#1OMNIA OMNIA Cens VICI INVESTOR PRESENTATION Harrah's Hard 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 the pending MGP Transactions, including our ability or failure to complete the pending MGP Transactions and to realize the anticipated benefits of the pending Transactions, including as a result of delay in completing the pending MGP Transactions; the impact of changes in general economic conditions, including low consumer confidence, 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") and the Eastern Band of Cherokee Indians ("EBCI") (and, following the completion of the pending MGP Transactions and the Venetian Resort acquisition, MGM Resorts International ("MGM") and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (the "Venetian Tenant")) as tenants of our properties and Caesars, Penn National, Hard Rock, Century Casinos, JACK Entertainment and EBCI (and, following the completion of the pending MGP Transactions and the Venetian Resort acquisition, MGM and the Venetian Tenant) 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; our dependence on the gaming industry; the impact of extensive regulation from gaming and other regular story authorities; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties and the completion of pending 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 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; Caesars', Penn National's, Hard Rock's, Century Casinos', JACK Entertainment's and EBCI's (and, following the completion of the pending MGP Transactions and the Venetian Resort acquisition, MGM's and the Venetian Tenant's) historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness, including indebtedness to be assumed by us upon consummation of the pending MGP 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; our ability to obtain the financing necessary to complete our pending acquisitions or related transactions on the terms we currently expect in a timely manner, or at all; the possibility that our pending 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 pending or recently completed transactions; the effects of our pending and recently completed transactions on us, including the future impact on our financial condition, financial and operating results, cash flows, strategy and plans; the impact and outcome of current and potential litigation relating to the pending MGP Transactions, including the possibility that any adverse judgment may prevent the pending MGP Transactions from being consummated on a timely basis, or at all; the possibility of adverse tax consequences as a result of our pending transactions; increased volatility in our stock price as a result of our pending transactions; our inability to maintain our qualification for taxation as a REIT; our reliance on distributions received from VICI Properties L.P., 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 after reopening as a result of the COVID-19 pandemic, and the effects of the negotiated capital expenditure reductions and other amendments to the leases 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 leases 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, 2020, 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 Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars, Penn, Hard Rock, Century, JACK Entertainment and EBCI included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC, the Company's significant lessee, have been filed with the Securities and Exchange Commission ("SEC"). Certain financial and other information for Caesars, Penn, Hard Rock, Century, JACK Entertainment and EBCI 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, Industry, and Peer Data This presentation contains estimates and information concerning the Company's industry, including market position, rent growth and rent coverage 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. 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, 2021 unless otherwise indicated. Published on November 8, 2021. 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 COMPANY SNAPSHOT (1) VICI Properties Inc. (NYSE: VICI) is a triple net REIT that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations PORTFOLIO DATA 43 15 ~3.8mm Properties States Casino SF ~58K 63K+ Hotel Rooms Gaming Units Properties Acquired in 10 29 Markets Since October 2017 Formation INVESTMENT & CAPITAL RAISING ACTIVITY SINCE FORMATION Investment Volume ~$29.5bn Equity Raised ~$12.0bn Rent/Income Acquired ~$1.9bn $2,590 $21,280 $1,330 $1,267 $852 $717 $4,957 $5,394 $2,601 $1,136 $1,000 $1,551 $2,116 $543 $862 2017 2018 2019 2020 I Announced Investment Volume Equity Raised TRIPLE NET LEASES WITH 8 BEST-IN-CLASS TENANTS (1) 2021 YTD Annualized Investment Revenue CAESARS INTERNATIONAL MGM RESORTS THE VENETIAN PENN NATIONAL GAMING, INC. ENTERTAINMENT. LAS VEGAS J.A.C.K. Hard Rock EASTER SHAD OF CHERO ENTERTAINMENT CENTURY™ CASINOS D 42% 39% 10% 3% 3% 2% 1% 1% Pending Transaction Close (1) 100% Rent Collected in Cash (2) Reflects % of current annual contractual rent. VICI (1) Pro forma for the pending acquisitions of MGM Growth Properties and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals. (2) Refers to rent collected from existing tenants through November 2021, without giving effect to the pending transactions referred to in footnote 1. 3#4VICI IS THE NEXT GENERATION EXPERIENTIAL REAL ESTATE COMPANY MISSION TO BE AMERICA'S MOST DYNAMIC LEISURE & HOSPITALITY EXPERIENTIAL REAL ESTATE COMPANY VISION WE SEEK TO BE THE REAL ESTATE PARTNER OF CHOICE FOR THE LEADING CREATORS & OPERATORS OF PLACE-BASED, SCALED LEISURE & HOSPITALITY EXPERIENCES WE SEEK TO LEASE PROPERTIES TO TENANTS WITH MARKET- LEADING RELATIONSHIPS WITH HIGH VALUE CONSUMERS OF LEISURE & HOSPITALITY VICI 4#5VICI PROVIDES THE OPTIMAL COMBINATION OF: Growth Portfolio Income: Character & Quality ✓ Durable Income Stream Throughout Cycles from Leading Operators ✓ 100% On-Time Cash Rent Collection During the 2020 COVID-19 Pandemic Period ✓ Long-Term Leases Backed by Corporate Rent Coverage ✓ In-Place Acquisition Opportunities ✓ Potential & Credibility for Substantial Non- Gaming Growth VICI & External Internal VICI Capability & Governance ✓ $49.4bn of Activity Since Emergence (1) ✓ Fully Internalized Governance & Management (1) Represents $29,466mm in aggregate of closed or announced acquisitions and loans, $11,972mm in aggregate of equity issuances, including follow-on, private placement, and at-the-market offerings, $4,750mm of unsecured notes issued in November 2019 and February 2020, $2,600mm secured debt facilities in December 2017, and $600mm of increased availability under our existing revolving credit facility in May 2019. 5#6FAVORABLE LEASE STRUCTURE AND MATURITY PROFILE FOR MISSION CRITICAL REAL ESTATE ASSETS (1) TRUE TRIPLE NET LEASES RESULT IN APPROXIMATELY 87% ADJUSTED EBITDA MARGIN FOR VICI (2)(3) ~1.8% High Barriers to Entry ~97% Weighted Average Annual Contractual Rent Escalation Contractual Rent Subject to CPI Escalators 100% Triple Net Leases Attractive Yields ✓ Consistent Annual Rent Escalation ~84% 43.4 Mission Critical Real Estate Master Lease Protection (4) Weighted Average Lease Term (5) ~84% Rent Roll from S&P 500 Tenants (6) Master Lease Protection VICI HAS THE LONGEST DATED LEASE MATURITY PROFILE COMPARED TO SELECT TRIPLE NET REITS... Weighted Average Lease Term(7) 43.4 13.9 13.5 10.6 10.6 10.3 9.6 9.5 8.8 (5) VICI ESSENTIAL PROPERTIES STORE W. P. CAREY capital NATIONAL RETAIL PROPERTIES SPIRIT NYSE NNN AGREE REALTY CORPORATION #++ FCPT REALTY INCOME REALTY The Monthly Dividend Company" 2020 AFFO Per Share Growth (3)(7)(8) ... COUPLED WITH THE STRONGEST EARNINGS GROWTH 10.8% VICI VICI 6.0% 3.6% 2.1% AGREE REALTY CORPORATION (2.6%) (5.2%) (8.0%) #FCPT REALTY INCOME ESSENTIAL PROPERTIES W. P. CAREY STORE The Monthly Dividend Company" NN capital (10.4%) NATIONAL RETAIL PROPERTIES NYSE:NNN Source: Company filings as of Q3 2021. (11.7%) SPIRIT REALTY (1) VICI metrics (except 2020 AFFO Per Share Growth) shown pro forma for the pending acquisition of MGM Growth Properties and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals. (2) Represents LTM Adjusted EBITDA / Revenue. (3) See the appendix for additional information, including the definition and reconciliation to the most comparable VICI GAAP financial measures. (4) Represents percentage of current annual contractual rent subject to master lease structure. (5) VICI weighted average lease term Inclusive of all tenant renewal options. (6) Comprised of Caesars, MGM and Penn National. (7) 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. (8) Other companies may calculate AFFO differently from VICI and each other, accordingly, VICI's AFFO may not be comparable to AFFO reported by such other companies. 