EX-99.2 3 vici4q21financialsupplem.htm EX-99.2
VICI Q4 2021 Supplemental Financial & Operating Data SUP P L EMENTAL F I NANCI AL & OP ERAT I NG DATA F O U R T H Q U A R T E R E N D E D D E C E M B E R 3 1 , 2 0 2 1 Exhibit 99.2

VICI Q4 2021 Supplemental Financial & Operating Data 2 Disclaimers Forward Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws. Forward‐looking statements are based on VICI Properties Inc.’s (“VICI” or the “Company”) current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate strictly to historical facts and by the use of words such as “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. Among those risks, uncertainties and other factors are: risks associated with the pending MGP Transactions (as defined herein), including our ability or failure to complete the pending MGP Transactions and to realize the anticipated benefits of the pending acquisition of MGM Growth Properties LLC and related transactions (the "MGP Transactions"); the impact of changes in general economic conditions and market developments, including inflation, low consumer confidence, supply chain disruptions, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; our dependence on subsidiaries of Caesars Entertainment, Inc. (“Caesars”), Penn National Gaming, Inc. (“Penn National”), Seminole Hard Rock Entertainment, Inc. (“Hard Rock”), Century Casinos, Inc. (“Century Casinos”), Rock Ohio Ventures LLC (“JACK Entertainment”), the Eastern Band of Cherokee Indians (“EBCI”), and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (“Venetian Tenant”) (and, following the completion of the pending MGP Transactions, MGM Resorts International (“MGM”)) as tenants of our properties and Caesars, Penn National, Hard Rock, Century Casinos, JACK Entertainment, EBCI (and, following the completion of the pending MGP Transactions, MGM) or certain of their respective subsidiaries as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties and the completion of pending transactions on a timely basis, or at all, or the imposition of conditions to such regulatory approvals; our tenants historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness, including indebtedness to be assumed by us upon consummation of the pending MGP Transactions, and ability to service, refinance and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; our ability to obtain the financing necessary to complete our pending acquisitions or related transactions on the terms we currently expect in a timely manner, or at all; the possibility that our pending transactions may not be completed or that completion may be unduly delayed, and the potential adverse impact on our business, operations and stock price; the possibility that we identify significant environmental, tax, legal or other issues that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our pending or recently completed transactions; the effects of our pending and recently completed transactions on us, including the future impact on our financial condition, financial and operating results, cash flows, strategy and plans; the impact and outcome of previous and potential future litigation relating to the pending MGP Transactions, including the possibility that any adverse judgment may prevent the pending MGP Transactions from being consummated on a timely basis, or at all; the possibility of adverse tax consequences as a result of our pending transactions; increased volatility in our stock price as a result of our pending transactions; our reliance on distributions received from VICI Properties L.P., our operating partnership, to make distributions to our stockholders; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the impact of the COVID-19 pandemic on our, and our tenants’, financial condition, results of operations, cash flows and performance. The extent to which the COVID-19 pandemic continues to adversely affect our tenants, and ultimately impacts our business and financial condition, depends on future developments which cannot be predicted with confidence, including the impact of the actions taken to contain the pandemic or mitigate its impact, including the availability, distribution, public acceptance and efficacy of approved vaccines, new or mutated variants of COVID-19 (including vaccine-resistant variants) or a similar virus, the direct and indirect economic effects of the pandemic and containment measures on our tenants, the ability of our tenants to successfully operate their businesses, including the costs of complying with regulatory requirements necessary to keep their respective facilities open, such as reduced capacity requirements, the need to close any of the facilities after reopening as a result of the COVID-19 pandemic, and the effects of the negotiated capital expenditure reductions and other amendments to the leases that we agreed to with certain of our tenants in response to the COVID-19 pandemic. Each of the foregoing could have a material adverse effect on our tenants’ ability to satisfy their obligations under their leases with us, including their continued ability to pay rent in a timely manner, or at all, and/or to fund capital expenditures or make other payments required under their leases. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Caesars, Penn, Hard Rock, Century Casinos, JACK Entertainment, EBCI and Venetian Tenant Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars, Penn, Hard Rock, Century, JACK Entertainment, EBCI, and Venetian Tenant included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC, the Company's significant lessee, have been filed with the Securities and Exchange Commission (“SEC”). Certain financial and other information for Caesars, Penn, Hard Rock, Century, JACK Entertainment, EBCI and Venetian Tenant included in this presentation have been derived from their respective filings, if and as applicable, and other publicly available presentations and press releases. While we believe this information to be reliable, we have not independently investigated or verified such data. Market and Industry Data This presentation contains estimates and information concerning the Company's industry, including market position, rent growth and rent coverage of the Company's peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. Non‐GAAP Financial Measures This presentation includes reference to Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share, and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. For additional information regarding these non-GAAP financial measures see “Definitions of Non-GAAP Financial Measures” included in the Appendix at the end of this presentation. Financial Data Financial information provided herein is as of December 31, 2021 unless otherwise indicated.

