EX-99.2 3 vici4q23financialsupplem.htm EX-99.2
Supplemental Financial & Operating Data Fourth Quarter and Full Year Ended December 31, 2023 Exhibit 99.2

2Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “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: the impact of changes in general economic conditions and market developments, including inflation, interest rates, supply chain disruptions, consumer confidence levels, changes in consumer spending, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; the impact of increased interest rates on us, including our ability to successfully pursue investments in, and acquisitions of, additional properties and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our pending and recently closed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that our pending and any future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate the pending transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants relating to our funding of “same store” capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund; our ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; our borrowers’ ability to repay their outstanding loan obligations to us; our dependence on the gaming industry; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our REIT taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors’ historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness 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 inability to successfully pursue investments in, and acquisitions of, additional properties; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, 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 impact of changes to the U.S. federal income tax laws; the possibility of adverse tax consequences as a result of our pending or recently completed transactions, including tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending or recently completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters, war, political and public health conditions or uncertainty or civil unrest, violence or terrorist activities or threats on our properties and changes in economic conditions or heightened travel security and health measures instituted in response to these events; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; our reliance on distributions received from our subsidiaries, including VICI Properties OP LLC (“VICI OP”), to make distributions to our stockholders; the potential impact on the amount of our cash distributions if we were to sell any of our properties in the future; 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. 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, 2023, 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. Tenant, Borrower and Other Company Information The Company makes no representation as to the accuracy or completeness of the information regarding its tenants, including Bowlero Corp. (“Bowlero”), Caesars Entertainment, Inc. (“Caesars”), Century Casinos, Inc. (“Century Casinos”), Chelsea Piers in New York City (“Chelsea Piers”), Cherokee Nation Entertainment, L.L.C. (“CNE”), the Eastern Band of Cherokee Indians (“EBCI”), Foundation Gaming and Entertainment LLC (“Foundation Gaming”), Seminole Hard Rock Entertainment, Inc. (“Hard Rock”), JACK Ohio LLC (“JACK Entertainment”), MGM Resorts International (“MGM”), PENN Entertainment, Inc. (“PENN Entertainment”), PURE Canadian Gaming Corp. (“PURE Canadian”), and an affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (“Venetian Las Vegas Tenant”), borrowers and other companies included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC and MGM, as the parent and guarantor of MGM Lessee, LLC, the Company's significant lessees, have been filed with the Securities and Exchange Commission (“SEC”). Certain financial and other information for our tenants, guarantors, borrowers and other companies included in this presentation have been derived from their respective filings, if and as applicable, and other publ icly 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 and Trademark Information This presentation may contain estimates and information concerning the Company's industry, including market position, rent growth, corporate governance, and other analyses 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 a variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. The brands operated at our properties are trademarks of their respective owners. None of these owners nor any of their respective officers, directors, agents or employees have approved any disclosure contained in this presentation or are responsible or liable for the content of this presentation. 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, 2023 unless otherwise indicated. DISCLAIMERS

3Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA TABLE OF CONTENTS Corporate Overview………………………………………………………………………….. 4 Portfolio & Financial Highlights……………………………………………………………... 5 Consolidated Balance Sheets………………………………………………………………. 6-7 Consolidated Statement of Operations……………………………….…………………… 8-9 Non-GAAP Financial Measures…………………………………………………………….. 10-11 Revenue Detail……………………………………………………………………………….. 12-13 Annualized Contractual Rent and Income from Loans………………………………....... 14 2024 Guidance……………………………………………………………………………….. 15 Capitalization & Key Credit Metrics………………………………………………………… 16 Debt Detail……………………………………………………………………………………. 17 Geographic Diversification…………………………………………………………………. 18 Summary of Current Lease Terms…………………………………………………………. 19-22 Investment Activity…………………………………………………………………………… 23 Capital Markets Activity……………………………………………………………………… 24 Gaming Embedded Growth Pipeline………………………………………………………. 25 Other Experiential Embedded Growth Pipeline…..………………………………………. 26 Analyst Coverage…………………………………………………………………………….. 27 Definitions of Non-GAAP Financial Measures…………………………….…………….... 28

4Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CORPORATE OVERVIEW VICI Properties Inc. is an S&P 500® 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, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple- net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, and Kalahari Resorts. VICI Properties also owns four championship golf courses and 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com. Senior Management Board of Directors Contact Information Edward Pitoniak Chief Executive Officer & Director John Payne President & Chief Operating Officer David Kieske Executive Vice President, Chief Financial Officer & Treasurer Samantha Gallagher Executive Vice President, General Counsel & Secretary Gabriel Wasserman Senior Vice President, Chief Accounting Officer Kellan Florio Senior Vice President, Chief Investment Officer Moira McCloskey Senior Vice President, Capital Markets James Abrahamson* Director, Chairman of the Board Diana Cantor* Director, Audit Committee Chair Monica Douglas* Director Elizabeth Holland* Director, Nominating & Governance Committee Chair Craig Macnab* Director, Compensation Committee Chair Edward Pitoniak Director, Chief Executive Officer Michael Rumbolz* Director Note: * Denotes independent director Corporate Headquarters – VICI Properties Inc. 535 Madison Avenue, 20th Floor New York, New York 10022 (646) 949-4631 Public Markets Detail Ticker: VICI Exchange: NYSE Transfer Agent – Computershare 7530 Lucerne Drive, Suite 305 Cleveland, OH 44130 (800) 962‐4284 www.computershare.com Website www.viciproperties.com LinkedIn www.linkedin.com/company/vici-properties-inc Investor Relations investors@viciproperties.com

5Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Dec. 31, 2023 Sept. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Net Income Per Common Share Basic $0.72 $0.55 $0.69 $0.52 Diluted $0.72 $0.55 $0.69 $0.52 Funds From Operations Per Common Share Basic $0.72 $0.55 $0.69 $0.52 Diluted $0.72 $0.55 $0.69 $0.52 Adjusted Funds From Operations Per Common Share Basic $0.55 $0.54 $0.54 $0.53 Diluted $0.55 $0.54 $0.54 $0.53 Net Income Attributable to Common Stockholders $747,769 $556,329 $690,702 $518,740 Adjusted EBITDA Attributable to Common Stockholders $749,550 $726,406 $723,414 $710,302 Annualized Dividend Per Share $1.66 $1.66 $1.56 $1.56 Dividend Yield at Period End 5.2% 5.7% 5.0% 4.8% PORTFOLIO & FINANCIAL HIGHLIGHTS (1) See "Non‐GAAP Financial Measures" on pages 10-11 of this presentation for reconciliations and "Definitions of Non-GAAP Financial Measures" on page 28 of this presentation for the definitions of these Non‐GAAP Financial Measures. (2) Inclusive of all tenant renewal options based on annualized cash rent. (3) LQA Net Leverage defined as Total Debt less Cash & Cash Equivalents divided by last quarter annualized (“LQA”) Adjusted EBITDA for the quarter ended December 31, 2023. See page 16 for more information and reconciliations on this metric. LTM Net Leverage for the period ended December 31, 2023 was 5.7x. ($ amounts in thousands, except share, per share, portfolio and property data) Financial Highlights as of December 31, 2023 Shares Outstanding 1,042,702,763 Third-Party Partnership Units Outstanding 13,054,659 Share Price $31.88 Equity Market Capitalization $33,657,547 Total Debt $17,123,804 Cash & Cash Equivalents $522,574 Total Enterprise Value $50,258,777 LQA Net Leverage Ratio(3) 5.5x Summary Capitalization Portfolio Highlights 54 Gaming Properties 33 Acres of Undeveloped and Underdeveloped Land around the Las Vegas Strip 26 States & 1 Canadian Province 41.6 Year Weighted Average Lease Term as of December 31, 2023(2) 100% Occupancy Rate 13 Tenants with 80% of Rent from Publicly Traded Tenants Moody’s S&P Fitch Ba1 / Stable Outlook BBB- / Stable Outlook BBB- / Stable Outlook Credit Ratings (1) (1) (1) 39 Other Experiential Properties 4 Golf Courses

6Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CONSOLIDATED BALANCE SHEETS ($ amounts in thousands, except share and per share data) December 31, 2023 December 31, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 23,015,931$ 17,172,325$ Investments in leases - financing receivables, net 18,211,102 16,740,770 Investments in loans and securities, net 1,144,177 685,793 Investment in unconsolidated affiliate — 1,460,775 Land 150,727 153,560 Cash and cash equivalents 522,574 208,933 Short-term investments — 217,342 Other assets 1,015,330 936,328 Total assets 44,059,841$ 37,575,826$ Liabilities Debt, net 16,724,125$ 13,739,675$ Accrued expenses and deferred revenue 227,241 213,388 Dividends and distributions payable 437,599 380,178 Other liabilities 1,013,102 952,472 Total liabilities 18,402,067 15,285,713 Stockholders' equity 10,427 9,631 — — Additional paid-in capital 24,125,872 21,645,499 Accumulated other comprehensive income 153,870 185,353 Retained earnings 965,762 93,154 Total VICI stockholders' equity 25,255,931 21,933,637 Non-controlling interests 401,843 356,476 Total stockholders' equity 25,657,774 22,290,113 Total liabilities and stockholders' equity 44,059,841$ 37,575,826$ Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,042,702,763 and 963,096,563 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2023 and December

7Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CONSOLIDATED BALANCE SHEETS – QUARTERLY ($ amounts in thousands) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Assets Real estate portfolio: Investments in leases - sales-type, net 23,015,931$ 22,889,984$ 22,655,164$ 22,579,820$ Investments in leases - financing receivables, net 18,211,102 17,337,665 17,144,528 17,051,187 Investments in loans and securities, net 1,144,177 973,217 627,259 886,524 Investment in unconsolidated affiliate — — — — Land 150,727 150,727 150,727 153,560 Cash and cash equivalents 522,574 510,884 738,793 247,673 Short-term investments — — — — Other assets 1,015,330 969,672 934,139 934,049 Total assets 44,059,841$ 42,832,149$ 42,250,610$ 41,852,813$ Liabilities Debt, net 16,724,125$ 16,692,728$ 16,624,197$ 16,606,240$ Accrued expenses and deferred revenue 227,241 222,430 210,534 221,283 Dividends and distributions payable 437,599 426,861 397,480 396,212 Other liabilities 1,013,102 954,448 933,824 954,543 Total liabilities 18,402,067 18,296,467 18,166,035 18,178,278 Stockholders' equity Common stock 10,427 10,168 10,074 10,042 Preferred stock — — — — Additional paid-in capital 24,125,872 23,316,140 23,014,913 22,910,509 Accumulated other comprehensive income 153,870 186,241 173,670 170,441 Retained earnings 965,762 652,402 518,059 220,254 Total VICI stockholders' equity 25,255,931 24,164,951 23,716,716 23,311,246 Non-controlling interests 401,843 370,731 367,859 363,289 Total stockholders' equity 25,657,774 24,535,682 24,084,575 23,674,535 Total liabilities and stockholders' equity 44,059,841$ 42,832,149$ 42,250,610$ 41,852,813$

8Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Revenues Income from sales-type leases 506,217$ 386,293$ 1,980,178$ 1,464,245$ Income from lease financing receivables, loans and securities 396,813 355,685 1,519,516 1,041,229 Other income 18,283 17,818 73,326 59,629 Golf revenues 10,552 10,110 38,968 35,594 Total revenues 931,865 769,906 3,611,988 2,600,697 Operating expenses General and administrative 15,256 15,029 59,603 48,340 Depreciation 1,586 811 4,298 3,182 Other expenses 18,283 17,818 73,326 59,629 Golf expenses 8,215 6,272 27,089 22,602 Change in allowance for credit losses (63,295) (30,965) 102,824 834,494 Transaction and acquisition expenses 4,632 3,287 8,017 22,653 Total operating expenses (15,323) 12,252 275,157 990,900 Income from unconsolidated affiliate — 21,916 1,280 59,769 Interest expense (205,175) (169,329) (818,056) (539,953) Interest income 7,776 5,633 23,970 9,530 Other gains 161 — 4,456 — Income before income taxes 749,950 615,874 2,548,481 1,139,143 Benefit from (provision for) income taxes 9,771 (1,032) 6,141 (2,876) Net income 759,721 614,842 2,554,622 1,136,267 Less: Net income attributable to non-controlling interests (11,952) (10,789) (41,082) (18,632) Net income attributable to common stockholders 747,769$ 604,053$ 2,513,540$ 1,117,635$ Net income per common share Basic 0.72$ 0.63$ 2.48$ 1.27$ Diluted 0.72$ 0.63$ 2.47$ 1.27$ Weighted average number of shares of common stock outstanding Basic 1,036,702,399 962,580,619 1,014,513,195 877,508,388 Diluted 1,037,834,052 965,299,406 1,015,776,697 879,675,845 Impact to net income related to non-cash change in allowance for credit losses - CECL 63,295$ 30,965$ (102,824)$ (834,494)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.06$ 0.03$ (0.10)$ (0.95)$ Diluted 0.06$ 0.03$ (0.10)$ (0.95)$ CONSOLIDATED STATEMENT OF OPERATIONS ($ amounts in thousands, except share and per share data) (1) (1) Refer to Note 5 – Allowance for Credit Losses within our Annual Report on Form 10-K for the year ended December 31, 2023. (1)

9Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenues Income from sales-type leases 506,217$ 500,212$ 495,355$ 478,394$ Income from lease financing receivables, loans and securities 396,813 378,502 373,132 371,069 Other income 18,283 18,179 18,525 18,339 Golf revenues 10,552 7,425 11,146 9,845 Total revenues 931,865 904,318 898,158 877,647 Operating expenses General and administrative 15,256 14,422 14,920 15,005 Depreciation 1,586 1,011 887 814 Other expenses 18,283 18,179 18,525 18,339 Golf expenses 8,215 6,332 6,590 5,952 Change in allowance for credit losses (63,295) 95,997 (41,355) 111,477 Transaction and acquisition expenses 4,632 3,566 777 (958) Total operating expenses (15,323) 139,507 344 150,629 Income from unconsolidated affiliate — — — 1,280 Interest expense (205,175) (204,927) (203,594) (204,360) Interest income 7,776 7,341 5,806 3,047 Other gains (losses) 161 (1,122) 3,454 1,963 Income before income taxes 749,950 566,103 703,480 528,948 Benefit from (provision for) income taxes 9,771 (644) (1,899) (1,087) Net income 759,721 565,459 701,581 527,861 Less: Net income attributable to non-controlling interests (11,952) (9,130) (10,879) (9,121) Net income attributable to common stockholders 747,769$ 556,329$ 690,702$ 518,740$ Net income per common share Basic 0.72$ 0.55$ 0.69$ 0.52$ Diluted 0.72$ 0.55$ 0.69$ 0.52$ Weighted average number of shares of common stock outstanding Basic 1,036,702,399 1,012,986,784 1,006,893,810 1,001,526,645 Diluted 1,037,834,052 1,013,589,640 1,007,968,422 1,003,831,325 Impact to net income related to non-cash change in allowance for credit losses - CECL 63,295$ (95,997)$ 41,355$ (111,477)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.06$ (0.09)$ 0.04$ (0.11)$ Diluted 0.06$ (0.09)$ 0.04$ (0.11)$ CONSOLIDATED STATEMENT OF OPERATIONS – QUARTERLY (1) Refer to Note 5 – Allowance for Credit Losses within our Annual Report on Form 10-K for the year ended December 31, 2023. ($ amounts in thousands, except share and per share data) (1) (1)

10Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Net income attributable to common stockholders 747,769$ 604,053$ 2,513,540$ 1,117,635$ Real estate depreciation — — — — Joint venture depreciation and non-controlling interest adjustments — 10,093 1,426 27,146 Funds From Operations (FFO) attributable to common stockholders(1) 747,769 614,146 2,514,966 1,144,781 Non-cash leasing and financing adjustments (131,800) (107,109) (515,488) (337,631) Non-cash change in allowance for credit losses (63,295) (30,965) 102,824 834,494 Non-cash stock-based compensation 4,019 3,627 15,536 12,986 Transaction and acquisition expenses 4,632 3,287 8,017 22,653 Amortization of debt issuance costs and original issue discount 16,807 10,301 70,452 48,595 Other depreciation 1,299 780 3,741 3,060 Capital expenditures (1,080) (709) (2,842) (1,802) Gain on extinguishment of debt and interest rate swap settlements — — — (5,405) Other gains(2) (161) — (4,456) — Deferred income tax benefit (10,426) — (10,426) — Joint venture non-cash adjustments and non-controlling interest adjustments 2,650 (5,759) 4,716 (27,930) Adjusted Funds From Operations (AFFO) attributable to common stockholders(1) 570,414 487,599 2,187,040 1,693,801 Interest expense, net 180,592 153,395 723,634 487,233 Income tax expense 655 1,032 4,285 2,876 Joint venture adjustments and non-controlling interest adjustments (2,111) 11,568 (5,287) 30,755 Adjusted EBITDA attributable to common stockholders(1) 749,550$ 653,594$ 2,909,672$ 2,214,665$ Net income per common share Basic 0.72$ 0.63$ 2.48$ 1.27$ Diluted 0.72$ 0.63$ 2.47$ 1.27$ FFO per common share Basic 0.72$ 0.64$ 2.48$ 1.30$ Diluted 0.72$ 0.64$ 2.48$ 1.30$ AFFO per common share Basic 0.55$ 0.51$ 2.16$ 1.93$ Diluted 0.55$ 0.51$ 2.15$ 1.93$ Weighted average number of shares of common stock outstanding Basic 1,036,702,399 962,580,619 1,014,513,195 877,508,388 Diluted 1,037,834,052 965,299,406 1,015,776,697 879,675,845 NON-GAAP FINANCIAL MEASURES ($ amounts in thousands, except share and per share data) (1) See definitions of Non-GAAP Financial Measures on page 28 of this presentation. (2) Represents non-cash foreign currency remeasurement adjustments and gain on sale of land.

11Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Net income attributable to common stockholders 747,769$ 556,329$ 690,702$ 518,740$ Real estate depreciation — — — — Joint venture depreciation and non-controlling interest adjustments — — — 1,426 Funds From Operations (FFO) attributable to common stockholders(1) 747,769 556,329 690,702 520,166 Non-cash leasing and financing adjustments (131,800) (131,344) (129,510) (122,834) Non-cash change in allowance for credit losses (63,295) 95,997 (41,355) 111,477 Non-cash stock-based compensation 4,019 4,019 4,031 3,467 Transaction and acquisition expenses 4,632 3,566 777 (958) Amortization of debt issuance costs and original issue discount 16,807 17,283 16,680 19,682 Other depreciation 1,299 833 826 783 Capital expenditures (1,080) (444) (330) (988) Other (gains) losses(2) (161) 1,122 (3,454) (1,963) Deferred income tax benefit (10,426) — — — Joint venture non-cash adjustments and non-controlling interest adjustments 2,650 253 2,040 (227) Adjusted Funds From Operations (AFFO) attributable to common stockholders(1) 570,414 547,614 540,407 528,605 Interest expense, net 180,592 180,303 181,108 181,631 Income tax expense 655 644 1,899 1,087 Joint venture adjustments and non-controlling interest adjustments (2,111) (2,155) — (1,021) Adjusted EBITDA attributable to common stockholders(1) 749,550$ 726,406$ 723,414$ 710,302$ Net income per common share Basic 0.72$ 0.55$ 0.69$ 0.52$ Diluted 0.72$ 0.55$ 0.69$ 0.52$ FFO per common share Basic 0.72$ 0.55$ 0.69$ 0.52$ Diluted 0.72$ 0.55$ 0.69$ 0.52$ AFFO per common share Basic 0.55$ 0.54$ 0.54$ 0.53$ Diluted 0.55$ 0.54$ 0.54$ 0.53$ Weighted average number of shares of common stock outstanding Basic 1,036,702,399 1,012,986,784 1,006,893,810 1,001,526,645 Diluted 1,037,834,052 1,013,589,640 1,007,968,422 1,003,831,325 NON-GAAP FINANCIAL MEASURES – QUARTERLY (1) See definitions of Non-GAAP Financial Measures on page 28 of this presentation. (2) Represents non-cash foreign currency remeasurement adjustments and gain on sale of land. ($ amounts in thousands, except share and per share data)

12Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 136,067$ 129,544$ 534,923$ 497,731$ Caesars Las Vegas Master Lease 116,076 110,932 456,933 427,600 MGM Grand/Mandalay Bay Lease 77,468 — 302,326 — The Venetian Resort Las Vegas Lease 64,375 62,500 256,250 212,798 PENN Greektown Lease 13,214 12,830 52,215 51,320 Hard Rock Cincinnati Lease 11,541 11,176 45,069 44,206 EBCI Southern Indiana Lease 8,370 8,247 33,152 32,663 Century Master Lease (excluding Century Canadian Portfolio) 10,740 6,376 34,210 25,504 PENN Margaritaville Lease 6,615 5,953 26,239 23,784 Income from sales-type leases non-cash adjustment 61,751 38,735 238,861 148,639 Income from sales-type leases 506,217 386,293 1,980,178 1,464,245 Contractual income from lease financing receivables MGM Master Lease 186,150 211,855 744,733 574,967 Harrah's NOLA, AC, and Laughlin 43,974 41,866 172,872 160,855 JACK Entertainment Master Lease 17,511 17,251 69,956 68,442 Hard Rock Mirage Lease 22,500 3,145 90,000 3,145 CNE Gold Strike Lease 10,000 — 35,000 — Foundation Master Lease 6,063 652 24,252 652 PURE Master Lease 3,996 — 15,909 — Century Canadian Portfolio 3,176 — 4,063 — Bowlero Master Lease 6,371 — 6,371 — Chelsea Piers Lease 903 — 903 — Income from lease financing receivables non-cash adjustment 70,072 68,379 276,697 188,993 Income from lease financing receivables 370,716 343,148 1,440,756 997,054 Contractual interest income Senior secured notes 2,399 — 7,246 — Senior secured loans 7,607 9,801 28,002 37,524 Mezzanine loans & preferred equity 16,114 2,741 43,582 6,651 Income from loans non-cash adjustment (23) (5) (70) - Income from loans and securities 26,097 12,537 78,760 44,175 Income from lease financing receivables, loans and securities 396,813 355,685 1,519,516 1,041,229 Other income 18,283 17,818 73,326 59,629 Golf revenues 10,552 10,110 38,968 35,594 Total revenues 931,865$ 769,906$ 3,611,988$ 2,600,697$ REVENUE DETAIL (1) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (2) Assets are part of the Caesars Regional Master Lease. (3) Assets are part of the Century Master Lease. ($ amounts in thousands) (1) (1) (1) (2) (3)

13Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Contractual income from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 136,067$ 132,952$ 132,952$ 132,952$ Caesars Las Vegas Master Lease 116,076 113,619 113,619 113,619 MGM Grand/Mandalay Bay Lease 77,468 77,468 77,468 69,922 The Venetian Resort Las Vegas Lease 64,375 64,375 64,375 63,125 PENN Greektown Lease 13,214 13,214 12,957 12,830 Hard Rock Cincinnati Lease 11,541 11,176 11,176 11,176 EBCI Southern Indiana Lease 8,370 8,288 8,247 8,247 Century Master Lease (excluding Century Canadian Portfolio) 10,740 9,740 6,865 6,865 PENN Margaritaville Lease 6,615 6,615 6,615 6,394 Income from sales-type leases non-cash adjustment 61,751 62,765 61,081 53,264 Income from sales-type leases 506,217 500,212 495,355 478,394 Contractual income from lease financing receivables MGM Master Lease 186,150 186,150 184,933 187,500 Harrah's NOLA, AC, and Laughlin 43,974 42,966 42,966 42,966 JACK Entertainment Master Lease 17,511 17,511 17,511 17,423 Hard Rock Mirage Lease 22,500 22,500 22,500 22,500 CNE Gold Strike Lease 10,000 10,000 10,000 5,000 Foundation Master Lease 6,063 6,063 6,063 6,063 PURE Master Lease 3,996 4,054 4,050 3,809 Century Canadian Portfolio 3,176 887 — — Bowlero Master Lease 6,371 — — — Chelsea Piers Lease 903 — — — Income from lease financing receivables non-cash adjustment 70,072 68,586 68,462 69,577 Income from lease financing receivables 370,716 358,717 356,485 354,838 Contractual interest income Senior secured notes 2,399 2,344 2,395 108 Senior secured loans 7,607 4,565 5,566 10,264 Mezzanine loans & preferred equity 16,114 12,883 8,719 5,866 Income from loans non-cash adjustment (23) (7) (33) (7) Income from loans and securities 26,097 19,785 16,647 16,231 Income from lease financing receivables, loans and securities 396,813 378,502 373,132 371,069 Other income 18,283 18,179 18,525 18,339 Golf revenues 10,552 7,425 11,146 9,845 Total revenues 931,865$ 904,318$ 898,158$ 877,647$ REVENUE DETAIL – QUARTERLY (1) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (2) Assets are part of the Caesars Regional Master Lease. (3) Assets are part of the Century Master Lease. ($ amounts in thousands) (1) (1) (1) (2) (3)

14Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS (1) Includes rent or a portion of rent collected in CAD, assuming an exchange rate of C$1:00:US$0.76 as of December 31, 2023. ($ amounts in millions USD) Caesars 40% MGM 35% Venetian 9% Hard Rock 4% PENN 3% JACK 2% Century Casinos(1) 2% Cherokee Nation 1% EBCI 1% Bowlero 1% Foundation <1% Chelsea Piers <1% PURE Canadian(1) <1% Partnerships with 13 Tenants Assets Per Lease Tenant Annualized Rent as of February 2024 Annualized Contractual Rent MGM Master Lease 11 MGM Resorts International $744.6 Caesars Regional Master Lease & Joliet Lease 16 Caesars Entertainment 728.4 Caesars Las Vegas Master Lease 2 Caesars Entertainment 469.2 MGM Grand/Mandalay Bay Master Lease 2 MGM Resorts International 309.9 The Venetian Resort Las Vegas Lease 1 Venetian Las Vegas Tenant 257.5 Hard Rock Mirage Lease 1 Hard Rock Entertainment 91.8 JACK Entertainment Master Lease 2 JACK Entertainment 71.1 Century Master Lease(1) 8 Century Casinos 56.9 PENN Greektown Lease 1 PENN Entertainment 52.9 Hard Rock Cincinnati Lease 1 Hard Rock Entertainment 46.2 CNE Gold Strike Lease 1 Cherokee Nation Entertainment 40.0 EBCI Southern Indiana Lease 1 Eastern Band of Cherokee Indians 33.5 Bowlero Master Lease 38 Bowlero 31.6 PENN Margaritaville Lease 1 PENN Entertainment 26.8 Foundation Gaming Master Lease 2 Foundation Gaming 24.5 Chelsea Piers Lease 1 Chelsea Piers 24.0 PURE Canadian Master Lease(1) 4 PURE Canadian Gaming 16.7 Totals 93 $3,025.5 Total Commitments Principal Balance as of December 31, 2023 Blended Interest Rate Annualized Income from Loans Annualized Contractual Income from Loans and Securities Senior Secured Notes $85.0 $85.0 11.0% $9.4 Senior Secured Loans 868.6 392.2 7.3% 28.6 Mezzanine Loans & Preferred Equity 977.7 698.9 9.8% 68.3 Totals $1,931.3 $1,176.1 9.0% $106.3 Total Annualized Contractual Rent and Income from Loans and Securities $3,131.8

15Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2024 GUIDANCE ($ amounts in millions, except per share data) The Company is providing preliminary AFFO guidance for the full year 2024. 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. In reliance on the exemption provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2023 AFFO to GAAP net income because we are 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 and as disclosed in the Company’s historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company’s reported GAAP results. For more information, see “Non-GAAP Financial Measures” on page 28 of this presentation. The Company estimates AFFO for the year ending December 31, 2024 will be between $2,320 million and $2,355 million, or between $2.22 and $2.25 per diluted common share. Guidance does not include the impact on operating results from any possible or pending future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The following is a summary of the Company’s full-year 2024 guidance: The above per share estimates reflect the dilutive effect of the 22,856,855 shares pending under the Q4 2023 and Q1 2024 ATM forward sale agreements as calculated under the treasury stock method. VICI partnership units held by third parties are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock. 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. 2024 Guidance For the Year Ending December 31, 2024: Low High Estimated Adjusted Funds From Operations (AFFO) $2,320.0 $2,355.0 Estimated Adjusted Funds From Operations (AFFO) per common diluted share $2.22 $2.25 Estimated Weighted Average Common Share Count at Year End (in millions) 1,046.0 1,046.0

16Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS – AS OF DEC. 31, 2023 (1) MGM and Bowlero hold third-party partnership units, which may be redeemed for cash or, at VICI's election, shares of common stock. (2) Revolver draws denominated in CAD and GBP, shown here in USD, refer to footnote 5 on slide 17 for additional information. (3) See "Non‐GAAP Financial Measures" on pages 10-11 of this presentation for the reconciliations, and "Definitions of Non-GAAP Financial Measures" on page 28 of this presentation for the definitions of these Non‐GAAP Financial Measures. (4) Estimated based on the forward sale price calculated as of December 31, 2023, and total amount of shares available for settlement under the Q4 2023 ATM Forward Sale Agreements. Subsequent to year end, in January 2024, VICI offered an additional 9,662,116 shares on a forward basis for additional estimated proceeds of $302.4 million upon settlement of the Q1 2024 forward sale agreements based on the initial forward sale price. Upon completion of this subsequent event, the Company had approximately $3.5 billion in liquidity. ($ amounts in thousands, except share and per share data) Capitalization Shares Outstanding 1,042,702,763 Third-Party Partnership Units Outstanding(1) 13,054,659 Share Price $31.88 Equity Market Capitalization $33,657,547 Revolving Credit Facility(2) 173,804 Senior Unsecured Notes 13,950,000 CMBS Debt 3,000,000 Total Debt $17,123,804 Total Market Capitalization $50,781,351 Less: Cash & Cash Equivalents 522,574 Total Enterprise Value $50,258,777 Q4’23 LQA Net Leverage Q4’23 Adj. EBITDA(3) $749,550 Annualized Q4’23 Adj. EBITDA 2,998,200 Net Debt 16,601,230 LQA Net Leverage Ratio 5.5x VICI Issuer Credit Ratings Moody’s: Ba1 / Stable Outlook S&P: BBB- / Stable Outlook Fitch: BBB- / Stable Outlook Investment Grade Bond Covenants Thresholds Actuals Total Net Debt to Adjusted Total Assets < 60% 39% Senior Secured Net Debt to Adjusted Total Assets < 40% 7% Interest Coverage Ratio > 1.5x 3.6x Total Unencumbered Assets to Unsecured Debt > 150% 273% Total Liquidity Revolving Credit Facility Capacity $2,326,196 Outstanding Forward Sale Agreement Proceeds(4) 382,192 Cash & Cash Equivalents 522,574 Total Liquidity $3,230,962

17Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA DEBT DETAIL (1) Carrying value shown net of unamortized original issue discount and unamortized debt issuance costs. (2) Holders of the senior notes, as well as the trustee under the governing indentures and the administrative agent and lenders under VICI's Credit Agreement, benefit from a limited pledge of the equity of VICI Properties L.P. (“VICI LP”). Refer to Note 7 - Debt within our Annual Report on Form 10-K for the year ended December 31, 2023. (3) Maturity date shown inclusive of applicable extension options. (4) Facility fees based on applicable total commitments (0.15%-0.375% depending on VICI LP’s ratings). (5) Based on one-month SOFR of 5.355%, one-month CDOR of 5.445%, and one-month SONIA of 5.197% as of December 29, 2023. SOFR and SONIA-based rate includes a credit spread adjustment. (6) Issued in exchange for senior notes originally issued by MGM Growth Properties Operating Partnership LP (“MGP OP”) pursuant to the related exchange offers, which settled on April 29, 2022 in connection with the closing of the MGP acquisition. Principal amounts listed include unexchanged MGP OP notes which remain outstanding, totaling $90.0 million in the aggregate. (7) Represents the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks. Refer to Note 8 – Derivatives within our Annual Report on Form 10-K for the year ended December 31, 2023. ($ amounts in thousands USD) As of December 31, 2023 Debt Maturity Date Coupon Rate Effective Rate Face Value % of Total Debt Carrying Value(1) Senior Unsecured Debt(2) $2.5Bn Revolving Credit Facility Borrowings in USD 3/31/2027(3) SOFR+1.05%(4) 6.505%(5) - - - Borrowings in CAD 3/31/2027(3) CDOR+1.05%(4) 6.495%(5) $162,346 0.9% $162,346 Borrowings in GBP 3/31/2027(3) SONIA+1.05%(4) 6.247%(5) $11,458 0.1% $11,458 2024 Bond Maturity 5.625% Notes(6) 5/1/2024 5.625% 5.625% $1,050,000 6.1% $1,051,279 2025 Bond Maturities 3.500% Notes 2/15/2025 3.500% 3.500% $750,000 4.4% $747,364 4.375% Notes 5/15/2025 4.375% 4.375% $500,000 2.9% $497,864 4.625% Notes(6) 6/15/2025 4.625% 4.625% $800,000 4.7% $790,641 2026 Bond Maturities 4.500% Notes(6) 9/1/2026 4.500% 4.500% $500,000 2.9% $486,521 4.250% Notes 12/1/2026 4.250% 4.250% $1,250,000 7.3% $1,241,678 2027 Bond Maturities 5.750% Notes(6) 2/1/2027 5.750% 5.750% $750,000 4.4% $756,800 3.750% Notes 2/15/2027 3.750% 3.750% $750,000 4.4% $744,762 2028 Bond Maturities 4.500% Notes(6) 1/15/2028 4.500% 4.500% $350,000 2.0% $339,689 4.750% Notes 2/15/2028 4.750% 4.516%(7) $1,250,000 7.3% $1,239,594 2029 Bond Maturities 3.875% Notes(6) 2/15/2029 3.875% 3.875% $750,000 4.4% $691,692 4.625% Notes 12/1/2029 4.625% 4.625% $1,000,000 5.8% $990,531 2030 Bond Maturities 4.950% Notes 2/15/2030 4.950% 4.541%(7) $1,000,000 5.8% $989,347 4.125% Notes 8/15/2030 4.125% 4.125% $1,000,000 5.8% $990,111 2032 Bond Maturity 5.125% Notes 5/15/2032 5.125% 3.980%(7) $1,500,000 8.8% $1,482,836 2052 Bond Maturity 5.625% Notes 5/15/2052 5.625% 5.625% $750,000 4.4% $735,854 Total Unsecured Debt - - - $14,123,804 82.5% $13,950,367 CMBS Debt 3/5/2032 3.558% 3.558% $3,000,000 17.5% $2,773,758 Weighted Average / Total as of Year End 4.49% 4.35%(5)(7) $17,123,804 100.0% $16,724,125 Fixed Rate Debt Outstanding 99.0% Weighted Average Years to Maturity 5.9 Years

18Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA GEOGRAPHIC DIVERSIFICATION (1) Based on annualized contractual rent as of February 2024. Diversified Portfolio: 26 States and 1 Canadian Province Gaming: 15 States and 1 Canadian Province (53% Regional, 46% Las Vegas, 1% International)(1) Other Experiential: 17 States (6 of Which Also Include Gaming) Alberta, Canada Gaming Other Experiential

19Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA MGM Master Lease Caesars Regional Master Lease and Joliet Lease(1) Caesars Las Vegas Master Lease(1) MGM Grand/Mandalay Bay Master Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment MGM Resorts International Annual Cash Rent as of February 2024 $744.6 million $728.4 million(2) $469.2 million $309.9 million Current Lease Year May 1, 2023 – Apr. 30, 2024 Lease Year 2 Nov. 1, 2023 – Oct. 31, 2024 Lease Year 7 Nov. 1, 2023 – Oct. 31, 2024 Lease Year 7 Mar. 1, 2023 – Feb. 29, 2024 Lease Year 4 Annual Escalator 2% in years 2-10 >2% / change in CPI thereafter (capped at 3%) >2% / change in CPI >2% / change in CPI(3) 2% in years 2-15 >2% / change in CPI thereafter (capped at 3%) Coverage Floor None None None None Rent Adjustment None Year 8: 70% Base / 30% Variable Year 11 & 16: 80% Base / 20% Variable Year 8, 11 & 16: 80% Base / 20% Variable None Variable Rent Adjustment Mechanic None 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 None Term 25-year initial term with three 10-year renewal options 18-year initial term with four 5-year renewal options 30-year initial term with two 10-year renewal options Guarantor MGM Resorts International Caesars Entertainment, Inc. Caesars Entertainment, Inc. MGM Resorts International Capex Minimum of 1% of net revenues Minimum of 1% of net revenue annually, with rolling three-year minimum (allocated among Caesars Palace and regional properties) Minimum of 1% of net revenue annually (Caesars Palace and Harrah’s Las Vegas), with rolling three-year minimum (allocated among Caesars Palace and regional properties) Minimum of 3.5% of net revenues based on 5-year rolling test (subject to minimum 2.5% for each property); 1.5% monthly reserves SUMMARY OF CURRENT LEASE TERMS (1) The Caesars Regional Master Lease and Joliet Lease consists of 16 Caesars properties leased from VICI and the Caesars 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 $718.2 million. (3) Annual rent escalation does not apply to $35 million of annual rent attributable to the Octavius Tower at Caesars Palace Las Vegas.

20Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) The Venetian Resort Las Vegas Lease Hard Rock Mirage Lease JACK Entertainment Master Lease Century Master Lease Tenant Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Hard Rock Entertainment JACK Entertainment Century Casinos Annual Cash Rent as of February 2024 $257.5 million $91.8 million $71.1 million $56.9 million(1) Current Lease Year Mar. 1, 2023 – Feb. 29, 2024 Lease Year 2 Jan. 1, 2024 – Dec. 31, 2024 Lease Year 2 Feb. 1, 2024 – Jan. 31, 2025 Lease Year 5 Jan. 1, 2024 – Dec. 31, 2024 Lease Year 5 Annual Escalator >2% / change in CPI (capped at 3%) 2% in years 2-10 >2% / change in CPI thereafter (capped at 3%) 1.5% in years 4-6 >1.5% / change in CPI thereafter (capped at 2.5%) >1.25% / change in CPI (Century Canadian Portfolio escalation based on Canadian CPI and capped at 2.5%) Coverage Floor None None None None Rent Adjustment None None None None Variable Rent Adjustment Mechanic None None None None Term 30-year initial term with two 10-year renewal options 25-year initial term with three 10-year renewal options 20-year initial term with three 5-year renewal options 24-year term with three 5-year renewal options Guarantor Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Seminole Hard Rock Entertainment, Inc. and Seminole Hard Rock International, LLC Rock Ohio Ventures LLC and JACK Investment Co., LLC Century Casinos, Inc. Capex Minimum of 2% of net revenues annually (exclusive of gaming equipment) on a rolling three-year basis with ramp up Minimum of 1% of net revenues Minimum of 1% of net revenues beginning January 1, 2025, based on a rolling three-year basis Minimum of 1% of net revenues on a rolling three-year basis for each individual facility; 1% of Net Revenues per fiscal year for the facilities collectively (1) Assumes an exchange rate of C$1:00:US$0.76 as of December 31, 2023.

21Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) (1) 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. (2) 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. PENN Greektown Lease Hard Rock Cincinnati Lease CNE Gold Strike Lease EBCI Southern Indiana Lease Tenant PENN Entertainment Hard Rock Entertainment Cherokee Nation Entertainment Eastern Band of Cherokee Indians Annual Cash Rent as of February 2024 $52.9 million $46.2 million $40.0 million $33.5 million Current Lease Year Jun. 1, 2023 – May 31, 2024 Lease Year 5 Oct. 1, 2023 – Sept. 30, 2024 Lease Year 5 May 1, 2023 – Apr. 30, 2024 Lease Year 2 Sept. 1, 2023 – Aug. 31, 2024 Lease Year 3 Annual Escalator 2% for Building Base Rent ($42.8 million) >2.0% / change in CPI(1) 2% in years 2-10 >2% / change in CPI thereafter (capped at 3%) 1.5% in years 2-5 >2% / change in CPI thereafter Coverage Floor Net Revenue to Rent Ratio to be mutually agreed upon prior to the commencement of lease year 6 None None None Rent Adjustment Percentage (Variable) Rent adjusts every 2 years beginning in year 6 None None Year 8 & 11: 80% Base (subject to escalator) / 20% Variable Variable Rent Adjustment Mechanic 4% of the average net revenues for trailing 2-year period less threshold amount None None 4% of net revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of years 0-2(2) Year 11: Avg. of years 8-10 less avg. of years 5-7 Term 15-year initial term with four 5-year renewal options 28-year initial term with three 10-year renewal options 25-year initial term with three 10-year renewal options 15-year initial term with four 5-year renewal options Guarantor PENN Entertainment, Inc. Seminole Hard Rock Entertainment, Inc. and Seminole Hard Rock International, LLC Cherokee Nation Businesses, L.L.C. The Eastern Band of Cherokee Indians Capex Minimum of 1% of net revenues based on a four-year average Minimum of 1% of net revenues Minimum of 1% of net revenues Minimum of 1% of net revenues annually

22Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) Bowlero Master Lease PENN Margaritaville Lease Foundation Gaming Master Lease Chelsea Piers Lease PURE Canadian Master Lease Tenant Bowlero PENN Entertainment Foundation Gaming Chelsea Piers PURE Canadian Gaming Annual Cash Rent as of February 2024 $31.6 million $26.8 million $24.5 million $24.0 million C$21.8 / US$16.7 million(1) Current Lease Year Oct. 19, 2023 – Oct. 31, 2024 Lease Year 1 Feb. 1, 2024 – Jan. 31, 2025 Lease Year 6 Jan. 1, 2024 – Dec. 31, 2024 Lease Year 2 Dec. 18, 2023 – Dec. 31, 2024 Lease Year 1 Feb. 1, 2024 – Jan. 31, 2025 Lease Year 2 Annual Escalator >2% / change in CPI (capped at 2.5%) 2% for Building Base Rent ($17.2 million) 1.0% in years 2-3 >1.5% / change in CPI thereafter (capped at 3%) 1.25% in lease year 3; 1.50% thereafter 1.25% in years 2-3 >1.5% / change in Canadian CPI thereafter (capped at 2.5%) Coverage Floor None Net Revenue to Rent Ratio: 6.1x None None None Rent Adjustment None Percentage (Variable) Rent adjusts every 2 years beginning in year 3 None None None Variable Rent Adjustment Mechanic None 4% of the average net revenues for trailing 2-year period less threshold amount None None None Term 25-year initial term with six 5- year renewal options 15-year initial term with four 5- year renewal options 15-year initial term with four 5- year renewal options 32-years with one 10-year extension option(2) 25-year initial term with four 5-year renewal options Guarantor Bowlero Corp. PENN Entertainment, Inc. Foundation Gaming & Entertainment, LLC Chelsea Piers Management Inc., Silver Screen LLC, North River Property LLC and Waterfront Services I LLC Parent entity of PURE Canadian Gaming Corp. Capex None Minimum of 1% of net revenues based on a four- year average Minimum of 1% of net revenue (excluding gaming equipment, IT etc.) annually on a rolling 3-year basis and a per-facility triennial capex requirement of 1% of three- year rolling net revenue Minimum of 2% of total revenues on a 5-year rolling average Minimum of 1% of net revenue (excluding gaming equipment, IT etc.) annually (1) Assumes an exchange rate of C$1:00:US$0.76 as of December 31, 2023. (2) The 10-year extension option remains conditioned upon extending the prime lease term with Hudson River Park Trust.

23Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA INVESTMENT ACTIVITY Note: Assumes exchange rate of C$1.00:US$0.76 as of December 31, 2023, where applicable. (1) The Company provided a £9 million (US$10.9 million) loan for the redevelopment of Cabot Highlands with an agreement in principle to provide additional development financing, subject to negotiation of definitive documentation and other deal terms. (2) The Century Canadian Portfolio has an initial annual base rent of C$17.3 million (US$13.1 million). (3) The PURE Canadian master lease has an initial annual base rent of C$21.8 million (US$16.7 million). Property / Loan Announcement Date Closing Date Rent / Income Cap Rate / Yield Transaction Size Tenant / Borrower / Issuer Recently Completed Transactions Homefield KC – Margaritaville Resort Development Loan 1/23/2024 1/18/2024 - - Up to $105.0 million Homefield Kansas City Chelsea Piers 12/19/2023 12/18/2023 $24.0 million 7.0% $342.9 million Chelsea Piers Cabot Highlands Delayed Draw Redevelopment Loan(1) 12/19/2023 10/31/2023 - - $10.9 million Cabot Highlands Cabot Saint Lucia Delayed Draw Development Loan 12/19/2023 11/3/2023 - - Up to $100.0 million Cabot Saint Lucia Kalahari Virginia Mezzanine Loan 12/07/23 12/06/23 - - Up to $212.2 million Kalahari Bowlero Portfolio 10/19/2023 10/19/2023 $31.6 million 7.3% $432.9 million Bowlero Corp. Century Canadian Portfolio 5/17/2023 9/6/2023 $13.1 million(2) 7.8% $162.5 million Century Casinos Canyon Ranch Mortgage Financing 7/26/2023 8/22/2023 - - $140.1 million Subsidiary of Canyon Ranch Canyon Ranch Preferred Equity Investment 7/26/2023 7/26/2023 - - Up to $150.0 million Canyon Ranch Rocky Gap Casino Resort 8/25/2022 7/25/2023 $15.5 million 7.6% $203.9 million Century Casinos Hard Rock Ottawa Senior Secured Notes - 3/28/2023 $9.4 million 11.0% $85.0 million H.R. Ottawa, L.P. Gold Strike Casino Resort 6/9/2022 2/15/2023 $40.0 million - - Cherokee Nation Entertainment Remaining 49.9% Interest in the MGM Grand / Mandalay Bay JV 12/1/2022 1/9/2023 $151.6 million - $2.8 billion MGM Resorts International PURE Canadian Portfolio 1/9/2023 1/6/2023 $16.7 million(3) 8.0% $200.8 million PURE Canadian Gaming

24Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITAL MARKETS ACTIVITY Note: Assumes exchange rate of C$1.00:US$0.76 and £1.00:US$1.27 as of December 31, 2023, where applicable. (1) Subsequent to year end, in January 2024, VICI offered 9,662,116 shares under its at-the-market offering program at a weighted average initial forward price of $31.61 per share to be issued upon settlement of the Q1 2024 forward sale agreements. (2) Facility fees based on applicable total commitments (0.15%-0.375% depending on VICI LP’s ratings). (3) Based on one-month SOFR of 5.355%, one-month CDOR of 5.445%, and one-month SONIA of 5.197% as of December 29, 2023. SOFR and SONIA-based rate includes a credit spread adjustment. (4) The $250.0 million drawn in USD was repaid in full on January 13, 2023. Forward Equity Offering Shares Sold Shares Settled Gross Offering Value Net Proceeds Received to Date Q1 2024 ATM Activity(1) 9,662,116 - $305.5 million - Q4 2023 ATM Activity 13,194,739 - $390.2 million - Q3 2023 ATM Activity 7,843,352 7,843,352 $242.3 million $238.7 million Q2 2023 ATM Activity 327,306 327,306 $10.6 million $10.4 million January 2023 Offering 30,302,500 30,302,500 $1.0 billion $960.5 million Equity Capital Markets Type of Debt Funding Date Coupon Rate Effective Rate Proceeds Received Repayment Revolving Credit Facility - GBP October 24, 2023 SONIA+1.05%(2) 6.247%(3) $11.5 million (£9 million) - Revolving Credit Facility – CAD August 31, 2023 CDOR+1.05%(2) 6.495%(3) $56.6 million (C$75.0 million) - Revolving Credit Facility – USD January 6, 2023 SOFR+1.05%(2) 6.505%(3) $250.0 million $250.0 million(4) Revolving Credit Facility – CAD January 3, 2023 CDOR+1.05%(2) 6.495%(3) $105.7 million (C$140.0 million) - Debt Capital Markets

25Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and ROFR Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreements. Put / Call Agreements Harrah’s Hoosier Park and Horseshoe Indianapolis: VICI has the right to call Harrah’s Hoosier Park and Horseshoe Indianapolis from Caesars at a 13.0x multiple (7.7% cap rate) of the initial annual rent of each facility in a sale leaseback transaction. Caesars has the right to put Harrah’s Hoosier Park and Horseshoe Indianapolis to VICI at a 12.5x multiple (8.0% cap rate) of the initial annual rent of each facility in a sale leaseback transaction. The put/call agreement can be exercised until December 31, 2024. Right of First Refusal (“ROFR”) Agreements Las Vegas Strip Assets(1): VICI has a ROFR to acquire the land and real estate assets of each of the first two of certain specified Las Vegas Strip assets should the properties be sold by Caesars, whether pursuant to an OpCo/PropCo or a WholeCo sale. The first property subject to the ROFR will be one of: Flamingo Las Vegas, Horseshoe Las Vegas, Paris Las Vegas and Planet Hollywood Resort & Casino. The second property subject to the ROFR will be selected from one of the aforementioned four properties plus The LINQ Hotel & Casino. (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. Caesars Forum Convention Center: VICI has the right to call the Caesars Forum Convention Center from Caesars at a 13.0x multiple (7.7% cap rate) of the initial annual rent in a sale leaseback transaction between September 18, 2025 and December 31, 2028. Caesars has the right to put the Caesars Forum Convention Center to VICI at a 13.0x multiple (7.7% cap rate) of the initial annual rent in a sale leaseback transaction between January 1, 2024 and December 31, 2024. Horseshoe Casino Baltimore(1)(2): VICI has a ROFR to enter into a sale leaseback transaction with respect to the land and real estate assets of Horseshoe Baltimore should the property be sold by Caesars. Caesars Virginia Development(1)(2): VICI has a ROFR to enter into a sale leaseback transaction with respect to the land and real estate assets associated with the development of a new casino resort in Danville, Virginia by Caesars and EBCI.

26Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA OTHER EXPERIENTIAL EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements, Purchase Right Agreements, and Right of First Offer Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreements. Canyon Ranch Lenox & Canyon Ranch Tucson: VICI has the right to call the real estate assets of each of Canyon Ranch Tucson in Tucson, Arizona and Canyon Ranch Lenox in Lenox, Massachusetts, at pre-negotiated terms in a sale-leaseback transaction following stabilization, subject to certain conditions. If the call right(s) are exercised, Canyon Ranch would continue to operate the applicable wellness resort(s) subject to a long-term triple-net master lease with VICI. Call Right Agreements Longer Term Financing Partnerships Canyon Ranch Austin: VICI has the right to call the real estate assets of Canyon Ranch Austin at pre-negotiated terms in a sale-leaseback transaction for up to 24 months following stabilization, subject to certain conditions. If the call right is exercised, Canyon Ranch would continue to operate Canyon Ranch Austin subject to a long-term triple-net master lease with VICI. Cabot Citrus Farms: In connection with VICI’s $120 million delayed draw term loan to Cabot, VICI entered into a purchase and sale agreement, pursuant to which VICI will convert a portion of the Cabot Citrus Farms loan into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that has an initial term of 25 years, with five 5-year tenant renewal options. Canyon Ranch: VICI entered into a right of first offer agreement on future financing opportunities with Canyon Ranch for funding of certain facilities until the earlier of five years from the commencement of the Canyon Ranch Austin lease or the date VICI is no longer landlord. On July 26, 2023, VICI further solidified its partnership with Canyon Ranch and entered into a right of first financing agreement pursuant to which VICI will have the first right, but not the obligation, to serve as the real estate capital financing partner for Canyon Ranch with respect to the acquisition, build-out and/or redevelopment of future greenfield and build-to-suit wellness resorts. Bowlero: In connection with VICI’s acquisition of the Bowlero Portfolio, the Bowlero master lease includes a right of first offer provision under which VICI has the right to acquire the real estate assets of any current or future Bowlero asset should Bowlero elect to enter into a sale-leaseback transaction in the first 8 years of the lease term. Homefield KC and Margaritaville Resort: VICI has the option to call the real estate assets of the new Homefield Training Facility, new Homefield Baseball Center, Homefield Sports and Training Complex – Olathe, and the Margaritaville Resort Kansas City, subject to certain conditions. If the call right is exercised, all of the properties, including the Margaritaville Resort, would be subject to a single long-term triple net master lease with VICI. Homefield: VICI entered into a right of first refusal agreement under which VICI has the right to acquire the real estate of any future Homefield properties in a sale-leaseback transaction if Homefield elects to monetize such assets. Cabot Highlands: In connection with VICI’s agreement in principle to provide additional financing for Cabot Highlands, VICI also agreed in principle to enter into a call right agreement to acquire a portion of the real estate assets upon stabilization of the resort, subject to negotiation of definitive documentation and other deal terms.

27Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANALYST COVERAGE Firm Analyst Phone Email BNP Paribas Nate Crossett (646) 725-3716 Nate.crossett@us.bnpparibas.com BofA Securities Shaun Kelley (646) 855-1005 Shaun.kelley@bofa.com Capital One Securities Dan Guglielmo (202) 213-6408 Daniel.guglielmo@capitalone.com CBRE John DeCree (702) 691-3213 John.decree@cbre.com Citi Smedes Rose (212) 816-6243 Smedes.rose@citi.com Deutsche Bank Carlo Santarelli (212) 250‐5815 Carlo.santarelli@db.com Evercore ISI Jim Kammert (312) 705-4233 James.kammert@evercoreisi.com Goldman Sachs Caitlin Burrows (212) 902-4736 Caitlin.burrows@gs.com Green Street Advisors Chris Darling (949) 640-8780 Cdarling@greenstreet.com Jefferies David Katz (212) 323-3355 Dkatz@jefferies.com JMP Securities Mitch Germain (212) 906-3537 Mgermain@jmpsecurities.com J.P. Morgan Anthony Paolone (212) 622-6682 Anthony.paolone@jpmorgan.com Keybanc Todd Thomas (917) 368-2286 Tthomas@key.com Macquarie Capital Chad Beynon (212) 231-2634 Chad.beynon@macquarie.com Mizuho Securities Haendel St. Juste (212) 205-7860 Haendel.st.juste@mizuhogroup.com Morgan Stanley Ronald Kamdem (212) 296-8319 Ronald.kamdem@morganstanley.com Raymond James RJ Milligan (727) 567-2585 Rjmilligan@raymondjames.com Robert W. Baird Wesley Golladay (216) 737-7510 Wgolladay@rwbaird.com Scotiabank Greg McGinniss (212) 225-6906 Greg.mcginniss@scotiabank.com Stifel Nicolaus Simon Yarmak (443) 224‐1345 Yarmaks@stifel.com Truist Securities Barry Jonas (212) 590-0998 Barry.jonas@truist.com Wedbush Rich Anderson (212) 938-9949 Richard.anderson@wedbush.com Wells Fargo Connor Siversky (212) 214-8069 Connor.siversky@wellsfargo.com Wolfe Research Andrew Rosivach (646) 582-9250 Arosivach@wolferesearch.com Firm Analyst Phone Email BofA Securities James Kayler (646) 855-9223 James.f.kayler@bofa.com Deutsche Bank Luis Chinchilla (212) 250-9980 Luis.chinchilla@db.com J.P. Morgan Mark Streeter (212) 834-5086 Mark.streeter@jpmorgan.com Covering Fixed Income Analysts Covering Equity Analysts

28Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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, (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 and (v) our proportionate share of such adjustments from our investment in unconsolidated affiliate. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate VICI’s performance. We calculate VICI’s 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 gains (losses), deferred income tax benefits and expenses, other non-recurring non-cash transactions, our proportionate share of non-cash adjustments from our investment in unconsolidated affiliate (including the amortization of any basis differences) with respect to certain of the foregoing and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing. We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), income tax expense and our proportionate share of such adjustments from our investment in unconsolidated affiliate. 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.