Transaction Overview: Venetian Partner Property Growth Fund Investment

Venetian Resort Las Vegas

Partner Property Growth Fund Investment

May 1, 2024

DISCLAIMERS

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "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 control of VICI Properties Inc. and its subsidiaries (collectively, the "Company" or "VICI") and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks that the Company may not achieve the benefits contemplated by The Venetian Resort Las Vegas ("The Venetian Resort") transaction as described herein. 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.

The Venetian Resort Information

The Company makes no representation as to the accuracy or completeness of the information regarding The Venetian Resort included in this presentation. Certain financial and other information for The Venetian Resort included in this presentation has been derived from public websites, if and as applicable, and other publicly available presentations and press releases, as well as information provided by The Venetian Resort management. 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 contains estimates and information concerning the Company's or The Venetian Resort's industry, including market position and other information regarding the properties, 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. 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.

Published on May 1, 2024.

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INVESTMENT OVERVIEW

On May 1, 2024, VICI agreed to provide capital to The Venetian Resort Las Vegas ("The Venetian Resort") for extensive reinvestment projects through VICI's Partner Property Growth Fund strategy

Up to $700MM

VICI Partner Property

Growth Fund Investment

as part of The Venetian

Resort's $1.5Bn Capital

Reinvestment Plan

Expected to be Funded with Cash and the Partial Settlement of Existing Outstanding Forward Equity Sale Agreements

Summary Venetian Resort Partner Property Growth Fund Terms

	Up to $700 million
Total Investment	Comprised of $400 million drawn in 2024 and an incremental
	$300 million that The Venetian Resort will have the option, but not
	the obligation, to draw in whole or in part until November 1, 2026

	$100 million in Q2 2024
Funding Timeline	$150 million in Q3 2024
	$150 million in Q4 2024
Annual Yield	7.25%

Incremental Rent	Incremental rent will commence on the first day of the quarter
immediately following each capital funding
Incremental Rent	2% escalation commencing on March 1, 2029
Contractual Annual	Greater of 2% or change in CPI (capped at 3%) commencing on
Escalation
March 1, 2031
All other material terms of the existing Venetian Resort lease between
	VICI and Apollo will remain the same

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KEY CAPITAL PROJECTS

Hotel Optimization

4,000 suites in The Venetian towers, including signature suites will be completely updated. The new suites will be inspired by the traditional ornate costumes of the Venetian Carnival, infusing energy, spirit, and warmth in a contemporary, fresh design.

Gaming Evolution

New gaming offerings including The Palazzo High Limit Lounge, the fully redesigned sportsbook complete with a multi-year naming rights partnership with Yahoo, the Yahoo Sportsbook powered by William Hill, and a brand-new poker room that will be debuted this summer.

Convention Center Innovations

$188 million will be invested in the renovation of The Venetian Resort's Convention Center including the development of luxury lounge spaces for meetings and the implementation of innovative new technologies that will enable the asset to sustain its market leadership for years to come.

The Venetian Resort Luxury Suite

The Venetian Convention Center Promenade

F&B, Entertainment & Amenity Reimagining

Following the recent launches of HaSalon, Voltaire Belle de Nuit, and Sphere at The Venetian, the redevelopment will be delivering first-class experiential offerings to Las Vegas including the addition of exciting new chef-led culinary concepts, to be announced later this year, and the modernization of the Canyon Ranch day spa.

Yahoo Sportsbook at The Venetian Resort

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THE VENETIAN RESORT HIGHLIGHTS

~17MM Total Square Feet

One of the largest single assets on the

Las Vegas Strip

~7,100 Guestrooms & Suites

Largest single hotel complex in America

sprawling across three towers: The

Venetian, The Palazzo and The

Venezia

~225,000 Gaming Square Feet

One of the largest gaming assets in America by square footage comprised of 210 table games and 1,480 slot machines

~2.3MM Convention Square Feet

Largest privately-owned meeting,

convention & event space in America with over 350 meeting rooms and four expo halls

~23,000 Theater Seats

Including the 17,600-seat Sphere (opened September 2023) with a 580,000 square foot programmable LED exterior

World-Class Amenities

Including over 160 stores at the Grand Canal Shoppes, over 50 F&B outlets, the TAO Beach Dayclub, the Canyon Ranch day spa, among others

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25 YEARS OF THE VENETIAN RESORT

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