VICI Investor Presentation

INCOME DURABILITY THROUGHOUT HISTORICAL ECONOMIC CYCLES GAMING REVENUE: 50% LESS VOLATILE THAN S&P 500 REVENUE... 300% 250% 200% 150% 100% 50% 18.0 17.5 17.0 Q498 16.5 Q400 ...WITH DEMONSTRATED DURABILITY IN REGIONAL MARKETS... Core Commercial Annual Gaming Revenues ($bn) (²) 18.5 2007 2009 Trough: $17.3bn VICI Peak-to-Trough: Gambling -9% Retail -11% S&P Sales -18% 2007 Peak: $18.0bn Q402 2009 Q404 2011 Q406 2013 2017: $18.3bn Peak-to-Trough: -3.9% 2017 vs Peak: +1.9% 2017 vs Trough: +6.0% 2015 Q408 2017 90% 80% Q410 70% ...AND UNWAVERING DEMAND IN LAS VEGAS (3) Las Vegas Strip Occupancy 100% Q412 2009 Trough: 87% Casino Gambling PCE (¹) Retail & Food Service Sales S&P 500 Revenue/Share Q414 2005 2007 2009 2011 2013 2015 2017 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; company 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 properties per company filings. Q416 2007 Peak: 97% 2017: 91% Peak-to-Trough: -9.5% -6.1% 2017 vs Peak: 2017 vs Trough: +4.1% 10

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