Transaction Overview: Acquisition of Four PURE Canadian Gaming Assets

Acquisition of Four PURE Canadian Gaming Assets

January 9, 2023

PURE Casino Calgary

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 acquisition of PURE Casino Edmonton ("Casino Edmonton"), PURE Casino Yellowhead ("Casino Yellowhead"), PURE Casino Calgary ("Casino Calgary"), and PURE Casino Lethbridge ("Casino Lethbridge") from PURE Canadian Gaming Corp. ("PURE"), including any expected accretion or the amount of any future rent payments (including the anticipated rent escalations). 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. 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.

PURE Information

The Company makes no representation as to the accuracy or completeness of the information regarding PURE Canadian Gaming included in this presentation. Certain financial and other information for PURE Canadian Gaming included in this presentation has been derived from public websites, 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 and Trademark Information

This presentation contains estimates and information concerning the Company's industry, including market position, rent growth, 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 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/Non-IFRS Financial Measures

This presentation includes reference to Adjusted Funds From Operations ("AFFO") and Adjusted EBITDAR, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP") or the International Financial Reporting Standards ("IFRS"). These are non‐GAAP/non-IFRS financial measures and should not be construed as an alternative to net income or as an indicator of operating performance (as determined in accordance with GAAP and/or IFRS, as applicable). We believe AFFO provides a meaningful perspective of the underlying operating performance of our business.

Published on January 9, 2023.

© VICI. All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including without limitation photocopying, recording or any other electronic or mechanical methods, without the express written permission of VICI.

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TRANSACTION OVERVIEW

On January 6, 2023, VICI acquired the real estate assets of PURE Casino Edmonton, PURE Casino Yellowhead, PURE Casino Calgary, and PURE Casino Lethbridge (collectively, the "PURE Portfolio") from PURE Canadian Gaming Corp. ("PURE") and entered into a triple net master lease with PURE

C$271.9MM / US$200.8MM

Purchase Price (1)

8.0%

Acquisition Cap Rate

1.8x

Initial Rent Coverage (2)

Summary PURE Triple Net Master Lease Terms

Tenant	PURE Canadian Gaming Corp.
Initial Annual Cash Rent (1)	C$21.8 million / US$16.1 million
Term	Initial lease term of 25 years with four 5-year tenant
renewal options
Contractual Annual Escalation	1.25% in lease years 2 and 3; the greater of Canadian
CPI and 1.5% in lease years 4+ (capped at 2.5%)
Guarantor	Parent entity of PURE Canadian Gaming Corp.
Capex Requirements	1.0% of net revenue (excluding gaming equipment,
IT, etc.) annually

Note: All currency values $ Canadian unless otherwise noted.

1. Assumes exchange rate of C$1.00 CAD:US$0.74 USD as of January 6, 2023. (2) Adjusted EBITDAR is a non-GAAP/non-IFRS financial measure. See page 8 of this presentation for a reconciliation to the most comparable IFRS financial measure.

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STRATEGIC RATIONALE

PURE Casino Edmonton

First International Investment in a Highly-

Regulated, Stable Gaming Market

Highly attractive Canadian gaming market represents a large opportunity for growth with over C$17 billion / US$12 billion GGR in 2019 across 114 casinos(1)

Diversifies Tenant Roster

PURE Canadian Gaming, a leading and experienced gaming operator in Canada and the largest gaming operator in Alberta,

will be VICI's 11th tenant

PURE Casino Yellowhead

Immediately Accretive

Expected to be immediately accretive to AFFO per share and at

an attractive spread to VICI's cost of capital

Attractive Cap Rate & Lease Terms

Opportunity to acquire C$21.8 million / US$16.1 million at an 8.0% acquisition cap rate in a master lease with four properties and a guarantee from the parent entity of PURE Canadian Gaming

Note: All currency values $ Canadian unless otherwise noted.

(1) Per Canadian Gaming Association; assumes exchange rate of C$1.00 CAD:US$0.74 USD as of January 6, 2023. 2019 represents most recent full year prior to COVID-19 pandemic.

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NEW PARTNERSHIP WITH PURE CANADIAN GAMING

PURE Canadian Gaming Overview		PURE Credit Highlights

• PURE is Alberta's largest commercial gaming operator with four casino properties across Edmonton, Calgary, and Lethbridge in Alberta, Canada
• PURE operates over 2,800 slot machines, 85 table games, 56 poker tables and 110 VLTs, along with associated F&B and entertainment offerings

Alberta

PURE Casino Edmonton	PURE Casino Calgary
PURE Casino Yellowhead	PURE Casino Lethbridge

The largest commercial gaming operator in Alberta with assets in the two largest cities in the province

Experienced management team with extensive knowledge of the Alberta gaming market and a proven ability to operate under multiple market cycles

Highly regulated market with minimal competitive threats and no significant changes to the business model over the last 30+ years

Alberta's gaming model is well understood and supported by regulators, charities and local municipalities, which creates a social license for gaming and promotes stability

Earnings forecasted to grow at a stable rate as PURE continues to be a leader in the Alberta market

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