Document:

EX-10.9

 Exhibit 10.9 

RIGHT OF FIRST REFUSAL AGREEMENT 

THIS RIGHT OF FIRST REFUSAL AGREEMENT (this “Agreement”) is entered into as of October 6, 2017 (the “Effective
Date”), by and between CAESARS ENTERTAINMENT CORPORATION, a Delaware corporation (“CEC”), and VICI PROPERTIES L.P., a Delaware limited partnership (“Propco”). 

RECITALS: 
 A. Certain
Subsidiaries of Propco (individually or collectively, as the context may require, “Propco Landlord”) and certain Subsidiaries of CEC (individually or collectively, as the context may require, “CEC Tenant”) have
entered into (i) that certain Lease (CPLV), dated as of the date hereof (the “CPLV Lease”), pursuant to which Propco Landlord leases to CEC Tenant certain real property as more particularly described therein (the “CPLV
Leased Property”), (ii) that certain Lease (Non-CPLV), dated as of the date hereof (the “Non-CPLV Lease”), pursuant to which Propco Landlord
leases to CEC Tenant certain real property as more particularly described therein (the “Non-CPLV Leased Property”), and (iii) that certain Lease (Joliet), dated as of the date hereof (the
“Joliet Lease”, and, collectively with the CPLV Lease and the Non-CPLV Lease, the “Leases”), pursuant to which Propco Landlord leases to CEC Tenant certain real property as
more particularly described therein (the “Joliet Leased Property”, and, collectively with the CPLV Leased Property and the Non-CPLV Leased Property, the “Leased Property”).

 B. CEC and Propco now desire to grant to each other certain rights of first refusal with respect to certain opportunities to acquire,
operate or develop (as applicable) real property in addition to the Leased Property, in accordance with the terms, conditions and procedures set forth in this Agreement. 

AGREEMENT: 
 NOW,
THEREFORE, in consideration of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, CEC and Propco hereby agree as follows: 

1. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

“Acquisition Opportunity” means an acquisition of any existing facility that constitutes a Gaming Facility at
the time such opportunity is being considered for acquisition. 
 “Affiliate” means, with respect to any
Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control with such Person. In no event shall CEC or any of its Affiliates, on the one hand, or PropCo or any of its Affiliates, on the other hand, be
deemed to be an Affiliate of the other party as a result of this Agreement, the Leases or the MLSAs and/or as a result of any consolidation for accounting purposes by CEC (or its Subsidiaries) or Propco (or its Affiliates) of the other such party or
the other such party’s Affiliates. 

  
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 “Alternate CEC ROFR Terms” shall have the meaning set forth in
Section 2(d) hereof. 
 “Alternate Propco ROFR Terms” shall have the meaning set forth in
Section 3(d) hereof. 
 “Applicable Law” means all (a) statutes, laws, rules, regulations,
ordinances, codes or other legal requirements of any federal, state or local governmental authority, board of fire underwriters and similar quasi-governmental authority, including, without limitation, any legal requirements under any Gaming Laws,
and (b) judgments, injunctions, orders or other similar requirements of any court, administrative agency or other legal adjudicatory authority. 

“Arbitration Panel” shall have the meaning set forth in Section 4 hereof. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which national
banks in the City of Las Vegas or in the City of New York, New York are authorized, or obligated, by law or executive order, to close. 

“CEC Election Period” means a period of thirty (30) days following CEC’s receipt of the applicable
CEC Opportunity Package. 
 “CEC Licensing Event” means: (a) either (1) a communication (whether
oral or in writing) by or from any Gaming Authority to Propco or any of its Affiliates or other action by any Gaming Authority that indicates that such Gaming Authority may find that, or (2) a determination by Propco, in its sole but reasonable
discretion and pursuant to customary internal processes that, the association of any member of the CEC Subject Group with Propco or any of its Affiliates is likely to, (i) result in a disciplinary action relating to, or the loss of, inability
to reinstate or failure to obtain, any registration, application or license or any other rights or entitlements held or required to be held by Propco or any of its Affiliates under any Gaming Law, or (ii) violate any Gaming Law to which Propco
or any of its Affiliates is subject; or (b) any member of the CEC Subject Group is required to be licensed, registered, qualified or found suitable under any Gaming Law, and such Person is not or does not remain so licensed, registered,
qualified or found suitable within any applicable timeframes required by the applicable Gaming Authority, or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. For purposes of this definition, an
“Affiliate” of Propco includes any Person for which Propco or its Affiliate is providing management services. 

“CEC Opportunity Package” shall have the meaning set forth in Section 2(b) hereof. 

  
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 “CEC Opportunity Transaction” means any transaction or series of
related transactions pursuant to which Propco or any of its Affiliates proposes to acquire (fee or leasehold), operate or develop any ROFR Property; excluding, however, any Excluded CEC Opportunity. 

“CEC Panel Member” shall have the meaning set forth in Section 4(b). 

“CEC Related Party” shall mean, collectively or individually, as the context may require, CEC, any holding
company that directly or indirectly owns one hundred percent (100%) of the equity interests of CEC, and any Subsidiaries of CEC (including, without limitation, CEC Tenant). 

“CEC ROFR” shall have the meaning set forth in Section 2(c) hereof. 

“CEC ROFR Discussion Period” shall have the meaning set forth in Section 2(e) hereof. 

“CEC Subject Group” means CEC, CEC’s Affiliates and its and their principals, direct or indirect
shareholders, officers, directors, agents, employees and other related Persons (including in the case of any trusts or similar Persons, the direct or indirect beneficiaries of such trust or similar Persons), excluding Propco and its Affiliates. 

“Change of Control” means, with respect to any party, the occurrence of any of the following: 

(a) the direct or indirect sale, exchange or other transfer (other than by way of merger, consolidation or amalgamation), in
one or a series of related transactions, of all or substantially all the assets of such party and its Subsidiaries, taken as a whole, to one or more Persons; 

(b) an officer of such party becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), proxy, vote, written notice or otherwise) of the consummation of any transaction or series of related transactions (including, without limitation, any merger,
consolidation or amalgamation), the result of which is that any “person” or “group” (as used in Section 13(d)(3) of the Exchange Act or any successor provision) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act or any successor provision), directly or indirectly, of more than 50% of the Voting Stock of such party or other Voting Stock into which
such party’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of securities or other ownership interests; or 

(c) the occurrence of a “change of control”, “change in control” (or similar definition) as defined in any
indenture, credit agreement or similar debt instrument under which such party is an issuer, a borrower or other obligor, in each case representing outstanding indebtedness in excess of $100,000,000; or 

  
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 (d) such party consolidates with, or merges or amalgamates with or into, any
Person (or any Person consolidates with, or merges or amalgamates with or into, such party), in any such event pursuant to a transaction in which any of such party’s outstanding Voting Stock or any of the Voting Stock of such other Person is
converted into or exchanged for cash, securities or other property, other than any such transaction where such party’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, a majority
of the outstanding Voting Stock of the surviving Person or any direct or indirect Parent Entity of the surviving Person immediately after giving effect to such transaction measured by voting power rather than number of securities or other ownership
interests. 
 For purposes of the foregoing definition: (x) a party shall include any Parent Entity of such party; and
(y) “Voting Stock” shall mean the securities or other ownership interests of any class or classes having general voting power under ordinary circumstances, in the absence of contingencies, to elect the directors, managers or
trustees (or other similar governing body) of a Person. 
 Notwithstanding the foregoing: (A) the transfer of assets between or among a
party’s wholly owned subsidiaries and such party shall not itself constitute a Change of Control; (B) the term “Change of Control” shall not include a merger, consolidation or amalgamation of such party with, or the sale,
assignment, conveyance, transfer or other disposition of all or substantially all of such party’s assets to, an Affiliate of such party (1) incorporated or organized solely for the purpose of reincorporating such party in another
jurisdiction, and (2) the owners of which and the number and type of securities or other ownership interests in such party, measured by voting power and number of securities or other ownership interests, owned by each of them immediately before
and immediately following such transaction, are materially unchanged; (C) a “person” or “group” shall not be deemed to have beneficial ownership of securities subject to a stock or asset purchase agreement, merger agreement
or similar agreement (or voting or option or similar agreement related thereto) prior to the consummation of the transactions contemplated by such agreement; (D) the Restructuring Transactions, as defined in the Propco Indenture and any
transactions related thereto shall not constitute a Change of Control; and (E) a transaction will not be deemed to involve a Change of Control in respect of a party if (1) such party becomes a direct or indirect wholly owned subsidiary of
a holding company, and (2) the direct or indirect owners of such holding company immediately following that transaction are the same as the owners of such party immediately prior to that transaction and the number and type of securities or
other ownership interests owned by each such direct and indirect holder immediately following such transaction are materially unchanged from the number and type of securities or other ownership interests owned by such direct and indirect holder in
such party immediately prior to that transaction. 
 “Control” (including the correlative meanings of the
terms “Controlled by” and “under common Control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, through the ownership of voting securities, partnership interests, other equity interests or otherwise. 

