#1VICI TITT Harrah's STILL Seren An S&P 500® Company OMNIA INVESTOR PRESENTATION BORSE OMNIA Cetys Hard Rock C K CASINO MACHTILLE RAJ 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: the impact of the COVID-19 pandemic on our and our tenants' financial condition, results of operations, cash flows and performance (including the impact of actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures on our tenants, and the ability of our tenants to successfully operate their businesses); 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"), Century Casinos, Inc. ("Century Casinos"), the Eastern Band of Cherokee Indians ("EBCI"), Seminole Hard Rock Entertainment, Inc. ("Hard Rock"), Rock Ohio Ventures LLC ("JACK Entertainment"), MGM Resorts International ("MGM"), Penn Entertainment, Inc. ("Penn Entertainment"), and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. ("Venetian Las Vegas Tenant") as tenants of our properties and Caesars, Century Casinos, EBCI, Hard Rock, JACK Entertainment, MGM and Penn Entertainment, 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. 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 Entertainment, 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 June 30, 2022 unless otherwise indicated. Published on August 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 ~$30bn of investments and issued ~$19bn of equity since formation in 2017 Diversified, High-Quality 43 Asset Portfolio Geographic and tenant diversification, as well as a high level of revenue diversity within each asset Resilient and Stable Cash Flows 100% rent collection to date through the ongoing COVID-19 pandemic Mission Critical Complex Real Estate Gaming regulatory environment creates high barriers to entry and limits tenants' ability to move locations, contributing to 100% occupancy rate TORR VICI AUDIO Investment-Grade Balance Sheet Investment grade rating broadens access across capital markets TAQ Voiree Significant Scale Second largest triple net lease REIT and one of the top four-wall REITS by LTM Q2'22 Adj. EBITDA(¹) VENETIAN Inflation Protected Leases 47% of leases with uncapped CPI-linked escalation in 2022E and 96% of leases with CPI-linked escalation over the long- term (subject to applicable caps) Harrah Hi Grand Vera Tenant Strength & Transparency ~80% of rent roll derived from SEC reporting operators providing transparency into tenant performance and health REISH New TATION PALASSO Long-Dated Lease Maturities 42.8-year weighted average lease term(2) (1) Reflects pro forma LQA Q2'22 Further Adj. EBITDA for VICI. Please refer to page 17 for additional details. (2) Weighted average lease term ("WALT") inclusive of all tenant renewal options. 3#4PROVEN TRACK RECORD OF SUCCESS EVOLUTION OF VICI SINCE FORMATION - BY ADJ. EBITDA ($MM) (¹) De-levered balance sheet, proved ability to grow, introduced cap rates into gaming real estate Pre-IPO Equity Private Placement UM Harrahs LAS VEGAS 2017 (2) $6902 VICI 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 ENTERTAINMENT 2018 $722 Proved ability to work with largest tenant while diversifying tenant base Partnership with Eldorado / Caesars E ELDORADO RESORTS CAESARS ENTERTAINMENT. Hard Rock J.A.C.K. CENTURY CASINOS ENTERTAINMENT 2019 $847 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 2020 $1,119 Significant acquisitions, significantly increasing scale Acquired the Venetian Resort and MGM Growth Properties and invested in Great Wolf Mezzanine Loans THE VENETIAN RESORT MGM GROWTH PROPERTIES GREAT WOLF LODCE 2021 $1,307 VICI is a world-leading gaming and experiential REIT with increased scale, tenant diversity and access to capital Inaugural investment grade bond offering, S&P 500 inclusion and invested in Cabot and BigShots Golf S&P 500Ⓡ BIGSHOTS GOLF CABOT LQA Q2'22 Further Adj. EBITDA $2,569 (3) (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) $145mm Adj. EBITDA for the period from October 6, 2017 to December 31, 2017. (3) LQA Q2'22 Further Adjusted EBITDA represents annualized Q2'22 Adjusted EBITDA, adjusted to reflect the impact of the acquisition of MGP as if it had closed on April 1, 2022 instead of the closing date of April 29, 2022. 