VICI Properties Appoints John M. Sullivan as Independent Director, Expanding Board to Eight Members

NEW YORK — VICI Properties (NYSE: VICI) announced Sept. 8 that John M. Sullivan has been appointed to its board of directors as an independent director, subject to receipt of all applicable regulatory approvals. The appointment is expected to expand the board from seven to eight members, with Sullivan set to serve on the Compensation Committee and the Nominating and Governance Committee.

Sullivan's Background and Experience

John M. Sullivan served as president and chief executive officer of Cadillac Fairview Corporation Limited from January 2011 until his retirement in October 2023, a tenure of more than a decade leading one of North America's larger owners, operators and developers of retail and mixed-use real estate. Over more than 25 years with Cadillac Fairview, he held senior roles in development and asset management. Earlier in his career, Sullivan held executive leadership positions at Brookfield Properties, Marathon Realty Company Limited and First Quebec Corporation.

Sullivan currently serves on the board of directors of Colliers International (TSX: CIGI) and the board of directors of EQ Bank, also known as Equitable Bank (TSX: EQB). He also serves on the Board of Trustees of The Hospital for Sick Children, known as SickKids, in Toronto, a position he has held since 2016. Sullivan holds a Bachelor of Science in Civil Engineering from Concordia University and an MBA from McGill University.

Cadillac Fairview's portfolio spans approximately 36 to 38 million square feet of leasable space across roughly 64 properties, with a land bank exceeding 50 million square feet and total assets under management of approximately $30 billion.

Board and Leadership Reaction

"John will be an excellent addition to VICI's Board of Directors," said Jim Abrahamson, chair of the board. "His extensive leadership experience — including more than a decade leading Cadillac Fairview — and deep knowledge of real estate investment, capital allocation, business development and asset management will greatly contribute to VICI's strategic planning and execution. On behalf of the Board, we look forward to welcoming John as his presence will further complement our Board's existing breadth and depth of experience and expertise."

"We are delighted to welcome John to our Board," said Edward Pitoniak, chief executive officer of VICI Properties. "In addition to his extensive real estate investment background, John brings significant public company board experience. His contribution and perspective will be a great benefit to VICI as we continue to pursue our relationship-based focus on generating attractive, durable return for our shareholders."

VICI Properties Portfolio and Financial Context

VICI Properties is an S&P 500 experiential real estate investment trust that owns 103 experiential assets, comprising 63 gaming properties and 40 other experiential properties, as well as four championship golf courses, across 26 U.S. states, one territory and one Canadian province. The portfolio encompasses approximately 130 million square feet and includes approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. The company also controls approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.

Key assets in the portfolio include Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas. Properties are occupied under long-term, triple-net lease agreements. Annualized contractual rent reached $3.31 billion as of June 30, 2026, with Caesars Entertainment accounting for approximately 38% of rent, MGM Resorts International approximately 32% and The Venetian approximately 9%.

For the second quarter of 2026, VICI reported revenues of $1.1 billion, up 5.7% from $1.0 billion in the second quarter of 2025. Adjusted funds from operations for the quarter were $679.6 million, or $0.62 per share, compared with $630.2 million, or $0.60 per share, a year earlier. Adjusted EBITDA for the quarter reached $869.5 million. The company raised its full-year AFFO per share guidance to approximately $2.45 to $2.47.

VICI also has real estate and financing partnerships with operators including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment.

Governance Implications

The Sullivan appointment represents an incremental expansion of the board rather than a replacement of an existing director. VICI's seven current directors are James R. Abrahamson, Diana F. Cantor, Monica H. Douglas, Elizabeth I. Holland, Craig Macnab, Edward B. Pitoniak and Michael D. Rumbolz. Sullivan's placement on the Compensation and Nominating and Governance committees positions him directly in pay-setting, succession planning and board composition decisions.

Sullivan's background in large-scale retail and mixed-use development, institutional capital management and public company board service adds a distinct skill set to a board overseeing a gaming and hospitality-focused portfolio of more than 130 million square feet.

The appointment remains subject to receipt of all applicable regulatory approvals before taking effect.