  
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 “Development Opportunity” means an acquisition or development of
(i) undeveloped real property or (ii) any existing facility that does not constitute a Gaming Facility at the time such opportunity is being considered for acquisition or development, and, in each case, with respect to which the plan for
such acquisition or development is to develop a Gaming Facility at such facility. 
 “EBITDAR” means, for
any applicable period, the consolidated net income or loss of a Person on a consolidated basis for such period, determined in accordance with GAAP, provided, however, that without duplication and in each case to the extent
included in calculating net income (calculated in accordance with GAAP): (i) income tax expense shall be excluded; (ii) interest expense shall be excluded; (iii) depreciation and amortization expense shall be excluded;
(iv) amortization of intangible assets shall be excluded; (v) write-downs and reserves for non-recurring restructuring-related items (net of recoveries) shall be excluded; (vi) reorganization
items shall be excluded; (vii) any impairment charges or asset write-offs, non-cash gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP
and related interpretations, and non-cash charges for deferred tax asset valuation allowances, shall be excluded; (viii) any effect of a change in accounting principles or policies shall be excluded;
(ix) any non-cash costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or
shareholder agreement shall be excluded; (x) any nonrecurring gains or losses (less all fees and expenses relating thereto) shall be excluded; (xi) rent expense shall be excluded; and (xii) the impact of any deferred proceeds
resulting from failed sale accounting shall be excluded. In connection with any EBITDAR calculation made pursuant to this Agreement or any determination or calculation made pursuant to this Agreement for which EBITDAR is a necessary component of
such determination or calculation, (i) promptly following request therefor, CEC shall provide Propco with all supporting documentation and backup information with respect thereto as may be reasonably requested by Propco, (ii) such
calculation shall be as reasonably agreed upon between Propco and CEC, and (iii) if Propco and CEC do not agree within twenty (20) days of either party seeking to commence discussions, the same may be determined by arbitration in
accordance with Section 4 hereof. 
 “Excluded CEC Opportunity” means (i) subject to
Section 2(a) hereof, any transaction pursuant to which Propco or any Propco Related Party proposes to acquire, operate or develop any Gaming Facility that is subject to a pre-existing lease, management
agreement or other contractual restriction at the time such Gaming Facility is being considered for acquisition, operation or development by Propco (or a Propco Related Party) (i.e., excluding any such lease, management agreement or other
contractual restriction entered into in contemplation of the applicable transaction involving Propco (or a Propco Related Party), unless entered into at a time when the applicable facility did not qualify as a Gaming Facility) and which pre-existing lease, management agreement or other contractual restriction (x) was entered into on arms’-

  
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length terms and (y) would not be terminated upon or prior to such acquisition, operation or development, (ii) any transaction for which the opco/propco structure contemplated by this
Agreement would be prohibited by applicable law, rule or regulation (including zoning regulations and/or any applicable use restrictions or easements or encumbrances) or which would require governmental consent, approval, license or authorization
(unless such consent, approval, license or authorization has been received or is anticipated to be received prior to the consummation of such transaction), provided that the applicable parties shall use reasonable, good faith efforts to obtain any
such consent, approval, license or authorization, (iii) any transaction in which the seller of a Gaming Facility has structured such sale to be subject to the leasing of such Gaming Facility back to such seller of such Gaming Facility (or its
Affiliate), (iv) any transaction that consists of owning or acquiring, directly or indirectly, an interest in a Gaming Facility or in an entity that will acquire or develop a Gaming Facility, if the entity that directly owns or leases such Gaming
Facility upon consummation of such transaction will not constitute Propco or a Subsidiary of Propco or any Propco Related Party, (v) any transaction in which Propco or any Propco Related Party proposes to acquire a then-existing Gaming Facility
from Propco or any Propco Related Party and (vi) any transaction with respect to any Gaming Facility set forth on Schedule 1 attached hereto. 

“Excluded Propco Opportunity” means (i) subject to Section 3(a) hereof, any transaction pursuant to
which CEC or any CEC Related Party proposes to acquire or develop any Gaming Facility that is subject to a pre-existing lease, management agreement or other contractual restriction at the time such Gaming
Facility is being considered for acquisition or development by CEC (or a CEC Related Party) (i.e., excluding any such lease, management agreement or other contractual restriction entered into in contemplation of the applicable transaction involving
CEC (or a CEC Related Party), unless entered into at a time when the applicable facility did not qualify as a Gaming Facility) and which pre-existing lease, management agreement or other contractual
restriction (x) was entered into on arms’-length terms and (y) would not be terminated upon or prior to such acquisition or development, (ii) any transaction for which the opco/propco structure contemplated by this Agreement
would be prohibited by applicable law, rule or regulation (including zoning regulations and/or any applicable use restrictions or easements or encumbrances) or which would require governmental consent, approval, license or authorization (unless such
consent, approval, license or authorization has been received or is anticipated to be received prior to the consummation of such transaction), provided that the applicable parties shall use reasonable, good faith efforts to obtain any such consent,
approval, license or authorization, (iii) any transaction that does not consist of owning or acquiring, directly or indirectly, a fee or leasehold interest in respect of the real property interests in any Gaming Facility or Development
Opportunity, (iv) any transaction that consists of owning or acquiring, directly or indirectly, an interest in a Gaming Facility or in an entity that will acquire or develop a Gaming Facility, if the entity that directly owns or leases such
Gaming Facility upon consummation of such transaction will not constitute CEC or a Subsidiary of CEC or of any CEC Related Party, (v) any transaction in which one or more third parties will own or acquire, directly or indirectly, in the
aggregate, a beneficial economic interest of at least thirty percent (30%) in a Gaming Facility, and such third parties constituting at least 

  
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such economic interest are unable, or make a bona fide, good faith refusal, to enter into the propco/opco structure contemplated by this Agreement, provided that CEC shall use commercially
reasonable, good faith efforts to obtain such third parties’ approval of such propco/opco structure, (vi) any transaction in which CEC or any CEC Related Party proposes to acquire a then-existing Gaming Facility from CEC or any CEC Related
Party, and (vii) any transaction with respect to any Gaming Facility set forth on Schedule 1 attached hereto. 

“Existing EBITDAR Coverage Ratio” means, for any Existing Test Period, the ratio of (x) the aggregate
EBITDAR of CEC Tenant during such Existing Test Period to the extent derived from the Leased Property to (y) the aggregate base and variable rent (i.e., excluding additional rent such as pass-throughs of expenses) payable by CEC Tenant under
the Leases during such Existing Test Period (provided that, to the extent the term of the Leases commenced after the beginning of such Existing Test Period, the aggregate rent for such Existing Test Period shall be annualized for purposes of
calculating the Existing EBITDAR Coverage Ratio). 
 “Existing Test Period” means, for any date of
determination, the period of the twelve (12) most recently ended consecutive calendar months prior to such date of determination for which financial statements are available. 

“Extraordinary Items” means gains or losses related to events and transactions that both: (a) possess
a high degree of abnormality and are of a type clearly unrelated to, or only incidentally related to, the ordinary and typical activities of the applicable entity, taking into account the environment in which such entity operates; and
(b) are of a type that would not reasonably be expected to recur in the foreseeable future, taking into account the environment in which the applicable entity operates. 

“GAAP” means generally accepted accounting principles consistently applied in the preparation of financial
statements, as in effect from time to time (except with respect to any financial ratio defined or described herein or the components thereof, for which purposes GAAP shall refer to such principles as in effect as of the date hereof). 

“Gaming Activities” means the conduct of gaming and gambling activities, race books and sports pools, or the
use of gaming devices, equipment and supplies in the operation of a casino, simulcasting facility, card club or other enterprise, including, without limitation, slot machines, gaming tables, cards, dice, gaming chips, player tracking systems,
cashless wagering systems, mobile gaming systems, poker tournaments, inter-casino linked systems and related and associated equipment, supplies and systems. 

“Gaming Laws” means any Applicable Law regulating or otherwise pertaining to Gaming Activities or related
activities. 
 “Gaming Authority” or “Gaming Authorities” means, individually or in the
aggregate, as the context may require, any foreign, federal, state or local governmental entity or authority, or any department, commission, board, bureau, agency, court or instrumentality thereof, regulating Gaming Activities or related activities.

  
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 “Gaming Facility” or “Gaming Facilities” means,
together or individually, as the context may require, one or more commercial facilities, together with any adjoining hotel, entertainment venue and/or other facilities, with respect to which (in the aggregate for such facility and any such adjoining
facilities) operations of Gaming Activities constitute (i) at least twenty-five percent (25%) of the gross revenue generated (or projected to be generated, as applicable) by such facilities during the Gaming Facility Test Period, or
(ii) at least twenty-five percent (25%) of the square footage of the building(s) constituting such facilities (and, with respect to any to-be-developed facilities,
such determination shall be made based on the most recent plans and specifications). With respect to a portfolio of assets, the determination of whether such assets satisfy the requirements to qualify as Gaming Facilities shall be made on a
portfolio-level basis (i.e., either all such assets shall constitute Gaming Facilities or none of such assets shall constitute Gaming Facilities), based on the aggregate gross revenue and/or aggregate square footage of the assets in the portfolio
taken as a whole. 
 “Gaming Facility Test Period” means (i) with respect to a facility that has been
in operation for at least one (1) full fiscal year as of the applicable date of determination, the most recent three (3) full fiscal years for which gross revenue information is available, or, if such facility has not been in operation for
three (3) full fiscal years as of the applicable date of determination, the period consisting of all full fiscal years since such facility commenced operation, or (ii) with respect to a to-be-developed facility or a facility that has been in operation for less than one (1) full fiscal year as of the applicable date of determination, the first three (3) full fiscal years following
the date of determination (as projected by the most recent plans and specifications, with due regard being given to projected plans and specifications provided by any third party seller in connection with the transaction giving rise to the rights
and obligations under this Agreement), excluding any initial period during which such facility would be in development or construction and would not yet have substantially commenced operations. 

“Manager” means the Manager under the MLSAs from time to time or such other Affiliate of CEC as may be
designated by CEC to serve as manager of a ROFR Property as contemplated hereby. 
 “MLSA” and
“MLSAs” mean, collectively or individually, as the context may require, (i) that certain Management and Lease Support Agreement (Non-CPLV), dated as of the date hereof, by and among CEC, Non-CPLV Manager, LLC, Affiliates of CEC Tenant and Affiliates of Propco Landlord, as amended, restated or otherwise modified from time to time, (ii) that certain Management and Lease Support Agreement (CPLV),
dated as of the date hereof, by and among CEC, CPLV Manager, LLC, Affiliates of CPLV Manager, LLC, Affiliates of CEC Tenant and Affiliates of Propco Landlord, as amended, restated or otherwise modified from time to time, and (iii) that certain
Management and Lease Support Agreement (Joliet), dated as of the date hereof, by and among CEC, Joliet Manager, LLC, Affiliates of Manager, Harrah’s Joliet Landco LLC and Des Plaines Development Limited Partnership, as amended, restated or
otherwise modified from time to time. 

  
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 “Parent Entity” means, with respect to any Person, any
corporation, association, limited partnership, limited liability company or other entity which at the time of determination (a) owns or controls, directly or indirectly, more than 50% of the total voting power of shares of capital stock
(without regard to the occurrence of any contingency) entitled to vote in the election of directors, managers or trustees of such Person, (b) owns or controls, directly or indirectly, more than 50% of the capital accounts, distribution rights,
total equity and voting interests or general and limited partnership interests, as applicable, of such Person, whether in the form of membership, general, special or limited partnership interests or otherwise, or (c) is the controlling general
partner of, or otherwise controls, such entity. 
 “Person” means any individual, corporation, limited
liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other form of entity. 

