#1VICI Investor Presentation PALAZNO BOTTEGA VENETA FR COLLE CHRISTIAN LOUBOUTIN TRAY AUNCH Va INVEST IN THE EXPERIENCE Hilton Grand Vacatio VENETIAN 20 PALAREO#2DISCLAIMERS Forward Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are based on VICI Properties Inc.'s ("VICI" or the "Company") current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate strictly to historical facts and by the use of words such as "anticipates," "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company's control and could materially affect actual results, performance or achievements. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including rising inflation, rising interest rates, supply chain disruptions, consumer confidence levels, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; the impact of the rise in interest rates on us, including our ability to successfully pursue investments in, and acquisitions of, additional properties and to obtain debt financing for such investments at attractive interest rates, or at all; 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 closed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants as tenants of our properties and their affiliates that serve as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that our pending transactions may not be consummated on the terms or time frames contemplated, or at all; the ability of the parties to our pending transactions to satisfy the conditions set forth in the definitive transaction documents, including the ability to receive, or delays in obtaining, the governmental and regulatory approvals and consents required to consummate the pending transactions, or other delays or impediments to completing the transactions; 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, 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 any indebtedness to be assumed or incurred by us upon the consummation of pending 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 inability to successfully pursue investments in, and acquisitions of, additional properties; our ability to obtain the financing necessary to complete our pending acquisitions 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 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 of changes to the U.S. federal income tax laws; the possibility of adverse tax consequences as a result of our pending or recently completed transactions, including tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending or recently completed transactions; 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; the potential impact on the amount of our cash distributions if we were to sell any of our properties in the future; 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 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. (the "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 ese non-GAAP financial measures see "De ions of Non-GAAP Incial Measures" ded in the Appendix at the end of th presentation. Financial Data Financial information provided herein is as of September 30, 2022 unless otherwise indicated. Published on November 15, 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#3INVESTMENT HIGHLIGHTS VICI Properties Inc. (NYSE: VICI) is a triple net lease REIT that owns one of the largest high-quality portfolios of market-leading gaming, hospitality, and entertainment destinations 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) Significant Scale and Stable Cash Flows Second largest triple net lease REIT and one of the top four-wall REITs by LTM Q3'22 Adj. EBITDA(1) VICI II-II 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 میرا (1) Reflects annualized Q3'22 Adj. EBITDA for VICI. Please refer to page 16 for additional details. Demonstrated Track Record of