#1OMNIA OMNIA Cens VICI INVESTOR PRESENTATION Harrah's Mard Rock ACK CASINO MACHTWILLE MGM VENETIAN Bakkasan GRAND 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: risks associated with our recently completed transactions, including our ability or failure to realize the anticipated benefits of such transactions; the impact of changes in general economic conditions and market developments, including inflation, low consumer confidence, supply chain disruptions, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; our dependence on subsidiaries of Caesars Entertainment, Inc. ("Caesars"), Penn National Gaming, Inc. ("Penn National"), Seminole Hard Rock Entertainment, Inc. ("Hard Rock"), Century Casinos, Inc. ("Century Casinos"), Rock Ohio Ventures LLC ("JACK Entertainment"), the Eastern Band of Cherokee Indians ("EBCI"), an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. ("Venetian Las Vegas Tenant"), and MGM Resorts International ("MGM") as tenants of our properties and Caesars, Penn National, Hard Rock, Century Casinos, JACK Entertainment, EBCI and MGM or certain of their respective subsidiaries as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; 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 existing lease agreements with such tenants, which we collectively refer to as the Partner Property Growth Fund; our borrowers' ability to repay their outstanding loan obligations to us; our dependence on the gaming industry; our ability to pursue our business and growth strategies may be limited by our substantial debt service requirements and by the requirement that we distribute 90% of our real estate investment trust ("REIT") taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; our inability to maintain our qualification for taxation as a REIT; 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 and the completion of any transactions on a timely basis, or at all, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew our lease agreements 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, including indebtedness assumed and incurred by us in connection with our recently completed transactions, 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; the impact of a rise in interest rates, which have begun increasing from historic lows, on us; our inability to successfully pursue investments in, and acquisitions of, additional properties; our ability to obtain the financing necessary to complete acquisitions or related transactions on the terms we currently expect in a timely manner, or at all; the possibility that any transactions may not be completed or that completion may be unduly delayed, and the potential adverse impact on our business, operations and stock price; 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 recently completed transactions; the effects of our recently completed transactions on us, including the future impact on our financial condition, financial and operating results, cash flows, strategy and plans; the impact of changes to the U.S. federal income tax laws and outcome of previous and potential future litigation relating to our recently completed transactions; the possibility of adverse tax consequences as a result of our recently completed transactions; increased volatility in our stock price as a result of our recently completed transactions; the impact of climate change, natural disasters, war, political and public health conditions or uncertainty or civil unrest, sanctions, violence or terrorist activities or threats on our properties and changes in economic conditions or heightened travel security and health measures instituted in response to these events; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; our reliance on distributions received from VICI Properties OP LLC, our operating partnership, 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. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the impact of the COVID-19 pandemic on our and our tenants' financial condition, results of operations, cash flows and performance. The extent to which the COVID-19 pandemic continues to adversely affect our tenants, and ultimately impacts our business and financial condition, depends on future developments which cannot be predicted with confidence, including the impact of the actions taken to contain the pandemic or mitigate its impact, including the availability, distribution, public acceptance and efficacy of approved vaccines, new or mutated variants of COVID-19 (including vaccine-resistant variants) or a similar virus, the direct and indirect economic effects of the pandemic and containment measures on our tenants, the ability of our tenants to successfully operate their businesses, including the costs of complying with regulatory requirements necessary to keep their respective facilities open, such as reduced capacity requirements, the need to close any of the facilities as a result of the COVID-19 pandemic, and the effects of the negotiated capital expenditure reductions and other amendments to our lease agreements that we agreed to with certain of our tenants in response to the COVID-19 pandemic. Each of the foregoing could have a material adverse effect on our tenants' ability to satisfy their obligations under their lease agreements with us, including their continued ability to pay rent in a timely manner, or at all, and/or to fund capital expenditures or make other payments required under their leases. 