VICI Investor Presentation

MISSION 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 Remaining 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 -$57,620,000 Differentiated, Non-Commoditized -42 years (²) 100% Low (None to Date) 96% (3) Select Triple Net Lease REITs (1) 1.9% (4) Generally Conventional Goods and Services Low Low -$390,000 Highly Commoditized 9-11 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, and WPC). (2) Weighted average lease term ("WALT") inclusive of all tenant renewal options. (3) 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). (4) Reflects minimum annual contractual rent escalation as of February 2023. (5) Reflects same-property NOI growth per Green Street Advisors report as of December 7, 2022. VICI 0.5% (5) 6

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