VICI Q4 2021 Supplemental Financial & Operating Data Corporate Overview About VICI Properties (NYSE: VICI) Senior Management Edward Pitoniak John Payne David Kieske Samantha Gallagher Gabriel Wasserman Chief Executive Officer & Director President & Chief Operating Officer EVP, Chief Financial Officer EVP, General Counsel & Secretary Chief Accounting Officer VICI Properties Inc. is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, Harrah’s Las Vegas and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. Following the closing of the acquisition of the Venetian Resort Las Vegas on February 23, 2022, VICI Properties’ national, geographically diverse portfolio consists of 28 gaming facilities comprising over 62 million square feet and features approximately 25,000 hotel rooms and more than 250 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, Penn National Gaming, Inc. and The Venetian. VICI Properties also has an investment in the Chelsea Piers, New York facility and owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. Covering Equity Analysts Covering High Yield Analysts Firm BofA Merrill Lynch Deutsche Bank Goldman Sachs J.P. Morgan Analyst James Kayler Luis Chinchilla Komal Patel Michael Pace Phone (646) 855‐9223 (212) 250-9980 (212) 357-9774 (212) 270‐6530 Email James.f.kayler@baml.com Luis.chinchilla@db.com Komal.patel@gs.com Michael.pace@jpmorgan.com Firm Berenberg BofA Merrill Lynch Capital One Securities CBRE Citi Deutsche Bank Evercore ISI Goldman Sachs Green Street Advisors Jefferies J.P. Morgan Keybanc Ladenburg Thalmann & Co. Loop Capital Macquarie Capital Morgan Stanley Raymond James Robert W. Baird Scotiabank SMBC Nikko Securities Stifel Nicolaus Truist Securities Wolfe Research Analyst Keegan Carl Shaun Kelley Neil Malkin John DeCree Smedes Rose Carlo Santarelli Rich Hightower Stephen Grambling Spenser Allaway David Katz Anthony Paolone Todd Thomas John Massocca Daniel Adam Jordan Bender Thomas Allen RJ Milligan Wesley Golladay Greg McGinniss Richard Anderson Simon Yarmak Barry Jonas Andrew Rosivach Email Keegan.carl@berenberg-us.com Shaun.kelley@baml.com Neil.malkin@capitalone.com John.decree@cbre.com Smedes.rose@citi.com Carlo.santarelli@db.com Rich.hightower@evercoreisi.com Stephen.grambling@gs.com Sallaway@greenstreetadvisors.com Dkatz@jefferies.com Anthony.paolone@jpmorgan.com Tthomas@key.com Jmassocca@ladenburg.com Daniel.adam@loopcapital.com Jordan.bender@macquarie.com Thomas.allen@morganstanley.com Rjmilligan@raymondjames.com Wgolladay@rwbaird.com Greg.mcginniss@scotiabank.com Randerson@smbcnikko-si.com Yarmaks@stifel.com Barry.jonas@truist.com Arosivach@wolferesearch.com Phone (646) 949-9052 (646) 855‐1005 (571) 633-8191 (702) 691-3213 (212) 816-6243 (212) 250‐5815 (212) 752-0886 (212) 902‐7832 (949) 640-8780 (212) 323-3355 (212) 622-6682 (917) 368-2286 (212) 409-2543 (212) 823-1312 (212) 231-6558 (212) 761‐3356 (727) 567-2585 (216) 737-7510 (212) 225-6906 (646) 521-2351 (443) 224‐1345 (212) 590-0998 (646) 582-9250 Contact Information Board of Directors Independent James Abrahamson Diana Cantor Monica Douglas Elizabeth Holland Craig Macnab Edward Pitoniak Michael Rumbolz Director, Chairman of the Board Director, Audit Committee Chair Director Director, Nominating & Governance Committee Chair Director, Compensation Committee Chair Chief Executive Officer & Director Director 3 Corporate Headquarters VICI Properties Inc. 535 Madison Ave., 20th Fl New York, NY 10022 (646) 949‐4631 Transfer Agent Computershare 7530 Lucerne Drive, Suite 305 Cleveland, OH 44130 (800) 962‐4284 www.computershare.com Investor Relations investors@viciproperties.com Public Markets Detail Ticker: VICI Exchange: NYSE Public Relations pr@viciproperties.com Website www.viciproperties.com ✓ ✓ ✓ ✓ ✓ ✓

VICI Q4 2021 Supplemental Financial & Operating Data Table of Contents Portfolio & Financial Overview 6 Consolidated Balance Sheets 7-8 Consolidated Statements of Operations 9-10 Annualized Contractual Rent and Income from Mortgage Loans 15 Portfolio Diversification 18 Property Overview 19-20 Summary of Current Lease Terms 21-22 Embedded Growth Pipeline 25 5 Capitalization 17 4 Non‐GAAP Financial Measures 11-12 2021 Highlights 2022 Guidance 16 Recent Activity 23-24 Revenue Detail 13-14 Definitions of Non-GAAP Financial Measures 26

VICI Q4 2021 Supplemental Financial & Operating Data 2021 Highlights $21.3 billion Announced $21.3 billion of transactions including the $17.2 billion MGM Growth Properties acquisition, $4.0 billion Venetian acquisition, and $79.5 million Great Wolf Mezzanine Loan 9.1% Announced annualized dividend increase of 9.1% in Q3, VICI’s fourth consecutive annual dividend increase since the Company’s formation in 2017 [ ] [ ] $5.4 billion Raised total equity proceeds of $5.4 billion by executing the largest REIT common equity follow-on offering of $3.4 billion in September 2021 and a $2.0 billion equity offering in March 2021 [ ] [ ] +13.7% Increased Net Income Attributable to Common Stockholders to $1.0 billion, or $1.76 per share, for YE 2021 compared $891.7 million, or $1.75 per share, for YE 2020 +13.6% Increased enterprise value to $22.9 billion as of YE 2021 from $20.2 billion as of YE 2020 $2.1 billion Repaid $2.1 billion Term Loan due 2024, successfully retiring all of VICI’s secured debt outstanding and continuing towards VICI’s goal of achieving an investment grade rating [ ] [ ] +16.8% Increased Adjusted EBITDA1 to $1.3 billion for YE 2021 compared to $1.1 billion for YE 2020 1. See definitions of Non-GAAP Financial Measures on page 26 and reconciliations of these Non-GAAP Financial Measures on pages 11-12 of this presentation. 5 100% Collected 100% of rent in cash in 2021 Maintained 100% same-store occupancy across VICI’s portfolio through 2021 Increased AFFO1 per share to $1.82 per share for YE 2021 compared to $1.64 per share for YE 2020 +11.0%

VICI Q4 2021 Supplemental Financial & Operating Data Three Months Ended Dec. 31, 2021 Sep. 30, 2021 Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Net Income Per Share Basic $0.45 $0.29 $0.56 $0.50 $0.54 Diluted $0.44 $0.28 $0.54 $0.50 $0.53 Funds From Operations Per Share Basic $0.45 $0.29 $0.56 $0.50 $0.54 Diluted $0.44 $0.28 $0.54 $0.50 $0.53 Adjusted Funds From Operations Per Share Basic $0.44 $0.46 $0.48 $0.48 $0.47 Diluted $0.44 $0.45 $0.46 $0.47 $0.46 Net Income Attributable to Common Stockholders $281,479 $161,862 $300,709 $269,801 $288,010 Adjusted EBITDA $329,300 $324,544 $327,225 $325,834 $325,100 Annualized Dividend Per Share $1.44 $1.44 $1.32 $1.32 $1.32 Dividend Yield at Period End 4.8% 5.1% 4.3% 4.7% 5.2% Equity Market Capitalization $18,937,446 Total Debt $4,750,000 Cash & Cash Equivalents $739,614 Enterprise Value $22,947,832 LTM Net Leverage Ratio3 3.1x Portfolio & Financial Overview (amounts in thousands, except per share data and portfolio and property data) Properties 28 Golf Courses 4 Developable Las Vegas Strip Land (acres) 34 States 12 Metropolitan Statistical Areas ("MSAs") 17 Weighted Average Remaining Lease Term, Including Renewal Options (years) (as of December 31, 2021) 36.3 Financial Highlights Tenant MSA Diversity2 1. See "Non‐GAAP Financial Measures" on pages 11-12 of this presentation for the reconciliations of these Non‐GAAP Financial Measures. 2. Metrics include the impact of the Venetian Resort, the acquisition of which closed subsequent to year end on February 23, 2022. 3. Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by Adjusted EBITDA for the last twelve months ended December 31, 2021. See "Non-GAAP Financial Measures" on page 12 of this presentation for the reconciliation of Adjusted EBITDA for the periods presented and “Definitions of Non-GAAP Financial Measures” on page 26 of this presentation for the definition of Adjusted EBITDA. 4. Subsequent to year end, on February 8, 2022, we terminated our $1.0 billion senior secured revolving credit facility and entered into a new $2.5 billion unsecured revolving credit facility and $1.0 billion unsecured delayed draw term loan facility. Refer to Note 7 - Debt within our Annual Report on Form 10-K for the year ended December 31, 2021 for further details. 5. Based on annualized contractual rent as of February 2022. Portfolio Data2 Debt Composition4 Fixed Rate 100% Unsecured 100% Las Vegas 48% Philadelphia 16% San Francisco 4% Chicago 4% Louisville 4% New Orleans 4% Detroit 4% Dallas 3% Kansas City 2% Omaha 2% Laughlin 2% Memphis 2% Cleveland 2% Pittsburgh 1% Nashville 1% Cincinnati 1% St. Louis 0% Geographic and Tenant Exposure2,5 Senior Unsecured Credit Ratings Moody’s Ba3 Standard & Poor’s BB Fitch BB Regional 57% Las Vegas 43% % of Total SF 1 1 1 CZR 68% Venetian 16% Penn 5% JACK 4% HR 3% EBCI 2% CNTY 2% Public Company Tenants 75% Private Company Tenants 25% Summary Capitalization and Credit Ratings as of December 31, 2021 6

