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