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
Sales-type and direct financing, allowance for credit losses	$ 701,129	$ 570,387
Other assets (sales-type sub-leases), allowance for credit losses	18,722	19,750
Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	703,632	726,707
Investments in loans and securities, net
Financing and loans receivable, allowance for credit losses	$ 29,772	$ 6,865

VICI PROPERTIES INC. CONSOLID_3

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Income from sales-type leases	$ 1,980,178	$ 1,464,245	$ 1,167,972
Income from lease financing receivables, loans and securities	1,519,516	1,041,229	283,242
Other income	73,326	59,629	27,808
Golf revenues	38,968	35,594	30,546
Total revenues	3,611,988	2,600,697	1,509,568
Operating expenses
General and administrative	59,603	48,340	33,122
Depreciation	4,298	3,182	3,091
Other expenses	73,326	59,629	27,808
Golf expenses	27,089	22,602	20,762
Change in allowance for credit losses	102,824	834,494	(19,554)
Transaction and acquisition expenses	8,017	22,653	10,402
Total operating expenses	275,157	990,900	75,631
Income from unconsolidated affiliate	1,280	59,769	0
Interest expense	(818,056)	(539,953)	(392,390)
Interest income	23,970	9,530	120
Loss from extinguishment of debt	0	0	(15,622)
Other gains	4,456	0	0
Income before income taxes	2,548,481	1,139,143	1,026,045
Benefit from (provision for) income taxes	6,141	(2,876)	(2,887)
Net income	2,554,622	1,136,267	1,023,158
Less: Net income attributable to non-controlling interests	(41,082)	(18,632)	(9,307)
Net income attributable to common stockholders	$ 2,513,540	$ 1,117,635	$ 1,013,851
Net income per common share
Basic (in dollars per share)	$ 2.48	$ 1.27	$ 1.80
Diluted (in dollars per share)	$ 2.47	$ 1.27	$ 1.76
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,014,513,195	877,508,388	564,467,362
Diluted (in shares)	1,015,776,697	879,675,845	577,066,292
Other comprehensive income
Net income	$ 2,554,622	$ 1,136,267	$ 1,023,158
Reclassification of derivative (gain) loss to Interest expense	(24,148)	(16,233)	64,239
Unrealized (loss) gain on cash flow hedges	(9,655)	200,550	29,166
Foreign currency translation adjustments, net	1,952	0	0
Comprehensive income	2,522,771	1,320,584	1,116,563
Comprehensive income attributable to non-controlling interests	(40,714)	(18,428)	(9,307)
Comprehensive income attributable to common stockholders	$ 2,482,057	$ 1,302,156	$ 1,107,256

VICI PROPERTIES INC. CONSOLID_4

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total VICI Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interests
Beginning balance at Dec. 31, 2020	$ 9,493,745	$ 9,415,839	$ 5,367	$ 9,363,539	$ (92,521)	$ 139,454	$ 77,906
Increase (Decrease) in Stockholders' Equity
Net income	1,023,158	1,013,851				1,013,851	9,307
Issuance of common stock, net	2,384,815	2,384,815	919	2,383,896
Dividends and distributions declared	(815,586)	(807,279)				(807,279)	(8,307)
Stock-based compensation, net of forfeitures	7,637	7,637	3	7,634
Unrealized loss on cash flow hedges	29,166	29,166			29,166
Reclassification of derivative loss to Interest expense	64,239	64,239			64,239
Foreign currency translation adjustments, net	0
Ending balance at Dec. 31, 2021	12,187,174	12,108,268	6,289	11,755,069	884	346,026	78,906
Increase (Decrease) in Stockholders' Equity
Net income	1,136,267	1,117,635				1,117,635	18,632
Issuance of common stock, net	9,790,328	9,790,328	3,337	9,786,991
Noncontrolling interest, increase from subsidiary equity issuance	374,769						374,769
Reallocation of equity	0	93,286		93,338	(52)		(93,286)
Dividends and distributions declared	(1,392,979)	(1,370,507)				(1,370,507)	(22,472)
Stock-based compensation, net of forfeitures	10,237	10,106	5	10,101			131
Unrealized loss on cash flow hedges	200,550	200,550			200,550
Reclassification of derivative loss to Interest expense	(16,233)	(16,029)			(16,029)		(204)
Foreign currency translation adjustments, net	0
Ending balance at Dec. 31, 2022	22,290,113	21,933,637	9,631	21,645,499	185,353	93,154	356,476
Increase (Decrease) in Stockholders' Equity
Net income	2,554,622	2,513,540				2,513,540	41,082
Issuance of common stock, net	2,479,720	2,479,720	791	2,478,929
Noncontrolling interest, increase from subsidiary equity issuance	24,390						24,390
Reallocation of equity	0	(8,993)		(8,993)			8,993
Dividends and distributions declared	(1,669,790)	(1,640,932)				(1,640,932)	(28,858)
Stock-based compensation, net of forfeitures	10,570	10,442	5	10,437			128
Unrealized loss on cash flow hedges	(9,655)	(9,551)			(9,551)		(104)
Reclassification of derivative loss to Interest expense	(24,148)	(23,860)			(23,860)		(288)
Foreign currency translation adjustments, net	1,952	1,928			1,928		24
Ending balance at Dec. 31, 2023	$ 25,657,774	$ 25,255,931	$ 10,427	$ 24,125,872	$ 153,870	$ 965,762	$ 401,843

VICI PROPERTIES INC. CONSOLID_5

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.4150	$ 0.4150	$ 0.3900	$ 0.3900	$ 0.3900	$ 0.3900	$ 0.3600	$ 0.3600	$ 1.610	$ 1.500	$ 1.380

VICI PROPERTIES INC. CONSOLID_6

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash flows from operating activities
Net income	$ 2,554,622	$ 1,136,267	$ 1,023,158
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(515,488)	(337,631)	(119,969)
Stock-based compensation	15,536	12,986	9,371
Non-cash transaction costs	0	8,816	0
Depreciation	4,298	3,182	3,091
Other gains	(4,456)	0	0
Amortization of debt issuance costs and original issue discount	46,123	32,363	71,452
Change in allowance for credit losses	102,824	834,494	(19,554)
Income from unconsolidated affiliate	(1,280)	(59,769)	0
Distributions from unconsolidated affiliate	3,273	64,808	0
Net proceeds from settlement of derivatives	0	201,434	0
Loss on extinguishment of debt	0	0	15,622
Deferred income taxes	(10,426)	0	0
Change in operating assets and liabilities:
Other assets	5,124	(5,673)	830
Accrued expenses and deferred revenue	(11,645)	52,261	(88,127)
Other liabilities	(7,496)	(142)	476
Net cash provided by operating activities	2,181,009	1,943,396	896,350
Cash flows from investing activities
Investments in leases - sales-type	(241,139)	(4,017,851)	0
Investments in leases - financing receivables	(1,131,996)	(296,668)	(6,000)
Investments in loans and securities	(959,135)	(193,733)	(33,614)
Capitalized transaction costs	(1,468)	(7,704)	(20,697)
Investments in short-term investments	0	(306,532)	0
Maturities of short-term investments	217,342	89,190	19,973
Proceeds from sale of real estate	6,235	0	13,301
Acquisition of property and equipment	(4,035)	(1,876)	(2,505)
Net cash (used in) provided by investing activities	(2,899,095)	(9,304,014)	41,449
Cash flows from financing activities
Proceeds from offering of common stock, net	2,480,105	3,219,101	2,385,779
Proceeds from April 2022 Notes offering	0	5,000,000	0
Proceeds from Revolving Credit Facility	419,148	600,000	0
Repayment of Revolving Credit Facility	(250,000)	(600,000)	0
Repayment of Term Loan B Facility	0	0	(2,100,000)
Repurchase of stock for tax withholding	(4,966)	(6,156)	(1,734)
Debt issuance costs	(105)	(146,189)	(31,126)
Distributions to non-controlling interests	(28,552)	(17,702)	(8,307)
Dividends paid	(1,583,840)	(1,219,117)	(758,790)
Net cash provided by (used in) financing activities	1,031,790	6,829,937	(514,178)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(63)	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	313,641	(530,681)	423,621
Cash, cash equivalents and restricted cash, beginning of period	208,933	739,614	315,993
Cash, cash equivalents and restricted cash, end of period	522,574	208,933	739,614
Supplemental cash flow information:
Cash paid for interest	762,610	466,806	323,219
Cash paid for income taxes	4,915	3,024	1,790
Supplemental non-cash investing and financing activity:
Dividends and distributions declared, not paid	439,486	380,379	226,419
Issuance of stock based compensation subject to repurchase for tax withholding	11,443	0	0
Deferred transaction costs payable	2,311	2,526	3,877
Debt issuance costs payable	45	0	43,005
Non-cash change in Investments in leases - financing receivables	276,929	189,123	21,139
Obtaining right-of-use assets in exchange for lease liabilities	82,099	541,676	0
Financing Receivable
Cash flows from investing activities
Principal repayments	0	0	543
Loans and Securities Receivable
Cash flows from investing activities
Principal repayments	482,006	5,696	70,448
MGP
Cash flows from investing activities
Net cash paid to acquire businesses	0	(4,574,536)	0
MGM Grand Mandalay Bay JV
Cash flows from investing activities
Net cash paid to acquire businesses	$ (1,266,905)	$ 0	$ 0

VICI PROPERTIES L.P. CONSOLIDAT

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Real estate portfolio:
Investments in leases - sales-type, net	[1]	$ 23,015,931	$ 17,172,325
Investment in unconsolidated affiliate		0	1,460,775
Land		150,727	153,560
Cash and cash equivalents		522,574	208,933
Short-term investments		0	217,342
Other assets		1,015,330	936,328
Total assets		44,059,841	37,575,826
Liabilities
Debt, net		16,724,125	13,739,675
Accrued expenses and deferred revenue		227,241	213,388
Distributions payable		437,599	380,178
Other liabilities		1,013,102	952,472
Total liabilities		18,402,067	15,285,713
Commitments and contingent liabilities (Note 10)
Partners’ capital
Accumulated other comprehensive income		153,870	185,353
Total liabilities and stockholders’ equity		44,059,841	37,575,826
VICI Properties LP
Real estate portfolio:
Investments in leases - sales-type, net	[1]	23,015,931	17,172,325
Investment in unconsolidated affiliate		0	1,460,775
Land		150,727	153,560
Cash and cash equivalents		471,584	142,600
Short-term investments		0	217,342
Other assets		936,528	856,605
Total assets		43,930,049	37,429,770
Liabilities
Debt, net		16,724,125	13,739,675
Accrued expenses and deferred revenue		222,333	206,643
Distributions payable		437,599	380,581
Other liabilities		998,363	937,655
Total liabilities		18,382,420	15,264,554
Commitments and contingent liabilities (Note 10)
Partners’ capital
Partners’ capital, 1,054,934,136 and 975,327,936 operating partnership units issued and outstanding at December 31, 2023 and December 31, 2022, respectively		25,288,647	21,900,511
Accumulated other comprehensive income		153,350	185,201
Total VICI LP’s capital		25,441,997	22,085,712
Non-controlling interest		105,632	79,504
Total capital attributable to partners		25,547,629	22,165,216
Total liabilities and stockholders’ equity		43,930,049	37,429,770
Investments in leases - financing receivables, net
Real estate portfolio:
Investments in leases and loans	[1]	18,211,102	16,740,770
Investments in leases - financing receivables, net | VICI Properties LP
Real estate portfolio:
Investments in leases and loans	[1]	18,211,102	16,740,770
Investments in loans and securities, net
Real estate portfolio:
Investments in leases and loans	[1]	1,144,177	685,793
Investments in loans and securities, net | VICI Properties LP
Real estate portfolio:
Investments in leases and loans	[1]	$ 1,144,177	$ 685,793
[1]As of December 31, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $701.1 million, $703.6 million, $29.8 million and $18.7 million, respectively, and $570.4 million, $726.7 million, $6.9 million, and $19.8 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

VICI PROPERTIES L.P. CONSOLID_2

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Sales-type and direct financing, allowance for credit losses	$ 701,129	$ 570,387
Other assets (sales-type sub-leases), allowance for credit losses	18,722	19,750
Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	703,632	726,707
Investments in loans and securities, net
Financing and loans receivable, allowance for credit losses	$ 29,772	$ 6,865
VICI Properties LP
Operating partnership units issued (in shares)	1,054,934,136	975,327,936
Operating partnership units outstanding (in shares)	1,054,934,136	975,327,936
Sales-type and direct financing, allowance for credit losses	$ 701,100	$ 570,400
Other assets (sales-type sub-leases), allowance for credit losses	18,700	19,800
VICI Properties LP | Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	703,600	726,700
VICI Properties LP | Investments in loans and securities, net
Financing and loans receivable, allowance for credit losses	$ 29,800	$ 6,900

VICI PROPERTIES L.P. CONSOLID_3

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Income from sales-type leases	$ 1,980,178	$ 1,464,245	$ 1,167,972
Income from lease financing receivables, loans and securities	1,519,516	1,041,229	283,242
Other income	73,326	59,629	27,808
Total revenues	3,611,988	2,600,697	1,509,568
Operating expenses
General and administrative	59,603	48,340	33,122
Depreciation	4,298	3,182	3,091
Other expenses	73,326	59,629	27,808
Change in allowance for credit losses	102,824	834,494	(19,554)
Transaction and acquisition expenses	8,017	22,653	10,402
Total operating expenses	275,157	990,900	75,631
Income from unconsolidated affiliate	1,280	59,769	0
Interest expense	(818,056)	(539,953)	(392,390)
Interest income	23,970	9,530	120
Loss from extinguishment of debt	0	0	(15,622)
Other gains	4,456	0	0
Income before income taxes	2,548,481	1,139,143	1,026,045
Benefit from (provision for) income taxes	6,141	(2,876)	(2,887)
Net income	2,554,622	1,136,267	1,023,158
Less: Net income attributable to non-controlling interests	$ (41,082)	$ (18,632)	$ (9,307)
Net income per common share
Basic (in dollars per share)	$ 2.48	$ 1.27	$ 1.80
Diluted (in dollars per share)	$ 2.47	$ 1.27	$ 1.76
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,014,513,195	877,508,388	564,467,362
Diluted (in shares)	1,015,776,697	879,675,845	577,066,292
Other comprehensive income
Comprehensive income attributable to common stockholders	$ 2,482,057	$ 1,302,156	$ 1,107,256
VICI Properties LP
Revenues
Income from sales-type leases	1,980,178	1,464,245	1,167,972
Income from lease financing receivables, loans and securities	1,519,516	1,041,229	283,242
Other income	73,326	59,629	27,808
Total revenues	3,573,020	2,565,103	1,479,022
Operating expenses
General and administrative	59,570	48,332	33,122
Depreciation	558	121	121
Other expenses	73,326	59,629	27,808
Change in allowance for credit losses	102,824	834,494	(19,554)
Transaction and acquisition expenses	8,017	22,653	10,402
Total operating expenses	244,295	965,229	51,899
Income from unconsolidated affiliate	1,280	59,769	0
Interest expense	(818,056)	(539,953)	(392,390)
Interest income	21,444	8,481	103
Loss from extinguishment of debt	0	0	(15,622)
Other gains	4,456	0	0
Income before income taxes	2,537,849	1,128,171	1,019,214
Benefit from (provision for) income taxes	8,121	(573)	(1,373)
Net income	2,545,970	1,127,598	1,017,841
Less: Net income attributable to non-controlling interests	(10,904)	(9,127)	(9,307)
Net income attributable to common stockholders	$ 2,535,066	$ 1,118,471	$ 1,008,534
Net income per common share
Basic (in dollars per share)	$ 2.47	$ 1.26	$ 1.79
Diluted (in dollars per share)	$ 2.47	$ 1.26	$ 1.75
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,026,744,568	885,785,509	564,467,362
Diluted (in shares)	1,028,008,070	887,952,966	577,066,292
Other comprehensive income
Net income attributable to common stockholders	$ 2,535,066	$ 1,118,471	$ 1,008,534
Unrealized (loss) gain on cash flow hedges	(9,655)	200,550	29,166
Reclassification of derivative (gain) loss to Interest expense	(24,148)	(16,233)	64,239
Foreign currency translation adjustments, net	1,952	0	0
Comprehensive income attributable to common stockholders	$ 2,503,215	$ 1,302,788	$ 1,101,939

VICI PROPERTIES L.P. CONSOLID_4

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	VICI Properties LP	VICI Properties LP Partners’ Capital	VICI Properties LP Accumulated Other Comprehensive Income (Loss)	VICI Properties LP Non-controlling Interests
Beginning balance at Dec. 31, 2020		$ 9,403,179	$ 9,417,794	$ (92,521)	$ 77,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		1,017,841	1,008,534		9,307
Contributions from Parent		2,405,602	2,405,602
Distributions to Parent		(830,498)	(830,498)
Distributions to non-controlling interest		(8,307)			(8,307)
Stock-based compensation, net of forfeitures	$ 7,637	9,266	9,266
Unrealized gain recorded in other comprehensive income	29,166	29,166		29,166
Reclassification of derivative (gain) loss to Interest expense	64,239	64,239		64,239
Foreign currency translation adjustments, net	0
Ending balance at Dec. 31, 2021		12,090,488	12,010,698	884	78,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		1,127,598	1,118,471		9,127
Contributions from Parent		10,178,426	10,178,426
Distributions to Parent		(1,419,825)	(1,419,825)
Noncontrolling interest, increase from subsidiary equity issuance	374,769
Distributions to non-controlling interest		(8,529)			(8,529)
Stock-based compensation, net of forfeitures	10,237	12,741	12,741
Unrealized gain recorded in other comprehensive income	200,550	200,550		200,550
Reclassification of derivative (gain) loss to Interest expense	(16,233)	(16,233)		(16,233)
Foreign currency translation adjustments, net	0
Ending balance at Dec. 31, 2022		22,165,216	21,900,511	185,201	79,504
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		2,545,970	2,535,066		10,904
Contributions from Parent		2,516,109	2,516,109
Distributions to Parent		(1,673,609)	(1,673,609)
Noncontrolling interest, increase from subsidiary equity issuance	24,390	24,390			24,390
Distributions to non-controlling interest		(9,166)			(9,166)
Stock-based compensation, net of forfeitures	10,570	10,570	10,570
Unrealized gain recorded in other comprehensive income	(9,655)	(9,655)		(9,655)
Reclassification of derivative (gain) loss to Interest expense	(24,148)	(24,148)		(24,148)
Foreign currency translation adjustments, net	$ 1,952	1,952		1,952
Ending balance at Dec. 31, 2023		$ 25,547,629	$ 25,288,647	$ 153,350	$ 105,632

VICI PROPERTIES L.P. CONSOLID_5

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash flows from operating activities
Net income	$ 2,554,622	$ 1,136,267	$ 1,023,158
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(515,488)	(337,631)	(119,969)
Stock-based compensation	15,536	12,986	9,371
Depreciation	4,298	3,182	3,091
Other gains	(4,456)	0	0
Amortization of debt issuance costs and original issue discount	46,123	32,363	71,452
Change in allowance for credit losses	102,824	834,494	(19,554)
Income from unconsolidated affiliate	(1,280)	(59,769)	0
Distributions from unconsolidated affiliate	3,273	64,808	0
Net proceeds from settlement of derivatives	0	201,434	0
Loss on extinguishment of debt	0	0	15,622
Deferred income taxes	(10,426)	0	0
Change in operating assets and liabilities:
Other assets	5,124	(5,673)	830
Accrued expenses and deferred revenue	(11,645)	52,261	(88,127)
Other liabilities	(7,496)	(142)	476
Net cash provided by operating activities	2,181,009	1,943,396	896,350
Cash flows from investing activities
Investments in leases - sales-type	(241,139)	(4,017,851)	0
Investments in leases - financing receivables	(1,131,996)	(296,668)	(6,000)
Investments in loans and securities	(959,135)	(193,733)	(33,614)
Capitalized transaction costs	(1,468)	(7,704)	(20,697)
Investments in short-term investments	0	(306,532)	0
Maturities of short-term investments	217,342	89,190	19,973
Proceeds from sale of real estate	6,235	0	13,301
Acquisition of property and equipment	(4,035)	(1,876)	(2,505)
Net cash (used in) provided by investing activities	(2,899,095)	(9,304,014)	41,449
Cash flows from financing activities
Proceeds from April 2022 Notes offering	0	5,000,000	0
Proceeds from Revolving Credit Facility	419,148	600,000	0
Repayment of Revolving Credit Facility	(250,000)	(600,000)	0
Repayment of Term Loan B Facility	0	0	(2,100,000)
Repurchase of stock for tax withholding	(4,966)	(6,156)	(1,734)
Debt issuance costs	(105)	(146,189)	(31,126)
Distributions to non-controlling interests	(28,552)	(17,702)	(8,307)
Net cash provided by (used in) financing activities	1,031,790	6,829,937	(514,178)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(63)	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	313,641	(530,681)	423,621
Cash, cash equivalents and restricted cash, beginning of period	208,933	739,614	315,993
Cash, cash equivalents and restricted cash, end of period	522,574	208,933	739,614
Supplemental cash flow information:
Cash paid for interest	762,610	466,806	323,219
Cash paid for income taxes	4,915	3,024	1,790
Supplemental non-cash investing and financing activity:
Issuance of stock based compensation subject to repurchase for tax withholding	11,443	0	0
Debt issuance costs payable	45	0	43,005
Deferred transaction costs payable	2,311	2,526	3,877
Non-cash change in Investments in leases - financing receivables	276,929	189,123	21,139
Obtaining right-of-use assets in exchange for lease liabilities	82,099	541,676	0
Financing Receivable
Cash flows from investing activities
Principal repayments	0	0	543
Loans and Securities Receivable
Cash flows from investing activities
Principal repayments	482,006	5,696	70,448
MGP
Cash flows from investing activities
Net cash paid to acquire businesses	0	(4,574,536)	0
MGM Grand Mandalay Bay JV
Cash flows from investing activities
Net cash paid to acquire businesses	(1,266,905)	0	0
VICI Properties LP
Cash flows from operating activities
Net income	2,545,970	1,127,598	1,017,841
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(515,488)	(337,631)	(119,969)
Stock-based compensation	15,536	12,683	9,266
Depreciation	558	121	121
Other gains	(4,456)	0	0
Amortization of debt issuance costs and original issue discount	46,123	32,363	71,452
Change in allowance for credit losses	102,824	834,494	(19,554)
Income from unconsolidated affiliate	(1,280)	(59,769)	0
Distributions from unconsolidated affiliate	3,273	64,808	0
Net proceeds from settlement of derivatives	0	201,434	0
Loss on extinguishment of debt	0	0	15,622
Deferred income taxes	(10,569)	0	0
Change in operating assets and liabilities:
Other assets	5,469	(2,717)	2,143
Accrued expenses and deferred revenue	(12,323)	46,837	(91,026)
Other liabilities	(7,274)	(392)	308
Net cash provided by operating activities	2,168,363	1,919,829	886,204
Cash flows from investing activities
Investments in leases - sales-type	(241,139)	(4,017,851)	0
Investments in leases - financing receivables	(1,131,996)	(296,668)	(6,000)
Investments in loans and securities	(959,135)	(193,733)	(33,614)
Capitalized transaction costs	(1,468)	(7,704)	(20,697)
Investments in short-term investments	0	(306,532)	0
Maturities of short-term investments	217,342	89,190	19,973
Proceeds from sale of real estate	6,235	0	13,301
Acquisition of property and equipment	(1,176)	(65)	(15)
Net cash (used in) provided by investing activities	(2,896,236)	(9,302,203)	43,939
Cash flows from financing activities
Contributions from Parent	2,507,511	3,219,202	2,386,911
Distributions to Parent	(1,605,502)	(1,238,920)	(758,300)
Proceeds from April 2022 Notes offering	0	5,000,000	0
Proceeds from Revolving Credit Facility	419,148	600,000	0
Repayment of Revolving Credit Facility	(250,000)	(600,000)	0
Repayment of Term Loan B Facility	0	0	(2,100,000)
Repurchase of stock for tax withholding	(4,966)	(6,156)	0
Debt issuance costs	(105)	(146,189)	(31,126)
Distributions to non-controlling interests	(9,166)	(8,529)	(8,307)
Net cash provided by (used in) financing activities	1,056,920	6,819,408	(510,822)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(63)	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	328,984	(562,966)	419,321
Cash, cash equivalents and restricted cash, beginning of period	142,600	705,566	286,245
Cash, cash equivalents and restricted cash, end of period	471,584	142,600	705,566
Supplemental cash flow information:
Cash paid for interest	762,610	466,806	323,219
Cash paid for income taxes	1,598	1,377	1,397
Supplemental non-cash investing and financing activity:
Distributions payable	439,486	380,581	226,309
Debt issuance costs payable	45	0	43,005
Deferred transaction costs payable	2,311	2,526	3,877
Non-cash change in Investments in leases - financing receivables	276,929	189,123	21,139
Obtaining right-of-use assets in exchange for lease liabilities	82,099	541,676	0
VICI Properties LP | Financing Receivable
Cash flows from investing activities
Principal repayments	0	0	543
VICI Properties LP | Loans and Securities Receivable
Cash flows from investing activities
Principal repayments	482,006	5,696	70,448
VICI Properties LP | MGP
Cash flows from investing activities
Net cash paid to acquire businesses	0	(4,574,536)	0
VICI Properties LP | MGM Grand Mandalay Bay JV
Cash flows from investing activities
Net cash paid to acquire businesses	$ (1,266,905)	$ 0	$ 0

