Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING DATA S E C O N D Q U A R T E R ENDE D J U N E 3 0 , 2019
Disclaimers Forward Looking Statements Certain statements in this presentation and that may be made in meetings are forward‐looking statements. Forward‐looking statements are based on VICI Properties Inc.’s (“VICI or the “Company”) current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate to strictly historical and current facts and by the use of the words such as "expects", "plans", "opportunities" and similar words and variations thereof. Although the Company believes that the expectations reflected in such forward‐looking statements are based on reasonable assumptions, its results, performance and achievements could differ materially from those expressed in or by the forward‐looking statements and may be affected by a variety of risks and other factors including, among others: risks that our pending acquisitions of the JACK Cincinnati Casino (“JACK Cincinnati”), the portfolio of three regional casinos (the “Century Portfolio”) from Eldorado Resorts, Inc. (“Eldorado”) and/or the purchase of three Harrah’s-branded casinos (the “MTA Properties”) pursuant to the transactions described in the Master Transaction Agreement entered into by the Company and Eldorado (the “Eldorado Transaction”) 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 for our pending acquisitions, including the ability to receive, or delays in obtaining, the regulatory and other approvals and/or consents required to consummate the transactions; the terms on which the Company finances the pending transactions, including the source of funds used to finance such transactions; disruptions to the real property and operations of JACK Cincinnati, the Century Portfolio and/or the MTA Properties during the pendency of the closing; risks that the Company may not achieve the benefits contemplated by our pending and recently completed acquisitions of real estate assets (including any expected accretion or the amount of any future rent payments); risks that not all potential risks and liabilities have been identified in the due diligence for our pending and recently completed transactions; the Company's dependence on subsidiaries of Caesars Entertainment Corporation ("Caesars") and Penn National Gaming Inc. (“Penn”) (and, following the completion of our pending transactions, subsidiaries of Caesars, Eldorado, Penn, Seminole Hard Rock Entertainment, Inc. (“Hard Rock”) and Century Casinos, Inc. (“Century”) respectively) as tenants of all of its properties, and Caesars and Penn (and, following the completion of our pending transactions, Caesars, Eldorado, Penn, Hard Rock and Century) or their subsidiaries as guarantors of the relevant lease payments, and the consequences that any material adverse effect on their respective businesses could have on the Company; the Company's dependence on the gaming industry; the Company's ability to pursue its business and growth strategies may be limited by its substantial debt service requirements and by the requirement that the Company distribute 90% of its real estate investment trust ("REIT") taxable income in order to qualify for taxation as a REIT and that the Company distribute 100% of its 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 the Company's tenants to obtain and maintain regulatory approvals in connection with the operation of the Company's properties; the possibility that the Company’s tenants may choose not to renew their lease agreements with the Company following the initial or subsequent terms of the leases; restrictions on the Company's ability to sell its properties subject to the lease agreements; the Company's indebtedness and ability to service and refinance such indebtedness; the Company's historical and pro forma financial information that may not be reliable indicators of its future results of operations and financial condition; limits on the Company's operational and financial flexibility imposed by its debt agreements; and the possibility the Company's separation from Caesars Entertainment Operating Company, Inc. (“CEOC”) fails to qualify as a tax‐free spin‐off, which could subject the Company to significant tax liabilities. 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, 2018, Quarterly Reports on Form 10‐Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward‐looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Caesars and Penn Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars and/or Penn included in this presentation. Caesars, the parent and guarantor of CEOC LLC, the Company’s significant lessee, is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission. Caesars’ SEC filings are available to the public from the SEC’s web site at www.sec.gov. We make no representations as to the accuracy or completeness of the information regarding Caesars that is available through the SEC’s web site or otherwise made available by Caesars or any third party, and none of such information is incorporated by reference herein. Certain financial and other information for Caesars, CEOC and Penn included in this presentation have been derived from Caesars’ and Penn’s public filings, as applicable, and other publicly available presentations and press releases. Market and Industry Data This presentation contains estimates and information concerning the Company's industry, including market position, rent growth and rent coverage of the Company's peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. Non‐GAAP Financial Measures This presentation includes reference to Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share, and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These are non‐GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share, and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. For additional information regarding these non-GAAP financial measures see “Definitions of Non-GAAP Financial Measures” included on page 22 at the end of this presentation. Financial Data Financial information provided herein is as of June 30, 2019 unless otherwise noted. Published July 31, 2019. VICI Q2 2019 Supplemental Financial & Operating Data 2
