Mr. David Kieske reports

VICI PROPERTIES INC. ENTERS INTO AGREEMENTS RELATING TO MGM NORTHFIELD PARK IN NORTHFIELD, OH

In connection with MGM Resorts International's (New York Stock Exchange: MGM) agreement to sell the operations of MGM Northfield Park, located in Northfield, Ohio, to an affiliate of funds managed by Clairvest Group Inc. (Toronto Stock Exchange: CVG), Vici Properties Inc. has agreed to enter into a new separate lease with an affiliate of Clairvest with respect to the real property of Northfield Park and also enter into an amendment to the master lease between Vici Properties and MGM Resorts.

Clairvest, a top-performing private equity management firm, is a recognized leader in the gaming sector having had ownership interests in 36 gaming assets over the last two decades. Clairvest is a soughtafter partner with experience across regional casinos, racetracks, suppliers, technology providers and on-line gaming globally.

John Payne, president and chief operating officer of Vici Properties, said: "This transaction is yet another example of Vici's ability to collaborate with new and existing partners for mutually beneficial outcomes. We are excited to add our 14th tenant, and based on Clairvest's track record in North American gaming, we believe in their ability to maintain Northfield Park's strong competitive standing in Ohio gaming."

Michael Wagman, president and managing director at Clairvest, said, "Northfield Park is a high-quality asset in a compelling location, and we are looking forward to entering a new chapter of our firm's decades-long history of investing in the gaming industry with Vici as our partner."

The Northfield Park Lease will have an initial annual base rent of $53.0-million, and if closing occurs after May 1, 2026, such base rent shall be $54.0-million, reflecting the 2.0-per-cent annual escalation provided for in the MGM master lease. Upon closing, the Northfield Park Lease will begin a new 25-year lease term with three 10-year renewal options. The other terms of the Northfield Park lease will be substantially the same as the MGM master lease, including escalation of 2.0 per cent per annum (with escalation equal to the greater of 2.0 per cent and the change in CPI (capped at 3.0 per cent) beginning at the same time as the MGM master lease in 2032) and a minimum capital expenditure requirement equal to 1.0 per cent of annual net revenue. The Northfield Park lease will be guaranteed by an affiliate of funds managed by Clairvest that will own the operations of Northfield Park.

Vici Properties has also agreed, in accordance with, and as contemplated by, the terms of the MGM master lease, to amend the MGM master lease to account for MGM's divestiture of the operations of Northfield Park, which will result in a reduction of the annual base rent under the MGM master lease by $53.0-million (or $54.0-million should the closing occur after May 1, 2026).

The transactions referenced herein are expected to be completed in the first half of 2026 and are subject to customary closing conditions and regulatory approvals.

About Clairvest Group Inc.

Clairvest's mission is to partner with entrepreneurs to help build strategically significant businesses. Founded in 1987 by a group of successful entrepreneurs, Clairvest is a top-performing private equity management firm with over $4.6-billion of capital under management. Clairvest is recognized as a leader in the gaming sector having had ownership interests in 36 gaming assets over two decades. As a publicly listed company (TSX: CVG), Clairvest manages its own capital by co-investing alongside institutional investors in owner-led businesses.

We seek Safe Harbor.