VICI Las Vegas Magazine - June 2025

LAS VEGAS

A celebration of our Las Vegas portfolio

JUNE 2025

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Letter from the Editor VICI has opened my eyes to the possibilities of Las Vegas. Prior to working at the company, I was unaware of the breadth of experiences available on the Strip – I honestly thought gambling was the whole story. While the gaming industry is certainly a cornerstone of Las Vegas, when I started to peel back layers and learn more about the ten properties VICI owns on the Strip, I was in awe. Not only are they incredibly large-scale properties with impressive economics, but they also offer a caliber of entertainment and culture that I did not know existed in the Nevada desert. At VICI, we often discuss our core belief in the value of experiences over material things. Las Vegas has always been in the business of selling experiences, and a trip to the Strip today offers a range of experiences for everyone. Yes, some visitors fly into Harry Reid and head straight to the casino for a weekend of gambling. But others are there to

see their favorite artist at Sphere. Some fly in to see their NFL team play the Raiders at Allegiant Stadium. Some are part of a near-constant stream of professionals in town for one of the many industry conferences. Families flock to Las Vegas Boulevard South to see what the castles and pyramids and rollercoasters are all about. Plenty of people just want a massage at a world-class spa and really, really good food. And some are seeking as many of these different experiences as possible! In this magazine, we sought to portray the quality, durability and vibrancy of VICI’s ten Las Vegas assets. The sheer volume and variety of experiences offered within the four walls of our properties is unmatched. We are very proud of our Las Vegas portfolio, and we hope you enjoy the following stories about what we own.

Hayes Honea Associate, Finance VICI Properties Inc.

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Private cigar lounge at The Venetian Resort Las Vegas

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Contents

Introduction A City Built by Visionaries

The Venetian Developing a Vision

22 Caesars Palace

A Palace for All Caesars

32 Harrah’s

Paving the Way

34 Mirage

A Tale of Transformation

36 Park MGM

LAS VEGAS

Where Stars Align 40 New York New York East Coast Tradition 42 Luxor Unexpected Treasure 46 Excalibur Something for Everyone 48 MGM Grand Hidden Gems 56 Mandalay Bay Choose Your Adventure 64 Source Index and Disclaimers

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A City Built by

Visionaries

Las Vegas is the fruit of American pioneering and American capitalism. A city built by visionaries and backed by risk takers, Las Vegas is now one of the most dynamic and economically productive places in the world. Even the first non-native travelers through Las Vegas were adventurers – John C. Fremont, famed explorer of the American West (and the namesake of Fremont Street in downtown Las Vegas), was the first to put Las Vegas on a map in 1844. Mormon families then began to pass through the area when traveling from Salt Lake City to Los Angeles, and they built a mission in the valley in 1855 that was sub- sequently abandoned after two years due to crop failures. Almost a decade later in 1865, a former Gold Rusher named Octavius Gass purchased the old Mormon mission property. In an effort to fund the operations of his 960- acre, 30-employee ranch, Gass loaded the property with debt. He took out a $5,000 loan from Archibald Stewart

in 1879 and put up the Las Vegas ranch as collateral. Gass ultimately defaulted on the loan, and Stewart foreclosed and moved his growing family to the ranch. Stewart profitably operated the Las Vegas ranch, selling goods to miners in southern Nevada and providing a way station for travelers, until he unexpectedly died in 1884 at age 51. His wife, Helen Stewart, took over the ranch and taught herself how to run the business – all while raising five children. Not only did she successfully operate the ranch, she also recognized the value of the surrounding land and, believing a railroad would eventually be built through the town, she astutely acquired several surround- ing parcels to become the largest landowner in the county by 1890. In 1902, she sold the Las Vegas ranch to the San Pedro, Los Angeles, and Salt Lake Railroad, and remained heavily involved in the community until her passing in 1926. To this day, Helen Stewart is known as “The First Lady of Las Vegas.”

TOP: Ruins of a Nevada Gold Rush town, The Strip at night (early 2000s), the con- struction of Resorts World, The Mirage at night, OPPOSITE: Sphere, 2025

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During the Great Depression of the 1930s, southern Nevada flourished while the rest of the nation experienced economic and social turmoil. Construction on the Hoover Dam began in 1931, drawing workers in need of jobs and economic stability. Gambling was legalized in that same year, facilitating further attraction to the city. In 1947, Benjamin “Bugsy” Siegel, who had been running the Flamingo Resort at the time, was killed, an untimely death emblematic of the inextricable ties to organized crime in the burgeoning city of Las Vegas. The “Rat Pack Era” of Las Vegas in the 1950s was also characterized by a mob presence, while representing a time of post- World War II opulence in the city. Frank Sinatra, Elvis Presley, Dean Martin, Sammy Davis Jr., and many other A-List entertainers were frequent fliers to the Nevada desert. In 1969, the Nevada Legislature passed a law easing the way for corporations to own casinos, which aided the involvement of corporate figures such as Howard Hughes. Additionally, when Congress passed the Racketeer Influ- enced and Corrupt Organizations (RICO) Act in 1970, the Justice Department finally had the legal backing to fight crime in Las Vegas, and the mob presence faded. The visionaries that built the Las Vegas we know today began to emerge: • In 1962, Kirk Kerkorian recognized the potential of the city when he purchased 80 acres of land across from the Flamingo • In 1966, Jay Sarno ignited the flame of the themed resort era when he built Ancient Rome-inspired Caesars Palace on land leased from Kerkorian