Corporate Overview About VICI Properties (NYSE: VICI) VICI Properties Inc. (“VICI Properties” or the “Company”) is an experiential real estate investment trust that owns one of the largest portfolios of market‐leading gaming, hospitality and entertainment destinations, including the world‐renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 23 gaming facilities comprising approximately 40 million square feet and features approximately 15,200 hotel rooms and more than 150 restaurants, bars and nightclubs. The Company’s properties are leased to subsidiaries of Caesars Entertainment Corporation and Penn National Gaming, Inc., two leading gaming and hospitality companies. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com. Senior Management Board of Directors Titles Independent Edward Pitoniak Chief Executive Officer & Director James Abrahamson Director, Chairman of the Board ✓ John Payne President & Chief Operating Officer Diana Cantor Director, Chair of the Audit Committee ✓ David Kieske EVP, Chief Financial Officer Eric Hausler Director, Chair of the Nominating & Governance Committee ✓ Samantha Gallagher EVP, General Counsel & Secretary Elizabeth Holland Director ✓ Gabriel Wasserman Chief Accounting Officer Craig Macnab Director, Chair of the Compensation Committee ✓ Edward Pitoniak Chief Executive Officer & Director Michael Rumbolz Director ✓ Covering Equity Analysts Contact Information Firm Analyst Phone Email Corporate Headquarters Transfer Agent Barclays Felicia Hendrix (212) 526‐5562 Felicia.Hendrix@barclays.com VICI Properties Inc. Computershare BofA Merrill Lynch Shaun Kelley (646) 855‐1005 Shaun.Kelley@baml.com 430 Park Ave., 8th Fl. 2335 Alaska Avenue Citi Smedes Rose (212) 816-6243 Smedes.Rose@citi.com New York, NY 10022 El Segundo, CA 90245 Credit Suisse Ben Combes (212) 538-2383 Ben.Combes@credit-Suisse.com (646) 949‐4631 (800) 962‐4284 Deutsche Bank Carlo Santarelli (212) 250‐5815 Carlo.Santarelli@db.com www.computershare.com Evercore ISI Rich Hightower (212) 752-0886 Rich.Hightower@evercoreisi.com Investor Relations investors@viciproperties.com Goldman Sachs Stephen Grambling (212) 902‐7832 Stephen.Grambling@gs.com Public Markets Detail Jefferies David Katz (212) 323-3355 Dkatz@jefferies.com Public Relations Ticker: VICI Ladenburg Thalmann & Co. John Massocca (212) 409-2543 Jmassoca@ladenburg.com pr@viciproperties.com Exchange: NYSE Morgan Stanley Thomas Allen (212) 761‐3356 Thomas.Allen@morganstanley.com Nomura l Instinet Daniel Adam (212) 310-5407 Daniel.Adam@instinet.com Robert W. Baird RJ Milligan (813) 273-8252 Rjmilligan@rwbaird.com Stifel Nicolaus Simon Yarmak (443) 224‐1345 Yarmaks@stifel.com Sun Trust Robinson Humphrey Barry Jonas (212) 590-0998 Barry.Jonas@suntrust.com Union Gaming John DeCree (702) 691‐3213 John.Decree@uniongaming.com Wells Fargo Securities Jeff Donnelly (617) 603‐4262 Jeff.Donnelly@wellsfargo.com Covering High Yield Analysts Corporate Credit Ratings Firm Analyst Phone Email Firm Rating BofA Merrill Lynch James Kayler (646) 855‐9223 James.F.Kayler@baml.com Moody's Ba3 Deutsche Bank Luis Chinchilla (904) 645-1696 Luis.Chinchilla@db.com Standard & Poor's BB Goldman Sachs Komal Patel (212) 357‐9774 Komal.Patel@gs.com J.P. Morgan Michael Pace (212) 270‐6530 Michael.Pace@jpmorgan.com VICI Q2 2019 Supplemental Financial & Operating Data 3
Table of Contents Portfolio & Financial Overview 5 Consolidated Balance Sheets 6-7 Consolidated Statements of Operations 8-9 Revenue Breakdown 10-11 Non‐GAAP Financial Measures 12-13 2019 Guidance 14 Capitalization 15 Property Overview 16 Properties Breakdown 17 Summary of Current Lease Terms 18 Recent Activity 19-20 Right of First Refusal / Put-Call Assets 21 VICI Q2 2019 Supplemental Financial & Operating Data 4
Portfolio & Financial Overview (amounts in thousands, except per share data and portfolio and property data) Portfolio Data Tenant MSA Diversity2 Properties 23 Golf Courses 4 Developable Las Vegas Strip Land (acres) 34 New Orleans Detroit States 11 Memphis 3% Nashville 5% MSAs 12 3% 1% Weighted Average Remaining Lease Term, Including Renewal Options (years) 33.51 Omaha Property Totals 3% Kansas City Total Square Feet (000s) 41,083 3% Casino Space Sq. Ft. (000s) 1,358 Dallas Las Vegas Meeting Space Sq. Ft. (000s) 641 7% 31% Slots Machines 27,502 Table Games 1,595 Louisville Hotel Rooms 15,195 7% Restaurants ~160 Chicago Retail Outlets ~50 7% Philadelphia Summary Capitalization (see page 15) San Francisco 20% Equity Market Capitalization $10,160,540 10% Total Debt $4,148,480 Cash, Cash Equivalents & Short Term Investments3 $1,302,921 Enterprise Value $13,006,099 Net Leverage Ratio4 3.7x Financial Highlights Minimal Interest Rate Risk5 Three Months Ended June 30, March 31, December 31, September 30, June 30, 2019 2019 2018 2018 2018 Fixed Rate Net Income Per Share (Basic and Debt Diluted) $0.37 $0.37 $0.37 $0.35 $0.38 98% Funds From Operations Per Share (FFO) (Basic & Diluted)6 $0.37 $0.37 $0.37 $0.35 $0.38 Adjusted Funds From Operations Per Share (AFFO) (Basic & Diluted)6 $0.38 $0.37 $0.36 $0.36 $0.35 Net Income $ 152,049 $ 150,849 $ 142,541 $ 129,912 $ 139,044 Adjusted EBITDA6 $ 206,244 $ 199,019 $ 189,418 $ 182,808 $ 175,446 Annualized Dividend per Share $1.15 $1.15 $1.15 $1.15 $1.05 Variable Rate Debt Dividend Yield at Period End 5.2% 5.3% 6.3% 5.3% 5.1% 2% Notes 1. Weighted average remaining lease term of current VICI leases, including renewal options. 2. Percentages based on overall square footage. 3. Excludes restricted cash. VICI Q2 2019 Supplemental Financial & Operating Data 4. Net Leverage Ratio is defined as total debt less Cash, Cash equivalents and Short Term Investments divided by LTM Adjusted EBITDA. 5. A one percent change in the annual interest rate on the Company’s unhedged borrowings would increase or decrease annual cash interest expense by $1.0 million 5 6. See "Non‐GAAP Financial Measures" on pages 12-13 of this presentation for the reconciliations of these Non‐GAAP Financial Measures.