“Propco Election Period” means a period of thirty (30) days following Propco’s receipt of the
applicable Propco Opportunity Package. 
 “Propco Indenture” means that certain First-Priority Senior
Secured Floating Rate Notes due 2022 Indenture dated as of the date hereof, among VICI Properties 1 LLC, VICI FC Inc., a Delaware corporation, the Subsidiary Guarantors (as defined therein) party thereto from time to time, and UMB Bank, National
Association, as trustee. 
 “Propco Licensing Event” means: (a) either (1) a communication
(whether oral or in writing) by or from any Gaming Authority to CEC or any of its Affiliates or other action by any Gaming Authority that indicates that such Gaming Authority may find that, or (2) a determination by CEC, in its sole but
reasonable discretion and pursuant to customary internal processes that, the association of any member of the Propco Subject Group with CEC or any of its Affiliates is likely to (i) result in a disciplinary action relating to, or the loss of,
inability to reinstate or failure to obtain, any registration, application or license or any other rights or entitlements held or required to be held by CEC or any of its Affiliates under any Gaming Law, or (ii) violate any Gaming Law to which
CEC or any of its Affiliates is subject; or (b) any member of the Propco Subject Group is required to be licensed, registered, qualified or found suitable under any Gaming Law, and such Person is not or does not remain so licensed, registered,
qualified or found suitable within any applicable timeframes required by the applicable Gaming Authority, or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. For purposes of this definition, an
“Affiliate” of CEC includes any Person for which CEC or its Affiliate is providing management services. 

“Propco Opportunity Package” shall have the meaning set forth in Section 3(b) hereof. 

  
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 “Propco Opportunity Transaction” means any transaction or series
of related transactions pursuant to which CEC or any of its Subsidiaries proposes to acquire (fee or leasehold) or develop any ROFR Property; excluding, however, any Excluded Propco Opportunity. 

“Propco Panel Member” shall have the meaning set forth in Section 4(b). 

“Propco Related Party” shall mean, collectively or individually, as the context may require, Propco, the REIT,
any holding company that directly or indirectly owns one hundred percent (100%) of the equity interests of the REIT, and any Subsidiaries of Propco or the REIT. 

“Propco ROFR” shall have the meaning set forth in Section 3(c) hereof. 

“Propco ROFR Discussion Period” shall have the meaning set forth in Section 3(e) hereof. 

“Propco Subject Group” means Propco, Propco’s Affiliates and its and their principals, direct or indirect
shareholders, officers, directors, agents, employees and other related Persons (including in the case of any trusts or similar Persons, the direct or indirect beneficiaries of such trust or similar Persons), excluding CEC and its Affiliates. 

“REIT” means VICI Properties Inc., a Maryland corporation, which is the direct or indirect parent company of
Propco as of the date hereof. 
 “ROFR EBITDAR Coverage Ratio” means, for any ROFR Test Period, the ratio of
(x) the projected EBITDAR of the tenant under the applicable ROFR Lease during such ROFR Test Period expected to be derived from the ROFR Property, to (y) the aggregate base and, if applicable, variable rent (i.e., excluding additional
rent such as pass-throughs of expenses) payable by such tenant under such ROFR Lease during such ROFR Test Period. 

“ROFR Lease” means a lease pursuant to which an Affiliate of Propco, as landlord, leases a ROFR Property to an
Affiliate of CEC, as tenant. Consistent with the terms of the CEC ROFR or the Propco ROFR (as applicable), a ROFR Lease may be documented as a new lease agreement reflecting the terms contemplated by this Agreement, or as an amendment to one of the
Leases under which the ROFR Property will be included as an additional facility under such Lease on the terms contemplated by this Agreement. 

“ROFR Lease Rent” means an amount of base and, if applicable, variable rent (i.e., excluding additional
charges and other additional rent such as pass-throughs of expenses) to be paid under the applicable ROFR Lease in respect of the ROFR Property that initially would cause the ROFR EBITDAR Coverage Ratio to be equal to the Existing EBITDAR Coverage
Ratio. 

  
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 “ROFR Management Agreement” means a management agreement with
customary rights and obligations for management agreements of this type (and in any event at a standard of quality and care not less in any material respect than the standard of quality and care under the MLSAs) pursuant to which CEC or a Manager
would manage the ROFR Property, which may, consistent with the terms of the CEC ROFR or the Propco ROFR (as applicable), be documented as a new management agreement or as an amendment to an MLSA. 

“ROFR Property” means any existing or
to-be-developed (as applicable) Gaming Facility located in the United States but outside the Gaming Enterprise District of Clark County, Nevada. 

“ROFR Test Period” means, with respect to any ROFR Lease, the first year of the term of such ROFR Lease
(excluding any initial period of time during which the ROFR Property is in development or construction and has not yet commenced operations and excluding any “ramp-up” period after the commencement
of operations of such ROFR Property for the duration agreed to be excluded, if any, for such ROFR Property in such ROFR Lease). 

“Subsidiary” shall mean, with respect to any Person (herein referred to as the “parent”), any
corporation, limited liability company, partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than
50% of the general partnership interests or managing membership interests are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise
Controlled by the parent or one or more Subsidiaries of the parent or by the parent and one or more Subsidiaries of the parent. 

“Third Panel Member” shall have the meaning set forth in Section 4(b). 

2. Right of First Refusal in Favor of CEC. 

(a) From and after the Effective Date, subject to 2(f) below, Propco shall not, and shall cause the Propco Related Parties not to, consummate
any CEC Opportunity Transaction, without first providing to CEC an opportunity to cause Affiliates of CEC to lease and the Manager to manage the applicable ROFR Property (with such ROFR Property to be owned by Affiliates of Propco), in accordance
with the procedures set forth in this Section 2. 
 (b) Prior to Propco or any Propco Related Party consummating any CEC Opportunity
Transaction (or, if Section 2(f) below is applicable, as soon as reasonably possible thereafter), Propco shall deliver to CEC a package of information describing the CEC Opportunity Transaction and the terms upon which Affiliates of CEC would
lease and the Manager would manage such ROFR Property (the “CEC Opportunity Package”), including, without limitation, the following (subject to execution of a customary non-disclosure
agreement): 

  
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(i) basic information identifying the ROFR Property, such as the name and location of the applicable Gaming Facility; (ii) the material acquisition terms, including, without limitation, the
purchase price and the expected closing date of the CEC Opportunity Transaction; (iii) for any Acquisition Opportunity, three (3) years of audited (to the extent reasonably available to Propco; otherwise unaudited) financial statements of
the ROFR Property or of the seller of the ROFR Property, as applicable, and for any Development Opportunity, three (3) years of financial projections for the ROFR Property (excluding any initial period during which the ROFR Property is in
development or construction and has not yet commenced operations); (iv) for any Development Opportunity, a reasonably-detailed description of the proposed development project, including, without limitation, the business plan, scope of work, a
development budget and a development timeline; (v) a description of the regulatory framework applicable to such ROFR Property, including the amount and timing of any licensing fees and gaming taxes with respect thereto; (vi) a term sheet
setting forth proposed terms of a ROFR Lease and ROFR Management Agreement for the ROFR Property, which term sheet shall include, without limitation, Propco’s good faith determination of the initial ROFR Lease Rent, Propco’s proposal for
ROFR Lease Rent adjustments thereafter (including allocations of fixed and variable rent if applicable), and the other items set forth on Exhibit A attached hereto; and (vii) a detailed explanation of the computation of the ROFR
Lease Rent proposed in such term sheet. Promptly upon CEC’s reasonable request therefor, Propco shall provide to CEC additional information related to the CEC Opportunity Transaction, to the extent such information is reasonably available to
Propco. 
 (c) CEC may elect, in its sole and absolute discretion, to exercise its right to cause its Affiliates to lease and the Manager to
manage the applicable ROFR Property (such ROFR Property to be owned by Affiliates of Propco), in accordance with the terms set forth in the CEC Opportunity Package (the “CEC ROFR”), which CEC ROFR shall be exercisable by written
notice thereof from CEC to Propco prior to the expiration of the CEC Election Period. If CEC does not so exercise the CEC ROFR prior to the expiration of the CEC Election Period, then CEC shall be deemed to have waived the CEC ROFR with respect to
the applicable CEC Opportunity Transaction only. 
 (d) If CEC waives (or is deemed to have waived) the CEC ROFR with respect to a CEC
Opportunity Transaction, then Propco (or the applicable Propco Related Party) shall be free to consummate the CEC Opportunity Transaction without CEC’s (or its Affiliates’) involvement, upon terms not materially more favorable to the
applicable counterparty (if any) than those presented to CEC in the CEC Opportunity Package. If at any time following CEC’s waiver (or deemed waiver) of such CEC Opportunity Transaction, Propco (or the applicable Propco Related Party) desires
to consummate such CEC Opportunity Transaction upon terms that are materially more favorable to the applicable counterparty than those presented to CEC in the CEC Opportunity Package (the “Alternate CEC ROFR Terms”), then the
provisions of this Section 2 shall be reinstated with respect to such CEC Opportunity Transaction, and Propco shall be required to deliver to CEC a new CEC Opportunity Package (except that such CEC Opportunity Package shall reflect the
Alternate CEC ROFR Terms in lieu of the ROFR Lease Rent and other CEC ROFR terms initially offered to CEC in the CEC Opportunity Package) and otherwise comply once again with the procedures set forth herein prior to consummating such CEC Opportunity
Transaction, except that the CEC Election Period will be twenty (20) days in lieu of thirty (30) days. 

