Other First Lien Secured Party Consent to the Guaranty and Pledge Agreement



 Exhibit 10.5 
 OTHER FIRST LIEN SECURED PARTY CONSENT 
 March 1, 2012

 The undersigned is the Authorized Representative for Persons wishing to become Secured Parties (the “New Secured
Parties”) under the Amended and Restated Guaranty and Pledge Agreement dated as of January 28, 2008 and as amended and restated as of June 10, 2009 (as heretofore amended and/or supplemented, the “Guaranty and Pledge
Agreement” (terms used without definition herein have the meanings assigned to such term in the Guaranty and Pledge Agreement)) among Caesars Entertainment Corporation (formerly known as Harrah’s Entertainment, Inc.)
(“CEC”) and Bank of America, N.A., as Collateral Agent (the “Agent”). 
 In consideration of
the foregoing, the undersigned hereby: 
 (i) represents that the Authorized Representative has been duly
authorized by the New Secured Parties pursuant to Section 11.02(d) of the Base Indenture to become a party to the First Lien Intercreditor Agreement on behalf of the New Secured Parties under the indenture, dated as of February 14, 2012
(the “Base Indenture”), by and among Caesars Escrow Corporation (“Escrow Corp.”), Caesars Operating Escrow LLC (together with Escrow Corp., the “Escrow Issuers”), CEC, as guarantor, and U.S. Bank
National Association, as trustee (the “Trustee”), as supplemented by a supplemental indenture, to be entered into as of the date hereof, among Caesars Entertainment Operating Company, Inc. (“CEOC”), the Escrow
Issuers and the Trustee, pursuant to which CEOC will assume the obligations of the Escrow Issuers under the Base Indenture (the “New Secured Obligation”) and to act as the Authorized Representative for the New Secured Parties;

 (ii) acknowledges that the Authorized Representative has received a copy of the Guaranty and Pledge Agreement
and the First Lien Intercreditor Agreement; 
 (iii) appoints and authorizes the Agent to take such action as
agent on its behalf and on behalf of all other Secured Parties and to exercise such powers under the Guaranty and Pledge Agreement and First Lien Intercreditor Agreement as are delegated to the Agent by the terms thereof, together with all such
powers as are reasonably incidental thereto; 
 (iv) accepts and acknowledges the terms of the First Lien
Intercreditor Agreement applicable to it and the New Secured Parties and agrees to serve as Authorized Representative for the New Secured Parties with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New
Secured Parties to be bound by the terms thereof applicable to holders of Other First Lien Obligations, with all the rights and obligations of a Secured Party thereunder and bound by all the provisions thereof (including, without limitation,
Section 2.02(b) thereof) as fully as if it had been a Secured Party on the effective date of the First Lien Intercreditor Agreement and agrees that its address for receiving notices pursuant to the Guaranty and Pledge Agreement and the First
Lien Intercreditor Agreement shall be as follows: 
  

							
	  	 	U.S. Bank National Association	  	 
		 	EP-MN-WS3C	  	
		 	60 Livingston Avenue	  	
		 	St. Paul, MN 55107-1419	  	
		 	Attention:	 	Corporate Trust Services	  	
		 		 	Raymond S. Haverstock	  	








 (v) confirms the authority of the Agent to enter into the Security Documents
on its behalf and on behalf of the New Secured Parties and agrees on its own behalf and on behalf of the New Secured Parties to be bound by the terms thereof applicable to it and the New Secured Parties as fully as if it had been a party to each
such agreement on behalf of itself and the New Secured Parties. 
 For the avoidance of doubt, it is acknowledged and agreed
that this Other First Lien Secured Party Consent shall constitute a “Security Document” as defined in the Base Indenture. 
 The Agent, by acknowledging and agreeing to this Other First Lien Secured Party Consent, accepts the appointment set forth in clause (iii) above. 

THIS OTHER FIRST LIEN SECURED PARTY CONSENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 







 IN WITNESS WHEREOF, the undersigned has caused this Other First Lien Secured Party Consent
to be duly executed by its authorized officer as of the date and year first set forth above. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 AS AUTHORIZED REPRESENTATIVE

		
	By:	 	 /s/ Raymond S. Haverstock

		 	Name: Raymond S. Haverstock
		 	Title: Vice President
	
	ACKNOWLEDGED AND AGREED:
	
	 BANK OF AMERICA, N.A.,
 AS COLLATERAL AGENT

		
	By:	 	 /s/ Edward Martin

		 	Name: Edward Martin
		 	Title: Director
	
	CAESARS ENTERTAINMENT CORPORATION
		
	By:	 	 /s/ Jonathan S. Halkyard

		 	Name: Jonathan S. Halkyard
		 	Title: Executive Vice President and Chief Financial Officer

 [Other First Lien Secured Party Consent – Guaranty and Pledge Agreement]