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VICI Investor Presentation

INCOME PORTFOLIO DIVERSIFICATION Lake Tahoe / Reno Las Vegas Laughlin Council Bluffs ** VICI North Kansas City* CURRENT PORTFOLIO PENDING DISPOSITIONS (¹) Bally's Atlantic City Harrah's Reno Joliet / Hammond Metropolis Tunica Resorts / Robinsonville OWNED GOLF COURSES Cascata, Boulder City, NV Rio Secco, Henderson, NV Grand Bear, Saucier, MS Chariot Run, Laconia, IN Bossier City Detroit Biloxi New Orleans Cleveland Philadelphia Cincinnati Louisville Atlantic City DESIGNATED PUT/CALL PROPERTIES(²) Indiana Grand Racing & Casino Harrah's Hoosier Park Caesars Forum Convention Center DESIGNATED ROFR PROPERTIES(²) Bally's Las Vegas Flamingo Las Vegas Paris Las Vegas Planet Hollywood The LINQ Horseshoe Baltimore VICI CONTINUES TO DIVERSIFY ITS RENT BASE GEOGRAPHIC RENT DIVERSIFICATION At Formation (2017) 26% Las Vegas TENANT RENT DIVERSIFICATION At Formation (2017) CAESARS ENTERTAINMENT. 74% Regional 100% 31% Las Vegas J.A.C.K. ENTERTAINMENT PENN NATIONAL GAMING, INC. Current Hard Rock 6% Current CENT 3% 2% 5% 83% 69% Regional (1) On December 31, 2019, VICI and Caesars jointly entered into a definitive agreement to sell Harrah's Reno, as subsequently amended on May 29, 2020, for $41.5 million to a third party; the proceeds shall be split 75% to VICI and 25% to Caesars. On April 24, 2020, VICI and Caesars entered into definitive agreements to sell Bally's Atlantic City for $25 million to a third party; the proceeds shall be split ~$19.0 million to VICI and ~$6.0 million to Caesars. The annual rent payments under the Regional Master Lease will remain unchanged following completion of the dispositions. The dispositions are subject to customary closing conditions and regulatory approvals. (2) Please refer to page 26 for a summary of terms of VICI's existing put/call and ROFR agreements. 9
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