Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
VICI'S SIX PILLARS OF EXTERNAL GROWTH
VICI'S GROWTH PLAN CAN DRIVE SCALE AND POTENTIALLY IMPROVE COST OF CAPITAL, LEADING TO
THE EXPANSION OF VICI'S INVESTABLE UNIVERSE
Embedded
Growth Pipeline
ROFRS & Put / Call
Agreements
✓VICI has entered
into several right
of first refusal and
put/call
agreements that
provide the
opportunity for
embedded growth
Embedded growth
pipeline creates
"low-hanging fruit"
and provides VICI
with optionality
2 Open-Market
Assets
Gaming
Experience and
ability to work with
multiple tenants
solidifies VICI as
the partner of
choice for gaming
operators
VICI is well-
positioned to help
gaming operators
monetize their real
estate holdings to
pursue their
strategic goals
Property Growth 4 Gaming
5
Opportunities
Fund
Current Tenants
✓ VICI's Partner
Property Growth
Fund funds "same-
store" capital for
VICI's tenants
VICI works
collaboratively
with tenants and
partners to invest
in growth
opportunities and
capital
improvements that
achieve mutually
beneficial
outcomes
International
✓ VICI's existing
portfolio is solely
U.S.-based; pro
forma VICI will
have increased
potential to pursue
international
opportunities
Several of VICI's
tenants already
have existing
operations
overseas
Leisure and
Experiential Assets
Domestic &
International
With investments
in Chelsea Piers
and Great Wolf,
VICI has made its
first allocations of
capital outside of
gaming
✓ OpCo / PropCo
model has
potential to be
pioneered in
experiential
sectors that have
demographic
tailwinds
6
M&A
Domestic &
International
Increased size and
potential for
enhanced cost of
capital will allow
VICI to pursue
additional
transformational
acquisitions
Track record in the
capital markets will
make VICI
competitive when
pursuing both
public and private
acquisition targets
VICI
Sans
募三
EXPO
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