Golden Entertainment — Merger or Acquisition (November 2025)
16 slides from Golden Entertainment's merger presentation, Nov 6, 2025
Slide 1: Sale-Leaseback Transaction with Golden Entertainment
Sale-Leaseback Transaction with Golden Entertainment November 6, 2025
Slide 2: Disclaimers
2 DISCLAIMERS Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and s
Slide 3: Transaction Overview
3 TRANSACTION OVERVIEW On November 6, 2025, VICI agreed to acquire 100% of the land, real property and improvements of seven casino properties from Golden Entertainment, Inc. (“Golden”), and to enter into a triple-net master lease (the “Golden Master Lease”) with a newly formed entity that will be o
Slide 4: Transaction Snapshot
4 TRANSACTION SNAPSHOT Transaction Details • Total real estate purchase price of $1.16Bn that will be funded as follows: – Pursuant to the Master Transaction Agreement, Golden shareholders will receive approximately 24.3MM shares of newly issued VICI stock in exchange for each share of Golden stock,
Slide 5: Strategic Rationale
5 STRATEGIC RATIONALE Immediately Accretive Expected to be immediately accretive to AFFO per share while generating compelling cash-on-cash returns Strong Operating Partner Led by Blake L. Sartini, the Golden management team is well tenured with over 30 years of casino operating experience and an es
Slide 6: Golden Master Lease – Portfolio Overview
6 GOLDEN MASTER LEASE – PORTFOLIO OVERVIEW Las Vegas Strip 80K Casino SqFt 790 Slot Machines 31 Table Games 2,429 Hotel Rooms Laughlin, NV 70K Casino SqFt 1,018 Slot Machines 29 Table Games 1,905 Hotel Rooms Laughlin, NV 69K Casino SqFt 670 Slot Machines - Table Games 1,037 Hotel Rooms Las Vegas Loc
Slide 7: New Partnership with Golden Entertainment
7 NEW PARTNERSHIP WITH GOLDEN ENTERTAINMENT Source: GDEN company filings as of September 30, 2025 (1) VICI has a ROFO on the sale-leaseback of Colorado Belle and financing for the potential future development of Colorado Belle. (2) VICI currently owns the real estate of Rocky Gap and leases it to Ce
Slide 8: Improved Tenant Diversification & Added Exposure to the Las Vegas Locals Market
8 IMPROVED TENANT DIVERSIFICATION & ADDED EXPOSURE TO THE LAS VEGAS LOCALS MARKET Pahrump 163 95 15 127 15 15 95 9515 93 11 564 160 159 372 16715 11 Las Vegas 93 Laughlin Pahrump Las Vegas Strip Primm California Arizona Harry Reid International Airport The Hoover Dam Death Valley National Park Mojav
Slide 9: Asset Overview – The Strat
9 ASSET OVERVIEW – THE STRAT Source: GDEN company filings as of September 30, 2025 80K 790 31 2,429 Casino SqFt Slot Machines Table Games Hotel Rooms Select Capital Projects Atomic Golf – 2024 $80MM golf entertainment facility located adjacent to The Strat to the northeast. The facility features 100
Slide 10: Asset Overviews – Aquarius & Edgewater
10 ASSET OVERVIEWS – AQUARIUS & EDGEWATER ~70K 1,018 29 1,905 Casino SqFt Slot Machines Table Games Hotel Rooms • Aquarius is the market-leading casino asset in Laughlin, Nevada • Located on the Colorado River at the heart of the Riverwalk, the property has one of the largest casino operations and n
Slide 11: Asset Overviews – Arizona Charlie's
11 ASSET OVERVIEWS – ARIZONA CHARLIE’S ~67K 699 9 259 Casino SqFt Slot Machines Table Games Hotel Rooms • Located in the Las Vegas Locals market, Arizona Charlie’s Decatur has a loyal customer base hailing from densely populated West Las Vegas • The property offers a range of entertainment, from a b
Slide 12: Asset Overviews – Pahrump Nugget & Lakeside
12 ASSET OVERVIEWS – PAHRUMP NUGGET & LAKESIDE ~23K 343 9 69 Casino SqFt Slot Machines Table Games Hotel Rooms ~11K 203 159 Casino SqFt Slot Machines RV Sites • Pahrump Nugget is a leader in the Pahrump gaming market, located just west of the Spring Mountains in Nevada • The property has a 5,200 squ
Slide 13: Exposure to Attractive Las Vegas Locals Market
13 EXPOSURE TO ATTRACTIVE LAS VEGAS LOCALS MARKET Source: Federal Reserve Economic Data, Nevada Gaming Control Board as of September 2025 The Las Vegas Locals market is the 2nd largest U.S. gaming market by Gross Gaming Revenue (“GGR”). $8.8 $3.2 $2.8 $2.2 $2.1 $1.6 $1.6 $1.3 $1.3 $1.1 Las Vegas Str
Slide 14: Nevada Has an Established Gaming Market and Stable Regulatory Environment
14 NEVADA HAS AN ESTABLISHED GAMING MARKET AND STABLE REGULATORY ENVIRONMENT Source: Federal Reserve Economic Data, Nevada Gaming and Control Board, Nevada Public Law, Nevada Gaming Commission (1) NSR 463.1605 has an exception stating that properties that had nonrestricted license before June 17, 20
Slide 15: Reconciliation from GAAP to Non-GAAP Financial Measures
15 ($ in millions) Twelve Months Ended June 30, 2025 Net Income $91.0 Depreciation and amortization 74.7 Other, net(1) 3.5 Interest expense, net 0.2 Property-Level Adjusted EBITDAR $169.4 Golden Master Lease Initial Cash Rent 87.0 LTM Q2’25 Property-Level Rent Coverage Ratio 1.9x RECONCILIATION FROM
Slide 16: Forward Looking Statements
Forward Looking Statements This communication contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and simila
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