New Margaritaville Resort in Kansas City, Kansas to Open Summer 20254

VICI Properties Inc. (NYSE: VICI) announced today that the Company has entered into a construction loan agreement for up to $105 million in financing to affiliates of Homefield Kansas City to fund the development of a Margaritaville Resort in Kansas City, Kansas. The construction loan has an initial term of 3 years with three 12-month extension options, subject to certain conditions.

The Margaritaville Resort, set to open in the Summer of 2025, will serve as the anchor to the Homefield Development, an ongoing project in Kansas City, Kansas, and serve as the hub for Homefield’s new youth sports training facility and baseball center that are currently under development within the Homefield Resort campus, with targeted openings in Spring of 2024 for both assets.

Simultaneous with entering into the loan agreement, VICI entered into a call right agreement that provides VICI with a call option on (i) the Margaritaville Resort, (ii) the new Homefield youth sports training facility, (iii) the new Homefield baseball center, and (iv) the existing Homefield youth sports complex in Olathe, Kansas. VICI also received a right of first refusal to acquire the real estate of any future Homefield property in a sale leaseback transaction, should Homefield elect to monetize such assets. If the call right is exercised, all of the properties, including the Margaritaville Resort, will be subject to a single long-term triple net master lease with VICI.

This transaction marks the beginning of VICI’s partnership with Homefield, a vertically integrated operator of youth sports facilities focused on delivering a professional-grade experience to athletes, parents and fans. This transaction also represents VICI’s continued investment in the sports sector, following the Company’s loan to and subsequent acquisition of the leasehold interest of Chelsea Piers in New York City.

John Payne, President & COO of VICI Properties, said, “We are excited to initiate this partnership with the Homefield team as we continue to have high conviction around youth sports. Kevin Kitson, VP and Associate General Counsel at VICI, Erin Ferreri, VP of Finance at VICI and I spent extensive time with the Homefield team and have helped cultivate what is the beginning of a long-term partnership with a leading operator. Homefield's integrated sports campus and embedded Margaritaville Resort will present a differentiated experiential product with multiple revenue drivers that addresses the youth sports demand in the vibrant Kansas City market.”

Under the joint leadership and ownership of Greg Maday, Trey Bowen and Matt Bowen, Homefield is set to embark on an exciting new venture with VICI. Greg Maday commented, “We are thrilled to partner with the VICI team as we execute our growth strategy in youth sports. Kansas City’s central location in the U.S. and established professional sports presence has rendered it a natural hub for youth sports events and tournaments, and VICI’s capital will be essential in allowing us to build best-in-class infrastructure to meet the present and growing demand for youth sports centers in the area.” Homefield’s Executive Director and development partner is Richard Napper and the Margaritaville Resort development partner is Sunflower Development Group, LLC, led by Jason Swords and Mark Moberly.

“After a careful market and site selection evaluation, we are excited to build upon our Midwest footprint with a new Margaritaville Resort in Kansas City,” said John Cohlan, CEO of Margaritaville Holdings. “We are delighted VICI is a financing partner in such an iconic project as VICI’s team understands our business and the Margaritaville lifestyle well. We look forward to continuing to work with them as we bring this resort to the Kansas City community.”