4#5LEADING, WORLD-CLASS OPERATORS OF PLACE-BASED EXPERIENCES (¹) 100% Triple Net Leases M 90% Leases with Parent Guarantees ~79% Rent Roll with Master Lease Protection ~79% Rent Roll from S&P 500 Tenants VICI ~80% Rent Roll from SEC Reporting Tenants Tenant CAESARS ENTERTAINMENT. MGM RESORTS THE VENETIAN LAS VEGAS Seminole Hard Rock Hard Rock Entertainment PENN ENTERTAINMENT J.A.C.K. ENTERTAINMENT CHEROKEE NATION Entertainment Eastern Band of Cherokee Indians CENTURY™ CASINOS 9 Tenants Number of WALT (years) as Properties of 6/30/2022(²) 18 13 1 2 2 2 1 1 3 43 33.1 53.6 49.7 47.5 31.8 32.6 55.0 34.2 32.5 42.8 Annualized Cash Rent ($mm) (3) $1,071.8 $882.2 $250.0 $134.0 $75.1 $69.0 $40.0 $32.5 $25.5 $2,580.2 % of Ann. Cash Rent 42% 34% 10% 5% 3% 3% 2% 1% 1% 100% (1) Pro forma for MGM's pending sales of the operations of the Mirage Hotel & Casino to Hard Rock and the operations of the Gold Strike Casino Resort ("Gold Strike") to CNE Gaming Holdings LLC, a subsidiary of Cherokee Nation Businesses, L.L.C. ("Cherokee Nation"), both of which are subject to customary closing conditions and regulatory approvals. (2) Weighted average lease term ("WALT") inclusive of all tenant renewal options. (3) Annualized contractual rent as of August 2022. 5#6VICI PROPERTIES PORTFOLIO HIGHLIGHTS THE WORLD'S LARGEST EXPERIENTIAL TROPHY COLLECTION 43 Properties 15 States <AESARS PALA<< LAS VEGAS THE VENETIAN LAS VEGAS MGM NATIONAL HARBOR" HORSESHOE. VICI ~58,700 Hotel Rooms NOBU HOTEL CAESARS PALACE PARK MGM LAS VEGAS THE PALAZZO Las Vegas MANDALAY BAY* RESORT AND CASINO, LAS VEGAS Harrahs HARVEYS LAKE TAHOE MGM GRAND. ~3.8mm SF Gaming Space ~61,000 Gaming Units CAESARS Harrahs CAESARS SPORTSBOOK BALLY'S LAS VEGAS THE VENETIAN ALAZZO Ren-Hel-Casino HORSESHOE. BETMGM Borgata HOTEL CASINO ~6.7mm SF Meeting & Convention Space CAESARS FORUM VENETIAN MEETINGS MGM GRAND CONFERENCE CENTER 450+ F&B Outlets NOBU JEAN GEORGES STEAKHOUSE MR CHOW Peter 1887 Luger STEAK HOUSE TAO Delmonico LAS VEGAS VENEHAN Steakhouse Joël Robuchon estiatorio Milos BOUCHON GORDON RAMSAY BARSTOOL SPORTSBOOK 50+ Entertainment Venues 4 Golf Courses OMNIA NIGHTCLUB LAS VEGAS 11 11 THE COLOSSEUM Hakkasan THE VENETIAN THEATRE (VICI owns the land under the MSG Sphere) CASCATA MSG SPHERE THE 1 ~500 Retail Outlets nadz <AESARS PALACE FORUM SHOPS (owned by Simon Property Group) GRAND CANAL SHOPPES THE VENETIAN THE PALAZZO (owned by Brookfield) FRE 01 6#7MISSION CRITICALITY OF REAL ESTATE VICI'S ASSETS HAVE HIGH BARRIERS-TO-ENTRY & HIGH TRANSPARENCY COMPARED TO TRADITIONAL NET LEASE REITS VICI Occupant Business Model Underlying Asset Transparency Barrier-to-Entry Average Rent Per Asset The late Type of Real Estate Lease Term EKE 2020 Rent Collection CASINO Cash Flow Volatility JACK CASING Long-Term CPI Protected Rent Roll Same Store Rent Growth VICI Experiential / Operational / Revenue Diversity High - Gaming regulators require gross gaming revenue reporting from assets High ~$60,000,000 Differentiated, Non-Commoditized 43 years 100% Low (None to Date) 96% (2) 1.8% (³) Select Triple Net Lease REITs (¹) Generally Conventional Goods and Services Low Low ~$400,000 Highly Commoditized 9-13 years 70 - 99% Low ~16-85% 0.4% (4) Source: Respective company filings, Green Street Advisors (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 August 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 VICI 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% • Venetian Resort Lease (3% cap) Century Casinos Master Lease Hard Rock Cincinnati Lease • Caesars Regional Master Lease • Caesars Las Vegas Master Lease ● JACK Master Lease (2.5% cap) Caesars Southern Indiana 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 2032E 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 ● 