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization 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. As of December 31, 2023, we own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. Our gaming and entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. VICI also owns four championship golf courses which are managed by CDN Golf Management Inc. and are located near certain of our properties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as 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”). Certain prior period amounts have been reclassified to conform to the current period presentation. 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 materially from these estimates. Principles of Consolidation and Non-controlling Interest The accompanying Financial Statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities for which we or one of our consolidated subsidiaries is the primary beneficiary. Non-controlling Interests We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of December 31, 2023, VICI’s non-controlling interests represent an approximately 1.2% third-party ownership of VICI OP in the form of limited liability company interests in VICI OP (“VICI OP Units”), 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 lease agreement with Caesars for such facility (“Joliet Lease”) and a 5.6% third-party equity ownership, in the form of Class A Units, of VICI Bowl HoldCo LLC, the entity that owns the Bowlero Portfolio and is the lessor under the related Bowlero Master Lease. As VICI OP is a parent entity of VICI LP, VICI LP’s non-controlling interests are that of third-party ownership of Harrah’s Joliet LandCo LLC and VICI Bowl HoldCo LLC. Reportable Segments Our operations consist of real property and real estate lending activities, which represent substantially all of our business. The operating results of both the real property and real estate lending activities are regularly reviewed, in the aggregate, by the chief operating decision maker and considered one operating segment. Our golf operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Accordingly, all operations have been considered to represent one reportable segment and no separate disclosures are required. Cash, Cash Equivalents and Restricted Cash Cash consists of cash-on-hand and cash-in-bank. Highly liquid investments with an original maturity of three months or less from the date of purchase are considered cash equivalents and are carried at cost, which approximates fair value. As of December 31, 2023 and 2022, we did not have any restricted cash. Short-Term Investments 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. We may 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 180 days and are accounted for as available for sale securities. Interest on our short-term investments is recognized as interest income in our Statement of Operations. We did not have any short-term investments as of December 31, 2023. We had $217.3 million of short-term investments as of December 31, 2022. Purchase Accounting We assess all of our property acquisitions under ASC 805 “Business Combinations” (“ASC 805”) to determine if such acquisitions should be accounted for as a business combination or an asset acquisition. Under ASC 805, an acquisition does not qualify as a business combination when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. Generally, and to date, all of our acquisitions have been determined to be asset acquisitions and, in accordance with ASC 805-50, all applicable transaction costs are capitalized as part of the purchase price of the acquisition. We allocate the purchase price to the identifiable assets acquired and liabilities assumed, as applicable, using the relative fair value. Generally, with the exception of the MGP Transactions and the MGM Grand/Mandalay Bay JV Interest Acquisition (each as defined in Note 3 - Real Estate Transaction ), our acquisitions consists of properties without existing tenant leases or debt and, accordingly, the assets acquired are comprised of land, building and site improvements. Further, since all the components of our leases are classified as sales-type leases or financing receivables, as further described below, the assets acquired are transferred into the net investment in lease or financing receivable, as applicable. Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). 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 each lease component of the property, generally comprised of land and building, to determine the classification. 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. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably certain renewal periods. All of our lease agreements provide for an initial term, with one or more tenant renewal options. In relation to our gaming assets and certain other irreplaceable real estate, we generally conclude that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the lease agreements. In these situations, we believe our tenants are economically compelled to renew the lease agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the lease agreements and the lack of suitable replacement assets. Investments in Loans and Securities, net Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and net of allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan. We classify our investments in securities on the date of acquisition of the investment as either trading, available-for-sale or held-to-maturity. We classify our debt securities as held-to-maturity, as we have the intent and ability to hold this security until maturity, the accounting of which is materially consistent with that of our Investments in loans. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases and lease financing receivables 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 sales-type leases and lease financing receivables will not equal income from our lease agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in lease. 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. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as an adjustment to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method. Allowance for Credit Losses ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”) requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans and securities. Investments in Leases In relation to our lease portfolio, we have elected to use a discounted cash flow model to estimate the allowance for credit losses, or CECL allowance for our Investments in leases - sales-type and Investments in leases - financing receivables, which comprise the substantial majority of our CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease and discount these cash flows at the asset’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and their parent guarantors, as applicable, over the life of each individual lease. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date. Investments in Loans In relation to our loan portfolio, we engage a nationally recognized data analytics firm to provide loan level market data and a forward-looking commercial real estate loss forecasting tool. The credit loss model generates the PD and LGD using sub-market loan-level data and the fair value of collateral to generate net operating income and forecast the expected loss for each loan. Unfunded Commitments We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers’ and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for the respective investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheets. Presentation The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Sales-type sub-leases (included in Other assets) on our Balance Sheets. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Statement of Operations for the relevant period. Write-offs of our investments in leases and loans are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries of amounts previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2023, 2022 and 2021. Refer to Note 5 - Allowance for Credit Losses for further information. Investments in Land Our investments in land are held at historical cost and comprised of the following: • Las Vegas Land. We own certain underdeveloped or undeveloped land adjacent to the Las Vegas strip . • Vacant, Non-Operating Land. We own certain vacant, non-operating land parcels located outside of Las Vegas. • Eastside Property. In 2017, we sold 18.4 acres of property located in Las Vegas, Nevada, east of Harrah’s Las Vegas, known as the Eastside Property, to Caesars Entertainment, Inc. (together with, as the context requires, its subsidiaries, “Caesars”) for a sales price of $73.6 million. It was determined that the transaction did not meet the requirements of a completed sale for accounting purposes due to a put-call option on the land parcels and the Caesars Forum Convention Center. The amount of $73.6 million is presented as land with a corresponding amount of $73.6 million recorded in Other liabilities in our Balance Sheets. Property and Equipment Used in Operations Property and equipment used in operations is included within Other assets on our Balance Sheets and represents assets primarily related to VICI Golf, our golf operations. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. Additions to property used in operations are stated at cost. We capitalize the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: Depreciable land improvements 2-50 years Building and improvements 5-25 years Furniture and equipment 2-10 years Impairment We assess our investments in 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. 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. Investment in Unconsolidated Affiliate Our equity method investment as of December 31, 2022, represented our 50.1% ownership interest in the joint venture that holds the real estate assets of MGM Grand Las Vegas and Mandalay Ba y (“ MGM Grand/Mandalay Bay JV”), which was acquired in the MGP Transactions and, as a result, was recorded at relative fair value. The difference in basis between our share of the carrying value of the MGM Grand/Mandalay Bay JV and the relative fair value upon acquisition was amortized into Income from unconsolidated affiliate over the estimated useful life of the respective underlying real estate assets, the remaining lease term of the MGM Grand/Mandalay Bay JV Lease, or the remaining term of the assumed debt, as applicable. On January 9, 2023, we acquired the remaining 49.9% interest from Blackstone Real Estate Income Trust, Inc. (“BREIT”) for cash consideration of approximately $1.3 billion and, accordingly, consolidated the operations of the MGM Grand/Mandalay Bay JV starting in the first quarter of 2023. Refer to Note 3 - Real Estate Transactions for further details. Foreign Currency Translation and Remeasurement Our investments in the PURE Portfolio, Century Canadian Portfolio and the Cabot Highlands Loan (each as defined in Note 3 - Real Estate Transactions ) are denominated in foreign currencies, and accordingly, we translate the financial statements of the subsidiaries that own the PURE Portfolio, Century Canadian Portfolio and Cabot Highlands Loan into U.S. Dollars (“USD” or “US$”) when we consolidate their financial results and position. Generally, assets and liabilities are translated at the exchange rate in effect at the date of the Balance Sheets and the resulting translation adjustments are included in Accumulated other comprehensive income in the Balance Sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Income Statement accounts are translated using the average exchange rate for the period. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is denominated in foreign currencies, which is not our and our consolidated subsidiaries functional currency of USD. When the debt and related operating receivables and/or payables are remeasured to the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in Other gains, net in the Statement of Operations. Other Income and Other Expenses Other income primarily represents sub-lease income related to certain ground and use leases. Under our lease agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under the ground and use leases. 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 9 - 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 transactions. 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 previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions 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 (loss) in our Balance Sheets with a corresponding change in Unrealized gain (loss) in cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes. Golf Revenues VICI Golf and Caesars are party to a golf course use agreement (the “Golf Course Use Agreement”), whereby certain subsidiaries of Caesars are granted certain priority rights and privileges with respect to access and use of certain golf course properties. For the year ended December 31, 2023, payments under the Golf Course Use Agreement were comprised of a $11.6 million annual membership fee, $3.7 million of use fees and approximately $1.6 million of minimum rounds fees. The annual membership fee, use fees and minimum rounds fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. Revenue from the Golf Course Use Agreement is recognized in accordance with ASC 606, “Revenue From Contracts With Customers” and recognized ratably over the performance period. Additional revenues from golf course operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales tax. Golf memberships sold to individuals are not refundable and are deferred and recognized within golf revenue in the Statements of Operations over the expected life of an active membership, which is typically one year or less. Income Taxes-REIT Qualification We conduct our operations as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders, determined without regard to the dividends paid deduction and excluding any net capital gains. As a REIT, we generally will not be subject to federal income tax on income that we pay as distributions to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates (including any alternative minimum tax or excise tax applicable to non-REIT corporations), and distributions paid to our stockholders would not be deductible by us in computing taxable income. Additionally, any resulting corporate liability created if we fail to qualify as a REIT could be substantial and could materially and adversely affect our net income and net cash available for distribution to stockholders. Unless we were entitled to relief under certain provisions of the Internal Revenue Code of 1986, as amended (the “Code”), we also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT. The operations of VICI Golf (represented by the four golf course businesses), which are held in a TRS and certain of our other subsidiaries that operate in various states and municipalities within North America and the United Kingdom, are subject to various local, state and/or federal income taxes. Accordingly, we provide for a provision for income taxes in relation to these jurisdictions, which includes current and deferred portions. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. We recognize any interest and penalties, as incurred, in general and administrative expenses in our Statement of Operations. Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. We present unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. Transaction and Acquisition Expenses Transaction and acquisition-related expenses that are not capitalizable under GAAP, including most leasing costs under ASC 842, are expensed in the period they occur. Transaction and acquisition expenses also include dead deal costs. Stock-Based Compensation We account for stock-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. For non-vested share awards that vest over a predetermined time period, we use the 10-day volume weighted average price using the 10 trading days ending on the grant date. For non-vested share awards that vest based on market conditions, we use a Monte Carlo simulation (risk-neutral approach) to determine the value of each tranche. The unrecognized compensation relating to awards under our stock incentive plan will be amortized to general and administrative expense over the awards’ remaining vesting periods. Vesting periods for award of equity instruments range from zero See Note 13—Stock-Based Compensation for further information related to the stock-based compensation. Earnings Per Share and Earnings Per Unit Earnings per share (”EPS”) or Earnings per unit (“EPU”) is calculated in accordance with ASC 260, “Earnings Per Share”. Basic EPS or EPU is computed by dividing net income applicable to common stockholders or unit holders, as the case may be, by the weighted-average number of shares of common stock or units, as the case may be, outstanding during the period. Diluted EPS or EPU reflects the additional dilution for all potentially dilutive securities including those from our stock incentive plan. See Note 12—Earnings Per Share and Earnings Per Unit for the detailed EPS and EPU calculations. Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred. Concentrations of Credit Risk Caesars and MGM Resorts International (together with, as the context requires, its subsidiaries, “MGM”) are the guarantors of all the lease payment obligations of the tenants under the applicable leases of the properties that they each respectively lease from us. Revenue from Caesars, which includes revenue from the Caesars leases and other agreements, represented 37%, 46%, and 85% of our lease revenues for the years ended December 31, 2023, 2022 and 2021, respectively. Revenue from MGM, which comprises revenue from the MGM leases, represented 39%, 34% and 0% of our lease revenues for the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 49%, 45%, and 32% of our lease revenues for the years ended December 31, 2023, 2022 and 2021, respectively. Except as described above, we do not believe there are any other significant concentrations of credit risk. Caesars and MGM are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the SEC. Caesars’ and MGM’s SEC filings are available to the public from the SEC’s web site at www.sec.gov . We make no representation as to the accuracy or completeness of the information regarding Caesars and MGM that is available through the SEC’s website or otherwise made available by Caesars, MGM or any third party, and none of such information is incorporated by reference in this Annual Report on Form 10-K. Recent Account Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-

Real Estate Transactions

Real Estate Transactions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Real Estate Transactions	Real Estate Transactions 2023 Transactions Our significant activities in 2023, in reverse chronological order, are as follows: Property Acquisitions Chelsea Piers Transaction On December 18, 2023, we acquired the leasehold interest associated with Chelsea Piers from Chelsea Piers L.P. in a sale-leaseback transaction (the “Chelsea Piers Transaction”) for a purchase price of $342.9 million. We funded the transaction through cash on hand and the full repayment and termination of the $71.5 million outstanding Chelsea Piers loan. Simultaneous with the closing of the Chelsea Piers Transaction, we entered into a triple-net lease agreement with Chelsea Piers L.P. and North River Operating Company L.P. (the “Chelsea Piers Lease”). The Chelsea Piers Lease has an initial total annual rent of $24.0 million and an initial term of 32 years, with a 10-year extension option that the tenant under the Chelsea Piers Lease is obligated to extend provided all conditions are met. Annual rent under the Chelsea Piers Lease escalates at 1.25% commencing in lease year 3 and 1.50% from lease year 4 until the end of the term. The tenant’s obligations under the lease are guaranteed by certain subsidiaries of the tenant under the Chelsea Piers Lease. We determined that the Chelsea Piers Transaction should be accounted for as an asset acquisition under ASC 805-50 and further, that the Chelsea Piers Lease meet the definition of a sales-type lease. Since we purchased and leased the asset back to the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP. Accordingly, the Chelsea Piers Lease is accounted for as Investments in leases – financing receivables on our Balance Sheets. Bowlero Transaction On October 19, 2023, we entered the family entertainment sector by acquiring the real estate assets of 38 bowling entertainment centers (the “Bowlero Portfolio”) from Bowlero in a sale-leaseback transaction for an aggregate purchase price of $432.9 million (the “Bowlero Transaction”). We financed the Bowlero Transaction through a combination of units in a newly formed VICI subsidiary issued to Bowlero, cash on hand, and a portion of proceeds from the settlement of the remaining shares under the January 2023 Forward Sale Agreements (as defined in Note 11 - Stockholders’ Equity ). Simultaneous with the closing of the Bowlero Transaction, we entered into a triple-net master lease agreement with Bowlero (the “Bowlero Master Lease”). The Bowlero Master Lease has an initial total annual rent of $31.6 million and an initial term of 25 years, with six 5-year tenant renewal options. Rent under the Bowlero Master Lease will escalate at the greater of 2.0% or CPI (subject to a 2.5% ceiling). The tenant’s obligations under the lease are guaranteed by Bowlero Corp. Additionally, the Bowlero Master Lease contains a right of first offer provision with respect to real estate assets of any current or future Bowlero properties in the event that Bowlero elects to enter into a sale-leaseback transaction for such properties during the first eight years of the initial term of the Bowlero Master Lease. We determined that the Bowlero Transaction should be accounted for as an asset acquisition under ASC 805-50 and further, that the land and building components of the Bowlero Master Lease meet the definition of a sales-type lease. Since we purchased and leased the assets back to the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP. Accordingly, the Bowlero Master Lease is accounted for as Investments in leases – financing receivables on our Balance Sheets. Century Canadian Portfolio Transaction On September 6, 2023, we closed on the acquisition of the Century Casino & Hotel Edmonton, Century Casino St. Albert located in Edmonton, Alberta, Century Mile Racetrack and Casino and Century Downs Racetrack and Casino all of which are located in Alberta, Canada (the “Century Canadian Portfolio”) from Century Casinos, Inc. (together with, as the context requires, its subsidiaries,“Century Casinos”) for an aggregate purchase price of C$221.7 million (approximately US$162.5 million based on the exchange rate at the time of the acquisition) (the “Century Canadian Portfolio Transaction”). We financed the Century Canadian Portfolio Transaction with a combination of cash on hand, proceeds from the partial settlement of forward equity sale agreements and a C$75.0 million (approximately US$55.0 million based on the exchange rate at the time of the acquisition) draw under our Revolving Credit Facility (as defined in Note 7 - Debt ). Simultaneous with the closing of the transaction, the Century Canadian Portfolio was added to the existing triple-net master lease agreement between us and Century Casinos (“Century Master Lease”) and annual rent increased by C$17.3 million (approximately US$12.7 million based on the exchange rate at the time of the acquisition). Additionally, the term of the Century Master Lease was extended such that, upon closing of the transaction, the lease has a full 15-year initial base lease term, with three 5-year tenant renewal options. Century Casinos previously exercised one 5-year tenant renewal option. The tenants’ obligations under the Century Master Lease continue to be guaranteed by Century Casinos, Inc. We determined that the Century Canadian Portfolio component of the Century Master Lease meets the definition of a separate contract under ASC 842. In accordance with this guidance, we are required to separately assess the lease classification apart from the other assets in the Century Master Lease. Accordingly, we determined that the Century Canadian Portfolio Transaction should be accounted for as an asset acquisition under ASC 805-50 and further, that the land and building components of the Century Canadian Portfolio under the Century Master Lease meet the definition of a sales-type lease. Since we purchased and leased the assets back to the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP. Accordingly, the Century Canadian Portfolio under the Century Master Lease is accounted for as Investments in leases – financing receivables on our Balance Sheets. Rocky Gap Casino Transaction On July 25, 2023, we closed on the previously announced acquisition of the leasehold interest in the land and buildings associated with Rocky Gap Casino Resort, located in Flintstone, Maryland (“Rocky Gap Casino”) with Century Casinos, from Golden Entertainment, Inc. for an aggregate purchase price of $260.0 million (the “Rocky Gap Casino Transaction”). Pursuant to the transaction agreements, we acquired the leasehold interest in the land and buildings associated with the Rocky Gap Casino for approximately $203.9 million and Century Casinos acquired the operating assets of the property for approximately $56.1 million. Simultaneous with the closing of the transaction, the Century Master Lease was amended to include Rocky Gap Casino, and annual rent under the Century Master Lease increased by $15.5 million. Additionally, the term of the Century Master Lease was extended such that, upon closing of the transaction, the lease had a full 15-year initial base lease term remaining. Century Casinos previously exercised one 5-year tenant renewal option and three additional 5-year tenant renewal options are remaining. The tenants’ obligations under the Century Master Lease continue to be guaranteed by Century Casinos, Inc. We determined that the Rocky Gap Casino component of the Century Master Lease meets the definition of a separate contract under ASC 842. In accordance with this guidance, we are required to separately assess the lease classification apart from the other assets in the Century Maser Lease. We determined that the Rocky Gap Casino Transaction should be accounted for as an asset acquisition under ASC 805-50 and further, that the land and building components of Rocky Gap Casino under the Century Master Lease meet the definition of a sales-type lease and accordingly is accounted for as Investments in leases – sales-type on our Balance Sheets. MGM Grand/Mandalay Bay JV Interest Acquisition On January 9, 2023, we closed on the previously announced acquisition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV from BREIT for cash consideration of $1,261.9 million (the “MGM Grand/Mandalay Bay JV Interest Acquisition”). We also assumed BREIT’s $1,497.0 million pro rata share of an aggregate $3.0 billion of property-level debt, which matures in 2032 and bears interest at a fixed rate of 3.558% per annum through March 2030. The cash consideration was funded through a combination of cash on hand and proceeds from the settlement of certain forward sale agreements. The lease agreement for MGM Grand Las Vegas and Mandalay Bay (“MGM Grand/Mandalay Bay Lease”) currently has an annual rent of $309.9 million, all of which we are entitled to following the closing of the MGM Grand/Mandalay Bay JV Interest Acquisition. The MGM Grand/Mandalay Bay Lease has a remaining initial lease term of approximately 27 years (expiring in 2050), with two ten-year tenant renewal options. Rent under the MGM Grand/Mandalay Bay Lease escalates annually at 2.0% through 2035 (year 15 of the initial lease term) and thereafter at the greater of 2.0% or the Consumer Price Index (“CPI”) (subject to a 3.0% ceiling). As of December 31, 2022, the MGM Grand/Mandalay Bay JV was accounted for as an equity method investment under the voting interest model within Investment in unconsolidated affiliate on our Balance Sheets. Simultaneously with closing of the MGM Grand/Mandalay Bay JV Interest Acquisition, as a result of acquiring full ownership, we consolidated the joint venture and determined that the consolidation should be accounted for as an asset acquisition under ASC 805-50. In application of the asset acquisition guidance, we retained the prior cost basis of our 50.1% interest, which we previously acquired in connection with the MGP Transactions (as defined below), and combined such basis to the purchase price of the MGM Grand/Mandalay Bay JV Interest Acquisition. The following is a summary of our net assets acquired upon consolidation of the MGM Grand/Mandalay Bay JV: (In thousands) Amount Carrying value of prior 50.1% interest acquired in connection with the MGP Transactions $ 1,458,782 Consideration paid for MGM Grand/Mandalay Bay JV Interest Acquisition 1,261,882 Transaction costs 14,630 Total net assets acquired $ 2,735,294 Under ASC 805-50, we allocated the net assets acquired by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the consolidation of the MGM Grand/Mandalay Bay JV: (In thousands) Amount Investments in leases – sales-type $ 5,494,351 Cash and cash equivalents (1) 9,607 Debt, net (2) (2,747,877) Accrued expenses and deferred revenue (1) (20,787) Total net assets acquired $ 2,735,294 ____________________ (1) Amount represents their current carrying value, which is equal to fair value (2) Amount represents the fair value of the $3.0 billion principal amount of CMBS debt as of January 9, 2023, which was estimated as a $252.1 million discount to principal value. The fair value of the debt was estimated by modeling the contractual cash flows and discounting them back to the present value using an estimated market yield. Additionally, we considered current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value measurement are considered Level 3 of the fair value hierarchy. Concurrent with the closing of the MGM Grand/Mandalay Bay JV Interest Acquisition and consolidation of the MGM Grand/Mandalay Bay Lease, we assessed the lease classification of the MGM Grand/Mandalay Bay Lease and determined that it met the definition of a sales-type lease. Accordingly, the relative fair value of the MGM Grand/Mandalay Bay Lease of $5.5 billion was recorded as an Investment in leases – sales-type on our Balance Sheets, net of an initial allowance for estimated credit losses in the amount of $210.0 million. PURE Canadian Gaming Transaction On January 6, 2023, we acquired the real estate assets of PURE Casino Edmonton, PURE Casino Yellowhead, PURE Casino Calgary, and PURE Casino Lethbridge, all of which are located in Alberta, Canada (the “PURE Portfolio”), from PURE Canadian Gaming, Corp. (“PURE Canadian Gaming”) for an aggregate purchase price in cash of approximately C$271.9 million (approximately US$200.8 million based on the exchange rate at the time of the acquisition) (the “PURE Canadian Gaming Transaction”). We financed the PURE Canadian Gaming Transaction with a combination of cash on hand and a C$140.0 million (approximately US$103.4 million based on the exchange rate at the time of the acquisition) draw under our Revolving Credit Facility. Simultaneous with the acquisition, we entered into a triple-net master lease agreement for the PURE Portfolio (“PURE Master Lease”). The PURE Master Lease has an initial total annual rent of approximately C$21.8 million (approximately US$16.1 million based on the exchange rate at the time of the acquisition), an initial term of 25 years, with four 5-year tenant renewal options, escalation of 1.25% per annum in lease years two and three (and thereafter at the greater of 1.5% and the Canadian Consumer Price Index, capped at 2.5%) and minimum capital expenditure requirements of 1.0% of annual net revenue (excluding gaming equipment). The tenant’s obligations under the PURE Master Lease are guaranteed by PURE Canadian Gaming Corp. We determined that the PURE Canadian Gaming Transaction should be accounted for as an asset acquisition under ASC 805-50 and further, that the land and building components of the PURE Master Lease meet the definition of a sales-type lease. Since we purchased and leased the assets back to the seller under a sale leaseback transaction, control is not considered to have transferred to us under GAAP. Accordingly, the PURE Master Lease is accounted for as Investments in leases – financing receivables on our Balance Sheets. Leasing Activity Gold Strike Severance Lease On February 15, 2023, in connection with the closing of MGM’s sale of the operations of Gold Strike Casino Resort, located in Tunica, Mississippi (“Gold Strike”), we entered into a lease agreement with Cherokee Nation Businesses, L.L.C. (“CNB”) related to the land and real estate assets of Gold Strike (“CNE Gold Strike Lease”), and entered into an amendment to the lease agreement for the properties leased to MGM, excluding the MGM Grand and Mandalay Bay properties (“MGM Master Lease”) in order to account for MGM’s divestiture of the operations of Gold Strike and to reduce the annual base rent by $40.0 million. The CNE Gold Strike Lease has initial annual base rent of $40.0 million with other economic terms substantially similar to the MGM Master Lease, including a base term of 25 years with three 10-year tenant renewal options, escalation of 2.0% per annum (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and minimum capital expenditure requirements of 1.0% of annual net revenue. The tenant’s obligations under the CNE Gold Strike Lease are guaranteed by CNB. Real Estate Debt Investments The following table summarizes our 2023 real estate debt investment activity: ($ in thousands) Investment Name Maximum Investment Amount Investment Type Collateral Kalahari Virginia Loan $ 212,200 Mezzanine Loan 907-key indoor waterpark resort in Thornburg, VA under development Canyon Ranch Preferred Equity Investment 150,000 Preferred Equity Investment Equity interests in controlling entity of Canyon Ranch Canyon Ranch Lenox and Tucson Loan 140,135 Senior Secured Loan Canyon Ranch Tucson and Canyon Ranch Lenox Cabot Saint Lucia Loan 100,000 Senior Secured Loan Luxury golf resort in Saint Lucia, Virgin Islands Hard Rock Ottawa Notes 85,000 Senior Secured Note Hard Rock Ottawa Hotel & Casino Cabot Highlands Loan (1) 10,938 Senior Secured Loan Luxury golf resort in the Scottish Highlands Total $ 698,273 ____________________ (1) Amount represents USD equivalent to £9.0 million based on the exchange rate at the time of closing. Significant 2022 Transactions MGP Transactions On April 29, 2022, we closed on the acquisition of MGM Growth Properties LLC (“MGP”) in a series of transactions governed by the certain Master Transaction Agreement between us, MGP, MGM Growth Properties Operating Partnership LP (“MGP OP”), VICI LP, REIT Merger Sub (as defined therein), VICI OP, and MGM entered into on August 4, 2021 (“MGP Master Transaction Agreement”), pursuant to which we acquired MGP for total consideration of $11.6 billion, plus the assumption of approximately $5.7 billion principal amount of debt, inclusive of a 50.1% share of the MGM Grand/Mandalay Bay JV CMBS debt, at the time (“MGP Transactions”). Upon closing, the MGP Transactions added $1,012.2 million of annualized rent to our portfolio from 15 Class A entertainment casino resort properties spread across nine regions and comprising 36,000 hotel rooms, 3.6 million square feet of meeting and convention space and hundreds of food, beverage and entertainment venues. Under the terms of the MGP Master Transaction Agreement, each outstanding MGP Class A common share was converted into 1.366 (the “Exchange Ratio”) shares of VICI common stock. The fixed Exchange Ratio represented an agreed upon price of $43.00 per share of MGP Class A common shares based on VICI’s trailing 5-day volume weighted average price of $31.47 as of July 30, 2021. MGM received $43.00 per unit in cash for the redemption of the majority of its MGP OP units that it held for total cash consideration of approximately $4.404 billion and also acquired approximately 12.2 million units in VICI OP. The MGP Class B share that was held by MGM was cancelled and ceased to exist simultaneous with closing. The number of MGP Class A common shares converted to shares of VICI common stock was determined as follows: MGP Class A common shares outstanding as of April 29, 2022 156,757,773 Exchange Ratio 1.366 VICI common stock issued (1) 214,131,064 VICI common stock issued for MGP stock-based compensation awards 421,468 Total VICI common stock issued 214,552,532 ____________________ (1) Amount excludes the cash paid in lieu of approximately 54 fractional MGP Class A common shares. Simultaneous with the closing of the MGP Transactions on April 29, 2022, we entered into the MGM Master Lease. The MGM Master Lease has an initial term of 25 years, with three 10-year tenant renewal options and had an initial total annual rent of $860.0 million. Rent under the MGM Master Lease escalates at a rate of 2.0% per annum for the first 10 years and thereafter at the greater of 2.0% per annum or the increase in CPI, subject to a 3.0% cap. The total annual rent under the MGM Master Lease was reduced by $90.0 million upon the close of MGM’s sale of the operations of the Mirage to an affiliate of Seminole Hard Rock International LLC (“Hard Rock”) and entrance into a lease with Hard Rock for the Mirage property on December 19, 2022, and further reduced by $40.0 million upon the close of MGM’s sale of the operations of Gold Strike on February 15, 2023. Additionally, we retained a 50.1% ownership stake in the MGM Grand/Mandalay Bay JV, which owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay. At the time of acquisition, the MGM Grand/Mandalay Bay Lease provided for total annual base rent of approximately $303.8 million, and had an initial term of thirty years with two 10-year tenant renewal options. Rent under the MGM Grand/Mandalay Bay Lease escalates at a rate of 2.0% per annum for the first 15 years and thereafter at the greater of 2.0% per annum or CPI, subject to a 3.0% cap. On January 9, 2023, we closed on the MGM Grand/Mandalay Bay JV Interest Acquisition and accordingly own 100% of the interest in the MGM Grand/Mandalay Bay JV, and assumed the full $3.0 billion of CMBS debt held by the joint venture. We assessed the MGP Transactions in accordance with ASC 805, and determined that the acquisition of MGP did not meet the definition of a business as substantially all the assets were concentrated in a group of similarly identifiable acquired assets, and did not include a substantive process in the form of an acquired workforce. Accordingly, the MGP Transactions were accounted for as an asset acquisition under ASC 805-50 and we determined the consideration transferred under the MGP Transactions was $11.6 billion, comprised of the following: (In thousands) Amount REIT merger consideration (1) $ 6,568,480 Redemption payment to MGM 4,404,000 VICI OP Units retained by MGM (2) 374,769 Repayment of MGP revolving credit facility (3) 90,000 Transactions costs (4) 119,741 Total consideration transferred $ 11,556,990 Assumption of MGP unsecured notes, at principal value 4,200,000 Assumption of our proportionate share of the MGM Grand/Mandalay Bay JV CMBS debt, at principal value 1,503,000 Total purchase price $ 17,259,990 ____________________ (1) Amount represents the dollar value of 214,375,990 shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $30.64 per share, which were issued in exchange for the MGP Class A common shares outstanding immediately prior to the MGP Transactions and certain of the MGP stock-based compensation awards, converted to shares of VICI common stock. (2) Amount represents 12,231,373 VICI OP Units retained by MGM as non-controlling interest in VICI OP, multiplied by the VICI stock price at the time of closing of $30.64 per share. (3) Represents the total amount outstanding under MGP’s revolving credit facility as of April 29, 2022. In connection with the MGP Transactions, such amount was repaid in full and the related credit agreement was terminated. (4) In accordance with ASC 805-50, all direct and incremental costs related to the MGP Transactions, primarily related to success-based fees and third-party advisory fees, were included in the consideration transferred. Under ASC 805-50, we allocated the purchase price by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the MGP Transactions valued as of April 29, 2022: (In thousands) Amount Investments in leases – financing receivables (1) (2) $ 14,245,868 Investment in unconsolidated affiliate (2) (3) 1,465,814 Cash and cash equivalents (4) 25,387 Other assets (4) 338,212 Debt, net (5) (4,106,082) Accrued expenses and deferred revenue (4) (79,482) Other liabilities (4) (332,727) Total net assets acquired $ 11,556,990 ____________________ (1) We valued the real estate portfolio at relative fair value using rent multiples taking into consideration a variety of factors, including (i) asset quality and location, (ii) property and lease-level operating performance and (iii) supply and demand dynamics of each property’s respective market. The multiples used ranged from 15.0x – 18.5x with a weighted average rent multiple of 16.7x, as determined using relative fair value. (2) The fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (3) We value the Investment in unconsolidated affiliate at relative fair based on our percentage ownership of the net assets of the MGM Grand/Mandalay Bay JV. (4) Amounts represent their current carrying value which is equal to fair value. The Other assets and Other liabilities amounts include the gross presentation of certain MGP ground leases which we assumed in connection with the MGP Transactions. (5) Amount represents the fair value of debt as of April 29, 2022, which was estimated as a $93.9 million discount to the notional value. The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy. Concurrent with the closing of the MGP Transactions and entry into the MGM Master Lease, we assessed the lease classification of the MGM Master Lease and determined that it met the definition of a sales-type lease. Further, since MGM controlled and consolidated MGP prior to the MGP Transactions, the lease was assessed under the sale-leaseback guidance and determined to be a failed sale-leaseback under which the lease is accounted for as a financing receivable under ASC 310.