Consolidated Balance Sheets (amounts in thousands, except share and per share data) June 30, 2019 December 31, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 9,897,031 $ 8,916,047 Investments in operating leases 1,086,658 1,086,658 Land 94,711 95,789 Cash and cash equivalents 1,205,335 577,883 Restricted cash 28,217 20,564 Short-term investments 97,586 520,877 Other assets 112,508 115,550 Total assets $ 12,522,046 $ 11,333,368 Liabilities Debt, net $ 4,124,448 $ 4,122,264 Accrued interest 13,965 14,184 Deferred financing liability 73,600 73,600 Deferred revenue 5 43,605 Dividends payable 132,441 116,287 Other liabilities 105,164 62,406 Total liabilities 4,449,623 4,432,346 Stockholders' equity Common stock, $0.01 par value, 700,000,000 shares authorized and 461,004,546 and 404,729,616 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively 4,610 4,047 Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at June 30, 2019 and December 31, 2018 — — Additional paid-in capital 7,814,829 6,648,430 Accumulated other comprehensive income (70,003) (22,124) Retained earnings 239,301 187,096 Total VICI stockholders' equity 7,988,737 6,817,449 Non-controlling interests 83,686 83,573 Total stockholders' equity 8,072,423 6,901,022 Total liabilities and stockholders' equity $ 12,522,046 $ 11,333,368 VICI Q2 2019 Supplemental Financial & Operating Data 6
Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 9,897,031 $ 9,186,144 $ 8,916,047 $ 8,815,557 Investments in operating leases 1,086,658 1,086,658 1,086,658 1,075,691 Land 94,711 94,711 95,789 95,789 Cash and cash equivalents 1,205,335 598,276 577,883 145,223 Restricted cash 28,217 24,366 20,564 58 Short-term investments 97,586 356,878 520,877 320,676 Other assets 112,508 101,638 115,550 115,507 Total assets $ 12,522,046 $ 11,448,671 $ 11,333,368 $ 10,568,501 Liabilities Debt, net $ 4,124,448 $ 4,123,350 $ 4,122,264 $ 4,121,153 Accrued interest 13,965 24,702 14,184 23,672 Deferred financing liability 73,600 73,600 73,600 73,600 Deferred revenue 5 355 43,605 701 Dividends payable 132,441 118,056 116,287 106,356 Other liabilities 105,164 62,720 62,406 35,746 Total liabilities 4,449,623 4,402,783 4,432,346 4,361,228 Stockholders' equity Common stock 4,610 4,110 4,047 3,702 Preferred stock — — — — Additional paid-in capital 7,814,829 6,777,683 6,648,430 5,953,726 Accumulated other comprehensive income (70,003) (39,315) (22,124) 5,465 Retained earnings 239,301 219,791 187,096 160,915 Total VICI stockholders' equity 7,988,737 6,962,269 6,817,449 6,123,808 Non-controlling interests 83,686 83,619 83,573 83,465 Total stockholders' equity 8,072,423 7,045,888 6,901,022 6,207,273 Total liabilities and stockholders' equity $ 12,522,046 $ 11,448,671 $ 11,333,368 $ 10,568,501 VICI Q2 2019 Supplemental Financial & Operating Data 7
Consolidated Statements of Operations (amounts in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues Income from direct financing and sales-type leases $ 201,549 $ 182,319 $ 397,299 $ 364,355 Income from operating leases 10,914 12,209 21,827 24,418 Tenant reimbursement of property taxes1 — 18,932 — 36,175 Golf operations 8,283 7,515 15,622 14,303 Revenues 220,746 220,975 434,748 439,251 Operating expenses General and administrative 6,518 7,160 12,743 14,468 Depreciation 1,018 922 1,948 1,828 Property taxes1 — 18,932 — 36,175 Golf operations 4,848 4,513 8,940 8,608 Transaction and acquisition expenses 2,867 — 3,756 — Total operating expenses 15,251 31,527 27,387 61,079 Operating income 205,495 189,448 407,361 378,172 Interest expense (54,819) (51,440) (108,405) (104,314) Interest income 4,004 3,799 9,171 5,477 Loss from extinguishment of debt — — — (23,040) Income before income taxes 154,680 141,807 308,127 256,295 Income tax expense (553) (448) (1,074) (832) Net income 154,127 141,359 307,053 255,463 Less: Net income attributable to noncontrolling interest (2,078) (2,315) (4,155) (4,297) Net income attributable to common shareholders $ 152,049 $ 139,044 $ 302,898 $ 251,166 Net income per common share Basic $ 0.37 $ 0.38 $ 0.74 $ 0.70 Diluted $ 0.37 $ 0.38 $ 0.74 $ 0.70 Weighted average number of common shares outstanding Basic 412,309,577 369,932,843 409,040,025 356,454,441 Diluted 412,821,400 369,991,738 409,473,202 356,491,047 Notes VICI Q2 2019 Supplemental Financial & Operating Data 1. Upon the adoption of ASC 842 on January 1, 2019, we ceased recording tenant reimbursement of property taxes as these taxes are paid directly by our tenants to the applicable government entity. 8
Consolidated Statements of Operations - Quarterly (amounts in thousands, except share and per share data) Three Months Ended June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 Revenues Income from direct financing and sales-type leases $ 201,549 $ 195,750 $ 187,271 $ 189,938 Income from operating leases 10,914 10,913 11,345 12,209 Tenant reimbursement of property taxes1 — — 19,918 25,147 Golf operations 8,283 7,339 7,505 5,393 Revenues 220,746 214,002 226,039 232,687 Operating expenses General and administrative 6,518 6,225 4,283 5,678 Depreciation 1,018 930 929 929 Property taxes1 — — 20,212 25,423 Golf operations 4,848 4,092 4,540 4,223 Loss on impairment — — — 12,334 Transaction and acquisition expenses 2,867 889 393 — Total operating expenses 15,251 12,136 30,357 48,587 Operating income 205,495 201,866 195,682 184,100 Interest expense (54,819) (53,586) (54,297) (54,051) Interest income 4,004 5,167 3,803 2,027 Income before income taxes 154,680 153,447 145,188 132,076 Income tax expense (553) (521) (557) (52) Net income 154,127 152,926 144,631 132,024 Less: Net income attributable to noncontrolling interest (2,078) (2,077) (2,090) (2,112) Net income attributable to common shareholders $ 152,049 $ 150,849 $ 142,541 $ 129,912 Net income per common share Basic $ 0.37 $ 0.37 $ 0.37 $ 0.35 Diluted $ 0.37 $ 0.37 $ 0.37 $ 0.35 Weighted average number of common shares outstanding Basic 412,309,577 405,733,656 385,720,716 369,935,055 Diluted 412,821,400 406,035,025 385,847,082 370,127,185 Notes VICI Q2 2019 Supplemental Financial & Operating Data 1. Upon the adoption of ASC 842 on January 1, 2019, we ceased recording tenant reimbursement of property taxes as these taxes are paid directly by our tenants to the applicable government entity. 9
