hetcs\Discussion Materials\2017-09 VICI Refi RFP\07. RAP\VICI RAP v126.pptx DISCLAIMERS Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by the 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”) and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks that the acquisition of the Greektown Casino-Hotel may not be consummated on the terms or timeframe described herein, or at all; the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the ability to receive, or delays in obtaining, the regulatory approvals required to consummate the transactions; the terms on which the Company finances the transaction, including the source of funds used to finance such transaction; disruptions to the real property and operations of the Greektown Casino-Hotel during the pendency of the closing; risks that the Company may not achieve the benefits contemplated by the acquisition of the real estate assets (including any expected accretion or the amount of any future rent payments); and risks that not all potential risks and liabilities have been identified in the due diligence. 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, 2017, Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2018, June 30, 2018, and September 30, 2018, and the Company’s other filings with the Securities and Exchange Commission (the “SEC”). 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. Market and Industry Data This presentation contains estimates and information concerning the Company's industry and certain relevant markets, including macroeconomic data and gross gaming revenue, that are based on industry publications, reports and 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 references to EBITDAM and Adjusted EBITDAM, as they relate to the Greektown Casino-Hotel, 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 an alternative to net income or as an indicator of operating performance (as determined in accordance with GAAP). Adjusted EBITDAM, as it relates to the Greektown Casino-Hotel, is defined as net income before interest expense, net of interest capitalized, amortization of finance fees and accretion of discount, management fees, stock based compensation and severance expense, non-recurring balance sheet reconciliation adjustment, depreciation and amortization, executive and professional services fees, market close adjustment and snowfall adjustment. We use Adjusted EBITDAM to evaluate the capacity of the tenant under the lease agreement for the Greektown Casino-Hotel to meet its obligations thereunder. 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 EBITDAM and Adjusted EBIDTAM, 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. The presentation of these measures does not replace the presentation of financial results in accordance with GAAP. Financial Data Financial information provided herein is as of September 30, 2018 unless otherwise noted. Published November 14, 2018. 2
hetcs\Discussion Materials\2017-09 VICI Refi RFP\07. RAP\VICI RAP v126.pptx GREEKTOWN CASINO-HOTEL: URBAN ASSET WITH GROWTH POTENTIAL Property Overview Greektown Casino-Hotel 1• Opened in November 2000 in downtown Detroit’s historic entertainment district ~100,000 Sq. ft. of 2• $134 million of capital invested since 2014 gaming floor 3• Full-service casino, hotel and entertainment venue centrally located 2,705 / 75 within walking distance to major downtown attractions Slot machines and tables 4• Recent enhancements include new table games and slot machines, new F&B offerings, and comprehensive interior renovations 400 Hotel rooms Investment Highlights 8 ✓ One of the three commercial casinos currently permitted to operate in Detroit¹ Acres of property ✓ 3rd largest casino in Michigan and 6th largest regional casino in the Midwest 14,000 Sq. ft. of catering and event space ✓ Centrally located in Downtown Detroit, an established gaming market 9 Restaurants ✓ Awarded AAA Four Diamond in 2016, 2017, and 2018 and bars Source: Michigan Gaming Control Board, Fantini Report and Detroit Chamber of Commerce 1. Per the Michigan Gaming Control and Revenue Act, no more than three gaming licenses can be issued in any city in Michigan. The Michigan state constitution requires a three-fourths vote of both houses of the legislature to amend the gaming law. 5
hetcs\Discussion Materials\2017-09 VICI Refi RFP\07. RAP\VICI RAP v126.pptx DETROIT: STABLE MARKET WITH ROOM FOR GROWTH Detroit Market Highlights Stable Detroit GGR Through Market Cycles ✓ Limited competition with no additional commercial casinos ($ in billions) permitted¹ Detroit GGR Remains Consistent Through Economic ✓ The Central Business District offers many nearby attractions, such Cycles and is Supported by Increasing GDP as Comerica Park, Ford Field, Little Caesars Arena, the city’s theater $1.4 $1.4 10.0 % district, GM’s Renaissance Center and the Cobo Conference Center $1.4 $1.4 $1.4 $1.3 $1.4 $1.3 $1.3 $1.4 $1.3 $1.3 ✓ Meaningful downtown investment (multiple large scale developments and infrastructure initiatives) expected over the near-term 5.0 % ✓ Strong job market with employees serving a range of industries % of Employees Across Detroit Sectors 0.0 % Knowledge Based Other Services Leisure and 13% 23% Hospitality 9% (5.0)% Government Trade, Transportation 11% and Utilities 16% (10.0)% 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A Manufacturing and Construction Detroit GGR Detroit GDP YoY U.S. Metropolitan GDP Education and Healthcare Growth (RHS) YoY Growth (RHS) 12% 16% Source: Michigan Gaming Control and Revenue Act, Michigan Gaming Control Board, U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis and Bureau of Labor; Southeast Michigan Council of Governments 1. Per the Michigan Gaming Control and Revenue Act, no more than three gaming licenses can be issued in any city in Michigan. The Michigan state constitution requires a three-fourths vote of both houses of the . legislature to amend the gaming law. 6
