0001705696-23-000035 | 10-K | XBRL Viewer

^[1]

$ 17,172,325,000

$ 13,136,664,000

1,460,775,000

Cash and cash equivalents

153,560,000

153,576,000

208,933,000

739,614,000

Short-term investments

217,342,000

Other assets

936,328,000

424,693,000

Total assets

37,575,826,000

17,597,373,000

Liabilities

Debt, net

13,739,675,000

4,694,523,000

Accrued expenses and deferred revenue

213,388,000

113,530,000

Dividends and distributions payable

380,178,000

226,309,000

Other liabilities

952,472,000

375,837,000

Total liabilities

15,285,713,000

5,410,199,000

Commitments and Contingencies (Note 10)

Stockholders’ equity

Common stock, $0.01 par value, 1,350,000,000 shares authorized and 963,096,563 and 628,942,092 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively

9,631,000

6,289,000

Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2022 and 2021

Additional paid-in capital

21,645,499,000

11,755,069,000

Accumulated other comprehensive income

185,353,000

884,000

Retained earnings

93,154,000

346,026,000

Total VICI stockholders’ equity

21,933,637,000

12,108,268,000

Non-controlling interests

356,476,000

78,906,000

Total stockholders’ equity

22,290,113,000

12,187,174,000

Total liabilities and stockholders’ equity

37,575,826,000

17,597,373,000

^[1]

16,740,770,000

2,644,824,000

^[1]

$ 685,793,000

$ 498,002,000

[1]

As of December 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $570.4 million, $726.7 million, $6.9 million and $19.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million, and $6.5 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
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)	963,096,563	628,942,092
Common stock, shares outstanding (in shares)	963,096,563	628,942,092
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	$ 570,387	$ 434,852
Other assets (sales-type sub-leases), allowance for credit losses	19,750	6,540
Investments in loans, net
Financing and loans receivable, allowance for credit losses	6,865	773
Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	$ 726,707	$ 91,124

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Income from sales-type leases	$ 1,464,245	$ 1,167,972	$ 1,007,508
Income from operating leases	0	0	25,464
Income from lease financing receivables and loans	1,041,229	283,242	153,017
Other income	59,629	27,808	15,793
Golf revenues	35,594	30,546	23,792
Total revenues	2,600,697	1,509,568	1,225,574
Operating expenses
General and administrative	48,340	33,122	30,661
Depreciation	3,182	3,091	3,731
Other expenses	59,629	27,808	15,793
Golf expenses	22,602	20,762	17,632
Change in allowance for credit losses	834,494	(19,554)	244,517
Transaction and acquisition expenses	22,653	10,402	8,684
Total operating expenses	990,900	75,631	321,018
Income from unconsolidated affiliate	59,769	0	0
Interest expense	(539,953)	(392,390)	(308,605)
Interest income	9,530	120	6,795
Loss from extinguishment of debt	0	(15,622)	(39,059)
Gain upon lease modification	0	0	333,352
Income before income taxes	1,139,143	1,026,045	897,039
Income tax expense	(2,876)	(2,887)	(831)
Net income	1,136,267	1,023,158	896,208
Less: Net income attributable to non-controlling interests	(18,632)	(9,307)	(4,534)
Net income attributable to common stockholders	$ 1,117,635	$ 1,013,851	$ 891,674
Net income per common share
Basic (in dollars per share)	$ 1.27	$ 1.80	$ 1.76
Diluted (in dollars per share)	$ 1.27	$ 1.76	$ 1.75
Weighted average number of shares of common stock outstanding
Basic (in shares)	877,508,388	564,467,362	506,140,642
Diluted (in shares)	879,675,845	577,066,292	510,908,755
Other comprehensive income
Net income	$ 1,136,267	$ 1,023,158	$ 896,208
Reclassification of derivative (gain) loss to Interest expense	(16,233)	64,239	0
Unrealized gain (loss) on cash flow hedges	200,550	29,166	(27,443)
Comprehensive income	1,320,584	1,116,563	868,765
Comprehensive income attributable to non-controlling interests	(18,428)	(9,307)	(4,534)
Comprehensive income attributable to common stockholders	$ 1,302,156	$ 1,107,256	$ 864,231

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total VICI Stockholders’ Equity	Total VICI Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Non-controlling Interests	Non-controlling Interests Cumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2019	$ 8,048,989	$ (309,362)	$ 7,965,183	$ (307,114)	$ 4,610	$ 7,817,582	$ (65,078)	$ 208,069	$ (307,114)	$ 83,806	$ (2,248)
Increase (Decrease) in Stockholders' Equity
Net income	896,208		891,674					891,674		4,534
Issuance of common stock, net	1,539,533		1,539,533		755	1,538,778
Dividends declared	(661,361)		(653,175)					(653,175)		(8,186)
Stock-based compensation, net of forfeitures	7,181		7,181		2	7,179
Unrealized loss on cash flow hedges	(27,443)		(27,443)				(27,443)
Reclassification of derivative (gain) loss to Interest expense	0
Ending 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 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 (gain) loss to Interest expense	64,239		64,239				64,239
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
Issuance of VICI OP Units	374,769									374,769
Reallocation of equity	0		93,286			93,338	(52)			(93,286)
Dividends 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 (gain) loss to Interest expense	(16,233)		(16,029)				(16,029)			(204)
Ending balance at Dec. 31, 2022	$ 22,290,113		$ 21,933,637		$ 9,631	$ 21,645,499	$ 185,353	$ 93,154		$ 356,476

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.3900	$ 0.3900	$ 0.3600	$ 0.3600	$ 0.3600	$ 0.3600	$ 0.3300	$ 0.3300	$ 1.500	$ 1.380	$ 1.255

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 1,136,267	$ 1,023,158	$ 896,208
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(337,631)	(119,969)	(41,764)
Stock-based compensation	12,986	9,371	7,388
Non-cash transaction costs	8,816	0	0
Depreciation	3,182	3,091	3,731
Amortization of debt issuance costs and original issue discount	32,363	71,452	19,872
Change in allowance for credit losses	834,494	(19,554)	244,517
Income from unconsolidated affiliate	(59,769)	0	0
Distributions from unconsolidated affiliate	64,808	0	0
Net proceeds from settlement of derivatives	201,434	0	0
Loss on extinguishment of debt	0	15,622	39,059
Gain upon lease modification	0	0	(333,352)
Change in operating assets and liabilities:
Other assets	(5,673)	830	(3,065)
Accrued expenses and deferred revenue	52,261	(88,127)	49,588
Other liabilities	(142)	476	1,458
Net cash provided by operating activities	1,943,396	896,350	883,640
Cash flows from investing activities
Net cash paid in connection with MGP Transactions	(4,574,536)	0	0
Investments in leases - sales-type	(4,017,851)	0	(1,407,260)
Investments in leases - financing receivables	(296,668)	(6,000)	(2,694,503)
Investments in loans	(193,733)	(33,614)	(535,476)
Principal repayments of lease financing receivables	0	543	1,961
Principal repayments of loan and receipts of deferred fees	5,696	70,448	0
Capitalized transaction costs	(7,704)	(20,697)	(264)
Investments in short-term investments	(306,532)	0	(19,973)
Maturities of short-term investments	89,190	19,973	59,474
Proceeds from sale of real estate	0	13,301	50,050
Acquisition of property and equipment	(1,876)	(2,505)	(2,768)
Net cash (used in) provided by investing activities	(9,304,014)	41,449	(4,548,759)
Cash flows from financing activities
Proceeds from offering of common stock, net	3,219,101	2,385,779	1,539,748
Proceeds from senior unsecured notes	5,000,000	0	2,500,000
Proceeds from Revolving Credit Facility	600,000	0	0
Repayment of Term Loan B Facility	0	(2,100,000)	0
Repayment of Revolving Credit Facility	(600,000)	0	0
Redemption of Second Lien Notes	0	0	(537,538)
CPLV CMBS Debt prepayment penalty reimbursement	0	0	55,401
Repurchase of stock for tax withholding	(6,156)	(1,734)	(207)
Debt issuance costs	(146,189)	(31,126)	(57,794)
Distributions to non-controlling interests	(17,702)	(8,307)	(8,186)
Dividends paid	(1,219,117)	(758,790)	(612,205)
Net cash provided by (used in) financing activities	6,829,937	(514,178)	2,879,219
Net (decrease) increase in cash, cash equivalents and restricted cash	(530,681)	423,621	(785,900)
Cash, cash equivalents and restricted cash, beginning of period	739,614	315,993	1,101,893
Cash, cash equivalents and restricted cash, end of period	208,933	739,614	315,993
Supplemental cash flow information:
Cash paid for interest	466,806	323,219	262,464
Cash paid for income taxes	3,024	1,790	561
Supplemental non-cash investing and financing activity:
Dividends and distributions declared, not paid	380,379	226,419	177,894
Debt issuance costs payable	0	43,005	0
Deferred transaction costs payable	2,526	3,877	496
Non-cash change in Investments in leases - financing receivables	189,123	21,139	8,116
Obtaining right-of-use assets in exchange for lease liabilities	541,676	0	282,054
Transfer of Investments in leases - operating to Investments in leases - sales-type and direct financing due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction	0	0	1,023,179
Transfer of Investments in leases - operating to Land due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction	$ 0	$ 0	$ 63,479

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS - USD ($)

Dec. 31, 2022

Dec. 31, 2021

^[1]

$ 17,172,325,000

$ 13,136,664,000

1,460,775,000

Cash and cash equivalents

153,560,000

153,576,000

208,933,000

739,614,000

Short-term investments

217,342,000

Other assets

936,328,000

424,693,000

Total assets

37,575,826,000

17,597,373,000

Liabilities

Debt, net

13,739,675,000

4,694,523,000

Accrued expenses and deferred revenue

213,388,000

113,530,000

Distributions payable

380,178,000

226,309,000

Other liabilities

952,472,000

375,837,000

Total liabilities

15,285,713,000

5,410,199,000

Commitments and Contingencies (Note 10)

Partners’ Capital

Accumulated other comprehensive income

185,353,000

884,000

Total liabilities and stockholders’ equity

37,575,826,000

17,597,373,000

VICI Properties LP

17,172,325,000

13,136,664,000

1,460,775,000

Cash and cash equivalents

153,560,000

153,576,000

142,600,000

705,566,000

Short-term investments

217,342,000

Other assets

856,605,000

344,014,000

Total assets

37,429,770,000

17,482,646,000

Liabilities

Debt, net

13,739,675,000

4,694,523,000

Accrued expenses and deferred revenue

206,643,000

110,056,000

Distributions payable

380,581,000

226,309,000

Other liabilities

937,655,000

361,270,000

Total liabilities

15,264,554,000

5,392,158,000

Commitments and Contingencies (Note 10)

Partners’ Capital

Partners’ capital, 975,327,936 and 628,942,092 operating partnership units issued and outstanding at December 31, 2022 and December 31, 2021, respectively

21,900,511,000

12,010,698,000

Accumulated other comprehensive income

185,201,000

884,000

Total VICI LP’s capital

22,085,712,000

12,011,582,000

Non-controlling interest

79,504,000

78,906,000

Total capital attributable to partners

22,165,216,000

12,090,488,000

Total liabilities and stockholders’ equity

37,429,770,000

17,482,646,000

Investments in leases - financing receivables, net | VICI Properties LP

^[1]

16,740,770,000

2,644,824,000

16,740,770,000

2,644,824,000

Investments in loans, net | VICI Properties LP

^[1]

685,793,000

498,002,000

Summary of Significant Accounting Policies

$ 685,793,000

$ 498,002,000

[1]

VICI PROPERTIES L.P. CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Sales-type and direct financing, allowance for credit losses	$ 570,387	$ 434,852
Other assets (sales-type sub-leases), allowance for credit losses	19,750	6,540
Investments in leases - financing receivables, net
Financing and loans receivable, allowance for credit losses	726,707	91,124
Investments in loans, net
Financing and loans receivable, allowance for credit losses	$ 6,865	$ 773
VICI Properties LP
Operating partnership units issued (in shares)	975,327,936	628,942,092
Operating partnership units outstanding (in shares)	975,327,936	628,942,092

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Income from sales-type leases	$ 1,464,245	$ 1,167,972	$ 1,007,508
Income from operating leases	0	0	25,464
Income from lease financing receivables and loans	1,041,229	283,242	153,017
Other income	59,629	27,808	15,793
Total revenues	2,600,697	1,509,568	1,225,574
Operating expenses
General and administrative	48,340	33,122	30,661
Depreciation	3,182	3,091	3,731
Other expenses	59,629	27,808	15,793
Transaction and acquisition expenses	22,653	10,402	8,684
Total operating expenses	990,900	75,631	321,018
Income from unconsolidated affiliate	59,769	0	0
Interest expense	(539,953)	(392,390)	(308,605)
Interest income	9,530	120	6,795
Loss from extinguishment of debt	0	(15,622)	(39,059)
Gain upon lease modification	0	0	333,352
Income before income taxes	1,139,143	1,026,045	897,039
Income tax expense	(2,876)	(2,887)	(831)
Net income	1,136,267	1,023,158	896,208
Less: Net income attributable to non-controlling interests	$ (18,632)	$ (9,307)	$ (4,534)
Net income per common share
Basic (in dollars per share)	$ 1.27	$ 1.80	$ 1.76
Diluted (in dollars per share)	$ 1.27	$ 1.76	$ 1.75
Weighted average number of shares of common stock outstanding
Basic (in shares)	877,508,388	564,467,362	506,140,642
Diluted (in shares)	879,675,845	577,066,292	510,908,755
Other comprehensive income
Unrealized gain (loss) on cash flow hedges	$ 200,550	$ 29,166	$ (27,443)
Reclassification of derivative (gain) loss to Interest expense	(16,233)	64,239	0
Comprehensive income attributable to common stockholders	1,302,156	1,107,256	864,231
VICI Properties LP
Revenues
Income from sales-type leases	1,464,245	1,167,972	1,007,508
Income from operating leases	0	0	25,464
Income from lease financing receivables and loans	1,041,229	283,242	153,017
Other income	59,629	27,808	15,793
Total revenues	2,565,103	1,479,022	1,201,782
Operating expenses
General and administrative	48,332	33,122	30,654
Depreciation	121	121	116
Other expenses	59,629	27,808	15,793
Change in allowance for credit losses	834,494	(19,554)	244,517
Transaction and acquisition expenses	22,653	10,402	8,684
Total operating expenses	965,229	51,899	299,764
Income from unconsolidated affiliate	59,769	0	0
Interest expense	(539,953)	(392,390)	(308,605)
Interest income	8,481	103	6,712
Loss from extinguishment of debt	0	(15,622)	(39,059)
Gain upon lease modification	0	0	333,352
Income before income taxes	1,128,171	1,019,214	894,418
Income tax expense	(573)	(1,373)	(276)
Net income	1,127,598	1,017,841	894,142
Less: Net income attributable to non-controlling interests	(9,127)	(9,307)	(4,534)
Net income attributable to common stockholders	$ 1,118,471	$ 1,008,534	$ 889,608
Net income per common share
Basic (in dollars per share)	$ 1.26	$ 1.79	$ 1.76
Diluted (in dollars per share)	$ 1.26	$ 1.75	$ 1.74
Weighted average number of shares of common stock outstanding
Basic (in shares)	885,785,509	564,467,362	506,140,642
Diluted (in shares)	887,952,966	577,066,292	510,908,755
Other comprehensive income
Net income attributable to common stockholders	$ 1,118,471	$ 1,008,534	$ 889,608
Unrealized gain (loss) on cash flow hedges	200,550	29,166	(27,443)
Reclassification of derivative (gain) loss to Interest expense	(16,233)	64,239	0
Comprehensive income attributable to common stockholders	$ 1,302,788	$ 1,101,939	$ 862,165

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Limited Partner Cumulative Effect, Period of Adoption, Adjustment	Non-controlling Interests Cumulative Effect, Period of Adoption, Adjustment	VICI Properties LP	VICI Properties LP Limited Partner	VICI Properties LP Accumulated Other Comprehensive (Loss) Income	VICI Properties LP Non-controlling Interests
Beginning balance at Dec. 31, 2019		$ (309,362)	$ (307,114)	$ (2,248)	$ 7,964,795	$ 7,946,067	$ (65,078)	$ 83,806
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)					894,142	889,608		4,534
Contributions from parent					1,544,363	1,544,363
Distributions to parent					(662,452)	(662,452)
Distributions to non-controlling interest					(8,186)			(8,186)
Stock-based compensation, net of forfeitures					7,322	7,322
Unrealized gain (loss) recorded in other comprehensive income	$ (27,443)				(27,443)		(27,443)
Reclassification of derivative (gain) loss to Interest expense	0				0
Ending balance at Dec. 31, 2020					9,403,179	9,417,794	(92,521)	77,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)					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					9,266	9,266
Unrealized gain (loss) 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
Ending balance at Dec. 31, 2021					12,090,488	12,010,698	884	78,906
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)					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)
Distributions to non-controlling interest					(8,529)			(8,529)
Stock-based compensation, net of forfeitures					12,741	12,741
Unrealized gain (loss) 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)
Ending balance at Dec. 31, 2022					$ 22,165,216	$ 21,900,511	$ 185,201	$ 79,504

VICI PROPERTIES L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 1,136,267	$ 1,023,158	$ 896,208
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(337,631)	(119,969)	(41,764)
Stock-based compensation	12,986	9,371	7,388
Depreciation	3,182	3,091	3,731
Amortization of debt issuance costs and original issue discount	32,363	71,452	19,872
Income from unconsolidated affiliate	(59,769)	0	0
Distributions from unconsolidated affiliate	64,808	0	0
Net proceeds from settlement of derivatives	201,434	0	0
Loss on extinguishment of debt	0	15,622	39,059
Change in operating assets and liabilities:
Other assets	(5,673)	830	(3,065)
Net cash provided by operating activities	1,943,396	896,350	883,640
Cash flows from investing activities
Net cash paid in connection with MGP Transactions	(4,574,536)	0	0
Investments in leases - sales-type	(4,017,851)	0	(1,407,260)
Investments in leases - financing receivables	(296,668)	(6,000)	(2,694,503)
Investments in loans	(193,733)	(33,614)	(535,476)
Principal repayments of lease financing receivables	0	543	1,961
Principal repayments of loan and receipts of deferred fees	5,696	70,448	0
Capitalized transaction costs	(7,704)	(20,697)	(264)
Investments in short-term investments	(306,532)	0	(19,973)
Maturities of short-term investments	89,190	19,973	59,474
Proceeds from sale of real estate	0	13,301	50,050
Acquisition of property and equipment	(1,876)	(2,505)	(2,768)
Net cash (used in) provided by investing activities	(9,304,014)	41,449	(4,548,759)
Cash flows from financing activities
Proceeds from senior unsecured notes	5,000,000	0	2,500,000
Proceeds from Revolving Credit Facility	600,000	0	0
Repayment of Revolving Credit Facility	(600,000)	0	0
Repayment of Term Loan B Facility	0	(2,100,000)	0
Redemption of Second Lien Notes	0	0	(537,538)
CPLV CMBS Debt prepayment penalty reimbursement	0	0	55,401
Repurchase of stock for tax withholding	(6,156)	(1,734)	(207)
Debt issuance costs	(146,189)	(31,126)	(57,794)
Net cash provided by (used in) financing activities	6,829,937	(514,178)	2,879,219
Net (decrease) increase in cash, cash equivalents and restricted cash	(530,681)	423,621	(785,900)
Cash, cash equivalents and restricted cash, beginning of period	739,614	315,993	1,101,893
Cash, cash equivalents and restricted cash, end of period	208,933	739,614	315,993
Supplemental cash flow information:
Cash paid for interest	466,806	323,219	262,464
Cash paid for income taxes	3,024	1,790	561
Supplemental non-cash investing and financing activity:
Debt issuance costs payable	0	43,005	0
Deferred transaction costs payable	2,526	3,877	496
Non-cash change in Investments in leases - financing receivables	189,123	21,139	8,116
Obtaining right-of-use assets in exchange for lease liabilities	541,676	0	282,054
Transfer of Investments in leases - operating to Investments in leases - sales-type and direct financing due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction	0	0	1,023,179
Transfer of Investments in leases - operating to Land due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction	0	0	63,479
VICI Properties LP
Cash flows from operating activities
Net income	1,127,598	1,017,841	894,142
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(337,631)	(119,969)	(41,764)
Stock-based compensation	12,683	9,266	7,322
Depreciation	121	121	116
Amortization of debt issuance costs and original issue discount	32,363	71,452	19,872
Change in allowance for credit losses	834,494	(19,554)	244,517
Income from unconsolidated affiliate	(59,769)	0	0
Distributions from unconsolidated affiliate	64,808	0	0
Net proceeds from settlement of derivatives	201,434	0	0
Loss on extinguishment of debt	0	15,622	39,059
Gain upon lease modification	0	0	(333,352)
Change in operating assets and liabilities:
Other assets	(2,717)	2,143	(3,885)
Accrued expenses and deferred revenue	46,837	(91,026)	46,402
Other liabilities	(392)	308	(97)
Net cash provided by operating activities	1,919,829	886,204	872,332
Cash flows from investing activities
Net cash paid in connection with MGP Transactions	(4,574,536)	0	0
Investments in leases - sales-type	(4,017,851)	0	(1,407,260)
Investments in leases - financing receivables	(296,668)	(6,000)	(2,694,503)
Investments in loans	(193,733)	(33,614)	(535,476)
Principal repayments of lease financing receivables	0	543	1,961
Principal repayments of loan and receipts of deferred fees	5,696	70,448	0
Capitalized transaction costs	(7,704)	(20,697)	(264)
Investments in short-term investments	(306,532)	0	(19,973)
Maturities of short-term investments	89,190	19,973	59,474
Proceeds from sale of real estate	0	13,301	50,050
Acquisition of property and equipment	(65)	(15)	(589)
Net cash (used in) provided by investing activities	(9,302,203)	43,939	(4,546,580)
Cash flows from financing activities
Contributions from Parent	3,219,202	2,386,911	1,539,862
Distributions to Parent	(1,238,920)	(758,300)	(614,057)
Proceeds from senior unsecured notes	5,000,000	0	2,500,000
Proceeds from Revolving Credit Facility	600,000	0	0
Repayment of Revolving Credit Facility	(600,000)	0	0
Repayment of Term Loan B Facility	0	(2,100,000)	0
Redemption of Second Lien Notes	0	0	(537,538)
CPLV CMBS Debt prepayment penalty reimbursement	0	0	55,401
Repurchase of stock for tax withholding	(6,156)	0	0
Debt issuance costs	(146,189)	(31,126)	(57,794)
Distributions to non-controlling interests	(8,529)	(8,307)	(8,186)
Net cash provided by (used in) financing activities	6,819,408	(510,822)	2,877,688
Net (decrease) increase in cash, cash equivalents and restricted cash	(562,966)	419,321	(796,560)
Cash, cash equivalents and restricted cash, beginning of period	705,566	286,245	1,082,805
Cash, cash equivalents and restricted cash, end of period	142,600	705,566	286,245
Supplemental cash flow information:
Cash paid for interest	466,806	323,219	262,464
Cash paid for income taxes	1,377	1,397	561
Supplemental non-cash investing and financing activity:
Distributions payable	380,581	226,309	176,992
Debt issuance costs payable	0	43,005	0
Deferred transaction costs payable	2,526	3,877	496
Non-cash change in Investments in leases - financing receivables	189,123	21,139	8,116
Obtaining right-of-use assets in exchange for lease liabilities	541,676	0	282,054
Transfer of Investments in leases - operating to Investments in leases - sales-type and direct financing due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction	0	0	1,023,179
Transfer of Investments in leases - operating to Land due to modification of the Caesars Lease Agreements in connection with the Caesars Transaction	$ 0	$ 0	$ 63,479

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2022
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, 2022, our geographically diverse portfolio consisted of 45 gaming facilities in the United States (and subsequent to our acquisition of the assets of the Pure Portfolio on January 6, 2023, 49 assets located in the United States and Canada), including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. Our properties are leased to, and our tenants are, subsidiaries of, or entities managed by, Apollo, Caesars, Century Casinos, EBCI, Foundation Gaming, JACK Entertainment, MGM, PENN Entertainment and Seminole Hard Rock, with Caesars and MGM being our largest tenants. VICI also owns four championship golf courses located near certain of our properties. VICI, the parent company, is a Maryland corporation and internally managed real estate investment trust (“REIT”) for U.S. federal income tax purposes. Our real property business, which represents the substantial majority of our assets, is conducted through VICI OP and indirectly through VICI LP and our golf course business, VICI Golf, is conducted through a direct wholly owned taxable REIT subsidiary (“TRS”) of VICI. As a REIT, we generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute substantially all of our net taxable income to stockholders and maintain our qualification as a REIT.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

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 consolidated 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, 2022, VICI’s non-controlling interests represent an approximately 1.3% third-party ownership of VICI OP in the form of VICI OP Units and

a 20% third-party ownership of Harrah’s Joliet LandCo LLC, the entity that owns the Harrah’s Joliet facility and is the lessor under the related Joliet Lease. As VICI OP is a parent entity of VICI LP, VICI LP’s only non-controlling interest is that of third-party ownership of Harrah’s Joliet LandCo 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, 2022 and 2021, 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 had $217.3 million of short-term investments as of December 31, 2022. We did not have any short-term investments as of December 31, 2021.

