VICI Investor Presentation

VICI'S EVOLUTION SINCE FORMATION Demonstrated Track Record of Growth and Tenant Diversification - By Adj. EBITDA ($MM) (¹) VICI is a world-leading gaming and experiential REIT with 54 properties, 11 tenants, and significant scale and access to capital Acquired Harrah's Las Vegas Significantly reduced leverage on the balance sheet Began institutionalization of gaming real estate sector Harrahs LAS VEGAS 2017 $690(2) Completed 4th largest REIT IPO Expanded tenant roster with PENN Entertainment with acquisitions of Margaritaville & Greektown Modified Caesars leases to align Tenant / Landlord interests Harrahs PHILADELPHIA " PENN ENTERTAINMENT 2018 $722 Continued tenant diversification with Hard Rock, JACK, and Century Casinos Strengthened relationship with existing tenants, supporting Eldorado's acquisition of Caesars EELDORADO Hard Rock CENTURY CASINOS CAESARS ENTERTAINMENT. J.A.C.K. ENTERTAINMENT 2019 $847 Initial non-gaming investment in Chelsea Piers New York and investment in the Caesars Forum Convention Center 100% cash rent collection through COVID-19 CHELSEA PIERS NEW YORK EST. NY 1995 CAESARS FORUM 2020 $1,119 Announced $4Bn acquisition of Venetian Resort and $17.2Bn acquisition of MGM Growth Properties ("MGP") Began financing relationship with Great Wolf Resorts S s THE VENETIAN RESORT MGM GROWTH PROPERTIES GREAT WOLF LODGE 2021 $1,307 Achieved investment grade ratings and S&P 500 inclusion Announced investments with Great Wolf, Cabot, Canyon Ranch, and Fontainebleau Las Vegas as well as acquisition of Rocky Gap and the Foundation Portfolio FONTAINEBLEAU CANYONRANCH. LAS VEGAS FOUNDATION GAMING & ENTERTAINMENT CABOT ROCKY GAP S&P 500Ⓡ CASINO RESORT - GOLF THE VENE RESORT HOTE GRAND CANAL 3355 2022 $2,215 International investments with sale- leaseback of PURE Canadian Gaming and Century Canada assets Acquired the remaining 49.9% stake in MGM Grand Mandalay Bay Announced additional investments with Great Wolf and Canyon Ranch and new investment with Hard Rock Ottawa MGM GRAND. a MANDALAY BAY RESORT AND CASINO, LAS VEGAS PURE CASINO LQA Q2'23 $2,894(3) (1) See "Reconciliation from GAAP to Non-GAAP Measures" and "Definitions of Non-GAAP Financial Measures" on pages 24-27 for additional information. (2) Represents (i) $545MM pro forma Adj. EBITDA for the nine months ended September 30, 2017, and (ii) $145MM Adj. EBITDA for the period from October 6, 2017 to December 31, 2017. (3) Represents annualized Q2'23 Adj. EBITDA of $723MM. VICI 4

View entire presentation