VICI Q4 2021 Supplemental Financial & Operating Data December 31, 2021 December 31, 2020 Assets Real estate portfolio: Investments in leases - sales-type, net 13,136,664$ 13,027,644$ Investments in leases - financing receivables, net 2,644,824 2,618,562 Investments in loans, net 498,002 536,721 Land 153,576 158,190 Cash and cash equivalents 739,614 315,993 Short-term investments — 19,973 Other assets 424,693 386,530 Total assets 17,597,373$ 17,063,613$ Liabilities Debt, net 4,694,523$ 6,765,532$ Accrued expenses and deferred revenue 113,530 155,807 Dividends payable 226,309 176,992 Other liabilities 375,837 471,537 Total liabilities 5,410,199 7,569,868 Stockholders' equity 6,289 5,367 — — Additional paid-in capital 11,755,069 9,363,539 Accumulated other comprehensive income (loss) 884 (92,521) Retained earnings 346,026 139,454 Total VICI stockholders' equity 12,108,268 9,415,839 Non-controlling interest 78,906 77,906 Total stockholders' equity 12,187,174 9,493,745 Total liabilities and stockholders' equity 17,597,373$ 17,063,613$ Common stock, $0.01 par value, 1,350,000,000 and 700,000,000 shares authorized and 628,942,092 and 536,669,722 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2021 and December 31, 2020 Consolidated Balance Sheets (amounts in thousands, except share and per share data) 7

VICI Q4 2021 Supplemental Financial & Operating Data December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Assets Real estate portfolio: Investments in leases - sales-type, net 13,136,664$ 13,124,209$ 13,098,853$ 13,054,135$ Investments in leases - financing receivables, net 2,644,824 2,640,399 2,643,648 2,628,422 Investments in loans, net 498,002 523,897 505,262 515,251 Land 153,576 153,576 157,365 158,046 Cash and cash equivalents 739,614 669,514 407,522 322,530 Other assets 424,693 437,209 406,898 406,617 Total assets 17,597,373$ 17,548,804$ 17,219,548$ 17,085,001$ Liabilities Debt, net 4,694,523$ 4,692,032$ 6,772,903$ 6,769,211$ Accrued expenses and deferred revenue 113,530 125,188 83,428 79,907 Dividends payable 226,309 226,300 177,114 177,089 Other liabilities 375,837 376,498 451,034 459,102 Total liabilities 5,410,199 5,420,018 7,484,479 7,485,309 Stockholders' equity Common stock 6,289 6,289 5,370 5,370 Preferred stock — — — — Additional paid-in capital 11,755,069 11,752,852 9,366,561 9,364,294 Accumulated other comprehensive income (loss) 884 — (70,815) (80,143) Retained earnings 346,026 290,966 355,524 232,038 Total VICI stockholders' equity 12,108,268 12,050,107 9,656,640 9,521,559 Non-controlling interest 78,906 78,679 78,429 78,133 Total stockholders' equity 12,187,174 12,128,786 9,735,069 9,599,692 Total liabilities and stockholders' equity 17,597,373$ 17,548,804$ 17,219,548$ 17,085,001$ Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) 8

VICI Q4 2021 Supplemental Financial & Operating Data Impact to net income related to non-cash change in allowance for credit losses - CECL (4,899)$ 16,563$ 19,554$ (244,517)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.01)$ 0.03$ 0.03$ (0.48)$ Diluted (0.01)$ 0.03$ 0.03$ (0.48)$ Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Revenues Income from sales-type and direct financing leases 294,635$ 289,087$ 1,167,972$ 1,007,508$ Income from operating leases — — — 25,464 Income from lease financing receivables and loans 72,664 70,321 283,242 153,017 Other income 6,911 7,091 27,808 15,793 Golf revenues 8,944 6,519 30,546 23,792 Total revenues 383,154 373,018 1,509,568 1,225,574 Operating expenses General and administrative 9,030 8,101 33,122 30,661 Depreciation 771 741 3,091 3,731 Other expenses 6,911 7,091 27,808 15,793 Golf expenses 5,881 4,451 20,762 17,632 Change in allowance for credit losses 4,899 (16,563) (19,554) 244,517 Transaction and acquisition expenses 713 981 10,402 8,684 Total operating expenses 28,205 4,802 75,631 321,018 Interest expense (70,437) (77,420) (392,390) (308,605) Interest income 45 52 120 6,795 Loss from extinguishment of debt — — (15,622) (39,059) Gain upon lease modification — — — 333,352 Income before income taxes 284,557 290,848 1,026,045 897,039 Income tax expense (759) (436) (2,887) (831) Net income 283,798 290,412 1,023,158 896,208 Less: Net income attributable to non-controlling interest (2,319) (2,402) (9,307) (4,534) Net income attributable to common stockholders 281,479$ 288,010$ 1,013,851$ 891,674$ Net income per common share Basic 0.45$ 0.54$ 1.80$ 1.76$ Diluted 0.44$ 0.53$ 1.76$ 1.75$ Weighted average number of shares of common stock outstanding Basic 628,632,771 536,333,632 564,467,362 506,140,642 Diluted 637,407,750 541,935,681 577,066,292 510,908,755 Consolidated Statements of Operations (amounts in thousands, except share and per share data) 1. Refer to Note 5 – Allowance for Credit Losses within our Annual Report on Form 10-K for the year ended December 31, 2021 for further details. 2. For the year ended December 31, 2020, gain upon lease modification of $333.4mm resulted from the reclassifications of the Caesars Lease Agreements upon the consummation of the Eldorado Transaction on July 20, 2020. As a result, we recorded the investments at their estimated fair values as of the modification date and recognized a net gain equal to the difference in fair value of the assets and their carrying values immediately prior to the modification. 9 1 1 2