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 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, our acquisitions consists of properties without existing leases or debt and, accordingly, the assets acquired comprise of land, building and site improvements. Further, since all the components of our leases are classified as sales-type or financing leases, 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 the land and building components of the property to determine the classification of each component. 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.

We have determined that the land and building components of all of the Caesars Leases (excluding the Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City real estate asset components (the “Harrah’s Call Properties”) of the Caesars Regional Master Lease), Century Master Lease, Hard Rock Cincinnati Lease, PENN Entertainment Leases, Southern Indiana Lease, and Venetian Lease meet the definition of a sales-type lease under ASC 842.

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.

We determined that the land and building components of the Foundation Master Lease, Harrah’s Call Properties real estate asset components of the Caesars Regional Master Lease, JACK Master Lease and MGM Master Lease meet the definition of a sales-type lease and, since we purchased and leased the assets back to the sellers under sale leaseback transactions, control is not considered to have transferred to us under GAAP. Accordingly, such leases are accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses, in accordance with ASC 310.

Lease Term

We assess the noncancelable lease term under ASC 842, which includes any reasonably assured renewal periods. All of our Lease Agreements provide for an initial term, with multiple tenant renewal options. We have individually assessed all of our Lease Agreements and concluded 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. 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, net

Investments in loans are held-for-investment and are carried at historical cost, inclusive of unamortized loan origination costs and fees and 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.

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.

Upon adoption of ASC 842 on January 1, 2019, we made an accounting policy election to use a package of practical expedients that, among other things, allow us to not reassess prior lease classifications or initial direct costs for leases that existed as of the balance sheet date. Upon the consummation of the Caesars Transaction the land component of Caesars Palace Las Vegas, which was previously determined to be an operating lease under ASC 840, along with the other components of the Caesars Leases were reassessed for lease classification and determined to be sales-type leases. Accordingly, subsequent to July 20, 2020, we no longer have any leases classified as operating or direct financing and, as such, the income relating to the land component of Caesars Palace Las Vegas is recognized as Income from sales-type leases and there is no longer any income recorded through Income from operating leases.

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 a reduction 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

On January 1, 2020, we adopted ASC 326 “Financial Instruments-Credit Losses” (“ASC 326”), which 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, as well as our estimate of future funding commitments associated with such investments, as applicable.

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, Investments in leases - financing receivables and certain of our loans, 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 or loan 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 borrowers and their parent guarantors, as applicable, over the life of each individual lease or financial asset. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD of our tenants and borrowers 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 or borrower 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, borrowers 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.

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 Sales-type sub-leases (included in Other assets) on our Balance Sheet. 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.

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 through the Partner Property Growth Fund. 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 all of our other 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 Sheet.

Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. There were no charge-offs or recoveries for the years ended December 31, 2022, 2021 and 2020.

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 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 Sheet.

Property and Equipment Used in Operations

Property and equipment used in operations is included within Other assets on our Balance Sheet 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			2-5 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

We account for our investment in unconsolidated affiliate using the equity method of accounting as we have the ability to exercise significant influence, but not control, over operating and financing policies of the investment. Our equity method investment represents our 50.1% ownership interest in the 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 is 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. Subsequent to year-end, 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, we will be required to consolidate 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.

We assess our investment in unconsolidated affiliate for recoverability and, if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value.

Other income and Other expenses

Other income primarily represents sub-lease income related to certain ground and use leases. Under the 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 Sheet at fair value.

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

On a quarterly basis, we also assess whether the derivative we designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged 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 Sheet 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, 2022, payments under the Golf Course Use Agreement were comprised of a $10.8 million annual membership fee, $3.5 million of use fees and approximately $1.4 million of minimum rounds fees. The annual membership fee, use fees and minimum round fees are subject to an annual escalator beginning at the times provided under the Golf Course Use Agreement. 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 TRS operations (represented by the four golf course businesses) are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain of our activities which occur within our TRS operations are subject to federal and state income taxes. The provision for income taxes 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 to three years.

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 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 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, represented 46%, 85%, and 84% of our lease revenues for the years ended December 31, 2022, 2021 and 2020, respectively. Revenue from MGM, which comprises revenue from the MGM Master Lease and our proportionate share of the MGM Grand/Mandalay Bay JV Lease (and following our acquisition of the remaining 49.9% interest of the MGM Grand/Mandalay Bay JV on January 9, 2023, includes the entire MGM Grand/Mandalay Bay JV Lease), represented 34% of our lease revenues for the year ended December 31, 2022. Additionally, our properties on the Las Vegas Strip generated approximately 45%, 32%, and 30% of our lease revenues for the years ended December 31, 2022, 2021 and 2020, respectively. Other than having two tenants from which we derive and will continue to derive a substantial portion of our revenue and our concentration in the Las Vegas market, 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.

Real Estate Transactions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Real Estate Transactions

Recent Property Acquisitions

MGM Grand/Mandalay Bay JV Interest Acquisition

Subsequent to year-end, on January 9, 2023, we closed on the previously announced acquisition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV (previously referred to as the “BREIT JV”) from BREIT (the “MGM Grand/Mandalay Bay JV Interest Acquisition”) for cash consideration of $1,261.9 million. 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 the November 2022 Forward Sale Agreements and ATM Forward Sale Agreements (each as defined in Note 11 - Stockholders Equity). The MGM Grand/Mandalay Bay Lease currently has an annual rent of $303.8 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 lease agreement escalates annually at 2.0% through 2035 (year 15 of the initial lease term) and thereafter at the greater of 2.0% or 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 within Investment in unconsolidated affiliate on our Balance Sheet. In the first quarter of 2023, subsequent to the MGM Grand/Mandalay Bay JV Interest Acquisition, we will be required to consolidate the operations of the MGM Grand/Mandalay Bay JV upon which we anticipate the acquisition will be accounted for as an asset acquisition under ASC 805-50. In connection with the acquisition, we will be required to make an election as to whether we retain the prior cost basis of our 50.1% interest in the MGM Grand/Mandalay Bay JV or remeasure such cost basis based on the purchase price of the MGM Grand/Mandalay Bay JV Interest Acquisition, with the difference in the cost basis recognized through income. Additionally, we will be required to make an election as to whether we retain the current operating lease classification of the MGM Grand/Mandalay Bay Lease or reassess such lease classification, which, in the case of reassessment, we anticipate the lease being classified as a sales-type lease. In both instances, no such election has been made at this time and we continue to evaluate the alternative outcomes of each scenario.

PURE Canadian Gaming Transaction

Subsequent to year-end, on January 6, 2023, we acquired the real estate assets of PURE Casino Edmonton in Edmonton, PURE Casino Yellowhead in Edmonton, PURE Casino Calgary in Calgary, and PURE Casino Lethbridge in Lethbridge, all of which are located in Alberta, Canada, from PURE Canadian Gaming for an aggregate purchase price 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 drawing down C$140.0 million (approximately US$103.4 million based on the exchange rate at the time of the acquisition) under our Revolving Credit Facility. Simultaneous with the acquisition, we entered into the 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 (with escalation of the greater of 1.5% and Canadian CPI, capped at 2.5%, beginning in lease year four) 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 the parent entity of PURE Canadian Gaming.

Foundation Gaming Transaction

On December 22, 2022, we acquired real estate assets of the Fitz Casino & Hotel, located in Tunica, Mississippi, and the WaterView Casino & Hotel, located in Vicksburg, Mississippi, from Foundation Gaming for an aggregate purchase price of $293.4 million (the “Foundation Gaming Transaction”). We financed the Foundation Gaming Transaction with cash on hand. Simultaneous with the acquisition, we entered into the Foundation Master Lease. The Foundation Master Lease has an initial total annual rent of $24.3 million, an initial term of 15 years, with four 5-year tenant renewal options, escalation of 1.0% per annum (with escalation of the greater of 1.5% and CPI, capped at 3%, beginning in lease year four) and minimum capital expenditure requirements of 1.0% of annual net revenue (excluding gaming equipment) over a rolling three-year period. The tenants’ obligations under the Foundation Master Lease are guaranteed by the parent entity, Foundation Gaming. We determined that the Foundation Gaming Transaction should be accounted for as an asset acquisition under ASC 805-50 and further, that the land and building components of the Foundation Master Lease meet the definition of a sales-type lease and, 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 Foundation Master Lease is accounted for as Investments in leases - financing receivables on our Balance Sheet, net of allowance for credit losses in the amount of $28.2 million.

Rocky Gap Casino Transaction

On August 24, 2022, we and Century Casinos entered into definitive agreements to acquire Rocky Gap Casino Resort (“Rocky Gap Casino”), located in Flintstone, Maryland, from Golden Entertainment, Inc. for an aggregate purchase price of $260.0 million. Pursuant to the transaction agreements, we will acquire an interest in the land and buildings associated with Rocky Gap Casino for approximately $203.9 million, and Century Casinos will acquire the operating assets of the property for approximately $56.1 million. Simultaneous with the closing of the transaction, the Century Master Lease will be amended to include Rocky Gap Casino, and annual rent under the Century Master Lease will increase by $15.5 million. Additionally, the terms of the Century Master Lease will be extended such that, upon closing of the transaction, the lease will have a full 15-year initial base lease term remaining, with four 5-year tenant renewal options. The tenants’ obligations under the Century Master Lease will continue to be guaranteed by Century Casinos. The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in mid-2023.

MGP Transactions

On April 29, 2022, we closed on the previously announced MGP Transactions governed by the 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 our 50.1% share of the MGM Grand/Mandalay Bay JV CMBS debt. Upon closing, the MGP Transactions added $1,012.0 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.

The acquired portfolio, including properties owned by the MGM Grand/Mandalay Bay JV, includes seven large-scale entertainment and gaming-related properties located on the Las Vegas Strip: Mandalay Bay, MGM Grand Las Vegas, The Mirage, Park MGM, New York-New York (and The Park, a dining and entertainment district located between New York-New York and Park MGM), Luxor and Excalibur. Outside of Las Vegas, we also acquired eight high-quality casino resort properties pursuant to the MGP Transactions: MGM Grand Detroit in Detroit, Michigan, Beau Rivage in Biloxi, Mississippi, Gold Strike

in Tunica, Mississippi, Borgata in Atlantic City, New Jersey, MGM National Harbor in Prince George’s County, Maryland, MGM Northfield Park in Northfield, Ohio, Empire City in Yonkers, New York and MGM Springfield in Springfield, Massachusetts. The acquired portfolio includes two of the five largest hotels in the United States and two of the three largest Las Vegas resorts by room count and convention space.

The following is a summary of the agreements and related activities under the MGP Transactions:

•MGP Master Transaction Agreement. On August 4, 2021, we entered into the MGP Master Transaction Agreement by and among the Company, MGP, MGP OP, VICI LP, REIT Merger Sub, VICI OP, and MGM. Pursuant to the terms and subject to the conditions set forth in the MGP Master Transaction Agreement, upon the closing of the REIT Merger (as defined in the MGP Master Transaction Agreement) on April 29, 2022, each outstanding Class A common share, no par value per share, of MGP (“MGP Common Shares”) (other than MGP Common Shares then held in treasury by MGP or owned by any of MGP’s wholly owned subsidiaries) was converted into 1.366 (the “Exchange Ratio”) shares of common stock of the Company (such consideration, the “REIT Merger Consideration”). The outstanding Class B common share, no par value per share, of MGP (the “Class B Share”), which was held by MGM, was cancelled at the effective time of the REIT Merger. The REIT Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Code.

The number of MGP Common Shares converted to shares of VICI common stock was determined as follows:


MGP 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 Common Shares.

Following the REIT Merger, pursuant to and subject to the terms set forth in the MGP Master Transaction Agreement, at the effective time of the Partnership Merger (as defined in the MGP Master Transaction Agreement), each limited partnership unit in MGP OP (other than the limited partnership units in MGP OP held by REIT Merger Sub or any subsidiary of MGP OP), all of which were held by MGM and certain of its subsidiaries, was converted into the number of VICI OP Units (the “Partnership Merger Consideration”) equal to the Exchange Ratio. The Company redeemed a majority of the VICI OP Units received by MGM in the Partnership Merger for $4,404.0 million in cash using the proceeds from the April 2022 Notes offering (the “Redemption”), as further described in Note 7 - Debt. Following the Redemption, MGM retained approximately 12.2 million VICI OP Units.

•MGM Master Lease and MGM Grand/Mandalay Bay Lease. Simultaneous with the closing of the Mergers 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 the CPI, subject to a 3.0% cap. The tenant’s obligations under the MGM Master Lease are guaranteed by MGM. 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 Hard Rock and entrance into the Mirage Lease on December 19, 2022, and was further reduced by $40.0 million upon the close of MGM’s sale of the operations of Gold Strike to CNB and entrance into the Gold Strike Lease on February 15, 2023, each as further described below under “Leasing Activity”.

Additionally, we retained MGP’s 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. The MGM Grand/Mandalay Bay JV Lease remained unchanged and provided for current total annual base rent of approximately $303.8 million, of which approximately $152.2 million is attributable to our investment in the MGM Grand/Mandalay Bay JV, and 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 fifteen years and thereafter at the greater of 2.0% per annum or CPI, subject to a 3.0% cap. The tenant’s obligations under the MGM Grand/Mandalay Bay JV Lease will be guaranteed by MGM. Subsequent to year-end, 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. Refer to “MGM Grand/Mandalay Bay JV Interest Acquisition” above for further details.

•Tax Protection Agreement. In connection with the closing of the MGP Transactions, we entered into the MGM Tax Protection Agreement pursuant to which VICI OP has agreed, subject to certain exceptions, for a period of 15 years following the closing of the Mergers (subject to early termination under certain circumstances), to indemnify MGM and certain of its subsidiaries (the “Protected Parties”) for certain tax liabilities resulting from (1) the sale, transfer, exchange or other disposition of a property owned directly or indirectly by MGP OP immediately prior to the closing date of the Mergers (each, a “Protected Property”), (2) a merger, consolidation, transfer of all assets of, or other significant transaction involving VICI OP pursuant to which the ownership interests of the Protected Parties in VICI OP are required to be exchanged in whole or in part for cash or other property, (3) the failure of VICI OP to maintain approximately $8.5 billion of nonrecourse indebtedness allocable to MGM, which amount may be reduced over time in accordance with the MGM Tax Protection Agreement, and (4) the failure of VICI OP or VICI to comply with certain tax covenants that would impact the tax liabilities of the Protected Parties. In the event that VICI OP or VICI breaches restrictions in the MGM Tax Protection Agreement, VICI OP will be liable for grossed-up tax amounts associated with the income or gain recognized as a result of such breach. In addition, the MGM Grand/Mandalay Bay JV previously entered into a tax protection agreement with MGM with respect to built-in gain and debt maintenance related to MGM Grand Las Vegas and Mandalay Bay, which is effective through mid-2029, and by acquiring MGP, the Company bears its 50.1% proportionate share in the MGM Grand/Mandalay Bay JV of any indemnity under this existing tax protection agreement. Upon the close of the MGM Grand/Mandalay Bay JV Interest Acquisition on January 9, 2023, the tax protection agreement governing the MGM Grand/Mandalay Bay JV remains and we bear 100% of any indemnity under this existing tax protection agreement.

•Exchange Offers and Consent Solicitations. On September 13, 2021, we announced that the VICI Issuers commenced (i) private exchange offers to certain eligible holders (collectively, the “Exchange Offers”) for any and all of each series of the MGP OP Notes for up to an aggregate principal amount of $4.2 billion of new notes issued by the VICI Issuers and (ii) consent solicitations with respect to each series of MGP OP Notes (collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the MGP OP Notes (collectively, the “MGP OP Notes Indentures”), which, among other things, eliminate or modify certain of the covenants, restrictions, provisions and events of default in each of the MGP OP Notes Indentures.

Following the receipt of the requisite consents pursuant to the Consent Solicitations, on September 23, 2021, the MGP Issuers executed supplemental indentures to each of the MGP OP Notes Indentures in order to effect the proposed amendments (the “MGP OP Supplemental Indentures”). The MGP OP Supplemental Indentures became operative upon the settlement of the Exchange Offers and the Consent Solicitations on April 29, 2022 (the “Settlement Date”).

Upon completion of the Exchange Offers and Consent Solicitations, the VICI Issuers issued an aggregate principal amount of $4,110.0 million in Exchange Notes, each pursuant to a separate indenture dated as of April 29, 2022, among the VICI Issuers and the Trustee. Following the issuance of the Exchange Notes pursuant to the settlement of the Exchange Offers and Consent Solicitations, approximately $90.0 million aggregate principal amount of MGP OP Notes remain outstanding. See Note 7 - Debt for additional information.

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 OP Notes and Exchange 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 Common Shares outstanding immediately prior to the REIT Merger 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:


(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 represents 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. Accordingly, the relative fair value of the MGP assets of $14.2 billion was recorded as an Investment in leases - financing receivable on our Balance Sheet, net of an initial allowance for credit losses in the amount of $431.5 million.

In relation to the MGM Grand/Mandalay Bay JV, we determined that such investment is accounted for as an equity method investment and, accordingly, recorded the relative fair value as an Investment in unconsolidated affiliate on our Balance Sheet. The requirement to record our investment in the MGM Grand/Mandalay Bay JV at relative fair value under ASC 805 resulted in a difference in our acquired basis from that of the underlying records, or historical cost basis, of the MGM Grand/Mandalay Bay JV. Accordingly, we compared our proportionate share of the historical cost basis of the MGM Grand/Mandalay Bay JV as of April 29, 2022 to our proportionate share of the relative fair value, the difference of which was amortized through Income from unconsolidated affiliate over the life of the related asset or liability. As of December 31, 2022, the carrying value of our investment exceeded the underlying historical cost basis of our Investment in unconsolidated affiliate which resulted in a basis difference of $640.0 million. Subsequent to year-end, on January 9, 2023, we acquired the remaining 49.9% interest from BREIT for cash consideration of approximately $1.3 billion and, accordingly, will be required to consolidate the operations of the MGM Grand/Mandalay Bay JV starting in the first quarter of 2023. Refer to “MGM Grand/Mandalay Bay JV Interest Acquisition” above for further details.

Venetian Acquisition

On February 23, 2022, we closed on the previously announced transaction to acquire all of the land and real estate assets associated with the Venetian Resort from Las Vegas Sands Corp. (“LVS”) for $4.0 billion in cash, and the Venetian Tenant acquired the operating assets of the Venetian Resort for $2.25 billion, of which $1.2 billion is in the form of a secured term loan from LVS and the remainder was paid in cash. We funded the Venetian Acquisition with (i) $3.2 billion in net proceeds from the physical settlement of the March 2021 Forward Sale Agreements and the September 2021 Forward Sale Agreements, (ii) an initial draw on the Revolving Credit Facility of $600.0 million (which was subsequently repaid in full using a portion of the proceeds from the April 2022 Notes offering), and (iii) cash on hand. Simultaneous with the closing of the Venetian Acquisition, we entered into the Venetian Lease with the Venetian Tenant. The Venetian Lease has an initial total annual rent of $250.0 million and an initial term of 30 years, with two ten-year tenant renewal options. The annual rent will be subject to escalation equal to the greater of 2.0% and the increase in the CPI, capped at 3.0%, beginning in the earlier of (i) the beginning of the third lease year, and (ii) the month following the month in which the net revenue generated by the Venetian Resort returns to its 2019 level (the year immediately prior to the onset of the COVID-19 pandemic) on a trailing twelve-month basis. We determined that the land and building components of the Venetian Lease meet the definition of a sales-type lease and accordingly are recorded as an Investments in leases - sales-type on our Balance Sheet, net of an initial allowance for credit losses in the amount of $65.6 million.

In connection with the Venetian Acquisition, we entered into a Partner Property Growth Fund Agreement (“Venetian PGF”) with the Venetian Tenant. Under the Venetian PGF we agreed to provide up to $1.0 billion for various development and construction projects affecting the Venetian Resort to be identified by the Venetian Tenant and that satisfy certain criteria more particularly set forth in the Venetian PGF, in consideration of additional incremental rent to be paid by the Venetian Tenant under the Venetian Lease and calculated in accordance with a formula set forth in the Venetian PGF. Upon execution of the Venetian PGF, we were required to estimate a CECL allowance related to the contractual commitments to extend credit, which is based on our best estimates of funding such commitments. Accordingly, during the three months ended March 31, 2022, we recorded an initial CECL allowance in Other liabilities in the amount of $8.3 million related to the estimate of our unfunded commitment under the Venetian PGF.

In addition, LVS agreed with the Venetian Tenant pursuant to an agreement (the “Contingent Lease Support Agreement”) entered into simultaneously with the closing of the Venetian Acquisition to provide lease payment support designed to guarantee the Venetian Tenant’s rent obligations under the Venetian Lease through 2023, subject to early termination if EBITDAR (as defined in such agreement) generated by the Venetian Resort in 2022 equals or exceeds $550.0 million, or a tenant change of control occurs. We were a third-party beneficiary of the Contingent Lease Support Agreement and had certain enforcement rights pursuant thereto. The EBITDAR generated by the operations of the Venetian resort exceeded $550.0 million for the year ended December 31, 2022 and, accordingly, the Contingent Lease Support Agreement early terminated in accordance with its terms.

Recent Leasing Activity

Gold Strike Lease

Subsequent to year-end, on February 15, 2023, in connection with MGM’s sale of the operations of Gold Strike, we entered into the Gold Strike Lease with CNB related to the land and real estate assets of Gold Strike, and entered into an amendment to the MGM Master Lease in order to account for the divestiture of the operations of Gold Strike. The 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. Upon the closing of the sale of Gold Strike, the MGM Master Lease was amended to account for MGM’s divestiture of the Gold Strike operations and resulted in a reduction of the annual base rent under the MGM Master Lease by $40.0 million. The Gold Strike Lease is guaranteed by CNB.

Mirage Lease

On December 19, 2022, in connection with MGM’s sale of the operations of the Mirage Hotel & Casino (the “Mirage”) to Hard Rock, we entered into the Mirage Lease and entered into an amendment to the MGM Master Lease relating to the sale of the Mirage. The Mirage Lease has an initial annual base rent of $90.0 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. Upon the closing of the sale of the Mirage, the MGM Master Lease was amended to account for MGM’s divestiture of the Mirage operations and resulted in a reduction of the annual base rent under the MGM Master Lease by $90.0 million. Additionally, subject to certain conditions, we may fund up to $1.5 billion of Hard Rock’s redevelopment plan for the Mirage through our Partner Property Growth Fund if Hard Rock elects to seek third-party financing for such redevelopment. The specific terms of the potential funding remain subject to ongoing discussion in connection with Hard Rock’s broader planning of the potential redevelopment, as well as the negotiation of definitive documentation between us and Hard Rock, and there are no assurances that the redevelopment of the Hard Rock-Mirage will occur on the contemplated terms, including through our financing, or at all.

Century Casinos Expansion

On December 1, 2022, we amended the Century Master Lease to provide approximately $51.9 million in capital in connection with our Partner Property Growth Fund for the construction of a land-based casino with an adjacent 38-room hotel tower at Century Casino Caruthersville. Pursuant to the amendment to the Century Master Lease, we will own the real estate improvements associated with these projects and annual rent under the Century Master Lease will increase by approximately $4.2 million following completion of the projects. We determined that the amendments to the Century Master Lease represented lease modifications under ASC 842 under which we were required to reassess the lease classification. Upon reassessment, we determined that the Century Master Lease continues to meet the definition of a sales-type lease and, accordingly, since the classification remains unchanged, we modified the future minimum lease cash flows to reflect the amendment and prospectively adjusted the discount rate used to recognize income such that the carrying value of the lease remains unchanged immediately prior to, and subsequent to, modification.

