About

OVERVIEW

VICI Properties Inc. is one of the country’s largest owners of gaming, hospitality and entertainment destinations.

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, wellness, entertainment and leisure 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 Cabot, Cain International, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. 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.

HISTORY OF VICI PROPERTIES

VICI Properties Inc. was formed on October 6, 2017 as the result of an agreement between Caesars Entertainment Operating Company (“CEOC”) and its creditors, whereby much of the CEOC debt owned by the creditors was converted into ownership of much of the real estate occupied by CEOC. This agreement led to the creation of a “PropCo” that would ultimately be known as VICI and was initially comprised of 19 properties and a single tenant – Caesars Entertainment.

The name “VICI” was derived from the Latin phrase “Veni, vidi, vici,” meaning, “I came, I saw, I conquered” and famously attributed to Julius Caesar. The name reflected the nascent company’s ambitious vision to establish gaming real estate as the next great institutionalization story in American commercial real estate. Edward Pitoniak, a seasoned executive in REIT management and hospitality, was brought on as VICI’s founding CEO; John Payne, an executive who spent decades in operations at Harrah’s and then Caesars, was named President and COO; David Kieske, a former real estate investment banker, was hired as EVP, CFO; and Samantha Gallagher, a former law firm partner and REIT executive with extensive REIT and public company experience, was named EVP, General Counsel. All four executives continue to serve in those roles today.

Given the circumstances of its formation, VICI began with a complex and highly leveraged capital structure. Yet, within its first 100 days, the management team was able to significantly reduce VICI’s leverage ratio and complete its first sale leaseback transaction for the real estate of Harrah’s Las Vegas. This early activity set the tone for the coming years and positioned the REIT to go public. On February 1, 2018, VICI successfully priced a $1.4 billion IPO – the 4^th largest REIT IPO at the time – and began trading on the New York Stock Exchange.

Since then, VICI’s accomplishments include:

• Providing over $3 billion of financing to support Eldorado Resort, Inc.’s $17.3 billion acquisition of Caesars Entertainment Corporation
• Being one of the only REITs to collect 100% of its rent on time and in cash throughout the COVID-19 pandemic
• Acquiring the real estate of The Venetian Resort Las Vegas for $4 billion
• Acquiring MGM Growth Properties LLC (MGP) and its portfolio of 16 assets operated by MGM Resorts for $17.2 billion
• Becoming the REIT with the fastest migration from IPO to S&P 500 inclusion on June 3, 2022
• Achieving investment grade ratings across all three rating agencies

VICI continues to pursue its goal of creating the highest quality, most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators.