Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING DATA T H I R D Q U A R T E R ENDE D SEPTEMBER 30 , 2019

Disclaimers Forward Looking Statements Certain statements in this presentation 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 land and real estate assets of JACK Cleveland Casino and JACK Thistledown Racino (“JACK Cleveland/Thistledown”), 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 Cleveland/Thistledown, 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"), Penn National Gaming Inc. (“Penn”) and Seminole Hard Rock Entertainment, Inc. (“Hard Rock”) (and, following the completion of our pending transactions, subsidiaries of Caesars, Eldorado, Penn, Hard Rock, Century Casinos, Inc. (“Century”) and affiliates of JACK Entertainment LLC (“JACK Entertainment”) respectively) as tenants of all of its properties, and Caesars, Penn and Hard Rock (and, following the completion of our pending transactions, Caesars, Eldorado, Penn, Hard Rock, Century and JACK Entertainment) 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. 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 U.S. Securities and Exchange Commission (“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. Caesars, Eldorado, Penn, Hard Rock, Century and JACK Entertainment Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars, Eldorado, Penn, Hard Rock, Century and JACK Entertainment included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC , the Company's significant lessee, have been filed with the SEC. Certain financial and other information for Caesars, Eldorado, Penn, Hard Rock, Century and JACK Entertainment included in this presentation have been derived from their respective filings, 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 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 23 at the end of this presentation. Financial Data Financial information provided herein is as of September 30, 2019 unless otherwise noted. Published October 31, 2019. VICI Q3 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 24 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, Penn National Gaming, Inc. and Hard Rock International, three 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 Robert LaQuaglia (617) 603‐4263 Robert.LaQuaglia@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 Q3 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 18-19 Recent Activity 20-21 Right of First Refusal / Put-Call Assets 22 VICI Q3 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 24 Golf Courses 4 New Nashville Developable Las Vegas Strip Land (acres) 34 Orleans Memphis 1% Cincinnati States 12 2% 3% 1% MSAs 13 Omaha Weighted Average Remaining Lease Term, Including Renewal Options (years) 33.31 3% Kansas City Property Totals 3% Las Vegas Total Square Feet (000s) 41,533 Detroit 31% 5% Casino Space Sq. Ft. (000s) 1,458 Meeting Space Sq. Ft. (000s) 674 Louisville Slot Machines 29,302 7% Table Games 1,695 Chicago Hotel Rooms 15,195 7% Restaurants ~160 Retail Outlets ~50 Dallas 7% Philadelphia Summary Capitalization (see page 15) San Francisco 20% Equity Market Capitalization $10,441,780 10% Total Debt $4,148,480 Cash, Cash Equivalents & Short Term Investments3 $774,190 Enterprise Value $13,816,070 Net Leverage Ratio4 4.2x Financial Highlights Minimal Interest Rate Risk5 Three Months Ended Fixed Rate September 30, June 30, March 31, December 31, September 30, Debt 2019 2019 2019 2018 2018 98% Net Income Per Share (Basic & Diluted) $0.31 $0.37 $0.37 $0.37 $0.35 Funds From Operations Per Share (FFO) (Basic & Diluted)6 $0.31 $0.37 $0.37 $0.37 $0.35 Adjusted Funds From Operations Per Share (AFFO) 6 Basic $0.36 $0.38 $0.37 $0.36 $0.36 Diluted $0.35 $0.38 $0.37 $0.36 $0.36 Net Income $ 144,435 $ 152,049 $ 150,849 $ 142,541 $ 129,912 Adjusted EBITDA6 $ 211,669 $ 206,244 $ 199,019 $ 189,418 $ 182,808 Annualized Dividend per Share $1.19 $1.15 $1.15 $1.15 $1.15 Dividend Yield at Period End 5.3% 5.2% 5.3% 6.3% 5.3% Notes Variable Rate Debt 1. Weighted average remaining lease term of current VICI leases, including renewal options. 2% 2. Percentages based on overall square footage. 3. Excludes restricted cash. VICI Q3 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) September 30, 2019 December 31, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 10,455,900 $ 8,916,047 Investments in operating leases 1,086,658 1,086,658 Land 94,711 95,789 Cash and cash equivalents 431,423 577,883 Restricted cash 32,087 20,564 Short-term investments 342,767 520,877 Other assets 137,920 115,550 Total assets $ 12,581,466 $ 11,333,368 Liabilities Debt, net $ 4,125,473 $ 4,122,264 Accrued interest 23,945 14,184 Deferred financing liability 73,600 73,600 Deferred revenue 250 43,605 Dividends payable 137,048 116,287 Other liabilities 147,081 62,406 Total liabilities 4,507,397 4,432,346 Stockholders' equity Common stock, $0.01 par value, 700,000,000 shares authorized and 461,005,745 and 404,729,616 shares issued and outstanding at September 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 September 30, 2019 and December 31, 2018 — — Additional paid-in capital 7,816,233 6,648,430 Accumulated other comprehensive income (77,116) (22,124) Retained earnings 246,587 187,096 Total VICI stockholders' equity 7,990,314 6,817,449 Non-controlling interests 83,755 83,573 Total stockholders' equity 8,074,069 6,901,022 Total liabilities and stockholders' equity $ 12,581,466 $ 11,333,368 VICI Q3 2019 Supplemental Financial & Operating Data 6

Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 10,455,900 $ 9,897,031 $ 9,186,144 $ 8,916,047 Investments in operating leases 1,086,658 1,086,658 1,086,658 1,086,658 Land 94,711 94,711 94,711 95,789 Cash and cash equivalents 431,423 1,205,335 598,276 577,883 Restricted cash 32,087 28,217 24,366 20,564 Short-term investments 342,767 97,586 356,878 520,877 Other assets 137,920 112,508 101,638 115,550 Total assets $ 12,581,466 $ 12,522,046 $ 11,448,671 $ 11,333,368 Liabilities Debt, net $ 4,125,473 $ 4,124,448 $ 4,123,350 $ 4,122,264 Accrued interest 23,945 13,965 24,702 14,184 Deferred financing liability 73,600 73,600 73,600 73,600 Deferred revenue 250 5 355 43,605 Dividends payable 137,048 132,441 118,056 116,287 Other liabilities 147,081 105,164 62,720 62,406 Total liabilities 4,507,397 4,449,623 4,402,783 4,432,346 Stockholders' equity Common stock 4,610 4,610 4,110 4,047 Preferred stock — — — — Additional paid-in capital 7,816,233 7,814,829 6,777,683 6,648,430 Accumulated other comprehensive income (77,116) (70,003) (39,315) (22,124) Retained earnings 246,587 239,301 219,791 187,096 Total VICI stockholders' equity 7,990,314 7,988,737 6,962,269 6,817,449 Non-controlling interests 83,755 83,686 83,619 83,573 Total stockholders' equity 8,074,069 8,072,423 7,045,888 6,901,022 Total liabilities and stockholders' equity $ 12,581,466 $ 12,522,046 $ 11,448,671 $ 11,333,368 VICI Q3 2019 Supplemental Financial & Operating Data 7

Consolidated Statements of Operations (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues Income from direct financing and sales-type leases $ 206,001 $ 189,938 $ 603,300 $ 554,293 Income from operating leases 10,913 12,209 32,740 36,627 Tenant reimbursement of property taxes1 — 25,147 — 61,322 Golf operations 5,599 5,393 21,221 19,696 Revenues 222,513 232,687 657,261 671,938 Operating expenses General and administrative 6,717 5,678 19,460 20,145 Depreciation 1,000 929 2,948 2,757 Property taxes1 — 25,423 — 61,598 Golf operations 5,423 4,223 14,363 12,832 Loss on impairment — 12,334 — 12,334 Transaction and acquisition expenses 993 — 4,749 — Total operating expenses 14,133 48,587 41,520 109,666 Operating income 208,380 184,100 615,741 562,272 Interest expense (68,531) (54,051) (176,936) (158,365) Interest income 6,690 2,027 15,861 7,504 Loss from extinguishment of debt — — — (23,040) Income before income taxes 146,539 132,076 454,666 388,371 Income tax expense (24) (52) (1,098) (884) Net income 146,515 132,024 453,568 387,487 Less: Net income attributable to noncontrolling interest (2,080) (2,112) (6,235) (6,409) Net income attributable to common shareholders $ 144,435 $ 129,912 $ 447,333 $ 381,078 Net income per common share Basic $ 0.31 $ 0.35 $ 1.05 $ 1.06 Diluted $ 0.31 $ 0.35 $ 1.04 $ 1.06 Weighted average number of common shares outstanding Basic 460,666,295 369,935,055 426,437,889 360,997,358 Diluted 465,771,668 370,127,185 428,366,146 361,042,203 Note 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. VICI Q3 2019 Supplemental Financial & Operating Data 8

Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Revenues Income from direct financing and sales-type leases $ 206,001 $ 201,549 $ 195,750 $ 187,271 Income from operating leases 10,913 10,914 10,913 11,345 Tenant reimbursement of property taxes1 — — — 19,918 Golf operations 5,599 8,283 7,339 7,505 Revenues 222,513 220,746 214,002 226,039 Operating expenses General and administrative 6,717 6,518 6,225 4,283 Depreciation 1,000 1,018 930 929 Property taxes1 — — — 20,212 Golf operations 5,423 4,848 4,092 4,540 Loss on impairment — — — — Transaction and acquisition expenses 993 2,867 889 393 Total operating expenses 14,133 15,251 12,136 30,357 Operating income 208,380 205,495 201,866 195,682 Interest expense (68,531) (54,819) (53,586) (54,297) Interest income 6,690 4,004 5,167 3,803 Income before income taxes 146,539 154,680 153,447 145,188 Income tax expense (24) (553) (521) (557) Net income 146,515 154,127 152,926 144,631 Less: Net income attributable to noncontrolling interest (2,080) (2,078) (2,077) (2,090) Net income attributable to common shareholders $ 144,435 $ 152,049 $ 150,849 $ 142,541 Net income per common share Basic $ 0.31 $ 0.37 $ 0.37 $ 0.37 Diluted $ 0.31 $ 0.37 $ 0.37 $ 0.37 Weighted average number of common shares outstanding Basic 460,666,295 412,309,577 405,733,656 385,720,716 Diluted 465,771,668 412,821,400 406,035,025 385,847,082 Note 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. VICI Q3 2019 Supplemental Financial & Operating Data 9