Loan Originations

The following table summarizes our 2022 development loan origination activity to date:

($ in thousands)

Loan Name

Maximum Loan Amount

Loan Type

Development Project

Fontainebleau Las Vegas

350,000

Mezzanine

Completion of 67-story hotel, gaming, meeting, and entertainment destination located on the north end of the Las Vegas Strip

Canyon Ranch Austin

200,000

Senior Secured

Canyon Ranch Austin wellness resort located in Austin, TX

Great Wolf Northeast

287,920

Senior Secured

549-room indoor water park resort project in Mashantucket, CT

Great Wolf Gulf Coast Texas

127,000

Mezzanine

532-room indoor water park resort located in Webster, TX

Great Wolf South Florida

59,000

Mezzanine

532-room indoor water park resort located in Collier County, FL

Cabot Citrus Farms

120,000

Senior Secured

Cabot Citrus Farms golf course and resort located in Brookdale, FL

BigShots

80,000

Senior Secured

BigShots Golf Facilities throughout the United States

Total

1,223,920

Fontainebleau Las Vegas Loan

On December 23, 2022, we entered into definitive agreements pursuant to which we have agreed to provide up to $350.0 million in mezzanine loan financing (the “Fontainebleau Las Vegas Loan”) to a partnership between Fontainebleau Development, LLC, a builder, owner, and operator of luxury hospitality, commercial and retail properties, and Koch Real Estate Investments, the real estate investment arm of Koch Industries, to complete the construction of Fontainebleau Las Vegas, a 67-story hotel, gaming, meeting, and entertainment destination coming to the north end of the Las Vegas Strip. The investment was, and will continue to be, funded by us in accordance with a construction draw schedule. Fontainebleau Las Vegas is expected to open in the fourth quarter of 2023.

Canyon Ranch Austin Loan

On October 7, 2022, we entered into a delayed draw term loan facility (the “Canyon Ranch Austin Loan”) with Canyon Ranch, a leading pioneer in global wellness, pursuant to which we agreed to provide up to $200.0 million of secured financing to fund the development of Canyon Ranch Austin in Austin, Texas.

In addition, we entered into the following agreements with Canyon Ranch:

•A call right agreement pursuant to which we will have the right to acquire the real estate assets of Canyon Ranch Austin for up to 24 months following stabilization (with the loan balance being settled in connection with the exercise of such call right), which transaction will be structured as a sale leaseback (with the simultaneous entry into a triple-net lease with Canyon Ranch that has an initial term of 25 years, with eight 5-year tenant renewal options).

•A purchase option agreement, pursuant to which we have an option to acquire the real estate assets associated with the existing Canyon Ranch Tucson and Canyon Ranch Lenox properties, which transactions will be structured as sale leasebacks, in each case solely to the extent Canyon Ranch elects to sell either or both of such properties in a sale leaseback structure for a specific period of time, subject to certain conditions.

•A right of first offer agreement on future financing opportunities for Canyon Ranch and certain of its affiliates with respect to the funding of certain facilities (including Canyon Ranch Austin, Canyon Ranch Tucson and Canyon Ranch Lenox, and any other fee owned Canyon Ranch branded wellness resort), until the date that is the earlier of five years from commencement of the Canyon Ranch Austin lease (to the extent applicable) and the date that neither VICI nor any of its affiliates are landlord under such lease, subject to certain specified terms, conditions and exceptions.

Great Wolf Loans

During 2022 we entered into the following loans with Great Wolf Resorts Inc. (“Great Wolf”):

•On December 30, 2022, we agreed to provide up to $287.9 million of senior financing (the “Great Wolf Gulf Northeast Loan”), the proceeds of which will be used to fund the development of Great Wolf Lodge Northeast, a 549-room indoor water park resort project in Mashantucket, CT. The Great Wolf Northeast Loan has an initial term of three years with two 12-month extension options, subject to certain conditions.

•On August 30, 2022, we agreed to provide up to $127.0 million of mezzanine financing (the “Great Wolf Gulf Coast Texas Loan”), the proceeds of which will be used to fund the development of Great Wolf Lodge Gulf Coast Texas, a more than $200.0 million, 532-room indoor water park resort project in Webster, TX. The Great Wolf Gulf Coast Texas Loan has an initial term of three years with two 12-month extension options, subject to certain conditions.

•On July 1, 2022, we agreed to provide up to $59.0 million of mezzanine financing (the “Great Wolf South Florida Loan”), the proceeds of which will be used to fund the development of Great Wolf Lodge South Florida, a more than $250.0 million, 500-room indoor water park resort project in Collier County, FL. The Great Wolf South Florida Loan has an initial term of four years with one 12-month extension option, subject to certain conditions.

Cabot Citrus Farms Loan

On June 6, 2022, we entered into a $120.0 million delayed draw term loan (the “Cabot Citrus Farms Loan”) with Cabot, a developer, owner and operator of world-class destination golf resorts and communities, the proceeds of which will be used to fund Cabot’s property-wide transformation of Cabot Citrus Farms in Brooksville, Florida, with the addition of a new clubhouse, luxury lodging, health and wellness facilities and a vibrant village center. We also entered into a Purchase and Sale Agreement, pursuant to which upon substantial completion of the asset we will convert a portion of the Cabot Citrus Farms Loan into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that will have an initial term of 25 years, with five 5-year tenant renewal options.

BigShots Loan

On April 7, 2022, we entered into a loan with BigShots Golf (“BigShots Golf”), a subsidiary of ClubCorp Holdings, Inc. (“ClubCorp”), an Apollo fund portfolio company, to provide up to $80.0 million of mortgage financing (the “BigShots Loan”) for the construction of certain new BigShots Golf facilities throughout the United States. In addition, we entered into a right of first offer and call right agreement, pursuant to which (i) we have a call right to acquire the real estate assets associated with any BigShots Golf facility financed by us, which transaction will be structured as a sale leaseback, and (ii) for so long as the BigShots Loan remains outstanding and we continue to hold a majority interest therein, subject to additional terms and conditions, we will have a right of first offer on any multi-site mortgage, mezzanine, preferred equity, or other similar financing that is treated as debt to be obtained by BigShots Golf (or any of its affiliates) in connection with the development of BigShots Golf facilities.

Real Estate Portfolio

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Real Estate Portfolio

As of December 31, 2022, our real estate portfolio consisted of the following:

•Investments in leases - sales-type, representing our investment in 23 casino assets leased on a triple-net basis to our tenants, Apollo, Caesars, Century Casinos, EBCI, Hard Rock and PENN Entertainment, under nine separate lease agreements;

•Investments in leases - financing receivables, representing our investment in 20 casino assets leased on a triple-net basis to our tenants, Caesars, Foundation, Hard Rock, JACK Entertainment and MGM, under five separate lease agreements;

•Investments in loans, representing our investments in 11 senior secured and mezzanine loans;

•Investment in unconsolidated affiliate, representing our 50.1% ownership in the MGM Grand/Mandalay Bay JV, which in turn owns two assets leased to MGM under the MGM Grand/Mandalay Bay Lease; 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, 2022 and 2021:


(In thousands)	December 31, 2022		December 31, 2021






Investments in leases - sales-type, net (1)	17,172,325		13,136,664

Investments in leases - financing receivables, net	16,740,770		2,644,824
Total investments in leases, net	33,913,095		15,781,488
Investments in loans, net	685,793		498,002
Investment in unconsolidated affiliate	1,460,775		—
Land	153,560		153,576
Total real estate portfolio	$	36,213,223	$	16,433,066

____________________

(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, 2022 and 2021, the estimated residual values of the leased properties under our Lease Agreements were $11.5 billion and $3.8 billion, respectively.

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)	2022		2021		2020
Income from sales-type leases - fixed rent (1)	$	1,436,945	$	1,161,655	$	1,007,193
Income from sales-type leases - contingent rent (1)	27,300		6,317		315
Income from operating leases (2)	—		—		25,464
Income from lease financing receivables - fixed rent (1)(3)	995,383		243,008		137,344
Income from lease financing receivables - contingent rent (1)(3)	1,673		—		—
Total lease revenue	2,461,301		1,410,980		1,170,316
Non-cash adjustment (4)	(337,631)		(119,790)		(39,883)
Total contractual lease revenue	$	2,123,670	$	1,291,190	$	1,130,433

____________________

(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. As of December 31, 2022, we have recognized contingent rent from our Margaritaville Lease and Greektown Lease in relation to the variable rent portion of the respective leases and the Caesars Las Vegas Master Lease, Caesars Regional Master Lease and Joliet Lease in relation to the CPI portion of the annual escalator.

(2) Represents the portion of land separately classified and accounted for under the operating lease model associated with our investment in Caesars Palace Las Vegas and certain operating land parcels contained in the Regional Master Lease Agreement. Upon the consummation of the Caesars Transaction on July 20, 2020, the land component of Caesars Palace Las Vegas and certain operating land parcels were reassessed for lease classification and were determined to be a sales-type lease. Accordingly, subsequent to July 20, 2020, such income is recognized as Income from sales-type leases.

(3) Represents the MGM Master Lease, Harrah’s Call Properties, JACK Master Lease and Foundation Master Lease, all of which were 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.

(4) 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, 2022, minimum lease payments owed to us for each of the five succeeding years 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
2023	$	1,344,189	$	1,126,837	$	2,471,026
2024	1,366,127		1,148,616		2,514,743
2025	1,389,500		1,169,998		2,559,498
2026	1,409,190		1,191,924		2,601,114
2027	1,429,526		1,214,331		2,643,857
Thereafter	56,743,837		87,539,154		144,282,991
Total	$	63,682,369	$	93,390,860	$	157,073,229

Weighted Average Lease Term (2)	36.3 years		50.6 years		43.4 years

____________________

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

(2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310.

Lease Provisions

As of December 31, 2022 we owned 45 properties leased under 14 separate Lease Agreements with subsidiaries of, or entities managed by, Apollo, Caesars, Century Casinos, EBCI, Foundation Gaming, JACK Entertainment, MGM, PENN Entertainment and Seminole Hard Rock, 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 30 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 range from 1% in the earlier years to the greater of 2% or CPI in later years, with certain of our leases providing for a cap with respect to the maximum CPI-based 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 Caesars Leases and leases with MGM, our two most significant tenants:

($ In thousands)

Caesars Regional Master Lease and Joliet Lease

Caesars Las Vegas
Master Lease

MGM Master Lease

MGM Grand/Mandalay Bay Lease (1)

Lease Provision

Initial term

18 years

25 years

30 years

Initial term maturity

7/31/2035

4/30/2047

2/28/2050

Renewal terms

Four, five-year terms

Three, 10-year terms

Two, 10-year terms

Current lease year (2)

11/1/22 - 10/31/23 (Lease Year 6)

4/29/22-4/30/23 (Lease Year 1)

3/1/22 - 2/28/23 (Lease Year 3)

Current annualized rent

$703,678 (3)

$454,478

730,000 (4)

303,800

Annual escalator (5)

Lease years 2-5 - 1.5%

Lease years 6-end of term - CPI subject to 2.0% floor

> 2% / change in CPI

Lease years 2-10 - 2%

Lease years 11-end of term - >2% / change in CPI (capped at 3%)

Lease years 2-15 - 2%

Lease years 16-end of term - >2% / change in CPI (capped at 3%)

Variable rent adjustment (6)

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 (5)

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) Subsequent to year-end, on January 9, 2023, we closed on the MGM Grand/Mandalay Bay JV Interest Acquisition and acquired the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV and accordingly, the amounts set forth above reflect our consolidated interest.

(2) For the Venetian Lease, lease year two will begin on the earlier of (i) March 1, 2024 and (ii) the first day of the first month following the month in which the net revenue of the Venetian Resort for the trailing twelve months equals or exceeds 2019 net revenue, which date can be no earlier than the anniversary of the first lease year (March 1, 2023).

(3) 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 annualized rent under the Caesars Regional Master Lease and Joliet Lease is $694.6 million.

(4) 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 Hard Rock and entrance into the Mirage Lease 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 (which reduced the total annual rent under the MGM Master Lease to $730.0 million).

(5) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP.

(6) 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 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 Leases (1)

Yearly minimum expenditure

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

____________________

(1) Represents the tenants under our other Lease Agreements not specifically outlined in the table, as specified in their respective Lease Agreements.

(2) The Caesars Leases require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Joliet and the 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 the Caesars Leases, 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 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

The following is a summary of our investments in loans as of December 31, 2022 and 2021:


($ In thousands)	December 31, 2022
Loan Type	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured	$	495,901	$	492,895	$	584,049	7.8	%	3.2 years
Mezzanine	196,597		192,898		514,882		9.1	%	4.3 years



Total	$	692,498	$	685,793	$	1,098,931	8.2	%	3.5 years


($ In thousands)	December 31, 2021
Loan Type	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate		Weighted Average Term (3)
Senior Secured	$	465,000	$	465,034	$	15,000	7.8	%	3.5 years
Mezzanine	33,614		32,968		45,886		8.0	%	4.0 years



Total	$	498,614	$	498,002	$	60,886	7.8	%	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, 2022.

(4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Allowance for Credit Losses

Adoption of ASC 326

On January 1, 2020, we adopted ASC 326, and, as a result, we are required to estimate and record non-cash expected credit losses related to our historical and any future investments in sales-type leases, lease financing receivables and loans. Upon adoption we elected to use the modified retrospective approach, and recorded a $309.4 million cumulative adjustment, representing a 2.88% CECL allowance. Such amount was recorded as a cumulative-effect adjustment to our opening balance sheet with a reduction in our Investments in leases - sales-type and a corresponding charge to retained earnings. Periods prior to the adoption date that are presented for comparative purposes are not adjusted.

Allowance for Credit Losses

During the year ended December 31, 2022, we recognized a $834.5 million increase in our allowance for credit losses primarily driven by initial CECL allowances on our acquisition activity during such period in the amount of $573.6 million, representing 68.7% of the total allowance. The initial CECL allowances were in relation to (i) the closing of the MGP Transactions on April 29, 2022, which included the (a) classification of the MGM Master Lease as a lease financing receivable and (b) the sales-type sub-lease agreements that we assumed in connection with the closing of the MGP Transactions, (ii) the closing of the Venetian Acquisition on February 23, 2022, which included (a) the classification of the Venetian Lease as a sales-type lease, (b) the estimated future funding commitments under the Venetian PGF and (c) the sales-type sub-lease agreements that we assumed in connection with the closing of the Venetian Acquisition, and (iii) the future funding commitments from the origination of the BigShots Loan, the Cabot Citrus Farms Loan, the Great Wolf South Florida Loan, the Great Wolf Gulf Coast Texas Loan, the Canyon Ranch Austin Loan, the Great Wolf Northeast Loan and the Fontainebleau Las Vegas Loan.

Additional increases were attributable to (i) changes in the macroeconomic model used to scenario condition our reasonable and supportable period, or R&S Period, probability of default, or PD, due to uncertain and potentially negative future market conditions, (ii) an increase in the R&S Period PD of our tenants and their parent guarantors (as applicable) as a result of market volatility during the quarter and (iii) an increase in the R&S Period PD and loss given default, or LGD, as a result of standard annual updates that were made to the inputs and assumptions in the model that we utilize to estimate our CECL allowance. These increases were partially offset by a decrease in the long-term reasonable and supportable period probability of default, or 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 and as a result of standard annual updates that were made to the Long-Term Period PD default study we utilize to estimate our CECL allowance.

During the year ended December 31, 2021, we recognized a $19.6 million decrease in our allowance for credit losses primarily driven by (i) the decrease in the short-term reasonable and supportable period probability of default, or 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, (ii) 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 (iii) the decrease in the R&S Period PD and loss given default, or LGD, as a result of standard annual updates that were made to the inputs and assumptions in the model that we utilize to estimate our CECL allowance. This decrease was partially offset by an increase in the existing amortized cost balances subject to the CECL allowance.

During the year ended December 31, 2020, we recognized a $244.5 million increase in our allowance for credit losses primarily driven by (i) the increase in investment balances resulting from the Caesars Transaction, (ii) the initial CECL allowance related to the JACK Master Lease, (iii) an increase in the R&S Period PD of our tenants or borrowers and their parent guarantors as a result the negative economic outlook associated with the COVID-19 pandemic and (iv) an increase in the Long-term Period PD of our tenants due to downgrades on certain of the credit ratings of our tenants’ senior secured debt in connection with the COVID-19 pandemic.

As of December 31, 2022 and 2021, and since our formation date on October 6, 2017, all of our Lease Agreements and loan investments are current in payment of their obligations to us and no investments are on non-accrual status.

The following tables detail the allowance for credit losses as of December 31, 2022 and December 31, 2021:


	December 31, 2022
(In thousands)	Amortized Cost		Allowance (1)		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	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	%


	December 31, 2021
(In thousands)	Amortized Cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	13,571,516	$	(434,852)	$	13,136,664	3.20	%
Investments in leases - financing receivables	2,735,948		(91,124)		2,644,824		3.33	%
Investments in loans	498,775		(773)		498,002		0.15	%
Other assets - sales-type sub-leases	280,510		(6,540)		273,970		2.33	%
Totals	$	17,086,749	$	(533,289)	$	16,553,460	3.12	%

____________________

(1) The total allowance excludes the CECL allowance for unfunded loan commitments. As of December 31, 2022 and December 31, 2021, such allowance is $45.1 million and $1.0 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, 2022, 2021 and 2020:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Beginning Balance January 1,	$	534,325	$	553,879	$	—
Initial allowance upon adoption	—		—		309,362
Initial allowance from current period investments	573,624		1,725		90,368
Current period change in credit allowance	260,870		(21,279)		154,149
Charge-offs	—		—		—
Recoveries	—		—		—
Ending Balance December 31,	$	1,368,819	$	534,325	$	553,879

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, 2022, 2021 and 2020:


	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


	December 31, 2020
(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)	$	—	$	—	$	15,733,402	$	934,628	$	281,246	$	65,012	$	17,014,288

____________________

(1)Excludes the CECL allowance for unfunded commitments recorded in Other liabilities as such commitments are not currently reflected on our Balance Sheet, rather the CECL allowance is based on our current best estimate of future funding commitments.

(2)We estimate the CECL allowance for our senior secured and mezzanine loans, excluding the Forum Convention Center Mortgage Loan, using a traditional commercial real estate model based on standardized credit metrics to estimate potential losses.

Other Liabilities Disclosure [Abstract]

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2022

Other Assets and Other Liabilities

Other Assets

The following table details the components of our other assets as of December 31, 2022 and 2021:


(In thousands)	December 31, 2022		December 31, 2021
Sales-type sub-leases, net (1)	$	764,509	$	273,970
Property and equipment used in operations, net	67,209		68,515
Right of use assets and sub-lease right of use assets	45,008		16,811
Debt financing costs	18,646		24,928
Deferred acquisition costs	12,834		24,690
Prepaid expenses	7,348		3,660
Interest receivable	6,911		2,780
Other receivables	6,474		341
Tenant receivables	5,498		5,032
Forward-starting interest rate swaps	—		884
Other	1,891		3,082
Total other assets	$	936,328	$	424,693

_______________________________________________________

(1) As of December 31, 2022 and December 31, 2021, sales-type sub-leases are net of $19.8 million and $6.5 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, 2022 and 2021:


(In thousands)	December 31, 2022		December 31, 2021
Land and land improvements	$	60,332	$	59,250
Buildings and improvements	15,125		14,880
Furniture and equipment	9,563		9,014
Total property and equipment used in operations	85,020		83,144
Less: accumulated depreciation	(17,811)		(14,629)
Total property and equipment used in operations, net	$	67,209	$	68,515


	Year Ended December 31,
(In thousands)	2022		2021		2020
Depreciation expense	$	3,182	$	3,091	$	3,731

Other Liabilities

The following table details the components of our other liabilities as of December 31, 2022 and 2021:


(In thousands)	December 31, 2022		December 31, 2021
Finance sub-lease liabilities	$	784,259	$	280,510
Deferred financing liabilities	73,600		73,600
Lease liabilities and sub-lease liabilities	45,039		16,811
CECL allowance for unfunded commitments	45,110		1,037
Deferred income taxes	4,339		3,879
Other	125		—

Total other liabilities	$	952,472	$	375,837

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

The following tables detail our debt obligations as of December 31, 2022 and 2021:


($ In thousands)	December 31, 2022
Description of Debt (1)	Maturity	Interest Rate	Face Value		Carrying Value(2)
Revolving Credit Facility (3) (4)	2026	SOFR + 1.050%	$	—	$	—
Delayed Draw Term Loan (5)	2025	SOFR + 1.200%	—		—
November 2019 Notes (6)
2026 Maturity	2026	4.250%	1,250,000		1,238,825
2029 Maturity	2029	4.625%	1,000,000		988,931
February 2020 Notes (6)
2025 Maturity	2025	3.500%	750,000		745,020
2027 Maturity	2027	3.750%	750,000		743,086
2030 Maturity	2030	4.125%	1,000,000		988,626
April 2022 Notes (6)
2025 Maturity	2025	4.375%	500,000		496,314
2028 Maturity	2028	4.516% (7)	1,250,000		1,237,082
2030 Maturity	2030	4.541% (7)	1,000,000		987,618
2032 Maturity	2032	3.980% (7)	1,500,000		1,480,799
2052 Maturity	2052	5.625%	750,000		735,360
Exchange Notes (6)
2024 Maturity	2024	5.625%	1,024,169		1,029,226
2025 Maturity	2025	4.625%	799,368		783,659
2026 Maturity	2026	4.500%	480,524		463,018
2027 Maturity	2027	5.750%	729,466		738,499
2028 Maturity	2028	4.500%	349,325		336,545
2029 Maturity	2029	3.875%	727,114		660,489
MGP OP Notes (6)
2024 Maturity	2024	5.625%	25,831		25,901
2025 Maturity	2025	4.625%	632		615
2026 Maturity	2026	4.500%	19,476		18,542
2027 Maturity	2027	5.750%	20,534		20,520
2028 Maturity	2028	4.500%	675		639
2029 Maturity	2029	3.875%	22,886		20,361
Total Debt		4.496% (8)	$	13,950,000	$	13,739,675


($ In thousands)	December 31, 2021
Description of Debt	Maturity	Interest Rate	Face Value		Carrying Value(1)
Secured Revolving Credit Facility (9)	2024	L + 2.00%	$	—	$	—

November 2019 Notes (5)
2026 Maturity	2026	4.250%	1,250,000		1,235,972
2029 Maturity	2029	4.625%	1,000,000		987,331
February 2020 Notes (5)
2025 Maturity	2025	3.500%	750,000		742,677
2027 Maturity	2027	3.750%	750,000		741,409
2030 Maturity	2030	4.125%	1,000,000		987,134
Total Debt		4.105%	$	4,750,000	$	4,694,523

____________________

(1)Amounts exclude our $1.5 billion pro-rata share of the $3.0 billion of CMBS of the MGM Grand/Mandalay Bay JV, recorded as part of the balance of Investment in unconsolidated affiliate on our Balance Sheets. Subsequent to year-end, on January 9, 2023, upon closing of the MGM Grand/Mandalay Bay JV Acquisition and consolidating the operations in the first quarter of 2023 the balance of the $3.0 billion debt, net of the fair value adjustment, will be presented in Debt, net on our Balance Sheets. The property-level debt has a principal balance of $3.0 billion, bears interest at a fixed rate of 3.558% per annum through March 2030, and matures in 2032.

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

(3)Interest on any outstanding balance is payable monthly. 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, 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, 2022, the commitment fees for the Revolving Credit Facility was 0.375%.

(4)Subsequent to year-end, on January 6, 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.

(5)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.

(6)Interest is payable semi-annually.

(7)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.

(8)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes 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, 2022, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.67%.

(9)On February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets) and the 2017 Credit Agreement, as described below, and entered into the Credit Agreement providing for the Credit Facilities, as described below.

The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2022:


($ In thousands)	Future Minimum Payments
2023	$	—
2024	1,050,000
2025	2,050,000
2026	1,750,000
2027	1,500,000
Thereafter	7,600,000
Total minimum repayments	$	13,950,000

Senior Unsecured Notes

Exchange Notes

On April 29, 2022, the VICI Issuers issued (i) $1,024.2 million in aggregate principal amount of 5.625% Senior Notes due May 1, 2024, (ii) $799.4 million in aggregate principal amount of 4.625% Senior Notes due June 15, 2025, (iii) $480.5 million in aggregate principal amount of 4.500% Senior Notes due September 1, September 1, 2026, (iv) $729.5 million in aggregate principal amount of 5.750% Senior Notes due February 1, 2027, (v) $349.3 million in aggregate principal amount of 4.500% Senior Notes due January 15, 2028 and (vi) $727.1 million in aggregate principal amount of 3.875% Senior Notes due February 15, 2029 in exchange for the validly tendered and not validly withdrawn MGP OP Notes, originally issued by the MGP Issuers, pursuant to the settlement of the Exchange Offers and Consent Solicitations in connection with the closing of the MGP Transactions. The Exchange Notes were issued with the same interest rate, maturity date and redemption terms as the corresponding series of MGP OP Notes, in each case under a supplemental indenture dated as of April 29, 2022, between the VICI Issuers and UMB Bank, National Association, as trustee (the “Trustee”).

