VICI Dividend Growth & Investment Grade Ratings
GAMING INCOME DURABILITY THROUGHOUT HISTORICAL ECONOMIC CYCLES
VICI HAS COLLECTED 100% OF RENT TO DATE DURING THE ONGOING COVID-19 PANDEMIC
GAMING REVENUE: 50% LESS VOLATILE THAN S&P
... WITH DEMONSTRATED DURABILITY IN REGIONAL
300%
250%
Peak-to-Trough:
Gambling -9%
Retail -11%
S&P 500-18%
200%
500 REVENUE...
MARKETS...
Core Commercial Annual Gaming Revenues ($bn) (2)
2017: $18.3bn
18.5
2007 Peak:
$18.0bn
18.0
17.5
150%
Casino Gambling (1)
PCE
Retail & Food
17.0
100%
2009
Service Sales
50%
Q498
Q400
Q402
Q404 Q406 Q408
Q410 Q412
S&P 500
Revenue/Share
Q414 Q416
Trough:
$17.3bn
Peak-to-Trough: -3.9%
2017 vs Peak: +1.9%
2017 vs Trough: +6.0%
16.5
2007
2009
2011
2013
2015
2017
... UNWAVERING HISTORICAL DEMAND IN LAS VEGAS (3)...
...SUPPORTED BY STRONGER GAMING MARGINS AFTER
COVID-19 CLOSURES
Select U.S. Casino Operator Average EBITDAR Margins(4)
Occupancy
100%
2009 Trough:
87%
75%
50%
25%
2007 Peak: 97%
2019: 91%
Peak-to-Trough: -9.5%
2017 vs Peak: -5.5%
2017 vs Trough: +4.0%
LV Runs on Average +28%
Higher Occ. Than U.S. Hotels
2005
2007
2009
2011
2013
2015
2017
2019
Las Vegas Strip
⚫U.S. Hotels
28.3%
2019
+700 bps
35.3%
2021
VICI
Source: Haver Analytics, Goldman Sachs Global Investment Research, published February 26, 2018; State Gaming Boards, UNLV, Credit Suisse. Credit Suisse Research, Published September 11, 2018, STR; public filings.
(1) Refers to the Personal Consumption Expenditures as defined and reported by the U.S. Bureau of Economic Analysis. (2) Core regional markets focus on more mature and representative commercial regional gaming markets,
adjusted for adjacent new supply, cannibalization between markets, and excluding genuinely additive supply and destination markets. (3) Represents average occupancy percentage of Wynn, Las Vegas Sands and MGM Las Vegas 22
properties per company filings. (4) Represents average EBITDAR margin (EBITDAR/ Revenue) of CZR, MGM Regional and Las Vegas Segments, PENN, and BYD, per respective company filings. We have not independently verified
this data and are presenting it in accordance with each company's respective public disclosure. Past performance is not indicative of future performance. For additional information, refer to the financial information included in
the respective company's public filings with the SEC.View entire presentation