Revenue Breakdown (amounts in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Caesars leases CPLV leasing revenue (incl. Octavius) Contractual leasing revenues $ 40,176 $ 29,041 $ 80,352 $ 58,082 Income from operating leases 10,914 12,209 21,827 24,418 Direct financing and sales-type lease adjustment (non-cash)1 (1,725) 5,417 (3,428) 10,760 CPLV leasing revenue (incl. Octavius) $ 49,365 $ 46,667 $ 98,751 $ 93,260 Non-CPLV & Joliet leases2 Contractual leasing revenues $ 125,255 $ 118,231 $ 250,510 $ 236,462 Direct financing and sales-type lease adjustment (non-cash) 4,800 7,762 9,471 15,315 Non-CPLV & Joliet leasing revenue $ 130,055 $ 125,993 $ 259,981 $ 251,777 HLV lease Contractual leasing revenues $ 22,068 $ 21,850 $ 44,137 $ 43,700 Direct financing and sales-type lease adjustment (non-cash) (206) 18 (408) 36 HLV leasing revenue $ 21,862 $ 21,868 $ 43,729 $ 43,736 Total Caesars leases Contractual leasing revenues $ 187,499 $ 169,122 $ 374,999 $ 338,244 Income from operating leases 10,914 12,209 21,827 24,418 Direct financing and sales-type lease adjustment (non-cash) 2,869 13,197 5,635 26,111 Total Caesars leasing revenue $ 201,282 $ 194,528 $ 402,461 $ 388,773 Margaritaville lease Contractual leasing revenues $ 5,800 $ — $ 11,538 $ — Direct financing and sales-type lease adjustment (non-cash) (322) — (576) — Margaritaville leasing revenue $ 5,478 $ — $ 10,962 $ — Greektown lease Contractual leasing revenues $ 5,973 $ — $ 5,973 $ — Direct financing and sales-type lease adjustment (non-cash) (270) — (270) — Greektown leasing revenue $ 5,703 $ — $ 5,703 $ — Total leasing revenue $ 212,463 $ 194,528 $ 419,126 $ 388,773 Tenant reimbursement of property taxes3 — 18,932 — 36,175 Golf operations 8,283 7,515 15,622 14,303 Total revenues $ 220,746 $ 220,975 $ 434,748 $ 439,251 Notes 1. Amounts represent the non-cash adjustment to income from direct financing and sales-type leases in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. VICI Q2 2019 Supplemental Financial & Operating Data 2. Includes 100% of revenues. A JV partner owns a 20% non-controlling interest in Harrah’s Joliet. 3. Upon the adoption of ASC 842 on January 1, 2019, we ceased recording tenant reimbursement of property taxes as these taxes are paid directly by our tenants to the applicable government entity. 10
Revenue Breakdown - Quarterly (amounts in thousands, except share and per share data) Three Months Ended June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 Caesars leases CPLV leasing revenue (incl. Octavius)1 Contractual leasing revenues $ 40,176 $ 40,176 $ 39,383 $ 36,850 Income from operating leases 10,914 10,913 11,345 12,209 Direct financing and sales-type lease adjustment (non-cash)2 (1,725) (1,703) 479 5,012 CPLV leasing revenue (incl. Octavius) $ 49,365 $ 49,386 $ 51,207 $ 54,071 Non-CPLV & Joliet leases3 Contractual leasing revenues $ 125,255 $ 125,255 $ 119,752 $ 118,231 Direct financing and sales-type lease adjustment (non-cash) 4,800 4,671 5,788 7,976 Non-CPLV & Joliet leasing revenue $ 130,055 $ 129,926 $ 125,540 $ 126,207 HLV lease Contractual leasing revenues $ 22,068 $ 22,069 $ 21,850 $ 21,850 Direct financing and sales-type lease adjustment (non-cash) (206) (202) 19 19 HLV leasing revenue $ 21,862 $ 21,867 $ 21,869 $ 21,869 Total Caesars leases Contractual leasing revenues $ 187,499 $ 187,500 $ 180,985 $ 176,931 Income from operating leases 10,914 10,913 11,345 12,209 Direct financing and sales-type lease adjustment (non-cash) 2,869 2,766 6,286 13,007 Total Caesars leasing revenue $ 201,282 $ 201,179 $ 198,616 $ 202,147 Margaritaville lease Contractual leasing revenues $ 5,800 $ 5,738 $ — $ — Direct financing and sales-type lease adjustment (non-cash) (322) (254) — — Margaritaville leasing revenue $ 5,478 $ 5,484 $ — $ — Greektown lease Contractual leasing revenues $ 5,973 $ - $ — $ — Direct financing and sales-type lease adjustment (non-cash) (270) - — — Greektown leasing revenue $ 5,703 $ - $ — $ — Total leasing revenue $ 212,463 $ 206,663 $ 198,616 $ 202,147 Tenant reimbursement of property taxes4 — — 19,918 25,147 Golf operations 8,283 7,339 7,505 5,393 Total revenues $ 220,746 $ 214,002 $ 226,039 $ 232,687 Notes 1. CPLV revenue line items include revenue from Octavius Tower beginning in the third quarter of 2018, as the acquisition of Octavius Tower closed on July 11, 2018. 2. Amounts represent the non-cash adjustment to income from direct financing and sales-type leases in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases. VICI Q2 2019 Supplemental Financial & Operating Data 3. Includes 100% of revenues. A JV partner owns a 20% non-controlling interest in Harrah’s Joliet. 4. Upon the adoption of ASC 842 on January 1, 2019, we ceased recording tenant reimbursement of property taxes as these taxes are paid directly by our tenants to the applicable government entity. 11
Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income attributable to common stockholders $ 152,049 $ 139,044 $ 302,898 $ 251,166 Real estate depreciation — — — — Funds From Operations (FFO)1 152,049 139,044 302,898 251,166 Direct financing and sales-type lease adjustments attributable to common stockholders (2,210) (12,863) (4,656) (25,776) Transaction and acquisition expenses 2,867 — 3,756 — Loss on extinguishment of debt — — — 23,040 Non-cash stock-based compensation 1,366 468 2,417 859 Amortization of debt issuance costs and original issue discount 1,899 1,489 3,364 2,982 Other depreciation 1,016 919 1,943 1,825 Capital expenditures (212) (211) (1,403) (557) Adjusted Funds From Operations (AFFO)1 156,775 128,846 308,319 253,539 Interest expense, net 48,916 46,152 95,870 95,855 Income Tax expense 553 448 1,074 832 Adjusted EBITDA1 $ 206,244 $ 175,446 $ 405,263 $ 350,226 Net income per common share Basic and diluted $ 0.37 $ 0.38 $ 0.74 $ 0.70 FFO per common share Basic and diluted $ 0.37 $ 0.38 $ 0.74 $ 0.70 AFFO per common share Basic and diluted $ 0.38 $ 0.35 $ 0.75 $ 0.71 Weighted average number of common shares outstanding Basic 412,309,577 369,932,843 409,040,025 356,454,441 Diluted 412,821,400 369,991,738 409,473,202 356,491,047 Notes VICI Q2 2019 Supplemental Financial & Operating Data 1. See definitions of Non-GAAP Financial Measures on page 22 of this presentation. 12
Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 Net income attributable to common stockholders $ 152,049 $ 150,849 $ 142,541 $ 129,912 Real estate depreciation — — — — Funds From Operations (FFO)1 152,049 150,849 142,541 129,912 Direct financing and sales-type lease adjustments attributable to common stockholders (2,210) (2,446) (6,199) (12,876) Transaction and acquisition expenses 2,867 889 393 — Loss on impairment2 — — — 12,334 Non-cash stock-based compensation 1,366 1,051 860 623 Amortization of debt issuance costs and original issue discount 1,899 1,465 1,498 1,495 Other depreciation 1,016 927 928 926 Capital expenditures (212) (1,191) (156) (187) Adjusted Funds From Operations (AFFO)1 156,775 151,544 139,865 132,227 Interest expense, net 48,916 46,954 48,996 50,529 Income tax expense 553 521 557 52 Adjusted EBITDA1 $ 206,244 $ 199,019 $ 189,418 $ 182,808 Net income per common share Basic and diluted $ 0.37 $ 0.37 $ 0.37 $ 0.35 FFO per common share Basic and diluted $ 0.37 $ 0.37 $ 0.37 $ 0.35 AFFO per common share Basic and diluted $ 0.38 $ 0.37 $ 0.36 $ 0.36 Weighted average number of common shares outstanding Basic 412,309,577 405,733,656 385,720,716 369,935,055 Diluted 412,821,400 406,035,025 385,847,082 370,127,185 Notes 1. See definitions of Non-GAAP Financial Measures on page 22 of this presentation. VICI Q2 2019 Supplemental Financial & Operating Data 2. Represents the non-cash impairment related to certain vacant, non-operating land parcels. Please refer to the description of this impairment set forth in the Company’s Form 10-Q filed with the SEC on November 1, 2018. 13