Revenue Breakdown (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Caesars leases CPLV leasing revenue (incl. Octavius) Contractual leasing revenues (cash rent) $ 40,176 $ 36,850 $ 120,528 $ 94,932 Income from operating leases (cash rent) 10,913 12,209 32,740 36,627 Direct financing and sales-type lease adjustment (non-cash)1 (1,747) 5,012 (5,175) 15,772 CPLV leasing revenue (incl. Octavius) $ 49,342 $ 54,071 $ 148,093 $ 147,331 Non-CPLV & Joliet leases2 Contractual leasing revenues (cash rent) $ 125,255 $ 118,231 $ 375,765 $ 354,693 Direct financing and sales-type lease adjustment (non-cash) 4,935 7,976 14,406 23,291 Non-CPLV & Joliet leasing revenue $ 130,190 $ 126,207 $ 390,171 $ 377,984 HLV lease Contractual leasing revenues (cash rent) $ 22,069 $ 21,850 $ 66,206 $ 65,550 Direct financing and sales-type lease adjustment (non-cash) (210) 19 (618) 55 HLV leasing revenue $ 21,859 $ 21,869 $ 65,588 $ 65,605 Total Caesars leases Contractual leasing revenues (cash rent) $ 187,500 $ 176,931 $ 562,499 $ 515,175 Income from operating leases (cash rent) 10,913 12,209 32,740 36,627 Direct financing and sales-type lease adjustment (non-cash) 2,978 13,007 8,613 39,118 Total Caesars leasing revenue $ 201,391 $ 202,147 $ 603,852 $ 590,920 Margaritaville lease Contractual leasing revenues (cash rent) $ 5,800 $ — $ 17,338 $ — Direct financing and sales-type lease adjustment (non-cash) (2,536) — (3,112) — Margaritaville leasing revenue $ 3,264 $ — $ 14,226 $ — Greektown lease Contractual leasing revenues (cash rent) $ 13,889 $ — $ 19,862 $ — Direct financing and sales-type lease adjustment (non-cash) (2,936) — (3,206) — Greektown leasing revenue $ 10,953 $ — $ 16,656 $ — Cincinnati lease Contractual leasing revenues (cash rent) $ 1,306 $ — $ 1,306 $ — Direct financing and sales-type lease adjustment (non-cash) - — - — Cincinnati leasing revenue $ 1,306 $ — $ 1,306 $ — Total leasing revenue $ 216,914 $ 202,147 $ 636,040 $ 590,920 Tenant reimbursement of property taxes3 — 25,147 — 61,322 Golf operations 5,599 5,393 21,221 19,696 Total revenues $ 222,513 $ 232,687 $ 657,261 $ 671,938 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 VICI Q3 2019 Supplemental Financial & Operating Data term of the leases. 2. Includes 100% of revenues. A JV partner owns a 20% non-controlling interest in Harrah’s Joliet. 10 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.

Revenue Breakdown – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Caesars leases CPLV leasing revenue (incl. Octavius)1 Contractual leasing revenues (cash rent) $ 40,176 $ 40,176 $ 40,176 $ 39,383 Income from operating leases (cash rent) 10,913 10,914 10,913 11,345 Direct financing and sales-type lease adjustment (non-cash)2 (1,747) (1,725) (1,703) 479 CPLV leasing revenue (incl. Octavius) $ 49,342 $ 49,365 $ 49,386 $ 51,207 Non-CPLV & Joliet leases3 Contractual leasing revenues (cash rent) $ 125,255 $ 125,255 $ 125,255 $ 119,752 Direct financing and sales-type lease adjustment (non-cash) 4,935 4,800 4,671 5,788 Non-CPLV & Joliet leasing revenue $ 130,190 $ 130,055 $ 129,926 $ 125,540 HLV lease Contractual leasing revenues (cash rent) $ 22,069 $ 22,068 $ 22,069 $ 21,850 Direct financing and sales-type lease adjustment (non-cash) (210) (206) (202) 19 HLV leasing revenue $ 21,859 $ 21,862 $ 21,867 $ 21,869 Total Caesars leases Contractual leasing revenues (cash rent) $ 187,500 $ 187,499 $ 187,500 $ 180,985 Income from operating leases (cash rent) 10,913 10,914 10,913 11,345 Direct financing and sales-type lease adjustment (non-cash) 2,978 2,869 2,766 6,286 Total Caesars leasing revenue $ 201,391 $ 201,282 $ 201,179 $ 198,616 Margaritaville lease Contractual leasing revenues (cash rent) $ 5,800 $ 5,800 $ 5,738 $ — Direct financing and sales-type lease adjustment (non-cash) (2,536) (322) (254) — Margaritaville leasing revenue $ 3,264 $ 5,478 $ 5,484 $ — Greektown lease Contractual leasing revenues (cash rent) $ 13,889 $ 5,973 $ — $ — Direct financing and sales-type lease adjustment (non-cash) (2,936) (270) — — Greektown leasing revenue $ 10,953 $ 5,703 $ — $ — Cincinnati lease Contractual leasing revenues (cash rent) $ 1,306 $ — $ — $ — Direct financing and sales-type lease adjustment (non-cash) — — — $ — Cincinnati leasing revenue $ 1,306 $ — $ — $ — Total leasing revenue $ 216,914 $ 212,463 $ 206,663 $ 198,616 Tenant reimbursement of property taxes4 — — — 19,918 Golf operations 5,599 8,283 7,339 7,505 Total revenues $ 222,513 $ 220,746 $ 214,002 $ 226,039 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 VICI Q3 2019 Supplemental Financial & Operating Data term of the leases. 3. Includes 100% of revenues. A JV partner owns a 20% non-controlling interest in Harrah’s Joliet. 11 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.

Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income attributable to common stockholders $ 144,435 $ 129,912 $ 447,333 $ 381,078 Real estate depreciation — — — — Funds From Operations (FFO)1 144,435 129,912 447,333 381,078 Direct financing and sales-type lease adjustments attributable to common stockholders 2,563 (12,876) (2,093) (38,652) Transaction and acquisition expenses 993 — 4,749 — Loss on extinguishment of debt — — — 23,040 Non-cash stock-based compensation 1,404 623 3,821 1,482 Amortization of debt issuance costs and original issue discount 14,816 1,495 18,180 4,477 Other depreciation 997 926 2,940 2,752 Loss on impairment — 12,334 — 12,334 Capital expenditures (588) (187) (1,991) (744) Adjusted Funds From Operations (AFFO)1 164,620 132,227 472,939 385,767 Interest expense, net 47,025 50,529 142,895 146,385 Income tax expense 24 52 1,098 832 Adjusted EBITDA1 $ 211,669 $ 182,808 $ 616,932 $ 532,984 Net income per common share Basic $ 0.31 $ 0.35 $ 1.05 $ 1.06 Diluted $ 0.31 $ 0.35 $ 1.04 $ 1.06 FFO per common share Basic $ 0.31 $ 0.35 $ 1.05 $ 1.06 Diluted $ 0.31 $ 0.35 $ 1.04 $ 1.06 AFFO per common share Basic $ 0.36 $ 0.36 $ 1.11 $ 1.07 Diluted $ 0.35 $ 0.36 $ 1.10 $ 1.07 Weighted average number of common shares outstanding Basic 460,666,295 369,935,055 426,437,889 360,997,358 Diluted 465,771,668 370,127,185 428,366,146 361,042,203 Note 1. See definitions of Non-GAAP Financial Measures on page 23 of this presentation. VICI Q3 2019 Supplemental Financial & Operating Data 12

Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Net income attributable to common stockholders $ 144,435 $ 152,049 $ 150,849 $ 142,541 Real estate depreciation — — — — Funds From Operations (FFO)1 144,435 152,049 150,849 142,541 Direct financing and sales-type lease adjustments attributable to common stockholders 2,563 (2,210) (2,446) (6,199) Transaction and acquisition expenses 993 2,867 889 393 Non-cash stock-based compensation 1,404 1,366 1,051 860 Amortization of debt issuance costs and original issue discount 14,816 1,899 1,465 1,498 Other depreciation 997 1,016 927 928 Capital expenditures (588) (212) (1,191) (156) Adjusted Funds From Operations (AFFO)1 164,620 156,775 151,544 139,865 Interest expense, net 47,025 48,916 46,954 48,996 Income tax expense 24 553 521 557 Adjusted EBITDA1 $ 211,669 $ 206,244 $ 199,019 $ 189,418 Net income per common share Basic $ 0.31 $ 0.37 $ 0.37 $ 0.37 Diluted $ 0.31 $ 0.37 $ 0.37 $ 0.37 FFO per common share Basic $ 0.31 $ 0.37 $ 0.37 $ 0.37 Diluted $ 0.31 $ 0.37 $ 0.37 $ 0.37 AFFO per common share Basic $ 0.36 $ 0.38 $ 0.37 $ 0.36 Diluted $ 0.35 $ 0.38 $ 0.37 $ 0.36 Weighted average number of common shares outstanding Basic 460,666,295 412,309,577 405,733,656 385,720,716 Diluted 465,771,668 412,821,400 406,035,025 385,847,082 Note 1. See definitions of Non-GAAP Financial Measures on page 23 of this presentation. VICI Q3 2019 Supplemental Financial & Operating Data 13