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 Q2'22 LTM Basis Lowest Exposure to G&A Costs Among Select Triple Net Lease REITS (²) 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 Q2'22 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 VICI Lake Tahoe / Reno Las Vegas Harrah's North Kansas City Century Casino Cape Girardeau Laughlin Century Casino Caruthersville A ITEITHIA Horseshoe Hammond HORST Horseshoe Tunica Hollywood Casino at Greektown Council Bluffs North Kansas City MAW Tunica / Robinsonville Bossier City Margaritaville Bossier City MGM Detroit Chicago Metropolis New Orleans Gold Strike Detroit Louisville Biloxi Cincinnati 74 Beau Rivage (1) Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on internal rent allocations by property. Hann JACK Cleveland pretirance CASINO Empire City Cleveland New York Philadelphia Atlantic City Harrah's New Orleans Hard Rock Hard Rock Cincinnati T Caesars Southern Indiana MGM Springfield Caesars Atlantic City Borgata MGM tional rbo 9#10OWNER OF TROPHY 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 VICI Las Vegas Convention Center The Venetian Resort The Mirage Resorts World MSG Sphere (¹) Wynn Treasure Island Caesars Palace Harrah's Las Vegas MSG Venetian Expo The Venezia The Venetiani! The Palazzo Mirage Flamingo Rd Caesars Forum VICI Convention Land Center) 1 Flamingo(2) The LINQ(2) VICI Land Caesars Palace Bally's(2) Paris(2) Bellagio 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 The Cosmopolitan 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 VICI Land Planet Hollywood(2) The Shops at Crystals ARIA |-- Park MGM Park MGM MGM Grand MGM Grand New York New York Excalibu The Park Las Vegas (3) Excalibur Luxor VICI's Land Portfolio Luxor South Las Vegas Blvd Mandalay Bay Mandalay Bay VICI Las Vegas Strip Holdings and Investments Portfolio (1) VICI owns the land under the MSG Sphere. (2) Please refer to page 24 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) Fifth Avenue (New York, NY) Michigan Avenue (Chicago, IL) VICI SASKI THE MOST ECONOMICALLY PRODUCTIVE COMMERCIAL STREET IN AMERICA 42MM+ 11 of 20 $7.1Bn Visitors (2019) Largest Hotels in the World (2020) 2021 Gross Gaming Revenue (All-Time Record) $37Bn Direct Visitor Spend (2019) Madison Avenue (New York, NY) CHANEL CHANE Wilshire Boulevard (Los Angeles, CA) GUCCI CHANEL Source: Las Vegas Convention and Visitors Authority Research Center, Wall Street Research CUCCI $64Bn Total Economic Impact (2019) Newbury Street (Boston, MA) CHANEL SoHo (New York, NY) SM AVR CHANEL SONOS 11#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... ...Supported by 100% Cash Rent Collection... ...and Accretive Portfolio Growth VICI's low target AFFO payout ratio of 75% results in meaningful retained cash that can be used for accretive investments +9.5% $1.15 Q3'18 $0.2875 +3.5% $1.19 Q3'19 +10.9% VICI $1.32 Q3'20 Quarterly Dividend Per Share $0.2975 $0.3300 +9.1% $1.44 Q3'21 $0.3600 100% Rent Collection to Date Including During COVID-19 Pandemic 100% 100% Q1' 20 Q2' 20 100% 100% Q3' 20 Q4' 20 100% Q1' 21 100% 100% Q2' 21 Q3' 21 100% 100% 100% Q4' 21 Q1' 22 Q2'22 ~$30 BILLION OF ACCRETIVE INVESTMENTS MADE SINCE FORMATION 29 ASSETS ADDED TO THE PORTFOLIO SINCE FORMATION Hard Rock ~$29 BILLION OF CAPITAL MARKETS ACTIVITY SINCE FORMATION play 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 Acquire irreplaceable, mission- critical, non-commodity real estate offering place-based, scaled leisure and hospitality experiences in a triple net lease structure with industry-leading operators VICI PARTNER INVESTMENT FUNDS Work collaboratively with existing tenants and partners to invest in growth opportunities across real estate developments and capital improvements that achieve mutually beneficial outcomes Ti STRUCTURED FINANCINGS 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 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 VICI 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 Sams EXPO Roll-Up/Roll-Out 4 Gaming