2019 Guidance The Company is providing its estimated net income, FFO and AFFO guidance on an aggregate basis and updating per share guidance for the full year 2019 to reflect the closing of the Greektown Acquisition on May 23, 2019, as well as all capital markets activities completed in the second quarter, including the issuance of 50,000,000 shares of common stock and an estimated impact of potential dilution resulting from the forward sale agreements during the period of time prior to settlement. The Company estimates that net income attributable to common stockholders for the year ending December 31, 2019 will be between $605.0 million and $615.0 million, or between $1.38 and $1.40 per diluted share. The Company estimates AFFO for the year ending December 31, 2019 will be between $635.0 million and $645.0 million, or between $1.45 and $1.47 per diluted share. These per share estimates reflect the dilutive impact of the additional 50,000,000 shares of common stock issued on June 28, 2019, as well as an estimated impact of potential dilution resulting from the forward sale agreements during the period of time prior to settlement. The following is a summary of the Company’s full-year 2019 guidance: These estimates do not include the impact on operating results from currently pending transactions (including the JACK Cincinnati Acquisition, the Century Portfolio Acquisition and the Eldorado Transaction), the sale of common shares subject to the forward sale agreement entered into with the forward purchasers in June 2019 or possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. 2019 Aggregate Guidance: Net Income, FFO & AFFO ($ in millions) Updated Guidance Prior Guidance For the Year Ending December 31, 2019: Low High Low High Estimated net income attributable to common stockholders $ 605.0 $ 615.0 $ 590.0 $ 605.0 Estimated real estate depreciation — — — — Estimated Funds From Operations (FFO) $ 605.0 $ 615.0 $ 590.0 $ 605.00 Estimated direct financing and sales-type lease adjustments (6.5) (6.5) (8.0) (8.0) Estimated transaction and acquisition expenses, non-cash stock-based compensation, amortization of debt issuance costs and OID, other non-cash interest expense, non-real estate depreciation, capital expenditures, impairment charges 36.5 36.5 18.0 18.0 and gains or losses on debt extinguishments Estimated Adjusted Funds From Operations (AFFO) $ 635.0 $ 645.0 $ 600.0 $ 615.0 2019 Per Share Guidance: Net Income, FFO & AFFO Updated Guidance Prior Guidance For the Year Ending December 31, 2019: Low High Low High Estimated net income attributable to common stockholders per diluted share $ 1.38 $ 1.40 $ 1.45 $ 1.48 Estimated real estate depreciation per diluted share — — — — Estimated Funds From Operations (FFO) per diluted share $ 1.38 $ 1.40 $ 1.45 $ 1.48 Estimated direct financing and sales-type lease adjustments per diluted share (0.01) (0.01) (0.02) (0.02) Estimated transaction and acquisition expenses, non-cash stock-based compensation, amortization of debt issuance costs and OID, other non-cash interest expense, non-real estate depreciation, capital expenditures, impairment charges 0.08 0.08 0.04 0.04 and gains or losses on debt extinguishments, per diluted share Estimated Adjusted Funds From Operations (AFFO) per diluted share $ 1.45 $ 1.47 $ 1.47 $ 1.50 Estimated Weighted Average Share Count at Year End (in millions) 438.0 438.0 409.4 409.4 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 supplement. 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. VICI Q2 2019 Supplemental Financial & Operating Data 14
Capitalization1 ($ amounts in thousands, except share and per share data) % of Maturity Interest Interest Balance as of Total Prepayment Years to Debt Date Rate Frequency Credit Rating June 30, 2019 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility 5/15/2024 L+2.00% Monthly3 - 0% ‐ 4.9 years Term Loan B Facility 12/22/20242 L+2.00%4 Monthly Ba3 / BBB- 2,100,000 51% Par 5.5 years Second Lien Notes 10/15/2023 8.00% Semi‐Annually B1 / BB 498,480 12% NC 35 4.3 years CPLV CMBS Debt 10/10/2022 4.36% Monthly 1,550,000 37% MWC6 3.3 years Total Debt 4.97%7 $4,148,480 100% 4.5 years Fixed Rate $4,048,480 98% Variable Rate $100,000 2% Equity Shares Outstanding as of 6/30/19 461,004,546 Share Price as of 6/30/19 $22.04 Equity Market Capitalization $10,160,540 Enterprise Value Total Debt plus Equity Market Capitalization $14,309,020 Less: Cash, Cash Equivalents & ST Investments8 1,302,921 Total Enterprise Value $13,006,099 Total Liquidity Revolving Credit Facility Capacity $1,000,000 Cash, Cash Equivalents & ST Investments 1,302,921 Total Liquidity $2,302,921 Notes 1. As of June 30, 2019. 2. The Term Loan B Facility requires scheduled quarterly payments in amounts equal to 0.25% of the original principal amount adjusted for prepayments permitted pursuant to the Credit Agreement dated December 22, 2017 (the “Credit Agreement”). The Term Loan B Facility will mature on December 22, 2024 or the date that is three months prior to the maturity of the Second Lien Notes, whichever is earlier (or if the maturity is extended pursuant to the terms of the Credit Agreement, such extended maturity date as determined pursuant thereto). 3. Commitment fees (0.375%-0.500% depending on leverage) on the undrawn portion of the Revolving Credit Facility are paid quarterly. 4. On April 24, 2018, VICI swapped $1.5 billion of variable rate debt at a fixed rate of 2.8297%.The interest rate swap agreements each have an effective date of May 22, 2018 and a termination date of April 22, 2023. On January 3, 2019 VICI swapped $500 million of variable rate debt at a blended rate of 2.38%. The interest rate swap agreements each have an effective date of January 22, 2019 and a termination date of January 22, 2021. VICI Q2 2019 Supplemental Financial & Operating Data 5. Callable at 104% after 3 years (October 2020), and at par after 4 years post issuance, plus any accrued and unpaid interest to the redemption date. 6. Make whole call after November 10, 2019. 15 7. Based on one month LIBOR of 2.40% as of June 30, 2019. Includes impact of interest rate swaps. 8. Excludes restricted cash.