  
 12 

 (e) If CEC exercises the CEC ROFR with respect to a CEC Opportunity Transaction, then Propco (or
the applicable Propco Related Party) shall have the right to proceed with the CEC Opportunity Transaction and shall structure the CEC Opportunity Transaction in a manner that allows the ROFR Property to be owned by an Affiliate of Propco and leased
to Affiliates of CEC and managed by the Manager. CEC and Propco shall use good faith, commercially reasonable efforts, for a period of forty-five (45) days following the date on which CEC exercises the CEC ROFR (the “CEC ROFR Discussion
Period”), to negotiate and enter into a ROFR Lease and ROFR Management Agreement for the applicable ROFR Property. The ROFR Lease and ROFR Management Agreement shall provide for the following: (i) the initial rent shall be equal to the
then applicable ROFR Lease Rent; and (ii) such other terms and conditions consistent with the terms of the CEC ROFR and otherwise as CEC and Propco may agree. If, despite the good faith, commercially reasonable efforts of Propco and CEC, the
parties are unable to reach agreement on the terms and conditions of the ROFR Lease and ROFR Management Agreement prior to the expiration of the CEC ROFR Discussion Period, then, upon the expiration of the CEC ROFR Discussion Period, either
(1) the terms and conditions of the ROFR Lease and ROFR Management Agreement shall be established pursuant to arbitration in accordance with the procedures set forth in Section 4 hereof (other than the specific terms of the CEC ROFR, which
shall be as set forth in the CEC Opportunity Package and shall not be subject to arbitration), or (2) solely with the written consent of CEC (which may be granted or withheld in CEC’s sole and absolute discretion), Propco (or the
applicable Propco Related Party) shall be free to consummate the CEC Opportunity Transaction without CEC’s (or its Affiliates’) involvement, in accordance with, and subject to the conditions of, Section 2(d) hereof. The CEC ROFR
Discussion Period shall be extended, but not to exceed an extension of one hundred twenty (120) days, as reasonably necessary solely to allow CEC and its Affiliates (as applicable) to obtain all applicable licenses, qualifications or approvals
from all Gaming Authorities necessary for CEC and its Affiliates (as applicable) to lease and manage the ROFR Property. If, on or prior to the expiration of the CEC ROFR Discussion Period, CEC and its Affiliates (as applicable) are unable to obtain
all such necessary licenses, qualifications and approvals, then Propco (or the applicable Propco Related Party) shall be free to consummate the CEC Opportunity Transaction without CEC’s (or its Affiliates’) involvement. 

(f) Notwithstanding the foregoing, if the timeframe to consummate a CEC Opportunity Transaction is expedited as a result of a competitive
bidding process or other bona fide third-party requirements such that adherence to the right of first refusal procedures in the timeframes set forth under this Section 2 would result in a reasonable likelihood that Propco (or the applicable
Propco Related Party) would not be able to execute the CEC Opportunity Transaction (as determined by Propco in good faith), then Propco (or the applicable Propco Related Party) may proceed to consummate such CEC Opportunity Transaction without
CEC’s (or its Affiliates’) involvement; provided, however, that (i) subject to Propco’s ability to structure the initial transaction in the manner provided in the following clause (ii), as soon as reasonably possible following
Propco’s (or the applicable Propco Related Party’s) consummation of such CEC Opportunity Transaction, Propco shall provide to CEC an opportunity to cause Affiliates of CEC to lease and the Manager to manage the applicable ROFR Property
(with such 

  
 13 

 
ROFR Property to be owned by Affiliates of Propco) in accordance with the terms of this Section 2, and (ii) Propco shall use commercially reasonable efforts to structure such initial
transaction in a manner that would facilitate CEC’s exercise of such rights following consummation of such transaction; provided further however, that for the avoidance of doubt, if such initial transaction cannot after the use of commercially
reasonable efforts be structured in such a manner without resulting in an adverse effect on such transaction or Propco (other than an adverse effect that is immaterial), Propco shall not be required to provide to CEC an opportunity to lease and the
Manager to manage the applicable ROFR Property in accordance with the terms of this Section 2. 
 3. Right of First Refusal in
Favor of Propco. 
 (a) From and after the Effective Date, subject to Section 3(f) below, CEC shall not, and shall cause the
CEC Related Parties not to, consummate any Propco Opportunity Transaction, without first providing to Propco an opportunity to cause Affiliates of Propco to own the applicable ROFR Property and cause such ROFR Property to be leased to Affiliates of
CEC and managed by the Manager, in accordance with the procedures set forth in this Section 3. 
 (b) Prior to CEC or any CEC Related
Party consummating any Propco Opportunity Transaction (or, if Section 3(f) below is applicable, as soon as possible thereafter), CEC shall deliver to Propco a package of information describing the Propco Opportunity Transaction and the terms
upon which Affiliates of CEC would lease and the Manager would manage such ROFR Property (the “Propco Opportunity Package”), including, without limitation, the following (subject to execution of a customary non-disclosure agreement): (i) basic information identifying the ROFR Property, such as the name and location of the applicable Gaming Facility; (ii) the material acquisition terms, including, without
limitation, the purchase price and the expected closing date of the Propco Opportunity Transaction; (iii) for any Acquisition Opportunity, three (3) years of audited (to the extent reasonably available to CEC; otherwise unaudited)
financial statements of the ROFR Property or the seller of the ROFR Property, as applicable, and for any Development Opportunity, three (3) years of financial projections for the ROFR Property (excluding any initial period during which the ROFR
Property is in development or construction and has not yet commenced operations); (iv) for any Development Opportunity, a reasonably-detailed description of the proposed development project, including, without limitation, the business plan, scope of
work, a development budget and a development timeline; (v) a description of the regulatory framework applicable to such ROFR Property, including the amount and timing of any licensing fees and gaming taxes with respect thereto; (vi) a term
sheet setting forth proposed terms of a ROFR Lease and ROFR Management Agreement for the ROFR Property, which term sheet shall include, without limitation, CEC’s good faith determination of the initial ROFR Lease Rent, CEC’s proposal for
ROFR Lease Rent adjustments thereafter (including allocations of fixed and variable rent if applicable), and the other items set forth on Exhibit A attached hereto; and (vii) a detailed explanation of the computation of the ROFR
Lease Rent proposed in such term sheet. Promptly upon Propco’s reasonable request therefor, CEC shall provide to Propco additional information related to the Propco Opportunity Transaction, to the extent such information is reasonably available
to CEC. 

  
 14 

 (c) Propco may elect, in its sole and absolute discretion, to exercise its right to cause its
Affiliate to own the applicable ROFR Property and cause such ROFR Property to be leased to Affiliates of CEC and managed by the Manager in accordance with the terms set forth in the Propco Opportunity Package (the “Propco ROFR”),
which Propco ROFR shall be exercisable by written notice thereof from Propco to CEC prior to the expiration of the Propco Election Period. If Propco does not so exercise the Propco ROFR prior to the expiration of the Propco Election Period, then
Propco shall be deemed to have waived the Propco ROFR with respect to the applicable Propco Opportunity Transaction only. 
 (d) If Propco
waives (or is deemed to have waived) the Propco ROFR with respect to a Propco Opportunity Transaction, then CEC (or the applicable CEC Related Party) shall be free to consummate the Propco Opportunity Transaction without Propco’s (or its
Affiliates’) involvement, and, if applicable, upon terms not materially more favorable to the applicable counterparty (if any) than those presented to Propco in the Propco Opportunity Package. If at any time following Propco’s waiver (or
deemed waiver) of such Propco Opportunity Transaction, CEC (or the applicable CEC Related Party) desires to consummate such Propco Opportunity Transaction with a counterparty upon terms that are materially more favorable to the applicable
counterparty than those presented to Propco in the Propco Opportunity Package (the “Alternate Propco ROFR Terms”), then the provisions of this Section 3 shall be reinstated with respect to such Propco Opportunity Transaction,
and CEC shall be required to deliver to Propco a new Propco Opportunity Package (except that such Propco Opportunity Package shall reflect the Alternate Propco ROFR Terms in lieu of the ROFR Lease Rent and other Propco ROFR terms initially offered
to Propco in the Propco Opportunity Package) and otherwise comply once again with the procedures set forth herein prior to consummating such Propco Opportunity Transaction, except that the Propco Election Period will be twenty (20) days in lieu
of thirty (30) days. 
 (e) If Propco exercises the Propco ROFR with respect to a Propco Opportunity Transaction, then CEC (or the
applicable CEC Related Party) shall have the right to proceed with the Propco Opportunity Transaction and shall structure the Propco Opportunity Transaction in a manner that allows the ROFR Property to be owned by an Affiliate of Propco and leased
to Affiliates of CEC and managed by the Manager. CEC and Propco shall use good faith, commercially reasonable efforts, for a period of forty-five (45) days following the date on which Propco exercises the Propco ROFR (the “Propco ROFR
Discussion Period”), to negotiate and enter into a ROFR Lease and ROFR Management Agreement for the applicable ROFR Property. The ROFR Lease and ROFR Management Agreement shall provide for the following: (i) the initial rent shall be
equal to the applicable ROFR Lease Rent; and (ii) such other terms and conditions consistent with the terms of the Propco ROFR and otherwise as CEC and Propco may agree. If, despite the good faith, commercially reasonable efforts of Propco and
CEC, the parties are unable to reach agreement on the terms and conditions of the ROFR Lease and ROFR Management Agreement prior to the expiration of the Propco ROFR Discussion Period, then, upon the expiration of the Propco ROFR Discussion Period,
either (1) the terms and conditions of the ROFR Lease and ROFR Management Agreement shall be established pursuant to arbitration in accordance with the procedures set forth in Section 4 hereof (other than the specific terms of the Propco
ROFR, which shall be as set forth in the Propco Opportunity Package and shall not be subject to arbitration), or (2) solely with the written consent of Propco (which may 

  
 15 

 
be granted or withheld in Propco’s sole and absolute discretion), CEC (or the applicable CEC Related Party) shall be free to consummate the Propco Opportunity Transaction without
Propco’s (or its Affiliates’) involvement, in accordance with, and subject to the conditions of, Section 3(d) hereof. The Propco ROFR Discussion Period shall be extended, but not to exceed an extension of one hundred twenty
(120) days, as reasonably necessary solely to allow Propco and its Affiliates (as applicable) to obtain all applicable licenses, qualifications or approvals from all Gaming Authorities necessary for Propco and its Affiliates (as applicable) to
own the ROFR Property. If, on or prior to the expiration of the Propco ROFR Discussion Period, Propco and its Affiliates (as applicable) are unable to obtain all such necessary licenses, qualifications and approvals, then CEC (or the applicable CEC
Related Party) shall be free to consummate the Propco Opportunity Transaction without Propco’s (or its Affiliates’) involvement. 

(f) Notwithstanding the foregoing, if the timeframe to consummate a Propco Opportunity Transaction is expedited as a result of a competitive
bidding process or other bona fide third-party requirements such that adherence to the right of first refusal procedures in the timeframes set forth under this Section 3 would result in a reasonable likelihood that CEC (or the applicable CEC
Related Party) would not be able to execute the Propco Opportunity Transaction (as determined by CEC in good faith), then CEC (or the applicable CEC Related Party) may proceed to consummate such Propco Opportunity Transaction without Propco’s
(or its Affiliates’) involvement; provided, however, that (i) subject to CEC’s ability to structure the initial transaction in the manner provided in the following clause (ii), as soon as reasonably possible following CEC’s (or
the applicable CEC Related Party’s) consummation of such Propco Opportunity Transaction, CEC shall provide to Propco an opportunity to cause Affiliates of Propco to own the applicable ROFR Property and cause such ROFR Property to be leased to
Affiliates of CEC and managed by the Manager in accordance with the terms of this Section 3, and (ii) CEC shall use commercially reasonable efforts to structure such initial transaction in a manner that would facilitate Propco’s
exercise of such rights following consummation of such transaction; provided further however, that for the avoidance of doubt, if such initial transaction cannot after the use of commercially reasonable efforts be structured in such a manner without
resulting in an adverse effect on such transaction or CEC (other than an adverse effect that is immaterial), CEC shall not be required to provide to Propco an opportunity to own the applicable ROFR Property in accordance with the terms of this
Section 3. 
 4. Arbitration. 