6#7TRANSFORMATIVE ACQUISITIONS: MGM GROWTH PROPERTIES & THE VENETIAN RESORT MGM MGM GRAND LAS VEGAS, NV MGM GRAND Hakkasan THE VENETIAN RESORT LAS VEGAS, NV VICI MGM NATIONAL HARBOR FOREST HEIGHTS, MD VENETIAN MGM GRAND#8IN 2021, VICI ANNOUNCED TWO TRANSFORMATIVE ACQUISITIONS (1) Announcement Date Total Consideration Initial Annual Rent Fixed Rent Inflation-Protected Leases Other Target Closing THE MGM GROWTH PROPERTIES (NYSE: MGP) THE VENETIAN RESORT August 4, 2021 $17.2 billion $1,009 million (2) EVENETIAN MGM JABB AWOC KEEZ A Hilton Grand Vacations March 3, 2021 $4.0 billion $250 million MGP Class A shareholders will receive 1.366 (3) shares of newly issued VICI stock - a 15.9% premium to MGP's closing stock price on August 3, 2021 MGM's MGP OP Units will be redeemed for $4.4 billion in cash consideration at a value of $43.00 per MGP OP Unit (4) • • • 6.25% cap rate 1.95x underwritten rent coverage $487 million of underwritten 2019A Adj. EBITDAR (5) $132 million of Q3 2021 Adj. Property EBITDA (6) Las Vegas Sands Corp. (NYSE: LVS) has agreed to guarantee the rent obligations to VICI through 2023 to the extent Adj. EBITDAR generated by the Venetian Resort is less than $550 million (7) 1H 2022 Q1 2022 LUXOR VICI (1) The pending acquisitions of MGM Growth Properties and the Venetian Resort are subject to customary closing conditions and regulatory approvals. (2) Includes $860 million from the MGM Master Lease and $149 million from the BREIT JV Lease at VICI's 50.1% pro rata share. (3) Fixed exchange ratio represents an agreed upon price of $43.00 per share of MGP Class A shares based on VICI's 5-day VWAP of $31.47 as of July 30, 2021. (4) MGM will retain ~12 million VICI OP Units at an exchange ratio of 1.366x. (5) We have not independently verified this data and are presenting it in accordance with Las Vegas Sands Corp. public disclosure. (6) We have not independently verified this data and are presenting it in accordance with LVS's public disclosure. For additional information, refer to the financial information included in LVS's public filings with the SEC. (7) Pursuant to the Contingent Lease Support Agreement between Apollo and LVS to be entered into at closing of the Venetian Resort acquisition, subject to early termination under certain circumstances. 8#9IN AUGUST 2021, VICI ANNOUNCED THE ACQUISITION OF MGP, WHICH ENHANCES VICI'S PORTFOLIO QUALITY WITH 7 PREMIER LAS VEGAS RESORTS... Park MGM PARK MGM EATALY Excalibur MIRAGE ARAGE LOVE The Mirage KA VICI MGM GRAND Sud Garrett's New York-New York Luxor Hakkasan lakiasen GRAND MGM Grand AVID PERFIELD MANDALAY BAY mag Mandalay Bay 9#10...AND A MARKET-LEADING REGIONAL PORTFOLIO OF 8 ASSETS... VICI MGM MGM National Harbor Empire City EMPIRE C CASINO GOLD STRIKE Gold Strike GOLD STRIKE WELCOME TO BORGATA MGM LAS VEGAS IS BERE NORTH LD PARK Borgata MGM Northfield Park MGM Springfield Beau Rivage MGM Grand Detroit 10#11...CONSISTING OF MARKET-LEADING HOTEL AND CONVENTION REAL ESTATE... VICI MGM Grand Detroit Excalibur LUXOR Luxor The Mirage Beau Rivage MGM National Harbor MGM Springfield Park MGM MGM Grand Mandalay Bay 11#12...AND AWARD-WINNING ENTERTAINMENT & GAMING REAL ESTATE MGM Grand Detroit MGM National Harbor VICI MGM Grand Mandalay Bay BETMGM SPORTSBOOK MGM Grand Park MGM www.ww 637 TOP DOLP MGM Grand MGM Grand 12 12#13MGP PORTFOLIO: PREMIER EXPERIENTIAL, HOSPITALITY & CONVENTION ASSETS (1) LAS VEGAS ASSETS" REGIONAL ASSETS 26K+ ~760K 6K+ 6K+ Hotel Rooms Casino Space SF Slot Machines Hotel Rooms ~950K Casino Space SF ~20K Slot Machines 450+ Acres BREIT JV ~3.3MM 400+ 300+ ~290K Convention Space SF Table Games Acres Convention Space SF mirage PARK MGM MANDALAY BAY LAS VE MGM GRAND. RESORT AND CASINO, LAS VEGAS LAS VEGAS LAS VEGAS NEW YORK LUXOR NEW YORK. LAS VEGAS LAS VEGAS HOTEL & CASINO THE PARK Excalibur HOTEL CASINO LAS VEGAS ~670 Table Games Borgata CASINO & SPA Beau Rivage MGM MGM GRAND. RESORT & CASINO BILOXI NATIONAL HARBOR MGM MGM DETROIT GOLD STRIKE EMPIRE CITY. CASINO BY MGM RESORTS SPRINGFIELD NORTHFIELD PARK 2 of the 5 Largest Hotels in the U.S. 7 Iconic Resorts Located on the Las Vegas Strip 2 of the 3 Largest Las Vegas Resorts by Room Count and Convention Space 8 Premier Regional Assets Four 4-Diamond AAA Awarded Resorts VICI Source: MGP filings (1) Operational statistics for BREIT JV assets are profiled at 100% share.. 13#14IN MARCH 2021, VICI ANNOUNCED THE ACQUISITION OF THE REAL ESTATE OF THE ICONIC, WORLD-RENOWNED VENETIAN RESORT COMPLEX ON THE LAS VEGAS STRIP(1) S ASSET OVERVIEW Hotel Rooms Gaming Platform MICE Platform 3 Towers ~7,100 keys THE VENETIAN LAS VEGAS ~225K SF ~200 tables ~2,000 slots THE VENETIAN Rea-Hotel-Casino ~2.3mm SF 14 ballrooms 5 exposition halls 333 meeting rooms VENETIAN MEETINGS THE ALAZZO THE PALAZZO Las Vegas THE VENEZIA THE VENETIAN RESORT - Food & Beverage 35 restaurants 9 bars Delmonico majordomo Steakhouse LAVO YARABING TAO CUT LAS VEGA VAN WOLFGANG PUCK BLACK TAP CRA SLICIES & SPARES BOUCHON Entertainment 4 venues (~5,000 seats) The MSG Sphere (~18,000 seats) - Owned by MSG Expected Opening: SPHERE 2H2023 THE VENETIAN THEATRE A TRULY IRREPLACEABLE EXPERIENTIAL ASSET Retail The Grand Canal Shoppes (~160+ stores) - Owned by Brookfield GRAND CANAL SHOPPES THE VENETIAN" THE PALAZZO Largest Single Hotel Complex in America (2) One of the Largest Single Assets on the Las Vegas Strip Largest Private Sector Convention and Trade Center in America (3) One of the Largest Gaming Assets in America (3) One of the Highest Revenue Producing Single Assets in American Commercial Real Estate Highest Combined Rating of Any Asset on the Las Vegas Strip by TripAdvisor VICI (1) The pending Venetian Resort acquisition is subject to customary closing conditions and regulatory approvals. (2) By number of hotel rooms. (3) By square footage. 14#15THE VENETIAN: AMONG THE ICONS OF AMERICAN COMMERCIAL REAL ESTATE The GM Building (New York City, NY) Owner: Boston Properties, Safra, Zhang Xin Ala Moana Mall (Honolulu, HI) Owner: Brookfield bloomingdales mingle Gaylord Opryland / Grand Ole Opry (Nashville, TN) Owner: Ryman Hospitality Properties The Venetian Resort (Las Vegas, NV) Orlando World Center Resort (Orlando, FL) Owner: Host Hotels ✓ The Venetian is a Truly Iconic Experiential Real Estate Asset Acquired at a significant discount to estimated replacement cost Expected to be immediately accretive to earnings upon closing ✓ Premium absolute and relative cash flow yields to other comparable global iconic assets ✓ Attractive inflation-protected long-term lease ✓ Generated $1.8bn+ of property revenue in 2019 ✓ $340mm+ of capital invested into the asset over the past five years Amazon Georgetown Crossroads (Seattle, WA) Owner: Prologis Stuyvesant Town (New York City, NY) Owners: Blackstone and Ivanhoe VICI . 15#16LAS VEGAS INVESTMENTS ACQUIRED AT A SIGNIFICANT DISCOUNT TO IMPLIED ESTIMATED CONSTRUCTION COST THE VENETIAN RESORT (1) MGP LAS VEGAS PORTFOLIO (1) 7,092 Hotel Rooms MGM 炒麵 GRAND 27,813 Hotel Rooms RESORTS WORLD (2) Cathall etor CROCKFORDS CONRAD $4.3Bn Estimated Construction Cost $0.6MM Investment per Room $0.6MM Investment per Room if Entire MGP Acquisition Price Applied Only to the Las Vegas Segment of the Portfolio (i.e., no price applied to the regional segment of the portfolio) 3,506 Hotel Rooms $1.2MM Estimated Cost per Room VICI (1)) Pro forma for the pending acquisitions of MGM Growth Properties and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals. (2) Included for comparative purposes only, based on publicly available information. 