• In 1967, Steve Wynn arrived and over the next several decades, he was undeniably instrumental in growing the city’s global appeal as a destination for entertainment, design, art and luxury • In the late 1980’s, Sheldon Adelson joined the scene when he purchased the Sands Hotel and Casino, which in the late 1990s was transformed into The Venetian • In 1998, Gary Loveman entered from the world of academia and introduced his methodical, data-driven approach to the casino business and, in the same year, Jim Murren joined MGM from Wall Street tasked with mining for value Fast-forward to October 6, 2017, when VICI Properties was formed. A few years prior, in 2015, Caesars Entertainment Operating Company (“CEOC”) filed for Chapter 11 bankruptcy and, after 2 years of intense negotiations and creative dealmaking, CEOC (the “OpCo”) emerged from bank- ruptcy and VICI (the “PropCo”) was born. Ed Pitoniak, an experienced executive in hospitality and real estate, was brought on as VICI’s CEO; John Payne, who spent decades in operations at Harrah’s and then Caesars, was named President and COO; and David Kieske, a former real estate investment banker, was hired as CFO. A few months later, Samantha Gallagher, an attorney with extensive REIT and public company experience, was named General Counsel. All four executives remain in those roles today. When VICI was formed, it owned 19 properties and Caesars was its only tenant. It was loaded with a complex, highly leveraged capital structure, but in its first 100 days, the management team was able to reduce its leverage ratio by about 3 turns, and VICI was publicly listed on the New York Stock Exchange on February 1, 2018 in the 4th largest REIT IPO at the time.

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“VICI’s goal is to create the highest quality and most productive experiential real estate portfolio by partnering with the highest quality experiential place makers and operators.”

Since then, VICI has accomplished a herculean amount in a short window, including: • Supporting Eldorado’s $17.3 billion acquisition of Caesars • Being one of the only REITs to collect 100% cash rent through COVID • Acquiring the real estate of The Venetian Resort for $4 billion • Acquiring MGM Growth Properties LLC (MGP) for $17.2 billion • Becoming the REIT with the fastest migration from IPO to S&P 500 inclusion • Achieving and maintaining investment grade ratings across all three rating agencies

As of Q1 2025, VICI owned 54 gaming properties and 39 other experiential properties across 13 tenants, and VICI has formed 8 additional partnerships through its VICI Experiential Credit Solutions strategy. Of VICI’s 54 gaming properties, 10 are located on the Las Vegas Strip. Each asset is magnificent and storied in its own right, and we created this magazine to highlight the differentiated quality of VICI’s Strip portfolio. VICI’s goal is to create the highest quality and most productive experi- ential real estate portfolio by partnering with the highest quality experiential place makers and operators, and our Las Vegas assets exemplify this pursuit.

ABOVE: Classic slot machine in MGM Grand’s High Limit Lounge, OPPOSITE: The 1960s Strip at night

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Venetian The

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Grand Colonnade at The Venetian Resort Las Vegas

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RECENT CAP EX $1.5B RENNOVATION

ROOMS 7,100

SLOT MACHINES 1,480

TABLE GAMES 210

MEETING SQFT 2.3M

Developing a Vision

17 million square feet. 17 million square feet make up The Venetian Resort in Las Vegas. That is equivalent to over 250 football fields (if you laid all the square footage out flat). What other consumer-serving commercial real estate asset in the United States is that large? None that we know of. And yet, when you’re inside The Venetian, it doesn’t feel cavernous. It is full of energy with winding pathways and waterways, presenting a juxtaposition of blinking neon slots and fine dining offerings, a bustling convention space, and a highly curated atmosphere of Americanized Italian luxury. Ever since Sheldon Adelson demolished the Sands Hotel & Casino in 1996 to make way for a brand-new resort, The Venetian has been a story of vision development. Adelson’s vision: Recreate the honeymoon he and his wife, Miriam, spent in Venice, Italy. The execution: • Artists, architects, and subject matter experts conducted extensive, on-site research on the landmarks and charms of Venice, Italy

• Authentic materials were imported to Las Vegas to construct and decorate the resort. For example, Verde St. Denis, a green stone found in the Italian Alps, is featured through- out and Italian artists were commissioned to travel to Las Vegas to hand-paint each ceiling fresco • The asset opened in 1999, and Fortune magazine credited it at the time with fueling “the overall renaissance of Las Vegas itself” For the largest property on the Strip, The Venetian’s design is incredibly detailed. The hand-painted frescoes adorn many ceilings throughout the property, from the ornate Grand Colonnade near The Venetian Lobby (pictured to the left), to the hallway welcoming guests into the south Venetian tower, to the entry passage of the casino. The contrast of detailed, baroque-style paintings with modern, neon-flashing gaming consoles transforms the space into an otherworldly realm, drawing art lovers and gamblers alike. Adelson’s dedication to place-making and attention to detail set the tone for decades of continuous and deliberate reimagination of The Venetian.

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“Two massive sumo wrestler statues face each other in the center of the room, as if ready for a match, injecting an electrifying energy throughout the space.”

Take WAKUDA, a Japanese restaurant concept that opened at the property in the summer of 2022. Upon entering the space, guests are transported to the alleyways of Tokyo, winding through dark corridors lit by neon art. They enter the well-decorated, dimly lit bar, grooving to a live DJ before sitting down for their reservation in the dining room that resembles an ancient Japanese sumo arena. Two massive sumo wrestler statues face each other in the center of the room, as if ready for a match, injecting an electrifying energy throughout the space. The Rockwell Group, renowned creator of experiences and built environments with an impressive portfolio, is

responsible for WAKUDA’s design, fusing textures, colors, and art to create a harmony that is essential to the ethos of the Japanese aesthetic. The restaurant offers a 6-person omakase seating in a “secret” space 2 times a day, with guests paying hundreds of dollars each for a coveted spot. It is also home to the largest outdoor terrace on the Las Vegas Strip, which happens to be prime real estate for F1 viewing, as it catches drivers slowing down around a curve before taking off down Las Vegas Boulevard South.