The Exchange Notes due 2025, 2026, 2027, 2028, and 2029 are redeemable at our option, in whole or in part, at any time on or after February 1, 2024, March 15, 2025, June 1, 2026, November 1, 2026, October 15, 2027 and November 15, 2028, respectively, at the redemption prices set forth in the respective indenture governing such Exchange Notes. 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.

MGP OP Notes

Following the issuance of the Exchange Notes pursuant to the settlement of the Exchange Offers and Consent Solicitations, $25.8 million in aggregate principal amount of MGP OP Notes due 2024, $0.6 million in aggregate principal amount of MGP OP Notes due 2025, $19.5 million in aggregate principal amount of MGP OP Notes due 2026, $20.5 million in aggregate principal amount of MGP OP Notes due 2027, $0.7 million in aggregate principal amount of MGP OP Notes due 2028 and $22.9 million in aggregate principal amount of MGP OP Notes due 2029 remain outstanding.

Each series of the MGP OP Notes is redeemable at our option, in whole or in part, at any time on or after the same dates as set forth above with respect to the corresponding maturity series of the Exchange Notes. 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.

April 2022 Notes

On April 29, 2022, VICI LP, our wholly owned subsidiary, issued (i) $500.0 million in aggregate principal amount of 4.375% Senior Notes due 2025, which mature on May 15, 2025, (ii) $1,250.0 million in aggregate principal amount of 4.750% Senior Notes due 2028, which mature on February 15, 2028, (iii) $1,000.0 million in aggregate principal amount of 4.950% Senior Notes due 2030, which mature on February 15, 2030, (iv) $1,500.0 million in aggregate principal amount of 5.125% Senior Notes due 2032, which mature on May 15, 2032, and (v) $750.0 million in aggregate principal amount of 5.625% Senior Notes due 2052, which mature on May 15, 2052, (collectively, the “April 2022 Notes”) in each case under a supplemental indenture dated as of April 29, 2022, between VICI LP and the Trustee. We used the net proceeds of the offering to (i) fund the consideration for the redemption of a majority of the VICI OP Units received by MGM in the Partnership Merger for $4,404.0 million in cash in connection with the closing of the MGP Transactions on April 29, 2022, and (ii) pay down the outstanding $600.0 million balance on our Revolving Credit Facility.

Prior to their maturity date, in the case of the April 2022 Notes due 2025, and January 15, 2028 (one month prior to the maturity date of the April 2022 Notes due 2028), December 15, 2029 (two months prior to the maturity date of the April 2022 Notes due 2030), February 15, 2032 (three months prior to the maturity date of the April 2022 Notes due 2032) and November 15, 2051 (six months prior to the maturity date of the April 2022 Notes due 2052), respectively, in the case of the April 2022 Notes due 2028, 2030, 2032 and 2052, we may redeem the April 2022 Notes at our option, in whole or in part, at any time and from time to time, at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. On or after January 15, 2028, December 15, 2029, February 15, 2032 and November 15, 2051, respectively, we may redeem the April 2022 Notes due 2028, 2030, 2032 and 2052 at a redemption price equal to 100% of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest thereon to the redemption date.

February 2020 Notes

On February 5, 2020, the VICI Issuers issued (i) $750.0 million in aggregate principal amount of 3.500% Senior Notes due 2025, which mature on February 15, 2025, (ii) $750.0 million in aggregate principal amount of 3.750% Senior Notes due 2027, which mature on February 15, 2027, and (iii) $1,000.0 million in aggregate principal amount of 4.125% Senior Notes due 2030, which mature on August 15, 2030 (collectively, the “February 2020 Notes”), under separate indentures, each dated as of February 5, 2020, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee.

The February 2020 Notes due 2025, 2027 and 2030 are redeemable at our option, in whole or in part, at any time on or after February 15, 2022, February 15, 2023, and February 15, 2025, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the February 2020 Notes due 2025, 2027 and 2030 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to February 15, 2022, with respect to the February 2020 Notes due 2025, and February 15, 2023, with respect to the February 2020 Notes due 2027 and 2030, we may redeem up to 40% of the aggregate principal amount of the February 2020 Notes due 2025, 2027 and 2030 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture.

November 2019 Notes

On November 26, 2019, the VICI Issuers issued (i) $1,250.0 million in aggregate principal amount of 4.250% Senior Notes due 2026, which mature on December 1, 2026, and (ii) $1,000.0 million in aggregate principal amount of 4.625% Senior Notes due 2029, which mature on December 1, 2029 (collectively, the “November 2019 Notes”), under separate indentures, each dated as of November 26, 2019, among the VICI Issuers, the subsidiary guarantors party thereto and the Trustee.

The November 2019 Notes due 2026 and 2029 are redeemable at our option, in whole or in part, at any time on or after December 1, 2022 and December 1, 2024, respectively, at the redemption prices set forth in the respective indenture. We may redeem some or all of the November 2019 Notes due 2026 or 2029 prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium. Prior to December 1, 2022, we may redeem up to 40% of the aggregate principal amount of the November 2019 Notes due 2026 or 2029 using the proceeds of certain equity offerings at the redemption price set forth in the respective indenture.

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.

Until February 8, 2022, the November 2019 Notes and February 2020 Notes were fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each guaranteed indebtedness under the 2017 Credit Agreement (as defined below). All subsidiary guarantees were released upon the termination of the 2017 Credit Agreement concurrently with the execution of the Credit Agreement on February 8, 2022.

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, VICI LP entered into the Credit Agreement providing for (i) the Revolving Credit Facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 and (ii) the Delayed Draw Term Loan in the amount of $1.0 billion scheduled to mature on March 31, 2025. The Delayed Draw Term Loan was available to be drawn up to 12 months following the effective date of February 8, 2022. Subsequent to year-end, on February 8, 2023, the Delayed Draw Term Loan facility expired undrawn 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 to the Credit Agreement, 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

Borrowings under the Revolving Credit Facility will bear interest, at VICI LP’s option, at a rate based on SOFR (including a credit spread adjustment) plus a margin ranging from 0.775% to 1.325% or a base rate 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%. 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.

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 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.

Subsequent to year-end, 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.

Senior Secured Credit Facilities

In December 2017, 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 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”). On September 15, 2021, we used the proceeds from the settlement of the June 2020 Forward Sale Agreement (as defined in Note 11- Stockholders’ Equity) and the proceeds from the issuance of 65,000,000 shares of common stock from the September 2021 equity offering to repay in full the Term Loan B Facility, including outstanding accrued interest. In connection with the full repayment, we recognized 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.

Following the repayment in full of the Term Loan B Facility, the Secured Revolving Credit Facility remained in effect pursuant to the 2017 Credit Agreement. 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 providing for the Credit Facilities, as described above.

Second Lien Notes

On October 6, 2017, we issued $766.9 million aggregate principal amount of 8.0% second priority senior secured notes due 2023 (the “Second Lien Notes”), pursuant to an indenture by and among VICI PropCo and its wholly owned subsidiary, VICI FC Inc., the subsidiary guarantors party thereto, and UMB Bank National Association, as trustee. On February 20, 2020, we used a portion of the proceeds from the issuance of the 2025 Notes, together with cash on hand, to redeem in full the Second Lien Notes at a redemption price of 100% of the principal amount of the Second Lien Notes then outstanding plus the Second Lien Notes Applicable Premium (as defined in the Second Lien Notes indenture), for a total redemption cost of $537.5 million. In connection with the full redemption, we recognized a loss on extinguishment of debt of $39.1 million during the year ended December 31, 2020.

Bridge Facilities

On August 4, 2021, in connection with the completion of the MGP Transactions, 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, consisting of a 364-day first lien secured bridge facility (the “MGP Transactions Bridge Facility”), 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.

On March 2, 2021, in connection with the Venetian Acquisition, 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, consisting of a 364-day first lien secured bridge facility (the “Venetian Acquisition Bridge Facility”), 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.

On June 24, 2019, in connection with the Caesars Transaction, VICI PropCo entered into a Commitment Letter with certain lenders pursuant to which they provided (i) a 364-day first lien secured bridge facility of up to $3.3 billion in the aggregate and (ii) a 364-day second lien secured bridge facility of up to $1.5 billion in the aggregate (the “Caesars Transaction Bridge Facility”), for the purpose of providing a portion of the financing necessary to fund the consideration in connection with the closing of the Caesars Transaction, which was fully terminated in June 2020 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, 2022, 2021 and 2020:


	Year Ended December 31,
(In thousands)	2022		2021		2020
MGP Transactions Bridge Facility	$	15,338	$	38,762	$	—
Venetian Acquisition Bridge Facility	968		16,387		—
Caesars Transaction Bridge Facility	—		—		3,068

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, 2022, we are in compliance with all financial covenants under our debt obligations.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

12 Months Ended

Dec. 31, 2022

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, 2021. As of December 31, 2022, there were no derivative instruments outstanding.

($ in thousands)

December 31, 2021

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

1.3465%

$500,000

USD SOFR- COMPOUND

May 2, 2032

Forward-Starting Derivatives

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)	2022		2021		2020
Unrealized gain recorded in other comprehensive income	$	200,550	$	—	$	—
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks	(16,233)		—		—

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. The interest rate swap transactions were designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt under the Term Loan B Facility at 2.8297%. 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. As the Term Loan B Facility was repaid in full with proceeds from the issuance of 65,000,000 shares of common stock on September 14, 2021 and proceeds from the settlement of the June 2020 Forward Sale Agreement with no replacement debt, 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)	2022		2021		2020
Unrealized gain (loss) recorded in other comprehensive income	$	—	$	29,166	$	(27,443)
Interest from interest rate swaps recorded in interest expense	—		29,960		42,797
Interest rate swap settlement recorded in interest expense	—		64,239		—

Fair Value

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value

The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021:


	December 31, 2022
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments (1)	$	217,342	$	—	$	217,342	$	—


	December 31, 2021
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Derivative instruments - forward-starting interest rate swap (2)	$	884	$	—	$	884	$	—

____________________

(1)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.

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

The estimated fair values of our financial instruments at December 31, 2022 and 2021 for which fair value is only disclosed are as follows:


	December 31, 2022				December 31, 2021
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	16,740,770	$	17,871,771	$	2,644,824	$	3,104,337
Investments in loans (2)	685,793		675,456		498,002		498,614
Cash and cash equivalents	208,933		208,933		739,614		739,614

Financial liabilities:
Debt
Revolving Credit Facility	$	—	$	—	$	—	$	—
Delayed Draw Term Loan	—		—		—		—
Senior Unsecured Notes (3)	13,739,675		13,020,636		4,694,523		4,955,000

____________________

(1)These investments represent the JACK Master Lease, the Harrah’s Call Properties, the MGM Master Lease and the Foundation Master Lease. In relation to the JACK Master Lease and the Harrah’s Call Properties, the fair value of these assets are 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 MGM Master Lease and Foundation Master 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)These investments represent our investments in 11 senior secured and mezzanine loans. The fair value of these assets are based on significant “unobservable” market inputs and, as such, these fair value measurements are considered Level 3 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.

Gain Upon Lease Modification in Connection with the Caesars Transaction

On July 20, 2020, in connection with the Caesars Transaction and as required under ASC 842, we reassessed the lease classifications of the Caesars Las Vegas Master Lease, Caesars Regional Master Lease and Joliet Lease and determined the leases meet the definition of a sales-type lease, including the land component of Caesars Palace Las Vegas. Prior to reassessment, such leases were classified as direct financing leases, with the exception of the land component of Caesars Palace Las Vegas, which was classified as an operating lease. As a result of the reclassifications of the Caesars Lease Agreements from

direct financing and operating leases to sales-type leases, we recorded the investments at their estimated fair values as of the modification date and recognized a net gain equal to the difference in fair value of the asset and its carrying value immediately prior to the modification. As a result of the re-measurement of the Caesars Lease Agreements to fair value, we recognized a $333.4 million gain upon lease modification in our Statement of Operations during the year ended December 31, 2020.

Commitments and Contingencies Disclosure [Abstract]

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

+ References + Details

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2022

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, 2022, we are not subject to any litigation that we believe could have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations, liquidity or cash flows.

Operating Lease Commitments

We are liable under various operating leases for: (i) land at the Cascata golf course, which expires in 2038 and has three 10-year extension options and (ii) certain corporate offices, the most material of which is our corporate headquarters in New York, NY, which expires in 2030 and has one five-year renewal option. 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, and are between 5.3% and 5.5%. The weighted average remaining lease term as of December 31, 2022 under our operating leases was 13.6 years.

Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Rent expense	$	2,006	$	2,009	$	2,008
Contractual rent	$	1,901	$	1,881	$	1,600

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2022 are as follows:


(In thousands)	Lease Commitments
2023	$	1,937
2024	1,847
2025	1,908
2026	1,959
2027	1,979
Thereafter	15,138
Total minimum lease commitments	$	24,768
Discounting factor	8,682
Lease liability	$	16,086

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 the 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 Sheet and Statement of Operations. The following is a summary of the leases, the lease classification of which has been determined to be either an operating sub-lease or finance sub-lease.

Operating Sub-Lease Commitments

With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the leases and determined that they meet the definition of an operating lease. Accordingly, we have recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities.


(In thousands)	December 31, 2022		December 31, 2021
Others assets (operating sub-leases)	$	28,953	$	—
Other liabilities (operating sub-lease liabilities)	28,953		—

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Rental income and expense	$	5,707	$	—	$	—
Contractual rent	$	5,338	$	—	$	—

The future minimum lease commitments relating to the sub-leases at December 31, 2022 are as follows:


(In thousands)	Lease Commitments
2023	$	6,584
2024	6,553
2025	5,129
2026	3,934
2027	4,010
Thereafter	5,128
Total minimum lease commitments	$	31,338
Discounting factor	2,385
Finance sub-lease liability	$	28,953

The discount rate for the operating sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 2.6% and 2.9%. The weighted average remaining lease term as of December 31, 2022 under our finance leases was 6.9 years.

Finance Sub-Lease Commitments

With respect to the following information, we assessed the lease classification of certain of the sub-leases to our tenants through the Lease Agreements, and our obligation as primary obligor of the ground and use leases and determined that they meet the definition of a sales-type lease and finance lease. Accordingly, we have 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 Sheet of the ground and use sub-leases as of December 31, 2022 and December 31, 2021:


(In thousands)	December 31, 2022		December 31, 2021
Others assets (sales-type sub-leases, net)	$	764,509	$	273,970
Other liabilities (finance sub-lease liabilities)	784,259		280,510

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Rental income and expense	$	47,819	$	22,484	$	11,632
Contractual rent	$	52,191	$	26,350	$	17,983

The future minimum lease commitments relating to the ground and use sub-leases at December 31, 2022 are as follows:


(In thousands)	Lease Commitments
2023	$	58,769
2024	59,039
2025	59,174
2026	59,174
2027	59,174
Thereafter	2,555,535
Total minimum lease commitments	$	2,850,866
Discounting factor	2,066,607
Finance sub-lease liability	$	784,259

The discount rates for the finance ground and use sub-leases were determined based on the yield of our secured borrowings at the time of assumption of the leases, adjusted to match borrowings of similar terms, and are between 6% and 8%. The weighted average remaining lease term as of December 31, 2022 under our finance sub-leases was 54.7 years.

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stock

Authorized

As of December 31, 2022, 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

September 2021 Offering

On September 14, 2021, we completed a primary follow-on offering of 115,000,000 shares of common stock consisting of (i) 65,000,000 shares of common stock (including 15,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock) and (ii) 50,000,000 shares of common stock that were subject to forward sale agreements (as detailed in the table below), which required settlement by September 9, 2022, in each case at a public offering price of $29.50 per share for an aggregate offering value of $3.4 billion, resulting in net proceeds, after deduction of the underwriting discount and expenses, of $1,859.0 million from the sale of the 65,000,000 shares (including 15,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock). We did not initially receive any proceeds from the sale of the 50,000,000 shares subject to the forward sale agreements, which were sold to the underwriters by the forward purchasers or their respective affiliates.

Forward Offerings

The following table summarizes our public offering activity subject to forward sale agreements during the years ended December 31, 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
January 2023 Offering	January 18, 2023	30,302,500	$	33.00	$	1,000,000	$	31.85	$	964,400
November 2022 Offering	November 8, 2022	18,975,000	30.90		580,000		30.57		579,600
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

Total		168,277,500	$	30.08	$	5,056,000	$	29.19	$	4,910,000

____________________

(1)The forward sale agreements generally require settlement within one-year of the trade date, which is January 16, 2024 with respect to the January 2023 Offering, and was (i) November 3, 2023 with respect to the November 2022 Offering, (ii) September 9, 2022 with respect to the September 2021 Offering and (iii) March 4, 2022 with respect to the March 2021 Offering (all three of which have since settled).

(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.

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.

The following table summarizes settlement activity of the outstanding forward shares during the years ended December 31, 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
November 2022 Forward Sale Agreements	January 6, 2023	Physical	18,975,000	$	30.34	$	575,600
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
June 2020 Forward Sale Agreement	September 9, 2021	Physical	26,900,000	19.59		526,900
June 2020 Forward Sale Agreement	September 28, 2020	Physical	3,000,000	21.04		63,000
Total			167,875,000	$	26.12	$	4,384,700

At-the-Market Offering Program

In May 2021, we entered into an equity distribution agreement (the “ATM Agreement”), subsequently amended in November 2021, pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,000.0 million of our common stock (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 year ended December 31, 2022, all of which were sold subject to a forward sale agreement (collectively, the “ATM Forward Sale Agreements”). During the year ended December 31, 2021, we did not sell any shares under the ATM Program.


(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
December 2022 ATM Forward Sale Agreement	6,317,805	$	33.62	$	212,400	$	32.96	$	208,300
August 2022 ATM Forward Sale Agreement	3,918,807	34.73		136,080		34.40		134,800
June 2022 ATM Forward Sale Agreement	11,380,980	32.28		367,400		31.64		360,000
Total	21,617,592	$	33.12	$	715,880	$	32.53	$	703,100

We did not receive any proceeds from the sale of shares at the time we entered into 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.

The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program, all of which were settled subsequent to the year ended December 31, 2022.


(In thousands, except share and per share data)	Settlement Date	Settlement Type	Number of Shares Settled	Forward Share Price Upon Settlement		Total Net Proceeds
December 2022 ATM Forward Sale Agreement	January 6, 2023	Physical	6,317,805	$	32.99	$	208,402
August 2022 ATM Forward Sale Agreement	January 6, 2023	Physical	3,918,807	33.96		133,073
June 2022 ATM Forward Sale Agreement	January 3, 2023	Physical	11,380,980	31.20		355,168
Total			21,617,592	$	32.22	$	696,643

Common Stock Outstanding

The following table details the issuance of outstanding shares of common stock, including restricted common stock:


Common Stock Outstanding	2022	2021	2020
Beginning Balance January 1	628,942,092	536,669,722	461,004,742
Issuance of common stock in primary follow-on offerings	—	65,000,000	—
Issuance of common stock upon physical settlement of forward sale agreements (1)	119,000,000	26,900,000	68,000,000
Issuance of common stock in connection with the Merger	214,552,532	—	—
Issuance of common stock under the at-the-market offering program	—	—	7,500,000
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures	601,939	372,370	164,980
Ending Balance December 31	963,096,563	628,942,092	536,669,722

____________________

(1)Excludes the 40,592,592 shares subject to the November 2022 Forward Sale Agreement and the ATM Forward Sale Agreements as such shares were not yet settled as of December 31, 2022.

Distributions

Dividends declared (on a per share basis) during the years ended December 31, 2022 and 2021 were as follows:

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, 2033

July 1, 2022 - September 30, 2022

0.3900

December 8, 2022

December 22, 2022

January 5, 2022

October 1, 2022 - December 31, 2022

0.3900

Year Ended December 31, 2021

Declaration Date

Record Date

Payment Date

Period

Dividend

March 11, 2021

March 25, 2021

April 8, 2021

January 1, 2021 - March 31, 2021

0.3300

June 10, 2021

June 24, 2021

July 8, 2021

April 1, 2021 - June 30, 2021

0.3300

August 4, 2021

September 24, 2021

October 7, 2021

July 1, 2021 - September 30, 2021

0.3600

December 9, 2021

December 23, 2021

January 6, 2022

October 1, 2021 - December 31, 2021

0.3600

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Earnings Per Share and Earning Per Unit

Earnings Per Share and Earning Per Unit

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, 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)	2022	2021	2020
Determination of shares:
Weighted-average shares of common stock outstanding	877,508	564,467	506,141
Assumed conversion of restricted stock	955	924	412
Assumed settlement of forward sale agreements	1,213	11,675	4,356
Diluted weighted-average shares of common stock outstanding	879,676	577,066	510,909


	Year Ended December 31,
(In thousands, except per share data)	2022		2021		2020
Basic:
Net income attributable to common stockholders	$	1,117,635	$	1,013,851	$	891,674
Weighted-average shares of common stock outstanding	877,508		564,467		506,141
Basic EPS	$	1.27	$	1.80	$	1.76

Diluted:
Net income attributable to common stockholders	$	1,117,635	$	1,013,851	$	891,674
Diluted weighted-average shares of common stock outstanding	879,676		577,066		510,909
Diluted EPS	$	1.27	$	1.76	$	1.75

Earnings Per Unit

The following section presents the basic earnings per unit (“EPU”) 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)	2022	2021	2020
Determination of units:
Weighted-average units outstanding	885,786	564,467	506,141
Assumed conversion of VICI restricted stock	955	924	412
Assumed settlement of VIC forward sale agreements	1,213	11,675	4,356
Diluted weighted-average units outstanding	887,953	577,066	510,909


	Year Ended December 31,
(In thousands, except per share data)	2022		2021		2020
Basic:
Net income attributable to partners	$	1,118,471	$	1,008,534	$	889,608
Weighted-average units outstanding	885,786		564,467		506,141
Basic EPU	$	1.26	$	1.79	$	1.76

Diluted:
Net income attributable to partners	$	1,118,471	$	1,008,534	$	889,608
Diluted weighted-average units outstanding	887,953		577,066		510,909
Diluted EPU	$	1.26	$	1.75	$	1.74

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

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, 2022, 10,890,794 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, 2022, 2021 and 2020, the Company granted approximately 384,000, 172,000, and 179,000 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 to three years. The number of shares granted was determined based on the 10-day volume weighted average price using the 10 trading days immediately preceding the grant date.

Performance-Based Restricted Stock Units

During the years ended December 31, 2022, 2021 and 2020 the Company granted approximately 336,000, 188,000, and 239,000 restricted stock units, respectively, at target level of performance under the Plan 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% - 2.4% and an expected price volatility of 13.8% - 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)	2022		2021		2020
Stock-based compensation expense	$	12,986	$	9,371	$	7,388

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, 2019	310,470	$	21.58	291,003	$	20.71
Granted	183,744	23.56		239,437	19.90
Vested	(144,694)	20.21		—	—
Forfeited	(24,655)	21.21		—	—
Canceled	—	—		—	—
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

As of December 31, 2022, there was $17.8 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 1.9 years.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

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 composition of our income tax expense (benefit) was as follows:


	Year Ended December 31,
	2022						2021						2020
(In thousands)	Current		Deferred		Total		Current		Deferred		Total		Current		Deferred		Total
Federal	$	1,758	$	469	$	2,227	$	1,066	$	358	$	1,424	$	381	$	148	$	529
State	658		(9)		649		1,475		(12)		1,463		299		3		302
Income tax expense	$	2,416	$	460	$	2,876	$	2,541	$	346	$	2,887	$	680	$	151	$	831

At December 31, 2022 and 2021, 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, 2022		December 31, 2021
Deferred tax assets:

Lease liability	$	2,310	$	2375
Accruals, reserves and other	221		32
Total deferred tax assets	2,531		2,407
Deferred tax liabilities:
Land, buildings and equipment, net	(4,560)		(3,911)
Right of use asset	(2,310)		(2,375)
Total deferred tax liabilities	(6,870)		(6,286)
Net deferred tax liability	$	(4,339)	$	(3,879)

The following table reconciles our effective income tax rate to the historical federal statutory rate of 21% for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
	2022				2021				2020
($ in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal income tax expense at statutory rate	$	239,220	21.0	%	$	215,469	21.0	%	$	188,378	21.0	%
REIT income not subject to federal income tax	(237,069)		(20.8)		(214,037)		(20.9)		(187,839)		(20.9)
Pre-tax gain attributable to taxable subsidiaries	2,151		0.2		1,432		0.1		539		0.1
State income taxes, net of federal benefits	648		0.1		1,444		0.1		296		—
Non-deductible expenses and other	77		—		11		—		(4)		—
Income tax expense	$	2,876	0.3	%	$	2,887	0.2	%	$	831	0.1	%

We declared dividends of $1.500, $1.380 and $1.255 per common share during the years ended December 31, 2022, 2021 and 2020, respectively. For U.S. federal income tax purposes, the portion of the dividends allocated to stockholders for the years ended December 31, 2022, 2021 and 2020 are characterized as follows:


	Year Ended December 31,
($ per share)	2022		2021		2020
Ordinary dividends	$	1.5787	$	0.7108	$	1.2225
Section 199A dividends (1)	$	1.5787	$	0.7108	$	1.2225


Non-dividend distribution	$	—	$	0.6392	$	—

____________________

(1)These amounts are a subset of, and are included in, the ordinary dividend amounts.

