Sale Leaseback of 38 Bowling Entertainment Centers with Bowlero Corp.
DISCLAIMERS
Forward Looking Statements
This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes," "believes,"
"estimates," "expects," "guidance," "intends," "plans," "projects," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are
forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and
other factors which are, in some cases, beyond the control of VICI Properties Inc. and its subsidiaries (collectively, the "Company" or "VICI") and could materially affect actual results,
performance, or achievements. Among those risks, uncertainties and other factors are risks that the Company may not achieve the benefits contemplated by the acquisition of thirty-eight
bowling entertainment centers (the "Bowlero Portfolio") from Bowlero Corp. ("Bowlero"), including any expected accretion or the amount of any future rent payments (including the
anticipated rent escalations), entry into any future sale lease-back or other transactions between VICI and Bowlero, including pursuant to the Company's right of first offer, or the
anticipated benefits thereof. Additional important factors that may affect the Company's business, results of operations and financial position are described from time to time in the
Company's Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange
Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise,
except as may be required by applicable law.
Bowlero Information
The Company makes no representation as to the accuracy or completeness of the information regarding Bowlero included in this presentation. Certain financial and other information for
Bowlero included in this presentation has been derived from public websites, if and as applicable, and other publicly available presentations and press releases, as well as information
provided by Bowlero management. While we believe this information to be reliable, we have not independently investigated or verified such data.
Market and Industry Data and Trademark Information
This presentation contains estimates and information concerning the Company's or Bowlero's industry, including market position and other information regarding the properties, that are
based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give
undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The
industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the
Company's public filings with the SEC. The brands operated at our properties are trademarks of their respective owners. None of these owners nor any of their respective officers,
directors, agents or employees have approved any disclosure contained in this presentation or are responsible or liable for the content of this presentation.
Non-GAAP Financial Measures
This presentation includes reference to Bowlero's Adjusted EBITDA, Adjusted EBITDAR, and other non-GAAP financial measures, which are not required by, or presented in accordance
with, generally accepted accounting principles in the United States ("GAAP"). These are non-GAAP financial measures and should not be construed as alternatives to net income or as
indicators of operating performance (as determined in accordance with GAAP). Bowlero may calculate Adj. EBITDA differently from VICI and other companies and accordingly, Bowlero's
Adj. EBITDA may not be comparable to Adj. EBITDA reported by VICI or other companies. Refer to Bowlero's public filings for additional information with respect to Bowlero's non-GAAP
financial measures.
Published on October 19, 2023.
OVICI. All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including without limitation photocopying, recording or
any other electronic or mechanical methods, without the express written permission of VICI.
VICI
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