TOP (CLOCKWISE): WAKUDA’s lantern- lined entryway, Golden Gai Cocktail Club, private Omakase lounge, and sushi bar at The Venetian Resort Las Vegas, OPPOSITE: WAKUDA’s main dining room at The Venetian Resort Las Vegas

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“The Venetian is a prime example of elite and intentional place-making.”

More recently, to celebrate The Venetian’s 25th anniversary in May 2024, the operating team announced a $1.5 billion reimagination of the property, of which VICI has committed to fund up to $700 million. The Venetian team discovered several hundred thousand square feet of underutilized space and identified where to spend capital to continue to set the tone for luxury as a Strip market leader. The Venetian convention center underwent a $188 million renovation unveiled in 2024 and continues to host several major conferences annually, such as Amazon Web Services, which brought 60,000 guests to the asset last December. The convention space also houses the walkway to Sphere, which sits behind The Venetian and has drawn people from around the world to witness the technological and artistic spectacles on offer. Suites have also been upgraded, new restaurants and bars are being added – like sustainability- focused Gjelina and elevated fast-casual Via Via – and the gaming floor is continually and dynamically reimagined to dazzle.

The 134,000 square foot Canyon Ranch Spa – the largest day spa in North America – is also receiving a $30 million makeover through the broader redevelopment. The salon is finished, sporting relaxing pinkish-tan hues reminiscent of the surrounding red rock desert nature that is accented with modern finishes. The spa plans to expand the women’s dressing room in response to demand for space to host larger group events, like bachelorette parties, and they are also expanding coed spa space for couples who want to experience the spa together. Canyon Ranch also houses two highly productive food and beverage outlets serving guests with health-focused options for breakfast and lunch. From the importation of Italian materials at the asset’s conception to the development of an ever-evolving vision of best-in-class resort offerings, The Venetian is a prime example of elite and intentional place-making.

TOP: Private cabanas at The Venetian Resort Las Vegas, OPPOSITE: Aerial view of canals at The Venetian Resort Las Vegas

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“To celebrate The Venetian’s 25th anniversary in May of 2024, the operating team announced a $1.5 billion reimagination of the property, of which VICI has committed to fund up to $700 million.”

OPPOSITE: Sphere, which sits on VICI- owned land behind The Venetian Resort Las Vegas; the newly renovated convention center at The Venetian Resort Las Vegas

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TOP: The Venetian Theater, BOTTOM: Gaming floor at The Venetian Resort Las Vegas , OPPOSITE: The Voltaire Theater

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Lobby of the South Venetian Tower hotel suites, OPPOSITE: Outdoor canals at The Venetian Resort Las Vegas

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CAESARS PALACE

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TOP: Winged Victory of Samothrace, a replica of a Greek sculpture from the Hellenistic period, depicting the goddess Nike in the fountain at Caesars Palace

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RECENT CAP EX $1B SINCE 2020

ROOMS 3,980

SLOT MACHINES 1,300

TABLE GAMES 160

MEETING SQFT 300K

When VICI was formed on October 6, 2017, Caesars Palace was the first Las Vegas asset in the portfolio. It is also the oldest Las Vegas Strip asset VICI owns, having opened in 1966, and it’s a core element of the Las Vegas Strip’s identity to this day. The Caesars team continues to find ways to reinvent and reinvigorate the business year after year. A PALACE FOR ALL CAESARS

Villa, is a 3-bedroom, 10,300 square foot accommodation featuring end-to-end Strip views, a jacuzzi set on a wrap- around balcony, a firepit, and more. (Caesars also has 8 other large – non-Nobu branded – villas each ranging from 1,300 to 10,000 square feet.)

“The Caesars team continues to find ways to reinvent and reinvigorate the business year after year.”

One such innovation was the opening of the Nobu Hotel within Caesars Palace in 2013, making it the very first celebrity chef-branded hotel venture in Las Vegas. Backed by Nobu Hospitality primary shareholders Robert De Niro and Meir Teper, the Nobu Hotel features 181 guest rooms and 18 suites. Rooms are priced at a premium to standard Caesars rooms and the largest Nobu suite, called the Nobu

Nobu is an iconic brand associated with celebrity, exclu- sivity and luxury. Though the first Nobu restaurant opened in Tribeca in 1994, people tend to be familiar with the Malibu location perched over the Pacific Ocean and made famous by crispy rice-loving celebrities. De Niro’s investment in the company also drives the star power of the brand, making it a heavy-hitting draw to Caesars Palace.

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“Nobu is an iconic brand associated with celebrity, exclusivity and luxury.”

The ultra-high net worth customer visits Las Vegas for many reasons – to take and enjoy risk at the gaming tables, to have unforgettable meals at the dining table, to luxuriate at some of the world’s leading spas, to be entertained in matchless venues, and to do it all with the exclusivity and access they desire. That carries into how they want to lodge, and the Nobu Hotel offers this sanctuary within the perpetual energy of Las Vegas. While the Nobu Hotel provides an elevated experience within Caesars Palace, it is important to recall Jay Sarno’s original vision for the casino. The notably not-apostro- phized “Caesars” is intentional – Sarno wanted to build a place where everyone felt like “a Caesar” – it’s the leisure place of the everyman, a “Palace” for all “Caesars.” The range of offerings in an iconic Las Vegas setting speaks to the longevity of Caesars Palace. Since opening in the

1960s, it has developed a storied history from hosting Evel Knievel’s famous fountain jump in 1967 to providing the setting for the popular 2009 film, “The Hangover.” The property has continued to grow over the years, including additional hotel towers, and Caesars has expanded its gaming and entertainment offerings. Since the COVID-19 pandemic, the Caesars operating team notes it has invested $1 billion into Caesars Palace, transforming the main lobby and, most recently, adding a brand-new high limit room that has performed exceptionally well. Caesars also announced plans to break ground on a new day club concept in partnership with the Tao Group that will activate underutilized Strip-frontage space that currently serves as a parking lot. As the property approaches its 60th anniversary, we believe Caesars Palace has even better years to come.