16#17PORTFOLIO INCOME: CHARACTER AND QUALITY CAESARS PALACE LAS VEGAS, NV HORSESHOE BOSSIER CITY BOSSIER CITY, LA VICI HARRAH'S & HARVEY'S LAKE TAHOE STATELINE, NV FORB3630#18FUNDAMENTAL ADVANTAGES OF OUR EXPERIENTIAL AND GAMING REAL ESTATE PORTFOLIO 1 Triple Net REIT with 100% Occupancy 5 Financial Transparency & Strength of Tenants VICI 2 Diversified Revenue Streams 3 High Barriers to 4 from Gaming, F&B, Sports Betting and Entertainment Entry Given Legislative & Regulatory Controls AUGUSTS TOWER 6 ΠΟΙ Significant Embedded Growth Pipeline 7 Sports Betting 8 Provides Opportunity to Attract New Gaming Customers (1) Pro forma for the pending acquisition of MGM Growth Properties and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals 000 Weighted Average Lease Term of 43.4 Years (1) Gaming Cash Flows Show Resiliency Through All Cycles, Including COVID-19 Pandemic ઘણા 18#19INCOME FOUNDATION: STRENGTH AND DIVERSIFICATION OF OPERATING PARTNERS CAESARS ENTERTAINMENT. Caesar Entertainment (NASDAQ: CZR) is the largest casino-entertainment company in the U.S. and one of the world's most diversified casino providers 10000 PENN NATIONAL GAMING, INC. Penn National Gaming (NASDAQ: PENN) is the largest U.S. regional gaming operator with a leading portfolio of regional assets Hard Rock Hard Rock has developed a leading global presence as one of the world's most recognized brands and has achieved an investment grade credit rating CENTURY™ CASINOS Century Casinos (NASDAQ: CNTY) is an international gaming company that develops, owns, and operates small to mid-sized casinos in mid-tier markets J.A.C.K. ENTERTAINMENT STERN BAND OF CH THE VENETIAN LAS VEGAS MGM RESORTS JACK Entertainment is a Cleveland- based urban gaming company that includes over 1,400 team members and generates more than $400mm in annual revenues The Eastern Band of Cherokee Indians is one of three federally recognized Cherokee tribes and is headquartered in Cherokee, North Carolina with 16,000+ enrolled members CHELSEA PIERS NEW YORK EST. NY 1995 Chelsea Piers is a 28-acre waterfront sports village located between 17th and 23rd Streets along Manhattan's Hudson River, which was privately-financed and opened in 1995 The Venetian is an iconic world-class complex on the center of the Las Vegas Strip, featuring 7,100 rooms, 2 casinos and 4 theaters with the operations being acquired by affiliates of Apollo Global Management, Inc. GREAT WOLF LODGE Great Wolf Resorts, Inc. is North America's largest family of indoor waterpark resorts, and owns, operates and develops family resorts under the Great Wolf Lodge brand MGM Resorts (NYSE: MGM) is a global entertainment company featuring best- in-class hotels, casinos, meetings and conference spaces, entertainment experiences, and an array of restaurant, nightlife and retail offerings Pending Transaction Close (1) BIGSHOTS GOLF Majority-owned by ClubCorp, BigShots Golf™ is a tech-driven entertainment and culinary experience offering fun for all ages and skill levels VICI Source: Caesars, Century, MGM and Penn public filings; BigShots Golf, Chelsea Piers, EBCI, Hard Rock, JACK, and the Venetian Resort website. We have not independently verified this data and are presenting it in accordance with each company's respective public disclosure. (1) Pro forma for the pending acquisitions of MGM Growth Properties and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals. 19#20INCOME DIVERSIFICATION PENDING ACQUISITIONS FURTHER ENHANCE & DIVERSIFY VICI'S BEST-IN-CLASS PORTFOLIO (1) GEOGRAPHIC DIVERSIFICATION ACROSS 15 STATES LONG-TERM PARTNERSHIPS WITH 8 TENANTS Well-balanced exposure between the Las Vegas Strip and regional markets, including: Illinois Indiana - Iowa 1 Louisiana Maryland Massachusetts Michigan | | | - - - - Mississippi Missouri New Jersey New York Ohio Pennsylvania West Virginia Top tenant concentration reduced from 100% at formation in 2017 to 42% pro forma for pending acquisitions 84% of rent roll from S&P 500 tenants 45% Las Vegas 55% Regional J.A.C.K ENTERTAINMENT Hard Rock 3% 2% 1% CENTURY" CASINOS PENN NATIONAL 3% GAMING, INC. 10% THE VENETIAN LAS VEGAS 1% 42% 39% CAESARS ENTERTAINMENT. MGM RESORTS INTERNATIONAL VICI (1) Pro forma for the pending acquisitions of MGM Growth Properties and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals. 20 20#21INCOME QUALITY: EXPOSURE TO MARQUEE ASSETS ON THE LAS VEGAS STRIP VICI WILL OWN ~39,700 HOTEL ROOMS AND 5.9 MILLION 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(3) Wynn Flamingo Rd Harrah's Las Vegas MSG Sphere Upon completion of the MGP transaction and the acquisition of the Venetian Resort, VICI will own ~660 acres 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 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 VICI Land The Venezia The Venetian The Palazzo Forum VICI Convention Land Center (2) Bally's (2) " Flamingo(2) Planet Hollywood(2) Paris (2) The LINQ (2) MGM Grand Treasure Island VICI Land The Mirage Bellagio Caesars Palace Caesars Palace VICI Las Vegas Strip Holdings and Investments Portfolio The Cosmopolitan Excalibur Luxor South Las Vegas Blvd The Shops at Crystals Park New York Excalibur New York Luxor Mandalay Bay ARIA Park MGM The Park Las Vegas (1) Pending Acquisitions VICI's Land Portfolio Mandalay Bay VICI (1) The Park Las Vegas is a dining and entertainment district that connects New York-New York and Park MGM. (2) Please refer to page 54 for a summary of terms and conditions of VICI's existing and pending put/call and ROFR agreements. (3) VICI will own the land under the MSG Sphere upon completion of the pending acquisition of the Venetian Resort. 21#22THE LAS VEGAS STRIP: THE MOST ECONOMICALLY PRODUCTIVE STREET IN AMERICA Fifth Avenue (New York, NY) Madison Avenue (New York, NY) Newbury Street (Boston, MA) CHANEL CHANEL CHANED CHANEL CHANEL The Las Vegas Strip (Las Vegas, NV) -- VICI is Increasing its Exposure to the Most Economically Productive Street in America 42MM+ Visitors (2019) 11 of 20 Largest Hotels in the World $794MM July '21 GGR (All-Time Record) Michigan Avenue (Chicago, IL) Wilshire Boulevard (Los Angeles, CA) 22K+ Conventions Held Annually $37Bn Direct Visitor Spend (2019) SoHo (New York, NY) GUCCI VICI Source: Las Vegas Convention and Visitors Authority Research Center, Wall Street Research CUCCI SONOS 22 22#23INCOME FROM INNOVATIVE FINANCING SOLUTIONS CREATES CURRENT AND POTENTIAL FUTURE VALUE STRATEGIC, SECURED CAPITAL ALLOCATION CAN PROVIDE VICI A PATH TO FUTURE REAL ESTATE OWNERSHIP Investment Forum Convention Center Mortgage Loan Chelsea Piers Mortgage Loan Great Wolf Resorts Mezzanine Loan VICI Borrower Principal Balance Future Funding Commitments Interest Rate Final Maturity Caesars Entertainment $400.0mm 7.85% (1) 9/18/2025 Chelsea Piers New York $65.0mm $15.0mm 7.00% 8/31/2027 Great Wolf Resorts $19.2mm $60.3mm 8.00% 7/9/2026 Note: Please see Note 4 - Real Estate Portfolio in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 for further information. (1) The interest rate of the Caesars Forum Convention Center Mortgage Loan is subject to 2.0% annual escalation. 