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, 2021, 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 and Borrower Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars, Century Casinos, EBCI, Hard Rock, JACK Entertainment, MGM, Penn National, Venetian Las Vegas Tenant 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 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 March 31, 2022 unless otherwise indicated. Published on June 10, 2022. © VICI. All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including without limitation photocopying, recording or any other electronic or mechanical methods, without the express written permission of VICI. VICI 2#3VICI PROPERTIES OVERVIEW VICI PROPERTIES INC. (NYSE: VICI) IS A TRIPLE NET LEASE REIT THAT OWNS ONE OF THE LARGEST PORTFOLIOS OF MARKET-LEADING GAMING, HOSPITALITY AND ENTERTAINMENT DESTINATIONS Demonstrated Track Record of Growth Executed ~$29bn of transactions and issued ~$18bn of equity(1) since formation in 2017 Diversified, High-Quality 43 Asset Portfolio Geographic and tenant diversification, as well as a high level of revenue diversity within each asset Significant Scale Second largest triple net lease REIT and one of the top four-wall REITs by LTM Q1'22 Adj. EBITDA (2) Resilient and Stable Cash Flows 100% rent collection to date through the ongoing COVID-19 pandemic VENETIAN Inflation Protected Leases 47% of leases with uncapped CPI-linked escalation in 2022E and 96% of leases with CPI-linked escalation over the long- term (subject to applicable caps) Harat Mission Critical Complex Real Estate Gaming regulatory environment creates high barriers to entry and limits tenants' ability to move locations, contributing to 100% occupancy rate Tenant Strength & Transparency ~81% of rent roll derived from SEC reporting operators providing transparency into tenant performance and health PALASSO CHABURE BAND Long-Dated Lease Maturities 43-year weighted average lease term Investment-Grade Balance Sheet Investment grade rating broadens access across capital markets VICI STATION (1) Inclusive of equity issued to former MGP stockholders pursuant to the MGP transaction, which closed on April 29, 2022. (2) Reflects pro forma LTM Q1'22 Adj. EBITDA for VICI. Please refer to page 17 for additional details. 3#4PROVEN TRACK RECORD OF SUCCESS EVOLUTION OF VICI SINCE FORMATION De-levered balance sheet, proved ability to grow, introduced cap rates into gaming real estate Pre-IPO Equity Private Placement Harrahs LAS VEGAS IPO, de-levered balance sheet, modified lease incentives to align with Caesars and expanded tenant roster IPO, Master Lease Modification, Octavius Tower, Harrah's Philadelphia, Margaritaville Bossier City & Greektown Acquisitions IPO Harrah's PHILADELPHIA PENN NATIONAL GAMING, INC. BY ADJ. EBITDA ($MM) (1) Proved ability to work with largest tenant while diversifying tenant base Partnership with Eldorado / Caesars ELDORADO RESORTS CAESARS ENTERTAINMENT. Hard Rock CENTURY J.A.C.K. CASINOS ENTERTAINMENT 1st gaming REIT to expand into a new asset class Invested in Caesars Forum Convention Center and Chelsea Piers Mortgage Loans CHELSEA PIERS NEW YORK CITY CAESARS FORUM Significant acquisitions, significantly increasing VICI is a world-leading scale Acquired the Venetian Resort and MGM Growth Properties and invested in Great Wolf Mezzanine Loan THE VENETIAN RESORT MGM GROWTH PROPERTIES™ GREAT WS LF LODCE 2021 gaming and experiential real estate owner with increased scale, tenant diversity and access to capital LTM Q1'22 Pro Forma $2,572(3) 2020 $1,307 2019 2018 2017 $1,119 $847 $722 $690 (2) VICI (1) See "Reconciliation from GAAP to Non-GAAP Measures" in the appendix for additional information, including the definition and reconciliation to the most comparable GAAP financial measures. (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) LTM Q1 2022 Adj. EBITDA pro forma for the rent attributable to the acquisition of the Venetian Resort from April 1, 2021 - February 23, 2022, the closing date of such acquisition, and the impact of the MGM Growth Properties LLC ("MGP") acquisition, including $996mm of LTM Q1 2022 Adj. EBITDA attributable to MGP (adjusted to include rent attributable to the acquisition of MGM Springfield from April 1, 2021 - October 29, 2021, the date of such acquisition), $12mm of expected G&A synergies, and to reflect a $13mm rent differential between rent received from April 1, 2021 - March 31, 2022 by MGP under the MGM Master Lease and the terms of VICI's Amended and Restated MGM Master Lease. 4#5LEADING, WORLD-CLASS OPERATORS OF PLACE-BASED EXPERIENCES (1) 100% Triple Net Leases Number of Tenant Properties WALT (years) as of 3/31/2022(2) Annualized Cash Rent ($mm)(3) % of Ann. Cash Rent 18 33.4 $1,071.8 42% M CAESARS ENTERTAINMENT. 53.8 $922.2 36% MGM RESORTS 14 90% Leases with Parent Guarantees ~81% Rent Roll with Master Lease Protection ~80% Rent Roll from S&P 500 Tenants 81% THE VENETIAN LAS VEGAS 1 49.9 $250.0 10% Seminole Hard Rock Hard Rock 2 47.6 $134.0 5% Entertainment PENN NATIONAL 2 32.1 $75.1 3% GAMING, INC. J.A.C.K ENTERTAINMENT 2 32.9 $69.0 3% Eastern Band of Cherokee 1 34.4 $32.5 1% Indians CENTURY CASINOS 3 32.8 $25.5 1% Rent Roll from SEC Reporting Tenants 8 Tenants 43 43.0 $2,580.2 100% VICI (1) Includes the impact of the MGP acquisition, which closed subsequent to quarter end on April 29, 2022. Pro forma for MGM's pending sale of the operations of the Mirage Hotel & Casino to Hard Rock, which is subject to customary closing conditions and regulatory approvals. (2) Weighted average lease term ("WALT") inclusive of all tenant renewal options. MGM Master Lease reflects 55-year lease term, which commenced on April 29, 2022. (3) Annualized contractual rent as of May 2022. 