(a) Any dispute regarding establishing (but not interpreting) the terms and conditions of a ROFR Lease or ROFR Management Agreement shall be
submitted to and determined by an arbitration panel comprised of three members (the “Arbitration Panel”). No more than one panel member may be with the same firm, and no panel member may have an economic interest in the outcome of
the arbitration. In addition, each panel member shall have at least twenty (20) years of experience as an arbitrator and at least ten (10) years of experience in a profession that directly relates to the ownership, operation, financing or
leasing of Gaming Facilities. 

  
 16 

 (b) The Arbitration Panel shall be selected as set forth in this Section 4(b). Within five
(5) Business Days after the expiration of the CEC ROFR Discussion Period or the Propco ROFR Discussion Period (as applicable), CEC shall select and identify to Propco a panel member meeting the criteria of the above paragraph (the “CEC
Panel Member”) and Propco shall select and identify to CEC a panel member meeting the criteria of the above paragraph (the “Propco Panel Member”). If a party fails to timely select its respective panel member, the other
party may notify such party in writing of such failure, and if such party fails to select its respective panel member within three (3) Business Days after receipt of such notice, then such other party may select and identify to such party such
panel member on such party’s behalf. Within five (5) Business Days after the selection of the CEC Panel Member and the Propco Panel Member, the CEC Panel Member and the Propco Panel Member shall jointly select a third panel member meeting
the criteria of the above paragraph (the “Third Panel Member”). If the CEC Panel Member and the Propco Panel Member fail to timely select the Third Panel Member and such failure continues for more than three (3) Business Days
after written notice of such failure is delivered to the CEC Panel Member and Propco Panel Member by either CEC or Propco, then CEC and Propco shall cause the Third Panel Member to be appointed by the managing officer of the American Arbitration
Association. 
 (c) Within ten (10) Business Days after the selection of the Arbitration Panel, CEC and Propco each shall submit to the
Arbitration Panel a written statement identifying its summary of the issues. Either of CEC or Propco may also request an evidentiary hearing on the merits in addition to the submission of written statements, such request to be made in writing within
such ten (10) Business Day period. The Arbitration Panel shall determine the appropriate terms and conditions of the ROFR Lease or ROFR Management Agreement in accordance with this Agreement and otherwise based on the Arbitration Panel’s
determination of fair market terms relative to the applicable ROFR Property. The Arbitration Panel shall make its decision within twenty (20) days after the later of (i) the submission of such written statements, and (ii) the
conclusion of any evidentiary hearing on the merits (if any). The Arbitration Panel shall reach its decision by majority vote and shall communicate its decision by written notice to CEC and Propco. 

(d) The decision by the Arbitration Panel shall be final, binding and conclusive and shall be
non-appealable and enforceable in any court having jurisdiction. All hearings and proceedings held by the Arbitration Panel shall take place in New York, New York. 

(e) The resolution procedure described herein shall be governed by the Commercial Rules of the American Arbitration Association and the
Procedures for Large, Complex, Commercial Disputes in effect as of the date hereof. 
 (f) CEC and Propco shall bear equally the fees, costs
and expenses of the Arbitration Panel in conducting any arbitration described in this Section 4. 

  
 17 

 5. Miscellaneous. 

(a) Notices. Any notice, request or other communication to be given by any party hereunder shall be in writing and shall be sent by
registered or certified mail, postage prepaid and return receipt requested, by hand delivery or express courier service, by email transmission or by an overnight express service to the following address or to such other address as either party may
hereafter designate: 
  

					
	 To CEC:
	  	     Caesars Entertainment Corporation

    One Caesars Palace Drive

    Las Vegas, NV 89109

    Attention: General Counsel

    Email: corplaw@caesars.com

		
	 To Propco:
	  	     VICI Properties LP

    8329 West Sunset Road, Suite 210

    Las Vegas, NV 89113

    Attention: General Counsel

    Email: corplaw@viciproperties.com

 Notice shall be deemed to have been given on the date of delivery if such delivery is made on a Business Day, or if not, on
the first Business Day after delivery. If delivery is refused, notice shall be deemed to have been given on the date delivery was first attempted. Notice sent by email shall be deemed given only upon an independent,
non-automated confirmation from the recipient acknowledging receipt. 
 (b) Successors and
Assigns. This Agreement shall be binding upon and shall inure to the benefit of CEC and Propco and their respective successors and assigns. Neither CEC nor Propco shall have the right to assign its rights or obligations under this Agreement
without the prior written consent of the other such party. 
 (c) Entire Agreement; Amendment. This Agreement and the exhibits hereto
constitute the entire and final agreement of the parties with respect to the subject matter hereof, and may not be changed or modified except by an agreement in writing signed by the parties. CEC and Propco hereby agree that all prior or
contemporaneous oral understandings, agreements or negotiations relative to the subject matter hereof are merged into and revoked by this Agreement. 

(d) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, which State
the parties agree has a substantial relationship to the parties and to the underlying transaction embodied hereby. This Agreement is the product of joint drafting by the parties and shall not be construed against either party as the drafter
hereof. 
 (e) Venue. With respect to any action relating to this Agreement, CEC and Propco irrevocably submit to the exclusive
jurisdiction of the courts of the State of New York sitting in the borough of Manhattan and the United States District Court having jurisdiction over New York County, New York, and CEC and Propco each waives: (a) any objection to the laying of
venue of any suit or action brought in any such court; (b) any claim that such suit or action has been brought in an inconvenient forum; (c) any claim that the enforcement of this Section is unreasonable, unduly oppressive, and/or
unconscionable; and (d) the right to claim that such court lacks jurisdiction over that party. 

  
 18 

 (f) Waiver of Jury Trial. EACH PARTY HERETO, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR
MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT. 

(g) Severability. If any term or provision of this Agreement or any application thereof shall be held invalid or unenforceable, the
remainder of this Agreement and any other application of such term or provision shall not be affected thereby. 
 (h) Third-Party
Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not enforceable by any other persons. 
 (i)
Time of Essence. TIME IS OF THE ESSENCE OF THIS AGREEMENT AND EACH PROVISION HEREOF IN WHICH TIME OF PERFORMANCE IS ESTABLISHED. 

(j) Further Assurances. The parties agree to promptly sign all documents reasonably requested to give effect to the provisions of this
Agreement. In addition, Propco agrees to, at CEC’s sole cost and expense, reasonably cooperate with all applicable gaming authorities in connection with the administration of their regulatory jurisdiction over CEC and its subsidiaries, if any,
including the provision of such documents and other information as may be requested by such gaming authorities relating to CEC or any of its subsidiaries, if any, or to this Agreement and which are within Propco’s control to obtain and provide.

 (k) Counterparts; Originals. This Agreement may be executed in any number of counterparts, each of which shall be a valid and
binding original, but all of which together shall constitute one and the same instrument. Facsimile or digital copies of this Agreement, including the signature page hereof, shall be deemed originals for all purposes. 

(l) Termination. This Agreement shall automatically terminate and be of no further force or effect from and after the earliest of such
time as (i) the MLSAs have been terminated or have expired in accordance with the express terms thereof, (ii) the MLSAs have been terminated by or with the written consent of Propco Landlord, (iii) CEC or a Subsidiary of CEC is no
longer responsible for the management of any of the Leased Property pursuant to the written consent of Propco Landlord, or (iv) a Change of Control occurs with respect to either CEC or Propco. 

(m) Licensing Events; Termination. 

(i) If there shall occur a Propco Licensing Event and any aspect of such Propco Licensing Event is attributable to a member of the Propco
Subject Group, then CEC shall notify Propco as promptly as practicable after becoming aware of such Propco Licensing Event (but in no event later than twenty (20) days after becoming aware of such Propco Licensing Event). In such event, Propco
shall, and shall use commercially reasonable efforts to 

  
 19 

 
cause the other members of the Propco Subject Group to, use commercially reasonable efforts to assist CEC and its Affiliates in resolving such Propco Licensing Event within the time period
required by the applicable Gaming Authorities by submitting to investigation by the relevant Gaming Authorities and cooperating with any reasonable requests made by such Gaming Authorities (including filing requested forms and delivering information
to the Gaming Authorities). If, despite these efforts, such Propco Licensing Event cannot be resolved to the satisfaction of the applicable Gaming Authorities within the time period required by such Gaming Authorities, CEC shall have the right, at
its election in its sole discretion, either to (i) terminate this Agreement or (ii) cause this agreement to temporarily cease to be in force or effect, until such time, if any, as the Propco Licensing Event is resolved to the satisfaction
of the applicable Gaming Authorities and CEC in its sole discretion, upon no less than ninety (90) days’ written notice thereof to Propco following a Propco Licensing Event which is not cured within the period required by the applicable
Gaming Authorities (or such lesser time as required by any applicable Gaming Authority). 
 (ii) If there shall occur a CEC Licensing Event
and any aspect of such CEC Licensing Event is attributable to a member of the CEC Subject Group, then Propco shall notify CEC as promptly as practicable after becoming aware of such CEC Licensing Event (but in no event later than twenty
(20) days after becoming aware of such CEC Licensing Event). In such event, CEC shall and shall use commercially reasonable efforts to cause the other members of the CEC Subject Group to use commercially reasonable efforts to assist Propco and
its Affiliates in resolving such CEC Licensing Event within the time period required by the applicable Gaming Authorities by submitting to investigation by the relevant Gaming Authorities and cooperating with any reasonable requests made by such
Gaming Authorities (including filing requested forms and delivering information to the Gaming Authorities). If, despite these efforts, such CEC Licensing Event cannot be resolved to the satisfaction of the applicable Gaming Authorities within the
time period required by such Gaming Authorities, Propco shall have the right, at its election in its sole discretion, either to (i) terminate this Agreement or (ii) cause this agreement to temporarily cease to be in force or effect, until
such time, if any, as the CEC Licensing Event is resolved to the satisfaction of the applicable Gaming Authorities and Propco in its sole discretion, upon no less than ninety (90) days’ written notice thereof to CEC following a CEC
Licensing Event which is not cured within the period required by the applicable Gaming Authorities (or such lesser time as required by any applicable Gaming Authority). 

