VICI Properties Inc. Enters Into Lease Agreement With Clairvest Related to MGM Northfield Park in Northfield, OH

VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”) announced today that, in connection with the closing of MGM Resorts International’s (NYSE: MGM) (“MGM Resorts”) sale of the operations of MGM Northfield Park (“Northfield Park”), located in Northfield, OH, to an affiliate of funds managed by Clairvest Group Inc. (TSX: CVG) (“Clairvest”), VICI has entered into a new separate triple-net lease with an affiliate of Clairvest with respect to the real property of Northfield Park (the “Northfield Park Lease”) and also entered into an amendment to the master lease between VICI Properties and MGM Resorts (the “MGM Master Lease”) to reflect such sale.

Clairvest, a top-performing private equity management firm, brings deep expertise in the gaming sector, having held ownership interests in 37 gaming assets over the last two decades across regional casinos, racetracks, suppliers, technology providers, and online gaming globally.

John Payne, President and Chief Operating Officer of VICI Properties, said, “We are pleased to welcome Clairvest to the VICI tenant roster, as their established track record in the gaming sector makes this a compelling partnership. The addition of Clairvest underscores VICI’s ability to maintain continuity and stability across our portfolio while diversifying our tenant base and supporting our existing partners’ strategic opportunities.”

The Northfield Park Lease has an initial annual base rent of $53.0 million, and upon closing, began a new 25-year lease term with three 10-year renewal options. The other terms of the Northfield Park Lease are substantially the same as the MGM Master Lease, including escalation of 2.0% per annum on May 1^st each year (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%) beginning at the same time as the MGM Master Lease in 2032) and a minimum capital expenditure requirement equal to 1.0% of annual net revenue. The Northfield Park Lease is guaranteed by an affiliate of funds managed by Clairvest that owns the operations of Northfield Park.

VICI Properties has also, in accordance with, and as contemplated by, the terms of the MGM Master Lease, amended the MGM Master Lease to account for MGM’s divestiture of the operations of Northfield Park, which resulted in a reduction of the annual base rent under the MGM Master Lease by $53.0 million. There will be no change to the aggregate rent collected by VICI Properties.