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OPPOSITE: Entryway to the Nobu Hotel at Caesars Palace, ABOVE: Entryway to the Nobu Villa, BOTTOM LEFT: Bedroom Suite in the Nobu Villa, BOTTOM RIGHT: Billiards table in the Nobu Villa

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OPPOSITE: Newly renovated High Limit Lounge at Caesars Palace, ABOVE: Caesars Palace lobby fountain

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When picturing foundational figures of Las Vegas, the likes of Howard Hughes, Kirk Kerkorian, and Steve Wynn come to mind. This list is not wrong, but it’s incomplete. There were a handful of women recognized as equally influential: Helen Stewart, Elaine Wynn, and Claudine Williams. You’ve read about Helen in the introduction, and most people are familiar with Elaine of the Wynn empire. As for Claudine Williams? She was the first woman to run a Strip casino. A highly accomplished businesswoman, Claudine paved the way for women in the gaming industry. When she was just 15 years old, she dropped out of high school to work at a casino in Dallas, Texas (although casinos were – and still are – illegal in the state of Texas, some were “tolerated” back in the day). Before she was 21 years old, she bought a Houston steakhouse and casino with a $5,000 loan that she paid back early, setting the stage for her career and establishing her reputation as a business-savvy mogul. PAVING THE WAY Harrah’s

Claudine Williams, Special Collections and Archives, University Libraries, University of Nevada, Las Vegas, OPPOSITE: Harrah’s Las Vegas

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ROOMS 2,540

SLOT MACHINES 950

TABLE GAMES 60

RECENT CAP EX $200M SINCE 2021

MEETING SQFT 24K

“Claudine paved the way for women in the gaming industry.”

In 1965, Claudine and her husband, Shelby Williams, made their first Las Vegas investment in purchasing the Silver Slipper – an iconic relic of classic Las Vegas marked by a massive, rotating silver high heel. Though at first Claudine didn’t want to move to Las Vegas, thinking that the “atmo- sphere wasn’t right” and hesitating at the opportunity for her husband to do things she “didn’t approve of,” she later realized the business opportunity offered by the city and changed her mind, moving her family to Las Vegas and changing Las Vegas history with the Silver Slipper investment. When Claudine and her husband started running the Silver Slipper, she believed in the appeal and simplicity of clean, inexpensive rooms and good food in attracting guests. The property thrived and the couple ultimately sold it to Howard Hughes. Claudine and Shelby used the proceeds

from the sale to develop the Holiday Casino, located across the street from Caesars Palace. The Holiday Casino had a thriving business under Claudine’s purview, and her exper- tise was sought after by the Harrah’s team after they acquired her interest in the property. She stayed on as advisor to the team for years and said, when asked why, “It’s just fun. What else would I do?” Claudine was also a steward of the Las Vegas community up until her passing in 2009. She funded a dormitory at the University of Nevada, Las Vegas (UNLV) in honor of her late husband, and served on the university’s Board of Trustees starting in 1983. Her legacy is one of intellect, integrity and community involvement and, in 1992, she was the first woman inducted into the Nevada Gaming Hall of Fame.

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THE MIRAGE (SOON TO BECOME HARD ROCK LAS VEGAS)

The Mirage facade, 2015 , OPPOSITE: The architect’s rendering of the new Hard Rock Las Vegas

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MEETING SQFT 170K

ROOMS 3,044

SLOT MACHINES 835

TABLE GAMES 71

CAP EX CURRENTLY UNDER- GOING MULTI-BILLION DOLLAR RENOVATION

A Tale of Transformation

When Steve Wynn opened the Mirage in 1989, he transformed the Las Vegas experience. Before the Mirage, travel to Las Vegas was heavily centered around gambling and enter- tainers. When the Polynesian- themed Mirage with a 54-foot erupting volcano came on the scene, Wynn showed that a Las Vegas property could itself be entertaining. Unique attributes of the property included the Dolphin Habitat and Siegfried & Roy’s Garden, where guests could see live dolphins, tigers, lions and other wildlife up close.

In 2021, MGM sold the operations of the property to Hard Rock, a global gaming brand that has been developed and expanded by its owners, the Seminole Tribe of Florida. The Seminoles will be the first federally recognized Indian Tribe to serve customers on the Las Vegas Strip and they intend to make their presence known. Hard Rock closed the asset in the summer of 2024 to begin planning renovations, including a massive guitar tower akin to the Hard Rock Hotel & Casino in Hollywood, Florida, which will dramatically

“Construction is in progress with the guitar tower starting to go vertical and gut renovation of the existing hotel tower underway.”

The Villas at the Mirage were also unique to the property, representing a sought-after luxury offering that hosted many celebrities over the years like Michael Jackson, Paul McCartney, and Bono. The Villas are each 8,500 square feet and feature a private pool and a personal butler, and were the first completed Las Vegas designs to be featured in Architectural Digest in September 1992.

change the Las Vegas skyline. Per construction plans presented to gaming regulators, Hard Rock plans to nearly double the property square footage, including expanded convention space, added slot machines and table games, a larger theater and additional food and beverage offerings. As of May 2025, construction is in progress with the guitar tower starting to go vertical and gut renovation of the exist- ing hotel tower underway. The property is expected to reopen in 2027.