5#6VICI PROPERTIES PORTFOLIO HIGHLIGHTS LARGEST EXPERIENTIAL REAL ESTATE PORTFOLIO 43 Properties 15 States ~58,700 Hotel Rooms ~3.8mm SF Gaming Space ~61,000 Gaming Units ~6.7mm SF Meeting & Convention Space Harrah's CAESARS PALACE CAESARS CAESARS SPORTSBOOK <AESARS PALA< LAS VEGAS THE VENETIAN LAS VEGAS NOBU HOTEL PARK MGM LAS VEGAS THE PALAZZO Las Vegas BALLY'S LAS VEGAS MANDALAY BAY RESORT AND CASINO, LAS VEGAS MGM NATIONAL HARBOR" Harrahs HARVEYS LAKE TAHOE THE VENETIAN Resen-Hanel-Carino HORSESHOE. THE ALAZZO BETMGM HORSESHOE. MGM GRAND. Borgata CAESARS FORUM VENETIAN MEETINGS MGM GRAND CONFERENCE CENTER 450+ F&B Outlets NOBU JEAN GEORGES STEAKHOUSE MR CHOW Peter 87 Luger STEAK HOUSE TAO Delmonico LAR VEGAS VESICHAN Steakhouse Joel Robuchon estiatorio Milos BOUCHON GORDON RAMSAY BARSTOOL SPORTSBOOK 50+ Entertainment Venues 4 Golf Courses OMNIA NIGHTCLUB LAS VEGAS THE COLOSSEUM Ж Hakkasan THE VENETIAN THEATRE MSG 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) VICI 6#7MISSION CRITICALITY OF REAL ESTATE VICI'S ASSETS HAVE HIGH BARRIERS-TO-ENTRY & HIGH TRANSPARENCY COMPARED TO TRADITIONAL NET LEASE REITS VICI Select Triple Net Lease REITs (1) Occupant Business Model Experiential/Operational / Revenue Diversity Generally Conventional Goods and Services Underlying Asset Transparency High - Gaming regulators require gross gaming revenue reporting from assets Low Barrier-to-Entry Average Rent Per Asset Type of Real Estate Lease Term 2020 Rent Collection CASINO High ~$60,000,000 Low ~$400,000 Differentiated, Non-Commoditized Highly Commoditized 43 years 100% 9-13 years 70-99% Cash Flow Volatility JACK C Long-Term CPI Protected Rent Roll Low (None to Date) 96%(2) Low ~16-85% Same Store Rent Growth VICI Source: Respective company filings, Green Street Advisors 1.8%(3) 0.4%(4) (1) Based on Net Lease REIT universe covered by Green Street Advisors (NNN, O, SRC, STOR, and WPC). (2) Represents % of contractual rent subject to CPI-linked escalators over the long-term. (3) Reflects minimum annual contractual rent escalation as of May 2022. (4) Reflects same-property NOI growth per Green Street Advisors report as of December 11, 2021. 7#8INDUSTRY-LEADING CPI PROTECTION STRENGTHENS OVER TIME ESTIMATED CPI PROTECTION AS % OF VICI'S RENT ROLL OVER TIME (1) ✓ Reflects new leases for which CPI-linked escalation commences in each given year 47% Caesars Regional Master Lease • Caesars Las Vegas Master Lease 2022E 53% Venetian Resort Lease (3% cap) Century Casinos Master Lease ✓ Hard Rock Cincinnati Lease • Caesars Regional Master Lease • Caesars Las Vegas Master Lease 2023E ✓ 56% JACK Master Lease (2.5% cap) Caesars Southern Indiana Lease • Venetian Resort Lease (3% cap) • Century Casinos Master Lease • Hard Rock Cincinnati Lease • Caesars Regional Master Lease • Caesars Las Vegas Master Lease 2026E 90% MGM Resorts Master Lease (3% cap) ⚫ JACK Master Lease (2.5% cap) ⚫ Caesars Southern Indiana Lease ⚫ Venetian Resort • Lease (3% cap) Century Casinos Master Lease • Hard Rock Cincinnati Lease • Caesars Regional Master Lease • Caesars Las Vegas Master Lease 96% MGM Grand / Mandalay Bay BREIT JV Lease (3% cap) • MGM Resorts Master Lease (3% cap) ⚫ JACK Master Lease (2.5% cap) Caesars Southern Indiana Lease • Venetian Resort Lease (3% cap) Century Casinos Master Lease • Hard Rock Cincinnati Lease Caesars Regional Master Lease • Caesars Las Vegas Master Lease 2032E 2035E 47% VICI's rent roll with CPI-linked escalation for 2022E 96% VICI's rent roll with CPI-linked escalation by 2035E ~2% VICI's G&A as a % of Revenue on a Q1'22 LTM Basis Lowest Exposure to G&A Costs Among Select Triple Net Lease REITs (2) VICI Source: Respective company filings (1) Percentage of rent roll reflects rent inclusive of minimum contractual rent escalation pursuant to current lease agreements. (2) Based on FY 2021 and Q1'22 company filings for ADC, EPR, FCPT, GLPI, NNN, O, SRC, STOR, and WPC. 8#9VICI'S PORTFOLIO SPANS 43 PROPERTIES AND 15 STATES 55% OF RENT ROLL FROM REGIONAL PROPERTIES / 45% OF RENT ROLL FROM LAS VEGAS ASSETS (1) Horseshoe Council Bluffs Harrah's Lake Tahoe Harrah's North Kansas City Horseshoe Hammond Hollywood Casino at Greektown Jack Cleveland MGM Springfield CASINO MGM Detroit Empire City (2) New York Detroit Chicago Cleveland Lake Tahoe/Reno Council Bluffs Philadelphia Las Vegas Laughlin Century Casino Cape Girardeau Century Casino Caruthersville North Kansas City Cincinnati Louisville Metropolis Tunica / Robinsonville Bossier City New Orleans Biloxi Beau Rivage Caesars Atlantic City Borgata Atlantic City Hard Rock Cincinnati Caesars Southern Indiana MGM National Harbor VICI Horseshoe Tunica Margaritaville Bossier City Gold Strike Harrah's New Orleans (1) Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on pro rata 2019A Adjusted EBITDAR performance of the operations at the properties according to MGM. (2) Following the acquisition of MGP, we have a right of first offer on the sale by MGM of any gaming development that MGM constructs on the undeveloped land adjacent to Empire City. 9#10OWNER OF MARQUEE ASSETS ON THE LAS VEGAS STRIP... VICI OWNS ~39,700 HOTEL ROOMS AND ~5.9MM SF OF CONFERENCE, CONVENTION, AND TRADE SHOW SPACE ON THE LAS VEGAS STRIP Las Vegas Convention Center The Venetian Resort Resorts World The Mirage MSG Sphere(¹) Wynn Flamingo Rd Harrah's Las Vegas MSG Sphere VICI owns ~660 acres of underlying land across the Las Vegas Strip, in addition to VICI's existing call rights on ~28 acres relating to the Caesars Forum Convention Center VICI owns 27 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 is subject to and part of a master lease with Caesars New York-New York MGM Grand Venetian Caesars Expo D VICI Land Forum VICI Convention Land The Venezia The Venetian The Palazzo Bally's(2) Flamingo(2) Planet Hollywood (2) Paris(2) The LINQ (2) MGM Grand Treasure Island VICI Land The Mirag Bellagio Caesars Palace Caesars Palace The Cosmopolitan Excalibur Luxor South Las Vegas Blvd The Shops at Crystals Park MGM New York New York Excalibu Luxor Mandalay Bay ARIA Park MGM The Park Las Vegas (3) Mandalay Bay VICI VICI Las Vegas Strip Holdings and Investments Portfolio