2019 Guidance The Company is updating its estimated net income, FFO and AFFO guidance for the full year 2019 to reflect the closing of the JACK Cincinnati Acquisition on September 20, 2019, an acceleration of the deferred financing fees that have been incurred in connection with the Eldorado Transaction, and the estimated impact of potential dilution resulting from the June 2019 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 $600.0 million and $606.0 million, or between $1.37 and $1.38 per diluted share. The Company estimates AFFO for the year ending December 31, 2019 will be between $645.0 million and $650.0 million, or between $1.47 and $1.48 per diluted share. These per share estimates reflect the dilutive impact of the additional 50,000,000 shares of common stock issued on June 28, 2019, as well as an estimate of the additional shares from the unsettled forward sale agreements that are required to be included in the dilutive earnings per share calculation under the treasury stock method. The following is a summary of the Company’s full-year 2019 guidance: These estimates do not include the impact on operating results from currently pending transactions (including the Century Portfolio Acquisition, the Eldorado Transaction and the acquisitions of JACK Cleveland/Thistledown), the sale of common shares subject to the forward sale agreement entered into with the forward purchasers in June 2019 or possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. 2019 Aggregate Guidance: Net Income, FFO & AFFO ($ in millions) Updated Guidance Prior Guidance For the Year Ending December 31, 2019: Low High Low High Estimated net income attributable to common stockholders $ 600.0 $ 606.0 $ 605.0 $ 615.0 Estimated real estate depreciation — — — — Estimated Funds From Operations (FFO) $ 600.0 $ 606.0 $ 605.0 $ 615.0 Estimated direct financing and sales-type lease adjustments 0.2 0.2 (6.5) (6.5) 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 44.8 43.8 36.5 36.5 and gains or losses on debt extinguishments Estimated Adjusted Funds From Operations (AFFO) $ 645.0 $ 650.0 $ 635.0 $ 645.0 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 $ 1.37 $ 1.38 $ 1.38 $ 1.40 Estimated real estate depreciation per diluted share — — — — Estimated Funds From Operations (FFO) per diluted share $ 1.37 $ 1.38 $ 1.38 $ 1.40 Estimated direct financing and sales-type lease adjustments per diluted share 0.00 0.00 (0.01) (0.01) 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 0.10 0.10 0.08 0.08 and gains or losses on debt extinguishments, per diluted share Estimated Adjusted Funds From Operations (AFFO) per diluted share $ 1.47 $ 1.48 $ 1.45 $ 1.47 Estimated Weighted Average Share Count at Year End (in millions) 438.9 438.9 438.0 438.0 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 Q3 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 September 30, 2019 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility 5/15/2024 L+2.00% Monthly3 - 0% ‐ 4.6 years Term Loan B Facility 12/22/20242 L+2.00%4 Monthly Ba3 / BBB- 2,100,000 51% Par 5.2 years Second Lien Notes 10/15/2023 8.00% Semi‐Annually B1 / BB 498,480 12% NC 35 4.0 years CPLV CMBS Debt 10/10/2022 4.36% Monthly 1,550,000 37% MWC6 3.0 years Total Debt 4.96%7 $4,148,480 100% 4.3 years Fixed Rate $4,048,480 98% Variable Rate $100,000 2% Equity Shares Outstanding as of 9/30/19 461,005,745 Share Price as of 9/30/19 $22.65 Equity Market Capitalization $10,441,805 Enterprise Value Total Debt plus Equity Market Capitalization $14,590,285 Less: Cash, Cash Equivalents & ST Investments8 774,190 Total Enterprise Value $13,816,095 Total Liquidity Revolving Credit Facility Capacity $1,000,000 Cash, Cash Equivalents & ST Investments 774,190 Total Liquidity $1,774,190 Notes 1. As of September 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. 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. 7. Based on one month LIBOR of 2.02% as of September 30, 2019. Includes impact of interest rate swaps. 8. Excludes restricted cash. VICI Q3 2019 Supplemental Financial & Operating Data 15

Property Overview CURRENT PORTFOLIO Caesars Palace ANNOUNCED ACQUISITIONS Las Vegas Harrah’s Las Vegas OWNED GOLF COURSES Cascata, Boulder City, NV Detroit Rio Secco, Henderson, NV Grand Bear, Harrison County, MS Horseshoe Lake Tahoe / Reno Joliet / Hammond Hammond Harrah’s Gulf Coast Council Bluffs Philadelphia Chariot Run, Laconia, IN Cincinnati Atlantic City DESIGNATED PUT-CALL PROPERTIES Las Vegas North Kansas City Louisville Indiana Grand, Centaur4 Hoosier Park, Centaur4 Harrah’s Metropolis Caesars Forum Convention Center Bally’s Atlantic City Philadelphia Laughlin 5 Tunica Resorts / Robinsonville DESIGNATED ROFR PROPERTIES Bally’s Las Vegas Flamingo Las Vegas Bossier City Biloxi Paris Las Vegas Harvey’s Lake Planet Hollywood Tahoe Harrah’s Metropolis New Orleans The LINQ Combined Eldorado and Caesars (24 assets) Horseshoe Baltimore Caesars Palace Las Vegas & Harrah’s Philadelphia Octavius Tower Bally’s Atlantic City Harrah’s Las Vegas Caesars Atlantic City Penn National Gaming (2 assets) Century Casinos (3 assets)2 1 Harrah’s Laughlin Harrah’s Atlantic City1 Margaritaville Bossier City Isle Casino Cape Girardeau Harrah’s Reno Horseshoe Southern Indiana Greektown Casino Lady Luck Casino Caruthersville Harvey’s Lake Tahoe Bluegrass Downs Mountaineer Casino, Racetrack & Resort Harrah’s Lake Tahoe Harrah’s Gulf Coast Hard Rock (1 asset) JACK Entertainment (2 assets)3 Harrah’s North Kansas City Tunica Roadhouse Hotel JACK Cincinnati Casino JACK Cleveland Casino Harrah’s Metropolis Horseshoe Tunica JACK Thistledown Racino Harrah’s Council Bluffs Horseshoe Bossier City Horseshoe Council Bluffs Louisiana Downs Harrah’s Joliet Harrah’s New Orleans1 Horseshoe Hammond Note: Acquisitions pending completion are subject to customary closing conditions and regulatory approvals. The Eldorado Transaction is also subject to the consummation of the Eldorado/Caesars Combination. We can provide no assurances that the pending acquisitions will be consummated on the terms or time frames contemplated, or at all. 1. On June 24, 2019, the Company announced that it will enter into definitive agreements pursuant to which the Company will acquire the land and real estate assets associated with the MTA Properties after which the acquisitions will be pending completion, subject to the closing of the Eldorado/Caesars Combination; subsequently, on September 26, 2019, the Company announced that it had entered into Purchase and Sale Agreements with respect to the MTA Properties. 2. On June 17, 2019, the Company announced that it entered into definitive agreements pursuant to which the Company will acquire the land and real estate assets associated with the Century Portfolio. 3. On October 28, 2019, the Company announced that it entered into a definitive agreement pursuant to which the Company will acquire the casino-entitled land and real estate and related assets associated with JACK Cleveland/Thistledown. 4. The put/call option on Harrah’s Hoosier Park and Indiana Grand Racing & Casino (13.0x call/12.5x put) can be exercised between January 1, 2022 and December 31, 2024, subject to the consummation of the Eldorado/Caesars Combination. 5. The Las Vegas and Baltimore ROFRs are subject to the consummation of the Eldorado/Caesars Combination. With respect to the ROFR assets in Las Vegas, the first will be selected among the following: Flamingo Las Vegas, Bally’s Las Vegas, Paris Las Vegas and Planet Hollywood Resort & Casino, with the second to be one of the previous four plus the LINQ Hotel & Casino. The combined ERI/CZR entity will not have a contractual obligation to sell the properties subject to the ROFRs and will make independent financial decisions regarding whether to trigger the ROFRs. VICI Q3 2019 Supplemental Financial & Operating Data 16