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Park MGM The T-Mobile Arena in close proximity to Park MGM

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ROOMS 2,898

SLOT MACHINES 761

TABLE GAMES 64

MEETING SQFT 77K

Park MGM feels like a New York boutique hotel that was enlarged and dropped into the Nevada desert. With a focus on cuisine, aesthetic, and culture (the Dolby Theater sits within the Park MGM campus), it’s a casino with refined, metropolitan taste. Before the asset transformed into Park MGM in 2018, it was called the Monte Carlo. The Monte Carlo had first opened in 1996 with a swanky, South of France theme, but as the flashy City Center and hip Cosmopolitan rose to its north, MGM decided to refresh the asset to appeal to a younger customer. Park MGM, like Mandalay Bay and Caesars, has a “hotel within a hotel” called The NoMad. Owned by the Sydell Group, the NoMad brand has additional locations in London and New York, all characterized by metropolitan elegance and sophistication. The NoMad Library in Park MGM is a Where Stars Align

beautiful restaurant designed to emulate the iconic library at the brand’s New York location. With floor-to-ceiling bookshelves surrounding plush velvet furniture, the space feels opulent and has rich culinary offerings to match. Another unique restaurant at the property is Roy Choi’s Best Friend, a “mash-up of bodega, bar and restaurant” serving Korean cuisine. When guests enter, they are greeted by a wall of fast-food products on shelves that serves to create the atmosphere of a corner convenience store. On the opposite side is a lively bar with neon signs. The dining room is beyond a plastic vinyl strip curtain, typically used for walk-in fridges, to provide a hint of speakeasy-esque hidden access. The word “gateway” can be applied to Park MGM in multiple ways.

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The gateway into Park MGM from the Las Vegas Strip is through Eataly, an emporium of Italian foods and wines with locations in the world’s leading cities. Park MGM is also a gateway to the Dolby Theater, which has hosted residencies for major A-list stars like Bruno Mars and Lady Gaga. Bruno Mars started his residency in December 2016 and returns regularly, having announced additional shows in May and June of 2025. Park MGM offers VIP Experience packages for his shows, with the most premium option running at just over $2,000 per person. From 2021 through 2023, Lady Gaga held her “Jazz & Piano” residency. Just ahead of her run, “Haus of Gaga,” an ever-changing exhibit displaying Lady Gaga’s costumes, wigs and accessories from her career – including the infamous meat dress – opened at the property.

Finally, Park MGM and the plaza it shares with New York New York (also a VICI-owned property) are gateways to T-Mobile Arena (for more on T-Mobile, see page 40). While Park MGM is still a casino, the property’s evident emphasis is on other experiences, both within and adjacent to the building. The draw of cuisine and entertainment mirrors the broader trend of non-gaming attractions gaining popularity and appeal in Las Vegas over the last several years. According to a Nevada Resort Association report released in March 2025, the gaming share of Nevada casino revenue shrunk from 45% in 2014 to 36% in 2024, representing a significant shift over the last decade. And it’s a virtuous cycle – if people interested in food and entertainment are going to Las Vegas, renowned chefs and entertainers also want to be there, driving more people to Las Vegas to experience world-class food and entertainment.

ABOVE: Dolby Live is a key feature of the Park MGM complex

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“It’s a virtuous cycle - if people interested in food and entertainment are

going to Las Vegas, renowned chefs and

entertainers also want to be there, driving more people to Las Vegas to experience world-class food and entertainment.”

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SLOT MACHINES 878

TABLE GAMES 54

ROOMS 2,024

MEETING SQFT 31K

East Coast Tradition

New York New York

A rollercoaster in Las Vegas – why not? Sig Rogich, a former White House assistant, and Mark Advent, a resort designer, conceived the idea of New York New York in the early 1990’s. Eyeing the 18 acres of land across from MGM Grand, Rogich ultimately convinced Kirk Kerkorian to partner with Gary Primm of Primadonna Resorts to develop the asset. The New York New York design team was laser-focused on making the skyline replica look realistic and three dimensional – they didn’t want it to seem like a façade. To accomplish this, the architectural firm on the project, Yates-Silverman, sent eight employees to New York City for two months to study the architecture before developing mock-ups. The property touches on several New York motifs – the casino is designed to feel like Central Park at dusk and the entrance to feel like Penn Station. A Brooklyn Bridge replica sits outside next to the 150-foot Statue of Liberty, which welcomes people just like its big sister in the New York harbor, and the most famous element of the property is irrefutably the Coney Island-inspired Manhattan Express rollercoaster that wraps around the property. New York New York, like Park MGM, is one of the most appealing assets for fans of the Golden Knights, Las Vegas’ hockey team, given its proximity to T-Mobile Arena. The Las Vegas Golden Knights won the Stanley Cup in 2023 and the team has garnered a significant following. T-Mobile Arena, the Golden Knights’ home rink, forms part of what VICI has dubbed the “Sports Triangle” on the Las Vegas Strip. As sports become increasingly embedded in the culture of Las Vegas, the draw to Allegiant Stadium (Raiders), T-Mobile Arena (Golden Knights), Michelob Ultra Arena (Aces) and – in the future – the prospective A’s stadium, the VICI-owned and MGM-operated real estate sitting within that triangle is well-positioned to benefit from increasing foot traffic and new sources of demand.

ABOVE: New York New York shines with other VICI-owned properties in the background

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ROOMS 4,397

SLOT MACHINES 805

TABLE GAMES 48

MEETING SQFT 35K

LUXOR UNEXPECTED TREASURE Luxor is an architectural spectacle. Its pyramidal structure reputedly features the largest atrium in the world by volume, and building the property was a uniquely challeng- ing task. The team at Circus Circus Enterprises was behind the project, gathering industry experts to execute on their Ancient Egyptian-inspired vision from design through construction. from anywhere on the Strip after nightfall. The property also has a 10-story Sphinx statue at its entrance and, for the first years after opening in 1993, featured a “river” that flowed around the periphery of the pyramid’s interior atrium.