VICI's Land Portfolio (1) VICI owns the land under the MSG Sphere. (2) Please refer to page 23 for a summary of terms and conditions of VICI's existing and pending put/call and ROFR agreements. (3) The Park Las Vegas is a dining and entertainment district that connects New York-New York and Park MGM. 10#11... ONE OF THE PRE-EMINENT COMMERCIAL STREETS IN AMERICA LAS VEGAS STRIP (LAS VEGAS, NV) THE MOST ECONOMICALLY PRODUCTIVE COMMERCIAL STREET IN AMERICA 42mm+ Visitors (2019) 11 of 20 Largest Hotels in the World (2020) $37Bn Direct Visitor Spend (2019) Fifth Avenue (New York, NY) Madison Avenue (New York, NY) $7.1Bn 2021 Gross Gaming Revenue (All-Time Record) $64Bn Total Economic Impact (2019) Newbury Street (Boston, MA) CHANEL CHANEL CHANE CHANEL Michigan Avenue (Chicago, IL) Wilshire Boulevard (Los Angeles, CA) GUCCI VICI Source: Las Vegas Convention and Visitors Authority Research Center, Wall Street Research CUCCI SoHo (New York, NY) CHANEL SONOS 11 =1#12VICI DIVIDEND DURABILITY AND GROWTH SINCE FORMATION VICI HAS CONSISTENTLY RAISED ITS 100% CASH DIVIDEND WHILE TARGETING A 75% PAYOUT RATIO Growth in Annualized Dividend Per Share... +10.9% +3.5% +9.5% $1.32 $1.19 $1.15 Q3'18 Q3'19 $0.2875 Q3'20 ...Supported by 100% Cash Rent Collection... ...and Accretive Portfolio Growth 100% Rent Collection to Date Including During Ongoing COVID-19 Pandemic +9.1% 100% 100% 100% °100% 100% 100% 100% 100% 100% VICI's low target AFFO payout ratio of 75% results in meaningful retained cash that can be used for accretive investments ~$29 BILLION OF ACCRETIVE INVESTMENTS MADE SINCE FORMATION Quarterly Dividend Per Share $0.2975 VICI $0.3300 $1.44 Q3'21 Q1' Q2' Q3' Q4' 20 20 20 20 Q1' Q2' Q3' Q4' Q1' 21 21 21 21 22 72 $0.3600 29 ASSETS ADDED TO THE PORTFOLIO SINCE FORMATION Hard Rock ~$28 BILLION OF CAPITAL MARKETS ACTIVITY SINCE FORMATION 12 12#13VICI'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 PARTNER INVESTMENT FUNDS STRUCTURED FINANCINGS 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 Work collaboratively with existing tenants and partners to invest in growth opportunities across real estate developments and capital improvements that achieve mutually beneficial outcomes Creatively structure secured financings with new and existing partners across experiential sectors that generate attractive returns and build a strategic path towards potential future real estate ownership VICI VICI UTILIZES ITS VARIOUS CAPITAL ALLOCATION STRATEGIES IN SEEKING TO DRIVE AFFO GROWTH AND SUPERIOR RETURNS TO ITS STOCKHOLDERS 13#14VICI'S SIX PILLARS OF EXTERNAL GROWTH VICI'S GROWTH PLAN CAN DRIVE SCALE AND POTENTIALLY IMPROVE COST OF CAPITAL, LEADING TO THE EXPANSION OF VICI'S INVESTABLE UNIVERSE Embedded Growth Pipeline ROFRS & Put / Call Agreements ✓VICI has entered into several right of first refusal and put/call agreements that provide the opportunity for embedded growth Embedded growth pipeline creates "low-hanging fruit" and provides VICI with optionality 2 Property Growth Fund Current Tenants VICI's Partner Property Growth Fund funds "same- store" capital for VICI's tenants ✓ VICI works collaboratively with tenants and partners to invest in growth opportunities and capital improvements that achieve mutually beneficial outcomes Roll-Up/Roll-Out Opportunities 4 Gaming & Experiential Ability to help gaming and non- gaming experiential operators fund roll-up opportunities across fragmented industries VICI works to help gaming and non- gaming experiential operators grow store count and increase scale Gaming Opportunities Domestic & International ✓ VICI's existing portfolio is solely U.S.-based; VICI's recent growth provides increased potential to pursue international opportunities Several of VICI's tenants already have existing operations overseas 5 Leisure and Experiential Assets Domestic & International With investments in Chelsea Piers and Great Wolf, VICI made its first allocations of capital outside of gaming ✓ OpCo / PropCo model has potential to be pioneered in experiential sectors that have demographic tailwinds 6 M&A Domestic & International ✓ Increased size and potential for enhanced cost of capital allows VICI to pursue additional large- scale acquisitions Track record in the capital markets facilitating both public and private acquisition targets VICI Sams EXPO 14#15FRAMEWORK FOR EXPLORING EXPERIENTIAL REAL ESTATE SECTORS + } LOW CYCLICALITY LOW SECULAR THREAT EXPERIENTIAL DURABILITY & LONGEVITY ☑ + LOW CYCLICALITY Relatively lower cyclicality than other consumer discretionary sectors ⚫ Balance between drive-to and fly-to destinations, with drive-to destinations generally being less cyclical • Strong CRM capability, enabling cost-effective demand-building efforts and customer activation during economic downturns LOW SECULAR THREAT • Not currently and not likely to be subject to the "Amazon effect" • Dominated by operators with strong economic performance • Core experiences of sector cannot be achieved at home, work or digitally EXPERIENTIAL DURABILITY & LONGEVITY • Dominated by operators whose strong customer understanding and innovative capability ensures enduring relevance of experiences • Core experiences have proven durability ⚫ Centered around diverse experiences and diverse demographics not over-exposed to any one experience or demographic FAVORABLE SUPPLY/DEMAND BALANCE • Supply growth is difficult and/or costly to achieve Supply growth may be subject to regulatory control Dominated by "rational" competitors not prone to over-investment and thus, over-supply PANDEMIC RECOVERY CAPABILITY Recovery of experiential sector from ongoing COVID-19 pandemic ⚫ Rent payment track record of the sector during the pandemic Liquidity maintenance and access to capital during the pandemic PANDEMIC RECOVERY CAPABILITY