Growth Executed $30bn of investments and raised ~$20bn of equity proceeds since formation in 2017 S&P 500 Constituent Added to the S&P 500 Index in June 2022 Tenant Strength & Transparency ~80% of rent roll derived from SEC reporting operators providing transparency into tenant performance and health EX Investment-Grade Balance Sheet Investment grade rating broadens access across capital markets 3#4VICI'S EVOLUTION SINCE FORMATION Demonstrated Track Record of Growth and Tenant Diversification - By Adj. EBITDA ($MM)(¹) VICI is a world-leading gaming and experiential REIT with significant scale, tenant diversity and access to capital Acquired Harrah's Las Vegas Significantly reduced leverage on the balance sheet ✓ Began institutionalization of gaming real estate sector Harrahs LAS VEGAS 2017 $690(2) Completed 4th largest REIT IPO Expanded tenant roster with PENN Entertainment with acquisitions of Margaritaville & Greektown Modified Caesars leases to align Tenant / Landlord interests Harrahs PHILADELPHIA PENN ENTERTAINMENT 2018 $722 Continued tenant diversification with Hard Rock, JACK, and Century Casinos Strengthened partnership with existing tenants, supporting Eldorado's acquisition of Caesars EELDORADO Hard Rock CENTURY CASINOS CAESARS ENTERTAINMENT. J·A·C·K• ENTERTAINMENT 2019 $847 Initial non-gaming investment in Chelsea Piers New York and investment in the Caesars Forum Convention Center 100% cash rent collection through COVID-19 to date CHELSEA PIERS NEW YORK EST. NY 1995 CAESARS FRUM 2020 $1,119 Announced acquisition of the Venetian Resort and the strategic acquisition of MGP Began financing partnership with Great Wolf Resorts pun THE VENETIAN RESORT MGM GROWTH PROPERTIES GREAT WOLF LODGE 2021 $1,307 Achieved investment grade ratings and S&P 500 inclusion Announced investments with Great Wolf, Cabot, and Canyon Ranch and acquisition of Rocky Gap Casino S&P 500® CABOT CANYONRANCH. ROCKY GAP. CASINO RESORT GOLF LQA Q3'22 $2,554 (3) (1) See "Reconciliation from GAAP to Non-GAAP Measures" and "Definitions of Non-GAAP Financial Measures" on pages 24-27 for additional information. (2) Represents (i) $545MM pro forma Adj. EBITDA for the nine months ended September 30, 2017, and (ii) $145MM Adj. EBITDA for the period from October 6, 2017 to December 31, 2017. (3) Represents annualized Q3'22 Adj. EBITDA of $638.6MM. VICI 4#5LEADING OPERATORS OF PLACE-BASED EXPERIENCES(1) 100% Triple Net Leases 91% Leases with Parent Guarantees ~80% Rent Roll with Master Lease Protection ~80% Rent Roll from SEC Reporting Tenants -76% Rent Roll from S&P 500 Tenants Tenant CAESARS ENTERTAINMENT. MGM RESORTS Hard Rock THE VENETIAN LAS VEGAS Seminole Hard Rock Entertainment PENN ENTERTAINMENT J.A.C.K. ENTERTAINMENT CENTURY CASINOS CHEROKEE NATION Entertainment Eastern Band of Cherokee Indians Number of Properties 9 Tenants 18 13 2 2 2 4 1 44 WALT (years) as of 9/30/2022(2) 32.9 53.4 49.4 47.4 31.6 32.4 35.0 55.0 33.9 42.2 Annualized Cash Rent ($MM) (3) $1,158.2 $882.2 $250.0 $134.7 $75.1 $69.0 $41.0 $40.0 $33.0 $2,683.2 % of Ann. Cash Rent 43% 33% 9% 5% 3% 3% 2% 1% 1% 100% (1) Pro forma for (i) VICI's pending acquisition of an interest in the land and buildings associated with Rocky Gap Casino Resort ("Rocky Gap"), (ii) MGM's pending sale of the operations of the Mirage Hotel & Casino (the "Mirage") to Hard Rock and (iii) MGM's pending sale of 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"), all of which remain subject to customary closing conditions and regulatory approvals. No assurance can be provided that these transactions will close on the anticipated terms or timeline or at all. (2) Weighted average lease term ("WALT") inclusive of all tenant renewal options. (3) Annualized contractual rent as of November 2022. VICI 5#6MISSION