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 Chicago Horseshoe Hammond Hammond, IN 1,716 108 -- 2,220 150 -- Harrah's Joliet Joliet, IL 1,011 39 6 1,090 40 200 Cincinnati JACK Cincinnati Cincinnati, OH 450 100 33 1,800 100 -- 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 Las Vegas Caesars Palace Las Vegas Las Vegas, NV 8,579 124 300 1,440 160 3,970 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 -- -- -- -- -- Memphis Horseshoe Tunica Robinsonville, MS 1,008 63 20 1,010 100 510 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 Omaha Harrah's Council Bluffs Council Bluffs, IA 790 21 6 550 20 250 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 13 MSAs 24 Properties 12 States 41,533 1,458 674 29,302 1,695 15,195 Cascata Golf Course Boulder City, NV 37 -- -- -- -- -- Golf Courses Rio Secco Golf Course Henderson, NV 30 -- -- -- -- -- Grand Bear Golf Course Saucier, MS 5 -- -- -- -- -- Chariot Run Golf Course Laconia, IN 5 -- -- -- -- -- Note 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 Q3 2019 Supplemental Financial & Operating Data 17

Summary of Current Lease Terms Non-CPLV & Joliet Pro Forma Non-CPLV Master Caesars Palace Pro Forma Las Vegas Harrah’s Las Vegas (2 Leases)1 Lease & Joliet Lease2 Las Vegas3 Master Lease2 18 Non-CPLV Properties, Harrah’s Properties 18 Non-CPLV Properties & Joliet, Harrah’s New Orleans, Harrah’s CPLV HLV CPLV and HLV Subject to Lease Harrah’s Joliet Atlantic City & Harrah’s Laughlin Initial Cash Rent $493.9 Million $647.3 Million $200.0 Million $87.4 Million $385.9 Million Current Cash $501.0 Million $655.0 Million $204.4 Million $88.3 Million $391.2 Million Rent Current Lease Same as existing Caesars Palace Nov. 1, 2018 – Oct. 30, 2019 No Change Nov. 1, 2018 – Oct. 30, 2019 Jan. 1, 2019 – Dec. 31, 2019 Year Las Vegas Lease 1.5% in years 2-5 >2% / change in CPI beginning in 1% per year for years 2 – 5 and >2% Annual Escalator No Change >2% / change in CPI >2% / change in CPI thereafter year 2 / change in CPI thereafter EBITDAR 1.2x beginning in year 8 None 1.7x beginning in year 8 1.6x beginning in year 6 None Coverage Floor4 Rent Year 8: 70% Base / 30% Variable Year 8: 70% Base / 30% Variable Year 8 & 11: 80% Base / Year 8 & 11: 80% Base / Year 8, 11 & 16: 80% Base / Adjustment5 Year 11: 80% Base / 20% Variable Year 11 & 16: 80% Base / 20% Variable 20% Variable 20% Variable 20% Variable 4% of revenue increase/decrease 4% of revenue increase/decrease 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of Variable Rent Year 8: Avg. of years 5-7 less avg. of years 0-2 Year 8: Avg. of years 5-7 less avg. of 4% of revenue increase/decrease years 0-2 Adjustment years 0-2 Year 11: Avg. of years 8-10 less avg. years 0-2 Year 8: Year 7 less year 0 Year 11: Avg. of years 8-10 less avg. Mechanic5 Year 11: Avg. of years 8-10 less avg. of years 5-7 Year 11: Avg. of years 8-10 less avg. Year 11: Year 10 less year 7 of years 5-7 of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 5-7 Year 16: Avg. of years 13-15 less avg. of years 8-10 of years 8-10 Initial term extended to expire Initial term extended to expire 15-year initial term with four 5-year Term 15‐years following closing of the 15-year initial term with four 5-year renewal options 15‐years following closing of the renewal options Eldorado/Caesars Combination Eldorado/Caesars Combination Guarantor Caesars Eldorado/Caesars Caesars Caesars Resorts Collection Eldorado/Caesars $350mm required over rolling 3- Existing capex requirements to be $350mm required over rolling 3- year period at $100mm minimum increased in proportion to the overall year period at $100mm minimum $171 Million between 2017 and Capex per year ($84mm allocated to CPLV, increase in tenant’s net revenue per year ($84mm allocated to CPLV, 2021; Capex at 1% of net revenue No Change $255mm allocated to Non-CPLV and arising from the new properties $255mm allocated to Non-CPLV and thereafter $11mm allocated by the tenant) (measured prior to closing) $11mm allocated by the tenant) Note: Acquisitions pending completion are subject to customary closing conditions and regulatory approvals. The Eldorado Transaction is also subject to the consummation of the Eldorado/Caesars Combination. We can provide no assurances that the pending acquisitions will be consummated on the terms or time frames contemplated, or at all. 1. 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. The information in this column does not reflect the modifications to the Caesars Lease Agreements contemplated in connection with the closing of the Eldorado Transaction. 2. Non-CPLV Master Lease reflects $154mm of rent from the pending acquisition of the MTA Properties; Las Vegas Master Lease reflects $98.5mm incremental rent from CPLV and HLV lease modifications, resulting from the Eldorado Transaction. 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. The information in this column does not reflect the modifications to the Caesars Lease Agreements contemplated in connection with the closing of the Eldorado Transaction. 4. In the event that the EBITDAR to Rent Ratio coverage is below the stated floor, the Escalator of the respective Caesars Lease Agreements will be reduced to such amount to achieve the stated EBITDAR to Rent Ratio coverage, provided that the amount shall never result in a decrease to the prior year’s rent. The EBITDAR to Rent Ratio floor is conditioned upon obtaining a favorable private letter ruling from the Internal Revenue Service. The coverage floors, which coverage floors serve to reduce the rent escalators under the Caesars Lease Agreements in the event that the EBITDAR to Rent Ratio coverage is below the stated floor, will be removed upon execution of the amendments to the Caesars Lease Agreements in connection with the closing of the transaction with Eldorado. 5. Rent adjustments in the Pro Forma Non-CPLV Master Lease, Joliet Lease and Pro Forma Las Vegas Master Lease occur in lease years based on a lease commencement date of October 6, 2017. VICI Q3 2019 Supplemental Financial & Operating Data 18