Real Estate Portfolio

Real Estate Portfolio	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Portfolio	Real Estate Portfolio As of December 31, 2023, our real estate portfolio consisted of the following: • Investments in leases - sales-type, representing our investment in 26 casino assets leased on a triple-net basis to our tenants under ten separate lease agreements; • Investments in leases - financing receivables, representing our investment in 28 casino assets and 39 other experiential properties leased on a triple-net basis to our tenants under ten separate lease agreements; • Investments in loans and securities, representing our fourteen debt investments in senior secured and mezzanine loans, preferred equity and senior secured notes; and • Land, representing our investment in certain underdeveloped or undeveloped land adjacent to the Las Vegas strip and non-operating, vacant land parcels. The following is a summary of the balances of our real estate portfolio as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Investments in leases - sales-type, net (1) $ 23,015,931 $ 17,172,325 Investments in leases - financing receivables, net (1) 18,211,102 16,740,770 Total investments in leases, net 41,227,033 33,913,095 Investments in loans and securities, net 1,144,177 685,793 Investment in unconsolidated affiliate (2) — 1,460,775 Land 150,727 153,560 Total real estate portfolio $ 42,521,937 $ 36,213,223 ____________________ (1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective lease agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification. As of December 31, 2023 and 2022, the estimated residual values of the leased properties under our lease agreements were $15.9 billion and $11.5 billion, respectively. (2) Represents our 50.1% investment in the MGM Grand/Mandalay Bay JV prior to the MGM Grand/Mandalay Bay JV Interest Acquisition on January 9, 2023, which was accounted for as an equity method investment. Investments in Leases The following table details the components of our income from sales-type leases and lease financing receivables: Year Ended December 31, (In thousands) 2023 2022 2021 Income from sales-type leases - fixed rent $ 1,892,534 $ 1,436,945 $ 1,161,655 Income from sales-type leases - contingent rent (1) 87,644 27,300 6,317 Income from lease financing receivables - fixed rent 1,430,246 995,383 243,008 Income from lease financing receivables - contingent rent (1) 10,509 1,673 — Total lease revenue 3,420,933 2,461,301 1,410,980 Non-cash adjustment (2) (515,556) (337,631) (119,790) Total contractual lease revenue $ 2,905,377 $ 2,123,670 $ 1,291,190 ____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842. (2) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. At December 31, 2023, minimum lease payments owed to us for each of the five succeeding years and thereafter under sales-type leases and our leases accounted for as financing receivables, are as follows: Minimum Lease Payments (1) (2) Investments in Leases (In thousands) Sales-Type Financing Receivables Total 2024 $ 1,682,826 $ 1,233,178 $ 2,916,004 2025 1,712,651 1,255,549 2,968,200 2026 1,738,942 1,278,819 3,017,761 2027 1,766,012 1,302,657 3,068,669 2028 1,794,287 1,327,211 3,121,498 Thereafter 77,503,679 89,787,503 167,291,182 Total $ 86,198,397 $ 96,184,917 $ 182,383,314 Weighted Average Lease Term (2) 38.5 years 48.8 years 43.0 years ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under our lease agreements. (2) The minimum lease payments and weighted average remaining lease term includes the non-cancelable lease term and any tenant renewal options that we determined were reasonably assured, consistent with our conclusions under ASC 842 and ASC 310. Lease Provisions As of December 31, 2023 we owned 93 assets leased under 20 separate lease agreements with our tenants, certain of which are master lease agreements governing multiple properties and certain of which are for single assets. Our lease agreements are generally long-term in nature with initial terms ranging from 15 to 32 years and are structured with several tenant renewal options extending the term of the lease for another 5 to 30 years. All of our lease agreements provide for annual base rent escalations, which may be fixed or variable over the life of the lease. The rent escalation provisions range from providing for a flat annual increase of 1% to 2% to an annual increase of 1% in the earlier years and the greater of 2% or CPI in the later years, which may be subject to a maximum CPI-based cap with respect to each annual rent increase. Additionally, certain of our lease agreements provide for a variable rent component in which a portion of the annual rent, generally 20%, are subject to adjustment based on the revenues of the underlying asset in specified periods. The following is a summary of the material lease provisions of our leases with Caesars and MGM, our two most significant tenants: ($ In thousands) MGM Master Lease Caesars Regional Master Lease and Joliet Lease Caesars Las Vegas MGM Grand/Mandalay Bay Lease Lease Provision Initial term 25 years 18 years 18 years 30 years Initial term maturity 4/30/2047 7/31/2035 7/31/2035 2/28/2050 Renewal terms Three, 10-year terms Four, 5-year terms Four, 5-year terms Two, 10-year terms Current lease year 5/1/23-4/30/24 (Lease Year 2) 11/1/23 - 10/31/24 (Lease Year 7) 11/1/23 - 10/31/24 (Lease Year 7) 3/1/23 - 2/29/24 (Lease Year 4) Current annual rent $744,600 $728,407 (1) $469,219 $309,873 Annual escalator (2) Lease years 2-10 - 2% Lease years 11-end of term - >2% / change in CPI (capped at 3%) Lease years 2-5 - 1.5% Lease years 6-end of term - >2.0% / change in CPI > 2% / change in CPI Lease years 2-15 - 2% Lease years 16-end of term - >2% / change in CPI (capped at 3%) Variable rent adjustment (3) None Year 8 : 70% base rent / 30% variable rent Years 11 & 16 : 80% base rent / 20% variable rent Years 8, 11 & 16 : 80% base rent / 20% variable rent None Variable rent adjustment calculation None 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 None ____________________ (1) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined current annual rent under the Caesars Regional Master Lease and Joliet Lease is $719.0 million. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. (3) Variable rent is not subject to the escalator. 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 gaming tenants under their respective lease agreements: Provision Caesars Regional Master Lease and Joliet Lease Caesars Las Vegas Master Lease MGM Grand/Mandalay Bay Lease Venetian Lease All Other Gaming Leases (1) Yearly minimum expenditure 1% of net revenues (2) 1% of net revenues (2) 3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves 2% of net revenues based on rolling three-year basis 1% of net revenues Rolling three-year minimum (3) $286 million $84 million N/A N/A N/A ____________________ (1) Represents the tenants under our other gaming lease agreements not specifically outlined in the table, as specified in their respective lease agreements. (2) The leases with Caesars require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Caesars Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues. (3) Certain tenants under our leases with Caesars, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars Lease in such proportion as such tenants may elect. Additionally, the tenants under the Caesars Regional Master Lease and Joliet Lease are required to expend a minimum of $531.9 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement. Investments in Loans and Securities The following is a summary of our investments in loans and securities as of December 31, 2023 and 2022: ($ In thousands) December 31, 2023 Investment Principal Balance Carrying Value (1) Future Funding Commitments (2) Weighted Average Interest Rate (3) Weighted Average Term (4) Senior Secured Notes (5) $ 85,000 $ 73,818 $ — 11.00 % 7.3 years Senior Secured Loans (6) 392,250 386,274 476,395 7.3 % 5.4 years Mezzanine Loans and Preferred Equity 698,861 684,085 278,848 9.8 % 4.6 years Total $ 1,176,111 $ 1,144,177 $ 755,243 9.0 % 5.1 years ($ In thousands) December 31, 2022 Investment Principal Balance Carrying Value (1) Future Funding Commitments (2) Weighted Average Interest Rate Weighted Average Term (3) Senior Secured Loans $ 495,901 $ 492,895 $ 584,049 7.8 % 3.2 years Mezzanine Loans 196,597 192,898 514,882 9.1 % 4.3 years Total $ 692,498 $ 685,793 $ 1,098,931 8.2 % 3.5 years ____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of December 31, 2023. (4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date. (5) Represents our investment in the Hard Rock Ottawa Notes, which are accounted for as held-to-maturity securities. (6) On May 1, 2023, the Caesars Forum Convention Center mortgage loan, representing $400.0 million in principal balance of our senior secured loans, was repaid in full.

Allowance for Credit Losses

Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses Under ASC 326, we are required to estimate and record non-cash credit losses related to our historical and any future investments in sales-type leases, lease financing receivables, loans and securities classified as held-to-maturity. The following tables detail the allowance for credit losses as of December 31, 2023 and December 31, 2022: December 31, 2023 ($ In thousands) Amortized Cost Allowance (1) Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 23,717,060 $ (701,129) $ 23,015,931 2.96 % Investments in leases - financing receivables 18,914,734 (703,632) 18,211,102 3.72 % Investments in loans and securities 1,173,949 (29,772) 1,144,177 2.54 % Other assets - sales-type sub-leases 866,052 (18,722) 847,330 2.16 % Totals $ 44,671,795 $ (1,453,255) $ 43,218,540 3.25 % December 31, 2022 ($ In thousands) Amortized Cost Allowance Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 17,742,712 $ (570,387) $ 17,172,325 3.21 % Investments in leases - financing receivables 17,467,477 (726,707) 16,740,770 4.16 % Investments in loans and securities 692,658 (6,865) 685,793 0.99 % Other assets - sales-type sub-leases 784,259 (19,750) 764,509 2.52 % Totals $ 36,687,106 $ (1,323,709) $ 35,363,397 3.61 % ____________________ (1) The total allowance excludes the CECL allowance for unfunded commitments of our loans and for unfunded commitments made to our tenants to fund the development and construction of improvements at our properties. As of December 31, 2023 and December 31, 2022, such allowance is $19.1 million and $45.1 million, respectively, and is recorded in Other liabilities. The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Beginning Balance January 1, $ 1,368,819 $ 534,325 $ 553,879 Initial allowance from current period investments 293,033 573,624 1,725 Current period change in credit allowance (189,466) 260,870 (21,279) Charge-offs — — — Recoveries — — — Ending Balance December 31, $ 1,472,386 $ 1,368,819 $ 534,325 During the year ended December 31, 2023, we recognized a $103.6 million increase in our allowance for credit losses primarily driven by the following: • Initial CECL allowances of $279.0 million on our $4.1 billion property acquisition activity and $14.0 million on our $698.2 million of loan origination activity during such period; and • A net increase as a result of standard annual updates to the CECL model used and certain related inputs, including the Long-Term Period probability of default, or PD. • This increase was partially offset by an overall decrease in the reasonable and supportable period, or R&S Period PD of our tenants and their parent guarantors (as applicable) as a result of their market performance during the year and changes in the macroeconomic model used to scenario condition such inputs . During the year ended December 31, 2022, we recognized a $834.5 million increase in our allowance for credit losses primarily driven by the following: • Initial CECL allowances of $540.5 million on our $21.6 billion of property acquisition activity and $33.1 million on our $1.2 billion loan origination activity during such period; • An increase in the R&S Period PD of our tenants and their parent guarantors (as applicable) as a result of their market performance during the year and changes in the macroeconomic model used to scenario condition such inputs; and • A net increase as a result of standard annual updates to the CECL model used and certain related inputs, including the Long-Term Period PD. • These increases were partially offset by a decrease in the Long-Term Period PD, due to an upgrade of the credit rating of the senior secured debt used to determine the Long-Term Period PD for one of our tenants. During the year ended December 31, 2021, we recognized a $19.6 million decrease in our allowance for credit losses primarily driven by the following: • The decrease in the R&S Period PD of our tenants or borrowers and their parent guarantors as a result of an improvement in their economic outlook due to the reopening of all of their gaming operations and relative performance of such operations during 2021 a nd changes in the macroeconomic model used to scenario condition such input ; • The decrease in the Long-Term Period PD due to an upgrade of the credit rating of the senior secured debt used to determine the Long-Term Period PD for one of our tenants during 2021; and • A net decrease as a result of standard annual updates to the CECL model used and certain related inputs, including the Long-Term Period PD. Credit Quality Indicators We assess the credit quality of our investments through the credit ratings of the senior secured debt of the guarantors of our leases, as we believe that our lease agreements have a similar credit profile to a senior secured debt instrument. The credit quality indicators are reviewed by us on a quarterly basis as of quarter-end. In instances where the guarantor of one of our lease agreements does not have senior secured debt with a credit rating, we use either a comparable proxy company or the overall corporate credit rating, as applicable. We also use this credit rating to determine the Long-Term Period PD when estimating credit losses for each investment. The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of December 31, 2023, 2022 and 2021: December 31, 2023 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ 4,317,380 $ 32,976,433 $ 3,682,802 $ 881,917 $ 1,316,817 $ 1,496,446 $ 44,671,795 December 31, 2022 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ 4,247,315 $ 28,095,234 $ 2,594,203 $ 875,749 $ 581,973 $ 292,632 $ 36,687,106 December 31, 2021 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ — $ 951,033 $ 14,888,770 $ 868,629 $ 279,579 $ 98,739 $ 17,086,749 ____________________ (1) Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheets, rather the CECL allowance is based on our current best estimate of future funding commitments. (2)

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Other Assets and Other Liabilities	Other Assets and Other Liabilities Other Assets The following table details the components of our other assets as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Sales-type sub-leases, net (1) $ 847,330 $ 764,509 Property and equipment used in operations, net 66,946 67,209 Right of use assets and sub-lease right of use assets 38,345 45,008 Debt financing costs 11,332 18,646 Deferred acquisition costs 10,087 12,834 Other receivables 9,660 6,474 Deferred income taxes 9,423 — Interest receivable 9,351 6,911 Tenant receivables 6,236 5,498 Prepaid expenses 4,728 7,348 Forward-starting interest rate swaps 1,563 — Other 329 1,891 Total other assets $ 1,015,330 $ 936,328 ___________________________________________________ (1) As of December 31, 2023 and December 31, 2022, sales-type sub-leases are net of $18.7 million and $19.8 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details. Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Land and land improvements $ 60,461 $ 60,332 Buildings and improvements 15,727 15,125 Furniture and equipment 12,432 9,563 Total property and equipment used in operations 88,620 85,020 Less: accumulated depreciation (21,674) (17,811) Total property and equipment used in operations, net $ 66,946 $ 67,209 Year Ended December 31, (In thousands) 2023 2022 2021 Depreciation expense $ 4,298 $ 3,182 $ 3,091 Other Liabilities The following table details the components of our other liabilities as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Finance sub-lease liabilities $ 866,052 $ 784,259 Deferred financing liabilities 73,600 73,600 Lease liabilities and sub-lease liabilities 38,345 45,039 CECL allowance for unfunded commitments 19,131 45,110 Derivative liability 11,218 — Deferred income taxes 4,506 4,339 Other 250 125 Total other liabilities $ 1,013,102 $ 952,472

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following tables detail our debt obligations (each as defined in the column titled “Description of Debt”) as of December 31, 2023 and 2022: ($ In thousands) December 31, 2023 Description of Debt Maturity Interest Rate Principal Amount Carrying Value (1) Revolving Credit Facility USD Borrowings (2) March 31, 2026 SOFR + 1.05% $ — $ — CAD Borrowings (2) (3) March 31, 2026 CDOR + 1.05% 162,346 162,346 GBP Borrowings (2) (3) March 31, 2026 SONIA + 1.05% 11,458 11,458 MGM Grand/Mandalay Bay CMBS Debt March 5, 2032 3.558% 3,000,000 2,773,758 November 2019 Notes 2026 Maturity December 1, 2026 4.250% 1,250,000 1,241,678 2029 Maturity December 1, 2029 4.625% 1,000,000 990,531 February 2020 Notes 2025 Maturity February 15, 2025 3.500% 750,000 747,364 2027 Maturity February 15, 2027 3.750% 750,000 744,762 2030 Maturity August 15, 2030 4.125% 1,000,000 990,111 April 2022 Notes 2025 Maturity May 15, 2025 4.375% 500,000 497,864 2028 Maturity February 15, 2028 4.516% (4) 1,250,000 1,239,594 2030 Maturity February 15, 2030 4.541% (4) 1,000,000 989,347 2032 Maturity May 15, 2032 3.980% (4) 1,500,000 1,482,836 2052 Maturity May 15, 2052 5.625% 750,000 735,854 Exchange Notes 2024 Maturity May 1, 2024 5.625% 1,024,169 1,025,431 2025 Maturity June 15, 2025 4.625% 799,368 790,019 2026 Maturity September 1, 2026 4.500% 480,524 467,728 2027 Maturity February 1, 2027 5.750% 729,466 736,277 2028 Maturity January 15, 2028 4.500% 349,325 339,043 2029 Maturity February 15, 2029 3.875% 727,114 670,939 MGP OP Notes 2024 Maturity May 1, 2024 5.625% 25,831 25,849 2025 Maturity June 15, 2025 4.625% 632 622 2026 Maturity September 1, 2026 4.500% 19,476 18,792 2027 Maturity February 1, 2027 5.750% 20,534 20,523 2028 Maturity January 15, 2028 4.500% 675 646 2029 Maturity February 15, 2029 3.875% 22,886 20,753 Total Debt 4.351% (5) $ 17,123,804 $ 16,724,125 ($ In thousands) December 31, 2022 Description of Debt Maturity Interest Rate Principal Amount Carrying Value (1) Revolving Credit Facility (2) March 31, 2026 SOFR + 1.05% $ — $ — Delayed Draw Term Loan (6) March 31, 2025 SOFR +1.20% — — November 2019 Notes 2026 Maturity December 1, 2026 4.250% 1,250,000 1,238,825 2029 Maturity December 1, 2029 4.625% 1,000,000 988,931 February 2020 Notes 2025 Maturity February 15, 2025 3.500% 750,000 745,020 2027 Maturity February 15, 2027 3.750% 750,000 743,086 2030 Maturity August 15, 2030 4.125% 1,000,000 988,626 April 2022 Notes 2025 Maturity May 15, 2025 4.375% 500,000 496,314 2028 Maturity February 15, 2028 4.516% (4) 1,250,000 1,237,082 2030 Maturity February 15, 2030 4.541% (4) 1,000,000 987,618 2032 Maturity May 15, 2032 3.980% (4) 1,500,000 1,480,799 2052 Maturity May 15, 2052 5.625% 750,000 735,360 Exchange Notes 2024 Maturity May 1, 2024 5.625% 1,024,169 1,029,226 2025 Maturity June 15, 2025 4.625% 799,368 783,659 2026 Maturity September 1, 2026 4.500% 480,524 463,018 2027 Maturity February 1, 2027 5.750% 729,466 738,499 2028 Maturity January 15, 2028 4.500% 349,325 336,545 2029 Maturity February 15, 2029 3.875% 727,114 660,489 MGP OP Notes 2024 Maturity May 1, 2024 5.625% 25,831 25,901 2025 Maturity June 15, 2025 4.625% 632 615 2026 Maturity September 1, 2026 4.500% 19,476 18,542 2027 Maturity February 1, 2027 5.750% 20,534 20,520 2028 Maturity January 15, 2028 4.500% 675 639 2029 Maturity February 15, 2029 3.875% 22,886 20,361 Total Debt 4.496% (5) $ 13,950,000 $ 13,739,675 ____________________ (1) Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2) Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR (or CDOR or SONIA, as applicable), depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, for both instruments depending on our credit ratings. For the year ended December 31, 2023, the commitment fees for the Revolving Credit Facility was 0.375%. (3) On January 3, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million to fund a portion of the purchase price of the PURE Canadian Gaming Transaction. On August 31, 2023, we drew on the Revolving Credit Facility in the amount of C$75.0 million to fund a portion of the purchase price of the Century Canadian Portfolio Transaction. On October 24, 2023, we drew on the Revolving Credit Facility in the amount of £9.0 million to fund the Cabot Highlands Loan. The balances above are inclusive of foreign currency remeasurement. (4) Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives ). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively. (5) The interest rate represents the weighted average interest rates of the outstanding debt adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives ), as applicable. The contractual weighted average interest rate as of December 31, 2023, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.49%. (6) The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022. On February 8, 2023, the Delayed Draw Term Loan facility expired undrawn in accordance with its terms. The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2023: (In thousands) Future Minimum Payments 2024 $ 1,050,000 2025 2,050,000 2026 1,923,804 2027 1,500,000 2028 1,600,000 Thereafter 9,000,000 Total minimum repayments $ 17,123,804 Senior Unsecured Notes As set forth in the above table, our outstanding senior unsecured notes consist of (i) $2.25 billion aggregate principal amount of November 2019 Senior Notes issued on November 26, 2019, (ii) $2.5 billion aggregate principal amount of February 2020 Notes issued on February 5, 2020, (iii) $5.0 billion aggregate principal amount of April 2022 Notes issued on April 29, 2022, (iv) approximately $4.1 billion aggregate principal amount of Exchange Notes issued on April 29, 2022, in each case issued by the VICI LP and VICI Note Co. Inc., and (v) approximately $90.0 million aggregate principal amount of MGP OP Notes, which were originally issued by MGM Growth Properties Operating Partnership LP and a co-issuer and remain outstanding following the issuance of the Exchange Notes pursuant to the exchange offer and consent solicitation for the then-outstanding MGP OP Notes, which settled in connection with the completion of our acquisition of MGP on April 29, 2022 (collectively, the “Senior Unsecured Notes”). Subject to the terms and conditions of the respective indentures, each series of Senior Unsecured Notes is redeemable at our option, in whole or in part, at any time for a specified period prior to the maturity date of such series at the redemption prices set forth in the respective indenture governing such series. In addition, we may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Guarantee and Financial Covenants None of the Senior Unsecured Notes are guaranteed by any subsidiaries of VICI LP. The Exchange Notes, the MGP OP Notes and the April 2022 Notes benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI OP (the “Limited Equity Pledge”). The Limited Equity Pledge has also been granted in favor of (i) the administrative agent and the lenders under the Credit Agreement and (ii) the trustee under the indentures governing, and the holders of, the November 2019 Notes and the February 2020 Notes. Pursuant to the terms of the respective indentures, in the event that the November 2019 Notes, February 2020 Notes and Exchange Notes (i) are rated investment grade by at least two of S&P, Moody’s and Fitch and (ii) no default or event of default has occurred and is continuing under the respective indentures, VICI LP and its restricted subsidiaries will no longer be subject to certain of the restrictive covenants under such indentures. On April 18, 2022, the November 2019 Notes, February 2020 Notes and Exchange Notes were rated investment grade by each of S&P and Fitch and VICI LP notified the trustee of such Suspension Date (as defined in the indentures). Accordingly, VICI LP and its restricted subsidiaries are no longer subject to certain of the restrictive covenants under such indentures, but are subject to a maintenance covenant requiring VICI LP and its restricted subsidiaries to maintain a certain total unencumbered assets to unsecured debt ratio. In the event that the November 2019 Notes, February 2020 Notes and Exchange Notes are no longer rated investment grade by at least two of S&P, Moody’s and Fitch, then VICI LP and its restricted subsidiaries will again be subject to all of the covenants of the respective indentures, as applicable, but will no longer be subject to the maintenance covenant. The indenture governing the April 2022 Notes contains certain covenants that limit the ability of VICI LP and its subsidiaries to incur secured and unsecured indebtedness and VICI LP to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, VICI LP is required to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. Unsecured Credit Facilities On February 8, 2022, we entered into a credit agreement by and among VICI LP, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as amended from time to time (“Credit Agreement”), providing for (i) a revolving credit facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 (“Revolving Credit Facility”) and (ii) a delayed draw term loan in the amount of $1.0 billion scheduled to mature on March 31, 2025 (“Delayed Draw Term Loan”). The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022 and expired undrawn on February 8, 2023 in accordance with its terms. The Revolving Credit Facility includes two six-month maturity extension options the exercise of which is subject to customary conditions and the payment of an extension fee of 0.0625% on the extended commitments. Additionally, the Revolving Credit Facility includes the option to increase the revolving loan commitments by up to $1.0 billion to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions. On July 15, 2022, the Credit Agreement was amended pursuant to a First Amendment among VICI LP and the lenders party thereto, in order to permit borrowings under the Revolving Credit Facility in certain foreign currencies in an aggregate principal amount of up to the equivalent of $1.25 billion. On August 4, 2023, the Credit Agreement was amended pursuant to a Second Amendment among VICI LP and the lenders party thereto, in order to replace certain of the participating lenders. Borrowings under the Revolving Credit Facility bear interest, at VICI LP’s option, at a benchmark rate based on SOFR (or CDOR for Canadian dollars or SONIA for Sterling) (including a credit spread adjustment) plus a margin ranging from 0.775% to 1.325% or a base rate (or Canadian prime rate for Canadian dollars) plus a margin ranging from 0.00% to 0.325%, in each case, with the actual margin determined according to VICI LP’s debt ratings. The base rate is the highest of (i) the prime rate of interest last quoted by the Wall Street Journal in the U.S. then in effect, (ii) the NYFRB rate from time to time plus 0.5% and (iii) the SOFR rate for a one-month interest period plus 1.0%, subject in each case to a floor of 1.0%. The Canadian prime rate is the highest of (i) the PRIMCAN Index rate and (ii) the average rate for thirty day Canadian Dollar bankers’ acceptance quoted by Reuters plus 1.0%, subject in each case to a floor of 1.0%. In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.15% to 0.375% (depending on VICI LP’s debt rating) of total revolving commitments. Pursuant to the terms of the Credit Agreement, VICI LP is subject to, among other things, customary covenants and the maintenance of various financial covenants. The Credit Agreement is consistent with certain tax-related requirements related to security for the Company’s debt. Our draw and repayment activity for the Revolving Credit Facility during the years ended December 31, 2023 and 2022 is set forth below: • On October 24, 2023, we drew on the Revolving Credit Facility in the amount of £9.0 million (approximately US$10.9 million based on the exchange rate at the time of funding) to fund the Cabot Highlands Loan. • On August 31, 2023, we drew on the Revolving Credit Facility in the amount of C$75.0 million (approximately US$55.0 million based on the exchange rate at the time of the acquisition) to fund a portion of the purchase price of the Century Canadian Portfolio Transaction. • On January 3, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million (approximately US$103.4 million based on the exchange rate at the time of the acquisition) to fund a portion of the purchase price of the PURE Canadian Gaming Transaction. • On February 18, 2022, we drew on the Revolving Credit Facility in the amount of $600.0 million to fund a portion of the purchase price of the acquisition of the Venetian Resort, which closed on February 23, 2022 (“Venetian Acquisition”). On April 29, 2022, we repaid the outstanding balance of the Revolving Credit Facility using the proceeds from the April 2022 Notes offering. Senior Secured Credit Facilities In December 2017, VICI Properties 1 LLC (“VICI PropCo”) entered into a credit agreement (as amended, amended and restated and otherwise modified, the “2017 Credit Agreement”), comprised of a $2.2 billion seven-year senior secured first lien term loan facility (“Term Loan B Facility”) and a $1.0 billion secured revolving credit facility (the Term Loan B Facility and the secured revolving credit facility, as amended, are referred to together as the “Senior Secured Credit Facilities”). The Term Loan B Facility was repaid in full on September 15, 2021, resulting in recognition of a loss on extinguishment of debt of $15.6 million during the year ended December 31, 2021, representing the write-off of the remaining unamortized deferred financing costs. On February 8, 2022, we terminated the secured revolving credit facility (including the first priority lien on substantially all of VICI PropCo’s material assets and those of its existing and subsequently acquired wholly owned material domestic restricted subsidiaries) and the 2017 Credit Agreement and entered into the Credit Agreement, as described above. MGM Grand/Mandalay Bay CMBS Debt On January 9, 2023, as a result of the MGM Grand/Mandalay Bay JV Interest Acquisition, we consolidated the assets and liabilities of the MGM Grand/Mandalay Bay JV, which includes the $3.0 billion in principal amount of outstanding CMBS debt (the “MGM Grand/ Mandalay Bay CMBS Debt”). The MGM Grand/Mandalay Bay CMBS Debt was originally incurred on February 14, 2020 pursuant to a loan agreement (as amended from time to time, the “MGM Grand/Mandalay Bay CMBS Loan Agreement”), and is secured primarily by mortgages on certain affiliates of the MGM Grand/Mandalay Bay JV’s fee interest in the real estate assets related to the MGM Grand Las Vegas and the Mandalay Bay Resort and Casino. The MGM Grand/Mandalay Bay CMBS Debt matures in March 2032 and bears interest at 3.558% per annum until March 2030 at which time the rate can change in accordance with the terms of the MGM Grand Mandalay Bay CMBS Loan Agreement until maturity. The MGM Grand/Mandalay Bay CMBS Loan Agreement contains certain customary affirmative and negative covenants and events of default, including, among other things, restrictions on the ability of the MGM Grand/Mandalay Bay JV and certain of its affiliates to incur additional debt and transfer, pledge or assign certain equity interests or its assets, and covenants requiring certain affiliates of the MGM Grand/Mandalay Bay JV to exist as “special purpose entities,” maintain certain ongoing reserve funds and comply with other customary obligations for commercial mortgage-backed securities loan financings. Bridge Facilities In connection with our acquisitions, from time to time, we enter into agreements with certain lenders pursuant to which they provide financing commitments, typically consisting of a 364-day first lien secured bridge facility, for the purpose of providing all or a portion of financing necessary in connection with the closing of such transactions. A description of our previous bridge facilities is included below: • MGP Transactions Bridge Facility : On August 4, 2021, VICI PropCo entered into a Commitment Letter with certain lenders pursuant to which they provided commitments in an amount up to $9.3 billion in the aggregate for the purpose of providing a portion of the financing necessary in connection with the closing of the MGP Transactions, which was fully terminated on April 29, 2022 in connection with such closing. • Venetian Acquisition Bridge Facility : On March 2, 2021, VICI PropCo entered into a Commitment Letter with certain lenders pursuant to which they provided commitments in an amount up to $4.0 billion in the aggregate for the purpose of providing a portion of the financing necessary to fund the consideration in connection with the closing of the Venetian Acquisition, which was fully terminated on February 23, 2022 in connection with such closing. In each case the commitments were subject to a tiered commitment fee based on the period the respective commitment was outstanding and a structuring fee. The following table shows the amount of such fees recognized in Interest expense on our Statement of Operations for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 MGP Transactions Bridge Facility $ — $ 15,338 $ 38,762 Venetian Acquisition Bridge Facility — 968 16,387 Financial Covenants As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict VICI LP, 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 December 31, 2023, we are in compliance with all financial covenants under our debt obligations.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Forward-Starting Derivatives From March through December 2023, we entered into seven forward-starting interest rate swap agreements with an aggregate notional amount of $500.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance of $500.0 million of senior unsecured notes. We hedged our exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending December 2024. The forward-starting interest rate swaps are designated as cash-flow hedges. The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2023. As of December 31, 2022, there were no derivative instruments outstanding. ($ in thousands) December 31, 2023 Instrument Number of Instruments Weighted Average Rate Notional Index Maturity Forward-starting interest rate swap 7 3.6685% $500,000 USD SOFR- COMPOUND March 6, 2034 From December 2021 through April 2022, we entered into five forward-starting interest rate swap agreements with an aggregate notional amount of $2.5 billion and two U.S. Treasury Rate Lock agreements with an aggregate notional amount of $500.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $3.0 billion of long-term debt. The forward-starting interest rate swaps and treasury locks were designated as cash-flow hedges. In April 2022, in connection with the April 2022 Notes offering, we settled the outstanding forward-starting interest rate swaps for total net proceeds of $202.3 million and the treasury locks for total net proceeds of $4.5 million. Since the forward-starting swaps and treasury locks were hedging the interest rate risk on the April 2022 Notes, the unrealized gain in Accumulated other comprehensive income will be amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense. The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations: Year Ended December 31, (In thousands) 2023 2022 2021 Unrealized (loss) gain recorded in other comprehensive income $ (9,655) $ 200,550 $ — Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks (24,148) (16,233) — Net Investment Hedges The C$140.0 million, C$75.0 million and £9.0 million draws on the Revolving Credit Facility in connection with the PURE Canadian Gaming Transaction, Century Canadian Portfolio Transaction and Cabot Highlands loan, respectively, reduce the impact of exchange rate variations associated with our investments in such entities, and, accordingly, has been designated as a hedge of the net investment in the PURE Canadian Gaming entities, Century Canadian Portfolio entities and Cabot Highlands entity, respectively. As non-derivative net investment hedges, the impact of changes in foreign currency exchange rates on the principal balances are recognized as a cumulative translation adjustment within accumulated other comprehensive income. For the year ended December 31, 2023, we recognized $6.2 million in unrealized losses related to such net investment hedges, which were recorded as a component of Foreign currency translation adjustments in the Statement of Operations. Interest Rate Swaps In April 2018 and January 2019, we entered into six interest rate swap agreements with third party financial institutions having an aggregate notional amount of $2.0 billion which were designated as cash flow hedges that effectively fixed the LIBOR component of the interest rate on a portion of the outstanding debt under the Term Loan B Facility. On September 15, 2021, in connection with the full repayment of the Term Loan B Facility, we unwound and settled all of our outstanding interest rate swap agreements resulting in a cash payment of $66.9 million, inclusive of accrued interest of $2.7 million. The full amount held in Other comprehensive income, $64.2 million, was immediately reclassified to Interest expense. The following table presents the effect of our interest rate swaps on our Statement of Operations: Year Ended December 31, (In thousands) 2023 2022 2021 Unrealized gain recorded in other comprehensive income $ — $ — $ 29,166 Interest from interest rate swaps recorded in interest expense — — 29,960 Interest rate swap settlement recorded in interest expense — — 64,239