VICI seeks to investigate, validate and potentially invest in sectors that feature these fundamental characteristics VICI FAVORABLE SUPPLY/ DEMAND BALANCE 15#16EXPERIENTIAL REAL ESTATE SECTOR INVESTMENTS CHELSEA PIERS NEW YORK EST. NY 1995 GREAT WOLF LODGE SHOTS BIGSH ES BIGSHOTS GOLF ✓ ✓ Up to $80.0MM Senior Secured Loan 7.0% Interest Rate Low secular threat given limited supply of amateur sports facilities in New York City Contains New York's best-located film production studios - a category in very high demand Resilient business model with a historical track record of recovering quickly from financial (e.g., the Great Financial Crisis), civil (e.g., 9/11) and natural (e.g., Hurricane Sandy) crises $79.5MM Mezzanine Financing 8.0% Interest Rate Opportunity to provide an additional $220MM of mezzanine financing to fund the roll out of Great Wolf's platform ✓ Capital intensive, operationally complex experiential asset class naturally limits potential for oversupply in the indoor waterpark resort sector Durability of the indoor waterpark resort experience given the continual demographic tailwind of the family formation life stage Up to $80.0MM Mortgage Financing 10.0% Interest Rate Call right to acquire the real estate of any BigShots Golf facility financed by us ✓ Scalable platform with an identified development pipeline that allows VICI to enter markets where VICI cannot currently invest in commercial gaming assets ✓ Local, drive-to destinations that capitalize on consumers shifting to out-of-home entertainment VICI Note: These financing arrangements, including future opportunities, may be subject to additional terms and conditions as described in the applicable agreements. 16#17ADDED SIZE AND SCALE POSITIONS VICI AS ONE OF THE LARGEST REITS VICI WAS ADDED TO THE S&P 500 INDEX ON JUNE 8, 2022 One of the Top 10 "Four-Wall" REITS by LTM Q1'22 Adj. EBITDA ($mm) (1) One of the Largest Triple Net Lease REITS by LTM Q1'22 Adj. EBITDA ($mm) (1) Among the Premier "Four-Wall" REITS by Enterprise Value ($Bn) (4) PLD $115 SPG PLD EQIX $3,171 0 (2) $2,905 PSA $2,739 VICI (3) $2,572 GLPI DLR $2,399 STOR $730 WELL $1,957 VTR $1,734 BXP $1,651 SRC MPW $1,544 $592 ARE $1,602 EPR $452 EQR $1,505 AVB $1,435 BNL $319 INVH $1,208 EPRT $226 WPC $1,186 GLPI $1,123 FCPT $157 PEAK $1,092 ESS $1,090 $5,619 0(2) $2,905 EQIX $77 $4,750 PSA $70 VICI (3) $2,572 SPG $64 О $58 WPC $1,186 DLR $57 WELL $57 VICI $45 $1,123 ARE $41 EQR $39 AVB $37 VTR $36 NNN $662 BXP $33 INVH $31 EXR $31 SUI $27 MAA $26 ESS $25 DRE $24 PEAK $23 WPC $23 UDR $22 KIM $22 MPW $21 HST $20 GLPI NTST $46 $19 S&P 500 Constituent VICI Sources: Public filings and Capital IQ. We have not independently verified this data (other than data in respect of VICI) and are presenting it in accordance with each company's respective public disclosure. For additional information, refer to the financial information included in the respective company's public filings with the SEC or the sources identified in the respective footnote. "Four-Wall" REITS excludes tower and timber REITs. (1) Other companies may calculate Adj. EBITDA differently from VICI and each other and, accordingly, VICI's Adj. EBITDA may not be comparable to Adj. EBITDA reported by such other companies. See "Reconciliation from GAAP to Non-GAAP Measures" in the appendix for additional information, including the definition and reconciliation to the most comparable GAAP financial measures. (2) Q1'22 Annualized Adjusted EBITDAre as publicly disclosed by Realty Income to reflect the November 2021 acquisition of VEREIT. (3) LTM Q1 2022 Adj. EBITDA pro forma for the rent attributable to the acquisition of the Venetian Resort from April 1, 2021 - February 23, 2022, the closing date of such acquisition, and the impact of the MGP acquisition, which closed subsequent to quarter end on April 29, 2022, including $1,009mm of LTM Q1 2022 Adj. EBITDA attributable to MGP (adjusted to include rent attributable to MGP's acquisition of MGM Springfield from April 1, 2021 - October 29, 2021, the date of such acquisition) and $12mm of expected G&A synergies. (4) As of May 27, 2022. 17#18TOTAL STOCK RETURN OUTPERFORMANCE TO DATE ANNUAL TOTAL RETURN TARGET OF 10-12% FOR VICI'S STOCKHOLDERS TSR SINCE IPO (1) 3-YEAR TSR YTD TSR FEBRUARY 1, 2018 - DECEMBER 31, 2021 DECEMBER 31, 2018 - DECEMBER 31, 2021 DECEMBER 31, 2021 - MAY 27, 2022 85.5% 69.4% 87.8% 66.6% 3.9% Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Feb-18 Feb-19 Feb-20 Feb-21 Dec-21 Dec-18 Dec-19 Dec-20 Dec-21 -13.1% VICI W MSCI US REIT Index DIVIDEND YIELD, SAME STORE AFFO GROWTH AND SUSTAINABLE EXTERNAL AFFO GROWTH COMBINE IN SEEKING TO DELIVER SUPERIOR RETURNS TO VICI'S STOCKHOLDERS VICI Source: FactSet, Bloomberg (1) Reflects VICI IPO price of $20.00 per share on February 1, 2018. 18#19BALANCE SHEET POSITIONED FOR GROWTH LONG TERM NET LEVERAGE TARGET OF 5.0-5.5X SUMMARY CAPITALIZATION ($ and shares in millions) Pro Forma MGP Unsecured $2.5Bn Revolving Credit Facility Unsecured $1.0Bn Delayed Draw Term Loan Senior Unsecured Notes Total Unsecured Debt Pro Rata Share of BREIT JV CMBS Debt 13,950 $13,950 1,503 Total Debt $15,453 Cash & Cash Equivalents as of May 27, 2022 ~502 Net Debt $14,951 Common Shares OP Units 963.0 12.2 DEBT COMPOSITION ($MM) (1) 100% fixed rate debt outstanding 90% unsecured debt, including unconsolidated share of BREIT JV debt ✓ 7.4 weighted average years to maturity Total Shares and Units Outstanding 975.2 Share Price as of May 27, 2022 $30.87 500 Equity Market Capitalization $30,105 Total Enterprise Value $45,056 800 LTM Q1'22 Pro Forma Adj. EBITDA (2) $2,572 Pro Forma Total Leverage Ratio(2) 6.0x Pro Forma Net Leverage Ratio(2)(3) 5.8x VICI Ratings S&P: BBB- / Stable Fitch: BBB- / Stable Moody's: Ba1/ Stable On April 20, 2022, VICI priced