[Remainder of Page Intentionally Left Blank] 

  
 20 

 IN WITNESS WHEREOF, CEC and Propco have executed this Right of First Refusal Agreement as of the
date first set forth above. 
  

			
	CEC:
	  
 Caesars Entertainment Corporation,

a Delaware corporation

		
	By:	 	/s/ Eric Hession

			
	Name:	 	Eric Hession
	Title:	 	Treasurer

 Signature Page to Right of First Refusal Agreement 

 PROPCO: 
  

			
	 VICI Properties L.P.,
 a Delaware
limited partnership

		
	By:	 	VICI Properties GP LLC,
		 	 a Delaware limited liability company,
 its
general partner

					
			
		 	By:	 	/s/ John Payne

					
		 	Name:	 	John Payne
		 	Title:	 	President and Chief Operating Officer

 Signature Page to Right of First Refusal Agreement 

 EXHIBIT A 

Lease Term Sheet Items for Opportunity Transactions 

1. Length of term and any renewal terms. 
 2. Rent, including
(i) breakdown of base rent and variable rent, and any obligations to pay expenses such as taxes, insurance and other impositions, and (ii) the date the ROFR Lease Rent becomes payable (which, in the case of a Development Opportunity, may
be tied to completion of such project or other construction milestones during the term of the ROFR Lease). 
 3. Guaranty requirements (including net worth,
covenants and any other applicable creditworthiness requirements). 
 4. Minimum capital expenditure requirement. 

5. Capital expenditure reimbursement to tenant. 
 6.
Restrictions on transfer (for landlord and tenant). 
 7. Restrictions on financing (for landlord and tenant). 

8. Events of default. 
 9. Any other material terms.EX-10.10

 Exhibit 10.10 

TAX MATTERS AGREEMENT 
 BY AND
AMONG CAESARS ENTERTAINMENT CORPORATION, 
 CEOC, LLC, 

VICI PROPERTIES INC., 
 VICI
PROPERTIES L.P. 
 AND 
 CPLV
PROPERTY OWNER LLC 
 DATED AS OF OCTOBER 6, 2017 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	 ARTICLE I Definitions
	  	 	4	 
	 Section 1.01
	  	General	  	 	4	 
	 Section 1.02
	  	Construction	  	 	10	 
	 Section 1.03
	  	References to Time	  	 	10	 
		
	 ARTICLE II Preparation, Filing and Payment of Taxes Shown Due on Tax Returns
	  	 	10	 
	 Section 2.01
	  	Tax Returns	  	 	10	 
	 Section 2.02
	  	Tax Return Procedures	  	 	11	 
	 Section 2.03
	  	Straddle Period Tax Allocation	  	 	12	 
	 Section 2.04
	  	Timing of Payments	  	 	12	 
	 Section 2.05
	  	Expenses	  	 	12	 
	 Section 2.06
	  	No Extraordinary Actions on the Distribution Date	  	 	12	 
	 Section 2.07
	  	Amended Tax Returns	  	 	13	 
	 Section 2.08
	  	Tax Materials	  	 	13	 
		
	 ARTICLE III Indemnification
	  	 	13	 
	 Section 3.01
	  	Indemnification by CEC	  	 	13	 
	 Section 3.02
	  	Indemnification by the REIT	  	 	13	 
	 Section 3.03
	  	Adjustments to Payments	  	 	13	 
	 Section 3.04
	  	Timing of Indemnification Payments	  	 	14	 
	 Section 3.05
	  	Exclusive Remedy	  	 	14	 
		
	 ARTICLE IV Refunds, Carrybacks, Timing Difference and Tax Attributes
	  	 	14	 
	 Section 4.01
	  	Refunds	  	 	14	 
	 Section 4.02
	  	Timing Differences	  	 	15	 
		
	 ARTICLE V Tax Proceedings
	  	 	15	 
	 Section 5.01
	  	Notification of Tax Proceedings	  	 	15	 
	 Section 5.02
	  	Tax Proceeding Procedures	  	 	15	 
		
	 ARTICLE VI Intended Tax Treatment
	  	 	16	 
	 Section 6.01
	  		  	 	16	 
	 Section 6.02
	  		  	 	16	 
	 Section 6.01
	  	Restrictions Relating to the Distribution	  	 	16	 
		
	 ARTICLE VII Cooperation
	  	 	17	 
	 Section 7.01
	  	General Cooperation	  	 	17	 
	 Section 7.02
	  	Retention of Records	  	 	18	 
		
	 ARTICLE VIII Miscellaneous
	  	 	18	 

  
 i 

							
	 Section 8.01
	  	Governing Law	  	 	18	 
	 Section 8.02
	  	Dispute Resolution	  	 	18	 
	 Section 8.03
	  	Tax Sharing Agreements	  	 	19	 
	 Section 8.04
	  	Interest on Late Payments	  	 	19	 
	 Section 8.05
	  	Survival of Covenants	  	 	19	 
	 Section 8.06
	  	Severability	  	 	19	 
	 Section 8.07
	  	Entire Agreement	  	 	19	 
	 Section 8.08
	  	Assignment	  	 	20	 
	 Section 8.09
	  	No Third Party Beneficiaries	  	 	20	 
	 Section 8.10
	  	Affiliates	  	 	20	 
	 Section 8.11
	  	Specific Performance	  	 	20	 
	 Section 8.12
	  	Amendments; Waivers	  	 	20	 
	 Section 8.13
	  	Interpretation	  	 	20	 
	 Section 8.14
	  	Counterparts	  	 	21	 
	 Section 8.15
	  	Confidentiality	  	 	21	 
	 Section 8.16
	  	Waiver of Jury Trial	  	 	21	 
	 Section 8.17
	  	Jurisdiction; Service of Process	  	 	21	 
	 Section 8.18
	  	Notices	  	 	22	 
	 Section 8.19
	  	Headings	  	 	23	 
	 Section 8.20
	  	Effectiveness	  	 	23	 

  
 ii 

 TAX MATTERS AGREEMENT 

THIS TAX MATTERS AGREEMENT (this “Agreement”), dated as of October 6, 2017, is entered into by and among, Caesars
Entertainment Corporation, a Delaware corporation (“CEC”), CEOC, LLC, a Delaware limited liability company (“CEOC LLC”), VICI Properties Inc., a Maryland corporation (the “REIT”), VICI Properties
L.P., a Delaware limited partnership (“PropCo”), CPLV Property Owner LLC, a Delaware limited liability company (“CPLV PropCo” and, together with the REIT and PropCo, the “REIT Parties”). CEC, CEOC
and the REIT Parties shall be referred to collectively as the “Parties”. Any capitalized term used herein without definition shall have the meaning given to it in the Plan (as defined herein). 

RECITALS 
 WHEREAS, on
January 15, 2015, Caesars Entertainment Operating Company, Inc., a Delaware corporation and the predecessor of CEOC LLC (together with CEOC LLC, “CEOC”) and certain of its subsidiaries (collectively, the
“Debtors”) commenced voluntary cases under chapter 11 of title 11 of the United States Code, 11 U.S.C. § 101 et seq. (as amended, the “Bankruptcy Code”) in the United States Bankruptcy Court for the
Northern District of Illinois (the “Bankruptcy Court”), which cases are currently pending before the Honorable Judge A. Benjamin Goldgar and jointly administered for procedural purposes only under Case
No. 15-01145, and any proceedings relating thereto (collectively, the “Chapter 11 Cases”); 

WHEREAS, on the Effective Date, as defined in the Plan (the “Effective Date”), the Bankruptcy Court has entered or is
expected to enter an order approving the restructuring of the Debtors pursuant to a confirmed and effective Chapter 11 plan of reorganization (the “Plan”); 

WHEREAS, pursuant to the Plan and on or about the Effective Date, among other things, (i) CEOC will, and will cause its Subsidiaries to,
transfer the Debtors’ real estate assets (the “PropCo Assets”) to the REIT and the REIT Subsidiaries in exchange for (a) 100% of REIT Common Stock, (b) 100% of REIT Series A Preferred Stock, (c) the PropCo First Lien Term
Loan, (d) the PropCo First Lien Notes, and (e) cash proceeds from the issuance of the CPLV Market Debt (the “Contribution”) and (ii) immediately following the Contribution, CEOC will distribute (A) all of the
consideration received as part of the Contribution, including, for the avoidance of doubt, 100% of the REIT Common Stock and 100% of the REIT Series A Preferred Stock and (B) the other consideration described in the Plan to certain holders of
CEOC debt (the “Distribution”); 
 WHEREAS, it is intended that, for U.S. federal income tax purposes, the Contribution and
Distribution in conjunction with certain other transactions consummated in connection therewith pursuant to the Plan qualify as a tax-free “reorganization” within the meaning of Sections
368(a)(1)(G), 355 and 356 of the Code (the “Intended Tax-Free Treatment”); 

WHEREAS, it is intended that the REIT will (i) elect to be treated as a real estate investment trust under Sections 856-860 of the Code effective either for the taxable year (a) beginning the day after the Effective Date and ending on December 31 of that calendar year or (b) beginning on January 1 of the
calendar year following the calendar year of the Effective Date and ending on December 31 of that year (the “REIT Election”) and (ii) qualify as a real estate investment trust under Sections
856-860 of the Code for all taxable years after the REIT Election (“the “REIT Treatment” and together with the Intended Tax-Free Treatment, the
“Intended Tax Treatment”); 

 WHEREAS, the Parties wish to (i) provide for the payment of Taxes and entitlement to refunds
thereof, (ii) allocate responsibility for, and cooperation in, the filing and defense of Tax Returns and Tax Proceedings, (iii) set forth certain covenants and indemnities relating to the preservation of the Intended Tax Treatment and
(iv) provide for certain other matters relating to Taxes; 
 WHEREAS, this Agreement is subject to the approval of this Agreement by
the Bankruptcy Court and will be effective only upon approval of the Bankruptcy Court and only in connection with the consummation of the confirmed Plan to be entered in the Chapter 11 Cases. 

NOW, THEREFORE, in consideration of these premises, and of the representations, warranties, covenants and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I 
 Definitions 

Section 1.01 General. As used in this Agreement, the following terms shall have the following meanings. 