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022: December 31, 2023 Fair Value (In thousands) Carrying Amount Level 1 Level 2 Level 3 Financial assets: Derivative instruments - forward-starting interest rate swap (1) $ 1,563 $ — $ 1,563 $ — Financial liabilities: Derivative instruments - forward-starting interest rate swap (1) $ 11,218 $ — $ 11,218 $ — December 31, 2022 Fair Value (In thousands) Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (2) $ 217,342 $ — $ 217,342 $ — ____________________ (1) 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. (2) The carrying value of these investments is equal to their fair value due to the short-term nature of the investments as well as their credit quality. The estimated fair values of our financial instruments at December 31, 2023 and 2022 for which fair value is only disclosed are as follows: December 31, 2023 December 31, 2022 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 18,211,102 $ 17,717,435 $ 16,740,770 $ 17,871,771 Investments in loans and securities (2) 1,144,177 1,060,249 685,793 675,456 Cash and cash equivalents 522,574 522,574 208,933 208,933 Financial liabilities: Debt (3) Revolving Credit Facility $ 173,804 $ 173,804 $ — $ — MGM Grand/Mandalay Bay CMBS Debt 2,773,758 2,627,984 — — Senior Unsecured Notes 13,776,563 13,469,176 13,739,675 13,020,636 ____________________ (1) Represents our asset acquisitions structured as sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. Except as noted below, the fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. In relation to the Century Canadian Portfolio component of the Century Master Lease, the Bowlero Master Lease and the Chelsea Piers Lease, given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets. (2) The fair value of investments in loans is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. The fair value of our senior secured notes was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy. (3) The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023, 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. Lease Commitments • Operating Lease Commitments. We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options and (ii) our corporate headquarters in New York, NY, which expires in 2035 and has one five-year renewal option. • Sub-Lease Commitments. Certain of our acquisitions necessitate that we assume, as the lessee, ground and use leases that are integral to the operations of the property, the cost of which is passed to our tenants through our lease agreements, which require the tenants to pay all costs associated with such ground and use leases and provide for their direct payment to the landlord. We have determined we are the primary obligor of certain of such ground and use leases and, accordingly, have presented these leases on a gross basis on our Balance Sheets and Statement of Operations. For the ground and use leases determined to be operating leases, we recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities. For ground and lease uses determined to be finance leases, we recorded a sales-type sub-lease in Other assets and finance sub-lease liability in Other liabilities. The following table details the balance and location in our Balance Sheets of the ground and use sub-leases as of December 31, 2023 and December 31, 2022: (In thousands) December 31, 2023 December 31, 2022 Others assets (operating lease and sub-leases right-of-use assets) $ 38,345 $ 45,008 Other liabilities (operating lease and sub-lease liabilities) 38,345 45,039 Others assets (sales-type sub-leases, net) (1) 847,330 764,509 Other liabilities (finance sub-lease liabilities) 866,052 784,259 ___________________ (1) As of December 31, 2023 and December 31, 2022, sales-type sub-leases are net of $18.7 million and $19.8 million of allowance for credit losses, respectively. Refer to Note 5 – Allowance for Credit Losses for further details. Total rental expense for operating lease commitments and total rental income and rental expense for operating and Finance sub-lease commitments and contractual rent expense under these agreements were as follows: Year Ended December 31, (In thousands) 2023 2022 2021 Operating leases Rental expense (1) $ 2,004 $ 2,006 $ 2,009 Contractual rent $ 1,905 $ 1,901 $ 1,881 Operating sub-leases Rental income and expense (2) $ 6,849 $ 5,707 $ — Contractual rent $ 6,585 $ 5,338 $ — Finance sub-leases Rental income and expense (2) $ 58,240 $ 47,819 $ 22,484 Contractual rent $ 59,094 $ 52,191 $ 26,350 ___________________ (1) Total rental expense is included in golf operations and general and administrative expenses in our Statement of Operations. (2) Total rental income and rental expense for operating and finance sub-lease commitments are presented gross and included in Other income and Other expenses in our Statement of Operations. The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2023 are as follows: (In thousands) Operating Lease Commitments Operating Sub-Lease Commitments Financing Sub-Lease Commitments 2024 $ 1,347 $ 6,553 $ 65,538 2025 2,025 5,129 65,715 2026 2,772 3,934 65,715 2027 2,792 4,010 65,715 2028 2,814 3,034 65,800 Thereafter 23,515 2,094 2,783,264 Total minimum lease commitments $ 35,265 $ 24,754 $ 3,111,747 Discounting factor 20,030 1,644 2,245,695 Lease liability $ 15,235 $ 23,110 $ 866,052 Discount rates (1) 5.3% -7.0% 2.6% - 2.9% 5.6% - 8.3% Weighted average remaining lease term 13.0 years 4.7 years 52.5 years ____________________ (1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Authorized As of December 31, 2023, we had the authority to issue 1,400,000,000 shares of stock, consisting of 1,350,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of Preferred Stock, $0.01 par value per share. Public Offerings From time to time, we offer shares of our common stock through public offerings registered with the SEC. In connection with such offerings, we may issue and sell the offered shares of common stock upon settlement of the offering or, alternatively, enter into forward sale agreements with respect to all or a portion of the shares of common stock sold in such public offerings, pursuant to which the offered shares are borrowed by the forward sale purchasers and the issuance of such shares takes place upon settlement of the applicable forward sale agreement in accordance with its terms. Forward Offerings The following table summarizes our public offering activity subject to forward sale agreements during the years ended December 31, 2023, 2022 and 2021: ($ In thousands, except share and per share data) Effective Date (1) Total Shares Sold (2) Public Offering Price Per Share Aggregate Offering Value Initial Forward Sale Price Per Share Initial Net Value 2023 January 2023 Offering January 18, 2023 30,302,500 $ 33.00 $ 1,000,000 $ 31.85 $ 964,400 2022 November 2022 Offering November 8, 2022 18,975,000 30.90 580,000 30.57 579,600 2021 September 2021 Offering September 14, 2021 50,000,000 29.50 1,475,000 28.62 1,431,000 March 2021 Offering March 8, 2021 69,000,000 29.00 2,001,000 28.06 1,935,000 ____________________ (1) All forward sale agreements require settlement within one-year of the Effective Date. (2) The amounts are inclusive of shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock, which includes (i) 3,952,500 shares with respect to the January 2023 Offering, (ii) 2,475,000 shares with respect to the November 2022 Offering and (iii) 9,000,000 shares with respect to the March 2021 Offering. As of December 31, 2023, we did not have any shares outstanding from our marketed public forward offerings subject to forward sale agreements. Refer to “Forward Settlement Activity” below for information regarding the settlement of the forward offerings. We did not receive any proceeds from the sale of shares at the time we entered into each of the respective forward sale agreements. We determined that the forward sale agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. At-the-Market Offering Program On February 28, 2023, we entered into an equity distribution agreement, pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,500.0 million of our common stock and concurrently terminated our previous equity distribution agreement (collectively under both equity distribution agreements, the “ATM Program”). Sales of common stock, if any, made pursuant to the ATM Program may be sold in negotiated transactions or transactions that are deemed to be “at the market” offerings, as defined in Rule 415 of the Securities Act. The ATM Program also provides that the Company may sell shares of its common stock under the ATM Program through forward sale contracts. Actual sales under the ATM Program will depend on a variety of factors including market conditions, the trading price of our common stock, our capital needs, and our determination of the appropriate sources of funding to meet such needs. The following table summarizes our activity under the ATM Program during the years ended December 31, 2023, 2022 and 2021: ($ In thousands, except share and per share data) Number of Shares Weighted Average Share Price Aggregate Value Forward Sales Price Per Share Aggregate Net Value Year Ended December 31, 2023 21,365,397 $ 30.10 $ 643,045 $ 29.70 $ 634,594 Year Ended December 31, 2022 21,617,592 33.12 715,880 32.53 703,100 Year Ended December 31, 2021 — — — — — Total 42,982,989 $ 31.62 $ 1,358,925 $ 31.12 $ 1,337,694 We did not receive any proceeds from the sale of shares at the time we entered into each of the ATM Forward Sale Agreements. We determined that the ATM Forward Sale Agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. We recorded the ATM Forward Sale Agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. As of December 31, 2023, we had 13.2 million forward shares outstanding under our ATM program. The net forward sales price per share of forward shares under the ATM program was $28.97 and would result in us receiving approximately $382.2 million in net cash proceeds if we were to physically settle the shares. Alternatively, if we were to cash settle the shares under ATM program, it would result in a cash inflow of $38.5 million, or, if we were to net share settle the shares under the June 2023 ATM Forward Sale Agreements, it would result in us receiving approximately 1.2 million shares. Subsequent to the year ended December 31, 2023, we sold a total of approximately 9.7 million shares under the ATM Program at a weighted average price per share of $31.61 for an aggregate value of $305.5 million, all of which were sold subject to the ATM Forward Sale Agreement. After fees and other adjustments calculated in accordance with the forward sale agreement, the aggregate net value of $302.4 million yielded a net initial forward sales price per share of $31.30. Forward Settlement Activity The following table summarizes our settlement activity of the outstanding forward shares under our public offerings and the ATM Program during the years ended December 31, 2023, 2022 and 2021: ($ In thousands, except share and per share data) Settlement Date Settlement Type Number of Shares Settled Forward Share Price Upon Settlement Total Net Proceeds 2023 January 2023 Forward Sale Agreements Various Physical 30,302,500 $ 31.70 $ 960,500 November 2022 Forward Sale Agreements January 6, 2023 Physical 18,975,000 30.34 575,600 ATM Forward Shares Various Physical 29,788,250 31.75 945,700 2022 September 2021 Forward Sale Agreements February 18, 2022 Physical 50,000,000 27.81 1,390,600 March 2021 Forward Sale Agreements February 18, 2022 Physical 69,000,000 26.50 1,828,600 2021 June 2020 Forward Sale Agreement September 9, 2021 Physical 26,900,000 19.59 526,900 Total 224,965,750 $ 27.68 $ 6,227,900 Common Stock Outstanding The following table details the issuance of outstanding shares of common stock, including restricted common stock: Common Stock Outstanding 2023 2022 2021 Beginning Balance January 1 963,096,563 628,942,092 536,669,722 Issuance of common stock in primary follow-on offerings — — 65,000,000 Issuance of common stock upon physical settlement of forward sale agreements 79,065,750 119,000,000 26,900,000 Issuance of common stock in connection with the MGP Transactions — 214,552,532 — Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures 540,450 601,939 372,370 Ending Balance December 31 1,042,702,763 963,096,563 628,942,092 Distributions Dividends declared (on a per share basis) during the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 Declaration Date Record Date Payment Date Period Dividend March 9, 2023 March 23, 2023 April 6, 2023 January 1, 2023 – March 31, 2023 $ 0.3900 June 8, 2023 June 22, 2023 July 6, 2023 April 1, 2023 – June 30, 2023 $ 0.3900 September 7, 2023 September 21, 2023 October 5, 2023 July 1, 2023 – September 30, 2023 $ 0.4150 December 7, 2023 December 21, 2023 January 5, 2024 October 1, 2023 - December 31, 2023 $ 0.4150 Year Ended December 31, 2022 Declaration Date Record Date Payment Date Period Dividend March 10, 2022 March 24, 2022 April 7, 2022 January 1, 2022 - March 31, 2022 $ 0.3600 June 9, 2022 June 23, 2022 July 7, 2022 April 1, 2022 - June 30, 2022 $ 0.3600 September 8, 2022 September 22, 2022 October 6, 2022 July 1, 2022 - September 30, 2022 $ 0.3900 December 8, 2022 December 22, 2022 January 5, 2023 October 1, 2022 - December 31, 2022 $ 0.3900

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share and Earnings Per Unit	Earnings Per Share and Earnings Per Unit Earnings Per Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding. The shares issuable upon settlement of any outstanding forward sale agreements, as described in Note 11 - Stockholders' Equity , are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share: Year Ended December 31, (In thousands) 2023 2022 2021 Determination of shares: Weighted-average shares of common stock outstanding 1,014,513 877,508 564,467 Assumed conversion of restricted stock 784 955 924 Assumed settlement of forward sale agreements 480 1,213 11,675 Diluted weighted-average shares of common stock outstanding 1,015,777 879,676 577,066 Year Ended December 31, (In thousands, except per share data) 2023 2022 2021 Basic: Net income attributable to common stockholders $ 2,513,540 $ 1,117,635 $ 1,013,851 Weighted-average shares of common stock outstanding 1,014,513 877,508 564,467 Basic EPS $ 2.48 $ 1.27 $ 1.80 Diluted: Net income attributable to common stockholders $ 2,513,540 $ 1,117,635 $ 1,013,851 Diluted weighted-average shares of common stock outstanding 1,015,777 879,676 577,066 Diluted EPS $ 2.47 $ 1.27 $ 1.76 Earnings Per Unit The following section presents the basic earnings per unit and diluted EPU of VICI OP, our operating partnership and the direct parent and 100% interest holder in VICI LP. VICI LP’s interests are not expressed in units. However, given that VICI OP has a unit ownership structure and the financial information of VICI OP is substantially identical with that of VICI LP, we have elected to present the EPU of VICI OP. Basic EPU is computed by dividing net income attributable to partners’ capital by the weighted-average number of units outstanding during the period. In accordance with the VICI OP limited liability company agreement, for each share of common stock issued at VICI, a corresponding unit is issued by VICI OP. Accordingly, diluted EPU reflects the additional dilution for all potentially dilutive units resulting from potentially dilutive VICI stock issuances, such as options, unvested restricted stock awards, unvested performance-based restricted stock unit awards and the units to be issued by us upon settlement of any outstanding forward sale agreements of VICI for the period such dilutive security is outstanding. The units issuable upon settlement of any outstanding forward sale agreements of VICI are reflected in the diluted EPU calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of units used in calculating diluted EPU is deemed to be increased by the excess, if any, of the number of units that would be issued upon full physical settlement of the units under any outstanding forward sale agreements for the period prior to settlement over the number of shares of VICI common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon VICI’s physical settlement of the shares of VICI common stock under the outstanding forward sale agreement, the delivery of shares of VICI common stock resulted in an increase in the number of VICI OP units outstanding and resulting dilution to EPU. The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU: Year Ended December 31, (In thousands) 2023 2022 2021 Determination of units: Weighted-average units outstanding 1,026,745 885,786 564,467 Assumed conversion of VICI restricted stock 784 955 924 Assumed settlement of VICI forward sale agreements 480 1,213 11,675 Diluted weighted-average units outstanding 1,028,008 887,953 577,066 Year Ended December 31, (In thousands, except per share data) 2023 2022 2021 Basic: Net income attributable to partners $ 2,535,066 $ 1,118,471 $ 1,008,534 Weighted-average units outstanding 1,026,745 885,786 564,467 Basic EPU $ 2.47 $ 1.26 $ 1.79 Diluted: Net income attributable to partners $ 2,535,066 $ 1,118,471 $ 1,008,534 Diluted weighted-average units outstanding 1,028,008 887,953 577,066 Diluted EPU $ 2.47 $ 1.26 $ 1.75

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The 2017 Stock Incentive Plan (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 December 31, 2023, 10,202,301 shares of common stock remained available for issuance by us as equity awards under the Plan. Time-Based Restricted Stock During the years ended December 31, 2023, 2022 and 2021, the Company granted approximately 203,000, 384,000, and 172,000 shares of restricted stock, respectively, under the Plan, respectively, subject to vesting restrictions based on service. Such restricted time-based stock awards vest ratably on an annual basis over a service period of one Performance-Based Restricted Stock Units During the years ended December 31, 2023, 2022 and 2021 the Company granted approximately 235,000, 336,000, and 188,000 performance-based restricted stock units, respectively, at target level of performance under the Plan, which are subject to vesting restrictions based on specified absolute and relative total stockholder return goals measured over a three-year performance period. We used a Monte Carlo Simulation (risk-neutral approach) to determine the number of shares that may be earned and vested pursuant to the award as these awards were deemed to have a market condition. The risk-free interest rate assumptions used in the Monte Carlo Simulation were determined based on the zero-coupon risk-free rate of 0.2% - 4.5% and an expected price volatility of 30.0% - 35.0%. The expected price volatility was calculated based on both historical and implied volatility. The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations: Year Ended December 31, (In thousands) 2023 2022 2021 Stock-based compensation expense $ 15,536 $ 12,986 $ 9,371 The following table details the activity of our incentive stock and time-based restricted stock and performance-based restricted stock units: Incentive and Time-Based Restricted Stock Performance-Based Restricted Stock Units (In thousands, except for per share data) Stock Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2020 324,865 $ 23.34 530,440 $ 20.35 Granted 176,023 18.79 318,312 16.85 Vested (177,120) 19.19 (220,084) 18.39 Forfeited (23,737) 19.58 (40,534) 18.39 Canceled — — — — Outstanding as of December 31, 2021 300,031 24.72 588,134 19.32 Granted 389,715 28.84 489,207 27.03 Vested (167,465) 25.91 (227,166) 22.68 Forfeited (14,942) 25.46 (80,586) 22.68 Canceled — — — — Outstanding as of December 31, 2022 507,339 27.47 769,589 22.88 Granted 209,901 28.22 474,867 28.59 Vested (211,887) 28.13 (363,267) 19.90 Forfeited (32,718) 28.44 (115,607) 19.90 Canceled — — — — Outstanding as of December 31, 2023 472,635 $ 27.44 765,582 $ 28.28 As of December 31, 2023, there was $18.2 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 1.6 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We conduct our operations as a REIT for U.S. federal income tax purposes. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pays taxes at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. We intend to meet those requirements and as a result, we generally will not be subject to federal income tax except for the TRS operations. The operations of VICI Golf (represented by the four golf course businesses), which are held in a TRS and certain of our other subsidiaries that operate in various states and municipalities within North America and the United Kingdom, are subject to various local, state and/or federal income taxes. Accordingly, we provide for a provision for income taxes in relation to these jurisdictions, which includes current and deferred portions. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes. The composition of our income tax expense (benefit) was as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 1,755 $ 129 $ 1,884 $ 1,758 $ 469 $ 2,227 $ 1,066 $ 358 $ 1,424 State 2,481 13 2,494 658 (9) 649 1,475 (12) 1,463 Foreign 49 (10,568) (10,519) — — — — — — Income tax expense (benefit) $ 4,285 $ (10,426) $ (6,141) $ 2,416 $ 460 $ 2,876 $ 2,541 $ 346 $ 2,887 At December 31, 2023 and 2022, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were: (In thousands) December 31, 2023 December 31, 2022 Deferred tax assets: CECL allowance - foreign investments $ 13,777 $ — Lease liability 2,255 2310 Accruals, reserves and other 222 221 Cumulative translation adjustment 726 — Total deferred tax assets 16,980 2,531 Deferred tax liabilities: Fixed assets - foreign investments (5,080) — Land, buildings and equipment, net (4,728) (4,560) Right of use asset (2,255) (2,310) Total deferred tax liabilities (12,063) (6,870) Net deferred tax asset (liability) $ 4,917 $ (4,339) The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 ($ in thousands) Amount Percent Amount Percent Amount Percent Federal income tax expense at statutory rate $ 526,579 21.0 % $ 239,220 21.0 % $ 215,469 21.0 % REIT income not subject to federal income tax (524,791) (20.9) (237,069) (20.8) (214,037) (20.9) Pre-tax gain attributable to taxable subsidiaries 1,788 0.1 2,151 0.2 1,432 0.1 State income taxes, net of federal benefits 2,474 0.1 648 0.1 1,444 0.1 Foreign income taxes (10,519) (0.4) — — — — Non-deductible expenses and other 116 — 77 — 11 — (Benefit from) provision for income taxes $ (6,141) (0.2) % $ 2,876 0.3 % $ 2,887 0.2 % We declared dividends of $1.610, $1.500 and $1.380 per common share during the years ended December 31, 2023, 2022 and 2021, respectively. For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2023, 2022 and 2021 are characterized as follows: Year Ended December 31, ($ per share) 2023 2022 2021 Ordinary dividends $ 1.4500 $ 1.5787 $ 0.7108 Section 199A dividends (1) $ 1.4265 $ 1.5787 $ 0.7108 Non-dividend distribution $ 0.0263 $ — $ 0.6392 ____________________ (1) These amounts are a subset of, and are included in, the ordinary dividend amounts. As of December 31, 2023, we had NOLs of $151.6 million, generated by our REIT, that will expire in 2029, unless they are utilized by us prior to expiration. As of December 31, 2023, the 2020, 2021, and 2022 tax years remain subject to examination by federal, state and local tax authorities. The tax filings for tax year 2023 have not yet been filed, and once made, will be subject to examination by taxing authorities for a period of three years.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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 materially from these estimates.
Principles of Consolidation and Non-controlling Interest	Principles of Consolidation and Non-controlling Interest The accompanying Financial Statements include our accounts and the accounts of VICI LP, and the subsidiaries in which we or VICI LP has a controlling interest. All intercompany account balances and transactions have been eliminated in consolidation. We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities for which we or one of our consolidated subsidiaries is the primary beneficiary. Non-controlling Interests We present non-controlling interests and classify such interests as a component of consolidated stockholders’ equity or partners’ capital, separate from VICI stockholders’ equity and VICI LP partners’ capital. As of December 31, 2023, VICI’s non-controlling interests represent an approximately 1.2% third-party ownership of VICI OP in the form of limited liability company interests in VICI OP (“VICI OP Units”), 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 lease agreement with Caesars for such facility (“Joliet Lease”) and a 5.6% third-party equity ownership, in the form of Class A Units, of VICI Bowl HoldCo LLC, the entity that owns the Bowlero Portfolio and is the lessor under the related Bowlero Master Lease. As VICI OP is a parent entity of VICI LP, VICI LP’s non-controlling interests are that of third-party ownership of Harrah’s Joliet LandCo LLC and VICI Bowl HoldCo LLC.
Reportable Segments	Reportable Segments Our operations consist of real property and real estate lending activities, which represent substantially all of our business. The operating results of both the real property and real estate lending activities are regularly reviewed, in the aggregate, by the chief operating decision maker and considered one operating segment. Our golf operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Accordingly, all operations have been considered to represent one reportable segment and no separate disclosures are required.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents and Restricted Cash
Short-Term Investments	Short-Term Investments 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.
Purchase Accounting	Purchase Accounting We assess all of our property acquisitions under ASC 805 “Business Combinations” (“ASC 805”) to determine if such acquisitions should be accounted for as a business combination or an asset acquisition. Under ASC 805, an acquisition does not qualify as a business combination when (i) substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or (ii) the acquisition does not include a substantive process in the form of an acquired workforce or (iii) an acquired contract that cannot be replaced without significant cost, effort or delay. Generally, and to date, all of our acquisitions have been determined to be asset acquisitions and, in accordance with ASC 805-50, all applicable transaction costs are capitalized as part of the purchase price of the acquisition. We allocate the purchase price to the identifiable assets acquired and liabilities assumed, as applicable, using the relative fair value. Generally, with the exception of the MGP Transactions and the MGM Grand/Mandalay Bay JV Interest Acquisition (each as defined in Note 3 - Real Estate Transaction
Investments in Leases - Sales-type, Net, Investments in Leases - Financing Receivables, Net, Lease Term, Investments in Loans and Securities, net, and Income from Leases and Lease Financing Receivables	Investments in Leases - Sales-type, Net We account for our investments in leases under ASC 842 “Leases” (“ASC 842”). 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 each lease component of the property, generally comprised of land and building, to determine the classification. 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. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long-term nature of our leases, the land and building components of an investment generally have the same lease classification. Investments in Leases - Financing Receivables, Net In accordance with ASC 842, for transactions in which we enter into a contract to acquire an asset and lease it back to the seller under a lease classified as a sales-type lease (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred to us. As a result, we do not recognize the net investment in the lease but instead recognize a financial asset in accordance with ASC 310 “Receivables” (“ASC 310”); however, the accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales-type under ASC 842. Lease Term We assess the noncancelable lease term under ASC 842, which includes any reasonably certain renewal periods. All of our lease agreements provide for an initial term, with one or more tenant renewal options. In relation to our gaming assets and certain other irreplaceable real estate, we generally conclude that the lease term includes all of the periods covered by extension options as it is reasonably certain our tenants will renew the lease agreements. In these situations, we believe our tenants are economically compelled to renew the lease agreements due to the importance of our real estate to the operation of their business, the significant capital they have invested and are required to invest in our properties under the terms of the lease agreements and the lack of suitable replacement assets. Investments in Loans and Securities, net Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and net of allowances for credit losses. Income is recognized on an effective interest basis at a constant rate of return over the life of the related loan. We classify our investments in securities on the date of acquisition of the investment as either trading, available-for-sale or held-to-maturity. We classify our debt securities as held-to-maturity, as we have the intent and ability to hold this security until maturity, the accounting of which is materially consistent with that of our Investments in loans. Income from Leases and Lease Financing Receivables We recognize the related income from our sales-type leases and lease financing receivables 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 sales-type leases and lease financing receivables will not equal income from our lease agreements. Rather, a portion of the cash rent we receive is recorded as Income from sales-type leases or Income from lease financing receivables and loans, as applicable, in our Statement of Operations and a portion is recorded as a change to Investments in leases - sales-type, net or Investments in leases - financing receivables, net, as applicable. Initial direct costs incurred in connection with entering into investments classified as sales-type leases are included in the balance of the net investment in lease. 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. Loan origination fees and costs incurred in connection with entering into investments classified as lease financing receivables are included in the balance of the net investment and such amounts will be recognized as an adjustment to Income from investments in loans and lease financing receivables over the life of the lease using the effective interest method.
Allowance for Credit Losses	Allowance for Credit Losses ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”) requires that we measure and record current expected credit losses (“CECL”) for the majority of our investments, the scope of which includes our Investments in leases - sales-type, Investments in leases - financing receivables and Investments in loans and securities. Investments in Leases In relation to our lease portfolio, we have elected to use a discounted cash flow model to estimate the allowance for credit losses, or CECL allowance for our Investments in leases - sales-type and Investments in leases - financing receivables, which comprise the substantial majority of our CECL allowance. This model requires us to develop cash flows which project estimated credit losses over the life of the lease and discount these cash flows at the asset’s effective interest rate. We then record a CECL allowance equal to the difference between the amortized cost basis of the asset and the present value of the expected credit loss cash flows. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our tenants and their parent guarantors, as applicable, over the life of each individual lease. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and their parent guarantors, as applicable. The PD and LGD are estimated during a reasonable and supportable period for which we believe we are able to estimate future economic conditions (the “R&S Period”) and a long-term period for which we revert to long-term historical averages (the “Long-Term Period”). The PD and LGD estimates for the R&S Period are developed using the current financial condition of the tenant and parent guarantor, as applicable, and applied to a projection of economic conditions over a two-year term. The PD and LGD for the Long-Term Period are estimated using the average historical default rates and historical loss rates, respectively, of public companies over approximately the past 40 years that have similar credit profiles or characteristics to our tenants and their parent guarantors, as applicable. We are unable to use our historical data to estimate losses as we have no loss history to date. Investments in Loans In relation to our loan portfolio, we engage a nationally recognized data analytics firm to provide loan level market data and a forward-looking commercial real estate loss forecasting tool. The credit loss model generates the PD and LGD using sub-market loan-level data and the fair value of collateral to generate net operating income and forecast the expected loss for each loan. Unfunded Commitments We are required to estimate a CECL allowance related to contractual commitments to extend credit, such as future funding commitments under a revolving credit facility, delayed draw term loan, construction loan or through commitments made to our tenants to fund the development and construction of improvements at our properties. We estimate the amount that we will fund for each contractual commitment based on (i) discussions with our borrowers and tenants, (ii) our borrowers’ and tenants’ business plans and financial condition and (iii) other relevant factors. Based on these considerations, we apply a CECL allowance to the estimated amount of credit we expect to extend. The CECL allowance for unfunded commitments is calculated using the same methodology as the allowance for the respective investments subject to the CECL model. The CECL allowance related to these future commitments is recorded as a component of Other liabilities on our Balance Sheets. Presentation The CECL allowance is recorded as a reduction to our net Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Sales-type sub-leases (included in Other assets) on our Balance Sheets. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Statement of Operations for the relevant period. Finally, each time we make a new investment in an asset subject to ASC 326, we are required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Statement of Operations for the relevant period. Write-offs of our investments in leases and loans are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries of amounts previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2023, 2022 and 2021.
Investments in Land	Investments in Land Our investments in land are held at historical cost and comprised of the following: • Las Vegas Land. We own certain underdeveloped or undeveloped land adjacent to the Las Vegas strip . • Vacant, Non-Operating Land. We own certain vacant, non-operating land parcels located outside of Las Vegas. • Eastside Property. In 2017, we sold 18.4 acres of property located in Las Vegas, Nevada, east of Harrah’s Las Vegas, known as the Eastside Property, to Caesars Entertainment, Inc. (together with, as the context requires, its subsidiaries, “Caesars”) for a sales price of $73.6 million. It was determined that the transaction did not meet the requirements of a completed sale for accounting purposes due to a put-call option on the land parcels and the Caesars Forum Convention Center. The amount of $73.6 million is presented as land with a corresponding amount of $73.6 million recorded in Other liabilities in our Balance Sheets.
Property and Equipment Used in Operations	Property and Equipment Used in Operations Property and equipment used in operations is included within Other assets on our Balance Sheets and represents assets primarily related to VICI Golf, our golf operations. We assign lives to our assets based on our standard policy, which is established by management as representative of the useful life of each category of asset. Additions to property used in operations are stated at cost. We capitalize the costs of improvements that extend the life of the asset and expense maintenance and repair costs as incurred. Gains or losses on the dispositions of property and equipment are recognized in the period of disposal. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: Depreciable land improvements 2-50 years Building and improvements 5-25 years Furniture and equipment 2-10 years
Impairment	Impairment We assess our investments in 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. 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.
Investment in Unconsolidated Affiliate	Investment in Unconsolidated Affiliate Our equity method investment as of December 31, 2022, represented our 50.1% ownership interest in the joint venture that holds the real estate assets of MGM Grand Las Vegas and Mandalay Ba y (“ MGM Grand/Mandalay Bay JV”), which was acquired in the MGP Transactions and, as a result, was recorded at relative fair value. The difference in basis between our share of the carrying value of the MGM Grand/Mandalay Bay JV and the relative fair value upon acquisition was amortized into Income from unconsolidated affiliate over the estimated useful life of the respective underlying real estate assets, the remaining lease term of the MGM Grand/Mandalay Bay JV Lease, or the remaining term of the assumed debt, as applicable. On January 9, 2023, we acquired the remaining 49.9% interest from Blackstone Real Estate Income Trust, Inc. (“BREIT”) for cash consideration of approximately $1.3 billion and, accordingly, consolidated the operations of the MGM Grand/Mandalay Bay JV starting in the first quarter of 2023. Refer to Note 3 - Real Estate Transactions for further details.
Foreign Currency Translation and Remeasurement	Foreign Currency Translation and Remeasurement Our investments in the PURE Portfolio, Century Canadian Portfolio and the Cabot Highlands Loan (each as defined in Note 3 - Real Estate Transactions ) are denominated in foreign currencies, and accordingly, we translate the financial statements of the subsidiaries that own the PURE Portfolio, Century Canadian Portfolio and Cabot Highlands Loan into U.S. Dollars (“USD” or “US$”) when we consolidate their financial results and position. Generally, assets and liabilities are translated at the exchange rate in effect at the date of the Balance Sheets and the resulting translation adjustments are included in Accumulated other comprehensive income in the Balance Sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical exchange rate. Income Statement accounts are translated using the average exchange rate for the period. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is denominated in foreign currencies, which is not our and our consolidated subsidiaries functional currency of USD. When the debt and related operating receivables and/or payables are remeasured to the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in Other gains, net in the Statement of Operations.
Other Income and Other Expenses	Other Income and Other Expenses Other income primarily represents sub-lease income related to certain ground and use leases. Under our lease agreements, the tenants are required to pay all costs associated with such ground and use leases and provides for their direct payment to the landlord. This income and the related expense are recorded on a gross basis in our Statement of Operations as required under GAAP as we are the primary obligor under the ground and use leases.
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 transactions. 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 previously recorded in Accumulated other comprehensive income (loss) is recognized in earnings when the hedged transactions 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 (loss) in our Balance Sheets with a corresponding change in Unrealized gain (loss) in cash flows hedges within Other comprehensive income on our Statement of Operations. We use derivative instruments to mitigate the effects of interest rate volatility, whether from variable rate debt or future forecasted transactions, which could unfavorably impact our future earnings and forecasted cash flows. We do not use derivative instruments for speculative or trading purposes.
Golf Revenues	Golf Revenues VICI Golf and Caesars are party to a golf course use agreement (the “Golf Course Use Agreement”), whereby certain subsidiaries of Caesars are granted certain priority rights and privileges with respect to access and use of certain golf course properties. For the year ended December 31, 2023, payments under the Golf Course Use Agreement were comprised of a $11.6 million annual membership fee, $3.7 million of use fees and approximately $1.6 million of minimum rounds fees. The annual membership fee, use fees and minimum rounds fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. Revenue from the Golf Course Use Agreement is recognized in accordance with ASC 606, “Revenue From Contracts With Customers” and recognized ratably over the performance period. Additional revenues from golf course operations, food and beverage and merchandise sales are recognized at the time of sale or when the service is provided and are reported net of sales tax. Golf memberships sold to individuals are not refundable and are deferred and recognized within golf revenue in the Statements of Operations over the expected life of an active membership, which is typically one year or less.
Income Taxes - REIT Qualification	Income Taxes-REIT Qualification We conduct our operations as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders, determined without regard to the dividends paid deduction and excluding any net capital gains. As a REIT, we generally will not be subject to federal income tax on income that we pay as distributions to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates (including any alternative minimum tax or excise tax applicable to non-REIT corporations), and distributions paid to our stockholders would not be deductible by us in computing taxable income. Additionally, any resulting corporate liability created if we fail to qualify as a REIT could be substantial and could materially and adversely affect our net income and net cash available for distribution to stockholders. Unless we were entitled to relief under certain provisions of the Internal Revenue Code of 1986, as amended (the “Code”), we also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT. The operations of VICI Golf (represented by the four golf course businesses), which are held in a TRS and certain of our other subsidiaries that operate in various states and municipalities within North America and the United Kingdom, are subject to various local, state and/or federal income taxes. Accordingly, we provide for a provision for income taxes in relation to these jurisdictions, which includes current and deferred portions. We use the asset and liability method to provide for income taxes, which requires that our income tax expense reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus income tax purposes.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. We present unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability.
Transaction and Acquisition Expenses	Transaction and Acquisition Expenses
Stock-Based Compensation	Stock-Based Compensation We account for stock-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires us to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. For non-vested share awards that vest over a predetermined time period, we use the 10-day volume weighted average price using the 10 trading days ending on the grant date. For non-vested share awards that vest based on market conditions, we use a Monte Carlo simulation (risk-neutral approach) to determine the value of each tranche. The unrecognized compensation relating to awards under our stock incentive plan will be amortized to general and administrative expense over the awards’ remaining vesting periods. Vesting periods for award of equity instruments range from zero
Earnings Per Share and Earnings Per Unit	Earnings Per Share and Earnings Per Unit
Underwriting Commissions and Offering Costs	Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common stock offering are expensed when incurred.
Concentrations of Credit Risk	Concentrations of Credit Risk Caesars and MGM Resorts International (together with, as the context requires, its subsidiaries, “MGM”) are the guarantors of all the lease payment obligations of the tenants under the applicable leases of the properties that they each respectively lease from us. Revenue from Caesars, which includes revenue from the Caesars leases and other agreements, represented 37%, 46%, and 85% of our lease revenues for the years ended December 31, 2023, 2022 and 2021, respectively. Revenue from MGM, which comprises revenue from the MGM leases, represented 39%, 34% and 0% of our lease revenues for the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, our properties on the Las Vegas Strip generated approximately 49%, 45%, and 32% of our lease revenues for the years ended December 31, 2023, 2022 and 2021, respectively. Except as described above, we do not believe there are any other significant concentrations of credit risk. Caesars and MGM are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the SEC. Caesars’ and MGM’s SEC filings are available to the public from the SEC’s web site at www.sec.gov . We make no representation as to the accuracy or completeness of the information regarding Caesars and MGM that is available through the SEC’s website or otherwise made available by Caesars, MGM or any third party, and none of such information is incorporated by reference in this Annual Report on Form 10-K.
Recent Accounting Pronouncements	Recent Account Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09 on our Financial Statements. In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides for additional disclosures as they relate to a company’s segments. Additional requirements per the update include disclosures for significant segment expenses, measures of profit or loss used by the Chief Operating Decision Maker and how these measures are used to allocate resources and assess segment performance. The amendments in this ASU will also apply to entities with a single reportable segment and is effective for all public entities for fiscal years beginning after December 15, 2023. We are currently evaluating the impact of ASU 2023-07 on our Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule Of Depreciation	Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: Depreciable land improvements 2-50 years Building and improvements 5-25 years Furniture and equipment 2-10 years Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Land and land improvements $ 60,461 $ 60,332 Buildings and improvements 15,727 15,125 Furniture and equipment 12,432 9,563 Total property and equipment used in operations 88,620 85,020 Less: accumulated depreciation (21,674) (17,811) Total property and equipment used in operations, net $ 66,946 $ 67,209 Year Ended December 31, (In thousands) 2023 2022 2021 Depreciation expense $ 4,298 $ 3,182 $ 3,091

