EX-10.3



 Exhibit 10.3 
 JOINDER AND SUPPLEMENT 
 to 

INTERCREDITOR AGREEMENT 
 Reference is made to that certain Intercreditor Agreement, dated as of December 24, 2008 and supplemented as of April 15, 2009, June 10, 2009, September 11,
2009, May 20, 2010, March 1, 2012, October 5, 2012 and February 20, 2013 (as supplemented on the date hereof through the execution and delivery of this Agreement and as the same may be further amended, restated,
supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Bank of America, N.A., as Credit Agreement Agent and each Other First Priority Lien Obligations Agent from time to time party thereto, each
in its capacity as First Lien Agent, U.S. Bank National Association, as Trustee and each collateral agent for any Future Second Lien Indebtedness from time to time party thereto, each in its capacity as Second Priority Agent (attached hereto as
Exhibit A). Capitalized terms used but not defined herein shall have the meanings assigned in the Intercreditor Agreement. 

This Joinder and Supplement to the Intercreditor Agreement (this “Agreement”), dated as of March 27, 2013 (the
“Effective Date”), by and among (i) U.S. Bank National Association, as trustee (the “New Trustee”) pursuant to the indenture, dated as of February 15, 2013 (the “Base Indenture”), by and
among Caesars Escrow Corporation (“Escrow Corp.”), Caesars Operating Escrow LLC (together with Escrow Corp., the “Escrow Issuers”), Caesars Entertainment Corporation (“CEC”), as parent guarantor,
and the New Trustee, as supplemented by the supplemental indenture, to be entered into as of the date hereof (together with the Base Indenture, the “New Indenture”) among Caesars Entertainment Operating Company, Inc.
(“CEOC”) and the New Trustee, pursuant to which CEOC will assume the obligations of the Escrow Issuers under the Base Indenture, (ii) U.S. Bank National Association, as Trustee under the Intercreditor Agreement, (iii) Bank
of America, N.A., as Credit Agreement Agent under the Intercreditor Agreement, (iv) U.S. Bank National Association, as a Second Priority Agent under the Intercreditor Agreement, and (v) any other First Lien Agent and Second Priority Agent
from time to time party to the Intercreditor Agreement, has been entered into to record the accession of the New Trustee as an Other First Priority Lien Obligations Agent under the Intercreditor Agreement on behalf of the holders of the 9% Senior
Secured Notes due 2020 (the “New Notes”) issued pursuant to the New Indenture on February 15, 2013. 
 The
parties to this Agreement hereby agree as follows: 
 A. The New Trustee agrees to become, with immediate effect, a party to and
agrees to be bound by the terms of the Intercreditor Agreement as an Other First Priority Lien Obligations Agent, as if it had originally been party to the Intercreditor Agreement as a First Lien Agent. 







 B. The Obligations under the New Notes, the New Indenture and any other document or
agreement entered into pursuant thereto are designated as Other First Priority Lien Obligations. The Lien on the Common Collateral securing such Other First Priority Lien Obligations shall have priority over and be senior in all respects to all
Liens on the Common Collateral securing any Second Priority Claims on the terms set forth in the Intercreditor Agreement and shall be equal and ratable with all Liens on the Common Collateral securing any other Senior Lender Claims. 

C. The New Trustee confirms that its address for notices pursuant to the Intercreditor Agreement is as follows: 

U.S. Bank National Association 
 EP-MN-WS3C, 60 Livingston Avenue 
 St. Paul, MN 55107-1419 

Telephone: (651) 466-6299 
 Facsimile: (651) 466-7430 
 Attn:  Corporate Trust Services,

   Raymond S. Haverstock 
 D. Each party to this Agreement (other than the New Trustee) confirms the acceptance of the New Trustee as an Other First Priority Lien Obligations Agent for purposes of the Intercreditor Agreement.

 E. Except as expressly provided herein, in the Intercreditor Agreement or in any Other First Priority Lien Obligations
Documents, the New Trustee is acting in the capacity of Other First Priority Lien Obligations Agent solely with respect to the Senior Lender Claims owed to the New Trustee and the holders of the New Notes issued pursuant to the New Indenture. For
the avoidance of doubt, the provisions of Article VII of the New Indenture applicable to the New Trustee thereunder shall also apply to the New Trustee acting under or in connection with the Intercreditor Agreement. 

F. This Agreement shall be construed in accordance with and governed by the laws of the State of New York. 

G. This Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall
constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

[SIGNATURE PAGES FOLLOW] 







 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective
Date. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION
 as New Trustee and Other First Priority Lien
 Obligations Agent

		
	By:	 	/s/ RAYMOND S. HAVERSTOCK
	Name:	 	Raymond S. Haverstock
	Title:	 	Vice President



  
 [Joinder and Supplement to 2nd Lien Intercreditor Agreement] 








 Acknowledged and Agreed: 
  

			
	CAESARS ENTERTAINMENT OPERATING COMPANY, INC.
		
	By:	 	/s/ ERIC HESSION
	Name:	 	Eric Hession
	Title:	 	Senior Vice President and Treasurer
	
	CAESARS ENTERTAINMENT CORPORATION
		
	By:	 	/s/ ERIC HESSION
	Name:	 	Eric Hession
	Title:	 	Senior Vice President and Treasurer
	
	 BANK OF AMERICA, N.A.
 as Credit Agreement Agent

		
	By:	 	/s/ DANIEL KELLY
	Name:	 	Daniel Kelly
	Title:	 	Managing Director
	
	 U.S. BANK NATIONAL ASSOCIATION
 as Trustee

		
	By:	 	/s/ RAYMOND S. HAVERSTOCK
	Name:	 	Raymond S. Haverstock
	Title:	 	Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION
 as Second Priority Agent

		
	By:	 	/s/ RAYMOND S. HAVERSTOCK
	Name:	 	Raymond S. Haverstock
	Title:	 	Vice President


  
 [Joinder and Supplement to 2nd Lien Intercreditor Agreement] 








 Exhibit A