VICI Q4 2021 Supplemental Financial & Operating Data Impact to net income related to non-cash change in allowance for credit losses - CECL (4,899)$ (9,031)$ 29,104$ 4,380$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic (0.01)$ (0.02)$ 0.05$ 0.01$ Diluted (0.01)$ (0.02)$ 0.05$ 0.01$ Three Months Ended December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Revenues Income from sales-type and direct financing leases 294,635$ 292,059$ 291,132$ 290,146$ Income from operating leases — — — — Income from lease financing receivables and loans 72,664 70,205 69,996 70,377 Other income 6,911 6,936 6,987 6,974 Golf revenues 8,944 6,504 8,285 6,813 Total revenues 383,154 375,704 376,400 374,310 Operating expenses General and administrative 9,030 8,379 7,628 8,085 Depreciation 771 771 757 792 Other expenses 6,911 6,936 6,987 6,974 Golf expenses 5,881 5,143 5,232 4,506 Change in allowance for credit losses 4,899 9,031 (29,104) (4,380) Transaction and acquisition expenses 713 177 791 8,721 Total operating expenses 28,205 30,437 (7,709) 24,698 Interest expense (70,437) (165,099) (79,806) (77,048) Interest income 45 26 30 19 Loss from extinguishment of debt — (15,622) — — Income before income taxes 284,557 164,572 304,333 272,583 Income tax expense (759) (388) (1,256) (484) Net income 283,798 164,184 303,077 272,099 Less: Net income attributable to non-controlling interest (2,319) (2,322) (2,368) (2,298) Net income attributable to common stockholders 281,479$ 161,862$ 300,709$ 269,801$ Net income per common share Basic 0.45$ 0.29$ 0.56$ 0.50$ Diluted 0.44$ 0.28$ 0.54$ 0.50$ Weighted average number of shares of common stock outstanding Basic 628,632,771 555,153,692 536,692,167 536,480,505 Diluted 637,407,750 571,894,545 554,438,981 544,801,802 Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) 1. Refer to Note 5 – Allowance for Credit Losses within our Annual Report on Form 10-K for the year ended December 31, 2021 for further details. 10 1 1

VICI Q4 2021 Supplemental Financial & Operating Data 2021 2020 2021 2020 Net income attributable to common stockholders 281,479$ 288,010$ 1,013,851$ 891,674$ Real estate depreciation — — — — Funds From Operations (FFO)1 281,479 288,010 1,013,851 891,674 Non-cash leasing and financing adjustments (31,363) (27,977) (119,426) (39,803) Non-cash change in allowance for credit losses 4,899 (16,563) (19,554) 244,517 Non-cash stock-based compensation 2,304 2,013 9,371 7,388 Transaction and acquisition expenses 713 981 10,402 8,684 Amortization of debt issuance costs and original issue discount 20,729 4,368 71,452 19,872 Other depreciation 742 710 2,970 3,615 Capital expenditures (852) (218) (2,490) (2,200) Loss on extinguishment of debt and interest rate swap settlements2 — — 79,861 39,059 Non-cash gain upon lease modification — — — (333,352) Non-cash adjustments attributable to non-controlling interest 227 340 1,000 (3,650) Adjusted Funds From Operations (AFFO)1 278,878 251,664 1,047,437 835,804 Interest expense, net 49,663 73,000 256,579 281,938 Income tax expense 759 436 2,887 831 Adjusted EBITDA1 329,300$ 325,100$ 1,306,903$ 1,118,573$ Net income per common share Basic 0.45$ 0.54$ 1.80$ 1.76$ Diluted 0.44$ 0.53$ 1.76$ 1.75$ FFO per common share Basic 0.45$ 0.54$ 1.80$ 1.76$ Diluted 0.44$ 0.53$ 1.76$ 1.75$ AFFO per common share Basic 0.44$ 0.47$ 1.86$ 1.65$ Diluted 0.44$ 0.46$ 1.82$ 1.64$ Weighted average number of shares of common stock outstanding Basic 628,632,771 536,333,632 564,467,362 506,140,642 Diluted 637,407,750 541,935,681 577,066,292 510,908,755 Three Months Ended December 31, Year Ended December 31, Non‐GAAP Financial Measures 1. See definitions of Non-GAAP Financial Measures on page 26 of this presentation. 2. For the year ended December 31, 2021, includes swap breakage costs of approximately $64.2 million incurred in connection with the early settlement of the outstanding interest rate swap agreements. (amounts in thousands, except share and per share data) 11

VICI Q4 2021 Supplemental Financial & Operating Data Three Months Ended December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Net income attributable to common stockholders 281,479$ 161,862$ 300,709$ 269,801$ Real estate depreciation — — — Funds From Operations (FFO)1 281,479 161,862 300,709 269,801 Non-cash leasing and financing adjustments (31,363) (30,865) (29,346) (27,852) Non-cash change in allowance for credit losses 4,899 9,031 (29,104) (4,380) Non-cash stock-based compensation 2,304 2,395 2,395 2,277 Transaction and acquisition expenses 713 177 791 8,721 Amortization of debt issuance costs and original issue discount 20,729 34,098 9,934 6,691 Other depreciation 742 742 726 760 Capital expenditures (852) (131) (274) (1,233) Loss on extinguishment of debt and interest rate swap settlements2 — 79,861 — — Non-cash adjustments attributable to non-controlling interest 227 250 296 227 Adjusted Funds From Operations (AFFO)1 278,878 257,420 256,127 255,012 Interest expense, net 49,663 66,736 69,842 70,338 Income tax expense 759 388 1,256 484 Adjusted EBITDA1 329,300$ 324,544$ 327,225$ 325,834$ Net income per common share Basic 0.45$ 0.29$ 0.56$ 0.50$ Diluted 0.44$ 0.28$ 0.54$ 0.50$ FFO per common share Basic 0.45$ 0.29$ 0.56$ 0.50$ Diluted 0.44$ 0.28$ 0.54$ 0.50$ AFFO per common share Basic 0.44$ 0.46$ 0.48$ 0.48$ Diluted 0.44$ 0.45$ 0.46$ 0.47$ Weighted average number of shares of common stock outstanding Basic 628,632,771 555,153,692 536,692,167 536,480,505 Diluted 637,407,750 571,894,545 554,438,981 544,801,802 1. See definitions of Non-GAAP Financial Measures on page 26 of this presentation. 2. For the three months ended September 30, 2021, includes swap breakage costs of approximately $64.2 million incurred in connection with the early settlement of the outstanding interest rate swap agreements. Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) 12