Real Estate Transactions (Table

Real Estate Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Asset Acquisitions	The following is a summary of our net assets acquired upon consolidation of the MGM Grand/Mandalay Bay JV: (In thousands) Amount Carrying value of prior 50.1% interest acquired in connection with the MGP Transactions $ 1,458,782 Consideration paid for MGM Grand/Mandalay Bay JV Interest Acquisition 1,261,882 Transaction costs 14,630 Total net assets acquired $ 2,735,294 Under ASC 805-50, we allocated the net assets acquired by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the consolidation of the MGM Grand/Mandalay Bay JV: (In thousands) Amount Investments in leases – sales-type $ 5,494,351 Cash and cash equivalents (1) 9,607 Debt, net (2) (2,747,877) Accrued expenses and deferred revenue (1) (20,787) Total net assets acquired $ 2,735,294 ____________________ (1) Amount represents their current carrying value, which is equal to fair value (2) Amount represents the fair value of the $3.0 billion principal amount of CMBS debt as of January 9, 2023, which was estimated as a $252.1 million discount to principal value. The fair value of the debt was estimated by modeling the contractual cash flows and discounting them back to the present value using an estimated market yield. Additionally, we considered current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value measurement are considered Level 3 of the fair value hierarchy. The number of MGP Class A common shares converted to shares of VICI common stock was determined as follows: MGP Class A common shares outstanding as of April 29, 2022 156,757,773 Exchange Ratio 1.366 VICI common stock issued (1) 214,131,064 VICI common stock issued for MGP stock-based compensation awards 421,468 Total VICI common stock issued 214,552,532 ____________________ (1) Amount excludes the cash paid in lieu of approximately 54 fractional MGP Class A common shares. (In thousands) Amount REIT merger consideration (1) $ 6,568,480 Redemption payment to MGM 4,404,000 VICI OP Units retained by MGM (2) 374,769 Repayment of MGP revolving credit facility (3) 90,000 Transactions costs (4) 119,741 Total consideration transferred $ 11,556,990 Assumption of MGP unsecured notes, at principal value 4,200,000 Assumption of our proportionate share of the MGM Grand/Mandalay Bay JV CMBS debt, at principal value 1,503,000 Total purchase price $ 17,259,990 ____________________ (1) Amount represents the dollar value of 214,375,990 shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $30.64 per share, which were issued in exchange for the MGP Class A common shares outstanding immediately prior to the MGP Transactions and certain of the MGP stock-based compensation awards, converted to shares of VICI common stock. (2) Amount represents 12,231,373 VICI OP Units retained by MGM as non-controlling interest in VICI OP, multiplied by the VICI stock price at the time of closing of $30.64 per share. (3) Represents the total amount outstanding under MGP’s revolving credit facility as of April 29, 2022. In connection with the MGP Transactions, such amount was repaid in full and the related credit agreement was terminated. (4) In accordance with ASC 805-50, all direct and incremental costs related to the MGP Transactions, primarily related to success-based fees and third-party advisory fees, were included in the consideration transferred. Under ASC 805-50, we allocated the purchase price by major categories of assets acquired and liabilities assumed using relative fair value. The following is a summary of the allocated relative fair values of the assets acquired and liabilities assumed in the MGP Transactions valued as of April 29, 2022: (In thousands) Amount Investments in leases – financing receivables (1) (2) $ 14,245,868 Investment in unconsolidated affiliate (2) (3) 1,465,814 Cash and cash equivalents (4) 25,387 Other assets (4) 338,212 Debt, net (5) (4,106,082) Accrued expenses and deferred revenue (4) (79,482) Other liabilities (4) (332,727) Total net assets acquired $ 11,556,990 ____________________ (1) We valued the real estate portfolio at relative fair value using rent multiples taking into consideration a variety of factors, including (i) asset quality and location, (ii) property and lease-level operating performance and (iii) supply and demand dynamics of each property’s respective market. The multiples used ranged from 15.0x – 18.5x with a weighted average rent multiple of 16.7x, as determined using relative fair value. (2) The fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. (3) We value the Investment in unconsolidated affiliate at relative fair based on our percentage ownership of the net assets of the MGM Grand/Mandalay Bay JV. (4) Amounts represent their current carrying value which is equal to fair value. The Other assets and Other liabilities amounts include the gross presentation of certain MGP ground leases which we assumed in connection with the MGP Transactions. (5) Amount represents the fair value of debt as of April 29, 2022, which was estimated as a $93.9 million discount to the notional value. The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.
Summary Of Loan Originations	The following table summarizes our 2023 real estate debt investment activity: ($ in thousands) Investment Name Maximum Investment Amount Investment Type Collateral Kalahari Virginia Loan $ 212,200 Mezzanine Loan 907-key indoor waterpark resort in Thornburg, VA under development Canyon Ranch Preferred Equity Investment 150,000 Preferred Equity Investment Equity interests in controlling entity of Canyon Ranch Canyon Ranch Lenox and Tucson Loan 140,135 Senior Secured Loan Canyon Ranch Tucson and Canyon Ranch Lenox Cabot Saint Lucia Loan 100,000 Senior Secured Loan Luxury golf resort in Saint Lucia, Virgin Islands Hard Rock Ottawa Notes 85,000 Senior Secured Note Hard Rock Ottawa Hotel & Casino Cabot Highlands Loan (1) 10,938 Senior Secured Loan Luxury golf resort in the Scottish Highlands Total $ 698,273 ____________________ (1) Amount represents USD equivalent to £9.0 million based on the exchange rate at the time of closing.

Real Estate Portfolio (Tables)

Real Estate Portfolio (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule Real Estate Portfolio	The following is a summary of the balances of our real estate portfolio as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Investments in leases - sales-type, net (1) $ 23,015,931 $ 17,172,325 Investments in leases - financing receivables, net (1) 18,211,102 16,740,770 Total investments in leases, net 41,227,033 33,913,095 Investments in loans and securities, net 1,144,177 685,793 Investment in unconsolidated affiliate (2) — 1,460,775 Land 150,727 153,560 Total real estate portfolio $ 42,521,937 $ 36,213,223 ____________________ (1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective lease agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification. As of December 31, 2023 and 2022, the estimated residual values of the leased properties under our lease agreements were $15.9 billion and $11.5 billion, respectively. (2) Represents our 50.1% investment in the MGM Grand/Mandalay Bay JV prior to the MGM Grand/Mandalay Bay JV Interest Acquisition on January 9, 2023, which was accounted for as an equity method investment.
Schedule of Components of Direct Financing and Operating Leases	Year Ended December 31, (In thousands) 2023 2022 2021 Income from sales-type leases - fixed rent $ 1,892,534 $ 1,436,945 $ 1,161,655 Income from sales-type leases - contingent rent (1) 87,644 27,300 6,317 Income from lease financing receivables - fixed rent 1,430,246 995,383 243,008 Income from lease financing receivables - contingent rent (1) 10,509 1,673 — Total lease revenue 3,420,933 2,461,301 1,410,980 Non-cash adjustment (2) (515,556) (337,631) (119,790) Total contractual lease revenue $ 2,905,377 $ 2,123,670 $ 1,291,190 ____________________ (1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842.
Schedule of Future Minimum Lease Payments for Operating and Capital Leases	At December 31, 2023, minimum lease payments owed to us for each of the five succeeding years and thereafter under sales-type leases and our leases accounted for as financing receivables, are as follows: Minimum Lease Payments (1) (2) Investments in Leases (In thousands) Sales-Type Financing Receivables Total 2024 $ 1,682,826 $ 1,233,178 $ 2,916,004 2025 1,712,651 1,255,549 2,968,200 2026 1,738,942 1,278,819 3,017,761 2027 1,766,012 1,302,657 3,068,669 2028 1,794,287 1,327,211 3,121,498 Thereafter 77,503,679 89,787,503 167,291,182 Total $ 86,198,397 $ 96,184,917 $ 182,383,314 Weighted Average Lease Term (2) 38.5 years 48.8 years 43.0 years ____________________ (1) Minimum lease payments do not include contingent rent, as discussed below, that may be received under our lease agreements.
Schedule of Lease Agreements	The following is a summary of the material lease provisions of our leases with Caesars and MGM, our two most significant tenants: ($ In thousands) MGM Master Lease Caesars Regional Master Lease and Joliet Lease Caesars Las Vegas MGM Grand/Mandalay Bay Lease Lease Provision Initial term 25 years 18 years 18 years 30 years Initial term maturity 4/30/2047 7/31/2035 7/31/2035 2/28/2050 Renewal terms Three, 10-year terms Four, 5-year terms Four, 5-year terms Two, 10-year terms Current lease year 5/1/23-4/30/24 (Lease Year 2) 11/1/23 - 10/31/24 (Lease Year 7) 11/1/23 - 10/31/24 (Lease Year 7) 3/1/23 - 2/29/24 (Lease Year 4) Current annual rent $744,600 $728,407 (1) $469,219 $309,873 Annual escalator (2) Lease years 2-10 - 2% Lease years 11-end of term - >2% / change in CPI (capped at 3%) Lease years 2-5 - 1.5% Lease years 6-end of term - >2.0% / change in CPI > 2% / change in CPI Lease years 2-15 - 2% Lease years 16-end of term - >2% / change in CPI (capped at 3%) Variable rent adjustment (3) None Year 8 : 70% base rent / 30% variable rent Years 11 & 16 : 80% base rent / 20% variable rent Years 8, 11 & 16 : 80% base rent / 20% variable rent None Variable rent adjustment calculation None 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease: Year 8 : Avg. of years 5-7 less avg. of years 0-2 Year 11 : Avg. of years 8-10 less avg. of years 5-7 Year 16 : Avg. of years 13-15 less avg. of years 8-10 None ____________________ (1) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined current annual rent under the Caesars Regional Master Lease and Joliet Lease is $719.0 million. (2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP. (3) Variable rent is not subject to the escalator.
Schedule Of Capital Expenditure Requirements Under Lease Agreements	summarizes the capital expenditure requirements of our gaming tenants under their respective lease agreements: Provision Caesars Regional Master Lease and Joliet Lease Caesars Las Vegas Master Lease MGM Grand/Mandalay Bay Lease Venetian Lease All Other Gaming Leases (1) Yearly minimum expenditure 1% of net revenues (2) 1% of net revenues (2) 3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves 2% of net revenues based on rolling three-year basis 1% of net revenues Rolling three-year minimum (3) $286 million $84 million N/A N/A N/A ____________________ (1) Represents the tenants under our other gaming lease agreements not specifically outlined in the table, as specified in their respective lease agreements. (2) The leases with Caesars require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the Caesars Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues.
Summary of Investments In Loans	The following is a summary of our investments in loans and securities as of December 31, 2023 and 2022: ($ In thousands) December 31, 2023 Investment Principal Balance Carrying Value (1) Future Funding Commitments (2) Weighted Average Interest Rate (3) Weighted Average Term (4) Senior Secured Notes (5) $ 85,000 $ 73,818 $ — 11.00 % 7.3 years Senior Secured Loans (6) 392,250 386,274 476,395 7.3 % 5.4 years Mezzanine Loans and Preferred Equity 698,861 684,085 278,848 9.8 % 4.6 years Total $ 1,176,111 $ 1,144,177 $ 755,243 9.0 % 5.1 years ($ In thousands) December 31, 2022 Investment Principal Balance Carrying Value (1) Future Funding Commitments (2) Weighted Average Interest Rate Weighted Average Term (3) Senior Secured Loans $ 495,901 $ 492,895 $ 584,049 7.8 % 3.2 years Mezzanine Loans 196,597 192,898 514,882 9.1 % 4.3 years Total $ 692,498 $ 685,793 $ 1,098,931 8.2 % 3.5 years ____________________ (1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses. (2) Our future funding commitments are subject to our borrowers' compliance with the financial covenants and other applicable provisions of each respective loan agreement. (3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of December 31, 2023. (4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date. (5) Represents our investment in the Hard Rock Ottawa Notes, which are accounted for as held-to-maturity securities. (6) On May 1, 2023, the Caesars Forum Convention Center mortgage loan, representing $400.0 million in principal balance of our senior secured loans, was repaid in full.

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
Net Investment in Lease, Allowance for Credit Loss	The following tables detail the allowance for credit losses as of December 31, 2023 and December 31, 2022: December 31, 2023 ($ In thousands) Amortized Cost Allowance (1) Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 23,717,060 $ (701,129) $ 23,015,931 2.96 % Investments in leases - financing receivables 18,914,734 (703,632) 18,211,102 3.72 % Investments in loans and securities 1,173,949 (29,772) 1,144,177 2.54 % Other assets - sales-type sub-leases 866,052 (18,722) 847,330 2.16 % Totals $ 44,671,795 $ (1,453,255) $ 43,218,540 3.25 % December 31, 2022 ($ In thousands) Amortized Cost Allowance Net Investment Allowance as a % of Amortized Cost Investments in leases - sales-type $ 17,742,712 $ (570,387) $ 17,172,325 3.21 % Investments in leases - financing receivables 17,467,477 (726,707) 16,740,770 4.16 % Investments in loans and securities 692,658 (6,865) 685,793 0.99 % Other assets - sales-type sub-leases 784,259 (19,750) 764,509 2.52 % Totals $ 36,687,106 $ (1,323,709) $ 35,363,397 3.61 % ____________________ (1) The total allowance excludes the CECL allowance for unfunded commitments of our loans and for unfunded commitments made to our tenants to fund the development and construction of improvements at our properties. As of December 31, 2023 and December 31, 2022, such allowance is $19.1 million and $45.1 million, respectively, and is recorded in Other liabilities. The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Beginning Balance January 1, $ 1,368,819 $ 534,325 $ 553,879 Initial allowance from current period investments 293,033 573,624 1,725 Current period change in credit allowance (189,466) 260,870 (21,279) Charge-offs — — — Recoveries — — — Ending Balance December 31, $ 1,472,386 $ 1,368,819 $ 534,325
Financing Receivable Credit Quality Indicators	The following tables detail the amortized cost basis of our investments by the credit quality indicator we assigned to each lease or loan guarantor as of December 31, 2023, 2022 and 2021: December 31, 2023 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ 4,317,380 $ 32,976,433 $ 3,682,802 $ 881,917 $ 1,316,817 $ 1,496,446 $ 44,671,795 December 31, 2022 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ 4,247,315 $ 28,095,234 $ 2,594,203 $ 875,749 $ 581,973 $ 292,632 $ 36,687,106 December 31, 2021 (In thousands) Ba2 Ba3 B1 B2 B3 N/A (2) Total Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1) $ — $ 951,033 $ 14,888,770 $ 868,629 $ 279,579 $ 98,739 $ 17,086,749 ____________________ (1) Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheets, rather the CECL allowance is based on our current best estimate of future funding commitments. (2)

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets	The following table details the components of our other assets as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Sales-type sub-leases, net (1) $ 847,330 $ 764,509 Property and equipment used in operations, net 66,946 67,209 Right of use assets and sub-lease right of use assets 38,345 45,008 Debt financing costs 11,332 18,646 Deferred acquisition costs 10,087 12,834 Other receivables 9,660 6,474 Deferred income taxes 9,423 — Interest receivable 9,351 6,911 Tenant receivables 6,236 5,498 Prepaid expenses 4,728 7,348 Forward-starting interest rate swaps 1,563 — Other 329 1,891 Total other assets $ 1,015,330 $ 936,328 ___________________________________________________ (1) As of December 31, 2023 and December 31, 2022, sales-type sub-leases are net of $18.7 million and $19.8 million of Allowance for credit losses, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
Schedule Of Property and Equipment Used in Operations, Net	Depreciation is calculated using the straight-line method over the shorter of the estimated useful life of the asset or the related lease as follows: Depreciable land improvements 2-50 years Building and improvements 5-25 years Furniture and equipment 2-10 years Property and equipment used in operations, included within other assets, is primarily attributable to the land, building and improvements of our golf operations and consists of the following as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Land and land improvements $ 60,461 $ 60,332 Buildings and improvements 15,727 15,125 Furniture and equipment 12,432 9,563 Total property and equipment used in operations 88,620 85,020 Less: accumulated depreciation (21,674) (17,811) Total property and equipment used in operations, net $ 66,946 $ 67,209 Year Ended December 31, (In thousands) 2023 2022 2021 Depreciation expense $ 4,298 $ 3,182 $ 3,091
Schedule of Other Liabilities	The following table details the components of our other liabilities as of December 31, 2023 and 2022: (In thousands) December 31, 2023 December 31, 2022 Finance sub-lease liabilities $ 866,052 $ 784,259 Deferred financing liabilities 73,600 73,600 Lease liabilities and sub-lease liabilities 38,345 45,039 CECL allowance for unfunded commitments 19,131 45,110 Derivative liability 11,218 — Deferred income taxes 4,506 4,339 Other 250 125 Total other liabilities $ 1,013,102 $ 952,472

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following tables detail our debt obligations (each as defined in the column titled “Description of Debt”) as of December 31, 2023 and 2022: ($ In thousands) December 31, 2023 Description of Debt Maturity Interest Rate Principal Amount Carrying Value (1) Revolving Credit Facility USD Borrowings (2) March 31, 2026 SOFR + 1.05% $ — $ — CAD Borrowings (2) (3) March 31, 2026 CDOR + 1.05% 162,346 162,346 GBP Borrowings (2) (3) March 31, 2026 SONIA + 1.05% 11,458 11,458 MGM Grand/Mandalay Bay CMBS Debt March 5, 2032 3.558% 3,000,000 2,773,758 November 2019 Notes 2026 Maturity December 1, 2026 4.250% 1,250,000 1,241,678 2029 Maturity December 1, 2029 4.625% 1,000,000 990,531 February 2020 Notes 2025 Maturity February 15, 2025 3.500% 750,000 747,364 2027 Maturity February 15, 2027 3.750% 750,000 744,762 2030 Maturity August 15, 2030 4.125% 1,000,000 990,111 April 2022 Notes 2025 Maturity May 15, 2025 4.375% 500,000 497,864 2028 Maturity February 15, 2028 4.516% (4) 1,250,000 1,239,594 2030 Maturity February 15, 2030 4.541% (4) 1,000,000 989,347 2032 Maturity May 15, 2032 3.980% (4) 1,500,000 1,482,836 2052 Maturity May 15, 2052 5.625% 750,000 735,854 Exchange Notes 2024 Maturity May 1, 2024 5.625% 1,024,169 1,025,431 2025 Maturity June 15, 2025 4.625% 799,368 790,019 2026 Maturity September 1, 2026 4.500% 480,524 467,728 2027 Maturity February 1, 2027 5.750% 729,466 736,277 2028 Maturity January 15, 2028 4.500% 349,325 339,043 2029 Maturity February 15, 2029 3.875% 727,114 670,939 MGP OP Notes 2024 Maturity May 1, 2024 5.625% 25,831 25,849 2025 Maturity June 15, 2025 4.625% 632 622 2026 Maturity September 1, 2026 4.500% 19,476 18,792 2027 Maturity February 1, 2027 5.750% 20,534 20,523 2028 Maturity January 15, 2028 4.500% 675 646 2029 Maturity February 15, 2029 3.875% 22,886 20,753 Total Debt 4.351% (5) $ 17,123,804 $ 16,724,125 ($ In thousands) December 31, 2022 Description of Debt Maturity Interest Rate Principal Amount Carrying Value (1) Revolving Credit Facility (2) March 31, 2026 SOFR + 1.05% $ — $ — Delayed Draw Term Loan (6) March 31, 2025 SOFR +1.20% — — November 2019 Notes 2026 Maturity December 1, 2026 4.250% 1,250,000 1,238,825 2029 Maturity December 1, 2029 4.625% 1,000,000 988,931 February 2020 Notes 2025 Maturity February 15, 2025 3.500% 750,000 745,020 2027 Maturity February 15, 2027 3.750% 750,000 743,086 2030 Maturity August 15, 2030 4.125% 1,000,000 988,626 April 2022 Notes 2025 Maturity May 15, 2025 4.375% 500,000 496,314 2028 Maturity February 15, 2028 4.516% (4) 1,250,000 1,237,082 2030 Maturity February 15, 2030 4.541% (4) 1,000,000 987,618 2032 Maturity May 15, 2032 3.980% (4) 1,500,000 1,480,799 2052 Maturity May 15, 2052 5.625% 750,000 735,360 Exchange Notes 2024 Maturity May 1, 2024 5.625% 1,024,169 1,029,226 2025 Maturity June 15, 2025 4.625% 799,368 783,659 2026 Maturity September 1, 2026 4.500% 480,524 463,018 2027 Maturity February 1, 2027 5.750% 729,466 738,499 2028 Maturity January 15, 2028 4.500% 349,325 336,545 2029 Maturity February 15, 2029 3.875% 727,114 660,489 MGP OP Notes 2024 Maturity May 1, 2024 5.625% 25,831 25,901 2025 Maturity June 15, 2025 4.625% 632 615 2026 Maturity September 1, 2026 4.500% 19,476 18,542 2027 Maturity February 1, 2027 5.750% 20,534 20,520 2028 Maturity January 15, 2028 4.500% 675 639 2029 Maturity February 15, 2029 3.875% 22,886 20,361 Total Debt 4.496% (5) $ 13,950,000 $ 13,739,675 ____________________ (1) Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt. (2) Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR (or CDOR or SONIA, as applicable), depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, for both instruments depending on our credit ratings. For the year ended December 31, 2023, the commitment fees for the Revolving Credit Facility was 0.375%. (3) On January 3, 2023, we drew on the Revolving Credit Facility in the amount of C$140.0 million to fund a portion of the purchase price of the PURE Canadian Gaming Transaction. On August 31, 2023, we drew on the Revolving Credit Facility in the amount of C$75.0 million to fund a portion of the purchase price of the Century Canadian Portfolio Transaction. On October 24, 2023, we drew on the Revolving Credit Facility in the amount of £9.0 million to fund the Cabot Highlands Loan. The balances above are inclusive of foreign currency remeasurement. (4) Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives ). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively. (5) The interest rate represents the weighted average interest rates of the outstanding debt adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives ), as applicable. The contractual weighted average interest rate as of December 31, 2023, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.49%. (6) The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022. On February 8, 2023, the Delayed Draw Term Loan facility expired undrawn in accordance with its terms. Year Ended December 31, (In thousands) 2023 2022 2021 MGP Transactions Bridge Facility $ — $ 15,338 $ 38,762 Venetian Acquisition Bridge Facility — 968 16,387
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule	The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2023: (In thousands) Future Minimum Payments 2024 $ 1,050,000 2025 2,050,000 2026 1,923,804 2027 1,500,000 2028 1,600,000 Thereafter 9,000,000 Total minimum repayments $ 17,123,804

