Vici Investor Presentation

BALANCE SHEET POSITIONED FOR GROWTH LONG TERM NET LEVERAGE TARGET OF 5.0-5.5X SUMMARY CAPITALIZATION ($ and shares in millions) Unsecured $2.5Bn Revolving Credit Facility Unsecured $1.0Bn Delayed Draw Term Loan Senior Unsecured Notes Total Unsecured Debt Pro Rata Share of BREIT JV CMBS Debt Total Debt Cash & Cash Equivalents Net Debt Common Shares OP Units Total Shares and Units Outstanding Share Price as of August 5, 2022 Equity Market Capitalization Total Enterprise Value Annualized Q2'22 Further Adj. EBITDA (2) Adjusted LQA Total Leverage Ratio (2) Adjusted LQA Net Leverage Ratio (2)(3) VICI Ratings his tim S&P: BBB-/Stable Fitch: BBB-/Stable Moody's: Ba1 / Stable VICI As of 6/30/2022 13,950 $13,950 1,503 $15,453 614 $14,839 963.1 12.2 975.3 $34.45 $33,600 $48,439 $2,569 6.0x 5.8x On April 20, 2022, VICI priced its inaugural investment grade bond offering - the $5.0bn issuance marks the largest REIT IG debt issuance ever 2022 DEBT COMPOSITION ($MM)(¹) ✓100% fixed rate debt outstanding 90% unsecured debt, including unconsolidated share of BREIT JV debt ✓ 7.2 weighted average years to maturity 1,050 500 800 750 500 1,250 750 750 2023 2024 2025 2026 2027 Legacy VICI Notes Investment Grade Notes Issued April 22 1,250 350 2028 750 1,000 1,000 1,000 1,503 Exchanged MGP Notes BREIT JV CMBS Debt 1,500 750 2029 2030 2031 2032 2052 Note: The documents governing the Company's debt are consistent with certain tax-related requirements related to security for the Company's debt. (1) Does not reflect undrawn revolving credit facility and delayed draw term loan, which mature in 2027 inclusive of applicable extension options. (2) LQA Q2'22 Further Adjusted EBITDA represents annualized Q2'22 Adjusted EBITDA, adjusted to reflect the impact of the acquisition of MGP as if it had closed on April 1, 2022 instead of the closing date of April 29, 2022. 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. (3) Adjusted LQA Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by Annualized Q2'22 Further Adj. EBITDA. 20

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