Three theaters held the original main attractions of the resort and filmmaker Douglas Trumbull, famous for working on special effects for “2001: A Space Odyssey” and “Close Encounters of the Third Kind,” was brought in to design the entertainment. In a 1993 documentary on the project, “The Making of Luxor Las Vegas,” Trumbull said, “We wanted to create…some place to have an adventure, some place that we’ve never seen before.”

The final building stands 350 feet tall and 4 diagonal elevators, or “inclinators,” each situated at a 39-degree angle, run up and down the edges of the pyramid. The apex of the pyramid contains a powerful 42.3 billion candela light beam that used to be visible from space. Recently, MGM has toned back the power used on the beam as part of its sustainability initiatives, though it can still be seen

OPPOSITE: Luxor’s famous candela light beam, ABOVE: A first class saucer salvaged from the wreckage of the RMS Titanic, as featured in Luxor’s long-standing Titanic exhibit

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That’s the eternal story of Las Vegas: the pursuit of creating experiences that people have never seen before. Trumbull ultimately created a bespoke cinema trilogy titled “Secrets of the Luxor Pyramid” shown across three dynam- ic, high-tech, custom-built theaters akin to Disneyland’s Star Tours ride. Circus Circus’s investment in this feature was further evidence of Las Vegas’ evolution as a destina- tion for experiential entertainment. When MGM acquired Luxor in 2005, MGM initiated a $300 million renovation project to move away from the Ancient Egyptian theme, marking the end of the trilogy theater attractions. MGM installed more adult-friendly elements, like lounges, restaurants and a nightclub, aligning with the “what happens in Vegas, stays in Vegas” slogan and market positioning that had been introduced by the Las Vegas Convention and Visitors Authority (LVCVA) in 2003.

Still, Luxor continues to be a natural home for interesting exhibits. For example, it houses the long-running Titanic artifact exhibit, which is one of the most highly visited Titanic-related exhibits in the world. Upon entry, the exhibit staff provides each guest with a card detailing the life of a real Titanic passenger, and guests make their way through the “ship.” There are displays of recovered artifacts, including shoes and dishware and notebooks, and the largest recovered piece of the Titanic is dramatically displayed in low light in one of the last rooms of the exhibit. Though Luxor has evolved, it remains a treasure-trove of interesting stories and unique sensory elements. From the architectural intensity of the interior atrium, to the unfamiliar sensation of moving sideways while in an “inclinator,” to happening upon the largest recovered piece of one of the most famous shipwrecks in history, Luxor has surprises in abundance.

OPPOSITE: Sphinx statue in the Luxor atrium, ABOVE LEFT: Inside Luxor’s Pyramid lobby, ABOVE RIGHT: A large section of the Titanic’s hull on display in Luxor’s Titanic artifact exhibit

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Aerial view of Excalibur at night

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ROOMS 3,981

SLOT MACHINES 909

TABLE GAMES 42

MEETING SQFT 25K

EXCALIBUR SOMETHING FOR EVERYONE

Excalibur sits between New York New York and Luxor with bright red and blue turrets rising out of the desert sand. Built in the family-friendly era of Las Vegas in 1992 and 1993, the property was designed to resemble a castle, harkening back to amusement parks like Disneyland. It presents a stark contrast to properties at the other end of the Strip like The Venetian and Wynn, but Las Vegas attracts a diverse crowd and Excalibur maintains a loyal customer base. Excalibur boasts the longest-running dinner show in Las Vegas: Tournament of Kings. Similar to the Medieval Times experience, guests enter a 900-seat arena for dinner and enjoy the drama of jousting knights riding live horses. The show has run consistently for over 25 years and still draws crowds every evening from Thursday to Monday. The property is also home to the quintessential bache- lorette party activity – Thunder from Down Under. The

show’s residency has spanned over three decades, with the two most recent of those decades spent at Excalibur. SPI Entertainment, the group behind the show, celebrated Thunder from Down Under’s 20th anniversary in 2022 and received a key to the city of Las Vegas as a recognition of the achievement. It is undeniably a hallmark of the “what happens in Vegas, stays in Vegas” era and remains popular to this day. Aside from Thunder from Down Under, most other aspects of the property were intentionally designed to attract fam- ilies. From allowing dogs into the hotel, to being the only Strip property with a water slide, to the kid-friendly arcade, Excalibur provides several attractive options for those traveling to Las Vegas with young children. It also provides a more accessible price point, which is essential to many loyal customers’ enjoyment of the city.

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ROOMS 6,731

SLOT MACHINES 1,303

TABLE GAMES 97

RECENT CAP EX $300M ROOM REMODEL

MEETING SQFT 850K

MGM GRAND

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The atrium of the Mansion at MGM Grand, OPPOSITE (CLOCKWISE): The Mansion lobby sitting room, corridor, and chauffered Rolls Royce

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HIDDEN GEMS

Upon entering the Mansion, the sensory effect of the space is immediate. Your shoulders drop about 3 inches. Your inner dialogue quiets to a hum. The tranquility of the climate-controlled, flower-scented oasis envelops you, welcoming you into a space that honestly feels like nothing else in Las Vegas. And it is not open to the public - staying at the Mansion requires an invitation. It has hosted many celebrities, including the likes of Cher, and it also welcomes the company’s highly valuable customers. MGM invites these guests to the lush accommodations at the Mansion to provide a unique experience and unparalleled access to the Strip. The décor of the Mansion is meticulous. Design firm Wimberly Allison Tong Goo spearheaded the effort, traveling across the globe to curate a sense of timeless elegance throughout the property. The design team sourced lamps from a bazaar in Morocco, commissioned artisans to hand-paint the exposed wooden beams in the Great Room, and collected coveted artifacts for display. The highly valuable and impressive body of art scattered

MGM Grand: the Emerald City to Las Vegas’s Land of Oz. There is no question that MGM Grand stands out on the Strip, whether for its flashy green façade or the live lions it used to feature (a concept which was ultimately retired in 2012). However, there is an equally awe-inducing element of MGM Grand that has existed quietly for decades, nestled into the northwest side of the asset – the Mansion. Inspired by an 18th century Tuscan Villa, the Mansion cost around $290 million to build and decorate, and in 1999, it opened its doors to VIP guests.

