#1VICI Investor Presentation IMMAP, HARVEYS INVEST IN THE EXPERIENCE#2DISCLAIMERS Forward Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are based on VICI Properties Inc.'s ("VICI" or the "Company") current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate strictly to historical facts and by the use of words such as "anticipates," "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company's control and could materially affect actual results, performance or achievements. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including inflation, interest rate changes, foreign currency exchange rate fluctuations, supply chain disruptions, consumer confidence levels, changes in consumer spending, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; the impact of the recent and potential future interest rate increases, including our ability to successfully pursue investments in, and acquisitions of, additional properties and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our pending and recently closed transactions, including our ability or failure to realize the anticipated benefits there of; our dependence on our tenants at our properties, including their financial condition, results of operations, cash flows and performance, and their affiliates that serve as guarantors of the lease payments, and the negative consequences any material adverse effect on their respective businesses could have on us; our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all; the anticipated benefits of certain arrangements with certain tenants relating to our funding of "same store" capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund; our ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; our borrowers' ability to repay their outstanding loan obligations to us; our dependence on the gaming industry; the impact of extensive regulation from gaming and other regulatory authorities; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their lease agreements with us following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to our lease agreements; our tenants and any guarantors' historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness, and ability to service, refinance and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; our inability to successfully pursue investments in, and acquisitions of, additional properties; the possibility that we identify significant environmental, tax, legal or other issues that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our pending or completed transactions; the possibility of adverse tax consequences as a result of our pending or recently completed transactions, including tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending or recently completed transactions; our inability to maintain our qualification for taxation as a REIT; our reliance on distributions received from our subsidiaries, including VICI OP, to make distributions to our stockholders; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company's business, results of operations and financial position are described from time to time in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Tenant, Borrower and Other Company Information The Company makes no representation as to the accuracy or completeness of the information regarding its tenants, including Bowlero Corp. ("Bowlero"), Caesars Entertainment, Inc. ("Caesars"), Century Casinos, Inc. ("Century Casinos"), Cherokee Nation Entertainment, L.L.C. ("CNE"), the Eastern Band of Cherokee Indians ("EBCI"), Foundation Gaming and Entertainment LLC ("Foundation Gaming"), Seminole Hard Rock Entertainment, Inc. ("Hard Rock"), JACK Ohio LLC ("JACK Entertainment"), MGM Resorts International ("MGM"), PENN Entertainment, Inc. ("PENN Entertainment"), PURE Canadian Gaming Corp. ("PURE Canadian"), and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. ("Venetian Las Vegas Tenant"), borrowers and other companies included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC and MGM, as the parent