Transformative Acquisitions: MGM Growth Properties & The Venetian Resort

MASTER LEASE AGREEMENTS (CONTINUED) TRIPLE NET STRUCTURE PROVIDES SECURITY & EARNINGS PREDICTABILITY MGM Master Lease (1) MGM Grand & Mandalay Bay BREIT JV Lease (1) Tenant Current Annual Cash Rent Current Lease Year Annual Escalator Coverage Floor Rent Adjustment Variable Rent Adjustment Mechanic MGM Resorts International $860mm Subject to closing MGM Resorts International $298mm (VICI's 50.1% Pro Rata Share: $149mm) Lease Year 2 2% in years 2-10 >2%/CPI thereafter (capped at 3.0%) 2% in years 2-15 >2% / change in CPI thereafter (capped at 3%) None None None Term 25-year initial term with three 10-year renewals Guarantor Capex VICI MGM Resorts International 1% of Net Revenues (1) Pending transaction close and subject to customary closing conditions and regulatory approvals. None None None 30-year initial term with two 10-year renewals MGM Resorts International 3.5% of Net Revenues based on 5-year rolling test (subject to minimum 2.5% for each property); 1.5% monthly reserves 48

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