Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
PROVEN 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.
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