and guarantor of MGM Lessee, LLC, the Company's significant lessees, have been filed with the Securities and Exchange Commission ("SEC"). Certain financial and other information for our tenants, guarantors, borrowers and other companies included in this presentation have been derived from their respective filings, if and as applicable, and other publicly available presentations and press releases. While we believe this information to be reliable, we have not independently investigated or verified such data. Market and Industry Data and Trademark Information This presentation contains estimates and information concerning the Company's industry, including market position, rent growth, corporate governance, and other analyses of the Company's peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. The brands operated at our properties are trademarks of their respective owners. None of these owners nor any of their respective officers, directors, agents or employees have approved any disclosure contained in this presentation or are responsible or liable for the content of this presentation. Non-GAAP Financial Measures This presentation includes reference to Funds From Operations ("FFO"), FFO per share, Adjusted Funds From Operations ("AFFO"), AFFO per share, and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. For additional information regarding these non-GAAP financial measures see "Definitions of Non-GAAP Financial Measures" included in the Appendix at the end of this presentation. Financial Data Financial information provided herein is as of September 30, 2023 unless otherwise indicated. Published on November 9, 2023. ⒸVICI. All rights reserved. No part of this publication be reproduced, distributed or transmitted in any form or by express written permission of VICI. VICI means, including without limitation photocopying, recording or any other electronic or mechanical methods, without the 2#3INVESTMENT HIGHLIGHTS VICI Properties Inc. (NYSE: VICI) is a triple net lease REIT that owns one of the largest high-quality portfolios of market-leading gaming, hospitality, and entertainment destinations Demonstrated Track Record of Growth Announced $35Bn of domestic and international investments across gaming & non-gaming experiential assets since formation 889 Non-Commodity Experiential Real Estate Unlocking value by using the triple net-lease model for non- commodity experiential assets with best-in-class, growth- minded operators Significant Scale and Stable Cash Flows Second largest triple net lease REIT with $3.0Bn annualized cash rent (1) and 100% rent collection since formation VICI Tenant Transparency -81% of rent roll derived from SEC reporting operators providing transparency into tenant performance and health (1) Annualized contractual rent as of November 2023. Contractual Escalation with Inflation Protection 50% of rent roll with CPI-linked escalation in 2023E and 96% of rent roll with CPI-linked escalation over the long-term (subject to applicable caps) Investment-Grade Balance Sheet Investment grade unsecured borrower broadens access across capital markets Mission Critical Complex Real Estate Gaming regulatory environment creates high barriers to entry and limits tenants' ability to move locations, contributing to 100% occupancy rate S&P 500 Constituent Added to the S&P 500 Index in June 2022 3#4VICI'S EVOLUTION SINCE FORMATION Demonstrated Track Record of Growth and Tenant Diversification - By Adj. EBITDA ($MM) (1) VICI is a world-leading experiential REIT with 54 gaming properties, 38 family entertainment centers, 12 tenants, and significant scale and access to capital Acquired Harrah's Las Vegas Significantly reduced leverage on the balance sheet Began institutionalization of gaming real estate sector Harrahs LAS VEGAS 2017 $690(2) Completed 4th largest REIT IPO Expanded tenant roster with PENN Entertainment with acquisitions of Margaritaville & Greektown Modified Caesars leases to align Tenant / Landlord interests. Harrahs PHILADELPHIA PENN