23#24GAMING INCOME DURABILITY THROUGHOUT HISTORICAL ECONOMIC CYCLES VICI COLLECTED 100% OF RENT DURING THE COVID-19 PANDEMIC GAMING REVENUE: 50% LESS VOLATILE THAN S&P ... WITH DEMONSTRATED DURABILITY IN REGIONAL 300% 250% Peak-to-Trough: Gambling -9% Retail -11% S&P 500-18% 200% 500 REVENUE... MARKETS... Core Commercial Annual Gaming Revenues ($bn) (2) 2017: $18.3bn 18.5 2007 Peak: $18.0bn 18.0 17.5 150% Casino Gambling (1) PCE Retail & Food 17.0 100% 2009 Service Sales 50% Q498 Q400 Q402 Q404 Q406 Q408 Q410 Q412 S&P 500 Revenue/Share Q414 Q416 Trough: $17.3bn Peak-to-Trough: -3.9% 2017 vs Peak: +1.9% 2017 vs Trough: +6.0% 16.5 2007 2009 2011 2013 2015 2017 ... UNWAVERING HISTORICAL DEMAND IN LAS VEGAS (3)... ...SUPPORTED BY STRONGER REGIONAL MARGINS AFTER COVID-19 CLOSURES Select U.S. Regional Casino Operator Average EBITDAR Margins(4) Occupancy 100% 2009 Trough: 87% 75% 50% 25% 2007 Peak: 97% 2019: 91% Peak-to-Trough: -9.5% 2017 vs Peak: -5.5% 2017 vs Trough: +4.0% LV Runs on Average +28% Higher Occ. Than U.S. Hotels 2005 2007 2009 2011 2013 2015 2017 2019 Las Vegas Strip ⚫U.S. Hotels 27.7% 2019 +782.2 bps 35.6% Q3'21 VICI Source: Haver Analytics, Goldman Sachs Global Investment Research, published February 26, 2018; State Gaming Boards, UNLV, Credit Suisse. Credit Suisse Research, Published September 11, 2018, STR; company filings. (1) Refers to the Personal Consumption Expenditures as defined and reported by the U.S. Bureau of Economic Analysis. (2) Core regional markets focus on more mature and representative commercial regional gaming markets, adjusted for adjacent new supply, cannibalization between markets, and excluding genuinely additive supply and destination markets. (3) Represents average occupancy percentage of Wynn, Las Vegas Sands and MGM Las Vegas 24 properties per company filings. (4) Represents average EBITDAR margin (EBITDAR/ Revenue) of CZR Regional Segment, MGM Regional Segment, PENN, BYD Regional Segment, and CNTY United States Properties, per company filings. We have not independently verified this data and are presenting it in accordance with each company's respective public disclosure. Past performance is not indicative of future performance. For additional information, refer to the financial information included in the respective company's public filings with the SEC.#25INCOME MAGNITUDE AND VALUE NOI ($mm) 2015 - YTD 2021 SINGLE-ASSET REAL ESTATE TRANSACTIONS WITH NOI > $70MM 250.0 CityCenter 200.0 Cosmopolitan 150.0 100.0 50.0 3.00% Bellagio The Venetian Resort(¹) MGM Grand(2) Select Las Vegas Strip Sales & Financings The Shops at Crystals sold in 2016 at a 4.5% cap rate Town Square Las Vegas sold in 2017 at a 5.3% cap rate The Grand Canal Shoppes mortgage debt was refinanced in 2019 at an appraised cap rate of 4.5% 245 30 Hudson Park Yards, NYC Mandalay Bay(2) Ave, Fashion NYC 1095 Show LV(2) 10 Hudson 6th Ave, NYC(2) 787 7th Ave, NYC World Wind wide Yards, NYC(2) 1515 Broadway, 1211 NYC(2) 6th Ave, NYC(2) 1285 6th Plaza, Ave, NYC NYC(2) 50 Northern Ave, Boston Creek Bethlehem Caesars Palace (3) Harrah's Las Vegas National Harbor, MD 4.00% 5.00% 6.00% 7.00% 8.00% Cap Rate (%) Circle sizes represent asset NOI Gaming Office Retail Medical Office Building VICI Transactions VICI Source: Real Capital Analytics (RCA). (1) The pending Venetian Resort acquisition is subject to customary closing conditions and regulatory approvals. (2) Transaction was for a stake in the property; bubble represents the implied price of 100% interest. (3) Represents 25 incremental rent acquired related to the Eldorado Transaction.#26GROWTH OPPORTUNITIES GREEKTOWN CASINO HOTEL GREEKTOWN CASINO-HOTEL DETROIT, MI R HARRAH'S LAS VEGAS LAS VEGAS, NV Harrah's VICI Harrah's HARRAH'S NEW ORLEANS NEW ORLEANS, LA Harrah's#27VICI'S INVESTMENT STRATEGY: A PARTNERSHIP APPROACH LONG-TERM RELATIONSHIP APPROACH TO TRANSACTIONS WHERE VICI HELPS SOLVE ITS PARTNER'S 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 UTILIZES ITS VARIOUS CAPITAL ALLOCATION STRATEGIES IN SEEKING TO DRIVE AFFO GROWTH AND SUPERIOR RETURNS TO ITS STOCKHOLDERS VICI 27 22#28PROVEN 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 Harrahs PHILADELPHIA PENN NATIONAL GAMING, INC. 2018 2017 BY ADJ. EBITDA ($MM) (1) Proved ability to work with largest tenant while diversifying tenant base Transformative 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 Acquired the largest commercial gaming asset in America Landmark acquisition of the Venetian Resort & the Venetian Expo in Las Vegas (anticipated closing 10'22) and invested in Great Wolf Mezzanine Loan THE VENETIAN RESORT GREAT WS LF LODCE PF 2021 Strategic acquisition to become a world premier gaming and experiential real estate owner Increases scale, tenant diversity and access to capital MGM GROWTH PROPERTIES PF 2021+ (4) $2,569 2020 (3) $1,548 2019 $1,119 $847 $6902 (2) 2017 $722 2018 2019 2020 PF 2021 PF 2021+ (1) See "Reconciliation from GAAP to Non-GAAP Financial Measures" in the appendix for the reconciliation of these Non-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) 3Q21 Last Quarter Annualized ("LQA") Adj. EBITDA pro forma for the impact of $250MM of rent attributable to the pending Venetian Resort acquisition. (4) Pro forma 3Q21 LQA Adj. EBITDA, adjusted for the impact of the pending Venetian acquisition and MGP acquisition, including $1,008MM of 3Q21 LQA Adj. EBITDA attributable to the pending MGP acquisition and $12MM of expected G&A synergies associated with the pending MGP acquisition. 28#29VICI'S SIX PILLARS OF EXTERNAL GROWTH VICI'S GROWTH PLAN CAN DRIVE SCALE AND POTENTIALLY IMPROVE COST OF CAPITAL, LEADING TO THE EXPANSION OF VICI'S INVESTABLE UNIVERSE Embedded Growth Pipeline ROFRS & Put / Call Agreements ✓VICI has entered into several right of first refusal and put/call agreements that provide the opportunity for embedded growth Embedded growth pipeline creates "low-hanging fruit" and provides VICI with optionality 2 Open-Market Assets Gaming Experience and ability to work with multiple tenants solidifies VICI as the partner of choice for gaming operators VICI is well- positioned to help gaming operators monetize their real estate holdings to pursue their strategic goals Property Growth 4 Gaming 5 Opportunities Fund Current Tenants ✓ VICI's Partner Property Growth Fund funds "same- store" capital for VICI's tenants VICI works collaboratively with tenants and partners to invest in growth opportunities and capital improvements that achieve mutually beneficial outcomes International ✓ VICI's existing portfolio is solely U.S.-based; pro forma VICI will have increased potential to pursue international opportunities Several of VICI's tenants already have existing operations overseas Leisure and Experiential Assets Domestic & International With investments in Chelsea Piers and Great Wolf, VICI has made its first allocations of capital outside of gaming ✓ OpCo / PropCo model has potential to be pioneered in experiential sectors that have demographic tailwinds 6 M&A Domestic & International Increased size and potential for enhanced cost of capital will allow VICI to pursue additional transformational acquisitions Track record in the capital markets will make VICI competitive when pursuing both public and private acquisition targets VICI Sans 募三 EXPO 29#30SUBSTANTIAL EMBEDDED POTENTIAL RENT GROWTH IDENTIFIED ACQUISITION PIPELINE PROVIDES SIGNIFICANT POTENTIAL RENT GROWTH ($MM) $1,314 $250 $1,009 $2,573 Subject to Caesars Portfolio Strategy BALLY'S LAS VEGAS INDIANA GRAND RACING CASINO Flamingo Afaris ph planet hollywood RESCHI & CASING LAS VEGAS Harrahs HOOSIER PARK RACING & CASINO THE LINQ HORSESHOE. CASINO BALTIMORE <AESARS VIRGINIA CAESARS FORUM Current Annual Cash Rent The Venetian Resort MGM Growth Properties (1) Pro Forma Annual Cash Rent Las Vegas, Horseshoe Baltimore, and Caesars Virginia Indiana Grand/ Harrah's Hoosier Park Put/Call Options Caesars Forum Put/Call Option VICI (1) Starting rent under the MGM Master Lease and pro rata share of current rent from BREIT JV. ROFRS Total Identified Potential Portfolio 30#31THE VICI GROWTH FUNNEL THE EXPANSION OF VICI'S INVESTABLE UNIVERSE ALLOWS FOR INCREMENTAL FUTURE GROWTH OPPORTUNITIES WITHIN THE PORTFOLIO, CREATING A "FLYWHEEL EFFECT" VICI Growth from Gaming & Non-Gaming Experiential Sectors "Sportstainment" Sports Arenas & Training Facilities "Pilgrimage" Golf, Leisure & Wellness Ski Resorts Las Vegas Downtown Gaming International Gaming Tribal Gaming Recreational Domestic Theme Parks Attractions & Regional Tourism Gaming Indoor Las Vegas Waterpark Locals Resorts Gaming Growth from Existing Portfolio & Partnerships Growth with Existing Partners Embedded Growth Partner Pipeline Property Growth Fund Internal Growth Contractual Rent Escalation 31#32FRAMEWORK 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 • How does an experiential sector recover from COVID-19? PANDEMIC RECOVERY CAPABILITY VICI seeks to investigate, validate and potentially invest in sectors that feature these fundamental characteristics VICI FAVORABLE SUPPLY/ DEMAND BALANCE . What was the rent paying track record of the sector during the pandemic? ⚫ What liquidity and access to capital were sector companies able to maintain? 