Transaction Overview: Expanded VICI-Cabot Partnership

Expanded Partnership with Cabot at Cabot Saint Lucia and Cabot Highlands

December 19, 2023

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 our pending and recently completed transactions and acquisitions of real estate assets, including the transactions described herein; risks that not all potential risks and liabilities have been, or will be, identified in the Company's due diligence for our pending and recently completed transactions, including the transactions described herein; the historical financial and operating results of Cabot may not be a reliable indicator of their future results; and the effects of our recently completed and pending transactions and the pending transactions, including the transactions described herein, on us, including the future impact on our financial condition, financial and operating results, cash flows, strategy and plans.

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, 2022, 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.

Cabot Information

The Company makes no representation as to the accuracy or completeness of the information regarding Cabot included in this presentation. 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, corporate governance, 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.

Published on December 19, 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.

2

CABOT PARTNERSHIP OVERVIEW

VICI entered into an agreement with Cabot to provide a delayed draw development loan for Cabot Saint Lucia and has agreed in principle to provide a delayed draw development loan for Cabot Highlands,

expanding and internationalizing the companies' investment partnership and bringing the potential total committed capital to approximately $300 million

Cabot Citrus Farms

Up to $120 million

Delayed draw development loan plus

future real estate ownership

7 years

Loan term

June 2022

Investment announced

Cabot Highlands(1)

Up to £85 million

Delayed draw development loan plus call

right for future real estate ownership

7 years

Loan term

December 2023

Investment announced

Cabot Saint Lucia

Up to $100 million

Delayed draw development loan

7 years

Loan term

December 2023

Investment announced

(1) Entry into the delayed draw development loan and call right agreement for Cabot Highlands are subject to negotiation of definitive documentation and other customary closing conditions.

3

CABOT CITRUS FARMS

In June 2022, VICI entered into a delayed draw term loan facility for up to $120 million and a Purchase and Sale Agreement with Cabot. Pursuant to the Purchase and Sale Agreement, VICI has the right to convert a portion of the loan facility into the ownership of certain Cabot Citrus Farms real estate assets

Cabot Citrus Farms is Cabot's first American property, located 45 minutes north of Tampa's airport and set across 1,200 acres of pristine natural beauty. Previously known as World Woods Golf Club, the Cabot property will re-emerge as a vibrant destination known for incredible golf and world-class real estate.

LOCATION: Brooksville, Florida | OPENING: January 2024

Source: Cabot, as of December 2023

4

CABOT CITRUS FARMS (CONTINUED)

At Build-Out, Citrus Farms is Projected to Feature:

Karoo: 18-hole course

The Roost: 18-hole course

The Squeeze: 10-hole course

The Wedge: 11-hole course

Combination of over 100 real estate units, including:

Cottages

Fairway Homes

Golf House Guestrooms

Wellness & Clubhouse Guestrooms

Multiple F&B outlets

Dining program for meals inside private residences

Fishing, biking, kayaking, hiking, and more in the surrounding area

Near event venues including Raymond James Stadium, Tropicana Field, Amalie Arena

Source: Cabot, as of December 2023

5

CABOT HIGHLANDS

In December 2023, VICI reached an agreement in principle to enter into an up to £85 million delayed draw development loan facility for the development of Cabot Highlands in Inverness, Scotland, with a call right agreement to acquire a portion of the real estate assets upon stabilization of the resort, subject to negotiation of definitive documentation and other customary closing conditions

Cabot Highlands is Cabot's first UK property in its diverse collection of world-class gold and master-planned communities. Surrounded by the breathtaking Scottish Highlands, this celebrated property is woven into the fabric of the region's rich golf history. Previously known as Castle Stuart, the newly acquired Cabot property is home to the renowned 18-hole Castle Stuart Golf Links, designed by Mark Parsinen and Gil Hanse, which has been featured in the World Top 100. It also features a practice range, an art-deco inspired clubhouse, and the historic 17th century castle after which the golf course was named. The property will expand with the build of a second golf course designed by acclaimed architect Tom Doak, scheduled to open in 2025. The resort will eventually feature a full golf village of lodging, dining, retail, and health / wellness, making it the first fully integrated golf resort in the Scottish Highlands.