“Accounting Firm” has the meaning set forth in Section 8.02. 

“Affiliate” means, with respect to any Person, any other Person, directly or indirectly, controlling, controlled by, or under
common control with, such Person; provided that, notwithstanding the foregoing, Affiliates of CEOC and CEC shall be deemed to exclude the REIT and all Subsidiaries thereof following the Distribution. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“CEC” has the meaning set forth in the preamble to this Agreement. 

“CEC Entity” means CEC and any Subsidiary of CEC immediately after the Distribution, including, for the avoidance of doubt,
CEOC and any Reorganized CEOC Entity. 
 “CEC Affiliated Group” means the affiliated group (as that term is defined in
Section 1504 of the Code and the Treasury Regulations thereunder) and any consolidated, combined, aggregate or unitary group under state or local law, of which CEC is or was the common parent. 

“CEOC” has the meaning set forth in the preamble to this Agreement. 

“CEOC Business” means the businesses and operations conducted by any CEOC Entity that are not included in the REIT Business.

  
 4 

 “CEOC Taxes” means, without duplication, (i) any Taxes of the CEC
Affiliated Group or of any entities that are, were or whose predecessors were members of the CEC Affiliated Group (or are or were partnerships or disregarded entities for U.S. income tax purposes to the extent attributable to such a member or
members) that are not specifically included within the definition of REIT Taxes, including, without limitation or duplication, (a) Taxes attributable to any CEOC Business or any business retained by CEOC or any Reorganized CEOC Entity,
(b) Taxes of the CEC Affiliated Group, including any such Taxes asserted or assessed against any REIT Entity under Treasury Regulation § 1.1502-6 (or any analogous provision of state or local law),
(c) any Income Taxes attributable to a Tax-Free Transaction Failure (except as described in the definition of REIT Taxes), (ii) any Taxes attributable to a REIT Failure principally as a result of a CEC Entity
taking any action (or refraining from taking any action) on or prior to the Distribution that is inconsistent with the facts presented and the representations made prior to the Effective Date in the Tax Materials or that could reasonably be expected
to cause a REIT Failure, (iii) any Taxes for periods (or portions thereof) ending on or before the Effective Date, (iv) any Taxes imposed on a REIT Entity principally as a result of a REIT Failure as of the Effective Date, whether
determined on or after the Effective Date (except as specifically included in the definition of REIT Taxes), and (v) fifty percent of any Transfer Taxes; provided, however that (a) any Taxes described in clauses (ii) or (iv)
above shall be limited to the period from the Effective Date to the date that is twelve (12) months from the clause (ii) REIT Failure Determination Date or the clause (iv) REIT Failure Determination Date, respectively, in each case,
assuming an interim closing of the books on the date that is twelve (12) months from the clause (ii) REIT Failure Determination Date or the clause (iv) REIT Failure Determination Date, respectively and (b) any Taxes described in
clause (ii) above, in which the clause (ii) REIT Failure Determination Date is described in clauses (a) or (b) of the definition thereof, shall be limited to the sum of (x) the amount of Taxes in the settlement proposed by the
CEC Entities that results in the occurrence of the clause (ii) REIT Failure Determination Date plus (y) to the extent the amount of Taxes described in (x) does not relate to the full period described in clause (a) of this
proviso, the Taxes for the portion of the period described in clause (a) of this proviso that is not covered by the proposed settlement. For the avoidance of doubt, CEOC Taxes shall not include any Taxes imposed on the REIT as a result of the
REIT’s failure to meet the requirements of Section 857(a)(2)(B) of the Code. 
 “clause (ii) REIT
Failure Determination Date” means, the earlier of (a) during an IRS administrative appeals process with respect to a potential REIT Failure, the date on which the IRS agrees to a settlement proposed by the CEC Entities (but that the
REIT Entities do not accept) that would not reasonably be expected to materially adversely affect the Tax position of any REIT Entity that is not compensated for by the resulting indemnification payment by the CEOC Entities hereunder, (b) at
any time after an IRS administrative appeals process with respect to a potential REIT Failure, the date on which the IRS agrees to a settlement proposed by the CEC Entities (but that the REIT Entities do not accept) and (c) the date on which a
court or Taxing Authority issues a final determination of a REIT Failure in the form of a final decision, judgment, decree or other order that can no longer be appealed. 

“clause (iv) REIT Failure Determination Date” means, the date on which (a) a change in, or
interpretation of, any application of law that would reasonably be expected to cause a REIT Failure is publicly announced or becomes effective, whichever is later, or (b) a Taxing Authority issues a notice of proposed adjustment that if
finalized in its proposed form would result in a REIT Failure. 

  
 5 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Contribution” has the meaning set forth in the preamble to this Agreement. 

“Covered Transaction” means the Contribution and Distribution and the other transactions incident thereto consummated
pursuant to the Plan. 
 “Due Date” means (i) with respect to a Tax Return, the date (taking into account all
applicable extensions) on which such Tax Return is required to be filed under applicable law and (ii) with respect to a payment of Taxes, the date on which such payment is required to be made to avoid the incurrence of interest, penalties
and/or additions to Tax. 
 “Final Determination” means the final resolution of liability for any Tax for any taxable
period, by or as a result of (i) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (ii) a final settlement with the IRS, a closing agreement or accepted offer in
compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of other jurisdictions, which resolves the entire Tax liability for any taxable period, (iii) any allowance of a Refund in respect of an overpayment of
Tax, but only after the expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax, or (iv) any other final resolution, including by reason of the expiration of the applicable statute of
limitations. 
 “Income Tax Return” means any Tax Return on which Income Taxes are reflected or reported. 

“Income Taxes” means any Taxes in whole or in part based upon, measured by, or calculated with respect to net income or
profits, net worth or net receipts (including, but not limited to, any capital gains, franchise Tax, doing business Tax, minimum Tax or any Tax on items of Tax preference, but not including sales, use, real or personal property, or transfer or
similar Taxes). 
 “Indemnified Party” means, with respect to a matter, a Person that is entitled to seek indemnification
under this Agreement with respect to such matter. 
 “Indemnifying Party” means, with respect to a matter, a Person that is
obligated to provide indemnification under this Agreement with respect to such matter. 
 “Intended
Tax-Free Treatment” has the meaning set forth in the recitals to this Agreement. 

“Intended Tax Treatment” has the meaning set forth in the recitals to this Agreement. 

  
 6 

 “Intended Tax Treatment Failure” means (i) a
Tax-Free Transaction Failure or (ii) a REIT Failure. 
 “IRS” means the U.S.
Internal Revenue Service or any successor thereto, including, but not limited to its agents, representatives, and attorneys acting in their official capacity. 

“IRS Ruling” means the U.S. federal income Tax ruling, and any amendments or supplements thereto, issued to CEC by the IRS in
connection with the Covered Transactions and the REIT Election. 
 “IRS Ruling Request” means any letter (or other
document) filed by CEC with the IRS in connection with the IRS Ruling, and any amendment or supplement thereto. 
 “Non-Income Tax Return” means any Tax Return relating to Non-Income Taxes. 

“Non-Income Taxes” means any Taxes other than Income Taxes. 

“Notified Action” has the meaning set forth in Section 6.01(c). 

“Opinion” means an opinion received by CEC or CEOC with respect to certain Tax aspects of the Covered Transactions and an
opinion received by the REIT with respect to the REIT Election. 
 “Parties” has the meaning set forth in the preamble to
this Agreement. 
 “Person” or “person” means a natural person, corporation, company, joint venture,
individual business trust, trust association, partnership, limited partnership, limited liability company, association, unincorporated organization or other entity, including a Governmental Authority. 

“Plan” has the meaning set forth in the recitals to this Agreement. 

“Post-Distribution Period” means any taxable period (or portion thereof) beginning after the Effective Date, including for
the avoidance of doubt, the portion of any Straddle Period after the Effective Date. 

“Pre-Distribution Period” means any taxable period (or portion thereof) ending on or
before the Effective Date, including for the avoidance of doubt, the portion of any Straddle Period ending at the end of the day on the Effective Date. 

Refund” means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or,
alternatively, applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes. 

“REIT” has the meaning set forth in the preamble to this Agreement. 

“REIT Business” means the business of owning or leasing the PropCo Assets and owning and operating Subsidiaries of the REIT.

  
 7 

 “REIT Election” has the meaning set forth in the preamble to this Agreement.

 “REIT Entity” means the REIT and any entity that is a Subsidiary of the REIT following the Distribution, including, for
the avoidance of doubt, PropCo and any Subsidiary of PropCo. 
 “REIT Failure” means the failure of the REIT to qualify for
REIT Treatment. 
 “REIT Taxes” means, without duplication, (i) any Income Taxes imposed on the CEC Affiliated Group
attributable principally to a Tax-Free Transaction Failure as a result of a breach of one or more covenants in Section 2.06 or Article VI, in each case, by a REIT Entity
following the Distribution, (ii) any Taxes imposed on a REIT Entity or CEC Entity as a result of a Notified Action taken by the REIT, (iii) any Taxes of a REIT Entity with respect to Post-Distribution Periods (other than solely as a result
of being included in the CEC Affiliated Group or as specifically included within clause (ii) or (iv) of the definition of CEOC Taxes), (iv) any Taxes imposed on a REIT Entity principally as a result of a REIT Entity taking (or refraining from
taking) any action that could reasonably be expected to cause a REIT Failure other than an action provided for under, or contemplated by, the Plan or any related transaction documents or the facts presented and representations made prior to the
Effective Date in the Tax Materials and (v) fifty percent (50%) of any Transfer Taxes. 
 “REIT Treatment” has the
meaning set forth in the preamble to this Agreement. 
 “Reorganized CEOC Entity” means CEOC and any entity that is a
Subsidiary of CEOC immediately after the Distribution. 
 “Restriction Period” has the meaning set forth in
Section 6.01(b). 
 “Subsidiary” means with respect to any Person, any other Person of which at
least a majority of the securities or other ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or controlled by
such Person and/or by one or more of its Subsidiaries (provided that, notwithstanding the foregoing, the Subsidiaries of CEC and CEOC shall be deemed to exclude the REIT and PropCo and each of their respective Subsidiaries.) 

“Straddle Period” means any taxable period that begins on or before and ends after the Effective Date. 

