Exhibit 5.1

Hogan Lovells US LLP Columbia Square 555 Thirteenth Street, NW Washington, DC 20004 T +1 202 637 5600 F +1 202 637 5910 www.hoganlovells.com

February 28, 2023

Board of Directors

VICI Properties Inc.

535 Madison Avenue, 20th Floor

New York, New York 10022

To the addressees referred to above:

We are acting as counsel to VICI Properties Inc., a Maryland corporation (the “Company”), in connection with the public offering of up to $1,500,000,000 aggregate gross sales price of the Company’s common stock, $0.01 par value per share (the “Offered Shares”), all of which are to be offered and sold by the Company from time to time in accordance with the terms of the Equity Distribution Agreement, dated February 28, 2023, by and among the Company, VICI Properties OP LLC, a Delaware limited liability company (“VICI OP”), and each of the persons named on Schedule 1 and Schedule 2 attached hereto (the “Equity Distribution Agreement”), which, among other things, contemplates that the Company may from time to time enter into one or more letter agreements with each of the persons named on Schedule 2 attached hereto (the “Forward Sale Agreements,” and together with the Equity Distribution Agreement, the “Agreements”), the form of which is attached as Annex II of the Equity Distribution Agreement. Pursuant to the Forward Sale Agreements, the Company may issue additional shares of common stock (the “Forward Settlement Shares,” and together with the Offered Shares, the “Shares”), in settlement of the transactions contemplated by the Forward Sale Agreements. The offering of the Shares by the Company is being made pursuant to a prospectus supplement dated February 28, 2023 and the accompanying base prospectus dated April 18, 2022 (such documents, collectively, the “Prospectus”) that form part of the Company’s effective registration statement on Form S-3 (File No. 333-264352) (the “Registration Statement”). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). We also have assumed that the Shares will not be issued in violation of the ownership limit contained in the Company’s Articles of Amendment and Restatement. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia. “Hogan Lovells” is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Birmingham Boston Brussels Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Johannesburg London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York Northern Virginia Paris Perth Philadelphia Rome San Francisco São Paulo Shanghai Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C. Associated Offices: Budapest Jakarta Riyadh Shanghai FTZ Ulaanbaatar. Business Service Centers: Johannesburg Louisville. Legal Services Center: Berlin. For more information see www.hoganlovells.com

This opinion letter is based as to matters of law solely on the applicable provisions of Maryland General Corporation Law, as amended. We express no opinion herein as to any other laws, statutes, ordinances, rules or regulations.

Based upon, subject to and limited by the foregoing, we are of the opinion that when issued in accordance with the provisions of the Agreements, the Shares will be validly issued, fully paid and nonassessable.

This opinion letter has been prepared for use in connection with the filing by the Company of a Current Report on Form 8-K on the date hereof relating to the offer and sale of the Shares, which Form 8-K will be incorporated by reference into the Registration Statement and Prospectus, and speaks as of the date hereof. We assume no obligation to advise of any changes in the foregoing subsequent to the delivery of this letter.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the above-described Form 8-K and to the reference to this firm under the caption “Legal Matters” in the Prospectus. In giving this consent, we do not thereby admit that we are an “expert” within the meaning of the Securities Act of 1933, as amended.

Very truly yours,

/s/ Hogan Lovells US LLP

HOGAN LOVELLS US LLP

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Schedule 1

Deutsche Bank Securities Inc. 1 Columbus Circle New York, New York 10019   Barclays Capital Inc. 745 7th Avenue New York, New York 10019   Robert W. Baird & Co. Incorporated 777 E. Wisconsin Avenue Milwaukee, Wisconsin 53202   BofA Securities, Inc. One Bryant Park New York, New York 10036   BNP Paribas Securities Corp. 787 Seventh Avenue New York, New York 10019   Capital One Securities, Inc. 201 St. Charles Ave, Suite 1830 New Orleans, Louisiana 70170   Citigroup Global Markets Inc. 388 Greenwich Street New York, New York, 10013   CIBC World Markets Corp. 300 Madison Avenue, 5^th Floor New York, New York 10017 Evercore Group L.L.C 55 East 52nd Street, 36th Floor New York, New York 10055   JMP Securities LLC 600 Montgomery Street, Suite 1100 San Francisco, California 94111   Goldman Sachs & Co. LLC 200 West Street New York, New York 10282   J.P. Morgan Securities LLC 383 Madison Avenue New York, New York 10179   Morgan Stanley & Co. LLC 1585 Broadway New York, New York 10036   Scotia Capital (USA) Inc. 250 Vesey Street, 24th Floor New York, New York 10281   Truist Securities, Inc. 3333 Peachtree Road, NE 11th Floor Atlanta, Georgia 30326   Wells Fargo Securities, LLC 500 West 33rd Street New York, New York 10001

Schedule 2

Deutsche Bank AG, London Branch c/o Deutsche Bank Securities Inc. 1 Columbus Circle New York, New York 10019   Barclays Bank PLC c/o Barclays Capital Inc. 745 7th Avenue New York, New York   Robert W. Baird & Co. Incorporated 777 E. Wisconsin Avenue Milwaukee, Wisconsin 53202   Bank of America, N.A. c/o BofA Securities, Inc. One Bryant Park New York, New York 10036   BNP Paribas 787 Seventh Avenue New York, New York 10019   Citibank, N.A. 388 Greenwich Street New York, New York 10013   Canadian Imperial Bank of Commerce 300 Madison Avenue, 5th Floor New York, New York, 10017 Goldman Sachs & Co. LLC 200 West Street New York, New York 10282   JPMorgan Chase Bank, National Association, New York Branch 383 Madison Avenue New York, NY 10179   Morgan Stanley & Co. LLC 1585 Broadway New York, New York 10036   The Bank of Nova Scotia 44 King Street West Central Mail Room Toronto, Ontario, Canada M5H 1H1   Truist Bank 3333 Peachtree Road NE, 11th Floor Atlanta, Georgia, 30326   Wells Fargo, National Association c/o Wells Fargo Securities, LLC 500 West 33rd Street New York, New York 10001