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023. As of December 31, 2022, there were no derivative instruments outstanding. ($ in thousands) December 31, 2023 Instrument Number of Instruments Weighted Average Rate Notional Index Maturity Forward-starting interest rate swap 7 3.6685% $500,000 USD SOFR- COMPOUND March 6, 2034 The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations: Year Ended December 31, (In thousands) 2023 2022 2021 Unrealized (loss) gain recorded in other comprehensive income $ (9,655) $ 200,550 $ — Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks (24,148) (16,233) —
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following table presents the effect of our interest rate swaps on our Statement of Operations: Year Ended December 31, (In thousands) 2023 2022 2021 Unrealized gain recorded in other comprehensive income $ — $ — $ 29,166 Interest from interest rate swaps recorded in interest expense — — 29,960 Interest rate swap settlement recorded in interest expense — — 64,239

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of 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 as of December 31, 2023 and 2022: December 31, 2023 Fair Value (In thousands) Carrying Amount Level 1 Level 2 Level 3 Financial assets: Derivative instruments - forward-starting interest rate swap (1) $ 1,563 $ — $ 1,563 $ — Financial liabilities: Derivative instruments - forward-starting interest rate swap (1) $ 11,218 $ — $ 11,218 $ — December 31, 2022 Fair Value (In thousands) Carrying Amount Level 1 Level 2 Level 3 Financial assets: Short-term investments (2) $ 217,342 $ — $ 217,342 $ — ____________________ (1) 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. (2) The carrying value of these investments 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 December 31, 2023 and 2022 for which fair value is only disclosed are as follows: December 31, 2023 December 31, 2022 (In thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investments in leases - financing receivables (1) $ 18,211,102 $ 17,717,435 $ 16,740,770 $ 17,871,771 Investments in loans and securities (2) 1,144,177 1,060,249 685,793 675,456 Cash and cash equivalents 522,574 522,574 208,933 208,933 Financial liabilities: Debt (3) Revolving Credit Facility $ 173,804 $ 173,804 $ — $ — MGM Grand/Mandalay Bay CMBS Debt 2,773,758 2,627,984 — — Senior Unsecured Notes 13,776,563 13,469,176 13,739,675 13,020,636 ____________________ (1) Represents our asset acquisitions structured as sale leaseback transactions. In accordance with ASC 842, since the lease agreements were determined to meet the definition of a sales-type lease and control of the asset is not considered to have been transferred to us, such lease agreements are accounted for as financings under ASC 310. Except as noted below, the fair value of these assets is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. In relation to the Century Canadian Portfolio component of the Century Master Lease, the Bowlero Master Lease and the Chelsea Piers Lease, given the proximity of the date of our investment to the date of the financial statements, we determined that the fair value materially approximates the purchase price of the acquisition of these financial assets. (2) The fair value of investments in loans is based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 of the fair value hierarchy. The fair value of our senior secured notes was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy. (3) The fair value of our debt instruments was estimated using quoted prices for identical or similar liabilities in markets that are not active and, as such, these fair value measurements are considered Level 2 of the fair value hierarchy.

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Assets And Liabilities	The following table details the balance and location in our Balance Sheets of the ground and use sub-leases as of December 31, 2023 and December 31, 2022: (In thousands) December 31, 2023 December 31, 2022 Others assets (operating lease and sub-leases right-of-use assets) $ 38,345 $ 45,008 Other liabilities (operating lease and sub-lease liabilities) 38,345 45,039 Others assets (sales-type sub-leases, net) (1) 847,330 764,509 Other liabilities (finance sub-lease liabilities) 866,052 784,259 ___________________ (1) As of December 31, 2023 and December 31, 2022, sales-type sub-leases are net of $18.7 million and $19.8 million of allowance for credit losses, respectively. Refer to Note 5 – Allowance for Credit Losses for further details.
Schedule of Rent Expenses	Year Ended December 31, (In thousands) 2023 2022 2021 Operating leases Rental expense (1) $ 2,004 $ 2,006 $ 2,009 Contractual rent $ 1,905 $ 1,901 $ 1,881 Operating sub-leases Rental income and expense (2) $ 6,849 $ 5,707 $ — Contractual rent $ 6,585 $ 5,338 $ — Finance sub-leases Rental income and expense (2) $ 58,240 $ 47,819 $ 22,484 Contractual rent $ 59,094 $ 52,191 $ 26,350 ___________________ (1) Total rental expense is included in golf operations and general and administrative expenses in our Statement of Operations. (2) Total rental income and rental expense for operating and finance sub-lease commitments are presented gross and included in Other income and Other expenses in our Statement of Operations.
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 December 31, 2023 are as follows: (In thousands) Operating Lease Commitments Operating Sub-Lease Commitments Financing Sub-Lease Commitments 2024 $ 1,347 $ 6,553 $ 65,538 2025 2,025 5,129 65,715 2026 2,772 3,934 65,715 2027 2,792 4,010 65,715 2028 2,814 3,034 65,800 Thereafter 23,515 2,094 2,783,264 Total minimum lease commitments $ 35,265 $ 24,754 $ 3,111,747 Discounting factor 20,030 1,644 2,245,695 Lease liability $ 15,235 $ 23,110 $ 866,052 Discount rates (1) 5.3% -7.0% 2.6% - 2.9% 5.6% - 8.3% Weighted average remaining lease term 13.0 years 4.7 years 52.5 years ____________________ (1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.
Schedule of Finance Lease, Liability, Fiscal Year Maturity	The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2023 are as follows: (In thousands) Operating Lease Commitments Operating Sub-Lease Commitments Financing Sub-Lease Commitments 2024 $ 1,347 $ 6,553 $ 65,538 2025 2,025 5,129 65,715 2026 2,772 3,934 65,715 2027 2,792 4,010 65,715 2028 2,814 3,034 65,800 Thereafter 23,515 2,094 2,783,264 Total minimum lease commitments $ 35,265 $ 24,754 $ 3,111,747 Discounting factor 20,030 1,644 2,245,695 Lease liability $ 15,235 $ 23,110 $ 866,052 Discount rates (1) 5.3% -7.0% 2.6% - 2.9% 5.6% - 8.3% Weighted average remaining lease term 13.0 years 4.7 years 52.5 years ____________________ (1) The discount rates for the leases were determined based on the yield of our then current secured borrowings, adjusted to match borrowings of similar terms.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Forward Contracts Indexed to Issuer's Equity	The following table summarizes our public offering activity subject to forward sale agreements during the years ended December 31, 2023, 2022 and 2021: ($ In thousands, except share and per share data) Effective Date (1) Total Shares Sold (2) Public Offering Price Per Share Aggregate Offering Value Initial Forward Sale Price Per Share Initial Net Value 2023 January 2023 Offering January 18, 2023 30,302,500 $ 33.00 $ 1,000,000 $ 31.85 $ 964,400 2022 November 2022 Offering November 8, 2022 18,975,000 30.90 580,000 30.57 579,600 2021 September 2021 Offering September 14, 2021 50,000,000 29.50 1,475,000 28.62 1,431,000 March 2021 Offering March 8, 2021 69,000,000 29.00 2,001,000 28.06 1,935,000 ____________________ (1) All forward sale agreements require settlement within one-year of the Effective Date. (2)
Schedule of Shares Sold Activity	The following table summarizes our activity under the ATM Program during the years ended December 31, 2023, 2022 and 2021: ($ In thousands, except share and per share data) Number of Shares Weighted Average Share Price Aggregate Value Forward Sales Price Per Share Aggregate Net Value Year Ended December 31, 2023 21,365,397 $ 30.10 $ 643,045 $ 29.70 $ 634,594 Year Ended December 31, 2022 21,617,592 33.12 715,880 32.53 703,100 Year Ended December 31, 2021 — — — — — Total 42,982,989 $ 31.62 $ 1,358,925 $ 31.12 $ 1,337,694 The following table summarizes our settlement activity of the outstanding forward shares under our public offerings and the ATM Program during the years ended December 31, 2023, 2022 and 2021: ($ In thousands, except share and per share data) Settlement Date Settlement Type Number of Shares Settled Forward Share Price Upon Settlement Total Net Proceeds 2023 January 2023 Forward Sale Agreements Various Physical 30,302,500 $ 31.70 $ 960,500 November 2022 Forward Sale Agreements January 6, 2023 Physical 18,975,000 30.34 575,600 ATM Forward Shares Various Physical 29,788,250 31.75 945,700 2022 September 2021 Forward Sale Agreements February 18, 2022 Physical 50,000,000 27.81 1,390,600 March 2021 Forward Sale Agreements February 18, 2022 Physical 69,000,000 26.50 1,828,600 2021 June 2020 Forward Sale Agreement September 9, 2021 Physical 26,900,000 19.59 526,900 Total 224,965,750 $ 27.68 $ 6,227,900
Schedule of Common Stock Shares Outstanding	The following table details the issuance of outstanding shares of common stock, including restricted common stock: Common Stock Outstanding 2023 2022 2021 Beginning Balance January 1 963,096,563 628,942,092 536,669,722 Issuance of common stock in primary follow-on offerings — — 65,000,000 Issuance of common stock upon physical settlement of forward sale agreements 79,065,750 119,000,000 26,900,000 Issuance of common stock in connection with the MGP Transactions — 214,552,532 — Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures 540,450 601,939 372,370 Ending Balance December 31 1,042,702,763 963,096,563 628,942,092
Summary of Dividends Declared	Dividends declared (on a per share basis) during the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 Declaration Date Record Date Payment Date Period Dividend March 9, 2023 March 23, 2023 April 6, 2023 January 1, 2023 – March 31, 2023 $ 0.3900 June 8, 2023 June 22, 2023 July 6, 2023 April 1, 2023 – June 30, 2023 $ 0.3900 September 7, 2023 September 21, 2023 October 5, 2023 July 1, 2023 – September 30, 2023 $ 0.4150 December 7, 2023 December 21, 2023 January 5, 2024 October 1, 2023 - December 31, 2023 $ 0.4150 Year Ended December 31, 2022 Declaration Date Record Date Payment Date Period Dividend March 10, 2022 March 24, 2022 April 7, 2022 January 1, 2022 - March 31, 2022 $ 0.3600 June 9, 2022 June 23, 2022 July 7, 2022 April 1, 2022 - June 30, 2022 $ 0.3600 September 8, 2022 September 22, 2022 October 6, 2022 July 1, 2022 - September 30, 2022 $ 0.3900 December 8, 2022 December 22, 2022 January 5, 2023 October 1, 2022 - December 31, 2022 $ 0.3900

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Weighted Average Earnings Per Share	The following tables reconcile the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share: Year Ended December 31, (In thousands) 2023 2022 2021 Determination of shares: Weighted-average shares of common stock outstanding 1,014,513 877,508 564,467 Assumed conversion of restricted stock 784 955 924 Assumed settlement of forward sale agreements 480 1,213 11,675 Diluted weighted-average shares of common stock outstanding 1,015,777 879,676 577,066 Year Ended December 31, (In thousands, except per share data) 2023 2022 2021 Basic: Net income attributable to common stockholders $ 2,513,540 $ 1,117,635 $ 1,013,851 Weighted-average shares of common stock outstanding 1,014,513 877,508 564,467 Basic EPS $ 2.48 $ 1.27 $ 1.80 Diluted: Net income attributable to common stockholders $ 2,513,540 $ 1,117,635 $ 1,013,851 Diluted weighted-average shares of common stock outstanding 1,015,777 879,676 577,066 Diluted EPS $ 2.47 $ 1.27 $ 1.76 The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU: Year Ended December 31, (In thousands) 2023 2022 2021 Determination of units: Weighted-average units outstanding 1,026,745 885,786 564,467 Assumed conversion of VICI restricted stock 784 955 924 Assumed settlement of VICI forward sale agreements 480 1,213 11,675 Diluted weighted-average units outstanding 1,028,008 887,953 577,066 Year Ended December 31, (In thousands, except per share data) 2023 2022 2021 Basic: Net income attributable to partners $ 2,535,066 $ 1,118,471 $ 1,008,534 Weighted-average units outstanding 1,026,745 885,786 564,467 Basic EPU $ 2.47 $ 1.26 $ 1.79 Diluted: Net income attributable to partners $ 2,535,066 $ 1,118,471 $ 1,008,534 Diluted weighted-average units outstanding 1,028,008 887,953 577,066 Diluted EPU $ 2.47 $ 1.26 $ 1.75

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Allocated Share-based Compensation Expense	The following table details the stock-based compensation expense recorded as General and administrative expense in the Statement of Operations: Year Ended December 31, (In thousands) 2023 2022 2021 Stock-based compensation expense $ 15,536 $ 12,986 $ 9,371
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	The following table details the activity of our incentive stock and time-based restricted stock and performance-based restricted stock units: Incentive and Time-Based Restricted Stock Performance-Based Restricted Stock Units (In thousands, except for per share data) Stock Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2020 324,865 $ 23.34 530,440 $ 20.35 Granted 176,023 18.79 318,312 16.85 Vested (177,120) 19.19 (220,084) 18.39 Forfeited (23,737) 19.58 (40,534) 18.39 Canceled — — — — Outstanding as of December 31, 2021 300,031 24.72 588,134 19.32 Granted 389,715 28.84 489,207 27.03 Vested (167,465) 25.91 (227,166) 22.68 Forfeited (14,942) 25.46 (80,586) 22.68 Canceled — — — — Outstanding as of December 31, 2022 507,339 27.47 769,589 22.88 Granted 209,901 28.22 474,867 28.59 Vested (211,887) 28.13 (363,267) 19.90 Forfeited (32,718) 28.44 (115,607) 19.90 Canceled — — — — Outstanding as of December 31, 2023 472,635 $ 27.44 765,582 $ 28.28

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The composition of our income tax expense (benefit) was as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 1,755 $ 129 $ 1,884 $ 1,758 $ 469 $ 2,227 $ 1,066 $ 358 $ 1,424 State 2,481 13 2,494 658 (9) 649 1,475 (12) 1,463 Foreign 49 (10,568) (10,519) — — — — — — Income tax expense (benefit) $ 4,285 $ (10,426) $ (6,141) $ 2,416 $ 460 $ 2,876 $ 2,541 $ 346 $ 2,887
Schedule of Deferred Tax Assets and Liabilities	At December 31, 2023 and 2022, the net effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were: (In thousands) December 31, 2023 December 31, 2022 Deferred tax assets: CECL allowance - foreign investments $ 13,777 $ — Lease liability 2,255 2310 Accruals, reserves and other 222 221 Cumulative translation adjustment 726 — Total deferred tax assets 16,980 2,531 Deferred tax liabilities: Fixed assets - foreign investments (5,080) — Land, buildings and equipment, net (4,728) (4,560) Right of use asset (2,255) (2,310) Total deferred tax liabilities (12,063) (6,870) Net deferred tax asset (liability) $ 4,917 $ (4,339)
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 ($ in thousands) Amount Percent Amount Percent Amount Percent Federal income tax expense at statutory rate $ 526,579 21.0 % $ 239,220 21.0 % $ 215,469 21.0 % REIT income not subject to federal income tax (524,791) (20.9) (237,069) (20.8) (214,037) (20.9) Pre-tax gain attributable to taxable subsidiaries 1,788 0.1 2,151 0.2 1,432 0.1 State income taxes, net of federal benefits 2,474 0.1 648 0.1 1,444 0.1 Foreign income taxes (10,519) (0.4) — — — — Non-deductible expenses and other 116 — 77 — 11 — (Benefit from) provision for income taxes $ (6,141) (0.2) % $ 2,876 0.3 % $ 2,887 0.2 %
Summary of Federal Income Tax Note	For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2023, 2022 and 2021 are characterized as follows: Year Ended December 31, ($ per share) 2023 2022 2021 Ordinary dividends $ 1.4500 $ 1.5787 $ 0.7108 Section 199A dividends (1) $ 1.4265 $ 1.5787 $ 0.7108 Non-dividend distribution $ 0.0263 $ — $ 0.6392 ____________________ (1)

Business and Organization (Deta

Business and Organization (Details)	Dec. 31, 2023 property
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties	93
Gaming Properties
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties	54
Other Experiential Properties
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties	39
Golf Courses
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties	4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)		12 Months Ended
	Jan. 09, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($) segment property	Dec. 31, 2023 USD ($) property tradingDay	Dec. 31, 2023 USD ($) d property	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Dec. 31, 2017 USD ($) a	Jan. 08, 2023
Real Estate Properties
Number of operating segments | segment					1
Number of reportable segments | segment					1
Restricted cash		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Short-term investments		$ 0	$ 0	0	$ 0	$ 0	$ 0	$ 217,342,000
Variable golf fees				11,600,000
Use fees				3,700,000
Minimum rounds fees				$ 1,600,000
Number of golf courses | property		93	93	93	93	93	93
MGM Grand Mandalay Bay JV
Real Estate Properties
Interest acquired	49.90%
Consideration paid for MGM Grand/Mandalay Bay JV Interest Acquisition	$ 1,261,882,000
MGM Grand Mandalay Bay JV
Real Estate Properties
Equity method investment, ownership percentage	50.10%							50.10%			50.10%
Eastside Property
Real Estate Properties
Area of real estate property | a										18.4
Proceeds from sale of land held-for-investment										$ 73,600,000
Deposit liability										$ 73,600,000
Property, Las Vegas Strip | Geographic Concentration Risk | Revenue Benchmark
Real Estate Properties
Concentration risk percentage			49%					45%	32%
Caesars Entertainment Corporation | Customer Concentration Risk | Revenue Benchmark
Real Estate Properties
Concentration risk percentage			37%					46%	85%
MGM Resorts International | Geographic Concentration Risk | Revenue Benchmark
Real Estate Properties
Concentration risk percentage			39%					34%	0%
Minimum
Real Estate Properties
Award vesting period (in years)		0 years
Maximum
Real Estate Properties
Award vesting period (in years)		3 years
VICI OP
Real Estate Properties
Noncontrolling interest, ownership percentage		1.20%	1.20%	1.20%	1.20%	1.20%	1.20%
Harrah’s Joliet LandCo LLC
Real Estate Properties
Noncontrolling interest, ownership percentage		20%	20%	20%	20%	20%	20%
Vici Bowl HoldCo LLC
Real Estate Properties
Noncontrolling interest, ownership percentage		5.60%	5.60%	5.60%	5.60%	5.60%	5.60%
Time-Based Restricted Shares
Real Estate Properties
Period of volume of weighted average price						10	10
Trading days | tradingDay						10
Time-Based Restricted Shares | Minimum
Real Estate Properties
Award vesting period (in years)		1 year
Time-Based Restricted Shares | Maximum
Real Estate Properties
Award vesting period (in years)		3 years
Golf Courses
Real Estate Properties
Number of golf courses | property		4	4	4	4	4	4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Depreciation (Details)	Dec. 31, 2023
Depreciable land improvements | Minimum
Property, Plant and Equipment
Useful life	2 years
Depreciable land improvements | Maximum
Property, Plant and Equipment
Useful life	50 years
Building and improvements | Minimum
Property, Plant and Equipment
Useful life	5 years
Building and improvements | Maximum
Property, Plant and Equipment
Useful life	25 years
Furniture and equipment | Minimum
Property, Plant and Equipment
Useful life	2 years
Furniture and equipment | Maximum
Property, Plant and Equipment
Useful life	10 years

Real Estate Transactions - Chel

Real Estate Transactions - Chelsea Piers Transaction (Details) $ in Millions	Dec. 18, 2023 USD ($)
Chelsea Piers
Business Acquisition
Contractual annual rent amounts	$ 24
Initial lease term	32 years
Lessor, sales-type lease, renewal term	10 years
Annual escalation rate, year 3, percent	0.0125
Annual escalation rate, year 4 and thereafter, percent	0.0150
Chelsea Piers
Business Acquisition
Consideration paid for asset acquisition	$ 342.9
Repayment and termination of outstanding Chelsea Piers loan	$ 71.5

Real Estate Transactions - Bowl

Real Estate Transactions - Bowlero Transaction (Details) $ in Millions	Oct. 19, 2023 USD ($) renewal property	Dec. 31, 2023 property
Business Acquisition
Number of golf courses | property		93
Minimum
Business Acquisition
Lessor, sales-type lease, renewal term		5 years
Bowlero Master Lease
Business Acquisition
Contractual annual rent amounts | $	$ 31.6
Initial lease term	25 years
Number of renewal options | renewal	6
Lessor, sales-type lease, renewal term	5 years
Annual rent increase, cap percent	2.50%
Right of first offer provision, term	8 years
Bowlero Master Lease | Minimum
Business Acquisition
Annual escalation rate	2%
Bowlero
Business Acquisition
Consideration paid for asset acquisition | $	$ 432.9
Bowling Entertainment Center
Business Acquisition
Number of golf courses | property	38

Real Estate Transactions - Cent

Real Estate Transactions - Century Canadian Portfolio Transaction (Details) $ in Thousands, $ in Millions

12 Months Ended

Sep. 06, 2023 USD ($) renewal

Sep. 06, 2023 CAD ($) renewal

Aug. 31, 2023 USD ($)

Aug. 31, 2023 CAD ($)

Jul. 25, 2023 renewal

Jan. 06, 2023 USD ($)

Jan. 06, 2023 CAD ($)

Jan. 03, 2023 USD ($)

Jan. 03, 2023 CAD ($)

Dec. 31, 2023 USD ($) renewal

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2023 CAD ($)

Business Acquisition

Proceeds from revolving credit facility

$ 55,000

$ 75

$ 55,000

$ 75

$ 103,400

$ 140

$ 103,400

$ 140

$ 419,148

$ 600,000

$ 0

Century Casinos

Business Acquisition

Number of renewal options

1

1

Lessor, sales-type lease, renewal term

5 years

5 years

5 years

Century Master Lease

Business Acquisition

Contractual annual rent amounts

$ 12,700

$ 17.3

Initial lease term

15 years

15 years

15 years

Number of renewal options

3

3

3

Lessor, sales-type lease, renewal term

5 years

5 years

5 years

Century Casino Portfolio Assets

Business Acquisition

Consideration paid for asset acquisition

$ 162,500

$ 221.7

Real Estate Transactions - Rock

Real Estate Transactions - Rocky Gap Casino (Details) $ in Millions			12 Months Ended
	Sep. 06, 2023 renewal	Jul. 25, 2023 USD ($) renewal	Dec. 31, 2023 renewal
Century Master Lease
Asset Acquisition [Line Items]
Increase in annual rent payments		$ 15.5
Initial lease term		15 years	15 years
Number of renewal options | renewal	3	3
Lessor, sales-type lease, renewal term		5 years	5 years
Century Casinos
Asset Acquisition [Line Items]
Number of renewal options | renewal		1	1
Lessor, sales-type lease, renewal term		5 years	5 years
Rocky Gap Casino Resort
Asset Acquisition [Line Items]
Consideration paid for asset acquisition		$ 260
Rocky Gap Casino Resort | Century Casinos
Asset Acquisition [Line Items]
Payments to acquire productive assets		56.1
Rocky Gap Casino Resort | Land and Building
Asset Acquisition [Line Items]
Consideration paid for asset acquisition		$ 203.9

Real Estate Transactions - MGM

Real Estate Transactions - MGM Grand/Mandalay Bay JV (Details) $ in Thousands		Jan. 09, 2023 USD ($) renewal	Apr. 29, 2022 USD ($) renewal	Dec. 31, 2023 USD ($)	Jan. 08, 2023	Dec. 31, 2022 USD ($)
Business Acquisition
Investments in leases - sales-type, net	[1]			$ 23,015,931		$ 17,172,325
Minimum
Business Acquisition
Lessor, sales-type lease, renewal term				5 years
MGM Grand/Mandalay Bay Lease
Business Acquisition
Contractual annual rent amounts		$ 309,900	$ 303,800
Initial lease term		27 years	30 years
Number of renewal options | renewal		2	2
Lessor, sales-type lease, renewal term		10 years	10 years
Annual rent increase, cap percent		3%	3%
MGM Grand/Mandalay Bay Lease | Minimum
Business Acquisition
Annual escalation rate		2%	2%
MGM Grand Mandalay Bay JV
Business Acquisition
Equity method investment, ownership percentage		50.10%			50.10%	50.10%
MGM Grand Mandalay Bay Note due 2030
Business Acquisition
Interest rate, stated percentage		3.558%
MGM Grand Mandalay Bay JV
Business Acquisition
Interest acquired		49.90%
Consideration paid for asset acquisition		$ 1,261,882
Investments in leases – sales-type		5,494,351
Investments in leases - sales-type, net		210,000
MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay Note due 2030
Business Acquisition
Liabilities incurred		1,497,000
MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay Note due 2030 | MGM Grand Mandalay Bay JV
Business Acquisition
Liabilities incurred		$ 3,000,000
[1]As of December 31, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $701.1 million, $703.6 million, $29.8 million and $18.7 million, respectively, and $570.4 million, $726.7 million, $6.9 million, and $19.8 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

Real Estate Transactions - Asse

Real Estate Transactions - Asset Acquisitions (Details) - USD ($) $ in Thousands	Jan. 09, 2023	Apr. 29, 2022	Jan. 08, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Carrying value of prior 50.1% interest acquired in connection with the MGP Transactions		$ 4,404,000
MGM Grand Mandalay Bay JV
Asset Acquisition [Line Items]
Equity method investment, ownership percentage	50.10%		50.10%	50.10%
MGM Grand Mandalay Bay JV
Asset Acquisition [Line Items]
Carrying value of prior 50.1% interest acquired in connection with the MGP Transactions	$ 1,458,782
Consideration paid for asset acquisition	1,261,882
Transaction costs	14,630
Investments in leases – sales-type	5,494,351
Cash and cash equivalents	9,607
Debt, net	(2,747,877)
Accrued expenses and deferred revenue	(20,787)
Total net assets acquired	2,735,294
Asset acquisition, long-term debt, gross	3,000,000
Asset acquisition, long-term debt, debt discount	$ 252,100

Real Estate Transactions - PURE

Real Estate Transactions - PURE Canadian Gaming Transaction (Details) $ in Thousands, $ in Millions

12 Months Ended

Sep. 06, 2023 USD ($)

Sep. 06, 2023 CAD ($)

Aug. 31, 2023 USD ($)

Aug. 31, 2023 CAD ($)

Jan. 06, 2023 USD ($) renewal

Jan. 06, 2023 CAD ($) renewal

Jan. 03, 2023 USD ($)

Jan. 03, 2023 CAD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Jan. 06, 2023 CAD ($)

Business Acquisition

Proceeds from revolving credit facility

$ 55,000

$ 75

$ 55,000

$ 75

$ 103,400

$ 140

$ 103,400

$ 140

$ 419,148

$ 600,000

$ 0

Minimum

Business Acquisition

Lessor, sales-type lease, renewal term

5 years

Maximum

Business Acquisition

Lessor, sales-type lease, renewal term

30 years

PURE Master Lease

Business Acquisition

Contractual annual rent amounts

$ 16,100

$ 21.8

Initial lease term

25 years

25 years

Number of renewal options

4

4

Lessor, sales-type lease, renewal term

5 years

5 years

Annual escalation rate

1.50%

1.50%

Yearly minimum expenditure

1%

1%

PURE Master Lease | Minimum

Business Acquisition

Annual escalation rate

1.25%

1.25%

PURE Master Lease | Maximum

Business Acquisition

Annual escalation rate

2.50%

2.50%

PURE Portfolio Assets

Business Acquisition

Consideration paid for asset acquisition

$ 200,800

$ 271.9

Real Estate Transactions - Rece

Real Estate Transactions - Recent Leasing Activity (Details) $ in Millions	Feb. 15, 2023 USD ($) renewal	Dec. 19, 2022 USD ($)	Apr. 29, 2022 USD ($) renewal	Dec. 31, 2023
MGM Master Lease
Asset Acquisition [Line Items]
Initial lease term			25 years
Number of renewal options | renewal			3
Lessor, sales-type lease, renewal term			10 years
Annual rent increase, cap percent			3%
Gold Strike Lease
Asset Acquisition [Line Items]
Initial lease term	25 years
Number of renewal options | renewal	3
Lessor, sales-type lease, renewal term	10 years
Annual rent increase, cap percent	3%
Yearly minimum expenditure	1%
Maximum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term				30 years
Maximum | MGM Master Lease
Asset Acquisition [Line Items]
Reduction in annual base rent	$ 40	$ 90
Contractual annual rent amounts			$ 860
Maximum | Gold Strike Lease
Asset Acquisition [Line Items]
Contractual annual rent amounts	40
Minimum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term				5 years
Minimum | MGM Master Lease
Asset Acquisition [Line Items]
Reduction in annual base rent	$ 40
Annual escalation rate			2%
Minimum | Gold Strike Lease
Asset Acquisition [Line Items]
Annual escalation rate	2%

