Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
GAMING INCOME DURABILITY THROUGHOUT HISTORICAL ECONOMIC CYCLES
VICI COLLECTED 100% OF RENT DURING THE COVID-19 PANDEMIC
GAMING REVENUE: 50% LESS VOLATILE THAN S&P
... WITH DEMONSTRATED DURABILITY IN REGIONAL
300%
250%
Peak-to-Trough:
Gambling -9%
Retail -11%
S&P 500-18%
200%
500 REVENUE...
MARKETS...
Core Commercial Annual Gaming Revenues ($bn) (2)
2017: $18.3bn
18.5
2007 Peak:
$18.0bn
18.0
17.5
150%
Casino Gambling (1)
PCE
Retail & Food
17.0
100%
2009
Service Sales
50%
Q498
Q400
Q402
Q404
Q406 Q408
Q410 Q412
S&P 500
Revenue/Share
Q414 Q416
Trough:
$17.3bn
Peak-to-Trough: -3.9%
2017 vs Peak: +1.9%
2017 vs Trough: +6.0%
16.5
2007
2009
2011
2013
2015
2017
... UNWAVERING HISTORICAL DEMAND IN LAS VEGAS (3)...
...SUPPORTED BY STRONGER REGIONAL MARGINS AFTER
COVID-19 CLOSURES
Select U.S. Regional Casino Operator Average EBITDAR Margins(4)
Occupancy
100%
2009 Trough:
87%
75%
50%
25%
2007 Peak: 97%
2019: 91%
Peak-to-Trough: -9.5%
2017 vs Peak: -5.5%
2017 vs Trough: +4.0%
LV Runs on Average +28%
Higher Occ. Than U.S. Hotels
2005
2007
2009
2011
2013
2015
2017
2019
Las Vegas Strip
⚫U.S. Hotels
27.7%
2019
+782.2 bps
35.6%
Q3'21
VICI
Source: Haver Analytics, Goldman Sachs Global Investment Research, published February 26, 2018; State Gaming Boards, UNLV, Credit Suisse. Credit Suisse Research, Published September 11, 2018, STR; company filings.
(1) Refers to the Personal Consumption Expenditures as defined and reported by the U.S. Bureau of Economic Analysis. (2) Core regional markets focus on more mature and representative commercial regional gaming markets,
adjusted for adjacent new supply, cannibalization between markets, and excluding genuinely additive supply and destination markets. (3) Represents average occupancy percentage of Wynn, Las Vegas Sands and MGM Las Vegas 24
properties per company filings. (4) Represents average EBITDAR margin (EBITDAR/ Revenue) of CZR Regional Segment, MGM Regional Segment, PENN, BYD Regional Segment, and CNTY United States Properties, per company
filings. We have not independently verified this data and are presenting it in accordance with each company's respective public disclosure. Past performance is not indicative of future performance. For additional information,
refer to the financial information included in the respective company's public filings with the SEC.View entire presentation