32#33VICI TARGETED TOTAL STOCKHOLDER RETURN BUILDING BLOCKS EXTERNAL AFFO GROWTH SAME-STORE AFFO GROWTH ✓ ~$12.3Bn Announced Investment Volume from Inception in 2017 to Today, Excluding Corporate M&A Activity ~$500MM Annual Retained Free Cash Flow to Fund Future Acquisitions (1) Embedded Growth Pipeline of Put/Call and ROFR Options Ability to Invest in Existing Operating Partners' Growth Opportunities and Acquire Incremental NOI ~2.6% Annual, Same Store AFFO Growth, Target Comprised of Contractual Annual Rent Growth Pro Forma for Pending Transactions, Net of Pro Forma Interest Expense (2) Potential for Further Upside in Rent Growth from CPI Kickers VICI'S GOAL IS TO COMBINE SUSTAINABLE AFFO GROWTH AND DIVIDEND YIELD IN ORDER TO DELIVER 10-12% TARGETED TOTAL RETURN TO VICI'S STOCKHOLDERS DIVIDEND YIELD ✓ 4.8% Annualized Dividend Yield (3) 9% Dividend Increase in Q3 2021 ✓ 11% Dividend Increase in Q3 2020 Targeted Total Stockholder Return Building Blocks VICI (1) Pro forma for the pending acquisition of MGM Growth Properties and the Venetian Resort, which are subject to customary closing conditions and regulatory approvals. (2) Pro forma interest expense includes the impact of the assumption of MGP's $5.7Bn of outstanding debt, the issuance of $600MM of unsecured notes to fund the pending Venetian Resort acquisition and ~$4.4Bn of unsecured notes to fund the cash consideration to MGM (assumes VICI issues notes at weighted average fixed interest rate of 3.5%). (3) Based on VICI's annualized dividend per share of $1.44 and closing share price of $29.74 on November 5, 2021. 33#34CAPABILITY & GOVERNANCE CASCATA GOLF COURSE BOULDER CITY, NV MARGARITAVILLE BOSSIER CITY BOSSIER CITY, LA Hard Rock VICI HARD ROCK CINCINNATI CINCINNATI, OH MARCARTBILLE Hard Rock#35PROVEN AND INDEPENDENT MANAGEMENT TEAM EXPERTISE IN REAL ESTATE, GAMING & HOSPITALITY EDWARD PITONIAK Chief Executive Officer JOHN PAYNE President and Chief Operating Officer Former Vice Chairman, Realterm, private-equity leader in institutionalizing industrial real estate sub-asset classes Former Independent Director of Ritchie Brothers (NYSE: RBA) ⚫ In 2014 became Managing Director, Acting CEO & Trustee of InnVest, Canada's largest hotel REIT. Became Chairman in 2015. REIT sold to Chinese buyer in 2016, producing 146% cumulative total return during period of leadership • CEO of CHIP REIT, Canadian hotel REIT with average annual total return of 25% for 4 years. Sold to Canadian pension fund in late 2007, doubling value of the REIT over 4 years SVP, Intrawest Resort Operations, then the world's largest ski resort operator/developer Received a BA from Amherst College . Previously served as CEO of Caesars Entertainment Operating Company, Inc. Held multiple roles with Caesars during the course of his career including President of Central Markets and Partnership Development, President of Enterprise Shared Services, President of Central Division, and Atlantic City President Previously served as Gulf Coast Regional President of Caesars and Senior Vice President and General Manager of Harrah's New Orleans Received an MBA from Northwestern University and a BA from Duke University DAVID KIESKE EVP, Chief Financial Officer & Treasurer Previously served as Managing Director of Real Estate & Lodging Investment Banking Group at Wells Fargo Securities / Eastdil Secured with a focus on hospitality and leisure Worked in Real Estate & Lodging Investment Banking at Citigroup and Bank of America Served as Assistant Vice President & Corporate Controller at TriNet Corporate Realty Trust, a triple net single tenant office REIT listed on the NYSE Previously was a Senior Accountant at Deloitte & Touche as well as Novogradac & Co. Received an MBA from University of California Los Angeles and a BS from UC Davis VICI Team Experience VICI REALTERM -LOGISTICS rb RITCHIE BROS. Auctioneers CHIP REIT InnVest WELLS Canadian income Properties FARGO INTRAWEST • • • SAMANTHA GALLAGHER EVP, General Counsel & Secretary Previously served as EVP, General Counsel and Secretary at First Potomac Realty Trust (NYSE: FPO), a REIT specializing in office and business park properties in the Washington, D.C. region Oversaw the negotiation and documentation pertaining to First Potomac Realty Trust's merger with Government Properties Income Trust (NASDAQ: GOV) Previously served as a Partner at Arnold & Porter LLP, Bass, Berry & Sims plc and Hogan Lovells US LLP with a focus on representing REITs and financial institutions in capital markets transactions, mergers and acquisitions, joint ventures and strategic investments Received a JD from Georgetown University Law Center and an AB from Princeton University Deloitte. FIRST POTOMAC REALTY TRUST Bank of America Merrill Lynch CAESARS Arnold & Porter EASTDIL SECURED citi Harrah's NEW ORLEANS Hogan Lovells Blackstone EY RESORTS Kramer Levin Davis Polk pwc Wynn Morgan Stanley Skadden ☐ Deutsche Bank UBS ANNALY 35#36INDEPENDENT, EXPERIENCED AND DIVERSIFIED BOARD OF DIRECTORS James Abrahamson* BrightView - INTERSTATE CorePoint Lodging- Diana Cantor AIM13 V Virginia Retirement RS System Domino's Universal Corporation Virginia529 NEW YORK PRIVATE BANK & TRUST Monica Douglas The Coca Cola Company Junior Achievement COOLGIRLS Elizabeth Holland (AAABBELL ASSOCIATES Federal Realty INVESTMENT TRUST ICSC • Served as Chairman of Interstate Hotels & Resorts until October 2019 Previously served as Interstate's CEO from 2011 to March 2017 • Serves as an independent director at CorePoint Lodging and at BrightView Corporation Partner with Alternative Investment Management, LLC • Vice Chairman of the Virginia Retirement System • Served as an MD with New York Private Bank and Trust • Serves as a director at Domino's Pizza, Inc. and Universal Corporation • Senior Vice President and General Counsel of The Coca-Cola Company Previously held the positions of General Counsel, North America, Legal Director of The Coca-Cola Company, South Africa, and VP of Supply Chain and Consumer Affairs of The Coca-Cola Company Serves on the Board of Directors of Junior Achievement USA and Cool Girls, Inc. ⚫ CEO of Abbell Associates, LLC Currently serves as an independent director of Federal Realty Investment Trust • Serves on the Executive Board and the Board of Trustees of International Council of Shopping Centers Craig Macnab NATIONAL RETAIL PROPERTIES SEHE AMERICAN TOWER ddr ForestCity CF Cadillac Fairview ECLIPSYS 1:|:ཀྱི པར དགར གནྟ ཀུ1:|:ཀྱི ཨུ ཨུ ཀ ར ཏུ ཡ Edward Pitoniak rb RITCHIE BROS. InnVest REALTERM INTRAWEST Magazines. Times Mirror SKI Michael Rumbolz INO EVERI Hard Rock • Served as Chairman and CEO of National Retail Properties, Inc. from 2008 to April 2017 • Serves as an independent director of American Tower Corporation • Previously served as director of Eclipsys Corporation from 2008 - 2014, DDR Corp. from 2003-2015, and Forest City Realty from 2017 - 2018 . • CEO of VICI Properties Inc. Previously served as Vice Chairman of Realterm ⚫Former independent director of Ritchie Brother Auctioneers • Served as Chairman of InnVest from 2015-2016 Director and CEO of Everi Holdings, Inc. • Serves as an independent director of Seminole Hard Rock Entertainment, LLC. Previously served as Chairman and CEO of Cash Systems, Inc. from 2005-2008 0% PARENT / TENANT COMPANY OWNERSHIP (1) INDEPENDENT CHAIRMAN SEPARATION OF CHAIRMAN & CEO ROLE ANNUALLY ELECTED BOARD (2) 6 OF 7 (86%) INDEPENDENT DIRECTORS VICI * Denotes Chairman of the Board of Directors (1) Following closing of the MGP acquisition, MGM will retain ~12 million VICI OP Units. (2) Opted out of the Maryland Unsolicited Takeover Act ("MUTA"). 