CRITICALITY OF REAL ESTATE VICI's Assets Have High Barriers-to-Entry & High Financial Transparency Compared to Traditional Net Lease REITS Occupant Business Model Underlying Asset Financial Transparency Barriers-to-Entry Average Rent Per Asset Type of Real Estate BA Lease Term 2020 Rent Collection CASINO Cash Flow Volatility P Long-Term CPI Protected Rent Roll VICI Experiential / Operational / Revenue Diversity High Gaming regulators require gross gaming revenue reporting from assets High -$61,000,000 Differentiated, Non-Commoditized -42 years 100% Low (None to Date) 96% (2) Select Triple Net Lease REITs (1) 1.9% (3) Generally Conventional Goods and Services Low Low -$370,000 Highly Commoditized 9-13 years 70 - 99% Low -16-85% Same Store Rent Growth Source: Respective company filings, Green Street Advisors (1) Based on Net Lease REIT universe covered by Green Street Advisors (ADC, NNN, O, SRC, STOR, and WPC). (2) Represents % of contractual rent subject to CPI-linked escalators over the full lease term (subject to any applicable caps or periods in which such provisions do not apply). (3) Reflects minimum annual contractual rent escalation as of November 2022. (4) Reflects same-property NOI growth per Green Street Advisors report as of December 11, 2021. VICI 0.4% (4) 6#7INDUSTRY-LEADING CPI PROTECTION Estimated CPI Protection as % of VICI's Rent Roll Over Time(¹) 47% 2022E 53% 2023E 56% 2026E 90% 2032E 96% 2035E 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 Q3'22 company filings for ADC, EPR, FCPT, GLPI, NNN, O, SRC, and WPC. VICI 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 Q3'22 LTM Basis Lowest Exposure to G&A Costs Among Select Triple Net Lease REITS (2) 7#8HIGH-QUALITY PORTFOLIO OF REAL ESTATE... 44 Properties Spanning 15 States (1) JACK Cleveland Hollywood Casino at Greektown MGM Detroit Horseshoe Hammond Harrah's Lake Tahoe Horseshoe Council Bluffs Harrah's North Kansas City Margaritaville Bossier City C Lake Tahoe / Reno Las Vegas 45.0% Rent Roll from Las Vegas Assets (2) Laughlin 55.0% Rent Roll from Regional Assets (2) Council Bluffs Chicago North Kansas City Bossier City Metropolis Detroit Cincinnati Louisville Tunica / Robinsonville Biloxi New Orleans New York O Cleveland Philadelphia pettu LTHAS Empire City MGM Springfield Caesars Atlantic City Borgata MGM National Harbor Hard Rock Cincinnati Caesars Southern Indiana Century Casino Caruthersville Beau Rivage Harrah's New Orleans (1) Reflects assumed closing of the acquisition of an interest in the land and buildings associated with Rocky Gap Casino Resort announced on August 25, 2022, which remains subject to customary closing conditions and regulatory approvals. No assurance can be provided that this transaction will close on the anticipated terms or timeline or at all. (2) Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on internal rent allocations by property. VICI 8#9...DIVERSIFIED WITH MULTIPLE REVENUE STREAMS... The World's Largest Collection of Experiential, Trophy Assets 44 Properties (1) 15 States <AESARS PALAKE LAS VEGAS THE VENETIAN LAS VEGAS MGM NATIONAL HARDOR HORSESHOE. Hard Rock CASINO CINCINNATI J.A.C.K. CLEVELAND CASINO PASSAPORI -58,700 Hotel Rooms NOBU HOTEL CAESARS PALACE PARK MGM LAS VEGAS THE PALAZZO Las Vegas to 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 W VENETIAN Car HORSESHOE. LAZZO BETMGM Borgenter wwwwww dddd A -6.7MM SF Meeting & Convention Space CAESARS FORUM VENETIAN MEETINGS MGM GRAND CONFERENCE CENTER www. Obewys 450+ F&B Outlets 1517 NOBU JEAN GEORGES STEAKHOUSE MR CHOW Peter Luger HOUSE TAO Delmonico Steakhouse Joël Robuchon BOUCHON B POR extiatoria K Milos GORDON RAMSAY BARSTOOL SPORTSBOOK 50+ Entertainment Venues 4 Golf Courses OMNIA MEDE. UD. EX Fro THE COLOSSEUM >k Hakkasan