As of December 31, 2022, 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, 2022, the 2019, 2020, and 2021 tax years remain subject to examination by federal, state and local tax authorities. The tax filings for tax year 2022 have not yet been filed, and once made, will be subject to examination by taxing authorities for a period of three years.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Principles of Consolidation and Non-controlling Interest

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Non-controlling Interests

Reportable Segments

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents and Restricted CashCash 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.

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

Investments in Leases - Sales-type and Financing Receivables, Net, and Lease Term and Loans, net

Investments in Leases - Sales-type, Net

Investments in Leases - Financing Receivables, Net

Lease Term

Investments in Loans, net

Income from Leases and Lease Financing Receivables

Allowance for Credit Losses

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.

Property and Equipment Used in Operations

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			2-5 years

Impairment

Investment in Unconsolidated Affiliate

Other income and Other expenses

Fair Value Measurements

Derivative Financial Instruments

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

Golf Revenues

Income Taxes - REIT Qualification

Income Taxes-REIT Qualification

We recognize any interest and penalties, as incurred, in general and administrative expenses in our Statement of Operations.

Debt Issuance Costs

Transaction and Acquisition Expenses

Transaction and Acquisition ExpensesTransaction 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

Earnings Per Share and Earnings Per Unit

Earnings Per Share and Earnings Per UnitEarnings 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.

Underwriting Commissions and Offering Costs

Concentrations of Credit Risk

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

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			2-5 years


(In thousands)	December 31, 2022		December 31, 2021
Land and land improvements	$	60,332	$	59,250
Buildings and improvements	15,125		14,880
Furniture and equipment	9,563		9,014
Total property and equipment used in operations	85,020		83,144
Less: accumulated depreciation	(17,811)		(14,629)
Total property and equipment used in operations, net	$	67,209	$	68,515


	Year Ended December 31,
(In thousands)	2022		2021		2020
Depreciation expense	$	3,182	$	3,091	$	3,731

Real Estate Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Asset Acquisition

The number of MGP Common Shares converted to shares of VICI common stock was determined as follows:


MGP 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 Common Shares.

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 OP Notes and Exchange 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

____________________

(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.


(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

____________________

(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.

Summary Of Loan Originations

The following table summarizes our 2022 development loan origination activity to date:

($ in thousands)

Loan Name

Maximum Loan Amount

Loan Type

Development Project

Fontainebleau Las Vegas

350,000

Mezzanine

Completion of 67-story hotel, gaming, meeting, and entertainment destination located on the north end of the Las Vegas Strip

Canyon Ranch Austin

200,000

Senior Secured

Canyon Ranch Austin wellness resort located in Austin, TX

Great Wolf Northeast

287,920

Senior Secured

549-room indoor water park resort project in Mashantucket, CT

Great Wolf Gulf Coast Texas

127,000

Mezzanine

532-room indoor water park resort located in Webster, TX

Great Wolf South Florida

59,000

Mezzanine

532-room indoor water park resort located in Collier County, FL

Cabot Citrus Farms

120,000

Senior Secured

Cabot Citrus Farms golf course and resort located in Brookdale, FL

BigShots

80,000

Senior Secured

BigShots Golf Facilities throughout the United States

Total

1,223,920

Real Estate Portfolio (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule Real Estate Portfolio

The following is a summary of the balances of our real estate portfolio as of December 31, 2022 and 2021:


(In thousands)	December 31, 2022		December 31, 2021






Investments in leases - sales-type, net (1)	17,172,325		13,136,664

Investments in leases - financing receivables, net	16,740,770		2,644,824
Total investments in leases, net	33,913,095		15,781,488
Investments in loans, net	685,793		498,002
Investment in unconsolidated affiliate	1,460,775		—
Land	153,560		153,576
Total real estate portfolio	$	36,213,223	$	16,433,066

____________________

Schedule of Components of Direct Financing and Operating Leases


	Year Ended December 31,
(In thousands)	2022		2021		2020
Income from sales-type leases - fixed rent (1)	$	1,436,945	$	1,161,655	$	1,007,193
Income from sales-type leases - contingent rent (1)	27,300		6,317		315
Income from operating leases (2)	—		—		25,464
Income from lease financing receivables - fixed rent (1)(3)	995,383		243,008		137,344
Income from lease financing receivables - contingent rent (1)(3)	1,673		—		—
Total lease revenue	2,461,301		1,410,980		1,170,316
Non-cash adjustment (4)	(337,631)		(119,790)		(39,883)
Total contractual lease revenue	$	2,123,670	$	1,291,190	$	1,130,433

____________________

Schedule of Future Minimum Lease Payments for Operating and Capital Leases

At December 31, 2022, minimum lease payments owed to us for each of the five succeeding years 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
2023	$	1,344,189	$	1,126,837	$	2,471,026
2024	1,366,127		1,148,616		2,514,743
2025	1,389,500		1,169,998		2,559,498
2026	1,409,190		1,191,924		2,601,114
2027	1,429,526		1,214,331		2,643,857
Thereafter	56,743,837		87,539,154		144,282,991
Total	$	63,682,369	$	93,390,860	$	157,073,229

Weighted Average Lease Term (2)	36.3 years		50.6 years		43.4 years

____________________

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

(2) The minimum lease payments and weighted average remaining lease term assumes the exercise of all tenant renewal options, consistent with our conclusions under ASC 842 and ASC 310.

Schedule of Lease Agreements

The following is a summary of the material lease provisions of our Caesars Leases and leases with MGM, our two most significant tenants:

($ In thousands)

Caesars Regional Master Lease and Joliet Lease

Caesars Las Vegas
Master Lease

MGM Master Lease

MGM Grand/Mandalay Bay Lease (1)

Lease Provision

Initial term

18 years

25 years

30 years

Initial term maturity

7/31/2035

4/30/2047

2/28/2050

Renewal terms

Four, five-year terms

Three, 10-year terms

Two, 10-year terms

Current lease year (2)

11/1/22 - 10/31/23 (Lease Year 6)

4/29/22-4/30/23 (Lease Year 1)

3/1/22 - 2/28/23 (Lease Year 3)

Current annualized rent

$703,678 (3)

$454,478

730,000 (4)

303,800

Annual escalator (5)

Lease years 2-5 - 1.5%

Lease years 6-end of term - CPI subject to 2.0% floor

> 2% / change in CPI

Lease years 2-10 - 2%

Lease years 11-end of term - >2% / change in CPI (capped at 3%)

Lease years 2-15 - 2%

Lease years 16-end of term - >2% / change in CPI (capped at 3%)

Variable rent adjustment (6)

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 (5)

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

____________________

(5) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP.

(6) Variable rent is not subject to the Escalator.

Schedule Of Capital Expenditure Requirements Under Lease Agreements

summarizes the capital expenditure requirements of our 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 Leases (1)

Yearly minimum expenditure

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

____________________

(1) Represents the tenants under our other Lease Agreements not specifically outlined in the table, as specified in their respective Lease Agreements.

Summary of Investments In Loans

The following is a summary of our investments in loans as of December 31, 2022 and 2021:


($ In thousands)	December 31, 2022
Loan Type	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate (3)		Weighted Average Term (4)
Senior Secured	$	495,901	$	492,895	$	584,049	7.8	%	3.2 years
Mezzanine	196,597		192,898		514,882		9.1	%	4.3 years



Total	$	692,498	$	685,793	$	1,098,931	8.2	%	3.5 years


($ In thousands)	December 31, 2021
Loan Type	Principal Balance		Carrying Value (1)		Future Funding Commitments (2)		Weighted Average Interest Rate		Weighted Average Term (3)
Senior Secured	$	465,000	$	465,034	$	15,000	7.8	%	3.5 years
Mezzanine	33,614		32,968		45,886		8.0	%	4.0 years



Total	$	498,614	$	498,002	$	60,886	7.8	%	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, 2022.

(4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Net Investment in Lease, Allowance for Credit Loss

The following tables detail the allowance for credit losses as of December 31, 2022 and December 31, 2021:


	December 31, 2022
(In thousands)	Amortized Cost		Allowance (1)		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	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	%


	December 31, 2021
(In thousands)	Amortized Cost		Allowance		Net Investment		Allowance as a % of Amortized Cost
Investments in leases - sales-type	$	13,571,516	$	(434,852)	$	13,136,664	3.20	%
Investments in leases - financing receivables	2,735,948		(91,124)		2,644,824		3.33	%
Investments in loans	498,775		(773)		498,002		0.15	%
Other assets - sales-type sub-leases	280,510		(6,540)		273,970		2.33	%
Totals	$	17,086,749	$	(533,289)	$	16,553,460	3.12	%

____________________

The following chart reflects the roll-forward of the allowance for credit losses on our real estate portfolio for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Beginning Balance January 1,	$	534,325	$	553,879	$	—
Initial allowance upon adoption	—		—		309,362
Initial allowance from current period investments	573,624		1,725		90,368
Current period change in credit allowance	260,870		(21,279)		154,149
Charge-offs	—		—		—
Recoveries	—		—		—
Ending Balance December 31,	$	1,368,819	$	534,325	$	553,879

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, 2022, 2021 and 2020:


	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


	December 31, 2020
(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)	$	—	$	—	$	15,733,402	$	934,628	$	281,246	$	65,012	$	17,014,288

____________________

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Assets

The following table details the components of our other assets as of December 31, 2022 and 2021:


(In thousands)	December 31, 2022		December 31, 2021
Sales-type sub-leases, net (1)	$	764,509	$	273,970
Property and equipment used in operations, net	67,209		68,515
Right of use assets and sub-lease right of use assets	45,008		16,811
Debt financing costs	18,646		24,928
Deferred acquisition costs	12,834		24,690
Prepaid expenses	7,348		3,660
Interest receivable	6,911		2,780
Other receivables	6,474		341
Tenant receivables	5,498		5,032
Forward-starting interest rate swaps	—		884
Other	1,891		3,082
Total other assets	$	936,328	$	424,693

_______________________________________________________

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			2-5 years


(In thousands)	December 31, 2022		December 31, 2021
Land and land improvements	$	60,332	$	59,250
Buildings and improvements	15,125		14,880
Furniture and equipment	9,563		9,014
Total property and equipment used in operations	85,020		83,144
Less: accumulated depreciation	(17,811)		(14,629)
Total property and equipment used in operations, net	$	67,209	$	68,515


	Year Ended December 31,
(In thousands)	2022		2021		2020
Depreciation expense	$	3,182	$	3,091	$	3,731

Schedule of Other Liabilities

The following table details the components of our other liabilities as of December 31, 2022 and 2021:


(In thousands)	December 31, 2022		December 31, 2021
Finance sub-lease liabilities	$	784,259	$	280,510
Deferred financing liabilities	73,600		73,600
Lease liabilities and sub-lease liabilities	45,039		16,811
CECL allowance for unfunded commitments	45,110		1,037
Deferred income taxes	4,339		3,879
Other	125		—

Total other liabilities	$	952,472	$	375,837

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following tables detail our debt obligations as of December 31, 2022 and 2021:


($ In thousands)	December 31, 2022
Description of Debt (1)	Maturity	Interest Rate	Face Value		Carrying Value(2)
Revolving Credit Facility (3) (4)	2026	SOFR + 1.050%	$	—	$	—
Delayed Draw Term Loan (5)	2025	SOFR + 1.200%	—		—
November 2019 Notes (6)
2026 Maturity	2026	4.250%	1,250,000		1,238,825
2029 Maturity	2029	4.625%	1,000,000		988,931
February 2020 Notes (6)
2025 Maturity	2025	3.500%	750,000		745,020
2027 Maturity	2027	3.750%	750,000		743,086
2030 Maturity	2030	4.125%	1,000,000		988,626
April 2022 Notes (6)
2025 Maturity	2025	4.375%	500,000		496,314
2028 Maturity	2028	4.516% (7)	1,250,000		1,237,082
2030 Maturity	2030	4.541% (7)	1,000,000		987,618
2032 Maturity	2032	3.980% (7)	1,500,000		1,480,799
2052 Maturity	2052	5.625%	750,000		735,360
Exchange Notes (6)
2024 Maturity	2024	5.625%	1,024,169		1,029,226
2025 Maturity	2025	4.625%	799,368		783,659
2026 Maturity	2026	4.500%	480,524		463,018
2027 Maturity	2027	5.750%	729,466		738,499
2028 Maturity	2028	4.500%	349,325		336,545
2029 Maturity	2029	3.875%	727,114		660,489
MGP OP Notes (6)
2024 Maturity	2024	5.625%	25,831		25,901
2025 Maturity	2025	4.625%	632		615
2026 Maturity	2026	4.500%	19,476		18,542
2027 Maturity	2027	5.750%	20,534		20,520
2028 Maturity	2028	4.500%	675		639
2029 Maturity	2029	3.875%	22,886		20,361
Total Debt		4.496% (8)	$	13,950,000	$	13,739,675


($ In thousands)	December 31, 2021
Description of Debt	Maturity	Interest Rate	Face Value		Carrying Value(1)
Secured Revolving Credit Facility (9)	2024	L + 2.00%	$	—	$	—

November 2019 Notes (5)
2026 Maturity	2026	4.250%	1,250,000		1,235,972
2029 Maturity	2029	4.625%	1,000,000		987,331
February 2020 Notes (5)
2025 Maturity	2025	3.500%	750,000		742,677
2027 Maturity	2027	3.750%	750,000		741,409
2030 Maturity	2030	4.125%	1,000,000		987,134
Total Debt		4.105%	$	4,750,000	$	4,694,523

____________________

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

(6)Interest is payable semi-annually.

The following table shows the amount of such fees recognized in Interest expense on our Statement of Operations for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
(In thousands)	2022		2021		2020
MGP Transactions Bridge Facility	$	15,338	$	38,762	$	—
Venetian Acquisition Bridge Facility	968		16,387		—
Caesars Transaction Bridge Facility	—		—		3,068

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, 2022:


($ In thousands)	Future Minimum Payments
2023	$	—
2024	1,050,000
2025	2,050,000
2026	1,750,000
2027	1,500,000
Thereafter	7,600,000
Total minimum repayments	$	13,950,000

Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives

($ in thousands)

December 31, 2021

Instrument

Number of Instruments

Fixed Rate

Notional

Index

Maturity

Forward-starting interest rate swap

1.3465%

$500,000

USD SOFR- COMPOUND

May 2, 2032

The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Unrealized gain recorded in other comprehensive income	$	200,550	$	—	$	—
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks	(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)	2022		2021		2020
Unrealized gain (loss) recorded in other comprehensive income	$	—	$	29,166	$	(27,443)
Interest from interest rate swaps recorded in interest expense	—		29,960		42,797
Interest rate swap settlement recorded in interest expense	—		64,239		—

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

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

Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

The following tables summarize our assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021:


	December 31, 2022
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Short-term investments (1)	$	217,342	$	—	$	217,342	$	—


	December 31, 2021
			Fair Value
(In thousands)	Carrying Amount		Level 1		Level 2		Level 3
Financial assets:
Derivative instruments - forward-starting interest rate swap (2)	$	884	$	—	$	884	$	—

____________________

(1)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, 2022 and 2021 for which fair value is only disclosed are as follows:


	December 31, 2022				December 31, 2021
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in leases - financing receivables (1)	$	16,740,770	$	17,871,771	$	2,644,824	$	3,104,337
Investments in loans (2)	685,793		675,456		498,002		498,614
Cash and cash equivalents	208,933		208,933		739,614		739,614

Financial liabilities:
Debt
Revolving Credit Facility	$	—	$	—	$	—	$	—
Delayed Draw Term Loan	—		—		—		—
Senior Unsecured Notes (3)	13,739,675		13,020,636		4,694,523		4,955,000

____________________

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Rent Expenses

Total rental expense, included in golf operations and general and administrative expenses in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Rent expense	$	2,006	$	2,009	$	2,008
Contractual rent	$	1,901	$	1,881	$	1,600

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Rental income and expense	$	5,707	$	—	$	—
Contractual rent	$	5,338	$	—	$	—

Total rental income and rental expense, included in Other income and Other expenses, respectively, in our Statement of Operations and contractual rent expense under these agreements were as follows:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Rental income and expense	$	47,819	$	22,484	$	11,632
Contractual rent	$	52,191	$	26,350	$	17,983

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, 2022 are as follows:


(In thousands)	Lease Commitments
2023	$	1,937
2024	1,847
2025	1,908
2026	1,959
2027	1,979
Thereafter	15,138
Total minimum lease commitments	$	24,768
Discounting factor	8,682
Lease liability	$	16,086

The future minimum lease commitments relating to the sub-leases at December 31, 2022 are as follows:


(In thousands)	Lease Commitments
2023	$	6,584
2024	6,553
2025	5,129
2026	3,934
2027	4,010
Thereafter	5,128
Total minimum lease commitments	$	31,338
Discounting factor	2,385
Finance sub-lease liability	$	28,953

Schedule of Assets And Liabilities

Accordingly, we have recorded sub-lease right-of-use assets in Other assets and sub-lease liabilities in Other liabilities.


(In thousands)	December 31, 2022		December 31, 2021
Others assets (operating sub-leases)	$	28,953	$	—
Other liabilities (operating sub-lease liabilities)	28,953		—

The following table details the balance and location in our Balance Sheet of the ground and use sub-leases as of December 31, 2022 and December 31, 2021:


(In thousands)	December 31, 2022		December 31, 2021
Others assets (sales-type sub-leases, net)	$	764,509	$	273,970
Other liabilities (finance sub-lease liabilities)	784,259		280,510

Schedule of Finance Lease, Liability, Fiscal Year Maturity

The future minimum lease commitments relating to the ground and use sub-leases at December 31, 2022 are as follows:


(In thousands)	Lease Commitments
2023	$	58,769
2024	59,039
2025	59,174
2026	59,174
2027	59,174
Thereafter	2,555,535
Total minimum lease commitments	$	2,850,866
Discounting factor	2,066,607
Finance sub-lease liability	$	784,259

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

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, 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
January 2023 Offering	January 18, 2023	30,302,500	$	33.00	$	1,000,000	$	31.85	$	964,400
November 2022 Offering	November 8, 2022	18,975,000	30.90		580,000		30.57		579,600
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

Total		168,277,500	$	30.08	$	5,056,000	$	29.19	$	4,910,000

____________________

The following table summarizes settlement activity of the outstanding forward shares during the years ended December 31, 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
November 2022 Forward Sale Agreements	January 6, 2023	Physical	18,975,000	$	30.34	$	575,600
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
June 2020 Forward Sale Agreement	September 9, 2021	Physical	26,900,000	19.59		526,900
June 2020 Forward Sale Agreement	September 28, 2020	Physical	3,000,000	21.04		63,000
Total			167,875,000	$	26.12	$	4,384,700

Schedule of Shares Sold Activity


(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
December 2022 ATM Forward Sale Agreement	6,317,805	$	33.62	$	212,400	$	32.96	$	208,300
August 2022 ATM Forward Sale Agreement	3,918,807	34.73		136,080		34.40		134,800
June 2022 ATM Forward Sale Agreement	11,380,980	32.28		367,400		31.64		360,000
Total	21,617,592	$	33.12	$	715,880	$	32.53	$	703,100

The following table summarizes our settlement activity of the outstanding forward shares under the ATM Program, all of which were settled subsequent to the year ended December 31, 2022.


(In thousands, except share and per share data)	Settlement Date	Settlement Type	Number of Shares Settled	Forward Share Price Upon Settlement		Total Net Proceeds
December 2022 ATM Forward Sale Agreement	January 6, 2023	Physical	6,317,805	$	32.99	$	208,402
August 2022 ATM Forward Sale Agreement	January 6, 2023	Physical	3,918,807	33.96		133,073
June 2022 ATM Forward Sale Agreement	January 3, 2023	Physical	11,380,980	31.20		355,168
Total			21,617,592	$	32.22	$	696,643

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	2022	2021	2020
Beginning Balance January 1	628,942,092	536,669,722	461,004,742
Issuance of common stock in primary follow-on offerings	—	65,000,000	—
Issuance of common stock upon physical settlement of forward sale agreements (1)	119,000,000	26,900,000	68,000,000
Issuance of common stock in connection with the Merger	214,552,532	—	—
Issuance of common stock under the at-the-market offering program	—	—	7,500,000
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures	601,939	372,370	164,980
Ending Balance December 31	963,096,563	628,942,092	536,669,722

____________________

(1)Excludes the 40,592,592 shares subject to the November 2022 Forward Sale Agreement and the ATM Forward Sale Agreements as such shares were not yet settled as of December 31, 2022.

Summary of Dividends Declared

Dividends declared (on a per share basis) during the years ended December 31, 2022 and 2021 were as follows:

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, 2033

July 1, 2022 - September 30, 2022

0.3900

December 8, 2022

December 22, 2022

January 5, 2022

October 1, 2022 - December 31, 2022

0.3900

Year Ended December 31, 2021

Declaration Date

Record Date

Payment Date

Period

Dividend

March 11, 2021

March 25, 2021

April 8, 2021

January 1, 2021 - March 31, 2021

0.3300

June 10, 2021

June 24, 2021

July 8, 2021

April 1, 2021 - June 30, 2021

0.3300

August 4, 2021

September 24, 2021

October 7, 2021

July 1, 2021 - September 30, 2021

0.3600

December 9, 2021

December 23, 2021

January 6, 2022

October 1, 2021 - December 31, 2021

0.3600

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Schedule of Weighted Average Earnings Per Share

Earnings Per Share and Earning Per Unit (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]


	Year Ended December 31,
(In thousands)	2022	2021	2020
Determination of shares:
Weighted-average shares of common stock outstanding	877,508	564,467	506,141
Assumed conversion of restricted stock	955	924	412
Assumed settlement of forward sale agreements	1,213	11,675	4,356
Diluted weighted-average shares of common stock outstanding	879,676	577,066	510,909


	Year Ended December 31,
(In thousands, except per share data)	2022		2021		2020
Basic:
Net income attributable to common stockholders	$	1,117,635	$	1,013,851	$	891,674
Weighted-average shares of common stock outstanding	877,508		564,467		506,141
Basic EPS	$	1.27	$	1.80	$	1.76

Diluted:
Net income attributable to common stockholders	$	1,117,635	$	1,013,851	$	891,674
Diluted weighted-average shares of common stock outstanding	879,676		577,066		510,909
Diluted EPS	$	1.27	$	1.76	$	1.75

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)	2022	2021	2020
Determination of units:
Weighted-average units outstanding	885,786	564,467	506,141
Assumed conversion of VICI restricted stock	955	924	412
Assumed settlement of VIC forward sale agreements	1,213	11,675	4,356
Diluted weighted-average units outstanding	887,953	577,066	510,909


	Year Ended December 31,
(In thousands, except per share data)	2022		2021		2020
Basic:
Net income attributable to partners	$	1,118,471	$	1,008,534	$	889,608
Weighted-average units outstanding	885,786		564,467		506,141
Basic EPU	$	1.26	$	1.79	$	1.76

Diluted:
Net income attributable to partners	$	1,118,471	$	1,008,534	$	889,608
Diluted weighted-average units outstanding	887,953		577,066		510,909
Diluted EPU	$	1.26	$	1.75	$	1.74

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Stock-based compensation expense	$	12,986	$	9,371	$	7,388

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, 2019	310,470	$	21.58	291,003	$	20.71
Granted	183,744	23.56		239,437	19.90
Vested	(144,694)	20.21		—	—
Forfeited	(24,655)	21.21		—	—
Canceled	—	—		—	—
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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022						2021						2020
(In thousands)	Current		Deferred		Total		Current		Deferred		Total		Current		Deferred		Total
Federal	$	1,758	$	469	$	2,227	$	1,066	$	358	$	1,424	$	381	$	148	$	529
State	658		(9)		649		1,475		(12)		1,463		299		3		302
Income tax expense	$	2,416	$	460	$	2,876	$	2,541	$	346	$	2,887	$	680	$	151	$	831

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2022 and 2021, 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, 2022		December 31, 2021
Deferred tax assets:

Lease liability	$	2,310	$	2375
Accruals, reserves and other	221		32
Total deferred tax assets	2,531		2,407
Deferred tax liabilities:
Land, buildings and equipment, net	(4,560)		(3,911)
Right of use asset	(2,310)		(2,375)
Total deferred tax liabilities	(6,870)		(6,286)
Net deferred tax liability	$	(4,339)	$	(3,879)

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, 2022, 2021 and 2020:


	Year Ended December 31,
	2022				2021				2020
($ in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal income tax expense at statutory rate	$	239,220	21.0	%	$	215,469	21.0	%	$	188,378	21.0	%
REIT income not subject to federal income tax	(237,069)		(20.8)		(214,037)		(20.9)		(187,839)		(20.9)
Pre-tax gain attributable to taxable subsidiaries	2,151		0.2		1,432		0.1		539		0.1
State income taxes, net of federal benefits	648		0.1		1,444		0.1		296		—
Non-deductible expenses and other	77		—		11		—		(4)		—
Income tax expense	$	2,876	0.3	%	$	2,887	0.2	%	$	831	0.1	%

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, 2022, 2021 and 2020 are characterized as follows:


	Year Ended December 31,
($ per share)	2022		2021		2020
Ordinary dividends	$	1.5787	$	0.7108	$	1.2225
Section 199A dividends (1)	$	1.5787	$	0.7108	$	1.2225


Non-dividend distribution	$	—	$	0.6392	$	—

____________________

(1)These amounts are a subset of, and are included in, the ordinary dividend amounts.