Real Estate Transactions - Sche

Real Estate Transactions - Schedule of Loan Originations (Details) - Dec. 31, 2023 $ in Thousands, £ in Millions	USD ($)	GBP (£)
2023 Loan Originations
Business Acquisition
Maximum Investment Amount	$ 698,273
Kalahari Virginia Loan
Business Acquisition
Maximum Investment Amount	212,200
Canyon Ranch Preferred Equity Investment
Business Acquisition
Maximum Investment Amount	150,000
Canyon Ranch Lenox and Tucson Loan
Business Acquisition
Maximum Investment Amount	140,135
Cabot Saint Lucia Loan
Business Acquisition
Maximum Investment Amount	100,000
Hard Rock Ottawa Notes
Business Acquisition
Maximum Investment Amount	85,000
Cabot Highlands Loan
Business Acquisition
Maximum Investment Amount	$ 10,938	£ 9

Real Estate Transactions - Sign

Real Estate Transactions - Significant 2022 Transactions Narrative (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Feb. 15, 2023 USD ($)	Jan. 09, 2023 USD ($) renewal	Dec. 19, 2022 USD ($)	Apr. 29, 2022 USD ($) ft² d property renewal region hotelRoom $ / shares shares	Dec. 31, 2023 property	Jul. 30, 2021 $ / shares
Asset Acquisition [Line Items]
Number of real estate properties | property					93
Share price (in dollars per share) | $ / shares				$ 43
Volume weighted average price, period | d				5
Cash consideration transferred				$ 4,404,000
Maximum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term					30 years
Minimum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term					5 years
Weighted Average
Asset Acquisition [Line Items]
Share price (in dollars per share) | $ / shares						$ 31.47
MGM Master Lease
Asset Acquisition [Line Items]
Initial lease term				25 years
Number of renewal options | renewal				3
Lessor, sales-type lease, renewal term				10 years
Annual escalation rate period				10 years
Annual rent increase, cap percent				3%
MGM Master Lease | Maximum
Asset Acquisition [Line Items]
Contractual annual rent amounts				$ 860,000
Reduction in annual base rent	$ 40,000		$ 90,000
MGM Master Lease | Minimum
Asset Acquisition [Line Items]
Annual escalation rate				2%
Reduction in annual base rent	$ 40,000
MGM Grand/Mandalay Bay Lease
Asset Acquisition [Line Items]
Contractual annual rent amounts		$ 309,900		$ 303,800
Initial lease term		27 years		30 years
Number of renewal options | renewal		2		2
Lessor, sales-type lease, renewal term		10 years		10 years
Annual escalation rate period				15 years
Annual rent increase, cap percent		3%		3%
MGM Grand/Mandalay Bay Lease | Minimum
Asset Acquisition [Line Items]
Annual escalation rate		2%		2%
MGP
Asset Acquisition [Line Items]
Consideration paid for asset acquisition				$ 11,556,990
Liabilities incurred				$ 5,700,000
Number of real estate properties | property				15
Number of regions in which entity operates | region				9
Number of hotel rooms | hotelRoom				36,000
Area of real estate property | ft²				3.6
Exchange ratio (in shares) | shares				1.366
Share price (in dollars per share) | $ / shares				$ 30.64
Cash consideration transferred				$ 6,568,480
Asset acquisition, number of units retained noncontrolling interests (in shares) | shares				12,231,373
MGP | MGM Master Lease Agreement and BREIT JV Lease Agreement
Asset Acquisition [Line Items]
Contractual annual rent amounts				$ 1,012,200
MGP | BREIT JV
Asset Acquisition [Line Items]
Equity method investment, ownership percentage		100%		50.10%
MGM Grand Mandalay Bay JV
Asset Acquisition [Line Items]
Consideration paid for asset acquisition		$ 1,261,882
Cash consideration transferred		$ 1,458,782
Interest acquired		49.90%
MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay Note due 2030
Asset Acquisition [Line Items]
Liabilities incurred		$ 1,497,000
MGM Grand Mandalay Bay JV | BREIT JV | MGM Grand Mandalay Bay Note due 2030
Asset Acquisition [Line Items]
Liabilities incurred		$ 3,000,000

Real Estate Transactions - Sc_2

Real Estate Transactions - Schedule of Significant 2022 Transactions (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 29, 2022 USD ($) $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Jul. 30, 2021 $ / shares
Asset Acquisition [Line Items]
Issuance of common stock in connection with the MGP Transactions (in shares) | shares		0	214,552,532	0
Carrying value of prior 50.1% interest acquired in connection with the MGP Transactions	$ 4,404,000
Share price (in dollars per share) | $ / shares	$ 43
Minimum
Asset Acquisition [Line Items]
Rent multiple	15
Maximum
Asset Acquisition [Line Items]
Rent multiple	18.5
Weighted Average
Asset Acquisition [Line Items]
Share price (in dollars per share) | $ / shares					$ 31.47
Rent multiple	16.7
MGP
Asset Acquisition [Line Items]
MGP Common Shares outstanding as of April 29, 2022 (in shares) | shares	156,757,773
Exchange ratio (in shares) | shares	1.366
VICI common stock issued (in shares) | shares	214,131,064
VICI common stock issued for MGP stock-based compensation awards (in shares) | shares	421,468
Issuance of common stock in connection with the MGP Transactions (in shares) | shares	214,552,532
Fractional common shares excluded (in shares) | shares	54
Consideration paid for MGM Grand/Mandalay Bay JV Interest Acquisition	$ 11,556,990
Carrying value of prior 50.1% interest acquired in connection with the MGP Transactions	6,568,480
Redemption payment to MGM	4,404,000
VICI OP Units retained by MGM	374,769
Repayment of MGP revolving credit facility	90,000
Transaction costs	119,741
Total purchase price	$ 17,259,990
Asset acquisition, number of shares issued (in shares) | shares	214,375,990
Share price (in dollars per share) | $ / shares	$ 30.64
Asset acquisition, number of units retained noncontrolling interests (in shares) | shares	12,231,373
Investment in leases - financing receivables	$ 14,245,868
Investment in unconsolidated affiliate	1,465,814
Cash and cash equivalents	25,387
Other assets	338,212
Debt, net	(4,106,082)
Accrued expenses and deferred revenue	(79,482)
Other liabilities	(332,727)
Total net assets acquired	11,556,990
Debt discount	93,900
MGP | MGP OP Notes and Exchange Notes
Asset Acquisition [Line Items]
Assumption of debt	4,200,000
MGP | BREIT CMBS Debt
Asset Acquisition [Line Items]
Assumption of debt	$ 1,503,000

Real Estate Portfolio - Narrati

Real Estate Portfolio - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 loan property leaseArrangement casino	Apr. 29, 2022 property
Real Estate
Number of casinos | casino	26
Number of lease arrangements | leaseArrangement	10
Number of real estate properties	93
Financing receivable, investment in lease, number of lease arrangements | leaseArrangement	10
Number of loans | loan	14
Number of properties	93
Number of lease agreement | leaseArrangement	20
Casino
Real Estate
Financing receivable, investment in lease, number of properties	28
Other Experiential Properties
Real Estate
Financing receivable, investment in lease, number of properties	39
Number of real estate properties	39
Variable Rent
Real Estate
Variable rent split	20%
Minimum
Real Estate
Initial term	15 years
Lessor, sales-type lease, renewal term	5 years
Annual escalation rate	1%
Annual escalation rate, earlier years	0.01
Maximum
Real Estate
Initial term	32 years
Lessor, sales-type lease, renewal term	30 years
Annual escalation rate	2%
Annual escalation rate, later years	0.02
MGP
Real Estate
Number of real estate properties		15

Real Estate Portfolio - Schedul

Real Estate Portfolio - Schedule Of Real Estate Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Jan. 09, 2023	Jan. 08, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable
Total investments in leases, net		$ 41,227,033			$ 33,913,095
Investment in unconsolidated affiliate		0			1,460,775
Land		150,727			153,560
Total real estate portfolio		42,521,937			36,213,223
Estimated residual values of leased property (not guaranteed)		15,900,000			$ 11,500,000
MGM Grand Mandalay Bay JV
Accounts, Notes, Loans and Financing Receivable
Equity method investment, ownership percentage			50.10%	50.10%	50.10%
Investments in leases - sales-type, net
Accounts, Notes, Loans and Financing Receivable
Investments in leases - sales-type, net		23,015,931			$ 17,172,325
Investments in leases - financing receivables, net
Accounts, Notes, Loans and Financing Receivable
Investments in leases and loans	[1]	18,211,102			16,740,770
Investments in loans and securities, net
Accounts, Notes, Loans and Financing Receivable
Investments in leases and loans	[1]	$ 1,144,177			$ 685,793
[1]As of December 31, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $701.1 million, $703.6 million, $29.8 million and $18.7 million, respectively, and $570.4 million, $726.7 million, $6.9 million, and $19.8 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

Real Estate Portfolio - Sched_2

Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Income from sales-type leases - fixed rent	$ 1,892,534	$ 1,436,945	$ 1,161,655
Income from sales-type leases - contingent rent	87,644	27,300	6,317
Income from lease financing receivables - fixed rent	1,430,246	995,383	243,008
Income from lease financing receivables - contingent rent	10,509	1,673	0
Total lease revenue	3,420,933	2,461,301	1,410,980
Non-cash adjustment	(515,556)	(337,631)	(119,790)
Total contractual lease revenue	$ 2,905,377	$ 2,123,670	$ 1,291,190

Real Estate Portfolio - Sched_3

Real Estate Portfolio - Schedule Of Future Minimum Lease Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Sales-Type
2024	$ 1,682,826
2025	1,712,651
2026	1,738,942
2027	1,766,012
2028	1,794,287
Thereafter	77,503,679
Total	86,198,397
Financing Receivables
2024	1,233,178
2025	1,255,549
2026	1,278,819
2027	1,302,657
2028	1,327,211
Thereafter	89,787,503
Total	96,184,917
2024	2,916,004
2025	2,968,200
2026	3,017,761
2027	3,068,669
2028	3,121,498
Thereafter	167,291,182
Total	$ 182,383,314
Sales-type lease, weighted average lease term	38 years 6 months
Financing receivable, weighted average remaining lease term	48 years 9 months 18 days
Sales-type lease and financing receivables, weighted average lease term	43 years

Real Estate Portfolio - Sched_4

Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands		12 Months Ended
	Feb. 15, 2023	Dec. 31, 2023 USD ($) option
Gold Strike Lease
Operating Leased Assets [Line Items]
Lessor, sales-type lease, renewal term	10 years
Annual rent increase, cap percent	3%
Harrah’s Joliet LandCo LLC
Operating Leased Assets [Line Items]
Noncontrolling interest, ownership percentage		20%
Variable Rent
Operating Leased Assets [Line Items]
Variable rent split		20%
Minimum
Operating Leased Assets [Line Items]
Initial term		15 years
Lessor, sales-type lease, renewal term		5 years
Minimum | Gold Strike Lease
Operating Leased Assets [Line Items]
Annual escalation rate	2%
Maximum
Operating Leased Assets [Line Items]
Initial term		32 years
Lessor, sales-type lease, renewal term		30 years
MGM Master Lease Properties | MGM Master Lease
Operating Leased Assets [Line Items]
Initial term		25 years
Number of renewal options | option		3
Lessor, sales-type lease, renewal term		10 years
Current annual rent		$ 744,600
MGM Master Lease Properties | MGM Master Lease | Lease Years 2 Through 10 | Minimum
Operating Leased Assets [Line Items]
Annual escalation rate		2%
MGM Master Lease Properties | MGM Master Lease | Lease Years 11 Through 25 | Minimum
Operating Leased Assets [Line Items]
Annual escalation rate		2%
MGM Master Lease Properties | MGM Master Lease | Lease Years 11 Through 25 | Maximum
Operating Leased Assets [Line Items]
Annual rent increase, cap percent		3%
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease
Operating Leased Assets [Line Items]
Initial term		18 years
Number of renewal options | option		4
Lessor, sales-type lease, renewal term		5 years
Current annual rent		$ 728,407
Variable rent percentage		4%
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Harrah’s Joliet LandCo LLC
Operating Leased Assets [Line Items]
Current annual rent		$ 719,000
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 2-5
Operating Leased Assets [Line Items]
Annual escalation rate		1.50%
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 6 Through 18
Operating Leased Assets [Line Items]
Annual escalation rate		2%
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 8-10 | Base Rent
Operating Leased Assets [Line Items]
Variable rent split		70%
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 8-10 | Variable Rent
Operating Leased Assets [Line Items]
Variable rent split		30%
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 11-15 | Base Rent
Operating Leased Assets [Line Items]
Variable rent split		80%
Caesars Lease Agreements | Caesars Regional Master Lease and Joliet Lease | Lease Years 11-15 | Variable Rent
Operating Leased Assets [Line Items]
Variable rent split		20%
Caesars Lease Agreements | Caesars Las Vegas Master Lease
Operating Leased Assets [Line Items]
Initial term		18 years
Number of renewal options | option		4
Lessor, sales-type lease, renewal term		5 years
Current annual rent		$ 469,219
Annual escalation rate		2%
Variable rent percentage		4%
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Base Rent
Operating Leased Assets [Line Items]
Variable rent split		80%
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Variable Rent
Operating Leased Assets [Line Items]
Variable rent split		20%
MGM Grand Mandalay Bay Lease Properties | MGM Grand/Mandalay Bay Lease
Operating Leased Assets [Line Items]
Initial term		30 years
Number of renewal options | option		2
Lessor, sales-type lease, renewal term		10 years
Current annual rent		$ 309,873
MGM Grand Mandalay Bay Lease Properties | MGM Grand/Mandalay Bay Lease | Lease Years 2 Through 15 | Minimum
Operating Leased Assets [Line Items]
Annual escalation rate		2%
MGM Grand Mandalay Bay Lease Properties | MGM Grand/Mandalay Bay Lease | Lease Years 16 Through 30 | Minimum
Operating Leased Assets [Line Items]
Annual escalation rate		2%
MGM Grand Mandalay Bay Lease Properties | MGM Grand/Mandalay Bay Lease | Lease Years 16 Through 30 | Maximum
Operating Leased Assets [Line Items]
Annual rent increase, cap percent		3%

Real Estate Portfolio - Sched_5

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Real Estate
Rolling three-year minimum	$ 380.3
Minimum amount to be expended across certain affiliates and other assets	$ 531.9
Caesars Regional Master Lease and Joliet Lease
Real Estate
Yearly minimum expenditure	1%
Rolling three-year minimum	$ 286
Caesars Las Vegas Master Lease
Real Estate
Yearly minimum expenditure	1%
Rolling three-year minimum	$ 84
MGM Grand/Mandalay Bay Lease
Real Estate
Yearly minimum expenditure	3.50%
Percentage of monthly reverse	1.50%
Venetian Lease
Real Estate
Yearly minimum expenditure	2%
All Other Leases
Real Estate
Yearly minimum expenditure	1%
Caesars Leases
Real Estate
Capital expenditures	$ 107.5
Percentage of prior year net revenues	1%
Capital expenditures allocated to regional assets	$ 286
Additional capital expenditure requirement	$ 10.3

Real Estate Portfolio - Summary

Real Estate Portfolio - Summary of Investment in Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	May 01, 2023
Investments in loans and securities, net
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Principal Balance	$ 1,176,111	$ 692,498
Carrying Value	1,144,177	685,793
Maximum Investment Amount	$ 755,243	$ 1,098,931
Weighted Average Interest Rate	9%	8.20%
Weighted Average Term	5 years 1 month 6 days	3 years 6 months
Senior Notes | Investments in loans and securities, net
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Principal Balance	$ 85,000
Carrying Value	73,818
Maximum Investment Amount	$ 0
Weighted Average Interest Rate	11%
Weighted Average Term	7 years 3 months 18 days
Senior Loans | Investments in loans and securities, net
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Principal Balance	$ 392,250	$ 495,901
Carrying Value	386,274	492,895
Maximum Investment Amount	$ 476,395	$ 584,049
Weighted Average Interest Rate	7.30%	7.80%
Weighted Average Term	5 years 4 months 24 days	3 years 2 months 12 days
Senior Loans | Forum Convention Center Mortgage Loan
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Principal Balance			$ 400,000
Mezzanine Loans | Investments in loans and securities, net
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Principal Balance	$ 698,861	$ 196,597
Carrying Value	684,085	192,898
Maximum Investment Amount	$ 278,848	$ 514,882
Weighted Average Interest Rate	9.80%	9.10%
Weighted Average Term	4 years 7 months 6 days	4 years 3 months 18 days

Allowance for Credit Losses - N

Allowance for Credit Losses - Net Investment in Lease, Allowance for Credit Loss (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost
Investments in leases - sales-type, amortized cost		$ 23,717,060	$ 17,742,712
Other assets - sales-type sub-leases, amortized cost		866,052	784,259
Amortized cost, total		44,671,795	36,687,106	$ 17,086,749
Allowance
Investments in leases - sales-type, allowance for credit losses		(701,129)	(570,387)
Other assets - sales-type sub-leases, allowance for credit losses		(18,722)	(19,750)
Allowance, total		(1,453,255)	(1,323,709)
Net Investment
Investments in leases - sales-type, net	[1]	23,015,931	17,172,325
Other assets - sales-type sub-leases		847,330	764,509
Net investment total		$ 43,218,540	$ 35,363,397
Allowance as a % of Amortized Cost
Investments in leases - sales-type, allowance as a percentage of amortized cost		2.96%	3.21%
Other assets - sales-type sub-leases, allowance as a percentage of amortized cost, total		2.16%	2.52%
Allowance as a percentage of amortized cost, total		3.25%	3.61%
CECL allowance for unfunded commitments		$ 19,131	$ 45,110
Investments in leases - financing receivables, net
Amortized Cost
Leases and loans receivable, amortized cost		18,914,734	17,467,477
Allowance
Investments in leases and loans, allowance for credit losses		(703,632)	(726,707)
Net Investment
Investments in leases and loans	[1]	$ 18,211,102	$ 16,740,770
Allowance as a % of Amortized Cost
Investments in leases and loans as a percentage of amortized cost, total		3.72%	4.16%
Investments in loans and securities, net
Amortized Cost
Leases and loans receivable, amortized cost		$ 1,173,949	$ 692,658
Allowance
Investments in leases and loans, allowance for credit losses		(29,772)	(6,865)
Net Investment
Investments in leases and loans	[1]	$ 1,144,177	$ 685,793
Allowance as a % of Amortized Cost
Investments in leases and loans as a percentage of amortized cost, total		2.54%	0.99%
[1]As of December 31, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $701.1 million, $703.6 million, $29.8 million and $18.7 million, respectively, and $570.4 million, $726.7 million, $6.9 million, and $19.8 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 1,368,819	$ 534,325	$ 553,879
Initial allowance from current period investments	293,033	573,624	1,725
Current period change in credit allowance	(189,466)	260,870	(21,279)
Charge-offs	0	0	0
Recoveries	0	0	0
Ending balance	$ 1,472,386	$ 1,368,819	$ 534,325

Allowance for Credit Losses -_2

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Change in allowance for credit losses	$ 103.6	$ 834.5	$ (19.6)
Initial CECL allowances on property acquisition activity	279	540.5
Property acquisition activity	4,100	21,600
Initial CECL allowances on loan origination activity	14	33.1
Loan origination activity	$ 698.2	$ 1,200

Allowance for Credit Losses - F

Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	$ 44,671,795	$ 36,687,106	$ 17,086,749
Ba2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	4,317,380	4,247,315	0
Ba3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	32,976,433	28,095,234	951,033
B1
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	3,682,802	2,594,203	14,888,770
B2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	881,917	875,749	868,629
B3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	1,316,817	581,973	279,579
N/A
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets	$ 1,496,446	$ 292,632	$ 98,739

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Other assets (sales-type sub-leases, net)	$ 847,330	$ 764,509
Property and equipment used in operations, net	66,946	67,209
Right of use assets and sub-lease right of use assets	38,345	45,008
Debt financing costs	11,332	18,646
Deferred acquisition costs	10,087	12,834
Other receivables	9,660	6,474
Deferred income taxes	9,423	0
Interest receivable	9,351	6,911
Tenant receivables	6,236	5,498
Prepaid expenses	4,728	7,348
Forward-starting interest rate swaps	1,563	0
Other	329	1,891
Total other assets	1,015,330	936,328
Other assets (sales-type sub-leases), allowance for credit losses	$ 18,722	$ 19,750

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment
Total property and equipment used in operations	$ 88,620	$ 85,020
Less: accumulated depreciation	(21,674)	(17,811)
Total property and equipment used in operations, net	66,946	67,209
Depreciation expense	4,298	3,182	$ 3,091
Land and land improvements
Property, Plant and Equipment
Total property and equipment used in operations	60,461	60,332
Buildings and improvements
Property, Plant and Equipment
Total property and equipment used in operations	15,727	15,125
Furniture and equipment
Property, Plant and Equipment
Total property and equipment used in operations	$ 12,432	$ 9,563

Other Assets and Other Liabil_5

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Deferred financing liabilities	$ 73,600	$ 73,600
Lease liabilities and sub-lease liabilities	38,345	45,039
CECL allowance for unfunded commitments	19,131	45,110
Derivative liability	11,218	0
Deferred income taxes	4,506	4,339
Other	250	125
Other liabilities	$ 1,013,102	$ 952,472

Debt - Schedule Of Outstanding

Debt - Schedule Of Outstanding Indebtedness (Details) $ in Thousands, £ in Millions, $ in Millions													12 Months Ended
	Oct. 24, 2023 USD ($)	Oct. 24, 2023 GBP (£)	Sep. 06, 2023 USD ($)	Sep. 06, 2023 CAD ($)	Aug. 31, 2023 USD ($)	Aug. 31, 2023 CAD ($)	Jan. 06, 2023 USD ($)	Jan. 06, 2023 CAD ($)	Jan. 03, 2023 USD ($)	Jan. 03, 2023 CAD ($)	Feb. 18, 2022 USD ($)	Feb. 08, 2022	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument
Weighted average interest rate													4.351%	4.496%
Principal Amount													$ 17,123,804	$ 13,950,000
Carrying Value													16,724,125	13,739,675
Proceeds from revolving credit facility			$ 55,000	$ 75	$ 55,000	$ 75	$ 103,400	$ 140	$ 103,400	$ 140			$ 419,148	600,000	$ 0
Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)												1%
Secured Overnight Financing Rate (SOFR) | United States of America, Dollars
Debt Instrument
Basis spread on variable rate (percent)													1.05%
Canadian Dollar Offered Rate (CDOR) | Canada, Dollars
Debt Instrument
Basis spread on variable rate (percent)													1.05%
Sterling Overnight Index Average (SONIA) | United Kingdom, Pounds
Debt Instrument
Basis spread on variable rate (percent)													1.05%
Senior Notes
Debt Instrument
Basis spread on variable rate adjustment (percent)													0.10%
Senior Notes | MGM Grand/Mandalay Bay CMBS Debt
Debt Instrument
Principal Amount														0
Carrying Value														$ 0
Senior Notes | Secured Overnight Financing Rate (SOFR) | MGM Grand/Mandalay Bay CMBS Debt
Debt Instrument
Basis spread on variable rate (percent)														1.20%
Unsecured Debt
Debt Instrument
Weighted average interest rate													4.49%
Unsecured Debt | November 2019 Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage													4.25%	4.25%
Principal Amount													$ 1,250,000	$ 1,250,000
Carrying Value													$ 1,241,678	$ 1,238,825
Unsecured Debt | November 2019 Notes Senior Unsecured Notes due 2029
Debt Instrument
Interest rate, stated percentage													4.625%	4.625%
Principal Amount													$ 1,000,000	$ 1,000,000
Carrying Value													$ 990,531	$ 988,931
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage													3.50%	3.50%
Principal Amount													$ 750,000	$ 750,000
Carrying Value													$ 747,364	$ 745,020
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage													3.75%	3.75%
Principal Amount													$ 750,000	$ 750,000
Carrying Value													$ 744,762	$ 743,086
Unsecured Debt | February 2020 Notes Senior Unsecured Notes due 2030
Debt Instrument
Interest rate, stated percentage													4.125%	4.125%
Principal Amount													$ 1,000,000	$ 1,000,000
Carrying Value													$ 990,111	$ 988,626
Unsecured Debt | April 2022 Notes due 2025
Debt Instrument
Interest rate, stated percentage													4.375%	4.375%
Principal Amount													$ 500,000	$ 500,000
Carrying Value													$ 497,864	$ 496,314
Unsecured Debt | April 2022 Notes due 2028
Debt Instrument
Interest rate, stated percentage													4.75%
Hedge adjusted interest rate													4.516%	4.516%
Principal Amount													$ 1,250,000	$ 1,250,000
Carrying Value													$ 1,239,594	$ 1,237,082
Unsecured Debt | April 2022 Notes due 2030
Debt Instrument
Interest rate, stated percentage													4.95%
Hedge adjusted interest rate													4.541%	4.541%
Principal Amount													$ 1,000,000	$ 1,000,000
Carrying Value													$ 989,347	$ 987,618
Unsecured Debt | April 2022 Notes due 2032
Debt Instrument
Interest rate, stated percentage													5.125%
Hedge adjusted interest rate													3.98%	3.98%
Principal Amount													$ 1,500,000	$ 1,500,000
Carrying Value													$ 1,482,836	$ 1,480,799
Unsecured Debt | April 2022 Notes due 2052
Debt Instrument
Interest rate, stated percentage													5.625%	5.625%
Principal Amount													$ 750,000	$ 750,000
Carrying Value													$ 735,854	$ 735,360
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2024
Debt Instrument
Interest rate, stated percentage													5.625%	5.625%
Principal Amount													$ 1,024,169	$ 1,024,169
Carrying Value													$ 1,025,431	$ 1,029,226
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage													4.625%	4.625%
Principal Amount													$ 799,368	$ 799,368
Carrying Value													$ 790,019	$ 783,659
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage													4.50%	4.50%
Principal Amount													$ 480,524	$ 480,524
Carrying Value													$ 467,728	$ 463,018
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage													5.75%	5.75%
Principal Amount													$ 729,466	$ 729,466
Carrying Value													$ 736,277	$ 738,499
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2028
Debt Instrument
Interest rate, stated percentage													4.50%	4.50%
Principal Amount													$ 349,325	$ 349,325
Carrying Value													$ 339,043	$ 336,545
Unsecured Debt | Exchange Notes Senior Unsecured Notes due 2029
Debt Instrument
Interest rate, stated percentage													3.875%	3.875%
Principal Amount													$ 727,114	$ 727,114
Carrying Value													$ 670,939	$ 660,489
Unsecured Debt | MGP OP Notes due 2024
Debt Instrument
Interest rate, stated percentage													5.625%	5.625%
Principal Amount													$ 25,831	$ 25,831
Carrying Value													$ 25,849	$ 25,901
Unsecured Debt | MGP OP Notes due 2025
Debt Instrument
Interest rate, stated percentage													4.625%	4.625%
Principal Amount													$ 632	$ 632
Carrying Value													$ 622	$ 615
Unsecured Debt | MGP OP Notes due 2026
Debt Instrument
Interest rate, stated percentage													4.50%	4.50%
Principal Amount													$ 19,476	$ 19,476
Carrying Value													$ 18,792	$ 18,542
Unsecured Debt | MGP OP Notes due 2027
Debt Instrument
Interest rate, stated percentage													5.75%	5.75%
Principal Amount													$ 20,534	$ 20,534
Carrying Value													$ 20,523	$ 20,520
Unsecured Debt | MGP OP Notes due 2028
Debt Instrument
Interest rate, stated percentage													4.50%	4.50%
Principal Amount													$ 675	$ 675
Carrying Value													$ 646	$ 639
Unsecured Debt | MGP OP Notes due 2029
Debt Instrument
Interest rate, stated percentage													3.875%	3.875%
Principal Amount													$ 22,886	$ 22,886
Carrying Value													$ 20,753	20,361
Unsecured Debt | MGM Grand/Mandalay Bay CMBS Debt
Debt Instrument
Interest rate, stated percentage													3.558%
Principal Amount													$ 3,000,000
Carrying Value													$ 2,773,758
Revolving Credit Facility
Debt Instrument
Proceeds from revolving credit facility											$ 600,000
Revolving Credit Facility | Minimum
Debt Instrument
Basis spread on variable rate (percent)												0.775%	0.775%
Revolving Credit Facility | Maximum
Debt Instrument
Basis spread on variable rate (percent)												1.325%	1.325%
Revolving Credit Facility | Senior Notes
Debt Instrument
Principal Amount														0
Carrying Value														$ 0
Commitment fee percentage													0.375%
Revolving Credit Facility | Senior Notes | Minimum
Debt Instrument
Commitment fee percentage													0.15%
Revolving Credit Facility | Senior Notes | Maximum
Debt Instrument
Commitment fee percentage													0.375%
Revolving Credit Facility | Senior Notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)														1.05%
Revolving Credit Facility | Unsecured Debt | United States of America, Dollars
Debt Instrument
Principal Amount													$ 0
Carrying Value													0
Revolving Credit Facility | Unsecured Debt | Canada, Dollars
Debt Instrument
Principal Amount													162,346
Carrying Value													162,346
Revolving Credit Facility | Unsecured Debt | United Kingdom, Pounds
Debt Instrument
Principal Amount													11,458
Carrying Value													$ 11,458
Revolving Credit Facility
Debt Instrument
Proceeds from revolving credit facility	$ 10,900	£ 9
Revolving Credit Facility | Senior Notes
Debt Instrument
Proceeds from revolving credit facility		£ 9				$ 75				$ 140

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity
2024	$ 1,050,000
2025	2,050,000
2026	1,923,804
2027	1,500,000
2028	1,600,000
Thereafter	9,000,000
Total minimum repayments	$ 17,123,804

