Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected financial data is derived from our Financial Statements. It should be read in conjunction with the Financial Statements and Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K.



	Year Ended						Period from October 6, 2017 to December 31, 2017*
(In thousands, except share and per share data)	December 31, 2019			December 31, 2018
Statement of Operations:
Revenues	$	894,798		$	897,977		$	187,609
Total operating expenses	52,299			140,023			43,413
Operating income	842,499			757,954			144,196
Interest expense	(248,384		)	(212,663		)	(63,354		)
Loss from extinguishment of debt	(58,143		)	(23,040		)	(38,488		)
Income before income taxes	555,986			533,558			42,636
Income tax (expense) benefit	(1,705		)	(1,441		)	1,901
Net income	554,281			532,117			44,537
Net income attributable to common stockholders	545,964			523,619			42,662

Per share data:
Net income per common share - Basic	$	1.25		$	1.43		$	0.19
Net income per common share - Diluted	$	1.24		$	1.43		$	0.19

Cash dividends declared per common share	$	1.1700		$	0.9975		$	—

Other Data:
Net cash provided by operating activities	$	682,159		$	504,082		$	129,440
Net cash used in investing activities	(1,361,379		)	(1,140,877		)	(1,136,251		)
Net cash provided by financing activities	1,182,666			1,037,836			1,148,446

	As of December 31,
Financial Position Data:	2019			2018			2017
Cash and cash equivalents	$	1,101,893		$	577,883		$	183,646
Restricted cash	—			20,564			13,760
Short-term investments	59,474			520,877			—
Total assets	13,265,619			11,333,368			9,739,712
Debt, net	4,791,563			4,122,264			4,785,756
Non-controlling interests	83,806			83,573			84,875
Stockholders’ equity	8,048,989			6,901,022			4,776,364

_____________________________

*****Represents the period from October 6, 2017, the date of the Company’s Formation, through December 31, 2017

The following table sets forth the selected historical combined financial data of Caesars Entertainment Outdoor as our predecessor, the operations of which were contributed to VICI Golf on the Formation Date. These operations are comprised of: (i) the Rio Secco golf course in Henderson, Nevada; (ii) the Cascata golf course in Boulder City, Nevada; (iii) the Grand Bear golf course in Saucier, Mississippi; and (iv) the Chariot Run golf course in Laconia, Indiana. The following selected financial is derived from the historical combined financial statements of Caesars Entertainment Outdoor, our predecessor. It should be read in conjunction with the Financial Statements and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K.



	Period from January 1, 2017 to October 5, 2017			Year Ended December 31,
(In thousand)		2016			2015
Statement of Operations:
Net revenues	$	14,136		$	18,785		$	18,077
Total operating expenses	14,136			18,778			18,059
Income from operations	—			7			18
Interest expense	—			(7		)	(18		)
Income before taxes	—			—			—
Income tax (expense) benefit	(2		)	—			3
Net (loss) income	(2		)	—			3

	As of October 5, 2017			As of December 31,
Financial Position Data:		2016			2015
Cash	$	111		$	920		$	351
Total assets	89,253			90,475			92,034
Long-term debt	—			—			14
Liabilities subject to compromise	249			265			267
Equity	83,141			84,143			85,375

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