Investor Presentaiton

EXPERIENTIAL REAL ESTATE SECTOR INVESTMENTS CHELSEA PIERS NEW YORK EST. NY 1995 GREAT WOLF LODGE SHOTS BIGSH ES BIGSHOTS GOLF ✓ ✓ Up to $80.0MM Senior Secured Loan 7.0% Interest Rate 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 $79.5MM Mezzanine Financing 8.0% Interest Rate Opportunity to provide an additional $220MM 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 of the family formation life stage Up to $80.0MM Mortgage Financing 10.0% Interest Rate Call right to acquire the real estate of any BigShots Golf facility financed by us ✓ 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 VICI Note: These financing arrangements, including future opportunities, may be subject to additional terms and conditions as described in the applicable agreements. 16

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