Property Overview Detroit Lake Tahoe / Reno Joliet / Hammond Council Bluffs Philadelphia Cincinnati Atlantic City Las Vegas North Kansas City Louisville Metropolis Laughlin Tunica Resorts / Robinsonville Bossier City Biloxi New Orleans CURRENT PORTFOLIO ANNOUNCED ACQUISITIONS OWNED GOLF COURSES DESIGNATED PUT-CALL PROPERTIES DESIGNATED ROFR PROPERTIES 4 Cascata, Boulder City, NV Indiana Grand, Centaur 4 Bally’s Las Vegas Rio Secco, Henderson, NV Hoosier Park, Centaur 4 Flamingo Las Vegas Grand Bear, Harrison County, MS Caesars Forum Convention Center Paris Las Vegas Chariot Run, Laconia, IN Planet Hollywood The LINQ Horseshoe Baltimore Combined Caesars and Eldorado (24 assets) Penn National Gaming (2 assets) Caesars Palace Las Vegas & Harrah’s Council Bluffs Horseshoe Southern Indiana Margaritaville Bossier City Octavius Tower Horseshoe Council Bluffs Bluegrass Downs Greektown Casino Harrah’s Las Vegas Harrah’s Joliet Harrah’s Gulf Coast 1 3 Hard Rock (1 asset) Harrah’s Laughlin Horseshoe Hammond Tunica Roadhouse Hotel JACK Cincinnati Casino Harrah’s Reno Harrah’s Philadelphia Horseshoe Tunica Century Casinos (3 assets) 2 Harvey’s Lake Tahoe Bally’s Atlantic City Horseshoe Bossier City Harrah’s Lake Tahoe Caesars Atlantic City Louisiana Downs Isle Casino Cape Girardeau Harrah’s North Kansas City Harrah’s Atlantic City 3 Harrah’s New Orleans 3 Lady Luck Casino Caruthersville Harrah’s Metropolis Notes Mountaineer Casino, Racetrack & Resort 1. On April 5, 2019, the Company announced that it entered into definitive agreements pursuant to which VICI will acquire the land and real estate assets associated with JACK Cincinnati. Acquisition is pending completion, subject to customary closing conditions and regulatory approvals. 2. On June 17, 2019, the Company announced that it entered into definitive agreements pursuant to which VICI will acquire the land and real estate assets associated with Isle Casino Cape Girardeau, Lady Luck Casino Caruthersville and Mountaineer Casino, Racetrack & Resort. Acquisitions are pending completion, subject to customary closing conditions and regulatory approvals. 3. On June 24, 2019, the Company announced that it will enter into definitive agreements pursuant to which VICI will acquire the land and real estate assets associated with Harrah’s New Orleans, Harrah’s Atlantic City and Harrah’s Laughlin after which the acquisitions will be pending completion, subject to the closing of the Eldorado/Caesars VICI Q2 2019 Supplemental Financial & Operating Data Combination, as well as diligence, customary closing conditions and regulatory approvals. 4. Subject to the closing of the Eldorado Transaction and the Eldorado/Caesars Combination, and such transactions are both subject to customary closing conditions and 16 regulatory approvals.
Properties Breakdown Major MSAs Total Sq. Ft. Casino Sq. Ft. Meeting Sq. Ft. Served Property Name Location (000s) (000s) (000s) Slot Machines Table Games Hotel Rooms Horseshoe Hammond Hammond, IN 1,716 108 -- 2,220 150 -- Chicago Harrah's Joliet Joliet, IL 1,011 39 6 1,090 40 200 Horseshoe Bossier City Bossier City, LA 1,419 28 22 1,170 70 610 Dallas Harrah's Louisiana Downs Bossier City, LA 1,118 12 29 830 -- -- Margaritaville Bossier City Bossier City, LA 375 27 -- 1,217 50 395 Detroit Greektown Casino Detroit, MI 2,199 100 14 2,705 75 400 Kansas City Harrah's North Kansas City North Kansas City, MO 1,435 60 13 1,300 60 390 Caesars Palace Las Vegas Las Vegas, NV 8,579 124 300 1,440 160 3,970 Las Vegas Harrah's Las Vegas Las Vegas, NV 4,100 89 24 1,220 90 2,540 Horseshoe Southern Indiana Elizabeth, IN 2,510 87 24 1,580 100 500 Louisville Bluegrass Downs Paducah, KY 184 -- -- -- -- -- Horseshoe Tunica Robinsonville, MS 1,008 63 20 1,010 100 510 Memphis Tunica Roadhouse1 Robinsonville, MS 225 -- 19 -- -- 140 Nashville Harrah's Metropolis Metropolis, IL 474 24 -- 840 30 260 New Orleans Harrah's Gulf Coast Biloxi, MS 1,031 31 -- 770 30 500 Harrah's Council Bluffs Council Bluffs, IA 790 21 6 550 20 250 Omaha Horseshoe Council Bluffs Council Bluffs, IA 632 60 -- 1,380 70 -- Caesars Atlantic City Atlantic City, NJ 3,632 116 29 1,890 130 1,140 Philadelphia Bally's Atlantic City Atlantic City, NJ 2,547 127 64 1,800 160 1,210 Harrah’s Philadelphia Chester, PA 2,000 113 12 2,450 110 -- Harvey's Lake Tahoe Lake Tahoe, NV 1,670 44 19 670 50 740 San Francisco / Sacramento Harrah's Reno Reno, NV 1,371 40 22 610 30 930 Harrah's Lake Tahoe Stateline, NV 1,057 45 18 760 70 510 Total VICI Properties 12 MSAs 23 Properties 11 States 41,083 1,358 641 27,502 1,595 15,195 Cascata Golf Course Boulder City, NV 37 -- -- -- -- -- Rio Secco Golf Course Henderson, NV 30 -- -- -- -- -- Golf Courses Grand Bear Golf Course Saucier, MS 5 -- -- -- -- -- Chariot Run Golf Course Laconia, IN 5 -- -- -- -- -- Notes 1. On November 27, 2018, Caesars announced the closure of gaming operations at Tunica Roadhouse effective January 31, 2019 but it will continue to operate the hotel. VICI Q2 2019 Supplemental Financial & Operating Data 17