Debt - Senior Unsecured Debt (D

Debt - Senior Unsecured Debt (Details) $ in Thousands	Apr. 29, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 05, 2020 USD ($)	Nov. 26, 2019 USD ($)
Debt Instrument
Principal Amount		$ 17,123,804	$ 13,950,000
Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)	100%
November 2019 Notes Senior Unsecured Notes | Unsecured Debt
Debt Instrument
Principal Amount					$ 2,250,000
February 2020 Notes Senior Unsecured Notes | Unsecured Debt
Debt Instrument
Principal Amount				$ 2,500,000
Senior Unsecured April 2022 Notes
Debt Instrument
Ratio of unencumbered assets to unsecured indebtedness		1.50
Senior Unsecured April 2022 Notes | Unsecured Debt
Debt Instrument
Principal Amount	$ 5,000,000
Exchange Notes | Unsecured Debt
Debt Instrument
Principal Amount	4,100,000
MGP OP Notes | Unsecured Debt
Debt Instrument
Principal Amount	$ 90,000

Debt - New Unsecured Credit Fac

Debt - New Unsecured Credit Facilities (Details) $ in Thousands, £ in Millions, $ in Millions

12 Months Ended

Oct. 24, 2023 USD ($)

Oct. 24, 2023 GBP (£)

Sep. 06, 2023 USD ($)

Sep. 06, 2023 CAD ($)

Aug. 31, 2023 USD ($)

Aug. 31, 2023 CAD ($)

Jan. 06, 2023 USD ($)

Jan. 06, 2023 CAD ($)

Jan. 03, 2023 USD ($)

Jan. 03, 2023 CAD ($)

Feb. 18, 2022 USD ($)

Feb. 08, 2022 USD ($) option

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Jul. 15, 2022 USD ($)

Line of Credit Facility [Line Items]

Proceeds from revolving credit facility

$ 55,000

$ 75

$ 55,000

$ 75

$ 103,400

$ 140

$ 103,400

$ 140

$ 419,148

$ 600,000

$ 0

Secured Overnight Financing Rate (SOFR)

Line of Credit Facility [Line Items]

Basis spread on variable rate (percent)

1%

Federal Reserve Bank Of New York Rate

Line of Credit Facility [Line Items]

Basis spread on variable rate (percent)

0.50%

PRIMCAN Index Rate

Line of Credit Facility [Line Items]

Basis spread on variable rate (percent)

1%

Revolving Credit Facility

Line of Credit Facility [Line Items]

Maximum borrowing capacity

$ 2,500,000

$ 1,250,000

Number of extension options | option

2

Extension term

6 months

Extension fee percentage

0.0625%

Increase in borrowing capacity

$ 1,000,000

Proceeds from revolving credit facility

$ 600,000

Revolving Credit Facility | Minimum

Line of Credit Facility [Line Items]

Basis spread on variable rate (percent)

0.775%

0.775%

Facility fee percentage

0.15%

Revolving Credit Facility | Minimum | Base Rate

Line of Credit Facility [Line Items]

Basis spread on variable rate (percent)

0%

Revolving Credit Facility | Maximum

Line of Credit Facility [Line Items]

Basis spread on variable rate (percent)

1.325%

1.325%

Facility fee percentage

0.375%

Revolving Credit Facility | Maximum | Base Rate

Line of Credit Facility [Line Items]

Basis spread on variable rate (percent)

0.325%

MGM Grand/Mandalay Bay CMBS Debt

Line of Credit Facility [Line Items]

Maximum borrowing capacity

$ 1,000,000

Revolving Credit Facility

Line of Credit Facility [Line Items]

Proceeds from revolving credit facility

$ 10,900

£ 9

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Debt Instrument
Principal Amount	$ 17,123,804	$ 13,950,000
Loss on extinguishment of debt	$ 0	$ 0	$ 15,622
Revolving Credit Facility | Senior Notes
Debt Instrument
Maximum borrowing capacity				$ 1,000,000
MGM Grand/Mandalay Bay CMBS Debt
Debt Instrument
Principal Amount				$ 2,200,000
Debt instrument, term				7 years
Loss on extinguishment of debt			$ 15,600

Debt - MGM Grand_Mandalay Bay C

Debt - MGM Grand/Mandalay Bay CMBS Debt (Details) $ in Millions	Jan. 09, 2023 USD ($)
MGM Grand Mandalay Bay Note due 2030
Debt Instrument
Interest rate, stated percentage	3.558%
MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay Note due 2030
Debt Instrument
Liabilities incurred	$ 1,497
MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay Note due 2032
Debt Instrument
Liabilities incurred	3,000
MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay JV | MGM Grand Mandalay Bay Note due 2030
Debt Instrument
Liabilities incurred	$ 3,000

Debt - Bridge Facilities (Detai

Debt - Bridge Facilities (Details) - USD ($) $ in Billions	Aug. 04, 2021	Mar. 02, 2021
MGP Transactions Bridge Facility
Debt Instrument
Maximum borrowing capacity	$ 9.3
Venetian Acquisition Bridge Facility
Debt Instrument
Maximum borrowing capacity		$ 4

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument
Interest expense	$ 818,056	$ 539,953	$ 392,390
MGP Transactions Bridge Facility
Debt Instrument
Interest expense	0	15,338	38,762
Venetian Acquisition Bridge Facility
Debt Instrument
Interest expense	$ 0	$ 968	$ 16,387

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) £ in Millions, $ in Millions												1 Months Ended	12 Months Ended
	Oct. 24, 2023 USD ($)	Oct. 24, 2023 GBP (£)	Sep. 06, 2023 USD ($)	Sep. 06, 2023 CAD ($)	Aug. 31, 2023 USD ($)	Aug. 31, 2023 CAD ($)	Jan. 06, 2023 USD ($)	Jan. 06, 2023 CAD ($)	Jan. 03, 2023 USD ($)	Jan. 03, 2023 CAD ($)	Sep. 15, 2021 USD ($)	Apr. 30, 2022 USD ($) instrument	Dec. 31, 2023 USD ($) instrument	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2019 USD ($) instrument	Apr. 30, 2018 USD ($) instrument
Derivative
Number of instruments | instrument													7
Notional amount													$ 500,000,000
Proceeds from revolving credit facility			$ 55,000,000	$ 75	$ 55,000,000	$ 75	$ 103,400,000	$ 140	$ 103,400,000	$ 140			419,148,000	$ 600,000,000	$ 0
Foreign currency translation adjustments, net													(1,952,000)	0	0
Reclassification of derivative gain to Interest expense													24,148,000	16,233,000	(64,239,000)
Net Investment Hedging
Derivative
Foreign currency translation adjustments, net													$ 6,200,000
Revolving Credit Facility
Derivative
Proceeds from revolving credit facility	$ 10,900,000	£ 9
Revolving Credit Facility | Senior Notes
Derivative
Proceeds from revolving credit facility		£ 9				$ 75				$ 140
Forward-Starting Interest Rate Swap
Derivative
Number of instruments | instrument												5	7
Notional amount												$ 2,500,000,000	$ 500,000,000
Derivative debt												3,000,000,000	500,000,000
Proceeds from derivative instrument												$ 202,300,000
Reclassification of derivative gain to Interest expense													$ 24,148,000	$ 16,233,000	$ 0
Treasury Lock
Derivative
Number of instruments | instrument												2
Notional amount												$ 500,000,000
Proceeds from derivative instrument												$ 4,500,000
Interest Rate Swap
Derivative
Number of instruments | instrument																6	6
Notional amount																$ 2,000,000,000	$ 2,000,000,000
Payments for derivative instrument											$ 66,900,000
Accrued interest											2,700,000
Reclassification of derivative gain to Interest expense											$ 64,200,000

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivatives (Details)	Dec. 31, 2023 USD ($) instrument
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of instruments | instrument	7
Weighted Average Rate	3.6685%
Notional amount | $	$ 500,000,000

Derivatives - Schedule of Der_2

Derivatives - Schedule of Derivatives of Income Statement (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 15, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative
Unrealized gain recorded in other comprehensive income		$ (9,655)	$ 200,550	$ 29,166
Reclassification of derivative loss to Interest expense		(24,148)	(16,233)	64,239
Interest from interest rate swaps recorded in interest expense		818,056	539,953	392,390
Termination Fee
Derivative
Interest from interest rate swaps recorded in interest expense		0	0	64,239
Forward-Starting Interest Rate Swap
Derivative
Unrealized gain recorded in other comprehensive income		(9,655)	200,550	0
Reclassification of derivative loss to Interest expense		(24,148)	(16,233)	0
Interest Rate Swap
Derivative
Unrealized gain recorded in other comprehensive income		0	0	29,166
Reclassification of derivative loss to Interest expense	$ (64,200)
Interest from interest rate swaps recorded in interest expense		$ 0	$ 0	$ 29,960

Fair Value - Recurring Basis (D

Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Forward-starting interest rate swaps	$ 1,563	$ 0
Financial liabilities:
Derivative liability	11,218	0
Fair Value, Recurring | Carrying Amount
Financial assets:
Short-term investments		217,342
Fair Value, Recurring | Carrying Amount | Forward-Starting Interest Rate Swap
Financial assets:
Forward-starting interest rate swaps	1,563
Financial liabilities:
Derivative liability	11,218
Fair Value, Recurring | Level 1 | Fair Value
Financial assets:
Short-term investments		0
Fair Value, Recurring | Level 1 | Fair Value | Forward-Starting Interest Rate Swap
Financial assets:
Forward-starting interest rate swaps	0
Financial liabilities:
Derivative liability	0
Fair Value, Recurring | Level 2 | Fair Value
Financial assets:
Short-term investments		217,342
Fair Value, Recurring | Level 2 | Fair Value | Forward-Starting Interest Rate Swap
Financial assets:
Forward-starting interest rate swaps	1,563
Financial liabilities:
Derivative liability	11,218
Fair Value, Recurring | Level 3 | Fair Value
Financial assets:
Short-term investments		$ 0
Fair Value, Recurring | Level 3 | Fair Value | Forward-Starting Interest Rate Swap
Financial assets:
Forward-starting interest rate swaps	0
Financial liabilities:
Derivative liability	$ 0

Fair Value - Schedule of Estima

Fair Value - Schedule of Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents	$ 522,574	$ 208,933
Carrying Amount | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	173,804	0
Carrying Amount | MGM Grand/Mandalay Bay CMBS Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	2,773,758	0
Carrying Amount | Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	13,776,563	13,739,675
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents	522,574	208,933
Fair Value | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	173,804	0
Fair Value | MGM Grand/Mandalay Bay CMBS Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	2,627,984	0
Fair Value | Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	13,469,176	13,020,636
Investments in leases - financing receivables | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in leases and loans	18,211,102	16,740,770
Investments in leases - financing receivables | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in leases and loans	17,717,435	17,871,771
Investments in loans and securities, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in leases and loans	1,144,177	685,793
Investments in loans and securities, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Investments in leases and loans	$ 1,060,249	$ 675,456

Commitments and Contingent Li_3

Commitments and Contingent Liabilities - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 option
Cascata Golf Course
Lessee, Lease, Description [Line Items]
Number of extension options	3
Renewal terms (in years)	10 years
Corporate Headquarters
Lessee, Lease, Description [Line Items]
Number of extension options	1
Renewal terms (in years)	5 years

Commitments and Contingent Li_4

Commitments and Contingent Liabilities - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Right of use assets and sub-lease right of use assets	$ 38,345	$ 45,008
Lease liabilities and sub-lease liabilities	38,345	45,039
Other assets (sales-type sub-leases, net)	847,330	764,509
Other assets - sales-type sub-leases, allowance for credit losses	$ (18,722)	$ (19,750)
Operating Lease, Liability, Statement of Financial Position	Other liabilities	Other liabilities
Finance and Sales-Type Sub-Lease
Lessee, Lease, Description [Line Items]
Other liabilities (finance sub-lease liabilities)	$ 866,052	$ 784,259

Commitments and Contingent Li_5

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases, Operating
Rent expense	$ 2,004	$ 2,006	$ 2,009
Contractual rent	1,905	1,901	1,881
Operating Sub-Lease
Leases, Operating
Rent expense	6,849	5,707	0
Rental income	6,849	5,707	0
Contractual rent	6,585	5,338	0
Finance and Sales-Type Sub-Lease
Leases, Finance
Rental income	58,240	47,819	22,484
Rental expense	58,240	47,819	22,484
Contractual rent	$ 59,094	$ 52,191	$ 26,350

Commitments and Contingent Li_6

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease
2024	$ 1,347
2025	2,025
2026	2,772
2027	2,792
2028	2,814
Thereafter	23,515
Total minimum lease commitments	35,265
Discounting factor	20,030
Lease liability	$ 15,235
Weighted average remaining lease term (in years)	13 years
Maximum
Operating Lease
Operating lease, discount rate (in percent)	7%
Minimum
Operating Lease
Operating lease, discount rate (in percent)	5.30%
Operating Sub-Lease
Operating Lease
2024	$ 6,553
2025	5,129
2026	3,934
2027	4,010
2028	3,034
Thereafter	2,094
Total minimum lease commitments	24,754
Discounting factor	1,644
Lease liability	$ 23,110
Weighted average remaining lease term (in years)	4 years 8 months 12 days
Operating Sub-Lease | Maximum
Operating Lease
Operating lease, discount rate (in percent)	2.90%
Operating Sub-Lease | Minimum
Operating Lease
Operating lease, discount rate (in percent)	2.60%
Finance and Sales-Type Sub-Lease
Finance Lease
2024	$ 65,538
2025	65,715
2026	65,715
2027	65,715
2028	65,800
Thereafter	2,783,264
Total minimum lease commitments	3,111,747
Discounting factor	2,245,695
Finance sub-lease liabilities	$ 866,052	$ 784,259
Finance lease, weighted average remaining lease term (in years)	52 years 6 months
Finance and Sales-Type Sub-Lease | Maximum
Finance Lease
Discount rates	8.30%
Finance and Sales-Type Sub-Lease | Minimum
Finance Lease
Discount rates	5.60%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		2 Months Ended	12 Months Ended
	Feb. 28, 2023	Feb. 22, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary or Equity Method Investee
Common and preferred shares authorized (in shares)			1,400,000,000
Common stock, shares authorized (in shares)			1,350,000,000	1,350,000,000
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
Common stock, shares outstanding (in shares)			1,042,702,763	963,096,563	628,942,092	536,669,722
ATM Stock Offering Program
Subsidiary or Equity Method Investee
Stock allowed to be issued during period, value	$ 1,500
Common stock, shares outstanding (in shares)			13,200,000
Forward share price upon settlement (in dollars per share)			$ 28.97
Forward agreement on the proceeds from issuance of common stock			$ 382.2
Forward share agreements, payments for repurchase of common stock			$ 38.5
Shares received from issuance of common stock (in shares)			1,200,000
ATM Stock Offering Program | Subsequent Event
Subsidiary or Equity Method Investee
Forward share price upon settlement (in dollars per share)		$ 31.30
Number of shares issued in transaction (in shares)		9,700,000
Sale of stock (in dollar per share)		$ 31.61
Shares sold under ATM Program, gross value		$ 305.5
Sale of stock, consideration received on transaction		$ 302.4

Stockholders' Equity - Forward

Stockholders' Equity - Forward Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Jan. 18, 2023	Nov. 08, 2022	Sep. 14, 2021	Mar. 08, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Aggregate Value					$ 2,479,720	$ 9,790,328	$ 2,384,815
January 2023 Offering | Public Stock Offering and Forward Sales Agreement
Class of Stock [Line Items]
Total Shares Sold (in shares)	30,302,500
Public Offering Price Per Share (in dollars per share)	$ 33
Aggregate Value	$ 1,000,000
Initial Forward Sale Price Per Share (in dollars per share)	$ 31.85
Aggregate Net Value	$ 964,400
Underwriter's Option (in shares)	3,952,500
November 2022 Forward Sale Agreements | Public Stock Offering and Forward Sales Agreement
Class of Stock [Line Items]
Total Shares Sold (in shares)		18,975,000
Public Offering Price Per Share (in dollars per share)		$ 30.90
Aggregate Value		$ 580,000
Initial Forward Sale Price Per Share (in dollars per share)		$ 30.57
Aggregate Net Value		$ 579,600
Underwriter's Option (in shares)		2,475,000
September 2021 Forward Sale Agreements | Public Stock Offering and Forward Sales Agreement
Class of Stock [Line Items]
Total Shares Sold (in shares)			50,000,000
Public Offering Price Per Share (in dollars per share)			$ 29.50
Aggregate Value			$ 1,475,000
Initial Forward Sale Price Per Share (in dollars per share)			$ 28.62
Aggregate Net Value			$ 1,431,000
March 2021 Forward Sale Agreements | Public Stock Offering and Forward Sales Agreement
Class of Stock [Line Items]
Total Shares Sold (in shares)				69,000,000
Public Offering Price Per Share (in dollars per share)				$ 29
Aggregate Value				$ 2,001,000
Initial Forward Sale Price Per Share (in dollars per share)				$ 28.06
Aggregate Net Value				$ 1,935,000
Underwriter's Option (in shares)				9,000,000

Stockholders' Equity - ATM Prog

Stockholders' Equity - ATM Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Jan. 18, 2023	Nov. 08, 2022	Sep. 14, 2021	Mar. 08, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Aggregate Value					$ 2,479,720	$ 9,790,328	$ 2,384,815
Total Net Proceeds					$ 2,480,105	$ 3,219,101	$ 2,385,779
ATM Stock Offering Program
Class of Stock [Line Items]
Number of Shares (in shares)					42,982,989
Weighted Average Share Price (in dollars per share)					$ 31.62
Aggregate Value					$ 1,358,925
Forward Sales Price (in dollars per share)					$ 31.12
Aggregate Net Value					$ 1,337,694
ATM Stock Offering Program | Year Ended December 31, 2023
Class of Stock [Line Items]
Number of Shares (in shares)					21,365,397
Weighted Average Share Price (in dollars per share)					$ 30.10
Aggregate Value					$ 643,045
Forward Sales Price (in dollars per share)					$ 29.70
Aggregate Net Value					$ 634,594
Number of Shares Settled (in shares)					29,788,250
Forward Share Price Upon Settlement (in dollars per share)					$ 31.75
Total Net Proceeds					$ 945,700
ATM Stock Offering Program | Year Ended December 31, 2022
Class of Stock [Line Items]
Number of Shares (in shares)					21,617,592
Weighted Average Share Price (in dollars per share)					$ 33.12
Aggregate Value					$ 715,880
Forward Sales Price (in dollars per share)					$ 32.53
Aggregate Net Value					$ 703,100
ATM Stock Offering Program | Year Ended December 31, 2021
Class of Stock [Line Items]
Number of Shares (in shares)					0
Weighted Average Share Price (in dollars per share)					$ 0
Aggregate Value					$ 0
Forward Sales Price (in dollars per share)					$ 0
Aggregate Net Value					$ 0
Public Stock Offering and Forward Sales Agreement | January 2023 Forward Sale Agreements
Class of Stock [Line Items]
Number of Shares (in shares)	30,302,500
Weighted Average Share Price (in dollars per share)	$ 33
Aggregate Value	$ 1,000,000
Forward Sales Price (in dollars per share)	$ 31.85
Aggregate Net Value	$ 964,400
Number of Shares Settled (in shares)					30,302,500
Forward Share Price Upon Settlement (in dollars per share)					$ 31.70
Total Net Proceeds					$ 960,500
Public Stock Offering and Forward Sales Agreement | November 2022 Forward Sale Agreements
Class of Stock [Line Items]
Number of Shares (in shares)		18,975,000
Weighted Average Share Price (in dollars per share)		$ 30.90
Aggregate Value		$ 580,000
Forward Sales Price (in dollars per share)		$ 30.57
Aggregate Net Value		$ 579,600
Number of Shares Settled (in shares)					18,975,000
Forward Share Price Upon Settlement (in dollars per share)					$ 30.34
Total Net Proceeds					$ 575,600
Public Stock Offering and Forward Sales Agreement | September 2021 Forward Sale Agreements
Class of Stock [Line Items]
Number of Shares (in shares)			50,000,000
Weighted Average Share Price (in dollars per share)			$ 29.50
Aggregate Value			$ 1,475,000
Forward Sales Price (in dollars per share)			$ 28.62
Aggregate Net Value			$ 1,431,000
Number of Shares Settled (in shares)						50,000,000
Forward Share Price Upon Settlement (in dollars per share)						$ 27.81
Total Net Proceeds						$ 1,390,600
Public Stock Offering and Forward Sales Agreement | March 2021 Forward Sale Agreements
Class of Stock [Line Items]
Number of Shares (in shares)				69,000,000
Weighted Average Share Price (in dollars per share)				$ 29
Aggregate Value				$ 2,001,000
Forward Sales Price (in dollars per share)				$ 28.06
Aggregate Net Value				$ 1,935,000
Number of Shares Settled (in shares)						69,000,000
Forward Share Price Upon Settlement (in dollars per share)						$ 26.50
Total Net Proceeds						$ 1,828,600
Public Stock Offering and Forward Sales Agreement | June 2020 Forward Sale Agreement
Class of Stock [Line Items]
Number of Shares Settled (in shares)							26,900,000
Forward Share Price Upon Settlement (in dollars per share)							$ 19.59
Total Net Proceeds							$ 526,900
Forward Sale Agreements and ATM Forward Shares
Class of Stock [Line Items]
Number of Shares Settled (in shares)					224,965,750
Forward Share Price Upon Settlement (in dollars per share)					$ 27.68
Total Net Proceeds					$ 6,227,900

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	963,096,563	628,942,092	536,669,722
Issuance of common stock in connection with the MGP Transactions (in shares)	0	214,552,532	0
Ending balance (in shares)	1,042,702,763	963,096,563	628,942,092
Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	540,450	601,939	372,370
Follow-On Offerings
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	0	0	65,000,000
Forward Sales Agreement
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	79,065,750	119,000,000	26,900,000

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.4150	$ 0.4150	$ 0.3900	$ 0.3900	$ 0.3900	$ 0.3900	$ 0.3600	$ 0.3600	$ 1.610	$ 1.500	$ 1.380

Earnings Per Share and Earnin_3

Earnings Per Share and Earnings Per Unit - Schedule Of Weighted Average Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares of common stock outstanding (in shares)	1,014,513,195	877,508,388	564,467,362
Assumed conversion of restricted stock (in shares)	784,000	955,000	924,000
Assumed settlement of forward sale agreements (in shares)	480,000	1,213,000	11,675,000
Diluted weighted-average units outstanding (in shares)	1,015,776,697	879,675,845	577,066,292
VICI Properties LP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares of common stock outstanding (in shares)	1,026,744,568	885,785,509	564,467,362
Assumed conversion of restricted stock (in shares)	784,000	955,000	924,000
Assumed settlement of forward sale agreements (in shares)	480,000	1,213,000	11,675,000
Diluted weighted-average units outstanding (in shares)	1,028,008,070	887,952,966	577,066,292

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic:
Net income attributable to common stockholders	$ 2,513,540	$ 1,117,635	$ 1,013,851
Weighted-average shares of common stock outstanding (in shares)	1,014,513,195	877,508,388	564,467,362
Basic EPS (in dollars per share)	$ 2.48	$ 1.27	$ 1.80
Diluted:
Net income attributable to common stockholders	$ 2,513,540	$ 1,117,635	$ 1,013,851
Diluted weighted-average shares of common stock outstanding (in shares)	1,015,776,697	879,675,845	577,066,292
Diluted EPS (in dollars per share)	$ 2.47	$ 1.27	$ 1.76
VICI Properties LP
Basic:
Net income attributable to common stockholders	$ 2,535,066	$ 1,118,471	$ 1,008,534
Weighted-average shares of common stock outstanding (in shares)	1,026,744,568	885,785,509	564,467,362
Basic EPS (in dollars per share)	$ 2.47	$ 1.26	$ 1.79
Diluted:
Net income attributable to common stockholders	$ 2,535,066	$ 1,118,471	$ 1,008,534
Diluted weighted-average shares of common stock outstanding (in shares)	1,028,008,070	887,952,966	577,066,292
Diluted EPS (in dollars per share)	$ 2.47	$ 1.26	$ 1.75

Earnings Per Share and Earnin_5

Earnings Per Share and Earnings Per Unit - Narrative (Details)	Dec. 31, 2023
Earnings Per Share [Abstract]
Ownership percentage	100%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) tradingDay shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) d shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs | $	$ 18.2	$ 18.2	$ 18.2	$ 18.2	$ 18.2
Weighted-average period (in years)	1 year 7 months 6 days
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	12,750,000	12,750,000	12,750,000	12,750,000	12,750,000
Remaining shares authorized (in shares)			10,202,301
Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			203,000			384,000	172,000
Period of volume of weighted average price		10		10
Trading days | tradingDay		10
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			474,867			489,207	318,312
Granted (in shares)			235,000			336,000	188,000
Performance period (years)	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	0 years
Minimum | Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	1 year
Minimum | Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate (in percent)					0.20%
Expected volatility rate (in percent)					30%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	3 years
Maximum | Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in years)	3 years
Maximum | Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Risk-free interest rate (in percent)					4.50%
Expected volatility rate (in percent)					35%

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 15,536	$ 12,986	$ 9,371

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule Of Restricted Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Incentive and Time-Based Restricted Stock
Stock
Beginning balance (in shares)	507,339	300,031	324,865
Granted (in shares)	209,901	389,715	176,023
Vested (in shares)	(211,887)	(167,465)	(177,120)
Forfeited (in shares)	(32,718)	(14,942)	(23,737)
Canceled (in shares)	0	0	0
Ending balance (in shares)	472,635	507,339	300,031
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 27.47	$ 24.72	$ 23.34
Granted (in dollars per share)	28.22	28.84	18.79
Vested (in dollars per share)	28.13	25.91	19.19
Forfeited (in dollars per share)	28.44	25.46	19.58
Canceled (in dollars per share)	0	0	0
Ending balance (in dollars per share)	$ 27.44	$ 27.47	$ 24.72
Performance-Based Restricted Stock Units
Stock
Beginning balance (in shares)	769,589	588,134	530,440
Granted (in shares)	474,867	489,207	318,312
Vested (in shares)	(363,267)	(227,166)	(220,084)
Forfeited (in shares)	(115,607)	(80,586)	(40,534)
Canceled (in shares)	0	0	0
Ending balance (in shares)	765,582	769,589	588,134
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 22.88	$ 19.32	$ 20.35
Granted (in dollars per share)	28.59	27.03	16.85
Vested (in dollars per share)	19.90	22.68	18.39
Forfeited (in dollars per share)	19.90	22.68	18.39
Canceled (in dollars per share)	0	0	0
Ending balance (in dollars per share)	$ 28.28	$ 22.88	$ 19.32

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023 USD ($) property $ / shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2023 USD ($) property $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Income Tax Contingency
Undistributed net taxable income subject to income corporate tax rate									100%
Number of golf courses	93								93
Expected federal tax at the statutory tax rate (percent)									21%	21%	21%
Dividends declared (in dollars per share) | $ / shares	$ 0.4150	$ 0.4150	$ 0.3900	$ 0.3900	$ 0.3900	$ 0.3900	$ 0.3600	$ 0.3600	$ 1.610	$ 1.500	$ 1.380
NOL carryforwards | $	$ 151.6								$ 151.6
Golf Courses
Income Tax Contingency
Number of golf courses	4								4

Income Taxes - Schedule Of Inco

Income Taxes - Schedule Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 1,755	$ 1,758	$ 1,066
State	2,481	658	1,475
Foreign	49	0	0
Income tax expense, current	4,285	2,416	2,541
Deferred
Federal	129	469	358
State	13	(9)	(12)
Foreign	(10,568)	0	0
Income tax expense, deferred	(10,426)	460	346
Total
Federal	1,884	2,227	1,424
State	2,494	649	1,463
Foreign	(10,519)	0	0
(Benefit from) provision for income taxes	$ (6,141)	$ 2,876	$ 2,887

Income Taxes - Schedule Of Defe

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
CECL allowance - foreign investments	$ 13,777	$ 0
Lease liability	2,255	2,310
Accruals, reserves and other	222	221
Cumulative translation adjustment	726	0
Total deferred tax assets	16,980	2,531
Deferred tax liabilities:
Fixed assets - foreign investments	(5,080)	0
Land, buildings and equipment, net	(4,728)	(4,560)
Right of use asset	(2,255)	(2,310)
Total deferred tax liabilities	(12,063)	(6,870)
Net deferred tax asset (liability)	$ 4,917
Net deferred tax asset (liability)		$ (4,339)

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal income tax expense at statutory rate	$ 526,579	$ 239,220	$ 215,469
Federal income tax expense at statutory rate, percent	21%	21%	21%
REIT income not subject to federal income tax	$ (524,791)	$ (237,069)	$ (214,037)
REIT income not subject to federal income tax, percent	(20.90%)	(20.80%)	(20.90%)
Pre-tax gain attributable to taxable subsidiaries	$ 1,788	$ 2,151	$ 1,432
Pre-tax gain attributable to taxable subsidiaries, percent	0.10%	0.20%	0.10%
State income taxes, net of federal benefits	$ 2,474	$ 648	$ 1,444
State income taxes, net of federal benefits, percent	0.10%	0.10%	0.10%
Foreign income taxes	$ (10,519)	$ 0	$ 0
Foreign income taxes, percent	(0.40%)	0%	0%
Non-deductible expenses and other	$ 116	$ 77	$ 11
Non-deductible expenses and other, percent	0%	0%	0%
(Benefit from) provision for income taxes	$ (6,141)	$ 2,876	$ 2,887
Income tax expense (benefit), percent	(0.20%)	0.30%	0.20%

Income Taxes - Federal Income T

Income Taxes - Federal Income Tax Note (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Ordinary dividends (in dollars per share)	$ 1.4500	$ 1.5787	$ 0.7108
Section 199A dividends (in dollars per share)	1.4265	1.5787	0.7108
Non-dividend distribution (in dollars per share)	$ 0.0263	$ 0	$ 0.6392