Investor Presentaiton
PROVEN TRACK RECORD OF SUCCESS
EVOLUTION OF VICI SINCE FORMATION
De-levered balance
sheet, proved ability
to grow, introduced
cap rates into gaming
real estate
Pre-IPO Equity Private
Placement
Harrahs
LAS VEGAS
IPO, de-levered
balance sheet,
modified lease
incentives to align
with Caesars and
expanded tenant
roster
IPO, Master Lease
Modification, Octavius
Tower, Harrah's
Philadelphia,
Margaritaville Bossier City
& Greektown Acquisitions
IPO
Harrah's
PHILADELPHIA
PENN NATIONAL
GAMING, INC.
BY ADJ. EBITDA ($MM) (1)
Proved ability to
work with largest
tenant while
diversifying tenant
base
Partnership with
Eldorado / Caesars
ELDORADO
RESORTS
CAESARS
ENTERTAINMENT.
Hard Rock
CENTURY
J.A.C.K.
CASINOS ENTERTAINMENT
1st gaming REIT to
expand into a new
asset class
Invested in Caesars
Forum Convention
Center and Chelsea Piers
Mortgage Loans
CHELSEA PIERS
NEW YORK CITY
CAESARS
FORUM
Significant acquisitions,
significantly increasing VICI is a world-leading
scale
Acquired the Venetian
Resort and MGM Growth
Properties and invested in
Great Wolf Mezzanine Loan
THE VENETIAN RESORT
MGM GROWTH
PROPERTIES™
GREAT
WS LF
LODCE
2021
gaming and
experiential real
estate owner with
increased scale,
tenant diversity and
access to capital
LTM
Q1'22 Pro
Forma
$2,572(3)
2020
$1,307
2019
2018
2017
$1,119
$847
$722
$690
(2)
VICI
(1) See "Reconciliation from GAAP to Non-GAAP Measures" in the appendix for additional information, including the definition and reconciliation to the most comparable GAAP financial measures. (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) LTM Q1 2022 Adj. EBITDA pro forma for the rent attributable to the
acquisition of the Venetian Resort from April 1, 2021 - February 23, 2022, the closing date of such acquisition, and the impact of the MGM Growth Properties LLC ("MGP") acquisition, including $996mm of LTM Q1 2022 Adj.
EBITDA attributable to MGP (adjusted to include rent attributable to the acquisition of MGM Springfield from April 1, 2021 - October 29, 2021, the date of such acquisition), $12mm of expected G&A synergies, and to reflect a
$13mm rent differential between rent received from April 1, 2021 - March 31, 2022 by MGP under the MGM Master Lease and the terms of VICI's Amended and Restated MGM Master Lease.
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