Opportunities Opportunities 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 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, Great Wolf, BigShots Golf and Cabot, 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 6 211 FIRLAR 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 14#15FRAMEWORK FOR EXPLORING EXPERIENTIAL REAL ESTATE SECTORS PANDEMIC RECOVERY CAPABILITY VICI } LOW CYCLICALITY VICI seeks to investigate, validate and potentially invest in sectors that feature these fundamental characteristics FAVORABLE SUPPLY / DEMAND BALANCE LOW SECULAR THREAT EXPERIENTIAL DURABILITY & LONGEVITY X 8 a LOW CYCLICALITY Relatively lower cyclicality than other consumer discretionary sectors Balance between drive-to and fly-to destinations, with drive-to Ⓡ ● 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 ● • destinations generally being less cyclical Strong CRM capability, enabling cost-effective demand-building efforts and customer activation during economic downturns ● FAVORABLE SUPPLY / DEMAND BALANCE Supply growth is difficult and/or costly to achieve Supply growth may be subject to regulatory control • Centered around diverse experiences and diverse demographics - not over-exposed to any one experience or demographic • 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 15#16EXPERIENTIAL REAL ESTATE SECTOR INVESTMENTS CHELSEA PIERS NEW YORK EST. [NY] 1995 Up to $80MM Senior Secured Loan 60 ✓ 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 VICI WEIGH V MINU GREAT WOLF LODGE $80MM & $59MM Mezzanine Financing ✓ Investments in Perryville and South Florida with the opportunity to provide an additional $162MM 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 the family formation life stage BIGSHOTS GOLF ✓ Up to $80MM Mortgage Financing Call right to acquire the real estate of any BigShots Golf facility financed by VICI ✓ 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 Note: These financing arrangements, including future opportunities, may be subject to additional terms and conditions as described in the applicable agreements. ✓ CABOT Up to $120MM Senior Secured Loan Entered into Purchase and Sale Agreement to convert a portion of the loan facility into real estate ownership pursuant to a long- term, triple-net lease Entry into the 'Pilgrimage Experience Sector' with a world- leading developer, owner and operator of destination golf resorts Opportunity to serve as Cabot's preferred capital partner as they expand their footprint of pilgrimage golf experiences both domestically and internationally 16#17ADDED SIZE AND SCALE POSITIONS VICI AS ONE OF THE LARGEST REITS VICI WAS ADDED TO THE S&P 500 INDEX ON JUNE 8, 2022 One of the Top 10 "Four-Wall" REITS by LTM Q2'22 Adj. EBITDA ($MM) (¹) SPG PLD EQIX O PSA VICI DLR WELL VTR BXP ARE EQR MPW AVB INVH WPC GLPI ESS PEAK (2) (3) VICI $2,926 $2,907 $3,234 $2,569 $2,408 $2,020 $1,252 $1,205 $1,155 $1,139 $1,1167 $1,750 $1,692 $1,680 $1,577 $1,516 $1,500 $5,636 $4,774 One of the Largest Triple Net Lease REITS by LTM Q2'22 Adj. EBITDA ($MM)(¹) 0(2) VICI (3) WPC GLPI STOR NNN SRC EPR BNL EPRT FCPT NTST $331 $244 $161 $53 $674 $604 $485 $765 $1,205 $1,155 $2,926 $2,569 Among the Premier "Four-Wall" REITs by Enterprise Value ($Bn)(4) PLD EQIX PSA O SPG DLR WELL VICI ARE EQR AVB EXR VTR INVH BXP DRE SUI MAA ESS WPC UDR PEAK KIM GLPI MPW HST $19 $17 $37 $37 $34 $32 $28 $27 $25 $24 $23 $22 $22 $21 $20 $31 $29 $40 $48 $54 $53 $61 $61 $78 $69 $119 S&P 500 Constituent 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 exclude 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) Q2'22 Annualized Adjusted EBITDAre as publicly disclosed by Realty Income to reflect the November 2021 acquisition of VEREIT. (3) LQA Q2'22 Further Adjusted EBITDA represents annualized Q2'22 Adjusted EBITDA, adjusted to reflect the impact of the acquisition of MGP as if it had closed on April 1, 2022 instead of the closing date of April 29, 2022. (4) As of August 5, 2022. 