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“Staying at the Mansion requires an invitation. It has hosted many celebrities, including the likes of Cher.”

throughout the Mansion is comprised of works by Picasso, Lichtenstein, Matisse, and Robert De Niro Senior (yes, THAT Robert’s father). The Mansion is also home to rare artifacts such as a Portuguese family tree from the 17th century and 800-year-old horse statues from the Ming Dynasty. Furthermore, Mansion guests are picked up and driven around the Strip in MGM’s coveted Rolls Royce collection. No detail has been spared at the Mansion. The curation of luxury and tranquility is representative of the operator’s

attention to detail and knowledge of its customers. MGM has quietly created a lavish experience for guests seeking privacy within the Mansion, and at the same time, it excels at creating spectacle and energy across the rest of the MGM Grand property for visitors. The multifaceted nature of the asset allows MGM to be a dynamic operator, curating experiences for any and all customers who come through its doors.

Painting by Robert De Niro Senior, on display in the Mansion at MGM Grand, OPPOSITE (CLOCKWISE): Aerial view of the Mansion at MGM Grand, Chez Bippy at MGM Grand, KA Theater at MGM Grand

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Man- da- lay Bay

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ABOVE: Inside the tunnel at Mandalay Bay’s Shark Reef Aquarium, OPPOSITE: A rescued sea turtle at the Mandalay Bay Shark Reef Aquarium

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MEETING SQFT 2.1M

ROOMS 4,750

SLOT MACHINES 1,009

TABLE GAMES 69

CAP EX $100M CONVENTION CENTER RENOVATION

Choose Your Adventure

Mandalay Bay is host to a world of once-in-a-lifetime experiences: seeing sea turtles and sharks, gathering a 14,000-employee company under one roof, staying at the Four Seasons, or watching live entertainment and athletic events at adjacent Allegiant Stadium, one of the newest professional sports stadiums and Billboard’s #1-ranked entertainment venue in the U.S. in 2024. But Mandalay Bay is incredibly diverse unto itself.

“The Shark Reef Aquarium is celebrating its 25th anniversary this year, and it is as busy as ever.”

Take the Shark Reef Aquarium. The attraction is celebrat- ing its 25th anniversary this year, and it is as busy as ever. With over 1,000 species of fish, including 14 species of shark and 3 sea turtles, the aquarium attracts a variety of visitors from local elementary schools to families on Spring Break, and the venue even hosts a few weddings each quarter. The aquarium has a dedicated staff of marine biologists who attend to the tanks daily to feed the animals and clean the space, with animal education central to the ethos of the operation. It’s also an accredited

aquarium, making it a qualified candidate for hosting protected animals, like the 3 sea turtles who have each been rescued from open-ocean accidents and now receive top-tier care. Upon exiting the aquarium, a hallway opens into Mandalay Bay’s 2.1 million square feet of newly remodeled conven- tion space. Hues of blue and orange swirl in the freshly laid carpeting, and new high-tech widescreens stand ready to flash company logos. On a weekend in mid-March 2025,

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“There is a world of experience to be had without ever leaving the property.”

The property also contributes to MGM’s sustainability goal of 100% renewable energy use by 2030. Mandalay Bay has one of the largest solar arrays in North America on the roof of its convention center, with 26,000 panels covering 28 acres. It generates power equivalent to the needs of 1,340 homes for one year, with its panels in a prime position to capture the desert sun’s energy. At Mandalay Bay, guests can choose their own adventure. They can see Carlos Santana, who has played over 400 shows at the House of Blues. They can go the family route, staying in the main tower, enjoying the pool and visiting the aquarium, or they can bask in a luxurious stay at the Four Seasons. They can show up with Allegiant Stadium tickets for a weekend event, or they can extend their stay for a week-long family vacation. There is a world of experi- ence to be had without ever leaving the property.

the screens were drenched in orange for Home Depot, who had taken over all convention center floors as well as the Michelob Ultra Arena to host a conference for 14,000 employees. That’s 14,000 rooms booked for a handful of days, 42,000 daily meals, and many, many forays to the slot machines and gaming tables. And then, there’s the proximity to Allegiant Stadium. Taylor Swift graced the venue during her record-breaking Eras Tour in 2023. When the Raiders play, an average of 60% of fans sitting in the stadium have traveled to Las Vegas to cheer on the “away” team. In April 2025, WWE hosted a nearly sold-out 2-day event at Allegiant that also drove massive demand at the casino. Mandalay Bay benefits from the demand for large-scale sports and entertainment, providing a physical pathway into the venue and program- ming fan activations, like athlete meet-and-greets, around Allegiant’s events.

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OPPOSITE (CLOCKWISE): Front row at Mandalay Bay’s Shark Reef Aquarium, Mandalay Bay’s 26,000 panel solar array, Mandalay Bay Beach, the W Hotel lobby, ABOVE: Orla at Mandalay Bay

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DESIGN AND PHOTOGRAPHY BY ERIC J. SMITH