ENTERTAINMENT 2018 $722 Continued tenant diversification with Hard Rock, JACK, and Century Casinos Strengthened relationship with existing tenants in Eldorado's acquisition of Caesars EELDORADO Hard Rock CAESARS ENTERTAINMENT. CASINOS CENTURY J.A.C.K. ENTERTAINMENT 2019 $847 Initial non-gaming investment in Chelsea Piers New York and investment in the Caesars Forum Convention Center 100% cash rent collection through COVID-19 CHELSEA PIERS NEW YORK EST. NY 1905 CAESARS FORUM 2020 $1,119 Announced $4Bn acquisition of Venetian Resort and $17.2Bn acquisition of MGM Growth Properties ("MGP") Began financing relationship with Great Wolf Resorts A THE VENETIAN RESORT MGM GROWTH PROPERTIES™ GREAT WOLF LODGE 2021 $1,307 Achieved investment grade ratings and S&P 500 inclusion Announced investments with Great Wolf, Cabot, Canyon Ranch, and Fontainebleau Las Vegas as well as acquisition of Rocky Gap and the Foundation Portfolio MGM GRANDE FONTAINEBLEAU LAS VEGAS FOUNDATION GAMING & ENTERTAINMENT ROCKY GAP. CASINO RESORT - GOLF THE VENET RESORT HOTE GRAND CANAL 3355 CANYONRANCH. D CABOT S&P 500® 2022 First family entertainment acquisition of 38 Bowlero properties International gaming investments in Canada $2,215 Acquired the remaining 49.9% stake in MGM Grand / Mandalay Bay PURE CASINO MANDALAY BAY RESORT AND CASINO, LAS VEGAS LQA Q3'23 $2,906 (3) BOWLERO CORPORATION ARRASAM (1) See "Reconciliation from GAAP to Non-GAAP Measures" and "Definitions of Non-GAAP Financial Measures" on pages 24-27 for additional information. (2) Represents (i) $545MM pro forma Adj. EBITDA for the nine months ended September 30, 2017, and (ii) $145MM Adj. EBITDA for the period from October 6, 2017 to December 31, 2017. (3) Represents annualized Q3'23 Adj. EBITDA of $726MM. VICI 4#5MARKET-LEADING BUILDINGS OCCUPIED BY MARKET- LEADING EXPERIENTIAL OPERATORS MGM 100% Triple Net Leases 91% Rent Roll with Parent Guarantees ~82% Rent Roll with Master Lease Protection 500 ~81% Rent Roll from SEC Reporting Tenants -75% Rent Roll from S&P 500 Tenants Tenant CAESARS ENTERTAINMENT. MGM RESORTS THE VENETIAN Hard Rock CAFE LAS VEGAS Seminole Hard Rock Entertainment PENN ENTERTAINMENT J.A.C.K. ENTERTAINMENT CENTURY CASINOS CHEROKEE NATION Entertainment Eastern Band of Cherokee Indians BOWLERO CORPORATION FOUNDATION GAMING & ENTERTAINMENT PURE CASINO 12 Tenants Number of Properties 18 13 1 2 2 2 8 1 1 38 2 WALT (years) as of 9/30/2023 (1) 92 31.9 51.5 48.4 46.4 30.6 31.4 35.0 54.6 32.9 55.1 34.3 44.4 Annualized Cash Rent ($MM) (²) $1,197.6 41.5 1,054.5 257.5 136.2 79.3 70.0 55.5(3) 40.0 33.5 31.6 24.3 15.7(3) % of Annualized Cash Rent 39% 35% $2,995.61 (1) Weighted average lease term ("WALT") inclusive of all tenant renewal options based on annualized cash rent. (2) Annualized contractual rent as of November 2023. (3) Assumes an exchange rate of C$1:00:US$0.72 as of October 31, 2023. VICI 9% 5% 3% 2% 2% 1% 1% 1% 1% 1% 100% LO 5#6MISSION CRITICALITY OF REAL ESTATE VICI's Assets Have High Barriers-to-Entry & High Financial Transparency Compared to Traditional Net Lease REITS Occupant Business Model Underlying Asset Financial Transparency Barriers-to-Entry Average Rent Per Asset Type of Real Estate Remaining Lease Term 2020 Rent Collection CASINO Cash Flow Volatility P Long-Term CPI Protected Rent Roll Same Store Rent Growth VICI Experiential / Operational / Revenue Diversity High Gaming regulators require gross gaming revenue reporting from assets High -$32,560,000 Differentiated, Non-Commoditized -42 years (²) 100% Low (None to Date) 96% (3) 1.9% (4) Select Triple Net Lease REITS (1) Generally Conventional Goods and Services Low Low -$460,000 Highly Commoditized 8-11 years 70 - 99% Low -16-85% 0.4% (5) Source: Respective company filings, Green Street Advisors (1) Based on Net Lease REIT universe covered by Green Street Advisors (ADC, BNL, EPRT, NNN, O, SRC, and WPC). (2) WALT inclusive of all tenant renewal options. (3) Represents % of contractual rent subject to CPI-linked escalators over the full lease term (subject