As part of this transaction, VICI Properties may fund Hard Rock’s planned redevelopment of the Mirage through VICI’s Partner Property Growth Fund. Rent under the lease will escalate annually by 2.0% (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11) and the tenant’s obligations under the lease will be guaranteed by Hard Rock. Initial total annual rent under the lease with Hard Rock is $90.0 million and the lease has an initial term of 25 years, with three 10-year tenant renewal options. This transaction has also allowed MGM Resorts to continue pursuing its long-term strategic objectives, demonstrating VICI’s ability to successfully collaborate with partners.”

John Payne, President and Chief Operating Officer of VICI Properties, said, “We are excited to host Hard Rock as they establish their presence on the Las Vegas Strip and believe their addition to the operator roster in Las Vegas further enhances the attractiveness of the market for consumers.

(NYSE: VICI) (“VICI Properties” or the “Company”) announced today that, in connection with Hard Rock International’s (“Hard Rock”) acquisition of the operations of the Mirage Hotel & Casino (the “Mirage”), the Company has entered into a triple-net lease agreement with Hard Rock with respect to the real property associated with the Mirage.

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