Sale Leaseback of 38 Bowling Entertainment Centers with Bowlero Corp.

STRATEGIC RATIONALE Experiential Real Estate Ownership in the Family Entertainment Sector Aligning with VICI's Investment Criteria Family Entertainment Centers provide a live, in-person experience that cannot be disrupted and is supported by a broad demographic reach New Partnership with Market-Leading Company & Management Team VICI's Bowlero Master Lease has a parent guarantee from the largest bowling center operator in North America with a footprint over 6x larger than the next largest competitor and a long-standing proven management team with a differentiated strategy driving sector-leading growth and margins Bowling is a Proven and Durable Recreational Activity Bowling provides affordable recreation and has a track record of steady growth withstanding alternative out-of-home competitive entertainment threats, resilience and low cyclicality during economic cycles, and broad consumer reach and appeal Portfolio Diversification Further diversifies VICI's real estate portfolio with a new tenant, new sector and new real estate assets across 17 states, representing 11 new states for VICI -7 of which do not currently have commercial casinos (¹) Enhances VICI's Embedded Growth Pipeline VICI has a ROFO for future sale leasebacks as Bowlero continues executing its roll-up strategy in a highly fragmented sector with sizable addressable market expanding VICI's potential embedded growth pipeline Immediately Accretive Expected to be immediately accretive to AFFO per share (1) Reflects number of states that do not have commercial casinos in operation per the American Gaming Association. VICI passe WALL HAR excen ESPAL INVADE ZOMBIE ZOMBIE LEAD Wartze Bowlero North Brunswick - North Brunswick, NJ Chic TUES PRIZES PRIZES BURLER PORTERY Bowlero Brentwood - Brentwood, CA 500 THOMIEVO BUDDING DEAD Bowlero San Antonio San Antonio, TX 4

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