17#18TOTAL STOCK RETURN OUTPERFORMANCE TO DATE ANNUAL TOTAL RETURN TARGET OF 10-12% FOR VICI'S STOCKHOLDERS TSR SINCE IPO (¹) FEBRUARY 1, 2018 DECEMBER 31, 2021 Feb-18 Feb-19 Feb-20 VICI MSCI US REIT Index 85.5% 69.4% Feb-21 Dec-21 3-YEAR TSR DECEMBER 31, 2018 - DECEMBER 31, 2021 Dec-18 Dec-19 Source: FactSet, Bloomberg (1) Reflects VICI IPO price of $20.00 per share on February 1, 2018. Man Dec-20 87.8% 66.6% Dec-21 YTD TSR DECEMBER 31, 2021 - AUGUST 5, 2022 Dec-21 Feb-22 Apr-22 Jun-22 DIVIDEND YIELD, SAME STORE AFFO GROWTH AND SUSTAINABLE EXTERNAL AFFO GROWTH COMBINE IN SEEKING TO DELIVER SUPERIOR RETURNS TO VICI'S STOCKHOLDERS VICI 17.4% Aug-22 mmg (14.9%) 18#19VICI HAS OUTPERFORMED OTHER S&P 500 REITS YTD ON A TOTAL STOCK RETURN BASIS 20.0% 10.0% 0.0% (10.0%) (20.0%) (30.0%) (40.0%) 17.4% 4.2% 3.9% VICI 2.6% (2.7%) (4.4%) (4.6%) (5.9%) Source: FactSet as of August 5, 2022 (6.9%) (10.7%) (10.8%) (11.5%) (11.7%) (13.0%) (14.9%) (15.6%) (16.8%) (17.7%) (19.7%) (20.3%) (20.4%) (20.8%) (21.0%) (22.2%) (23.4%) (24.3%) (25.4%) (27.3%) (30.8%) VICI O HST IRM VTR DRE WELL AMT PSA WY SBAC EXR KIM CCI REG EQR EQIX AVB ESS MAA UDR FRT PLD CPT BXP PEAK DLR ARE VNO SPG (31.4%) 19#20BALANCE SHEET POSITIONED FOR GROWTH LONG TERM NET LEVERAGE TARGET OF 5.0-5.5X SUMMARY CAPITALIZATION ($ and shares in millions) 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 Total Debt Cash & Cash Equivalents Net Debt Common Shares OP Units Total Shares and Units Outstanding Share Price as of August 5, 2022 Equity Market Capitalization Total Enterprise Value Annualized Q2'22 Further Adj. EBITDA (2) Adjusted LQA Total Leverage Ratio (2) Adjusted LQA Net Leverage Ratio (2)(3) VICI Ratings his tim S&P: BBB-/Stable Fitch: BBB-/Stable Moody's: Ba1 / Stable VICI As of 6/30/2022 13,950 $13,950 1,503 $15,453 614 $14,839 963.1 12.2 975.3 $34.45 $33,600 $48,439 $2,569 6.0x 5.8x On April 20, 2022, VICI priced its inaugural investment grade bond offering - the $5.0bn issuance marks the largest REIT IG debt issuance ever 2022 DEBT COMPOSITION ($MM)(¹) ✓100% fixed rate debt outstanding 90% unsecured debt, including unconsolidated share of BREIT JV debt ✓ 7.2 weighted average years to maturity 1,050 500 800 750 500 1,250 750 750 2023 2024 2025 2026 2027 Legacy VICI Notes Investment Grade Notes Issued April 22 1,250 350 2028 750 1,000 1,000 1,000 1,503 Exchanged MGP Notes BREIT JV CMBS Debt 1,500 750 2029 2030 2031 2032 2052 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) LQA Q2'22 Further Adjusted EBITDA represents annualized Q2'22 Adjusted EBITDA, adjusted to reflect the impact of the acquisition of MGP as if it had closed on April 1, 2022 instead of the closing date of April 29, 2022. 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) Adjusted LQA Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by Annualized Q2'22 Further Adj. EBITDA. 20#21COMMITMENT TO LEADING ESG PRACTICES Environmental Sustainability 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 LEADERSHIP ENERGY CHVINORNE LEED CERTIFIND VICI energy ENERGY STAR PARTNER ini 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 Great Place To Work® Certified NOV 2021-NOV 2022 USA ACCOLADES 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™ 8% Corporate Governance 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 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' most recent biannual report released in October 2020 o 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 Green Street Advisors (with two other companies) and 1st among gaming REITs in the current U.S. REIT corporate governance rankings published by Green Street Advisors BUSINESS Focus of a case study by the Corporate Governance Research Initiative at the Stanford University Graduate School of Business 21#22INDUSTRY LEADING GOVERNANCE RECOGNIZED BY GREEN STREET ADVISORS GREEN STREET CORPORATE GOVERNANCE RANKINGS Company Welltower Terreno Realty Corp Invitation Homes VICI Properties Prologis Brixmor Property Group Store Capital Diamond Rock