THE VENETIAN THEATRE MSS SPHERE (VICI owns the land under the MSG Sphere) CASCATA -500 Retail Outlets THE FORUM SHOPS <AESARS PALACE (owned by Simon Property Group) GRAND CANAL SHOPPES THE VENETIAN THE PALAZZO (owned by Brookfield) (1) Reflects assumed closing of the acquisition of an interest in the land and buildings associated with Rocky Gap Casino Resort announced on August 25, 2022, which remains subject to customary closing conditions and regulatory approvals. No assurance can be provided that this transaction will close on the anticipated terms or timeline or at all. VICI 9#10...WITH 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 1905 Caesars Forum Convention Center(2) The Venetian Resort Harrah's Las Vegas The Mirage Caesars Palace Las Vegas Convention Center Resorts World Wynn Treasure Island MSG Sphere (¹) The Venetian Center(2) Resort & Venetian Expo C Flamingo Rd The Mirage Caesars Forum VICI Convention and Harrah's Flamingo (2) The LINQ (2) VICI Land Caesars Palace VICI Las Vegas Strip Holdings and Investments Portfolio Bally's(2) Paris (2) Bellagio M VICI Land The Cosmopolitan O Planet Hollywood (2) ARIA New York-New York The Shops Park at Crystals MGM VICI owns -660 acres of underlying land across the Las Vegas Strip, in addition to VICI's existing call rights on -28 acres relating to the Caesars Forum Convention Center VICI owns 27 acres of undeveloped land strategically located adjacent to The LINQ and behind Planet Hollywood as well as 7 acres of Strip frontage property at Caesars Palace; all of which are subject to and part of a master lease with Caesars MGM Grand New York- Excalibur New York The Park Las Vegas (3) MGM Grand 1 VICI's Land Portfolio Luxor Luxor Excalibur South Las Vegas Blvd Mandalay Bay Mandalay Bay (1) VICI owns the land under the MSG Sphere. (2) Please refer to page 22 for a summary of terms and conditions of VICI's 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. VICI 10#11LAS VEGAS: ONE OF THE PRE-EMINENT CITIES IN AMERICA MGM PR LUKO Las Vegas, Nevada Las Vegas has transformed into a diverse ecosystem driven by meaningful population growth, job growth, and capital investment over recent decades. VICI The strength of the Las Vegas market is demonstrated by record GGR performance of the Las Vegas Strip casinos in 2021, continued development of new attractions on the Strip, and the introduction of the Golden Knights and Raiders as Las Vegas NHL and NFL teams, respectively. Source: Las Vegas Convention and Visitors Authority Research Center, Wall Street Research 42MM+ Visitors (2019) $37Bn Direct Visitor Spend (2019) $7.1Bn 2021 Gross Gaming Revenue (All-Time Record) 6.6MM+ Convention Visitors (2019) $64Bn Total Economic Impact (2019) 11 of 20 Largest Hotels in the World (2020) 11#12VICI DIVIDEND DURABILITY AND GROWTH VICI has raised its 100% cash dividend every year while targeting a 75% AFFO payout ratio +9.5% $1.15 Q3'18 $0.2875 VICI +3.5% $1.19 Q3'19 +10.9% $0.2975 $1.32 Q3'20 +9.1% Quarterly Dividend Per Share $0.3300 $1.44 Q3'21 $0.3600 +8.3% $1.56 Q3'22 $0.3900 Growth in annualized dividend per share supported by 100% cash rent collection since formation in 2017 12#13VICI'S INVESTMENT STRATEGY A Partnership Approach 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 Long-term relationship approach to transactions where VICI helps solve its partners' objectives, both today and in the future VICI Partner Property Growth 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 XXX (www VICI utilizes its various capital allocation strategies in seeking to drive AFFO growth and superior returns to its stockholders 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 13#14VICI'S SIX PILLARS OF GROWTH Expanding VICI's Investable Universe Embedded Growth Pipeline • VICI has entered into several strategic agreements that ● provide the opportunity for embedded growth Embedded growth pipeline creates "low- hanging fruit" and provides VICI with optionality VICI Property Growth Fund Sands EXPO • VICI's Partner Property Growth Fund provides "same-store" capital for VICI's tenants • VICI works collaboratively with tenants and partners to invest in growth opportunities and capital improvements that achieve mutually beneficial outcomes Roll-Up / Roll-Out Opportunities • Ability to help gaming and non-gaming experiential operators fund roll-up opportunities across fragmented industries • VICI works to help gaming and non-gaming experiential operators grow store count and increase scale ● ● Gaming Opportunities 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 Leisure & Experiential Assets With investments in Chelsea Piers, Great Wolf, Big Shots Golf, Cabot and Canyon Ranch, 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 E ● Strategic M&A Increased size and potential for an 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 VICI 0-0-0 Low Cyclicality VICI seeks to Pandemic investigate, validate Recovery and potentially invest Capability in sectors that feature these fundamental characteristics Favorable Supply / Demand Balance 区 Low Secular Threat 10 Experiential Durability & Longevity 10 | || 010 10 X 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 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 over-expose to any single experience or demographic ● 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 ● ● - not • 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#16ADDED SIZE AND SCALE POSITIONS VICI AS ONE OF THE LARGEST REITS VICI was added to the S&P 500 Index on June 8, 2022 SPG PLD EQIX PSA 0 (2) VICI(3) DLR WELL VTR ARE BXP EQR AVB MPW INVH One of the Top 10 "Four-Wall" REITs by LTM Q3'22 Adj. EBITDA ($MM)(¹) $2,070 $1,781 $1,744 $1,738 $1,636 $1,565 $1,487 $1,288 $2,554 $2,417 $3,074 $3,022 $3,319 $5,665 $5,288 PLD EQIX SPG PSA O DLR WELL VICI ARE EQR AVB VTR EXR BXP INVH Among the Premier "Four-Wall" REITS by Enterprise Value as of November 10, 2022 ($Bn) $33 $32 $31 $30 $28 $27 $39 $47★ $73 $65 $63 $58★ $51 $50★ S&P 500 Constituent $132 Sources: Public filings, 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" and "Definitions of Non-GAAP Financial Measures" on pages 24 and 27 for additional information. (2) Q3'22 Annualized Adjusted EBITDAre as publicly disclosed by Realty Income to reflect the November 2021 acquisition of VEREIT. (3) Represents annualized Q3'22 Adj. EBITDA of $638.6MM. VICI 16#17TOTAL STOCK RETURN Annual Total Return Target of 10-12% for VICI's Stockholders TSR SINCE IPO (¹) February 1, 2018 December 31, 2021 85.5% 69.4% Feb-18 Feb-19 Feb-20 Feb-21 Dec-21 VICI OUTPERFORMANCE TO DATE Source: FactSet, Bloomberg (1) Reflects VICI IPO price of $20.00 per share on February 1, 2018. 3-YEAR TSR December 31, 2018 December 31, 2021 Dec-18 Dec-19 A Dec-20 87.8% 66.6% Dec-21 VICI Dec 21 YTD TSR December 31, 2021 - November 10, 2022 Mar 22 Dividend yield, same store AFFO growth and sustainable external AFFO growth combine in seeking to deliver superior returns to VICI's stockholders MSCI US REIT Index Jun-22 12.5% Sep-22 (21.3%) 17#18VICI 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%) (50.0%) 12.5% VICI VICI 5.6% HST 4.3% IRM (5.3%) O (%0*2) KIM (9.3%) (9.8%) REG VTR Source: Bloomberg, FactSet as of November 10, 2022 (14.3%) (15.9%) (16.0%) (16.5%) PSA S&P 500 WY (18.9%) FRT WELL (21.3%) (21.4%) RMZ SPG (22.4%) EQIX (23.0%) (23.2%) AMT SBAC (26.2%) (26.7%) (26.7%) (27.0%) (27.5%) EXR PEAK MAA INVH EQR (28.4%) PLD (29.6%) (30.0%) (30.4%) ARE UDR AVB (31.8%) (32.4%) CCI BXP (33.6%) CPT (35.8%) (36.5%) (36.8%) VNO ESS DLR 18