Business and Organization (Details) - property	Jan. 06, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)		45
Subsequent Event
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)	49
Golf Courses
Organization, Consolidation and Presentation of Financial Statements
Number of real estate properties (properties)		4

Summary of Significant Accounting Policies - Narrative (Details)		12 Months Ended
	Jan. 09, 2023 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property segment	Dec. 31, 2022 USD ($) property tradingDay	Dec. 31, 2022 USD ($) property d	Dec. 31, 2021 USD ($)	Dec. 31, 2020	Dec. 31, 2017 USD ($) a	Jan. 08, 2023	Jan. 06, 2023 property
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		$ 217,342,000	217,342,000	$ 217,342,000	$ 217,342,000	$ 217,342,000	$ 217,342,000	$ 0
Variable golf fees			10,800,000
Use fees			3,500,000
Minimum rounds fees			$ 1,400,000
Number of golf courses \| property		45	45	45	45	45	45
Subsequent Event
Real Estate Properties
Number of golf courses \| property												49
MGM Grand Mandalay Bay JV \| Subsequent Event
Real Estate Properties
Interest acquired	49.90%
Consideration transferred	$ 1,261,900,000
BREIT JV
Real Estate Properties
Equity method investment, ownership percentage		50.10%	50.10%	50.10%	50.10%	50.10%	50.10%
BREIT JV \| Subsequent Event
Real Estate Properties
Equity method investment, ownership percentage											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				45.00%				32.00%	30.00%
Caesars Entertainment Corporation \| Customer Concentration Risk \| Revenue Benchmark
Real Estate Properties
Concentration risk percentage				46.00%				85.00%	84.00%
MGM Resorts International \| Geographic Concentration Risk \| Revenue Benchmark
Real Estate Properties
Concentration risk percentage				34.00%
Minimum
Real Estate Properties
Award vesting period (in years)		0 years
Maximum
Real Estate Properties
Award vesting period (in years)		3 years
Harrah’s Joliet LandCo LLC
Real Estate Properties
Noncontrolling interest, ownership percentage		20.00%	20.00%	20.00%	20.00%	20.00%	20.00%
VICI OP
Real Estate Properties
Noncontrolling interest, ownership percentage		1.30%	1.30%	1.30%	1.30%	1.30%	1.30%
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 Accounting Policies - Schedule Of Depreciation (Details)	12 Months Ended
	Dec. 31, 2022
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	5 years

Real Estate Transactions - MGM Grand/Mandalay Bay JV Interest Acquisition (Details) $ in Millions	Jan. 09, 2023 USD ($) renewal	Apr. 29, 2022 USD ($) renewal	Jan. 08, 2023	Dec. 31, 2022
BREIT JV
Asset Acquisition [Line Items]
Equity method investment, ownership percentage				50.10%
Subsequent Event \| MGM Grand Mandalay Bay Note due 2030
Asset Acquisition [Line Items]
Interest rate, stated percentage (percent)	3.558%
Subsequent Event \| MGM Grand Mandalay Bay JV
Asset Acquisition [Line Items]
Interest acquired	49.90%
Consideration transferred	$ 1,261.9
Subsequent Event \| MGM Grand Mandalay Bay JV \| MGM Grand Mandalay Bay Note due 2030
Asset Acquisition [Line Items]
Liabilities incurred	1,497.0
Subsequent Event \| BREIT JV
Asset Acquisition [Line Items]
Equity method investment, ownership percentage			50.10%
Subsequent Event \| BREIT JV \| MGM Grand Mandalay Bay JV \| MGM Grand Mandalay Bay Note due 2030
Asset Acquisition [Line Items]
Liabilities incurred	3,000.0
Minimum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term				5 years
MGM Grand Mandalay Bay Lease
Asset Acquisition [Line Items]
Contractual annual rent amounts		$ 303.8
Initial lease term		30 years
Number of renewal options \| renewal		2
Lessor, sales-type lease, renewal term		10 years
Annual rent increase, cap percent		3.00%
MGM Grand Mandalay Bay Lease \| Subsequent Event
Asset Acquisition [Line Items]
Contractual annual rent amounts	$ 303.8
Initial lease term	27 years
Number of renewal options \| renewal	2
Lessor, sales-type lease, renewal term	10 years
Annual rent increase, cap percent	3.00%
MGM Grand Mandalay Bay Lease \| Minimum
Asset Acquisition [Line Items]
Annual escalation rate		2.00%
MGM Grand Mandalay Bay Lease \| Minimum \| Subsequent Event
Asset Acquisition [Line Items]
Annual escalation rate	2.00%

Real Estate Transactions - Pure Canadian Gaming (Details) $ in Thousands, $ in Millions					12 Months Ended
	Jan. 06, 2023 USD ($) renewal	Jan. 06, 2023 CAD ($) renewal	Jan. 03, 2023 USD ($)	Jan. 03, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 06, 2023 CAD ($)
Asset Acquisition [Line Items]
Proceeds from Revolving Credit Facility \| $					$ 600,000	$ 0	$ 0
Minimum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term					5 years
Maximum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term					30 years
Subsequent Event
Asset Acquisition [Line Items]
Proceeds from Revolving Credit Facility	$ 103,400	$ 140.0	$ 103,400	$ 140.0
Subsequent Event \| PURE Master Lease
Asset Acquisition [Line Items]
Contractual annual rent amounts	$ 16,100							$ 21.8
Initial lease term	25 years							25 years
Number of renewal options \| renewal	4	4
Lessor, sales-type lease, renewal term	5 years							5 years
Annual escalation rate	1.50%	1.50%
Yearly minimum expenditure	1.00%	1.00%
Subsequent Event \| PURE Master Lease \| Minimum
Asset Acquisition [Line Items]
Annual escalation rate	1.25%	1.25%
Subsequent Event \| PURE Master Lease \| Maximum
Asset Acquisition [Line Items]
Annual escalation rate	2.50%	2.50%
PURE Portfolio Assets \| Subsequent Event
Asset Acquisition [Line Items]
Consideration transferred	$ 200,800	$ 271.9

Real Estate Transactions - Foundation Gaming (Details)
$ in Thousands

Dec. 22, 2022

USD ($)

renewal

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

^[1]

$ 16,740,770

$ 2,644,824

Minimum

5 years

Maximum

30 years

Foundation Master Lease

Contractual annual rent amounts

$ 24,300

Initial lease term

15 years

Number of renewal options | renewal

5 years

Yearly minimum expenditure

1.50%

1.00%

Foundation Master Lease | Investments in leases - financing receivables, net

Foundation Master Lease | Minimum

$ 28,200

Foundation Master Lease | Maximum

1.00%

3.00%

Foundation Gaming Assets

Consideration transferred

$ 293,400

[1]

Real Estate Transactions - Rocky Gap Casino (Details) $ in Millions	Jun. 30, 2023 USD ($) renewal	Dec. 01, 2022 USD ($)
Century Master Lease
Asset Acquisition [Line Items]
Increase in annual rent payments		$ 4.2
Century Master Lease \| Forecast
Asset Acquisition [Line Items]
Increase in annual rent payments	$ 15.5
Initial lease term	15 years
Number of renewal options \| renewal	4
Lessor, sales-type lease, renewal term	5 years
Rocky Gap Casino Resort \| Forecast
Asset Acquisition [Line Items]
Consideration transferred	$ 260.0
Rocky Gap Casino Resort \| Century Casinos \| Forecast
Asset Acquisition [Line Items]
Payments to acquire productive assets	56.1
Rocky Gap Casino Resort \| Land and Building \| Forecast
Asset Acquisition [Line Items]
Consideration transferred	$ 203.9

Real Estate Transactions - MGP Transactions (Details) $ in Thousands, ft² in Millions	Feb. 15, 2023 USD ($)	Jan. 09, 2023 USD ($) renewal	Dec. 19, 2022 USD ($)	Apr. 29, 2022 USD ($) ft² property renewal region hotelRoom shares	Jan. 08, 2023	Jan. 06, 2023 property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Number of golf courses \| property							45
Face value							$ 13,950,000	$ 4,750,000
Subsequent Event
Asset Acquisition [Line Items]
Number of golf courses \| property						49
Exchange Notes \| Unsecured Debt
Asset Acquisition [Line Items]
Face value				$ 4,110,000
MGP OP Notes \| Unsecured Debt
Asset Acquisition [Line Items]
Face value				$ 90,000
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
Las Vegas Strip Entertainment and Gaming-Related Property \| MGP
Asset Acquisition [Line Items]
Number of golf courses \| property				7
Regional Casino Resorts \| MGP
Asset Acquisition [Line Items]
Number of golf courses \| property				8
Largest Hotel \| MGP \| UNITED STATES
Asset Acquisition [Line Items]
Number of golf courses \| property				2
Largest Resort Property \| MGP \| Las Vegas
Asset Acquisition [Line Items]
Number of golf courses \| property				2
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				3.00%
MGM Master Lease \| Maximum
Asset Acquisition [Line Items]
Contractual annual rent amounts				$ 860,000
Decrease in annual rent payments			$ 90,000
MGM Master Lease \| Maximum \| Subsequent Event
Asset Acquisition [Line Items]
Decrease in annual rent payments	$ 40,000
MGM Master Lease \| Minimum
Asset Acquisition [Line Items]
Annual escalation rate				2.00%
MGM Master Lease \| Minimum \| Subsequent Event
Asset Acquisition [Line Items]
Decrease in annual rent payments	$ 40,000
MGM Grand Mandalay Bay Lease
Asset Acquisition [Line Items]
Contractual annual rent amounts				$ 303,800
Initial lease term				30 years
Number of renewal options \| renewal				2
Lessor, sales-type lease, renewal term				10 years
Annual escalation rate period				15 years
Annual rent increase, cap percent				3.00%
MGM Grand Mandalay Bay Lease \| Subsequent Event
Asset Acquisition [Line Items]
Contractual annual rent amounts		$ 303,800
Initial lease term		27 years
Number of renewal options \| renewal		2
Lessor, sales-type lease, renewal term		10 years
Annual rent increase, cap percent		3.00%
MGM Grand Mandalay Bay Lease \| MGM Grand Mandalay Bay JV
Asset Acquisition [Line Items]
Contractual annual rent amounts				$ 152,200
MGM Grand Mandalay Bay Lease \| Minimum
Asset Acquisition [Line Items]
Annual escalation rate				2.00%
MGM Grand Mandalay Bay Lease \| Minimum \| Subsequent Event
Asset Acquisition [Line Items]
Annual escalation rate		2.00%
BREIT JV
Asset Acquisition [Line Items]
Equity method investment, ownership percentage							50.10%
Carrying value of investment							$ 640,000
BREIT JV \| Subsequent Event
Asset Acquisition [Line Items]
Equity method investment, ownership percentage					50.10%
MGP
Asset Acquisition [Line Items]
Consideration transferred				$ 11,556,990
Liabilities incurred				$ 5,700,000
Number of golf courses \| 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
Payments to Acquire Interest in Subsidiaries and Affiliates				$ 4,404,000
Asset Acquisition, Equity Interest In Acquiree, Number Of Shares \| shares				12,200,000
Tax protection agreement period				15 years
Tax protection holding amount				$ 8,500,000
Investment in leases - financing receivables				14,245,868
Financing and loans receivable, allowance for credit losses				431,500
MGP \| MGP OP Notes
Asset Acquisition [Line Items]
Liabilities incurred				4,200,000
MGP \| MGM Master Lease Agreement and BREIT JV Lease Agreement
Asset Acquisition [Line Items]
Contractual annual rent amounts				$ 1,012,000
MGP \| BREIT JV
Asset Acquisition [Line Items]
Equity method investment, ownership percentage				50.10%			50.10%
MGP \| BREIT JV \| Subsequent Event
Asset Acquisition [Line Items]
Equity method investment, ownership percentage		100.00%
MGM Grand Mandalay Bay JV \| Subsequent Event
Asset Acquisition [Line Items]
Consideration transferred		$ 1,261,900
Interest acquired		49.90%

Real Estate Transactions - Asset Acquisition (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 29, 2022 USD ($) $ / shares shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Asset Acquisition [Line Items]
Total VICI common stock Issued (in shares) \| shares		214,552,532	0	0
Minimum
Asset Acquisition [Line Items]
Rent multiple	15.0
Maximum
Asset Acquisition [Line Items]
Rent multiple	18.5
Weighted Average
Asset Acquisition [Line Items]
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
Total VICI common stock Issued (in shares) \| shares	214,552,532
Fractional common shares excluded (in shares) \| shares	54
REIT Merger Consideration	$ 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 consideration transferred	11,556,990
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 units) \| 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 Transactions - Venetian Acquisition (Details)
$ in Thousands

12 Months Ended

Feb. 23, 2022

USD ($)

renewal

Feb. 18, 2022

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Proceeds from offering of common stock, net

$ 13,739,675

$ 4,694,523

3,219,101

2,385,779

$ 1,539,748

Proceeds from Revolving Credit Facility

600,000

$ 0

CECL allowance for unfunded commitments

^[1]

17,172,325

13,136,664

$ 45,110

$ 1,037

Venetian Lease

Contractual annual rent amounts

$ 250,000

Initial lease term

30 years

Number of renewal options | renewal

Annual rent increase, cap percent

10 years

3.00%

Minimum

5 years

Minimum | Venetian Lease

Revolving Credit Facility

2.00%

Proceeds from Revolving Credit Facility

$ 600,000

Forward Sales Agreement

Proceeds from offering of common stock, net

$ 3,200,000

Venetian Resort

Consideration transferred

$ 4,000,000

Future funding commitments

1,000,000

Contractual lease support agreement, EBITDAR floor amount

550,000

Venetian Resort | Venetian Lease

Venetian Resort | Venetian PGFA

65,600

CECL allowance for unfunded commitments

8,300

Venetian Resort | OpCo Buyer

Payments to acquire productive assets

2,250,000

Accounts, Notes, Loans and Financing Receivable

$ 1,200,000

[1]

Real Estate Transactions - Recent Leasing Activity (Details) $ in Thousands	Feb. 15, 2023 USD ($) renewal	Dec. 19, 2022 USD ($) renewal	Dec. 01, 2022 USD ($) room	Apr. 29, 2022 USD ($) renewal	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
CECL allowance for unfunded commitments					$ 45,110	$ 1,037
Gold Strike Lease \| Subsequent Event
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	3.00%
Yearly minimum expenditure	1.00%
Mirage 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		3.00%
Yearly minimum expenditure		1.00%
Future funding commitments		$ 1,500,000
Century Master Lease
Asset Acquisition [Line Items]
Decrease in annual rent payments			$ (4,200)
Future funding commitments			$ 51,900
Number of rooms \| room			38
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				3.00%
Maximum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term					30 years
Maximum \| Gold Strike Lease \| Subsequent Event
Asset Acquisition [Line Items]
Contractual annual rent amounts	$ 40,000
Maximum \| Mirage Lease
Asset Acquisition [Line Items]
Contractual annual rent amounts		90,000
Maximum \| MGM Master Lease
Asset Acquisition [Line Items]
Contractual annual rent amounts				$ 860,000
Decrease in annual rent payments		$ 90,000
Maximum \| MGM Master Lease \| Subsequent Event
Asset Acquisition [Line Items]
Decrease in annual rent payments	$ 40,000
Minimum
Asset Acquisition [Line Items]
Lessor, sales-type lease, renewal term					5 years
Minimum \| Gold Strike Lease \| Subsequent Event
Asset Acquisition [Line Items]
Annual escalation rate	2.00%
Minimum \| Mirage Lease
Asset Acquisition [Line Items]
Annual escalation rate		2.00%
Minimum \| MGM Master Lease
Asset Acquisition [Line Items]
Annual escalation rate				2.00%
Minimum \| MGM Master Lease \| Subsequent Event
Asset Acquisition [Line Items]
Decrease in annual rent payments	$ 40,000

Real Estate Transactions - Schedule of Loan Originations (Details) $ in Thousands	Dec. 31, 2022 USD ($) room story	Dec. 23, 2022 USD ($) story	Oct. 07, 2022 USD ($)	Aug. 30, 2022 USD ($) room	Jul. 01, 2022 USD ($) room	Jun. 06, 2022 USD ($)	Apr. 07, 2022 USD ($)
2022 Loan Originations
Business Acquisition
Future funding commitments	$ 1,223,920
Fontainebleau Las Vegas Loan
Business Acquisition
Future funding commitments	$ 350,000	$ 350,000
Number of stories \| story	67	67
Canyon Ranch Loan
Business Acquisition
Future funding commitments	$ 200,000		$ 200,000
Great Wolf Northeast Loan
Business Acquisition
Future funding commitments	$ 287,920
Number of rooms \| room	549
Great Wolf Gulf Coast Texas Loan
Business Acquisition
Future funding commitments	$ 127,000			$ 127,000
Number of rooms \| room	532			532
Great Wolf South Florida Loan
Business Acquisition
Future funding commitments	$ 59,000				$ 59,000
Number of rooms \| room	532				500
Cabot Citrus Farms Loan
Business Acquisition
Future funding commitments	$ 120,000					$ 120,000
BigShots Loan
Business Acquisition
Future funding commitments	$ 80,000						$ 80,000

Real Estate Transactions - Loan Originations Narrative (Details) $ in Thousands	Dec. 30, 2022 USD ($) room option	Oct. 07, 2022 USD ($) option	Aug. 30, 2022 USD ($) room option	Jul. 01, 2022 USD ($) room option	Jun. 06, 2022 USD ($) option	Dec. 31, 2022 USD ($) room story	Dec. 23, 2022 USD ($) story	Apr. 07, 2022 USD ($)
Fontainebleau Las Vegas Loan
Business Acquisition
Future Funding Commitments						$ 350,000	$ 350,000
Number of stories \| story						67	67
Canyon Ranch Loan
Business Acquisition
Future Funding Commitments		$ 200,000				$ 200,000
Call right period		24 months
Call right initial term		25 years
Number of extension options \| option		8
Extension term		5 years
First offer right term		5 years
Great Wolf Gulf Coast Texas Loan
Business Acquisition
Future Funding Commitments			$ 127,000			$ 127,000
Number of rooms \| room			532			532
Financing receivable term			3 years
Number of extension options \| option			2
Financing receivable extension term			12 months
Project value			$ 200,000
Great Wolf South Florida Loan
Business Acquisition
Future Funding Commitments				$ 59,000		$ 59,000
Number of rooms \| room				500		532
Financing receivable term				4 years
Number of extension options \| option				1
Financing receivable extension term				12 months
Project value				$ 250,000
Cabot Citrus Farms Loan
Business Acquisition
Future Funding Commitments					$ 120,000	$ 120,000
Call right initial term					25 years
Number of extension options \| option					5
Extension term					5 years
BigShots Loan
Business Acquisition
Future Funding Commitments						$ 80,000		$ 80,000
Great Wolf Gulf Northeast Loan
Business Acquisition
Future Funding Commitments	$ 287,900
Number of rooms \| room	549
Financing receivable term	3 years
Number of extension options \| option	2
Financing receivable extension term	12 months

Real Estate Portfolio - Narrative (Details)	12 Months Ended
Real Estate Portfolio - Narrative (Details)	Dec. 31, 2022 property casino leaseArrangement loan asset	Apr. 29, 2022
Real Estate
Number of casinos \| casino	23
Number of lease arrangements	9
Financing receivable, investment in lease, number of casinos \| casino	20
Financing receivable, investment in lease, number of lease arrangements	5
Number of loans \| loan	11
Number of assets \| asset	2
Number of properties \| property	45
Number of lease agreement	14
Variable Rent
Real Estate
Variable rent split	20.00%
Minimum
Real Estate
Initial term	15 years
Lessor, sales-type lease, renewal term	5 years
Annual escalation rate	1.00%
Maximum
Real Estate
Initial term	30 years
Lessor, sales-type lease, renewal term	30 years
Annual escalation rate	2.00%
BREIT JV
Real Estate
Equity method investment, ownership percentage	50.10%
BREIT JV \| MGP
Real Estate
Equity method investment, ownership percentage	50.10%	50.10%

Real Estate Portfolio - Schedule Of Real Estate Portfolio (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Total investments in leases, net

$ 33,913,095

$ 15,781,488

1,460,775

Total real estate portfolio

153,560

153,576

36,213,223

16,433,066

Estimated residual values of leased property (not guaranteed)

11,500,000

3,800,000

Accounts, Notes, Loans and Financing Receivable

17,172,325

13,136,664

Accounts, Notes, Loans and Financing Receivable

^[1]

16,740,770

2,644,824

Accounts, Notes, Loans and Financing Receivable

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]

^[1]

$ 685,793

$ 498,002

[1]

Real Estate Portfolio - Schedule of Components of Direct Financing and Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Income from sales-type leases - fixed rent	$ 1,436,945	$ 1,161,655	$ 1,007,193
Income from sales-type leases - contingent rent	27,300	6,317	315
Income from operating leases	0	0	25,464
Income from lease financing receivables - fixed rent	995,383	243,008	137,344
Income from lease financing receivables - contingent rent	1,673	0	0
Total lease revenue	2,461,301	1,410,980	1,170,316
Non-cash adjustment	(337,631)	(119,790)	(39,883)
Total contractual lease revenue	$ 2,123,670	$ 1,291,190	$ 1,130,433

Real Estate Portfolio - Schedule Of Future Minimum Lease Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Sales-Type
2023	$ 1,344,189
2024	1,366,127
2025	1,389,500
2026	1,409,190
2027	1,429,526
Thereafter	56,743,837
Total	63,682,369
Financing Receivables
2023	1,126,837
2024	1,148,616
2025	1,169,998
2026	1,191,924
2027	1,214,331
Thereafter	87,539,154
Total	93,390,860
2023	2,471,026
2024	2,514,743
2025	2,559,498
2026	2,601,114
2027	2,643,857
Thereafter	144,282,991
Total	$ 157,073,229
Sales-type lease, weighted average lease term	36 years 3 months 18 days
Financing receivable, weighted average remaining lease term	50 years 7 months 6 days
Sales-type lease and financing receivables, weighted average lease term	43 years 4 months 24 days