to any applicable caps or periods in which such provisions do not apply). (4) Reflects minimum annual contractual rent escalation as of November 2023. (5) Reflects same-property NOI growth per Green Street Advisors report as of August 14, 2023. VICI 6#7INDUSTRY-LEADING CPI PROTECTION & G&A EFFICIENCY Estimated CPI Protection as % of VICI's Rent Roll Over Time(1) 50% 2023E 56% 2026E 83% 2032E 86% 2033E 96% 2035E Source: Respective company filings (1) Percentage of rent roll reflects rent inclusive of minimum contractual rent escalation pursuant to current lease agreements, refers to CPI-linked escalators in effect in the presented year (subject to any applicable caps). (2) Based on Q3'23 company filings for ADC, FCPT, EPR, EPRT, GLPI, NNN, O and WPC. VICI 50% VICI's rent roll with CPI-linked escalation for 2023E 96% VICI's rent roll with CPI-linked escalation by 2035E 2% VICI's G&A as a % of Revenue in Q3'23 M Lowest Exposure to G&A Costs Among Select Triple Net Lease REITS (2) 7#8VICI DIVIDEND DURABILITY AND GROWTH 100% Cash Dividend Raised Every Year While Targeting a 75% AFFO Payout Ratio Annualized VICI Cash Dividend Per Share $1.15 Q3'18 $0.2875 $1.19 Q3'19 7.6% CAGR $1.32 Q3'20 $1.44 Q3'21 $1.56 Q3'22 Quarterly Cash Dividend Per Share $0.2975 $0.3300 $0.3600 $0.3900 $1.66 Q3'23 $0.4150 Compound Annualized Dividend Growth Rate (1) 7.6% 6.2% VICI ADC 5.9% 4.3% 3.0% 3.0% 2.5% Select Peer Avg. 2.6% EPRT FCPT O GLPI NNN Source: Respective company filings of select triple-net REIT peers, including ADC, EPR, EPRT, FCPT, GLPI, NNN, O and WPC (1) Calculated as the compound annual growth rate of the annualized most recently declared dividend as of September 30, 2023 compared to September 30, 2018. VICI 0.9% WPC EPR (-5.2%) 8#9HIGH-QUALITY PORTFOLIO OF REAL ESTATE... 54 Gaming and 38 Non-Gaming Experiential Properties Spanning 26 States and 1 Canadian Province JACK Cleveland Hollywood Casino at Greektown MGM Detroit Horseshoe Hammond Harrah's Lake Tahoe Horseshoe Council Bluffs Harrah's North Kansas City Margaritaville Bossier City Fitz Hotel & Casino Century Casino CASINO St. Albert PURE Casino. Calgary K COPPER C VICI Alberta, Canada Geographic Diversity by Rent Gaming: 15 States (52% Regional, 47% Las Vegas, 1% International)(¹) Non-Gaming Experiential: 11 New States (1) Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on internal rent allocations by property; based on contractual rent as of November 2023. LOSTCOD -CASINO 7 Empire City MGM Springfield Caesars Atlantic City Borgata MGM National Harbor Rocky Gap Hard Rock Cincinnati Caesars Southern Indiana Century Casino Caruthersville Bowlero Brentwood (Plus 37 other locations) Harrah's New Orleans 9#10...DIVERSIFIED WITH MULTIPLE REVENUE STREAMS... VICI is the Largest Owner of Hotel Room Real Estate (1) and Privately-Owned Meeting, Convention & Event Space(2) in America 54 Gaming Properties 38 Non-Gaming Experiential Properties 26 States and Canada <AESARS PALACE LAS VEGAS THE VENETIAN LAS VEGAS MGM NATIONAL HARBOR Hard Rock CASINO Chasing CINCINNATI J.A.C.K. CLEVELAND CASINO CENTURY CASINOS VICI BOWLERO (1) By key. (2) By square footage. 111 -60,300 Hotel Rooms NOBU HOTEL CAESARS PALACE PARK MGM LAS VEGAS THE PALAZZO Las Vegas ne MANDALAY BAY RESORT AND CASINO, LAS VEGAS Harrahs HARVEYS LAKE TAHOE MGM GRAND -4.2MM SF Gaming Space -66,000 Gaming Units CAESARS Harrahs CAESARS SPORTSBOOK VENETIAN -Cari HORSESHOE. LAZZO BETMGM Borgata S lidd A -6.7MM SF Meeting & Convention Space CC. MANDALAY BAY RESORT AND CASINO LAS VEGAS VENETIAN MEETINGS MGM GRAND CONFERENCE CENTER www. 500+ F&B Outlets NOBU JEAN GEORGES STEAKHOUSE MR CHOW Peter Luger HOUSE TAO Delmonico Steakhouse Joel Robuchon BOUCHON B K POR Milos GORDON RAMSAY extiatoria BARSTOOL SPORTSBOOK 50+ Entertainment Venues 4 Golf Courses OMNIA MEDE. UD. EX Fro THE COLOSSEUM >k Hakkasan THE VENETIAN THEATRE SPHERE (VICI owns the land. under the MSG Sphere) CASCATA -500 Retail Outlets THE FORUM SHOPS <AESARS PALACE (owned by Simon Property Group) GRAND CANAL