VICI Investor Presentation

INCOME MAGNITUDE AND VALUE NOI ($MM) 250.0 200.0 150.0 100.0 50.0 3.00% VICI 2015-2020 YTD SINGLE-ASSET REAL ESTATE TRANSACTIONS WITH NOI > $70 MILLION Fashion Show! LV(1) 10 Hudson Yards, NYC (1) 1095 6th Ave, NYC (1) 1515 Broadway, NYC (¹) 4.00% 787 7th Ave, NYC 1211 6th Ave, NYC (¹) 1285 6th Ave, NYC World wide Plaza, NYC (1) 245 Park Ave, NYC 5.00% 30 Hudson Yards, NYC Bellagio Wind Creek Bethlehem 50 Northern Ave, Boston 6.00% MGM Grand(¹) Circle sizes represent asset NOI Mandalay Bay(¹) ● ● Select Las Vegas Strip Sales & Financings The Shops at Crystals sold in 2016 at a 4.5% cap rate Town Square Las Vegas sold in 2017 at a 5.3% cap rate The Grand Canal Shoppes mortgage debt was refinanced in 2019 at an appraised cap rate of 4.5% Caesars Palace(2) 7.00% Source: Real Capital Analytics (RCA) (1) Transaction was for a stake in the property; bubble represents the implied price of 100% interest. (2) Represents incremental rent acquired related to the Eldorado Transaction. Harrah's Las Vegas National Harbor, MD 8.00% Cap Rate (%) 11

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