Real Estate Portfolio - Schedule of Lease Agreement (Details) $ in Thousands			12 Months Ended
	Feb. 15, 2023 USD ($)	Dec. 19, 2022 USD ($)	Dec. 31, 2022 USD ($) option	Jan. 09, 2023
Mirage Lease
Operating Leased Assets [Line Items]
Lessor, sales-type lease, renewal term		10 years
Annual rent increase, cap percent		3.00%
Subsequent Event \| Gold Strike Lease
Operating Leased Assets [Line Items]
Lessor, sales-type lease, renewal term	10 years
Annual rent increase, cap percent	3.00%
Subsequent Event \| MGM Grand Mandalay Bay JV
Operating Leased Assets [Line Items]
Interest acquired				49.90%
Harrah’s Joliet LandCo LLC
Operating Leased Assets [Line Items]
Noncontrolling interest, ownership percentage			20.00%
Variable Rent
Operating Leased Assets [Line Items]
Variable rent split			20.00%
Minimum
Operating Leased Assets [Line Items]
Initial term			15 years
Lessor, sales-type lease, renewal term			5 years
Minimum \| Mirage Lease
Operating Leased Assets [Line Items]
Annual escalation rate		2.00%
Minimum \| Subsequent Event \| Gold Strike Lease
Operating Leased Assets [Line Items]
Annual escalation rate	2.00%
Maximum
Operating Leased Assets [Line Items]
Initial term			30 years
Lessor, sales-type lease, renewal term			30 years
Maximum \| Mirage Lease
Operating Leased Assets [Line Items]
Contractual annual rent amounts		$ 90,000
Maximum \| Subsequent Event \| Gold Strike Lease
Operating Leased Assets [Line Items]
Contractual annual rent amounts	$ 40,000
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 annualized rent			$ 703,678
Variable rent percentage			4.00%
Caesars Lease Agreements \| Caesars Regional Master Lease and Joliet Lease \| Harrah’s Joliet LandCo LLC
Operating Leased Assets [Line Items]
Current annualized rent			$ 694,600
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			2.00%
Caesars Lease Agreements \| Caesars Regional Master Lease and Joliet Lease \| Lease Years 8-10 \| Base Rent
Operating Leased Assets [Line Items]
Variable rent split			70.00%
Caesars Lease Agreements \| Caesars Regional Master Lease and Joliet Lease \| Lease Years 8-10 \| Variable Rent
Operating Leased Assets [Line Items]
Variable rent split			30.00%
Caesars Lease Agreements \| Caesars Regional Master Lease and Joliet Lease \| Lease Years 11-15 \| Base Rent
Operating Leased Assets [Line Items]
Variable rent split			80.00%
Caesars Lease Agreements \| Caesars Regional Master Lease and Joliet Lease \| Lease Years 11-15 \| Variable Rent
Operating Leased Assets [Line Items]
Variable rent split			20.00%
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 annualized rent			$ 454,478
Annual escalation rate			2.00%
Variable rent percentage			4.00%
Caesars Lease Agreements \| Caesars Las Vegas Master Lease \| Base Rent
Operating Leased Assets [Line Items]
Variable rent split			80.00%
Caesars Lease Agreements \| Caesars Las Vegas Master Lease \| Variable Rent
Operating Leased Assets [Line Items]
Variable rent split			20.00%
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 annualized rent			$ 730,000
MGM Master Lease Properties \| MGM Master Lease \| Lease Years 2 Through 10 \| Minimum
Operating Leased Assets [Line Items]
Annual escalation rate			2.00%
MGM Master Lease Properties \| MGM Master Lease \| Lease Years 11 Through 25 \| Minimum
Operating Leased Assets [Line Items]
Annual escalation rate			2.00%
MGM Master Lease Properties \| MGM Master Lease \| Lease Years 11 Through 25 \| Maximum
Operating Leased Assets [Line Items]
Annual rent increase, cap percent			3.00%
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 annualized rent			$ 303,800
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			2.00%
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			2.00%
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			3.00%

Real Estate Portfolio - Schedule of Capital Expenditure Requirements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
CEOC
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	1.00%
Rolling three-year minimum	$ 286.0
Caesars Las Vegas Master Lease
Real Estate
Yearly minimum expenditure	1.00%
Rolling three-year minimum	$ 84.0
Venetian Lease
Real Estate
Yearly minimum expenditure	2.00%
CPLV, Joliet And Non-CPLV Lease Agreement
Real Estate
Capital expenditures	$ 107.5
Percentage of prior year net revenues	1.00%
CPLV, Joliet And Non-CPLV Lease Agreement \| CEOC
Real Estate
Additional capital expenditure requirement	$ 10.3
Non-CPLV Lease Agreement \| CEOC
Real Estate
Rolling three-year minimum	286.0
Las Vegas Master Lease \| CEOC
Real Estate
Rolling three-year minimum	$ 84.0
All Other Leases
Real Estate
Yearly minimum expenditure	1.00%
MGM Grand Mandalay Bay Lease
Real Estate
Yearly minimum expenditure	3.50%
Percentage of monthly reverse	1.50%

Real Estate Portfolio - Summary of Investment in Loans (Details) - Investments in loans, net - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Principal Balance

$ 692,498

$ 498,614

Future Funding Commitments

^[1]

685,793

498,002

$ 1,098,931

$ 60,886

Weighted Average Interest Rate

8.20%

7.80%

Weighted Average Term

3 years 6 months

Senior Loans

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]

Principal Balance

$ 495,901

$ 465,000

Future Funding Commitments

492,895

465,034

$ 584,049

$ 15,000

Weighted Average Interest Rate

7.80%

Weighted Average Term

3 years 2 months 12 days

3 years 6 months

Mezzanine Loans

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]

Principal Balance

$ 196,597

$ 33,614

Future Funding Commitments

192,898

32,968

$ 514,882

$ 45,886

Weighted Average Interest Rate

9.10%

8.00%

Weighted Average Term

4 years 3 months 18 days

4 years

[1]

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle
Change in allowance for credit losses	$ 834,494	$ (19,554)	$ 244,517
Percentage of total allowance	68.70%
Initial allowance from current period investments	$ 573,624	1,725	$ 90,368
Notes receivable	$ 35,363,397	$ 16,553,460
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Allowance for credit losses				$ 309,400
Credit allowance percentage				2.88%

Allowance for Credit Losses - Net Investment in Lease, Allowance for Credit Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Amortized Cost

Sales-type and direct financing, amortized cost

$ 17,742,712

$ 13,571,516

Other assets - sales-type sub-leases, amortized cost

784,259

280,510

Amortized cost, total

36,687,106

17,086,749

$ 17,014,288

Allowance

Sales-type and direct financing, allowance for credit losses

(570,387)

(434,852)

Other assets (sales-type sub-leases), allowance for credit losses

(19,750)

(6,540)

Allowance, total

(1,323,709)

(533,289)

Net Investment

Other assets - sales-type sub-leases

^[1]

17,172,325

13,136,664

764,509

273,970

Net investment total

$ 35,363,397

$ 16,553,460

Allowance as a % of Amortized Cost

Sales-type and Direct financing, allowance as a percentage of amortized cost

3.21%

3.20%

Other assets - sales-type sub-leases, allowance as a percentage of amortized cost, total

2.52%

2.33%

Allowance as a percentage of amortized cost, total

3.61%

3.12%

CECL allowance for unfunded commitments

$ 45,110

$ 1,037

Notes receivable, amortized cost

Amortized Cost

17,467,477

2,735,948

Allowance

Financing and loans receivable, allowance for credit losses

(726,707)

(91,124)

Net Investment

Notes receivable allowance as a percentage of amortized cost, total

^[1]

$ 16,740,770

$ 2,644,824

Allowance as a % of Amortized Cost

4.16%

3.33%

Notes receivable, amortized cost

Amortized Cost

$ 692,658

$ 498,775

Allowance

Financing and loans receivable, allowance for credit losses

(6,865)

(773)

Net Investment

Notes receivable allowance as a percentage of amortized cost, total

^[1]

$ 685,793

$ 498,002

Allowance as a % of Amortized Cost

0.99%

0.15%

[1]

Allowance for Credit Losses - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 534,325	$ 553,879	$ 0
Initial allowance from current period investments	573,624	1,725	90,368
Current period change in credit allowance	260,870	(21,279)	154,149
Charge-offs	0	0	0
Recoveries	0	0	0
Ending balance	1,368,819	534,325	553,879
Cumulative Effect, Period of Adoption, Adjustment
Net Investment in Lease, Allowance for Credit Loss
Beginning balance	$ 0	0	309,362
Ending balance		$ 0	$ 0

Allowance for Credit Losses - Financing Receivable Credit Quality (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)	$ 36,687,106	$ 17,086,749	$ 17,014,288
Ba2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)	4,247,315	0	0
Ba3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)	28,095,234	951,033	0
B1
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)	2,594,203	14,888,770	15,733,402
B2
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)	875,749	868,629	934,628
B3
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)	581,973	279,579	281,246
N/A
Financing Receivable, Credit Quality Indicator
Investments in leases - sales-type and financing receivable, Investments in loans and Other assets (1)	$ 292,632	$ 98,739	$ 65,012

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Sales-type sub-leases, net	$ 764,509	$ 273,970
Property and equipment used in operations, net	67,209	68,515
Right of use assets and sub-lease right of use assets	45,008	16,811
Debt financing costs	18,646	24,928
Deferred acquisition costs	12,834	24,690
Prepaid expenses	7,348	3,660
Interest receivable	6,911	2,780
Other receivables	6,474	341
Tenant receivables	5,498	5,032
Forward-starting interest rate swaps	0	884
Other	1,891	3,082
Total other assets	936,328	424,693
Other assets (sales-type sub-leases), allowance for credit losses	$ 19,750	$ 6,540

Other Assets and Other Liabilities - Schedule of Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Total property and equipment used in operations	$ 85,020	$ 83,144
Less: accumulated depreciation	(17,811)	(14,629)
Total property and equipment used in operations, net	67,209	68,515
Depreciation expense	3,182	3,091	$ 3,731
Land and land improvements
Property, Plant and Equipment
Total property and equipment used in operations	60,332	59,250
Buildings and improvements
Property, Plant and Equipment
Total property and equipment used in operations	15,125	14,880
Furniture and equipment
Property, Plant and Equipment
Total property and equipment used in operations	$ 9,563	$ 9,014

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Finance sub-lease liabilities	$ 784,259	$ 280,510
Deferred financing liabilities	73,600	73,600
Lease liabilities and sub-lease liabilities	45,039	16,811
CECL allowance for unfunded commitments	45,110	1,037
Deferred income taxes	4,339	3,879
Other	125	0
Total other liabilities	$ 952,472	$ 375,837

Debt - Schedule Of Outstanding Indebtedness (Details) $ in Thousands, $ in Millions							3 Months Ended	12 Months Ended
	Jan. 09, 2023 USD ($)	Jan. 06, 2023 USD ($)	Jan. 06, 2023 CAD ($)	Jan. 03, 2023 USD ($)	Jan. 03, 2023 CAD ($)	Feb. 18, 2022 USD ($)	Mar. 31, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 29, 2022 USD ($)	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Weighted average interest rate								4.496%	4.105%
Face Value								$ 13,950,000	$ 4,750,000
Carrying Value								13,739,675	4,694,523
Proceeds from Revolving Credit Facility								$ 600,000	$ 0	$ 0
Subsequent Event
Debt Instrument
Proceeds from Revolving Credit Facility		$ 103,400	$ 140.0	$ 103,400	$ 140.0
MGM Grand Mandalay Bay Note due 2030 \| Subsequent Event
Debt Instrument
Interest rate, stated percentage (percent)	3.558%
MGM Grand Mandalay Bay Note due 2030 \| Subsequent Event \| MGM Grand Mandalay Bay JV
Debt Instrument
Liabilities incurred	$ 1,497,000
MGM Grand Mandalay Bay Note due 2030 \| Subsequent Event \| MGM Grand Mandalay Bay JV \| BREIT JV
Debt Instrument
Liabilities incurred	$ 3,000,000
Unsecured Debt
Debt Instrument
Weighted average interest rate								4.67%
Unsecured Debt \| Delayed Draw Term Loan
Debt Instrument
Face Value								$ 0
Carrying Value								$ 0
Unsecured Debt \| November 2019 Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage (percent)								4.25%	4.25%				4.25%
Face Value								$ 1,250,000	$ 1,250,000
Carrying Value								$ 1,238,825	$ 1,235,972
Unsecured Debt \| November 2019 Notes Senior Unsecured Notes due 2029
Debt Instrument
Interest rate, stated percentage (percent)								4.625%	4.625%				4.625%
Face Value								$ 1,000,000	$ 1,000,000
Carrying Value								$ 988,931	$ 987,331
Unsecured Debt \| February 2020 Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage (percent)								3.50%	3.50%			3.50%
Face Value								$ 750,000	$ 750,000
Carrying Value								$ 745,020	$ 742,677
Unsecured Debt \| February 2020 Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage (percent)								3.75%	3.75%			3.75%
Face Value								$ 750,000	$ 750,000
Carrying Value								$ 743,086	$ 741,409
Unsecured Debt \| February 2020 Notes Senior Unsecured Notes due 2030
Debt Instrument
Interest rate, stated percentage (percent)								4.125%	4.125%			4.125%
Face Value								$ 1,000,000	$ 1,000,000
Carrying Value								$ 988,626	987,134
Unsecured Debt \| 4.375% Senior Unsecured Notes Due 2025
Debt Instrument
Interest rate, stated percentage (percent)								4.375%			4.375%
Face Value								$ 500,000			$ 500,000
Carrying Value								$ 496,314
Unsecured Debt \| 4.750% Senior Unsecured Notes Due 2028
Debt Instrument
Interest rate, stated percentage (percent)											4.75%
Hedge adjusted interest rate								4.516%
Face Value								$ 1,250,000			$ 1,250,000
Carrying Value								$ 1,237,082
Unsecured Debt \| 4.950% Senior Unsecured Notes Due 2030
Debt Instrument
Interest rate, stated percentage (percent)								4.95%			4.95%
Hedge adjusted interest rate								4.541%
Face Value								$ 1,000,000			$ 1,000,000
Carrying Value								$ 987,618
Unsecured Debt \| 5.125% Senior Unsecured Notes Due 2032
Debt Instrument
Interest rate, stated percentage (percent)								5.125%			5.125%
Hedge adjusted interest rate								3.98%
Face Value								$ 1,500,000			$ 1,500,000
Carrying Value								$ 1,480,799
Unsecured Debt \| 5.625% Senior Unsecured Notes Due 2052
Debt Instrument
Interest rate, stated percentage (percent)								5.625%			5.625%
Face Value								$ 750,000			$ 750,000
Carrying Value								$ 735,360
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2024
Debt Instrument
Interest rate, stated percentage (percent)								5.625%			5.625%
Face Value								$ 1,024,169			$ 1,024,200
Carrying Value								$ 1,029,226
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2025
Debt Instrument
Interest rate, stated percentage (percent)								4.625%			4.625%
Face Value								$ 799,368			$ 799,400
Carrying Value								$ 783,659
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2026
Debt Instrument
Interest rate, stated percentage (percent)								4.50%			4.50%
Face Value								$ 480,524			$ 480,500
Carrying Value								$ 463,018
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2027
Debt Instrument
Interest rate, stated percentage (percent)								5.75%			5.75%
Face Value								$ 729,466			$ 729,500
Carrying Value								$ 738,499
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2028
Debt Instrument
Interest rate, stated percentage (percent)								4.50%			4.50%
Face Value								$ 349,325			$ 349,300
Carrying Value								$ 336,545
Unsecured Debt \| Exchange Notes Senior Unsecured Notes due 2029
Debt Instrument
Interest rate, stated percentage (percent)								3.875%			3.875%
Face Value								$ 727,114			$ 727,100
Carrying Value								$ 660,489
Unsecured Debt \| MGP OP Notes due 2024
Debt Instrument
Interest rate, stated percentage (percent)								5.625%
Face Value								$ 25,831			25,800
Carrying Value								$ 25,901
Unsecured Debt \| MGP OP Notes due 2025
Debt Instrument
Interest rate, stated percentage (percent)								4.625%
Face Value								$ 632			600
Carrying Value								$ 615
Unsecured Debt \| MGP OP Notes due 2026
Debt Instrument
Interest rate, stated percentage (percent)								4.50%
Face Value								$ 19,476			19,500
Carrying Value								$ 18,542
Unsecured Debt \| MGP OP Notes due 2027
Debt Instrument
Interest rate, stated percentage (percent)								5.75%
Face Value								$ 20,534			20,500
Carrying Value								$ 20,520
Unsecured Debt \| MGP OP Notes due 2028
Debt Instrument
Interest rate, stated percentage (percent)								4.50%
Face Value								$ 675			700
Carrying Value								$ 639
Unsecured Debt \| MGP OP Notes due 2029
Debt Instrument
Interest rate, stated percentage (percent)								3.875%
Face Value								$ 22,886			$ 22,900
Carrying Value								$ 20,361
Unsecured Debt \| Secured Overnight Financing Rate (SOFR) \| Delayed Draw Term Loan
Debt Instrument
Basis spread on variable rate (percent)								1.20%
Senior Notes
Debt Instrument
Basis spread on variable rate adjustment (percent)								0.10%
Revolving Credit Facility
Debt Instrument
Proceeds from Revolving Credit Facility						$ 600,000
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument
Basis spread on variable rate (percent)								0.775%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument
Basis spread on variable rate (percent)								1.325%
Revolving Credit Facility \| Unsecured Debt
Debt Instrument
Face Value								$ 0
Carrying Value								$ 0
Revolving Credit Facility \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate (percent)								1.05%
Revolving Credit Facility \| Senior Notes
Debt Instrument
Face Value								$ 600,000
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
Debt Instrument
Face Value									0
Carrying Value									$ 0
Revolving Credit Facility \| Senior Notes \| LIBOR
Debt Instrument
Basis spread on variable rate (percent)							2.00%

Debt - Schedule of Future Minimum Repayment (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity
2023	$ 0
2024	1,050,000
2025	2,050,000
2026	1,750,000
2027	1,500,000
Thereafter	7,600,000
Total minimum repayments	$ 13,950,000

Debt - Senior Unsecured Debt (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 29, 2022	Dec. 31, 2022	Dec. 31, 2021	Feb. 05, 2020	Nov. 26, 2019
Debt Instrument
Face Value		$ 13,950,000	$ 4,750,000
MGP
Debt Instrument
Cash payment in business acquisition	$ 4,404,000
Unsecured Debt
Debt Instrument
Redemption price, percentage (equal to)		100.00%
Unsecured Debt \| Revolving Credit Facility
Debt Instrument
Face Value		$ 0
Senior Notes \| Revolving Credit Facility
Debt Instrument
Face Value		600,000
Exchange Notes Senior Unsecured Notes due 2024 \| Unsecured Debt
Debt Instrument
Face Value	$ 1,024,200	$ 1,024,169
Interest rate, stated percentage (percent)	5.625%	5.625%
Exchange Notes Senior Unsecured Notes due 2025 \| Unsecured Debt
Debt Instrument
Face Value	$ 799,400	$ 799,368
Interest rate, stated percentage (percent)	4.625%	4.625%
Exchange Notes Senior Unsecured Notes due 2026 \| Unsecured Debt
Debt Instrument
Face Value	$ 480,500	$ 480,524
Interest rate, stated percentage (percent)	4.50%	4.50%
Exchange Notes Senior Unsecured Notes due 2027 \| Unsecured Debt
Debt Instrument
Face Value	$ 729,500	$ 729,466
Interest rate, stated percentage (percent)	5.75%	5.75%
Exchange Notes Senior Unsecured Notes due 2028 \| Unsecured Debt
Debt Instrument
Face Value	$ 349,300	$ 349,325
Interest rate, stated percentage (percent)	4.50%	4.50%
Exchange Notes Senior Unsecured Notes due 2029 \| Unsecured Debt
Debt Instrument
Face Value	$ 727,100	$ 727,114
Interest rate, stated percentage (percent)	3.875%	3.875%
Exchange Notes \| Unsecured Debt
Debt Instrument
Face Value	$ 4,110,000
Redemption price, percentage (equal to)	100.00%
MGP OP Notes due 2024 \| Unsecured Debt
Debt Instrument
Face Value	$ 25,800	$ 25,831
Interest rate, stated percentage (percent)		5.625%
MGP OP Notes due 2025 \| Unsecured Debt
Debt Instrument
Face Value	600	$ 632
Interest rate, stated percentage (percent)		4.625%
MGP OP Notes due 2026 \| Unsecured Debt
Debt Instrument
Face Value	19,500	$ 19,476
Interest rate, stated percentage (percent)		4.50%
MGP OP Notes due 2027 \| Unsecured Debt
Debt Instrument
Face Value	20,500	$ 20,534
Interest rate, stated percentage (percent)		5.75%
MGP OP Notes due 2028 \| Unsecured Debt
Debt Instrument
Face Value	700	$ 675
Interest rate, stated percentage (percent)		4.50%
MGP OP Notes due 2029 \| Unsecured Debt
Debt Instrument
Face Value	22,900	$ 22,886
Interest rate, stated percentage (percent)		3.875%
MGP OP Notes \| Unsecured Debt
Debt Instrument
Face Value	$ 90,000
Redemption price, percentage (equal to)	100.00%
4.375% Senior Unsecured Notes Due 2025 \| Unsecured Debt
Debt Instrument
Face Value	$ 500,000	$ 500,000
Interest rate, stated percentage (percent)	4.375%	4.375%
4.750% Senior Unsecured Notes Due 2028 \| Unsecured Debt
Debt Instrument
Face Value	$ 1,250,000	$ 1,250,000
Interest rate, stated percentage (percent)	4.75%
4.950% Senior Unsecured Notes Due 2030 \| Unsecured Debt
Debt Instrument
Face Value	$ 1,000,000	$ 1,000,000
Interest rate, stated percentage (percent)	4.95%	4.95%
5.125% Senior Unsecured Notes Due 2032 \| Unsecured Debt
Debt Instrument
Face Value	$ 1,500,000	$ 1,500,000
Interest rate, stated percentage (percent)	5.125%	5.125%
5.625% Senior Unsecured Notes Due 2052 \| Unsecured Debt
Debt Instrument
Face Value	$ 750,000	$ 750,000
Interest rate, stated percentage (percent)	5.625%	5.625%
February 2020 Notes Senior Unsecured Notes due 2025 \| Unsecured Debt
Debt Instrument
Face Value		$ 750,000	$ 750,000
Interest rate, stated percentage (percent)		3.50%	3.50%	3.50%
Redemption price, percentage (equal to)		100.00%
February 2020 Notes Senior Unsecured Notes due 2025 \| Unsecured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument
Face Value				$ 750,000
February 2020 Notes Senior Unsecured Notes due 2027 \| Unsecured Debt
Debt Instrument
Face Value		$ 750,000	$ 750,000
Interest rate, stated percentage (percent)		3.75%	3.75%	3.75%
February 2020 Notes Senior Unsecured Notes due 2027 \| Unsecured Debt \| Debt Instrument, Redemption, Period Two
Debt Instrument
Face Value				$ 750,000
February 2020 Notes Senior Unsecured Notes due 2030 \| Unsecured Debt
Debt Instrument
Face Value		$ 1,000,000	$ 1,000,000
Interest rate, stated percentage (percent)		4.125%	4.125%	4.125%
February 2020 Notes Senior Unsecured Notes due 2030 \| Unsecured Debt \| Debt Instrument, Redemption, Period Three
Debt Instrument
Face Value				$ 1,000,000
February 2020 Notes Senior Unsecured Notes \| Unsecured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument
Percentage of aggregate principal redeemable (percent)		40.00%
November 2019 Notes Senior Unsecured Notes due 2026 \| Unsecured Debt
Debt Instrument
Face Value		$ 1,250,000	$ 1,250,000
Interest rate, stated percentage (percent)		4.25%	4.25%		4.25%
Redemption price, percentage (equal to)		100.00%
November 2019 Notes Senior Unsecured Notes due 2026 \| Unsecured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument
Face Value					$ 1,250,000
November 2019 Notes Senior Unsecured Notes due 2029 \| Unsecured Debt
Debt Instrument
Face Value		$ 1,000,000	$ 1,000,000
Interest rate, stated percentage (percent)		4.625%	4.625%		4.625%
November 2019 Notes Senior Unsecured Notes due 2029 \| Unsecured Debt \| Debt Instrument, Redemption, Period Two
Debt Instrument
Face Value					$ 1,000,000
November 2019 Notes Senior Unsecured Notes \| Unsecured Debt
Debt Instrument
Percentage of aggregate principal redeemable (percent)		40.00%
Senior Unsecured April 2022 Notes
Debt Instrument
Ratio of unencumbered assets to unsecured indebtedness		1.50