its inaugural investment grade bond offering - the $5.0bn issuance marks the largest REIT IG debt issuance ever VICI 500 750 1,250 1,250 1,050 750 750 350 1,000 750 1,503 1,500 1,000 1,000 750 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2052 Existing VICI Notes ■New Notes Issued April'22 Exchanged MGP Notes BREIT JV CMBS Debt Note: The documents governing the Company's debt are consistent with certain tax-related requirements related to security for the Company's debt. (1) Does not reflect undrawn revolving credit facility and delayed draw term loan, which mature in 2027 inclusive of applicable extension options. (2) LTM Q1 2022 Adj. EBITDA pro forma for the rent attributable to the acquisition of the Venetian Resort from April 1, 2021 - February 23, 2022, the closing date of such acquisition, and the impact of the MGP acquisition, which closed subsequent to quarter end on April 29, 2022, including $996mm of LTM Q1 2022 Adj. EBITDA attributable to MGP (adjusted to include 19 rent attributable to the acquisition of MGM Springfield from April 1, 2021 - October 29, 2021, the date of such acquisition), $12mm of expected G&A synergies, and to reflect a $13mm rent differential between rent received from April 1, 2021 - March 31, 2022 by MGP under the MGM Master Lease and the terms of VICI's Amended and Restated MGM Master Lease. See "Reconciliation from GAAP to Non-GAAP Measures" in the appendix for additional information, including the definition and reconciliation to the most comparable GAAP financial measures. (3) Pro Forma Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by LTM Q1'22 Pro Forma Adj. EBITDA.#20COMMITMENT TO LEADING ESG PRACTICES Environmental Sustainability Social Responsibility Corporate Governance LEASED PROPERTY PORTFOLIO Focus on tenant engagement initiatives to understand the environmental impact of our leased properties and outreach to encourage collaboration with respect to sustainability initiatives and reporting OPERATED GOLF COURSES Implemented recording and reporting protocols at our owned and operated golf courses to monitor our environmental impact and ongoing environmental sustainability measures, including water conservation, turf reduction and LED lighting retrofit CORPORATE HEADQUARTERS Located in a LEED Gold certified building with an Energy Star Label, participate in green energy practices, including recycling, waste management and responsible energy use CORPORATE CULTURE Committed to creating and sustaining a positive work environment and corporate culture that fosters employee engagement and prioritizes diversity and inclusion through increased training and professional development opportunities, competitive benefit programs, tuition reimbursement, and community service DIVERSITY AND INCLUSION Formed a Diversity and Inclusion Task Force in 2020 comprised of employees across functional areas, and from various professional levels, and outlined an internal framework of actionable items to pursue meaningful progress with respect to our diversity and inclusion initiatives Great Place ACCOLADES COMMITMENT Committed to sustainable corporate governance practices that promote long-term value creation, transparency and accountability to stockholders, and consistently seek to improve such practices and address the interests of stockholders RECOGNITION JamesDrury Partners among Financials and 2nd overall in "The Weight of America's Boards - Ranking America's Largest Corporations by the Governance Capacity of Their Boards", James Drury Partners' most recent biannual report released in October 2020 AETHOS CONSULTING GROUP among U.S. based companies and 3rd overall in a Casino Journal/AETHOS Consulting Group gaming governance study released in November 2020 ENERGY LEED CERTIFIED energy ENERGY STAR PARTNER To WorkⓇ Certified NOV 2021-NOV 2022 USA 2021 2022 Certified Great Place to Work® For 3rd Year in a Row 50 WOMEN 50 ON BOARDS GB OUR BOARD IS GENDER-BALANCED Recognized for Gender- Balanced Board in 2022 by 50/50 Women on Boards™ Green Street Advisors (with one other company) and 1st among gaming REITs in the current U.S. REIT corporate governance rankings published by Green Street Advisors VICI 20#21INDUSTRY LEADING GOVERNANCE RECOGNIZED BY GREEN STREET ADVISORS GREEN STREET CORPORATE GOVERNANCE RANKINGS Company Score Company Score Company Score Terreno Realty Corp 93 Cousins Properties 72 Empire State Realty 48 Brixmor Property Group 88 Site Centers 72 Kilroy Realty Corp 48 VICI Properties 86 Healthpeak Properties 71 CubeSmart 48 Prologis 86 Healthcare Realty Trust 71 Equity Lifestyle Props 47 Invitation Homes 84 Healthcare Trust of America 71 Realty Income Corp 47 DiamondRock Hospitality 81 American Campus 71 Highwoods Properties 47 Store Capital 81 Apple Hospitality REIT 70 AvalonBay 46 Equity Commonwealth 81 Simon Property Group 70 First Industrial Realty 45 American Tower Corp 80 Corporate Office Properties 70 National Retail Properties, Inc. 45 Park Hotels 79 National Storage 69 Urban Edge Properties 45 Brandywine Realty Trust 79 Acadia Realty Trust 69 Hudson Pacific Prop 44 Boston Properties 79 RLJ Lodging Trust 68 Paramount Group 44 MAA 78 Spirit Realty Capital Inc. 68 Kite Realty Group 43 Gaming & Leisure Properties 78 Federal Realty 68 Washington REIT 42 Sunstone Hotel Inv 78 Tanger Factory 67 Kimco Realty 42 Piedmont Office Realty Trust 77 Duke Realty Corp 66 UDR, Inc. 41 Ventas 76 Pebblebrook Hotel Trust 66 Retail Opportunity Investments Corp 41 Regency Centers 76 PS Business Parks 64 Sabra Health Care REIT 40 Welltower 75 Macerich 64 Douglas Emmett 40 Host Hotels & Resorts 75 Switch 62 Life Storage 40 Crown Castle 75 Veris Residential, Inc. 57 SBA Communications 40 Americold Realty Trust 74 Equity Residential 54 Agree Realty Corp 39 Equinix 74 EastGroup Properties 54 SL Green Realty 39 WP Carey Inc 74 Extra Space 54 Public Storage 39 JBG Smith 74 Rexford Industrial Realty, Inc. 53 American Assets Trust 35 American Homes 4 Rent 74 Alexandria Real Estate Equities 50 Vornado Realty Trust 35 Phillips Edison 74 Essex Property Trust 49 Apartment Income REIT 32 Camden Prop Trust 73 Digital Realty Trust 49 Safehold Inc. 18 Omega Healthcare Investors 73 STAG Industrial 49 Average Score 61 Medical Properties Trust 72 Sun Communities 48 VICI Source: Green Street Advisors Note: Information presented from the Green Street Corporate Governance rankings, as of May 27, 2022. Please refer to Green Street's website for additional details. 