VICI Q4 2021 Supplemental Financial & Operating Data 2021 2020 2021 2020 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 103,923$ 100,052$ 405,879$ 316,857$ Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 122,127 128,405 506,810 509,805 Margaritaville Lease 5,865 5,886 23,469 23,515 Greektown Lease 12,830 13,889 53,085 55,556 Hard Rock Lease 11,010 10,848 43,554 42,910 Century Master Lease 6,311 6,250 25,250 25,000 Caesars Southern Indiana Lease 8,125 — 10,562 — Income from sales-type and direct financing leases non-cash adjustment 24,444 23,757 99,363 33,865 Income from sales-type and direct financing leases 294,635 289,087 1,167,972 1,007,508 Contractual revenue from operating leases Land component of Caesars Palace — — — 25,464 Income from operating leases — — — 25,464 Contractual revenue from lease financing receivables JACK Entertainment Master Lease 16,470 16,470 65,880 61,807 Harrah's NOLA, AC, and Laughlin 39,470 38,884 156,701 69,519 Income from lease financing receivables non-cash adjustment 6,929 4,247 20,427 6,018 Income from lease financing receivables 62,869 59,601 243,008 137,344 Contractual interest income JACK Entertainment Loan 40 1,663 3,614 5,165 Caesars Forum Convention Center Loan 8,029 7,871 31,408 8,983 Chelsea Piers Loan 1,200 1,213 4,763 1,605 Great Wolf Mezzanine Loan 537 — 813 — Income from loans non-cash adjustment (11) (27) (364) (80) Income from loans 9,795 10,720 40,234 15,673 Income from lease financing receivables and loans 72,664 70,321 283,242 153,017 Other income 6,911 7,091 27,808 15,793 Golf revenues 8,944 6,519 30,546 23,792 Total revenues 383,154$ 373,018$ 1,509,568$ 1,225,574$ Three Months Ended December 31, Year Ended December 31, Revenue Detail 1. On September 3, 2021, in connection with EBCI’s acquisition of the operations of Caesars Southern Indiana, VICI entered into a triple-net lease agreement with EBCI, and the annual base rent payment under the Caesars Regional Master Lease was reduced by $32.5 million. 2. Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (amounts in thousands, except share and per share data) 2 2 2 13 1

VICI Q4 2021 Supplemental Financial & Operating Data Three Months Ended December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 103,923$ 100,652$ 100,652$ 100,652$ Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 122,127 126,603 129,040 129,040 Margaritaville Lease 5,865 5,866 5,866 5,872 Greektown Lease 12,830 12,829 13,537 13,889 Hard Rock Lease 11,010 10,848 10,848 10,848 Century Master Lease 6,311 6,313 6,313 6,313 Caesars Southern Indiana Lease 8,125 2,437 - - Income from sales-type and direct financing leases non-cash adjustment 24,444 26,511 24,876 23,532 Income from sales-type and direct financing leases 294,635 292,059 291,132 290,146 Contractual revenue from lease financing receivables JACK Entertainment Master Lease 16,470 16,470 16,470 16,470 Harrah's NOLA, AC, and Laughlin 39,470 39,077 39,077 39,077 Income from lease financing receivables non-cash adjustment 6,929 4,631 4,522 4,345 Income from lease financing receivables 62,869 60,178 60,069 59,892 Contractual interest income JACK Entertainment Loan 40 940 1,001 1,633 Caesars Forum Convention Center Loan 8,029 7,893 7,786 7,700 Chelsea Piers Loan 1,200 1,200 1,187 1,176 Great Wolf Mezzanine Loan 537 271 5 — Income from loans non-cash adjustment (11) (277) (52) (24) Income from loans 9,795 10,027 9,927 10,485 Income from lease financing receivables and loans 72,664 70,205 69,996 70,377 Other income 6,911 6,936 6,987 6,974 Golf revenues 8,944 6,504 8,285 6,813 Total revenues 383,154$ 375,704$ 376,400$ 374,310$ Revenue Detail – Quarterly (amounts in thousands, except share and per share data) 1. On September 3, 2021, in connection with EBCI’s acquisition of the operations of Caesars Southern Indiana, VICI entered into a triple-net lease agreement with EBCI, and the annual base rent payment under the Caesars Regional Master Lease was reduced by $32.5 million. 2. Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. 2 2 14 2 1

VICI Q4 2021 Supplemental Financial & Operating Data Assets Per Lease Locations Annualized Rent Annualized Contractual Rent Caesars Las Vegas Master Lease 2 Las Vegas $422.2 Caesars Regional Master Lease (including Harrah's NOLA, AC, and Laughlin) & Joliet Lease 16 Regional 649.6 Margaritaville Lease 1 Regional 23.8 Greektown Lease 1 Regional 51.3 Hard Rock Cincinnati Lease 1 Regional 44.0 Century Master Lease 3 Regional 25.5 JACK Entertainment Master Lease 2 Regional 67.2 Caesars Southern Indiana Lease 1 Regional 32.5 The Venetian Lease 1 Las Vegas 250.0 Total Annualized Contractual Rent 28 $1,566.2 Borrower Principal Balance Interest Rate Final Maturity Date Annualized Income from Loans Annualized Contractual Income from Loans Caesars Forum Convention Center Loan Caesars Entertainment $400.0 7.9% 9/18/2025 $31.4 Chelsea Piers Loan Chelsea Piers New York 65.0 7.0% 8/31/2027 4.6 Great Wolf Mezzanine Loan Great Wolf Resorts 33.6 8.0% 7/9/2026 2.7 Total Annualized Contractual Income from Loans $498.6 $38.7 Total Annualized Contractual Rent and Income from Loans $1,604.8 Annualized Contractual Rent and Income from Loans ($ in millions, as of February 2022) 1. On February 23, 2022, the Company completed the previously announced acquisition of the Venetian Resort. 2. Final maturity assumes all extension options are exercised; however, the loans may be repaid, subject to certain conditions, prior to such date. 3. The interest rate of the Caesars Forum Convention Center Mortgage Loan is subject to 2.0% annual escalation. 15 3 2 1

VICI Q4 2021 Supplemental Financial & Operating Data 2022 Guidance For the Year Ending December 31, 2022: Low High Estimated Adjusted Funds From Operations (AFFO) $1,317.0 $1,347.0 Estimated Adjusted Funds From Operations (AFFO) per diluted share $1.80 $1.84 Estimated Weighted Average Share Count at Year End (in millions) 733.7 733.7 2022 Guidance The Company is providing preliminary AFFO guidance for the full year 2022. The Company's guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions (e.g., the pending acquisition of MGP), capital markets activity, or other non-recurring transactions. The Company’s guidance incorporates the impact on operating results of the just-announced closure of the Venetian Resort Las Vegas acquisition, and the settlement of an aggregate 119,000,000 shares that were subject to the September 2021 and March 2021 forward sale agreements. The Company estimates AFFO for the year ending December 31, 2022 will be between $1,317.0 million and $1,347.0 million, or between $1.80 and $1.84 per diluted share. The following is a summary of the Company's full-year 2022 guidance: In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable GAAP financial measure. For more information, see “Non-GAAP Financial Measures.” The Company is unable to provide a reconciliation of its stated AFFO guidance to net income attributable to common stockholders because it is unable to predict with reasonable certainty the amount of the change in non-cash allowance for credit losses under ASU No. 2016-13 - Financial Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future period. The non-cash change in allowance for credit losses under ASC 326 with respect to a future period is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including its tenants’ respective financial performance, fluctuations in the trading price of their common stock, credit ratings and outlook (each to the extent applicable), as well as broader macroeconomic performance. Based on past results, the impact of these adjustments could be material, individually or in the aggregate, to the Company's reported GAAP results. The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this presentation. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. ($ in millions, except per share data) 16

