Sale Leaseback of 38 Bowling Entertainment Centers with Bowlero Corp.

THE BOWLERO BUSINESS MODEL MEETS EACH OF VICI'S INVESTMENT CRITERIA X Low Cyclicality Favorable Supply/ Demand Balance IN BOWLERO CORPORATION Low Secular Threat Experiential Durability & Longevity imi 010 Low Cyclicality The bowling industry has experienced steady growth over a multi-decade period (1) driven by wide appeal to adults and children across demographic groups ● • Bowlero's premium customer experience and upscale offering enhances broad demographic appeal During recessionary periods, the bowling industry benefits from "entertainment trade down" and experiences only modest declines in revenue given the affordable price point Low Secular Threat • Core experience is a combination of socialization and sports / active recreation, which cannot be digitized or disrupted ● Experiential Durability & Longevity Bowling is the #1 participatory sport in the U.S.(2) with robust participation for a multi-decade period despite the introduction of many new out-of-home entertainment alternatives Bowling centers are an ideal place for organized events, ranging from birthday parties to corporate events, and often function as community centers in various parts of the country ● League play provides a large, stable source of recurring revenue resulting from a loyal customer base Favorable Supply / Demand Balance • Bowlero is the market leader in consolidating a highly fragmented industry Barriers to entry include brand recognition, scale efficiencies, and the time- and resource-intensiveness of rolling out new bowling centers at scale • Bowlero is introducing new technology (e.g., Bowlero's MoneyBowl phone app) which will add further to its business complexity and scale advantage deepening their competitive Source: U.S. Census Bureau, National Sporting Goods Association. (1) Based on U.S. Census Bureau bowling center industry revenue data from 1998-2019. See page 10 for more detail. (2) Per "Sports Participation in the United States" 2023 report published by the National Sporting Goods Association. VICI 5

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