21#22APPENDIX HORSESHOE GV5059 CASINO 園 HORSESHOE COUNCIL BLUFFS COUNCIL BLUFFS, IA JACK CARING WE JACK CLEVELAND CASINO CLEVELAND, OH CASINO VICI CENTURY CASINO CAPE GIRARDEAU CAPE GIRARDEAU, MO EXIT#23SUMMARY OF TERMS OF PUT/CALL AND ROFR AGREEMENTS The descriptions of the Put/Call Agreements and ROFR Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreements. Put/Call Agreements Harrah's Hoosier Park and Horseshoe Indianapolis: VICI has the right to call Harrah's Hoosier Park and Horseshoe Indianapolis from Caesars at a 13.0x multiple (7.7% cap rate) of the initial annual rent of each facility in a sale leaseback transaction. Caesars has the right to put Harrah's Hoosier Park and Horseshoe Indianapolis to VICI at a 12.5x multiple (8.0% cap rate) of the initial annual rent of each facility in a sale leaseback transaction. The put/call agreement can be exercised between January 1, 2022 and December 31, 2024. Caesars Forum Convention Center: VICI has the right to call the Caesars Forum Convention Center from Caesars at a 13.0x multiple (7.7% cap rate) of the initial annual rent in a sale leaseback transaction between September 18, 2025 and December 31, 2026. Caesars has the right to put the Caesars Forum Convention Center to VICI at a 13.0x multiple (7.7% cap rate) of the initial annual rent in a sale leaseback transaction between January 1, 2024 and December 31, 2024. Right of First Refusal ("ROFR") Agreements Las Vegas Strip Assets: VICI has a ROFR to acquire the land and real estate assets of each of the first two of certain specified Las Vegas Strip assets should the properties be sold by Caesars, whether pursuant to an OpCo/PropCo or a WholeCo sale. The first property subject to the ROFR will be one of: Flamingo Las Vegas, Bally's Las Vegas, Paris Las Vegas and Planet Hollywood Resort & Casino. The second property subject to the ROFR will be selected from one of the aforementioned four properties plus The LINQ Hotel & Casino. Horseshoe Casino Baltimore: VICI has a ROFR to enter into a sale leaseback transaction with respect to the land and real estate assets of Horseshoe Baltimore should the property be sold by Caesars. The exercise of the Horseshoe Baltimore ROFR agreement is subject to any consent required from applicable joint venture partners of Caesars. Caesars Virginia Development: VICI has a ROFR to enter into a sale leaseback transaction with respect to the land and real estate assets associated with the development of a new casino resort in Danville, Virginia by Caesars and EBCI. Note: Caesars does not have a contractual obligation to sell the properties subject to the ROFR Agreements and will make an independent financial decision regarding whether to trigger the ROFR agreements and VICI will make an independent financial decision whether to purchase the properties. Longer Term Financing Partnerships Chelsea Piers New York: VICI entered into an agreement with Chelsea Piers for the life of the existing mortgage loan, subject to a minimum of 5 years, that could lead to a longer-term financing partnership in the future. Great Wolf Resorts: Pursuant to a non-binding letter agreement, VICI has the opportunity for a period of up to 5 years to provide a total of $300 million of mezzanine financing (including the existing $80.0 million financing) for the development and construction of Great Wolf's extensive domestic and international indoor water park resort pipeline. BigShots Golf: VICI will have the opportunity to provide up to $80.0 million of mortgage financing for the construction of up to five new BigShots Golf™M facilities throughout the United States. VICI Harrahs HOOSIER PARK RACING & CASINO HORSESHOE. INDIANAPOLIS RACING CASINO CAESARS FORUM BALLY'S LAS VEGAS Flamingo LAS VEGAS Paris LAS VEGAS planet hollywood НЕВОЯТ в слама Бла укала THE LINQ HORSESHOE. CASINO BALTIMORE <AESARS VIRGINIA CHELSEA PIERS NEW YORK EST W 1995 GREAT WOLF LODGE BIGSHOTS GOLF 23#24RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES The following table reconciles net income attributable to common stockholders to FFO, AFFO, Adjusted EBITDA, and Pro Forma Adjusted EBITDA for the periods presented. ($ in millions) Net income attributable to common stockholders Real estate depreciation Funds From Operations ("FFO") Non-cash leasing and financing adjustments" (1) Non-cash change in allowance for credit losses Non-cash stock-based compensation Transaction and acquisition expenses Amortization of debt issuance costs and original issue discount Other depreciation (2) Capital expenditures Loss on extinguishment of debt and interest rate swap settlements (3) Non-cash adjustments attributable to non-controlling interests Adjusted Funds From Operations ("AFFO") Interest expense, net Income tax expense Adjusted EBITDA (4) Run Rate Impact of the Venetian Lease Rent Adjustment (5) LTM Q1'22 MGP Adj. EBITDA (Pro Forma MGM Springfield) (6) Anticipated Synergies LTM Q1'22 Pro Forma Adjusted EBITDA Total debt Cash & cash equivalents Net Debt Pro Forma Total Leverage Ratio Pro Forma Net Leverage Ratio (7) VICI Last Twelve Months Ended Three Months Ended