VICI Q4 2021 Supplemental Financial & Operating Data Debt Maturity Date Interest Rate Interest Frequency Credit Rating Moody’s/S&P/Fitch Balance as of December 31, 2021 % of Total Prepayment Option Senior Unsecured Notes 2/15/2025 3.500% Semi-Annually Ba3 / BB / BB 750,000 16% NC 2 Senior Unsecured Notes 12/1/2026 4.250% Semi‐Annually Ba3 / BB / BB 1,250,000 26% NC 3 Senior Unsecured Notes 2/15/2027 3.750% Semi-Annually Ba3 / BB / BB 750,000 16% NC 3 Senior Unsecured Notes 12/1/2029 4.625% Semi‐Annually Ba3 / BB / BB 1,000,000 21% NC 5 Senior Unsecured Notes 8/15/2030 4.125% Semi-Annually Ba3 / BB / BB 1,000,000 21% NC 5 Senior Secured Revolving Credit Facility 1 5/15/2024 L+2.000% Monthly - - - ‐ Total Debt 4.105% $4,750,000 100% Fixed Rate $4,750,000 100% Variable Rate - - Equity Shares Outstanding as of 12/31/2021 628,942,092 Share Price as of 12/31/2021 $30.11 Equity Market Capitalization $18,937,446 Enterprise Value Total Debt plus Equity Market Capitalization $23,687,446 Less: Cash & Cash Equivalents 739,614 Total Enterprise Value $22,947,832 Total Liquidity Senior Secured Revolving Credit Facility Capacity 1 $1,000,000 Outstanding Forward Sale Agreements (Equity Issuance Price as of 12/31/2021) 2 3,222,142 Cash & Cash Equivalents 739,614 Total Liquidity as of 12/31/2021 $4,961,756 1. Subsequent to year end, on February 8, 2022, we terminated our $1.0 billion senior secured revolving credit facility and entered into a new $2.5 billion unsecured revolving credit facility and $1.0 billion unsecured delayed draw term loan facility. Refer to Note 7 - Debt within our Annual Report on Form 10-K for the year ended December 31, 2021 for further details. 2. Subsequent to year end, on February 18, 2022, we settled the March 2021 and September 2021 forward sale agreements by issuing 119.0 million shares for total net proceeds of $3,219.2 million. Capitalization ($ in thousands, except share and per share data, as of December 31, 2021) 17

VICI Q4 2021 Supplemental Financial & Operating Data Portfolio Diversification1 1. Based on annualized contractual rent. 2. On February 23, 2022, the Company completed the previously announced acquisition of the Venetian Resort. 3. Pro forma for the pending acquisition of MGM Growth Properties LLC and related transactions (the "MGP Transactions") and MGM’s pending disposition of the operations of The Mirage Hotel & Casino (the “Mirage”) to Hard Rock both of which are subject to customary closing conditions and regulatory approvals. Please refer to page 23 for additional details. Assumes MGM Master Lease rent is allocated to Las Vegas and Regional properties based on pro rata 2019A Adjusted EBITDAR performance of the operations at the properties according to MGM. 18 At Formation (2017) As of February 2022 2 GEOGRAPHIC DIVERSIFICATION ACROSS 15 STATES Pro Forma for MGP Transactions 3 74% 26% Regional Las Vegas 55% 45% Regional Las Vegas 57% 43% Las Vegas Regional LONG-TERM PARTNERSHIPS WITH 8 TENANTS 100% 68% 16% 5% 4% 3% 2% 2% 42% 36% 10% 5% 3% 3% 1%1% At Formation (2017) As of February 2022 2 Pro Forma for MGP Transactions 3

VICI Q4 2021 Supplemental Financial & Operating Data Property Overview Major MSAs Served Property Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot Machines Table Games Hotel Rooms Chicago Horseshoe Hammond Hammond, IN 1,716 117 -- 1,260 110 -- Harrah's Joliet1 Joliet, IL 1,011 39 6 1,090 30 200 Cincinnati Hard Rock Cincinnati Cincinnati, OH 450 100 33 1,800 100 -- Cleveland JACK Cleveland Cleveland, OH 294 96 -- 1,330 120 -- JACK Thistledown Racino North Randall, OH 644 57 -- 1,480 -- -- Dallas Horseshoe Bossier City Bossier City, LA 1,419 28 22 1,140 70 600 Margaritaville Bossier City Bossier City, LA 380 30 -- 1,109 50 395 Detroit Greektown Casino Detroit, MI 2,200 100 14 2,365 62 400 Kansas City Harrah's North Kansas City North Kansas City, MO 1,435 60 13 770 60 390 Las Vegas Caesars Palace Las Vegas Las Vegas, NV 8,579 124 300 1,560 170 3,970 Harrah's Las Vegas Las Vegas, NV 4,100 89 24 1,310 90 2,540 The Venetian Resort2 Las Vegas, NV 16,970 225 2,300 1,480 210 7,100 Laughlin Harrah’s Laughlin Laughlin, NV 1,413 56 7 600 40 1,510 Louisville Caesars Southern Indiana Elizabeth, IN 2,510 74 24 660 80 500 Memphis Horseshoe Tunica Robinsonville, MS 1,008 63 20 980 100 510 Nashville Harrah's Metropolis Metropolis, IL 474 24 -- 450 20 260 New Orleans Harrah's Gulf Coast Biloxi, MS 1,031 31 -- 630 30 500 Harrah’s New Orleans New Orleans, LA 1,180 101 47 1,380 100 450 Omaha Harrah's Council Bluffs Council Bluffs, IA 790 21 6 480 20 250 Horseshoe Council Bluffs Council Bluffs, IA 632 60 -- 1,370 60 150 Pittsburgh Mountaineer Casino New Cumberland, WV 890 72 70 1,127 34 357 19 1. Owned by Harrah's Joliet Lando LLC, a joint venture of which a subsidiary of VICI is the 80% owner and managing member. 2. On February 23, 2022, the Company completed the previously announced acquisition of the Venetian Resort.