Disclaimer: VICI Properties Inc. is primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations occupied by industry-leading operators under long-term, triple-net lease agreements. VICI has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors and also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI does not direct and is not respon- sible for the operations conducted at any of the properties depicted herein and does not own all of the real estate assets depicted. Please refer to VICI’s public filings with the SEC and its website at www.viciproperties.com for additional information with respect to VICI’s business and real estate portfolio. Tenant and Other Company Information VICI makes no representation as to the accuracy or completeness of the information included in this publication, including without limitation, regarding its tenants or other companies, businesses, properties, and/or individuals referenced herein. Certain information included in this publication has been derived from respective public company filings, if and as applicable, and other publicly available publications, press releases, news media, historical accounts, and other information sources. While we believe this information to be reliable, we have not independently investigated or verified such data. Refer to the Sources Cited for an index of available sources. Market and Industry Data and Trademark Information This publication may contain estimates and information concerning VICI’s industry that are based on industry publications, reports and public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. VICI has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which VICI operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the “Risk Factors” section of VICI’s public filings with the SEC. The brands, trademarks, service marks and logos operated at our properties belong to their respective owners. Their use in this publication does not imply a relationship or endorse- ment by the owners, nor does it suggest any affiliation with or sponsorship by VICI. Any such marks are used only to identify the products and services of their respective owners, and no sponsorship or endorsement on the part of VICI should be inferred from the use of the marks. None of these owners nor any of their respective officers, directors, agents or employees have approved any disclosure contained in this magazine or are responsible or liable for the content of this publication. Forward-Looking Statements Certain statements herein are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are based on VICI’s 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 strictly to historical facts and by the use of words such as “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guid- ance,” “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 VICI’s control and could materially affect actual results, performance or achievements. Although VICI believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those pro- jected. VICI cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect VICI’s business, results of operations and financial position are described from time to time in VICI’s filings with the SEC. VICI 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.

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“About The Venetian Resort | The Venetian Resort Las Vegas.” Venetianlasvegas.com, 2025, www.venetianlasvegas.com/about.html. Associated Press. “Claudine Williams, 88; First Woman to Manage a Major Las Vegas Strip Casino.” Los Angeles Times, 15 May 2009, www.latimes.com/local/obituaries/la-me-claudine-williams15-2009may15-story.html. Binkley, Christina. Winner Takes All : Steve Wynn, Kirk Kerkorian, Gary Loveman, and the Race to Own Las Vegas. New York, Hyperion, 2008.

“Business Hall of Fame Inductee: Claudine Williams.” UNLV, 11 Sept. 2013, www.unlv.edu/business/nbhof/claudine-williams.

Caesars Entertainment Corp. “The World’s First Nobu Hotel Restaurant and Lounge Caesars Palace Las Vegas Is Now Open.” Prnewswire.com, Cision PR Newswire, 6 Feb. 2013, www.prnewswire.com/news-releases/the-worlds-first-nobu-hotel-restaurant-and-lounge- caesars-palace-las-vegas-is-now-open-189700521.html. Fox, David J. “Close Encounters of a Special Effects Kind : Entertainment: At Luxor Las Vegas, Douglas Trumbull Has Created a Cinema Attraction That Is the Newest Combination of Theme

Park Ride and Motion Picture Wizardry.” Los Angeles Times, 14 Oct. 1993, www.latimes.com/archives/la-xpm-1993-10-14-ca-45778-story.html.

German, Jeff. “The Mafia’s History in Las Vegas: From Bugsy Siegel to Anthony Spilotro.” Las Vegas Review-Journal, 9 Mar. 2014, www.reviewjournal.com/local/local-las-vegas/the-ma- fias-history-in-las-vegas-from-bugsy-siegel-to-anthony-spilotro-413833/. “HELEN J. STEWART – Nevada Women’s History Project.” Nevadawomen.org, nevadawomen.org/research-center/biographies-alphabetical/helen-j-stewart/. “How the Rat Pack Transformed Las Vegas into an Entertainment Destination.” Biography, 9 Sept. 2020, www.biography.com/musicians/the-rat-pack-transformed-las-vegas. Las Vegas Sun Staff. “Casino Owner, Philanthropist Claudine Williams Dies at 88.” Las Vegas Sun, 13 May 2009, lasvegassun.com/news/2009/may/13/casino-owner-philanthropist-clau- dine-williams-dies/. “New Las Vegas Hotel to Offer $460 Million Taste of Big Apple.” The Journal Record, 2 Dec. 1996, journalrecord.com/1996/12/02/new-las-vegas-hotel-to-offer-460-million-taste-of-big-ap- ple/journalrecord.com/1996/12/02/new-las-vegas-hotel-to-offer-460-million-taste-of-big- apple/.

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Prince, Todd. “MGM’s Exclusive Mansion Celebrates 20 Years.” Las Vegas Review-Journal, 12 July 2019, www.reviewjournal.com/business/casinos-gaming/mgms-exclusive-mansion-cele- brates-20-years-1708372/. Radke, Brock. ““Thunder from down Under” Gets a Key to the Strip after Rolling through 20 Years at Excalibur.” Las Vegas Sun, 18 July 2022, lasvegassun.com/news/2022/jul/18/thunder- from-down-under-20-years-excalibur/. Schlechty, Jayson. “Octavius D. Gass: The Father of Las Vegas.” The Sherman Room at MRCPL, 7 Feb. 2020, theshermanroom.wordpress.com/2020/02/07/octavius-d-gass-the-father-of- las-vegas/. “The Mirage: A Glorious Chapter in Las Vegas History | the Neon Museum Las Vegas.” The Neon Museum Las Vegas, 11 Oct. 2024, neonmuseum.org/news/the-mirage-a-glorious-chapter-in- las-vegas-history/. “The New Park MGM Replaces the Monte Carlo—and Las Vegas’ Outdated….” Frommers, 2018, www.frommers.com/tips/hotel-news/the-new-park-mgm-replaces-the-monte-carloand-las- vegas-outdated-hotel-traditions/. Velotta, Richard N. “Hard Rock Reveals Plans to Close the Mirage, Gut and Expand Property.” Las Vegas Review-Journal, 7 Dec. 2022, www.reviewjournal.com/business/casinos-gaming/ hard-rock-reveals-plans-to-close-the-mirage-gut-and-expand-property-2689945/.

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