Summary of Current Lease Terms1 Non-CPLV & Joliet Margaritaville Bossier Caesars Palace Las Vegas3 Harrah’s Las Vegas Greektown (2 Leases)2 City Initial Cash $493.9 Million $200.0 Million $87.4 Million $23.2 Million $55.6 Million Rent Current Cash $501.0 Million $204.4 Million $88.3 Million $23.2 Million $55.6 Million Rent4 Annual 1.5% in years 2-5 >2% / change in CPI beginning 1% per year for years 2 – 5 and 2% for Building Base Rent ($17.2 2% for Building Base Rent Escalator >2% / change in CPI thereafter in year 2 >2% / change in CPI thereafter Million) ($42.8 Million) Percentage (Variable) Rent Percentage (Variable) Rent Rent Year 8: 70% Base / 30% Variable Year 8 & 11: 80% Base / 20% Year 8 & 11: 80% Base / 20% Variable adjusts every 2 years beginning adjusts every 2 years beginning Year 11: 80% Base / 20% Variable Variable Adjustment in year 3 in year 3 4% of revenue increase/decrease 4% of revenue increase/decrease Variable Rent Year 8: Average of years 5-7 less Year 8: Average of years 5-7 less 4% of revenue increase in year 4% of the average net revenues 4% of the average net revenues Adjustment average of years 0-2 average of years 0-2 8 (less year 0); additional resets for trailing 2-year period less for trailing 2-year period less Mechanic Year 11: Average of years 8-10 less Year 11: Average of years 8-10 less indexed to prior 3 years threshold amount threshold amount average of years 5-7 average of years 5-7 Term 15-year initial term with four 5-year renewal options Caesars Resorts Collection Penn National Gaming Guarantee Caesars (CEC) Penn National Gaming (PENN) (CRC) (PENN) EBITDAR Coverage 1.2x beginning in year 8 1.7x beginning in year 8 1.6x beginning in year 6 1.9x beginning in year 2 1.85x beginning in year 2 Floor $350 Million Capex spending required over rolling 3 year $171 Million between 2017 and Minimum 1% of Net Revenue Minimum 1% of Net Revenue Capex period at $100 Million minimum per year5 20216 based on a four-year average based on a four-year average Notes 1. The current lease terms summary does not reflect the modifications to the Caesars Lease Agreements contemplated in connection with the closing of the Eldorado Transaction. 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, Initial Cash Rent and Current Cash Rent are $486.0 million and $493.0 million, respectively. 3. Initial CPLV cash rent of $165 million, which is subject to annual escalators, as well as Octavius Tower cash rent of $35 million, which is not subject to annual escalators. 4. In relation to the Non-CPLV Lease Agreement, Joliet Lease Agreement and CPLV Lease Agreement, the amount represents the current annual base rent payable for the current lease year which is the period from November 1, 2018 through October 31, 2019. In relation to the HLV Lease Agreement the amount represents current annual base rent payable for the current lease year which is the period from January 1, 2019 through December 31, 2019. 5. In relation to the CPLV Lease Agreement and the Non-CPLV Lease Agreement over the three years, the $350 million minimum is allocated $84 million to CPLV, $255 million to Non‐CPLV (total $339 million) and the rest to CPLV/Non‐CPLV as tenant may elect. 6. Capex at 1% of net revenue thereafter. VICI Q2 2019 Supplemental Financial & Operating Data 18
Recently Announced Acquisition Activity $ in millions; (unaudited) Pending Transactions Announcement Multiple / Property Status Rent Value Tenant Property Details Property Images Date Cap Rate ~100,000 Sq. Ft. of Casino Space JACK Cincinnati Expected Close $558.3 Hard Rock April 5, 2019 $42.8 13.05x / 7.7% 1,800 Slots, 100 Table Games (Cincinnati, OH)1 Late 20191 Int’l 22 Acres Isle Casino Cape ~41,500 Sq. Ft. of Casino Space Girardeau 863 Gaming Machines (Cape Girardeau, 20 Table Games MO)2 Lady Luck Casino ~21,000 Sq. Ft. of Casino Space Expected Close 2 Century Caruthersville June 17, 2019 2 $25.0 11.1x / 9.0% $278.0 507 Gaming Machines (Caruthersville, MO)2 Early 2020 Casinos 9 Table Games Mountaineer Casino, Racetrack & 1,486 Gaming Machines Resort 36 Table Games (New Cumberland, 357 Hotel Rooms WV)2 Combined ~125,100 Sq. Ft. of Casino Space Harrah’s New Expected Close June 24, 2019 Caesars and 1,460 Slot Machines, 170 Tables Orleans3 20203 Eldorado 450 Hotel Rooms & Suites Combined ~156,300 Sq. Ft. of Casino Space Harrah’s Atlantic Expected Close June 24, 2019 $154.0 11.75x / 8.5% $1,809.0 Caesars and 2,100 Slot Machines, 170 Tables City3 20203 Eldorado 2,590 Hotel Rooms & Suites Combined ~56,000 Sq. Ft. of Casino Space Harrah’s Laughlin Expected Close June 24, 2019 Caesars and 880 Slot Machines, 30 Tables (Laughlin, NV)3 20203 Eldorado 1,510 Hotel Rooms & Suites Combined CPLV and HLV Lease Expected Close Improves quality, security and term June 24, 2019 Caesars and Modifications4 H1 20203 $98.5 14.25x / 7.0% $1,404.0 of Caesars leases Eldorado Total MTA Properties and Lease Modifications $252.5 12.7x / 7.9% $3,213 Notes 1. On April 5, 2019, the Company announced that it entered into definitive agreements pursuant to which VICI will acquire the land and real estate assets associated with JACK Cincinnati. Acquisition is pending completion, subject to customary closing conditions and regulatory approval. 2. On June 17, 2019, the Company announced that it entered into definitive agreements pursuant to which VICI will acquire the land and real estate assets associated with Isle Casino Cap Girardeau, Lady Luck Casino Caruthersville and Mountaineer Casino, Hotel & Resort, receiving aggregate rent for all three properties of $25.0 million pursuant to a master lease. Acquisitions are pending completion, subject to customary closing conditions and regulatory approvals. 3. On June 24, 2019, the Company announced that it will enter into definitive agreements pursuant to which VICI will acquire the land and real estate assets associated with Harrah’s New Orleans, Harrah’s Atlantic City and Harrah’s Laughlin after which the acquisitions will be pending completion, subject to the closing of the Eldorado/Caesars Combination, as well as diligence, customary closing conditions and regulatory approvals. 4. Subject to the closing of the Eldorado Transaction and the Eldorado/Caesars Combination, and such transactions are both subject to customary closing conditions and regulatory approvals. VICI Q2 2019 Supplemental Financial & Operating Data 19