SHOPPES THE VENETIAN THE PALAZZO (owned by Brookfield) 10#11...WITH 10 TROPHY ASSETS ON THE LAS VEGAS STRIP VICI Owns 660 Acres of Underlying Land, ~41,400 Hotel Rooms and ~5.9mm SF of Conference, Convention, and Trade Show Space on the Las Vegas Strip VICI Las Vegas Strip Holdings Portfolio VICI's Convention Center Holdings The Venetian Resort Harrah's Las Vegas The Mirage Caesars Palace Las Vegas Convention Center Resorts World Wynn O Treasure Island MSG Sphere (2) Venetian Expo The Venetian Resort C The Mirage Caesars Forum VICI Convention and Center(3) Harrah's Flamingo (3) The LINQ (3) VICI Land Caesars Palace Flamingo Rd 925 Horseshoe (3) Paris (3) Bellagio VICI Land Planet Hollywood (3) The Cosmopolitan New York-New York The Shops Park at Crystals MGM ARIA VICI owns two of the Top 10 Best Convention Centers in the United States, and the only two Private-Sector Convention Centers in the Top 30 (¹) VICI owns 26 acres of undeveloped land strategically located adjacent to The LINQ and behind Planet Hollywood as well as 7 acres of Strip frontage property at Caesars Palace; all of which are subject to and part of a master lease with Caesars MGM Grand New York- Excalibur New York Park MGM MGM Grand 1 89 VICI's Land Portfolio Luxor Luxor Excalibur South Las Vegas Blvd Mandalay Bay Mandalay Bay Convention Center Mandalay Bay Source: Wall Street Journal (1) Per the Wall Street Journal's September 2023 ranking of 30 convention centers in the U.S. (2) VICI owns the land under the MSG Sphere. (3) Please refer to page 22 for a summary of terms and conditions of VICI's gaming put/call and ROFR agreements. VICI 11#12LAS VEGAS: ONE OF THE WORLD'S PREEMINENT TOURISM CITIES Up-and-Coming Sports Hub 2023 Stanley Cup Champion Las Vegas Golden Knights Las Vegas Raiders Potential New Home for the Athletics New Formula-1 Racing Site RAIDERS & As Formula 1 VICI € NCAA FINAL FOUR First NBA In-Season Tournament Final Four 2024 NFL Super Bowl 2028 NCAA Final Four Source: Las Vegas Convention and Visitors Authority Research Center, Wall Street Research 41MM Visitors (Sep-23 LTM) $45Bn Direct Visitor Spend (2022) $8.3Bn 2022 Gross Gaming Revenue (All-Time Annual Record) U2 Sphere 6.0MM Convention Visitors (Sep-23 LTM) Garth Brooks Caesars Palace $79Bn Total Economic Impact (2022) Premier Entertainment Destination $835MM July 2023 Gross Gaming Revenue (All- Time Monthly Record) Usher Park MGM Bruno Mars Park MGM Adele Caesars Palace Lady Gaga Park MGM 12#13"SPORTS TRIANGLE" DRIVING SOUTHERN LAS VEGAS STRIP ACTIVATION & POTENTIAL OPPORTUNITIES FOR VICI VICI Owns the Real Estate of the 6 Casinos Within & Alongside the "Sports Triangle" Formed by Allegiant Stadium, T-Mobile Arena and the Proposed Athletics Stadium F1 Race Track T-Mobile Arena VICI Allegiant Stadium SERIE Source: Public media reports allegiant Park MGM New York New York Excalibur Luxor Mandalay Bay MGM Grand P O O MGM Grand Garden Arena Proposed A's Stadium Michelob ULTRA Arena 13#14VICI'S INVESTMENT STRATEGY A Partnership Approach Long-term relationship approach to transactions where VICI helps solve its partners' objectives, both today and in the future Real Estate Acquisitions Acquire irreplaceable, mission-critical, non- commodity real estate offering place-based, scaled leisure and hospitality experiences in a triple net lease structure with industry-leading operators VICI VICI Partner Property Growth Fund Work collaboratively with existing tenants and partners to invest in growth opportunities across real estate developments and capital improvements that achieve mutually beneficial outcomes GA XXX VICI Experiential Credit Solutions (www VICI utilizes its various capital allocation strategies in seeking to drive AFFO growth and superior returns to its stockholders Creatively provide debt capital through our VICI Experiential Credit Solutions platform, with new and existing partners across experiential sectors that generate attractive returns and build a strategic path towards potential future real estate ownership 14