VICI Investor Presentation

VICI PROPERTIES COMPANY SNAPSHOT (¹) VICI Properties Inc. (NYSE: VICI) is an experiential, triple net REIT that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations 29 Properties ~2M Casino SF 13 83% PORTFOLIO DATA CAESARS ENTERTAINMENT. VICI 17 Markets 18K+ 37K+ Hotel Rooms Gaming Units Properties Acquired in 7 Markets Since Formation 46M+ Total SF 10**** 14 6% PENN NATIONAL GAMING, IN C. INVESTMENT & CAPITAL RAISING ACTIVITY SINCE FORMATION Investment Volume ~$8.2Bn $717 $1,136 $1,000 5% $852 $1,551 J.A.C.K. ENTERTAINMENT 2017 2018 Announced Investment Volume TRIPLE NET LEASES WITH 5 TENANTS Equity Raised ~$6.6Bn $2,116 Hard Rock 3% $4,957 2020 YTD Run-Rate Ann. Investment Rev. ($ in millions) Resulting in 7.9% Unlevered Yield on Incremental Investments To Date(²) $1,267 2019 Equity Raised Rent/Interest Acquired ~$645M $2,601 * CENTURY™ CASINOS 2% $1,301 $567 $862 100% Rent Collected YTD (3) Reflects % of current annual cash rent. (1) Reflects closing of the transactions contemplated by the Master Transaction Agreement between VICI and Eldorado Resorts, Inc. (the "Eldorado Transaction") on July 20, 2020 and pro forma for the Caesars Forum Mortgage Loan and Las Vegas Land Acquisition, which are subject to, among other things, the completion of due diligence and negotiation of definitive documentation, and the pending Harrah's Reno and Bally's Atlantic City dispositions. (2) Represents rent/interest acquired as a percentage of investment volume. (3) Through July 2020. 3

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