36#37COMMITMENT TO LEADING ESG PRACTICES 8-8 Corporate Governance Environmental Sustainability LEASED PROPERTY PORTFOLIO Focus on tenant engagement initiatives to understand the environmental impact of our leased properties and improve sustainability monitoring capabilities and released available sustainability data voluntarily reported by certain of our tenants 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 Relocated our corporate headquarters in 2019 to a LEED Gold certified building with an Energy Star Label, participate in green energy practices, including recycling, waste management and responsible energy use Social Responsibility 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 ACCOLADES Great Place To Work® Certified DEC 2020-DEC 2021 USA 20% WOMEN 2020 BOARDS STOCKHOLDER RESPONSIVENESS Amended our bylaws in April 2020 to eliminate provisions requiring a supermajority voting standard following stockholder approval at our 2020 annual meeting, empowering stockholders to amend, alter or repeal any provision in our bylaws upon the affirmative vote of a majority RECOGNITION James Drury 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 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 CERTIFING energy ENERGY STAR PARTNER 2020 2021 Certified Great Place to Work® For 2nd Year in a Row BY 2020 ON 2020 Women on Boards Recognition for Female Board Representation Green Street Advisors (with two other companies) and 1st among gaming REITs in an annual U.S. REIT corporate governance survey by Green Street Advisors VICI 37#38APPENDIX 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#39STOCKHOLDER BASE TRANSFORMATION VICI CONTINUES TO BUILD A DEDICATED LONG-TERM OWNERSHIP BASE THROUGH INSTITUTIONAL REIT, INDEX AND OTHER LONG-TERM STOCKHOLDERS 100% 22% 26% 32% 44% 8% 52% 59% 57% 58% 62% 64% 63% 63% 66% 16% 18% 22% 67% 70% 58% 49% 22% 18% 21% 24% 24% 23% 22% 28% 25% 26% 35% 26% 23% 21% 18% 14% 14% 13% 9% 8% 7% 10/6/17 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 I Foundational Investors Index I Institutional / REIT Investors VICI Source: Ipreo Holdings Data, 13-F filings. 39#40BALANCE SHEET POSITIONED FOR GROWTH... ($ and shares in millions) Revolving Credit Facility ($1,000mm capacity) Senior Unsecured Notes Total Debt As of 9/30/2021 WELL-LADDERED MATURITY SCHEDULE ($MM) $0 4,750 4,750 Cash, Cash Equivalents & Short Term Investments (670) Net Debt $4,080 Common Shares Outstanding as of 9/30/2021 628.9 Share Price as of November 5, 2021 $29.74 $1,000 Equity Market Capitalization $18,705 $750 $1,250 $1,000 $1,000 $750 LTM Q3 2021 Adjusted EBITDA (1) 1,303 I Total Leverage Ratio Net Leverage Ratio(1)(2) 3.6x 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 3.1x Weighted Average Interest Rate 4.11% Unsecured Notes Revolving Credit Facility 4.7x Interest Coverage Ratio (3) VICI has 119,000,000 shares outstanding under the March 2021 and September 2021 Forward Sale Agreements KEY CREDIT HIGHLIGHTS ✓ Added scale, diversity and tenant quality from pending MGP acquisition strengthens overall credit profile ✓ Positions VICI to migrate to investment grade with a fully unsecured capital structure and unencumbered asset pool ✓ No debt maturities until 2024 ✓ Cost of capital to support future growth opportunities ✓ Target financial metrics consistent with goal to achieve investment grade ratings over time ✓ Potential accretion attainable as existing VICI and MGP debt is refinanced at investment grade rates over time DEBT COMPOSITION Fixed Rate 100% Unsecured 100%(4) VICI (1) See this appendix for additional information, including the definition and reconciliation to the most comparable GAAP financial measures. (2) Net Leverage Ratio is calculated as Net Debt divided by Adjusted EBITDA. For the last twelve months ended September 30, 2021. (3) Calculated as $1,303mm LTM Q3 2021 Adjusted EBITDA divided by $280mm cash interest expense during the same period. (4) The $1.0 billion secured revolving credit facility is currently undrawn. 40#41...AND PROGRESS TOWARDS ACHIEVING INVESTMENT GRADE RATINGS VICI's Equity Issuance & Exchange Offer Are Key Steps Toward Venetian & MGP Acquisitions September 15, 2021 "Pro forma VICI will have reduced tenant concentration, improved asset quality...a fully unencumbered asset pool and a well staggered maturity schedule. The combined company's strengthened credit profile and 5.0x-5.5x net leverage target will likely be consistent with a low investment-grade IDR over the long term." MOODY'S REACTIONS FROM RATING AGENCIES S&P Global Ratings VICI Properties Inc. Ratings Placed on CreditWatch Positive on Announced Acquisition of MGM Growth Properties LLC August 4, 2021 "The acquisition will improve VICI's scale and tenant diversity such that it could support a greater level of leverage at a higher rating...if the company finances the acquisition with a mix of equity and debt that leads to pro forma leverage of about 6x or below...we could raise our rating to BBB-" Fitch Ratings LARGEST FOUR-WALL REITS CREDIT RATINGS (1) All Other "Four-Wall" US REITS with a Total Enterprise Value in Excess of $20Bn Have Investment Grade Credit Ratings PLD EQIX SPG PSA DLR WELL Investment Grade ކ Enterprise Value $130 S&P Rating A- 84 BBB 83 A- 65 A 61 BBB 51 BBB+ ✓ 50 A- ARE 44 BBB+ (2) PF VICI 42 BB EQR 41 A- AVB 41 A- BXP 33 BBB+ VTR 33 BBB+ EXR 32 BBB INVESTORS SERVICE Update Following Announcement to Acquire MGM Growth Properties; Ratings Under Review for Upgrade August 12, 2021 ESS 28 BBB+ ކ MAA 28 BBB+ ✓ DRE 25 BBB+ PEAK "The acquisition will improve the portfolio's quality and reduce tenant concentration... the rating action also considers VICI's good corporate governance...the review could result in an up to two notch upgrade for VICI's CFR and senior unsecured rating" 25 BBB+ UDR 24 BBB+ KIM 20 BBB+ VICI (1) As of November 5, 2021; "Four-Wall" REITs excludes tower and timber REITs. (2) Pro forma VICI Enterprise Value (excluding pro rata share of BREIT JV debt) reflects pro forma fully diluted shares outstanding of 963MM and VICI closing share price of $29.74 on November 5, 2021. 41#42PRO FORMA SIZE AND SCALE BETTER POSITIONS VICI FOR POTENTIAL INCLUSION IN THE S&P 500 One of the Top 5 "Four-Wall" REITS by 3Q21 LQA Adj. EBITDA ($MM) (1) One of the Largest Triple Net Lease REITS by 3Q21 LQA Adj. EBITDA ($MM) (1) One of the Top 10 "Four-Wall" REITs by Enterprise Value ($Bn) (5) SPG $4,625 0(2) PLD $130 $2,666 PLD $4,385 EQIX $84 (3) PF VICI $2,569 SPG $83 EQIX $3,145 (2) PSA $65 O $2,666 WPC $1,148 DLR $61 (3) PF VICI $2,569 WELL $51 GLPI $1,107 DLR $2,440 $50 PSA $2,367 MGP(4) $1,008 ARE $44 PF VICI (6) $42 WELL $1,932 STOR $702 EQR $41 VTR $1,652 AVB $41 BXP NNN $657 $1,624 BXP $33 ARE $1,558 VTR $33 SRC $554 MPW $1,516 EXR $32 EPR $433 ESS $28 EQR $1,495 MAA $28 AVB $1,383 BNL $312 DRE $25 INVH $1,179 PEAK $25 EPRT $221 WPC $1,148 UDR $24 GLPI $1,107 SAFE $158 KIM $20 HST $18 ESS $1,067 FCPT $154 VNO $18 PEAK $1,062 REG $17 MGP (4) $1,008 NTST $42 S&P 500 Constituent FRT $15 VICI Sources: Company 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 Financial Measures" in the appendix for the reconciliation of VICI's Non-GAAP Financial Measures. (2) Pro forma for acquisition of VEREIT; reflects midpoint of announced cash G&A synergies of $35MM-40MM; excludes $183MM EBITDA attributable to Office SpinCo (per investor presentation dated April 29, 2021). (3) Adjusted for $250MM of rent attributable to the pending Venetian Resort acquisition, $1,008MM of Adj. EBITDA attributable to the pending MGP acquisition, and $12MM of expected G&A synergies associated with the pending MGP acquisition. (4) Adjusted to include full-year impact of $30MM of rent attributable to MGP's acquisition of MGM Springfield. (5) As of November 5, 2021. (6) Pro forma VICI Enterprise Value (excluding pro rata share of BREIT JV debt) reflects pro forma fully diluted shares outstanding of 963MM and VICI closing share price of $29.74 on November 5, 2021. 