Vici Investor Presentation

FRAMEWORK FOR EXPLORING EXPERIENTIAL REAL ESTATE SECTORS VICI 0-0-0 Low Cyclicality VICI seeks to Pandemic investigate, validate Recovery and potentially invest Capability in sectors that feature these fundamental characteristics Favorable Supply / Demand Balance 区 Low Secular Threat 10 Experiential Durability & Longevity 10 | || 010 10 X Low Cyclicality Relatively lower cyclicality than other consumer discretionary sectors • Balance between drive-to and fly-to destinations, with drive-to destinations generally being less cyclical Low Secular Threat • Not currently and not likely to be subject to the "Amazon effect" • Dominated by operators with strong economic performance • Core experiences of sector cannot be achieved at home, work or digitally Experiential Durability & Longevity • Dominated by operators whose strong customer understanding and innovative capability ensures enduring relevance of experiences • Core experiences have proven durability Centered around diverse experiences and diverse demographics over-expose to any single experience or demographic ● Strong CRM capability, enabling cost-effective demand-building efforts and customer activation during economic downturns Favorable Supply / Demand Balance Supply growth is difficult and/or costly to achieve Supply growth may be subject to regulatory control ● ● - not • Dominated by "rational" competitors not prone to over-investment and thus, over-supply ● Pandemic Recovery Capability Recovery of experiential sector from ongoing COVID-19 pandemic • Rent payment track record of the sector during the pandemic Liquidity maintenance and access to capital during the pandemic 15

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