Hospitality American Campus Boston Properties American Tower Corp Omega Healthcare Investors Duke Realty Corp Brandywine Realty Trust MAA Gaming & Leisure Properties Sunstone Hotel Inv Ventas Simon Property Group Piedmont Office Realty Trust Phillips Edison Camden Prop Trust Americold Realty Trust Host Hotels & Resorts Equity Commonwealth Regency Centers Crown Castle Equinix Park Hotels VICI Score 89 88888RAAFRI 89 89 86 86 86 83 82 81 80 80 79 79 79 78 78 78 77 77 77 77 76 76 76 75 75 75 74 74 Company WP Carey Inc American Homes 4 Rent Site Centers Cousins Properties JBG Smith Healthpeak Properties Apple Hospitality REIT Corporate Office Properties Federal Realty National Storage Apartment Income REIT RLJ Lodging Trust Tanger Factory Spirit Realty Capital Inc. Pebblebrook Hotel Trust Acadia Realty Trust Medical Properties Trust Macerich Switch Healthcare Realty Trust Veris Residential, Inc. EastGroup Properties Rexford Industrial Realty, Inc. Equity Residential Alexandria Real Estate Equities Extra Space Urban Edge Properties Digital Realty Trust STAG Industrial Score 74 74 74 72 72 71 71 71 70 69 68 68 68 68 66 66 65 64 62 61 59 54 53 52 51 51 51 49 49 Company Equity Lifestyle Props Realty Income Corp Highwoods Properties Empire State Realty Kilroy Realty Corp National Retail Properties, Inc. Essex Property Trust UDR, Inc. Avalon Bay Kimco Realty CubeSmart Paramount Group Kite Realty Group Sabra Health Care REIT Sun Communities Retail Opportunity Investments Corp Washington REIT First Industrial Realty Life Storage SBA Communications Public Storage Agree Realty Corp SL Green Realty Hudson Pacific Prop Douglas Emmett American Assets Trust Vornado Realty Trust Safehold Inc. Average Score Source: Green Street Advisors Note: Information presented from the Green Street Corporate Governance rankings as of July 30, 2022. Please refer to Green Street's website for additional details. Score 49 48 48 48 48 47 46 46 46 46 45 44 44 43 43 43 41 40 40 40 40 39 39 39 39 37 37 18 62 22#23APPENDIX VICI HORSESHOE cybox GASING HORSESHOE COUNCIL BLUFFS COUNCIL BLUFFS, IA JACK-CASING WE JACK CLEVELAND CASINO CLEVELAND, OH CASINO arm JACK CENTURY CASINO CAPE GIRARDEAU CAPE GIRARDEAU, MO GH5389 AXIT ONLY EXIT TURY ASINO#24SUMMARY 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 million and $59 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 million of mortgage financing for the construction of up to five new BigShots Golf™ facilities throughout the United States. VICI Harrahs HOOSIER PARK RACING & CASINO HORSESHOE. INDIANAPOLIS RACING CASINO CAESARS FRUM BALLY'S LAS VEGAS LAS VEGAS Flamingo Paris LAS VEGAS ph planet hollywood RESORT & GASING-LAS VEGA THE LINQ HORSESHOE. CASINO BALTIMORE <AESARS VIRGINIA CHELSEA PIERS NEW YORK EST. NY 1995 GREAT WOLF LODGE BIGSHOTS GOLF 24#25RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES The following table reconciles net income attributable to common stockholders to FFO, AFFO, Adjusted EBITDA, and Further Adjusted EBITDA for the periods presented. Last Twelve Months Ended Three Months Ended June 30, 2022 $626 ($ in millions) Net income attributable to common stockholders Real estate depreciation Joint venture depreciation and non-controlling interest adjustments Funds From Operations ("FFO") attributable to common stockholders (1) Non-cash leasing and financing adjustments ¹¹ 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 (Gain) loss on extinguishment of debt and interest rate swap settlements (³) Joint venture non-cash adjustments and non-controlling interest adjustments Adjusted Funds From Operations ("AFFO") attributable to common stockholders Interest expense, net Income tax expense Joint venture adjustments and non-controlling interest adjustments Adjusted EBITDA attributable to common stockholders" Q2'22 MGP Acquisition Rent Adjustment (5) Q2'22 Further Adj. EBITDA Annualized Q2'22 Further Adj. EBITDA Total debt (6) Cash & cash equivalents Net Debt Adjusted LQA Total Leverage Ratio Adjusted LQA Net Leverage Ratio (7) VICI (4) 7 $633 (184) 647 11 18 83 3 (2) 74 (11) $1,272 294 3 9 $1,577 June 30, 2022 ($58) - 7 ($50) (86) 552 3 17 12 1 (0) (5) (12) $430 126 1 8 $564 78 $642 $2,569 15,453 (614) 14,839 6.0x 5.8x March 31, 2022 $240 $240 (36) 81 3 1 16 1 (0) 0 $305 52 0 0 $358 December 31, 2021 September 30, 2021 $281 $162 $281 (31) 5 2 1 21 1 (1) 0 $279 50 1 1 $329 $162 (31) 9 2 0 34 1 (0) 80 0 $257 67 0 0 $325 (1) Amounts represent the non-cash adjustment to income from sales-type 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 June 30, 2022, Adjusted EBITDA reflects the impact of the Venetian acquisition and MGP acquisition for only the stub period from the date of their consummation, February 23, 2022 - June 30, 2022 and April 29, 2022 - June 30, 2022, respectively. (5) Adjusted to include rent attributable to the acquisition of MGP as if it had closed on April 1, 2022 instead of the closing date of April 29, 2022. (6) Includes VICI's pro rata share of BREIT JV CMBS debt. (7) Adjusted LQA Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by Annualized Q2'22 Further Adj. EBITDA. 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. Year Ended December 31, 2020 $892 ($ in millions) Net income attributable to common stockholders Real estate depreciation Funds From Operations ("FFO") attributable to common stockholders 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 (3) Loss on extinguishment of debt and interest rate swap settlements Loss on impairment Non-cash gain upon lease modification (4) Non-cash adjustments attributable to non-controlling interests Adjusted Funds From Operations ("AFFO") attributable to common stockholders Interest expense, net Income tax expense Adjusted EBITDA attributable to common stockholders VICI 2021 $1,014 $1,014 (119) (20) 9 10 71 3 (2) 80 1 $1,047 257 3 $1,307 $892 (40) 245 7 9 20 4 (2) 39 (333) (4) $836 282 1 $1,119 2019 $546 $546 0 5 5 33 4 (2) 58 0 $650 195 2 $847 2018 $524 $524 (45) 2 0 6 4 (1) 23 12 0 $526 195 1 $722 (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. 26#27RECONCILIATION 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. Nine Months Ended September 30, 2017 (¹) $439 ($ in millions) Net income attributable to common stockholders Real estate depreciation Funds From Operations ("FFO") attributable to common stockholders Non-cash leasing and financing adjustments (3) 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") attributable to common stockholders Interest expense, net (4) Income tax expense Adjusted EBITDA attributable to common stockholders VICI $439 (43) 4 2 $402 141 1 $545 For the Period October 6, 2017 - December 31, 2017 (²) $43 $43 (8) 1 9 38 0 1 $84 63 (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. 27#28DEFINITIONS 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 VICI's 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, (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 and (v) our proportionate share of such adjustments from our investment in unconsolidated affiliate. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate VICI's performance. We calculate VICI's 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, our proportionate share of non-cash adjustments from our investment in unconsolidated affiliate (including the amortization of any basis differences) with respect to certain of the foregoing and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing. We calculate VICI's Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), income tax expense and our proportionate share of such adjustments from our investment in unconsolidated affiliate. These non-GAAP financial measures: (i) do not represent VICI's cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to VICI's net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to VICI's 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 VICI's financial results in accordance with GAAP. VICI 28#29CASCATA GOLF COURSE BOULDER CITY, NV H