March 31, 2022 $984 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 $240 $281 $162 $301 $984 $240 $281 $162 $301 (127) (36) (31) (31) (29) 66 81 5 9 (29) 10 3 2 2 2 2 1 1 0 1 81 16 21 3 1 (2) (0) ཊ་€ 34 10 1 1 1 (1) (0) (0) 80 80 1 0 0 0 0 $1,098 $305 $279 $257 $256 238 52 50 67 70 3 0 1 0 1 $1,339 $358 $329 $325 $327 225 996 12 $2,572 As of May 27, 2022 15,453 ~502 14,951 6.0x 5.8x (1) Amounts represent the non-cash adjustment to income from sales-type leases, direct financing 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. (2) Represents depreciation related to our golf course operations. (3) Includes swap breakage costs of approximately $64.2mm incurred by VICI PropCo in September 2021 in connection with the early settlement of the outstanding interest rate swap agreements. (4) For the last twelve months ended March 31, 2022, Adjusted EBITDA reflects the impact of the Venetian acquisition for only the stub period from the date of its consummation, February 23, 2022 March 31, 2022, and does not reflect the MGP acquisition, which closed subsequent to quarter end on April 29, 2022. (5) Adjusted to include rent attributable to acquisition of the Venetian for April 1, 2021 - February 23, 2022, the closing date of VICI's acquisition. (6) As publicly reported by MGP, adjusted to include rent attributable to acquisition of MGM Springfield for April 1, 2021 - October 29, 2021, the closing date of MGP's acquisition, and to reflect a $13mm rent differential between rent received from April 1, 2021 - March 31, 2022 by MGP under the MGM Master Lease and the terms of VICI's Amended and Restated MGM Master Lease. (7) Pro Forma Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by LTM Q1'22 Pro Forma Adj. EBITDA. 24#25RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income attributable to common stockholders to FFO, AFFO and Adjusted EBITDA for the periods presented. ($ in millions) Net income attributable to common stockholders 2021 $1,014 Year Ended December 31, 2020 2019 2018 $892 $546 $524 Real estate depreciation Funds From Operations ("FFO") $1,014 $892 $546 $524 Non-cash leasing and financing adjustments (1) (119) (40) 0 (45) Non-cash change in allowance for credit losses (20) 245 Non-cash stock-based compensation 9 7 5 2 Transaction and acquisition expenses 10 9 5 0 Amortization of debt issuance costs and original issue discount 71 20 20 33 6 Other depreciation (2) 3 4 4 4 Capital expenditures (2) (2) (2) (1) Loss on extinguishment of debt and interest rate swap settlement (3) 80 39 58 23 Loss on impairment 12 Non-cash gain upon lease modification (4) Non-cash adjustments attributable to non-controlling interests Adjusted Funds From Operations ("AFFO") Interest expense, net Income tax expense Adjusted EBITDA (333) 1 (4) 0 0 $1,047 $836 $650 $526 257 282 195 195 3 1 2 1 $1,307 $1,119 $847 $722 VICI (1) Amounts represent the non-cash adjustment to income from sales-type leases, direct financing 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. (2) Represents depreciation related to our golf course operations. (3) 2021 includes swap breakage costs of approximately $64.2mm incurred by VICI PropCo in September 2021 in connection with the early settlement of the outstanding interest rate swap agreements. (4) Gain upon lease modification of $333.4mm in the year ended December 31, 2020 resulted from the reclassifications of the Caesars Lease Agreements upon the consummation of the Eldorado Transaction on July 20, 2020. As a result, we recorded the investments at their estimated fair values as of the modification date and recognized a net gain equal to the difference in fair value of the assets and their carrying values immediately prior to the modification. 25 25#26RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income attributable to common stockholders to FFO, AFFO and Adjusted EBITDA for the periods presented. ($ in millions) Net income attributable to common stockholders Real estate depreciation Funds From Operations ("FFO") Non-cash leasing and financing adjustments (3) Nine Months Ended September 30, 2017 (¹) For the Period October 6, 2017 - December 31, 2017 (2) $439 $43 Non-cash stock-based compensation Transaction and acquisition expenses Loss on extinguishment of debt Amortization of debt issuance costs and original issue discount Other depreciation (4) Adjusted Funds From Operations ("AFFO") Interest expense, net (4) Income tax expense' Adjusted EBITDA VICI $439 (43) $43 (8) 1 9 38 4 0 2 1 $402 $84 141 63 1 $545 (2) $145 (1) Represents pro forma Adj. EBITDA for the nine months ended September 30, 2017, based upon the historical financial statements of Caesars Entertainment Operating Company, our predecessor, as presented in the Form S-11 filed by VICI on January 30, 2018. (2) Represents the period from October 6, 2017 to December 31, 2017, as presented in the Form 10-K filed by VICI on March 28, 2018. (3) Amounts represent the non-cash adjustment to income from sales-type leases, direct financing 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. (4) Represents depreciation or expenses, as applicable, related to our golf course operations. 26#27DEFINITIONS OF NON-GAAP FINANCIAL MEASURES FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by the National Association of Real Estate Investment Trusts (Nareit), we define FFO as net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other non-recurring non-cash transactions and non-cash adjustments attributable to noncontrolling interest with respect to certain of the foregoing. We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense and interest income (collectively, interest expense, net) and income tax expense. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP. VICI 27#28CASCATA GOLF COURSE BOULDER CITY, NV