Summary of Current Lease Terms (Continued) JACK Cleveland Margaritaville Bossier City Greektown JACK Cincinnati Century Master Lease1 /Thistledown Master Lease2 Initial Cash $23.2 Million $55.6 Million $42.8 Million $25.0 Million $65.9 Million Rent Current Cash $23.2 Million $55.6 Million $42.8 Million $25.0 Million $65.9 Million Rent Current Lease Jan. 2, 2019 – Jan. 31, 2020 May 23, 2019 – May 31, 2020 Sept. 20, 2019 – Sept. 30, 2020 Expected Close Q4 2019 Expected Close Q1 2020 Year 1.0% in years 2-3 Annual 2% for Building Base Rent ($17.2 2% for Building Base Rent 1.5% in years 2-4 1.0% in years 2-3 1.5% in years 4-6 Escalator Million) ($42.8 Million) 2.0% / CPI thereafter 1.25% / CPI thereafter3 > 1.5% / CPI thereafter4 Net Revenue to Rent Minimum Net Revenue to Rent Minimum EBITDAR 1.9x beginning in year 2 1.85x beginning in year 2 None Coverage Ratio: 7.5x beginning in Coverage Ratio: 4.9x beginning in Coverage Floor year 6 year 5 Rent Percentage (Variable) Rent adjusts Percentage (Variable) Rent adjusts Year 8 & 11: 80% Base / Year 8 & 11: 80% Base (subject to Year 8: 80% Base / 20% Variable Adjustment every 2 years beginning in year 3 every 2 years beginning in year 3 20% Variable escalator) / 20% Variable 4% of net revenue increase/decrease 4% of net revenue increase/decrease Variable Rent 4% of the average net revenues for 4% of the average net revenues for 4% of revenue increase/decrease Year 8: Avg. of years 5-7 less avg. of Year 8: Avg. of years 5-7 less avg. of Adjustment trailing 2-year period less threshold trailing 2-year period less threshold Year 8: Avg. of years 5-7 less avg. of years 1-3 years 1-3 Mechanic amount amount years 1-3 Year 11: Avg. of years 8-10 less avg. Year 11: Avg. of years 8-10 less avg. of years 5-7 of years 5-7 Term 15-year initial term with four 5-year renewal options Seminole Hard Rock Guarantor Penn National Gaming Penn National Gaming Century Casinos, Inc. Rock Ohio Ventures LLC Entertainment, Inc. Minimum 1% of Net Gaming Initial minimum of $30 million in first Revenue on a rolling three-year basis Minimum 1% of Net Revenue based Minimum 1% of Net Revenue based 3 years; 1% of Net Revenues Capex Minimum 1% of Net Revenues for each individual facility; 1% of Net on a four-year average on a four-year average beginning in lease year 4, based on a Gaming Revenue per fiscal year for rolling three-year basis5 the facilities collectively Note: Acquisitions pending completion are subject to customary closing conditions and regulatory approvals. We can provide no assurances that the pending acquisitions will be consummated on the terms or time frames contemplated, or at all. 1. On June 17, 2019, the Company announced that it entered into definitive agreements pursuant to which the Company will acquire the land and real estate assets associated with the Century Portfolio. 2. On October 28, 2019, the Company announced that it entered into a definitive agreement pursuant to which the Company will acquire the casino-entitled land and real estate and related assets associated with JACK Cleveland/Thistledown. 3. Commencing in lease year 6, escalation subject to net revenue to rent minimum coverage ratio of 7.5x, a 14.5% decrease from underwritten net revenues, such that in the event the gross revenue-based rent coverage ratio is below the stated floor, the escalator will be reduced to 0.75%. 4. In any lease year (commencing in lease year 5) if the escalator will cause the minimum rent coverage ratio (based on a ratio of net revenue to rent) to be less than 4.90:1.00, there will be no escalation in rent for such lease year. Annual escalation capped at 2.5%. 5. Minimum of $30 million includes amounts spent on gaming equipment and the May Company Garage from the period commencing April 1, 2019 until December 31, 2022. 25% of JACK Entertainment’s expenditures on gaming equipment may be credited towards the minimum capex requirements in lease years 4-10. VICI Q3 2019 Supplemental Financial & Operating Data 19