42#43AN OPPORTUNITY TO UNLOCK INDEX INCLUSION FOR MGP'S SHARES 86MM SHARES OF ILLUSTRATIVE INDEX DEMAND FOLLOWING MGP ACQUISITION CLOSING (1) Corporate Structure S&P 500 CRSP Russell 1000 RMZ FTSE NAREIT Dow Jones U.S. Real Estate Dow Jones Select REIT VICI Corporation Eligible, not included MGM GROWTH PROPERTIES" LLC Excludes LLCs Excludes LLCs X Excludes LLCs X Excludes LLCs X Excludes LLCs X Excludes LLCs . Due to MGP's LLC structure, it currently is not eligible for a number of indices in which VICI is currently included ⚫ With the closing of the MGP acquisition, anticipated index rebalancing is expected to drive demand VICI Eligible, not included 2Q'21 OWNERSHIP ANALYSIS (2) % Index Ownership 31% VICI 9% MGM GROWTH PROPERTIES" (1) Represents 31% of shares being issued to the public and 22% (31 % -9%) of shares being issued to MGP shareholders. (2) Percent index ownership calculated by the division of shares held by index funds and total shares outstanding as of 6/30/2021 (VICI = shares of common stock and MGP = Class A common shares). 43#44VICI DIVIDEND: DURABILITY AND GROWTH SINCE EMERGENCE VICI HAS CONSISTENTLY RAISED ITS 100% CASH DIVIDEND WHILE TARGETING A 75% AFFO PAYOUT RATIO, SUPPORTED BY 100% CASH RENT COLLECTION TO DATE Dividend Yield(¹) Q3'18 Dividend Increase: 9.5% $1.15 Q3'18 Annualized Div/Sh ($0.2875 Quarterly) Q3'19 Dividend Increase: 3.5% $1.19 Q3'20 Dividend Increase: 10.9% $1.32 Q3'19 Annualized Div/Sh ($0.2975 Quarterly) Q3'20 Annualized Div/Sh ($0.3300 Quarterly) TRIPLE NET LEASE REIT DIVIDEND COMPARABLES Q3'21 Dividend Increase: 9.1% $1.44 Q3'21 Annualized Div/Sh ($0.3600 Quarterly) ESSENTIAL PROPERTIES AGREE REALTY REALTY CORPORATION INCOME The Monthly Dividend Company" #FCPT STORE capital NATIONAL RETAIL PROPERTIES NYSE NNN VICI SPIRIT W. P. CAREY REALTY 3.3% 3.8% 3.9% 4.3% 4.4% 4.5% 4.8% 5.2% 5.4% LTM AFFO Payout Ratio (2) 75.0% 81.8% 80.4% 81.7% 73.2% 70.2% 69.5% 77.2% 84.6% VICI Source: Company filings as of Q3 2021. (1) Reflects most recently announced dividend per share annualized and divided by share prices as of November 5, 2021. (2) Calculated as total dividends paid divided by AFFO based on public filings. Other companies may calculate AFFO differently from VICI and each other, accordingly, VICI's AFFO may not be comparable to AFFO reported by such other companies. For additional information, refer to the financial information included in the respective company's public filings with the SEC. 44#45MASTER LEASE AGREEMENTS TRIPLE NET STRUCTURE PROVIDES SECURITY & EARNINGS PREDICTABILITY Regional Master Lease and Joliet Lease (1) Caesars Entertainment Las Vegas Master Lease (1) Caesars Entertainment Margaritaville Bossier City Lease Penn National Gaming Tenant Current Annual Cash Rent Current Lease Year Annual Escalator Coverage Floor Rent Adjustment (3) $649.6mm(2) Nov. 1, 2021 Oct. 31, 2022 Lease Year 5 1.5% in years 2-5 >2% change in CPI thereafter, subject to 2% floor None Year 8: 70% Base / 30% Variable Year 11 & 16: 80% Base/ 20% Variable $422.2mm $23.5mm Nov. 1, 2021 Oct. 31, 2022 Lease Year 5 >2% change in CPI, subject to 2% floor Feb. 1, 2021 - Jan. 31, 2022 Lease Year 3 2% for Building Base Rent ($17.2mm) None Year 8, 11 & 16: 80% Base / 20% Variable Net Revenue to Rent Ratio: 6.1x beginning in year 2 Percentage (Variable) Rent adjusts every 2 years beginning in year 3 Variable Rent Adjustment Mechanic Term Guarantor Capex 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 18-year initial term with four 5-year renewal options (4) Caesars Entertainment, Inc. $405.2mm (together with CPLV) required over rolling 3-year period at $114.5mm minimum per year ($311mm allocated to regional assets, $84mm allocated to CPLV, and $10.2mm allocated by the tenant) Caesars Entertainment, Inc. CPLV: $84mm (included in the $405.2mm required under Regional Master Lease) over rolling 3-year period HLV: $171mm between 2017 and 2021; Capex at 1% of net revenue thereafter 4% of the average net revenues for trailing 2-year period less threshold amount 15-year initial term with four 5-year renewal options Penn National Gaming Minimum 1% of Net Revenue based on a four-year average VICI (1) Regional Master Lease and Joliet Lease consists of 16 Caesars properties leased from VICI and Las Vegas Master Lease consists of Caesars Palace Las Vegas and Harrah's Las Vegas. (2) Cash rent amounts are presented prior to accounting for the portion of rent payable to the 20% JV partner at Harrah's Joliet. After adjusting for the portion of rent payable to the 20% JV partner, Current Annual Cash Rent is $641.2mm. (3) Rent adjustments in the Regional 45 Master Lease and Las Vegas Master Lease occur in lease years based on a lease commencement date of October 6, 2017. (4) Upon the consummation of the Eldorado Transaction, the Caesars Lease Agreements were extended such that each lease has a full 15-year initial lease term from the date of consummation.#46MASTER LEASE AGREEMENTS (CONTINUED) TRIPLE NET STRUCTURE PROVIDES SECURITY & EARNINGS PREDICTABILITY Greektown Lease Penn National Gaming Hard Rock Cincinnati Lease Hard Rock Entertainment Century Master Lease Century Casinos Tenant Current Annual Cash Rent Current Lease Year Annual Escalator Coverage Floor Rent Adjustment $51.3mm June 1, 2021 - May 31, 2022 Lease Year 3 2% for Building Base Rent ($42.8mm) Net Revenue to Rent Ratio to be mutually agreed upon prior to the commencement of lease year 4 Percentage (Variable) Rent adjusts every 2 years beginning in year 3 $43.4mm $25.3mm Oct. 1, 2021 Sept. 30, 2022 Lease Year 3 1.5% in years 2-4 > 2.0% / CPI thereafter Jan. 1, 2021 Dec. 31, 2021 Lease Year 2 1.0% in years 2-3 > 1.25% / CPI thereafter None (1) Year 8: 80% Base (subject to escalator) / 20% Variable Net Revenue to Rent Ratio: 7.5x beginning in year 6 Year 8 & 11: 80% Base (subject to escalator) / 20% Variable Variable Rent Adjustment Mechanic 4% of the average net revenues for trailing 2-year period less threshold amount 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 1-3 Term Guarantor 15-year initial term with four 5-year renewal options Penn National Gaming 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 1-3 Year 11: Avg. of years 8-10 less avg. of years 5-7 Initial term of 15-years with four 5-year renewals Seminole Hard Rock Entertainment, Inc. Century Casinos, Inc. Capex Minimum 1% of Net Revenue based on a four-year average Minimum 1% of Net Revenues VICI Minimum 1% of Net Revenue on a rolling three-year basis for each individual facility; 1% of Net Gaming Revenue per fiscal year for the facilities collectively (2) (1) Starting in lease year 5, if the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. (2) Capex requirements commenced January 1, 2021. 46#47MASTER LEASE AGREEMENTS (CONTINUED) TRIPLE NET STRUCTURE PROVIDES SECURITY & EARNINGS PREDICTABILITY Tenant Current Annual Cash Rent Current Lease Year Annual Escalator JACK Cleveland/Thistledown Master Lease (1) JACK Entertainment $65.9mm(1) Feb. 1, 2021 - Jan. 31, 2022 Lease Year 2 1.0% in year 3 Caesars Southern Indiana Lease Eastern Band of Cherokee Indians $32.5mm Sept. 3, 2021-Aug. 31, 2022 Lease Year 1 Venetian Resort Lease (2) Affiliates of Apollo Global Management, Inc. $250.0mm 1.5% in years 2-5 >2% change in CPI thereafter Subject to closing Greater of 2% or CPI per year, capped at 3%, beginning in 2023 1.5% in years 4-6 >1.5% / CPI thereafter (capped at 2.5%) Coverage Floor None Rent None Adjustment Variable Rent Adjustment None Mechanic Term 20-year initial term with three 5-year renewals Guarantor Capex Rock Ohio Ventures LLC Initial minimum of $30mm in first 3 years; 1% of Net Revenues beginning in lease year 4, based on a rolling VICI three-year basis (4) None Year 8 & 11: 80% Base (subject to escalator) / 20% Variable 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2(3) Year 11: Avg. of years 8-10 less avg. of years 5-7 None None None 15-year initial term with four 5-year renewals Eastern Band of Cherokee Indians 1% of annual Net Revenue 30-year initial term with two 10-year renewals Las Vegas Sands Corp. has agreed to guarantee the rent obligations to VICI through 2023 (with early termination after (i) 2022 if 2022 EBITDAR > $550mm) or (ii) a change of control occurs 2.0% of net revenue annually (exclusive of gaming equipment) on a rolling three-year basis with ramp- up (1) As amended on October 4, 2021. Commencing April 1, 2022, rent will increase by $1.8 million in connection with the funding of a new gaming patio amenity at JACK Thistledown Racino. (2) Pending transaction close and subject to customary closing conditions and regulatory approvals. (3) With respect to Lease Year 0, for the period Caesars Southern Indiana was closed in 2020 due to COVID-19, the Caesars Southern Indiana Lease will provide for the use of 2019 net revenues, pro rated for the period of such closure. (4) Minimum of $30mm includes amounts spent on the gaming patio amenity at JACK Thistledown Racino, gaming equipment and the May Company Garage from the period commencing April 1, 2019 until December 31, 2022. 