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Segment Information
3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Segment Information
Segment Information
The following table presents certain information with respect to the Company’s segments.
Our real property business and our golf course business represent two reportable segments. The real property business segment consists of leased real property and represents the substantial majority of our business. The golf course business segment consists of four golf courses, with each being operating segments that are aggregated into one reportable segment.
The results of each reportable segment presented below are consistent with the way VICI management assesses these results and allocates resources, which is a consolidated view that adjusts for the impact of certain transactions between reportable segments within VICI, as described below. Accordingly, the results of certain reportable segments presented in this footnote differ from the financial statement information presented in their standalone reports.
 
 
Three Months Ended March 31, 2018
(In thousands)
 
Real Property Business
 
Golf Course Business
 
VICI Consolidated
Net revenues
 
$
211,488

 
$
6,788

 
$
218,276

Operating income
 
186,936

 
1,788

 
188,724

Interest expense
 
(52,875
)
 

 
(52,875
)
Loss on extinguishment of debt
 
(23,040
)
 

 
(23,040
)
Income before income taxes
 
112,699

 
1,788

 
114,487

Income tax expense
 

 
(384
)
 
(384
)
Net income
 
112,699

 
1,404

 
114,103

 
 
 
 
 
 
 
Depreciation
 

 
906

 
906

 
 
 
 
 
 
 
Total assets
 
$
10,404,715

 
$
81,524

 
$
10,486,239


All of our real estate holdings (other than those related to the Golf Course Business) are leased to Caesars and certain of its subsidiaries, and substantially all of our revenues are derived from the Lease Agreements, which represents a concentration of credit risk due to the single tenant nature of our leases. Management does not believe there are any other significant concentrations of credit risk.