LOCATION: Inverness, Scotland | NEW COURSE OPENING: Expected in 2025

Source: Cabot, as of December 2023

6

CABOT HIGHLANDS (CONTINUED)

Gil Hanse 18-hole golf course ranked 72 in World Top 100

New 18-hole Tom Doak course to be open in 2025

First fully-integrated golf resort in the Scottish Highlands

Nearby Highlands festivals

Biking, kayaking, sailing fishing, and more

Local historical attractions near the world-famous Loch Ness

Unique art-deco inspired clubhouse has a bar, restaurant, and top-floor lounge

Will eventually feature full golf village of lodging, dining, retail, and health / wellness

Golf Monthly: Top 100 Courses in UK & Ireland

Today's Golfer: Top 100

Courses in Scotland

Golf Magazine: Top 100

Courses in UK & Ireland

Golf Digest: World's 100 Greatest Golf Courses ('22)

Source: Cabot, as of December 2023

7

CABOT SAINT LUCIA

In December 2023, VICI entered into a delayed draw development loan facility for up to $100 million for Cabot Saint Lucia

Cabot Saint Lucia offers spectacular golf, jaw-dropping natural beauty, and a residential community located on a beautiful 375- acre peninsula at the northern tip of the revered Caribbean Island. The property will feature a magnificent Coore & Crenshaw- designed 18-hole golf course and a stunning collection of residences ranging from fairway townhomes to expansive, customizable single-family homes and beachfront living opportunities. Cabot Saint Lucia will offer a host of luxury amenities and adventures to be enjoyed by the whole family. Health and wellness offerings are abundant throughout the property, with a vibrant Beach Club, stunning pools, a rejuvenating spa, and a sports center complete with tennis courts and an adventure landscape for kids.

LOCATION: Point Hardy, Saint Lucia | OPENING: December 2023

Source: Cabot, as of December 2023

8

CABOT SAINT LUCIA (CONTINUED)

At Build-Out, Saint Lucia is Projected to Feature:

One 18-hole, par 71 golf course perched above the Atlantic Ocean

Features 9 coastline holes

Designed by Bill Coore and Ben Crenshaw

Over 300 luxury homesites with tailored design overlooking the island landscape

Phase 1 Ocean Villas (43 lots) are sold out

3 restaurants

1 beach club

Multiple additional dining options within a 15-minute drive

Debuted in Golf Magazine's Top 100 Courses in the World; featured on the cover of the November 2023 issue

Source: Cabot, as of December 2023

9

GOLF INDUSTRY HIGHLIGHTS

Golf participation volumes continue to outpace pre-COVID levels, with 2022 running 15% above the average of the 2017-2019 period

$102 Billion

Estimated size of the U.S. golf industry

41 Million Overall Participants

Including both on- and off-course forms, total U.S. participants increased 10% YoY & surpassed 40 million for the first time

510 Million U.S. Rounds Played

20 average rounds per golfer

37,724 Golf Courses Globally

Almost half of new 18-hole courses that have opened in the U.S. over the past several years were built more than 50 miles from a major city(1)

#1 Outdoor Pay-for-Play Sport

in the U.S.

Almost one in nine Americans plays golf in some form, a higher participation rate than sports such as basketball, tennis, baseball, and skiing

$31 Billion in U.S. Golf-Related

Tourism

Golf-related tourism encompasses trips of 50-miles-or-more. NGF estimates 26 million trips in 2022

Source: National Golf Association's 2023 Golf Industry Report and 2022 Golf Impact Report. (1) Cities with population of 50,000 or greater

10