VICI Q4 2021 Supplemental Financial & Operating Data Property Overview (Continued) Major MSAs Served Property Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot Machines Table Games Hotel Rooms Philadelphia Caesars Atlantic City Atlantic City, NJ 3,816 113 29 2,130 150 1,140 Harrah’s Atlantic City Atlantic City, NJ 4,470 156 125 2,040 160 2,590 Harrah’s Philadelphia Chester, PA 2,000 111 12 2,270 70 -- San Francisco / Sacramento Harvey's Lake Tahoe Lake Tahoe, NV 1,670 51 19 310 50 740 Harrah's Lake Tahoe Stateline, NV 1,057 54 18 770 60 510 St. Louis Century Casino Cape Girardeau Cape Girardeau, MO 170 42 8 844 23 -- Century Casino Caruthersville Caruthersville, MO 90 21 12 523 9 -- Total VICI Properties 17 MSAs 28 Properties 12 States 62,399 2,113 3,109 33,255 2,078 25,062 Golf Courses Cascata Golf Course Boulder City, NV 37 -- -- -- -- -- Rio Secco Golf Course Henderson, NV 30 -- -- -- -- -- Grand Bear Golf Course Saucier, MS 5 -- -- -- -- -- Chariot Run Golf Course Laconia, IN 5 -- -- -- -- -- 20

VICI Q4 2021 Supplemental Financial & Operating Data Summary of Current Lease Terms 1. Regional Master Lease consists of 16 Caesars properties leased from VICI and the Las Vegas Master Lease consists of Caesars Palace Las Vegas and Harrah’s Las Vegas. 2. Cash rent amounts are presented prior to accounting for the portion of rent payable to the 20% JV partner at Harrah’s Joliet. After adjusting for the portion of rent payable to the 20% JV partner, Current Annual Cash Rent is $641.2 million. 3. Starting in lease year 5, if the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. 4. Rent adjustments in the Regional Master Lease and Las Vegas Master Lease occur in lease years based on a lease commencement date of October 6, 2017. 5. Upon the consummation of the Eldorado Transaction, the Caesars Lease Agreements were extended such that each lease has a full 15-year initial lease term from the date of consummation. Caesars Regional Master Lease and Joliet Lease1 Caesars Las Vegas Master Lease1 Margaritaville Bossier City Lease Greektown Lease Hard Rock Cincinnati Lease Tenant Caesars Entertainment Caesars Entertainment Penn National Gaming Penn National Gaming Hard Rock Entertainment Annual Cash Rent as of Feb. 2022 $649.6 Million2 $422.2 Million $23.8 Million $51.3 Million $44.0 Million Current Lease Year Nov. 1, 2021 – Oct. 31, 2022 Lease Year 5 Nov. 1, 2021 – Oct. 31, 2022 Lease Year 5 Feb. 1, 2022 – Jan. 31, 2023 Lease Year 4 June 1, 2021 – May 31, 2022 Lease Year 3 Oct. 1, 2021 – Sept. 30, 2022 Lease Year 3 Annual Escalator 1.5% in years 2-5 >2% / change in CPI thereafter, subject to 2% floor >2% / change in CPI, subject to 2% floor 2% for Building Base Rent ($17.2 Million) 2% for Building Base Rent ($42.8 Million) 1.5% in years 2-4 > 2.0% / change in CPI thereafter3 Coverage Floor None None Net Revenue to Rent Ratio: 6.1x beginning in year 2 Net Revenue to Rent Ratio to be mutually agreed upon prior to the commencement of lease year 4 None Rent Adjustment4 Year 8: 70% Base / 30% Variable Year 11 & 16: 80% Base / 20% Variable Year 8, 11 & 16: 80% Base / 20% Variable Percentage (Variable) Rent adjusts every 2 years beginning in year 3 Percentage (Variable) Rent adjusts every 2 years beginning in year 3 Year 8: 80% Base (subject to escalator) / 20% Variable Variable Rent Adjustment Mechanic4 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 4% of the average net revenues for trailing 2-year period less threshold amount 4% of the average net revenues for trailing 2-year period less threshold amount 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 1-3 Term 18-year initial term with four 5-year renewal options5 15-year initial term with four 5-year renewal options Guarantor Caesars Entertainment, Inc. Caesars Entertainment, Inc. Penn National Gaming Penn National Gaming Seminole Hard Rock Entertainment, Inc. Capex $405.2mm (together with CPLV) required over rolling 3-year period at $114.5mm minimum per year ($311mm allocated to regional assets, $84mm allocated to CPLV, and $10.2mm allocated by the tenant) CPLV: $84mm (included in the $405.2mm required under Regional Master Lease) over rolling 3-year period HLV: $171mm between 2017 and 2021; Capex at 1% of net revenue thereafter Minimum 1% of Net Revenue based on a four-year average Minimum 1% of Net Revenue based on a four-year average Minimum 1% of Net Revenues 21

VICI Q4 2021 Supplemental Financial & Operating Data Summary of Current Lease Terms (Continued) 1. As amended on October 4, 2021. Commencing April 1, 2022, rent will increase by $1.8 million in connection with the funding of a new gaming patio amenity at JACK Thistledown Racino. 2. On February 23, 2022, the Company completed the previously announced acquisition of the Venetian Resort. 3. Lease year 1 ends on the earlier of (i) February 28, 2024 and (ii) the first day of the first month following the month in which the net revenue of the Venetian Resort for the trailing 12 months equals or exceeds 2019 net revenue. 4. With respect to Lease Year 0, for the period Caesars Southern Indiana was closed in 2020 due to COVID-19, the Caesars Southern Indiana Lease will provide for the use of 2019 net revenues, pro rated for the period of such closure. 5. Minimum of $30 million includes amounts spent on the gaming patio amenity at JACK Thistledown Racino, gaming equipment and the May Company Garage from the period commencing April 1, 2019 until December 31, 2022. 22 Century Master Lease JACK Cleveland / Thistledown Master Lease1 Caesars Southern Indiana Lease Venetian Resort Lease2 Tenant Century Casinos JACK Entertainment Eastern Band of Cherokee Indians Affiliate of Apollo Global Management Inc. Annual Cash Rent as of Feb. 2022 $25.5 Million $67.2 Million1 $32.5 Million $250.0 Million Current Lease Year Jan. 1, 2022 – Dec. 31, 2022 Lease Year 3 Feb. 1, 2022 – Jan. 31, 2023 Lease Year 3 Sept. 3, 2021 – Aug. 31, 2022 Lease Year 1 Feb. 23, 2022 - Per Lease3 Lease Year 1 Annual Escalator 1.0% in years 2-3 > 1.25% / change in CPI thereafter 1.0% in years 3 1.5% in years 4-6 > 1.5% / change in CPI thereafter (capped at 2.5%) 1.5% in years 2-5 >2% / change in CPI thereafter >2% / change in CPI (capped at 3%), beginning in year 2 Coverage Floor Net Revenue to Rent Ratio: 7.5x beginning in year 6 None None None Rent Adjustment Year 8 & 11: 80% Base (subject to escalator) / 20% Variable None Year 8 & 11: 80% Base (subject to escalator) / 20% Variable None Variable Rent Adjustment Mechanic 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 1-3 Year 11: Avg. of years 8-10 less avg. of years 5-7 None 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-24 Year 11: Avg. of years 8-10 less avg. of years 5-7 None Term 15-year initial term with four 5-year renewal options Initial term of 20 years with three 5-year renewals 15-year initial term with four 5-year renewals 30-year initial term with two 10-year renewals Guarantor Century Casinos, Inc. Rock Ohio Ventures LLC Eastern Band of Cherokee Indians Las Vegas Sands Corp. provides contingent lease payment support through 2023, which will terminate after (i) 2022 if 2022 EBITDAR ≥ $550mm or (ii) a change of control occurs Capex Minimum 1% of Net Revenue on a rolling three-year basis for each individual facility; 1% of Net Gaming Revenue per fiscal year for the facilities collectively Initial minimum of $30 million in first 3 years; 1% of Net Revenues beginning in lease year 4, based on a rolling three-year basis5 1% of annual Net Revenue 2.0% of net revenue annually (exclusive of gaming equipment) on a rolling three-year basis with ramp up

VICI Q4 2021 Supplemental Financial & Operating Data Recently Announced Transaction Activity 1. Subject to regulatory approvals and customary closing conditions. 2. On December 13, 2021, in connection with MGM’s agreement to sell the operations of the Mirage to Hard Rock, VICI has agreed to enter into a separate lease with Hard Rock related to the land and real estate assets of the Mirage, subject to customary closing conditions, regulatory approvals and the closing of the MGP Transactions. Upon closing of the transaction, the MGM Master Lease will be amended to reflect the removal of the Mirage and initial annual rent payments will be reduced by $90.0 million. ($ in millions, unless otherwise noted) Property / Target Announcement Date Status Rent Purchase Price Tenant Pending Acquisition MGM Growth Properties’ Portfolio1 $1,009.2 ~$17.2 billionExpected H1 2022 MGM Resorts International 23 8/4/2021 • Mirage Lease2 $90.0 N/A Real estate acquisition expected H1 2022; Hard Rock acquisition of Mirage OpCo expected H2 2022 Hard Rock International 12/13/2021 • BREIT JV Master Lease $149.2 N/AExpected H1 2022 MGM Resorts International 8/4/2021 • MGM Master Lease $770.0 ($860 million less $90 million attributable to the Mirage2) N/AExpected H1 2022 MGM Resorts International 8/4/2021 MGM Growth Properties Leases

VICI Q4 2021 Supplemental Financial & Operating Data Investment & Capital Markets Activities ($ in millions, unless otherwise noted) Financing Activities Entered into New Unsecured Credit Facility • On February 8, 2022, entered into a new $2.5 billion unsecured revolving credit facility and $1.0 billion unsecured delayed draw term loan facility and concurrently terminated our secured $1.0 billion revolving credit facility Interest Rate Swap Agreements • On December 23, 2021, entered into a $500.0 million interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates • Subsequent to year end, entered into $1,500.0 million of additional swaps Exchange Offer and Consent Solicitation • On September 27, 2021, announced successful early tender and participation results of the exchange offers and consent solicitation for MGP's $4.2 billion of unsecured notes Repaid Secured Term Loan B Facility • On September 15, 2021, repaid in full the $2.1 billion secured Term Loan B facility and terminated related swap agreements $3.4 billion Follow-On Equity Offering at $29.50 per share • On September 14, 2021, issued 65.0 million shares with the remaining 50.0 million shares to be issued upon settlement of the forward sale agreements $2.0 billion Follow-On Equity Offering at $29.00 per share • On March 3, 2021, offered 69.0 million shares to be issued upon settlement of the forward sale agreements Forward Sale Agreement Settlements • On February 18, 2022, settled 50.0 million shares from the September 2021 forward sale agreements and 69.0 million shares from the March 2021 forward sale agreements • On September 9, 2021, settled the remaining 26.9 million shares from the June 2020 forward sale agreement Debt Capital Markets Equity Capital Markets Recently Completed Dispositions Harrah’s Louisiana Downs 9/3/2020 No Change to Rent under Regional Master Lease N/A ~$5.511/1/2021 N/A Great Wolf Mezzanine Loan 7/20/2021 6/16/2021 $2.72 8.0% $79.52 Great Wolf Resorts Caesars Southern Indiana 12/24/2020 $32.51 N/A N/A9/3/2021 Eastern Band of Cherokee Indians Property / Loan Announcement Date Closing Date Rent / Income Multiple / Cap Rate / Yield Price / Proceeds / Loan Size Tenant / Borrower Recently Completed Transactions 24 The Venetian Resort 3/3/2021 $250.0 6.25% $4,000.02/23/2022 Affiliate of Apollo Global Management, Inc. 1. Annual rent payment under the Regional Master Lease with Caesars was commensurately reduced by $32.5 million upon the consummation of this transaction. 2. Expect to fund the entire $79.5 million commitment by mid-2022. As of December 31, 2021, $33.6 million has been disbursed.

VICI Q4 2021 Supplemental Financial & Operating Data Embedded Growth Pipeline Location / Jurisdiction Las Vegas Strip Anderson, IN Shelbyville, IN LV Strip Baltimore, MD New York, NY Danville, VA Casino Space Sq.Ft. 68,400 72,300 95,300 64,500 32,900 55,300 105,100 -- 122,000 -- -- # of Tables 70 110 100 110 60 28 61 -- 210 -- -- # of Slots 940 1,120 980 1,070 780 1,710 2,070 -- 2,200 -- -- # of Rooms 2,810 3,450 2,920 2,520 2,250 -- -- -- -- -- -- Highlights • Opportunity to expand presence on Las Vegas Strip and potential to diversify tenant base • Highly attractive Indianapolis market with the potential for growth from table games • Bolsters Las Vegas asset base with newly built, world class convention center • Furthers geographic diversification with urban core real estate • Iconic experiential asset with diverse revenue streams expands VICI’s investment universe • Geographical diversification with a new asset in a recently legalized state with limited casino licenses Terms • Two ROFRs on Las Vegas Strip assets to be sold by Caesars (whether as a “WholeCo” or “OpCo/PropCo” sale) – First asset can only be Bally's, Flamingo, Paris or Planet Hollywood – Second asset can be from the same group plus The LINQ • 13.0x call / 12.5x put3, commencing on Jan. 1, 2022 and expiring on Dec. 31, 2024 • 13.0x put3 from Jan. 1, 2024 to Dec. 31, 2024 • 13.0x call3 from Sept. 18, 2025 to Dec. 31, 2026 • ROFR on a sale leaseback of the real estate related to Horseshoe Baltimore • Agreement with Chelsea Piers for the life of the loan, subject to a minimum of 5 years, that could lead to a longer- term financing partnership in the future • ROFR on a sale leaseback of the real estate related to the development of a new casino resort in Danville, VA Put / Call Agreements Two Las Vegas Strip ROFRs1 Horseshoe Baltimore ROFR1,2 First Asset Second Asset 1. Caesars does not have a contractual obligation to sell the properties subject to the ROFR agreements and will make an independent financial decision regarding whether to trigger the ROFR agreements, and VICI will make an independent financial decision whether to purchase the properties. 2. Subject to any consent required from Caesars’ applicable joint venture partners. 3. Multiples based on initial annual rent. Chelsea Piers New York Caesars Virginia ROFR1,2 25

VICI Q4 2021 Supplemental Financial & Operating Data 26 Definitions of Non-GAAP Financial Measures FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by the National Association of Real Estate Investment Trusts (Nareit), we define FFO as net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other nonrecurring non-cash transactions (such as non-cash gain upon lease modification) and non-cash adjustments attributable to noncontrolling interest with respect to certain of the foregoing. We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense and interest income (collectively, interest expense, net) and income tax expense. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.