Recently Announced Acquisition Activity $ in millions; (unaudited) Pending Transactions Announcement Multiple / Property Status Rent Value Tenant Property Details Property Images Date Cap Rate Isle Casino Cape ~41,500 Sq. Ft. of Casino Space Girardeau 863 Gaming Machines (Cape Girardeau, MO)1 20 Table Games Lady Luck Casino ~21,000 Sq. Ft. of Casino Space Caruthersville Expected Close 1 Century June 17, 2019 1 $25.0 11.1x / 9.0% $278.0 507 Gaming Machines 1 Q4 2019 Casinos (Caruthersville, MO) 9 Table Games Mountaineer Casino, 1,486 Gaming Machines Racetrack & Resort 36 Table Games (New Cumberland, WV)1 357 Hotel Rooms Combined ~125,100 Sq. Ft. of Casino Space Harrah’s New Orleans Expected Close June 24, 2019 Caesars and 1,460 Slot Machines, 170 Tables (New Orleans, LA)2 20202 Eldorado 450 Hotel Rooms & Suites Combined ~156,300 Sq. Ft. of Casino Space Harrah’s Atlantic City Expected Close June 24, 2019 $154.0 11.75x / 8.5% $1,809.0 Caesars and 2,100 Slot Machines, 170 Tables (Atlantic City, NJ)2 20202 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)2 20202 Eldorado 1,510 Hotel Rooms & Suites Combined CPLV and HLV Lease Expected Close Improves quality, security and term June 24, 2019 Caesars and Modifications H1 2020 $98.5 14.25x / 7.0% $1,404.0 of Caesars leases Eldorado ~96,000 Sq. Ft. of Casino Space JACK Cleveland Casino 1,329 Slot Machines, 124 Tables (Cleveland, OH)3 8 Restaurants & Bars Expected Close 3 JACK October 28, 2019 3 $65.9 12.8x / 7.8% $843.3 JACK Thistledown Q1 2020 Entertainment ~57,000 Sq. Ft. of Casino Space Racino 1,477 Slot Machines (North Randall, OH)3 129 Acres of Property Note: Acquisitions pending completion are subject to customary closing conditions and regulatory approvals. The Eldorado Transaction is also subject to the consummation of the Eldorado/Caesars Combination. We can provide no assurances that the pending acquisitions will be consummated on the terms or time frames contemplated, or at all. 1. 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 the Century Portfolio, receiving aggregate rent for all three properties of $25.0 million pursuant to a master lease. 2. 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 the MTA Properties after which the acquisitions will be pending completion, subject to the closing of the Eldorado/Caesars Combination; subsequently, on September 26, 2019, the Company announced that it had entered into Purchase and Sale Agreements with respect to the MTA Properties. 3. On October 28, 2019, the Company announced that it entered into a definitive agreement pursuant to which the Company will acquire the casino-entitled land and real estate and related assets associated with JACK Cleveland/Thistledown, receiving aggregate rent for both properties of $65.9 million pursuant to a master lease. In connection with the closing of the transaction, VICI will provide a $50 million secured loan to JACK Entertainment at a 9.0% interest rate. VICI Q3 2019 Supplemental Financial & Operating Data 20

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 Closed ~100,000 Sq. Ft. of Casino Space JACK Cincinnati Hard Rock April 5, 2019 (September 20, $42.8 13.05x / 7.7% $558.3 1,800 Slots, 100 Table Games (Cincinnati, OH) Int’l 2019) 22 Acres ~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. Harrah’s Closed 2,450 Slots, 118 Table Games Philadelphia May 9, 2018 (December 26, $21.0 11.5x / 8.7% $241.5 Caesars 2,600 Space Covered Garage (Chester, PA) 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 Q3 2019 Supplemental Financial & Operating Data 21

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 ROFR1 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 1. Subject to any consent required from Caesars’ joint venture partners with respect to Horseshoe Baltimore. VICI Q3 2019 Supplemental Financial & Operating Data 22

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 Q3 2019 Supplemental Financial & Operating Data 23

Harrah’s N.KC Harrah’s VICI Q3 2019 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data