47#48MASTER LEASE AGREEMENTS (CONTINUED) TRIPLE NET STRUCTURE PROVIDES SECURITY & EARNINGS PREDICTABILITY MGM Master Lease (1) MGM Grand & Mandalay Bay BREIT JV Lease (1) Tenant Current Annual Cash Rent Current Lease Year Annual Escalator Coverage Floor Rent Adjustment Variable Rent Adjustment Mechanic MGM Resorts International $860mm Subject to closing MGM Resorts International $298mm (VICI's 50.1% Pro Rata Share: $149mm) Lease Year 2 2% in years 2-10 >2%/CPI thereafter (capped at 3.0%) 2% in years 2-15 >2% / change in CPI thereafter (capped at 3%) None None None Term 25-year initial term with three 10-year renewals Guarantor Capex VICI MGM Resorts International 1% of Net Revenues (1) Pending transaction close and subject to customary closing conditions and regulatory approvals. None None None 30-year initial term with two 10-year renewals MGM Resorts International 3.5% of Net Revenues based on 5-year rolling test (subject to minimum 2.5% for each property); 1.5% monthly reserves 48#49RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES The following table reconciles net income to FFO, AFFO and Adjusted EBITDA. Last Twelve Months Ended Three Months Ended ($ in millions) September 30, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 $1,020 $162 301 270 288 Net income attributable to common stockholders Real estate depreciation Funds From Operations ("FFO") $1,020 $162 $301 $270 $288 (1) Non-cash leasing and financing adjustments (116) (31) (29) (28) (28) Non-cash change in allowance for credit losses (41) 9 (29) (4) (17) Non-cash stock-based compensation 9 2 2 2 2 Transaction and acquisition expenses 11 0 1 9 1 Amortization of debt issuance costs and original issue 55 34 10 7 st 4 discount (2) Other depreciation 3 1 1 1 1 Capital expenditures (2) (0) (0) (1) (0) Loss on extinguishment of debt and interest rate swap settlements 80 80 Non-cash adjustments attributable to non-controlling 0 interests Adjusted Funds From Operations ("AFFO") $257 Interest expense, net Income tax expense Adjusted EBITDA Total debt Cash and cash equivalents & short term investments Net Debt 1 0 0 0 $1,020 $255 $252 280 67 70 70 73 3 0 1 0 0 $1,303 $325 $327 $326 $325 4,750 670 $256 4,080 Net Leverage Ratio VICI 3.1x (1) Amounts represent the non-cash adjustment to income from sales-type leases, direct financing leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. (2) Represents depreciation related to our golf course operations. 49#50RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income to FFO, AFFO and Adjusted EBITDA. ($ in millions) Net income attributable to common stockholders Real estate depreciation Funds From Operations ("FFO") Year Ended December 31, 2020 2019 2018 $892 $546 $524 $892 $546 $524 (1) Non-cash leasing and financing adjustments (40) 0 (45) Non-cash change in allowance for credit losses 245 Non-cash stock-based compensation 7 5 2 Transaction and acquisition expenses 9 5 0 Amortization of debt issuance costs and original issue discount 20 33 6 Other depreciation (2) 4 4 4 Capital expenditures (2) (2) (1) Loss on extinguishment of debt 39 58 23 12 Loss on impairment Non-cash gain upon lease modification (333) Non-cash adjustments attributable to non-controlling interests (4) 0 0 Adjusted Funds From Operations ("AFFO") $836 $650 $526 Interest expense, net 282 195 195 Income tax expense Adjusted EBITDA 1 2 1 $1,119 $847 $722 Weighted average number of shares of common stock outstanding - diluted AFFO per common share - diluted 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. 50 511 439 367 $1.64 $1.48 $1.43#51RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income to FFO, AFFO and Adjusted EBITDA. ($ in millions) Net income attributable to common stockholders Real estate depreciation Funds From Operations ("FFO") (3) Non-cash leasing and financing adjustments 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 Income tax expense Adjusted EBITDA VICI Nine Months Ended For the Period October 6, 2017 (1) (2) September 30, 2017 - December 31, 2017 $439 $43 $439 (43) $43 (8) 1 9 38 4 0 2 1 $402 $84 141 63 1 (2) $545 $145 (1) Represents pro forma Adj. EBITDA for the nine months ended September 30, 2017, based upon the historical financial statements of Caesars Entertainment Operating Company, our predecessor, as presented in the Form S-11 filed by VICI on January 30, 2018. (2) Represents the period from October 6, 2017 to December 31, 2017, as presented in the Form 10-K filed by VICI on March 28, 2018. (3) Amounts represent the non-cash adjustment to income from sales-type leases, direct financing leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. (4) Represents depreciation related to our golf course operations. 51#52RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.) The following table reconciles net income to FFO, AFFO and Adjusted EBITDA. ($ in millions) Net income attributable to common stockholders Real estate depreciation Funds From Operations ("FFO") (1) 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 Capital expenditures (2) Loss on extinguishment of debt and interest rate swap settlements Non-cash adjustments attributable to non-controlling interests Adjusted Funds From Operations ("AFFO") Interest expense, net Income tax expense Adjusted EBITDA Annualized Adjusted EBITDA Full Year Impact of the Venetian Annualized Adjusted EBITDA (Pro Forma Venetian Acquisition) 3Q21 MGP LQA Adjusted EBITDA (Pro Forma MGM Springfield Acquisition) (3) Anticipated Synergies Annualized Adjusted EBITDA (Pro Forma Venetian and MGP Acquisition) VICI Three Months Ended September 30, 2021 $162 $162 (31) 9 2 0 34 1 (0) 80 0 $257 667 0 $325 $1,298 250 $1,548 $1,008 12 $2,569 (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 $30MM of rent attributable to acquisition of MGM Springfield. MGP may calculate Adj. EBITDA differently and, accordingly, MGP 52 Adj. EBITDA presented herein may not be comparable to Adj. EBITDA reported by VICI. See MGP's public filings for additional information, including reconciliations to the nearest Non-GAAP financial measure.#53DEFINITIONS 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 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 (such as non cash gain upon lease modification) and non-cash adjustments attributable to non-controlling 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 53#54SUMMARY 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 the exercise terms 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 Indiana Grand Racing & Casino: VICI has the right to call Harrah's Hoosier Park and Indiana Grand Racing & Casino 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 Indiana Grand Racing & Casino 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. 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 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 will have the opportunity for a period of up to 5 years to provide a total of $300 million of mezzanine financing for the development and construction of Great Wolf's extensive domestic and international indoor water park resort pipeline. VICI 54#55CASCATA GOLF COURSE BOULDER CITY, NV