Recently Completed Acquisitions & Capital Markets Activity $ in millions; (unaudited) Completed Transactions Announcement Multiple / Property Status Rent Value Tenant Property Details Property Images Date Cap Rate ~100,000 Sq. Ft. of Casino Space Greektown Casino- Penn 2,705 Slots, 75 Table Games Closed Hotel November 14, 2018 $55.6 12.6x / 7.9% $700.0 National 400 Hotel Rooms (May 23, 2019) (Detroit, MI) Gaming $134 million Cumulative Capital Invested since 2014 26,500 Sq. Ft. of Casino Space Margaritaville Closed Penn 1,217 Slots, 50 Table Games Resort Casino June 19, 2018 (January 2, $23.2 11.3x / 8.9% $261.1 National 395 Hotel Rooms (36 Luxury Suites) (Bossier City, LA) 2019) Gaming $25 million Cumulative Capital Invested since 2013 1.2 million Sq. Ft. Octavius Tower Closed 23 Stories May 9, 2018 $35.0 14.5x / 6.9% $507.5 Caesars (Las Vegas, NV) (July 11, 2018) 668 Guestrooms, 40 Suites, 26 Premium Villas 112,600 Sq. Ft. Closed Harrah’s 2,450 Slots, 118 Table Games May 9, 2018 (December 26, $21.0 11.5x / 8.7% $241.5 Caesars Philadelphia 2,600 Space Covered Garage 2018) $750 million Capex Investment Modifies Leases to align VICI’s and Closed Lease Caesars’ incentives May 9, 2018 (December 26, -- -- ($159.0) -- Modifications Annual Rent Escalators for Non-CPLV 2018) of 1.5% retroactive to Nov.’18 Total Octavius Tower, Harrah’s Philadelphia & Lease $56.0 10.5x / 9.5% $590.0 Modifications Financing Activities Debt Capital Markets Equity Capital Markets Term Loan B - $500 million Swap Up to $750 million At-the-Market (“ATM”) Equity Program • Entered on January 3, 2019 at a blended rate of 2.38% • Issued 6.1 million shares in the first quarter of 2019 , raising net proceeds of $128.1 million Upsized Revolving Credit Facility to $1.0 billion $2,473 million Follow-On Equity Offering at $21.50 • Amended facility on May 15, 2019 to increase borrowing capacity by $600 million • Issued 50 million shares in June 2019 with the remaining 65 million shares to be and to extend the maturity date to May 2024 issued upon settlement of the forward component of the offering VICI Q2 2019 Supplemental Financial & Operating Data 20
Right of First Refusal / Put‐Call Assets On June 24, 2019, the Company announced that it entered into definitive agreements pursuant to which VICI will receive the right for Put/Call agreements on the Centaur Assets, ROFRs on two Las Vegas Strip assets as well as a ROFR on Horseshoe Baltimore upon the closing of the Eldorado/Caesars Combination. The foregoing transactions are subject to the closing of the Eldorado/Caesars Combination, and such transactions and the Eldorado/Caesars Combination are both subject to customary closing conditions and regulatory approvals Two Las Vegas Strip ROFRs Put / Call Option on Baltimore Centaur Assets First Asset ROFR Second Asset Harrah's Hoosier Park Bally’s Flamingo Paris Planet Horseshoe Hoosier Park Indiana Grand The LINQ Las Vegas Las Vegas Las Vegas Hollywood Casino Baltimore Location Anderson,IN Shelbyville,IN LV Strip LV Strip LV Strip LV Strip LV Strip Baltimore, MD Indiana Grand Casino Space 54,000 83,800 68,400 73,000 95,300 64,500 32,900 122,000 Sq. Ft. # of Tables -- -- 70 110 100 100 50 210 Bally’s Las Vegas # of Slots 1,710 2,070 920 1,140 950 1,010 800 2,200 # of Rooms -- -- 2,810 3,460 2,920 2,500 2,250 -- • Two ROFRs on first two Las Vegas Strip assets to be sold by • 13.0x call / 12.5x put option, Eldorado/Caesars (whether as a “WholeCo”, sale leaseback, or Flamingo Las Vegas with both periods commencing “OpCo/PropCo” sale) • ROFR on sale Terms on January 1, 2022 and expiring – First asset subject to the ROFR can only be Bally's, Flamingo, leaseback on December 31, 2024 Paris or Planet Hollywood – Second asset can be from the same group plus The LINQ • Enter high- Paris Las Vegas performing • Highly attractive Indianapolis • Opportunity to expand presence on Las Vegas Strip (current rent Maryland market market Benefits exposure including all announced and pending acquisitions of 33%) with a new • Potential growth from • ROFR on iconic Las Vegas Strip assets property in a legalization of table games desirable urban core location Planet Hollywood VICI Q2 2019 Supplemental Financial & Operating Data 21
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) (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO direct financing and sales-type lease adjustments, transaction costs incurred in connection with the acquisition of real estate investments, non-cash stock-based compensation expense, 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 and gains (or losses) on debt extinguishment. We calculate Adjusted EBITDA by adding or subtracting from AFFO interest expense and interest income (collectively, interest expense, net) and income tax expense. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP. VICI Q2 2019 Supplemental Financial & Operating Data 22
Harrah’s N.KC Harrah’s VICI Q2 2019 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data