Debt - New Unsecured Credit Facilities (Details) $ in Thousands, $ in Millions							12 Months Ended
	Jan. 06, 2023 USD ($)	Jan. 06, 2023 CAD ($)	Jan. 03, 2023 USD ($)	Jan. 03, 2023 CAD ($)	Feb. 23, 2022 USD ($) option	Feb. 18, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 15, 2022 USD ($)
Line of Credit Facility [Line Items]
Proceeds from Revolving Credit Facility							$ 600,000	$ 0	$ 0
Subsequent Event
Line of Credit Facility [Line Items]
Proceeds from Revolving Credit Facility	$ 103,400	$ 140.0	$ 103,400	$ 140.0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					1.00%
Federal Reserve Bank Of New York Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					0.50%
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]
Facility fee percentage					0.15%
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					0.775%
Revolving Credit Facility \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					0.00%
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Facility fee percentage					0.375%
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					1.325%
Revolving Credit Facility \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					0.325%
Delayed Draw Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 1,000,000

Debt - Senior Secured Credit Facilities (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 14, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Debt Instrument
Face Value		$ 13,950,000	$ 4,750,000
Loss on extinguishment of debt		$ 0	15,622	$ 39,059
September 2021 Forward Sales Agreement \| Forward Sales Agreement
Debt Instrument
Number of shares issued in transaction (in shares)	65,000,000
Revolving Credit Facility \| Senior Notes
Debt Instrument
Face Value			0
Maximum borrowing capacity					$ 1,000,000
Delayed Draw Term Loan
Debt Instrument
Face Value					$ 2,200,000
Loss on extinguishment of debt			$ 15,600

Debt - Second Lien Notes (Details) - USD ($) $ in Thousands		12 Months Ended
Debt - Second Lien Notes (Details) - USD ($) $ in Thousands	Feb. 20, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 06, 2017
Debt Instrument
Face Value		$ 13,950,000	$ 4,750,000
Loss on extinguishment of debt		$ 0	15,622	$ 39,059
Second Lien Notes \| Senior Notes
Debt Instrument
Face Value					$ 766,900
Interest rate, stated percentage (percent)					8.00%
Redemption price, percentage (equal to)	100.00%
Repayments of debt	$ 537,500
Loss on extinguishment of debt			$ 39,100

Debt - Bridge Facilities (Details) - USD ($) $ in Billions	Aug. 04, 2021	Mar. 02, 2021	Jun. 24, 2019
MGP Transactions Bridge Facility
Debt Instrument
Maximum borrowing capacity	$ 9.3
MGP Transactions Bridge Facility \| First Lien Secured Bridge Facility
Debt Instrument
Debt instrument, term	364 days
Venetian Acquisition Bridge Facility
Debt Instrument
Maximum borrowing capacity		$ 4.0
Venetian Acquisition Bridge Facility \| First Lien Secured Bridge Facility
Debt Instrument
Debt instrument, term		364 days
Caesars Transaction Bridge Facility \| First Lien Secured Bridge Facility
Debt Instrument
Maximum borrowing capacity			$ 3.3
Debt instrument, term			364 days
Caesars Transaction Bridge Facility \| Second Lien Secured Bridge Facility
Debt Instrument
Maximum borrowing capacity			$ 1.5
Debt instrument, term			364 days

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Interest expense	$ 539,953	$ 392,390	$ 308,605
MGP Transactions Bridge Facility
Debt Instrument
Interest expense	15,338	38,762	0
Venetian Acquisition Bridge Facility
Debt Instrument
Interest expense	968	16,387	0
Caesars Transaction Bridge Facility
Debt Instrument
Interest expense	$ 0	$ 0	$ 3,068

Derivatives - Schedule of Derivatives (Details) - Forward-Starting Interest Rate Swap	Apr. 30, 2022 USD ($) instrument	Dec. 31, 2021 USD ($) instrument
Derivative
Number of instruments \| instrument	5	1
Fixed Rate		1.3465%
Notional amount \| $	$ 2,500,000,000	$ 500,000,000

Derivatives - Narrative (Details)			1 Months Ended	12 Months Ended
Derivatives - Narrative (Details)	Sep. 15, 2021 USD ($)	Sep. 14, 2021 shares	Apr. 30, 2022 USD ($) instrument	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) instrument	Dec. 31, 2020 USD ($)	Jan. 31, 2019 USD ($) instrument
Derivative
Reclassification of derivative gain to Interest expense				$ 16,233,000	$ (64,239,000)	$ 0
September 2021 Forward Sales Agreement \| Forward Sales Agreement
Derivative
Number of shares issued in transaction (in shares) \| shares		65,000,000
Forward-Starting Interest Rate Swap
Derivative
Number of instruments \| instrument			5		1
Notional amount			$ 2,500,000,000		$ 500,000,000
Derivative debt			3,000,000,000
Proceeds from derivative instrument			$ 202,300,000
Fixed Rate					1.3465%
Reclassification of derivative gain to Interest expense				$ 16,233,000	$ 0	$ 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
Notional amount							$ 2,000,000,000
Fixed Rate							2.8297%
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 Derivatives of Income Statement (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 15, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative
Unrealized gain (loss) recorded in other comprehensive income		$ 200,550	$ 29,166	$ (27,443)
Reclassification of derivative (gain) loss to Interest expense		(16,233)	64,239	0
Interest from interest rate swaps recorded in interest expense		539,953	392,390	308,605
Termination Fee
Derivative
Interest from interest rate swaps recorded in interest expense		0	64,239	0
Interest Rate Swap
Derivative
Unrealized gain (loss) recorded in other comprehensive income		0	29,166	(27,443)
Reclassification of derivative (gain) loss to Interest expense	$ (64,200)
Interest from interest rate swaps recorded in interest expense		0	29,960	42,797
Forward-Starting Interest Rate Swap
Derivative
Unrealized gain (loss) recorded in other comprehensive income		200,550	0	0
Reclassification of derivative (gain) loss to Interest expense		$ (16,233)	$ 0	$ 0

Fair Value - Recurring Basis (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Financial assets	$ 217,342,000	$ 0
Fair Value, Recurring \| Carrying Amount
Financial assets:
Financial assets	217,342,000
Fair Value, Recurring \| Carrying Amount \| Interest Rate Swap
Financial assets:
Financial assets		884,000
Fair Value, Recurring \| Level 1 \| Fair Value
Financial assets:
Financial assets	0
Fair Value, Recurring \| Level 1 \| Fair Value \| Interest Rate Swap
Financial assets:
Financial assets		0
Fair Value, Recurring \| Level 2 \| Fair Value
Financial assets:
Financial assets	217,342,000
Fair Value, Recurring \| Level 2 \| Fair Value \| Interest Rate Swap
Financial assets:
Financial assets		884,000
Fair Value, Recurring \| Level 3 \| Fair Value
Financial assets:
Financial assets	$ 0
Fair Value, Recurring \| Level 3 \| Fair Value \| Interest Rate Swap
Financial assets:
Financial assets		$ 0

Fair Value - Schedule of Estimated Fair Values (Details) $ in Thousands	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of loans \| loan	11
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents	$ 208,933	$ 739,614
Carrying Amount \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	0	0
Carrying Amount \| Delayed Draw Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	0	0
Carrying Amount \| Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	13,739,675	4,694,523
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and cash equivalents	208,933	739,614
Fair Value \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	0	0
Fair Value \| Delayed Draw Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	0	0
Fair Value \| Unsecured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt	13,020,636	4,955,000
Investments in leases - financing receivables \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Receivables	16,740,770	2,644,824
Investments in leases - financing receivables \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Receivables	17,871,771	3,104,337
Investments in loans, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Receivables	685,793	498,002
Investments in loans, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Receivables	$ 675,456	$ 498,614

Fair Value - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Gain upon lease modification	$ 0	$ 0	$ 333,352

Commitments and Contingent Liabilities - Narrative (Details) - option	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance lease, weighted average remaining lease term (in years)	54 years 8 months 12 days
Operating Sub-Lease
Loss Contingencies
Weighted average remaining lease term (in years)	6 years 10 months 24 days
Minimum
Loss Contingencies
Operating lease, discount rate (in percent)	5.30%
Lessee, finance lease, discount rate (in percent)	6.00%
Minimum \| Operating Sub-Lease
Loss Contingencies
Operating lease, discount rate (in percent)	2.60%
Maximum
Loss Contingencies
Operating lease, discount rate (in percent)	5.50%
Lessee, finance lease, discount rate (in percent)	8.00%
Maximum \| Operating Sub-Lease
Loss Contingencies
Operating lease, discount rate (in percent)	2.90%
Cascata Golf Course
Loss Contingencies
Number of extension options	3
Renewal terms (in years)	10 years
Corporate Headquarters
Loss Contingencies
Number of extension options	1
Renewal terms (in years)	5 years
Cascata Golf Course And Various Office In New Orleans And New York
Loss Contingencies
Weighted average remaining lease term (in years)	13 years 7 months 6 days

Commitments and Contingent Liabilities - Schedule of Rent Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases, Operating
Rent expense	$ 2,006	$ 2,009	$ 2,008
Contractual rent	1,901	1,881	1,600
Right of use assets and sub-lease right of use assets	45,008	$ 16,811
Lease liability	$ 16,086
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position	Other liabilities	Other liabilities
Leases, Finance
Sales-type sub-leases, net	$ 764,509	$ 273,970
Finance sub-lease liability	784,259	280,510
Rental expense	47,819	22,484	11,632
Rental income	47,819	22,484	11,632
Contractual rent	52,191	26,350	17,983
Operating Sub-Lease
Leases, Operating
Rent expense	5,707	0	0
Sublease income	5,707	0	0
Contractual rent	5,338	0	$ 0
Right of use assets and sub-lease right of use assets	28,953	0
Lease liability	$ 28,953	$ 0

Commitments and Contingent Liabilities - Schedule Of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Lease
2023	$ 1,937
2024	1,847
2025	1,908
2026	1,959
2027	1,979
Thereafter	15,138
Total minimum lease commitments	24,768
Discounting factor	8,682
Lease liability	16,086
Finance Lease
2023	58,769
2024	59,039
2025	59,174
2026	59,174
2027	59,174
Thereafter	2,555,535
Total minimum lease commitments	2,850,866
Discounting factor	2,066,607
Finance sub-lease liability	784,259	$ 280,510
Operating Sub-Lease
Operating Lease
2023	6,584
2024	6,553
2025	5,129
2026	3,934
2027	4,010
Thereafter	5,128
Total minimum lease commitments	31,338
Discounting factor	2,385
Lease liability	$ 28,953	$ 0

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 14, 2021	May 31, 2021	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
Aggregate Value			$ 9,790,328	$ 2,384,815	$ 1,539,533
Public Stock Offering and Forward Sales Agreement
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)			167,875,000
Public Stock Offering
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)	65,000,000
Sale of stock, consideration received on transaction	$ 1,859,000
Over-Allotment Option
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)	15,000,000
ATM Stock Offering Program
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)			21,617,592
Forward contract indexed to issuer's equity (in shares)			21,617,592
Share price (in dollars per share)			$ 33.12
Aggregate Value			$ 715,880
Stock allowed to be issued during period, value		$ 1,000,000
September 2021 Forward Sales Agreement \| Public Stock Offering and Forward Sales Agreement
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)	115,000,000		50,000,000
Forward contract indexed to issuer's equity (in shares)	50,000,000
Share price (in dollars per share)	$ 29.50
Aggregate Value	$ 1,475,000
September 2021 Forward Sales Agreement \| Public Stock Offering
Subsidiary or Equity Method Investee
Aggregate Value	$ 3,400,000
September 2021 Forward Sales Agreement \| Forward Sales Agreement
Subsidiary or Equity Method Investee
Number of shares issued in transaction (in shares)	65,000,000
Forward contract indexed to issuer's equity (in shares)	50,000,000
Share price (in dollars per share)	$ 29.50

Stockholders' Equity - Forward Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended			22 Months Ended
	Jan. 18, 2023	Nov. 08, 2022	Sep. 14, 2021	Mar. 08, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 18, 2023
Class of Stock [Line Items]
Aggregate Offering Value					$ 9,790,328	$ 2,384,815	$ 1,539,533
Total Net Proceeds					$ 3,219,101	$ 2,385,779	$ 1,539,748
Public Stock Offering and Forward Sales Agreement
Class of Stock [Line Items]
Number of Shares Settled (in shares)					167,875,000
Forward Share Price Upon Settlement (in dollars per share)					$ 26.12
Total Net Proceeds					$ 4,384,700
Public Stock Offering and Forward Sales Agreement \| Subsequent Event
Class of Stock [Line Items]
Shared Offered (in shares)								168,277,500
Public Offering Price (in shares)	$ 30.08							$ 30.08
Aggregate Offering Value								$ 5,056,000
Initial Forward Sale Price Per Share (in dollars per share)	$ 29.19							$ 29.19
Initial Net Value	$ 4,910,000							$ 4,910,000
Public Stock Offering and Forward Sales Agreement \| January 2023 Forward Sales Agreement \| Subsequent Event
Class of Stock [Line Items]
Shared Offered (in shares)	30,302,500
Public Offering Price (in shares)	$ 33.00							$ 33.00
Aggregate Offering Value	$ 1,000,000
Initial Forward Sale Price Per Share (in dollars per share)	$ 31.85							$ 31.85
Initial Net Value	$ 964,400							$ 964,400
Underwriter's Option (in shares)	3,952,500
Public Stock Offering and Forward Sales Agreement \| November 2022 Forward Sales Agreement
Class of Stock [Line Items]
Shared Offered (in shares)		18,975,000
Public Offering Price (in shares)		$ 30.90
Aggregate Offering Value		$ 580,000
Initial Forward Sale Price Per Share (in dollars per share)		$ 30.57
Initial Net Value		$ 579,600
Underwriter's Option (in shares)		2,475,000
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 Sales Agreement
Class of Stock [Line Items]
Shared Offered (in shares)			50,000,000
Public Offering Price (in shares)			$ 29.50
Aggregate Offering Value			$ 1,475,000
Initial Forward Sale Price Per Share (in dollars per share)			$ 28.62
Initial Net Value			$ 1,431,000
Number of Shares Settled (in shares)			115,000,000		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 Agreement
Class of Stock [Line Items]
Shared Offered (in shares)				69,000,000
Public Offering Price (in shares)				$ 29.00
Aggregate Offering Value				$ 2,001,000
Initial Forward Sale Price Per Share (in dollars per share)				$ 28.06
Initial Net Value				$ 1,935,000
Underwriter's Option (in shares)				9,000,000
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 1
Class of Stock [Line Items]
Number of Shares Settled (in shares)					3,000,000
Forward Share Price Upon Settlement (in dollars per share)					$ 21.04
Total Net Proceeds					$ 63,000
Public Stock Offering and Forward Sales Agreement \| June 2020 Forward Sale Agreement 2
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

Stockholders' Equity - ATM Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Aggregate Value	$ 9,790,328	$ 2,384,815	$ 1,539,533
Total Net Proceeds	$ 3,219,101	$ 2,385,779	$ 1,539,748
ATM Stock Offering Program
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
Number of Shares Settled (in shares)	21,617,592
Forward Share Price Upon Settlement (in dollars per share)	$ 32.22
Total Net Proceeds	$ 696,643
ATM Stock Offering Program \| December 2022 ATM Forward Sale Agreement
Class of Stock [Line Items]
Number of Shares (in shares)	6,317,805
Weighted Average Share Price (in dollars per share)	$ 33.62
Aggregate Value	$ 212,400
Forward Sales Price (in dollars per share)	$ 32.96
Aggregate Net Value	$ 208,300
Number of Shares Settled (in shares)	6,317,805
Forward Share Price Upon Settlement (in dollars per share)	$ 32.99
Total Net Proceeds	$ 208,402
ATM Stock Offering Program \| August 2022 ATM Forward Sale Agreement
Class of Stock [Line Items]
Number of Shares (in shares)	3,918,807
Weighted Average Share Price (in dollars per share)	$ 34.73
Aggregate Value	$ 136,080
Forward Sales Price (in dollars per share)	$ 34.40
Aggregate Net Value	$ 134,800
Number of Shares Settled (in shares)	3,918,807
Forward Share Price Upon Settlement (in dollars per share)	$ 33.96
Total Net Proceeds	$ 133,073
ATM Stock Offering Program \| June 2022 ATM Forward Sale Agreement
Class of Stock [Line Items]
Number of Shares (in shares)	11,380,980
Weighted Average Share Price (in dollars per share)	$ 32.28
Aggregate Value	$ 367,400
Forward Sales Price (in dollars per share)	$ 31.64
Aggregate Net Value	$ 360,000
Number of Shares Settled (in shares)	11,380,980
Forward Share Price Upon Settlement (in dollars per share)	$ 31.20
Total Net Proceeds	$ 355,168

Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	628,942,092	536,669,722	461,004,742
Issuance of common stock in connection with the Merger (in shares)	214,552,532	0	0
Ending balance (in shares)	963,096,563	628,942,092	536,669,722
Stock Incentive Plan
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	601,939	372,370	164,980
Follow-On Offerings
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	0	65,000,000	0
Forward Sales Agreement
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	119,000,000	26,900,000	68,000,000
ATM Stock Offering Program
Increase (Decrease) in Stockholders' Equity
Stock issued during period (in shares)	0	0	7,500,000
ATM Stock Offering Program \| Plan
Increase (Decrease) in Stockholders' Equity
Shares received from issuance of common stock (in shares)	40,592,592

Stockholders' Equity - Dividends Declared (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.3900	$ 0.3900	$ 0.3600	$ 0.3600	$ 0.3600	$ 0.3600	$ 0.3300	$ 0.3300	$ 1.500	$ 1.380	$ 1.255

Earnings Per Share and Earning Per Unit - Schedule Of Weighted Average Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average units outstanding (in shares)	877,508,388	564,467,362	506,140,642
Assumed conversion of restricted stock (in shares)	955,000	924,000	412,000
Assumed settlement of forward sale agreements (in shares)	1,213,000	11,675,000	4,356,000
Diluted weighted-average units outstanding (in shares)	879,675,845	577,066,292	510,908,755
VICI Properties LP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average units outstanding (in shares)	885,785,509	564,467,362	506,140,642
Assumed conversion of restricted stock (in shares)	955,000	924,000	412,000
Assumed settlement of forward sale agreements (in shares)	1,213,000	11,675,000	4,356,000
Diluted weighted-average units outstanding (in shares)	887,952,966	577,066,292	510,908,755

Earnings Per Share and Earning Per Unit - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic:
Net income attributable to common stockholders	$ 1,117,635	$ 1,013,851	$ 891,674
Weighted-average shares of common stock outstanding (in shares)	877,508,388	564,467,362	506,140,642
Basic EPS (in dollars per share)	$ 1.27	$ 1.80	$ 1.76
Diluted:
Net income attributable to common stockholders	$ 1,117,635	$ 1,013,851	$ 891,674
Diluted weighted-average shares of common stock outstanding (in shares)	879,675,845	577,066,292	510,908,755
Diluted EPS (in dollars per share)	$ 1.27	$ 1.76	$ 1.75
VICI Properties LP
Basic:
Net income attributable to common stockholders	$ 1,118,471	$ 1,008,534	$ 889,608
Weighted-average shares of common stock outstanding (in shares)	885,785,509	564,467,362	506,140,642
Basic EPS (in dollars per share)	$ 1.26	$ 1.79	$ 1.76
Diluted:
Net income attributable to common stockholders	$ 1,118,471	$ 1,008,534	$ 889,608
Diluted weighted-average shares of common stock outstanding (in shares)	887,952,966	577,066,292	510,908,755
Diluted EPS (in dollars per share)	$ 1.26	$ 1.75	$ 1.74

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

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Earnings Per Share and Earnings Per Unit - Narrative (Details)	Dec. 31, 2022
Earnings Per Share [Abstract]
Ownership percentage	100.00%

Stock-Based Compensation - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) tradingDay shares	Dec. 31, 2022 USD ($) d shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation costs \| $	$ 17.8	$ 17.8	$ 17.8	$ 17.8	$ 17.8
Weighted-average period (in years)	1 year 10 months 24 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)		10,890,794
Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		384,000				172,000	179,000
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)		489,207				318,312	239,437
Granted (in shares)		336,000				188,000	239,000
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)			13.80%
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)			2.40%
Expected volatility rate (in percent)			35.00%

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 12,986	$ 9,371	$ 7,388

Stock-Based Compensation - Schedule Of Restricted Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Incentive and Time-Based Restricted Stock
Stock
Beginning balance (in shares)	300,031	324,865	310,470
Granted (in shares)	389,715	176,023	183,744
Vested (in shares)	(167,465)	(177,120)	(144,694)
Forfeited (in shares)	(14,942)	(23,737)	(24,655)
Canceled (in shares)	0	0	0
Ending balance (in shares)	507,339	300,031	324,865
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 24.72	$ 23.34	$ 21.58
Granted (in dollars per share)	28.84	18.79	23.56
Vested (in dollars per share)	25.91	19.19	20.21
Forfeited (in dollars per share)	25.46	19.58	21.21
Canceled (in dollars per share)	0	0	0
Ending balance (in dollars per share)	$ 27.47	$ 24.72	$ 23.34
Performance-Based Restricted Stock Units
Stock
Beginning balance (in shares)	588,134	530,440	291,003
Granted (in shares)	489,207	318,312	239,437
Vested (in shares)	(227,166)	(220,084)	0
Forfeited (in shares)	(80,586)	(40,534)	0
Canceled (in shares)	0	0	0
Ending balance (in shares)	769,589	588,134	530,440
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 19.32	$ 20.35	$ 20.71
Granted (in dollars per share)	27.03	16.85	19.90
Vested (in dollars per share)	22.68	18.39	0
Forfeited (in dollars per share)	22.68	18.39	0
Canceled (in dollars per share)	0	0	0
Ending balance (in dollars per share)	$ 22.88	$ 19.32	$ 20.35

Income Taxes - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022 USD ($) property $ / shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Sep. 30, 2021 $ / shares	Jun. 30, 2021 $ / shares	Mar. 31, 2021 $ / shares	Dec. 31, 2022 USD ($) property $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Income Tax Contingency
Undistributed net taxable income subject to income corporate tax rate									100.00%
Number of golf courses	45								45
Expected federal tax at the statutory tax rate (percent)									21.00%	21.00%	21.00%
Dividends declared (in dollars per share) \| $ / shares	$ 0.3900	$ 0.3900	$ 0.3600	$ 0.3600	$ 0.3600	$ 0.3600	$ 0.3300	$ 0.3300	$ 1.500	$ 1.380	$ 1.255
NOL carryforwards \| $	$ 151.6								$ 151.6
Golf Courses
Income Tax Contingency
Number of golf courses	4								4

Income Taxes - Schedule Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 1,758	$ 1,066	$ 381
State	658	1,475	299
Income tax expense (benefit), current	2,416	2,541	680
Deferred
Federal	469	358	148
State	(9)	(12)	3
Income tax expense (benefit), deferred	460	346	151
Total
Federal	2,227	1,424	529
State	649	1,463	302
Income tax expense	$ 2,876	$ 2,887	$ 831

Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Lease liability	$ 2,310	$ 2,375
Accruals, reserves and other	221	32
Total deferred tax assets	2,531	2,407
Deferred tax liabilities:
Land, buildings and equipment, net	(4,560)	(3,911)
Right of use asset	(2,310)	(2,375)
Total deferred tax liabilities	(6,870)	(6,286)
Net deferred tax liability	$ (4,339)	$ (3,879)

Income Taxes - Schedule of Effective Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income tax expense at statutory rate	$ 239,220	$ 215,469	$ 188,378
Federal income tax expense at statutory rate, percent	21.00%	21.00%	21.00%
REIT income not subject to federal income tax	$ (237,069)	$ (214,037)	$ (187,839)
REIT income not subject to federal income tax, percent	(20.80%)	(20.90%)	(20.90%)
Pre-tax gain attributable to taxable subsidiaries	$ 2,151	$ 1,432	$ 539
Pre-tax gain attributable to taxable subsidiaries, percent	0.20%	0.10%	0.10%
State income taxes, net of federal benefits	$ 648	$ 1,444	$ 296
State income taxes, net of federal benefits, percent	0.10%	0.10%	0.00%
Non-deductible expenses and other	$ 77	$ 11	$ (4)
Non-deductible expenses and other, percent	0.00%	0.00%	0.00%
Income tax expense	$ 2,876	$ 2,887	$ 831
Income tax expense (benefit), percent	0.30%	0.20%	0.10%

Income Taxes - Federal Income Tax Note (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Ordinary dividends (in dollars per share)	$ 1.5787	$ 0.7108	$ 1.2225
Section 199A dividends (in dollars per share)	1.5787	0.7108	1.2225
Non-dividend distribution (in dollars per share)	$ 0	$ 0.6392	$ 0

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]
VICI Properties LP [Member]
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

Indicates amendment to accounting standards.

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