Transformative Acquisitions: MGM Growth Properties & The Venetian Resort

FRAMEWORK FOR EXPLORING EXPERIENTIAL REAL ESTATE SECTORS + } LOW CYCLICALITY LOW SECULAR THREAT EXPERIENTIAL DURABILITY & LONGEVITY ☑ + 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 • Strong CRM capability, enabling cost-effective demand-building efforts and customer activation during economic downturns 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 not over-exposed to any one experience or demographic FAVORABLE SUPPLY/DEMAND BALANCE • Supply growth is difficult and/or costly to achieve Supply growth may be subject to regulatory control Dominated by "rational" competitors not prone to over-investment and thus, over-supply PANDEMIC RECOVERY CAPABILITY • How does an experiential sector recover from COVID-19? PANDEMIC RECOVERY CAPABILITY VICI seeks to investigate, validate and potentially invest in sectors that feature these fundamental characteristics VICI FAVORABLE SUPPLY/ DEMAND BALANCE . What was the rent paying track record of the sector during the pandemic? ⚫ What liquidity and access to capital were sector companies able to maintain? 32

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