VICI Investor Presentation
VICI'S EVOLUTION SINCE FORMATION
Demonstrated Track Record of Growth and Tenant Diversification - By Adj. EBITDA ($MM)
VICI is a world-leading gaming and experiential REIT with 50 properties, 11 tenants, and significant
scale and access to capital (²)
Acquired Harrah's
Las Vegas
Significantly
reduced leverage
on the balance
sheet
Began
institutionalization of
gaming real estate
sector
Harrahs
LAS VEGAS
2017
$690 (3)
Completed 4th largest
REIT IPO
Expanded tenant
roster with PENN
Entertainment with
acquisitions of
Margaritaville &
Greektown
Modified Caesars
leases to align Tenant Hard Rock
/ Landlord interests
Harrahs
PHILADELPHIA
PENN
ENTERTAINMENT
2018
Continued tenant
diversification
with Hard Rock,
JACK, and
Century Casinos
Strengthened
relationship with
existing tenants,
supporting
Eldorado's
acquisition of
Caesars
EELDORADO
$722
CENTURY
CASINOS
CAESARS
ENTERTAINMENT.
JACK
ENTERTAINMENT
2019
$847
Initial non-gaming
investment in
Chelsea Piers New
York and
investment in the
Caesars Forum
Convention Center
100% cash rent
collection through
COVID-19 to date
CHELSEA PIERS
NEW YORK
EST. NY 1995
CAESARS
FORUM
2020
$1,119
Announced $4Bn
acquisition of
Venetian Resort
and $17.2Bn
acquisition of MGM
Growth Properties
("MGP")
Began financing
relationship with
Great Wolf Resorts
E
THE VENETIAN RESORT
MGM GROWTH
PROPERTIES
GREAT
WOLF
LODGE
2021
$1,307
Achieved
investment grade
ratings and S&P
500 inclusion
Announced
investments with
Great Wolf and
Cabot, as well as
acquisition of
Rocky Gap
S&P 500®
VE
VENE
RESORT HOTE
GRAND CANAL
3355
CABOT
ROCKY GAP.
CASINO RESORT GOLF
2022
$2,215
First international
investment with sale-
leaseback of PURE
Canadian Gaming assets
Announced acquisition of
remaining 49.9% stake in
MGM Grand / Mandalay Bay
Announced transactions
with Canyon Ranch,
Century Casinos,
Foundation Gaming, and
Fontainebleau Las Vegas
MANDALAY BAY
RESORT AND CASINO, LAS VEGAS
MGM GRAND.
CANYONRANCH.
FONTAINEBLEAU
LAS VEGAS
Further
Adj. LQA
Q4'22+
PURE
CASINO
$2,825
(4)
(1) See "Reconciliation from GAAP to Non-GAAP Measures" and "Definitions of Non-GAAP Financial Measures" on pages 24-28 for additional information. (2) As adjusted for VICI's pending acquisition of an interest in
the land and buildings associated with Rocky Gap. (3) Represents (i) $545MM pro forma Adj. EBITDA for the nine months ended September 30, 2017, and (ii) $145MM Adj. EBITDA for the period from October 6,
2017 to December 31, 2017. (4) Represents annualized Q4'22 Adj. EBITDA of $654MM and adjusted for the impact of VICI's announced / closed transactions, including $16MM of incremental annual rent from VICI's
pending acquisition of an interest in the land and buildings associated with Rocky Gap, $155MM of incremental annual rent from the consolidation of MGM Grand Las Vegas and Mandalay Bay (following March 1,
2023 rent escalation), $24MM of incremental annual rent from the acquisition of the real estate assets of Foundation Gaming, and $16MM of incremental annual rent from the acquisition of the real estate assets of
PURE Canadian Gaming, excluding interest income from investments in Canyon Ranch Austin and Fontainebleau Las Vegas.
VICI
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