“Tax” means (i) any and all United States federal, state, local and non-U.S.
taxes, including income, alternative or add-on minimum, gross receipts, profits, lease, service, service use, wage, employment, workers compensation, business occupation, environmental, estimated, excise,
sales, use, transfer, license, payroll, franchise, severance, stamp, occupation, windfall profits, withholding, social security, unemployment, disability, ad valorem, capital stock, paid in capital, recording, registration, property, real property
gains, value added, business license, custom duties and other taxes, escheat liability, charges, fees, levies, imposts, duties or assessments of any kind whatsoever, imposed or required to be withheld by any Taxing Authority, including any interest,
additions to Tax or penalties applicable or related thereto, (ii) any liability for the Taxes of any Person under Treasury Regulation Section 1.1502-6 (or similar provision of state or local law),
and (iii) any liability for the payment of any amount of a type described in clause (i) or clause (ii) as a result of any obligation to indemnify or otherwise assume or succeed to the liability of any other Person. 

  
 8 

 “Tax Attributes” means net operating losses, capital losses, investment tax
credit carryovers, earnings and profits, foreign tax credit carryovers, overall foreign losses, previously taxed income, separate limitation losses and any other losses, deductions, credits or other comparable items that could reduce a Tax liability
for a past or future taxable period. 
 “Tax Cost” means any increase in Tax payments actually required to be made to a
Taxing Authority (or any reduction in any Refund otherwise receivable from any Taxing Authority), including any increase in Tax payments (or reduction in any Refund) that actually results from a reduction in Tax Attributes (computed on a “with
or without” basis consistent with the principles of Section 3.03(b). 
 “Tax-Free Transaction Failure” means the failure of any applicable Covered Transaction to qualify for the Intended Tax-Free Treatment. 

“Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit or any other item which increases,
decreases or otherwise impacts Taxes paid or payable. 
 “Tax Materials” means (i) the IRS Ruling,
(ii) an Opinion, (iii) the IRS Ruling Request, (iv) any representation letter from CEC, CEOC or the REIT supporting an Opinion and (v) any other materials delivered or deliverable by CEC, CEOC or the
REIT in connection with the rendering of an Opinion or the issuance by the IRS of the IRS Ruling; provided, however, Tax Materials shall not include the Master Lease Agreements. 

“Tax Matter” has the meaning set forth in Section 7.01. 

“Tax Proceeding” means any audit, assessment of Taxes, pre-filing agreement, other
examination by any Taxing Authority, proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations. 

“Tax Return” means any return, report, certificate, form or similar statement or document (including any related or
supporting information or schedule attached thereto and any information return, or declaration of estimated Tax) supplied to, or filed with or required to be supplied to, or filed with, a Taxing Authority in connection with the payment,
determination, assessment or collection of any Tax or the administration of any laws relating to any Tax and any amended Tax return or claim for Refund. 

“Taxing Authority” means any governmental authority or any subdivision, agency, commission or entity thereof or any
quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS). 

“Transfer Taxes” means any U.S. federal, state or local stamp, sales, use, gross receipts, value added, goods and services,
harmonized sales, land transfer or other transfer Taxes imposed in connection with, or that are otherwise related to the transactions effected pursuant to the Plan provided, however, that Transfer Taxes shall not include
(i) any income or franchise Taxes payable in connection with such transactions or (ii) Taxes in lieu of any such income or franchise Taxes. 

  
 9 

 “Treasury Regulations” means the proposed, final and temporary income Tax
regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Unqualified Tax Opinion” means a “will” opinion, without substantive qualifications, of a nationally recognized
law or accounting firm, which firm is reasonably acceptable to CEC and the REIT, to the effect that a transaction will not affect the Intended Tax-Free Treatment. CEC and the REIT acknowledge that
Kirkland & Ellis LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Kramer Levin Naftalis and Frankel LLP, Stroock & Stroock & Lavan LLP and PricewaterhouseCoopers LLP are each reasonably acceptable to CEC and the
REIT. 
 Section 1.02 Construction. When a reference is made in this Agreement to an Article or Section, such reference shall be
to an Article or Section of this Agreement unless otherwise indicated. The table of contents to this Agreement, and the Article and Section headings contained in this Agreement, are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term “or” is not
exclusive. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined herein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. Unless otherwise specified, any agreement, instrument or statute defined or referred to herein or
in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case
of statutes) by succession of comparable successor statutes, and including all attachments thereto and instruments incorporated therein. References to a person are also to its permitted successors and assigns. 

Section 1.03 References to Time. All references in this Agreement to times of the day shall be to New York City time. 

ARTICLE II 
 Preparation,
Filing and Payment of Taxes Shown Due on Tax Returns 
 Section 2.01 Tax Returns. 

(a) Tax Returns Required to be Filed by CEC. CEC shall prepare and file (or cause to be prepared and filed) each Tax Return required to
be filed by a Reorganized CEOC Entity and shall pay, or cause such Reorganized CEOC Entity to pay, as applicable, all Taxes shown to be due and payable on each such Tax Return; provided that the REIT shall, in accordance with
Section 2.04, reimburse CEC or the relevant Reorganized CEOC Entity for any such Taxes that are REIT Taxes. 

  
 10 

 (b) REIT Entity Tax Returns. Except as otherwise provided in this Section 2.01, the
REIT or the applicable REIT Entity shall prepare and file (or cause to be prepared and filed) each Tax Return required to be filed by a REIT Entity after the Effective Date and shall pay, or cause be paid, all Taxes shown to be due and payable on
such Tax Return; provided that CEC shall, in accordance with Section 2.04, reimburse the REIT or the applicable REIT Entity for any such Taxes that are CEOC Taxes. 

Section 2.02 Tax Return Procedures. 

(a) Manner of Tax Return Preparation. Unless otherwise required by a Taxing Authority or by applicable law, the Parties shall prepare
and file all Tax Returns, and take all other actions, in a manner consistent with this Agreement, the Tax Materials, the Plan and past practice (provided that new elections may be made if such elections were not previously available). All Tax
Returns shall be filed on a timely basis (taking into account applicable extensions) by the Party responsible for filing such Tax Returns under this Agreement. 

(b) REIT Right to Review. CEC shall provide a draft of, the portion (if any) of any Tax Return described in
Section 2.01(a) that relates to REIT Taxes or would reasonably be expected to materially affect the Tax position of the REIT or any REIT Entity for any Post-Distribution Period to the REIT for its review and comment at
least thirty (30) days prior to the Due Date for such Tax Return or, in the case of any such Tax Return filed on a monthly basis or property Tax Return, at least five (5) days prior to the Due Date for such Tax Return. In the event that
none of this Agreement, the Tax Materials, the Plan or past practice is applicable to a particular item or matter, CEC shall prepare the draft Tax Return with respect to the reporting of such item or matter in good faith in consultation with the
REIT. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by the Accounting Firm pursuant to Section 8.02. In the event that any
dispute is not resolved (whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the filing of any Tax Return, such Tax Return shall be timely filed as prepared by CEC and such Tax Return
shall be amended as necessary to reflect the resolution of such dispute in a manner consistent with such resolution. For the avoidance of doubt, CEC shall be responsible for any interest, penalties or additions to Tax resulting from the late filing
of any Tax Return described in Section 2.01(a), except to the extent that such late filing is caused by the failure of any REIT Entity to timely provide relevant and accurate information necessary for the preparation and
filing of such Tax Return. 
 (c) CEC Right to Review. The REIT shall provide a draft of the portion (if any) of any Tax Return
described in Section 2.01(b) that includes CEOC Taxes or would reasonably be expected to materially affect the Tax position of any Reorganized CEOC Entity to CEC for its review and comment at least thirty (30) days
prior to the Due Date for such Tax Return, or in the case of any such Tax Return filed on a monthly basis or property Tax Return, at least five (5) days prior to the Due Date for such Tax Return. In the event that that none of this Agreement,
the Tax Materials, the Plan or past practice is applicable to a particular item or matter, the REIT shall prepare the draft Tax Return with respect to the reporting of such item or 

  
 11 

 
matter in good faith in consultation with CEC. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by
the Accounting Firm pursuant to Section 8.02. In the event that any dispute is not resolved (whether pursuant to good faith negotiations among the Parties or by the Accounting Firm) prior to the Due Date for the filing of
any Tax Return, such Tax Return shall be timely filed as prepared by the REIT and such Tax Return shall be amended as necessary to reflect the resolution of such dispute in a manner consistent with such resolution. For the avoidance of doubt, the
REIT shall be responsible for any interest, penalties or additions to Tax resulting from the late filing of any Tax Return described in Section 2.01(b) except to the extent that such late filing is caused by the failure of
any CEC Entity to timely provide relevant and accurate information necessary for the preparation and filing of such Tax Return. 
 (d)
Tax Reporting. Unless otherwise required by law, CEC, CEOC and the REIT, as applicable, shall file or shall cause to be filed the appropriate information and statements, as required by Treasury Regulations Sections 1.355-5(a) and 1.368-3, with the IRS, and shall retain the appropriate information relating to the Contribution and Distribution as described in Treasury Regulations Sections 1.355-5(d) and 1.368-3(d). 
 Section 2.03 Straddle Period
Tax Allocation. To the extent permitted by law, CEC and the REIT shall elect to close the taxable year of each REIT Entity as of the close of the Effective Date. In the case of any Straddle Period, the amount of Income Taxes attributable to the
portion of the Straddle Period ending on, or beginning after, the Effective Date shall be made by means of an actual closing of the books and records of such REIT Entity as of the close of the Effective Date; provided that in the case of Non-Income Taxes that are periodic Taxes (e.g., property Taxes) and exemptions, allowances, and deductions that are calculated on an annual basis (such as depreciation deductions), such Taxes, exemptions,
allowances, and deductions shall be allocated between the portion of the Straddle Period ending at the end of the Effective Date and the portion beginning after the Effective Date based upon the ratio of (x) the number of days in the relevant
portion of the Straddle Period to (y) the number of days in the entire Straddle Period. 
 Section 2.04 Timing of Payments.
Any reimbursement of Taxes under Section 2.01 shall be made upon the later of (a) two (2) business days before the Due Date of such Taxes and (b) ten (10) days after the party required to make such reimbursement
has received request therefor from the party entitled to such reimbursement. For the avoidance of doubt, a party may request reimbursement of Taxes prior to the time such Taxes were paid, and such request may represent a reasonable estimate
(provided that the amount of reimbursement shall be based on the actual Tax liability and not on such reasonable estimate). 

Section 2.05 Expenses. Except as provided in Section 8.02 in respect of the Accounting Firm, each Party
shall bear its own expenses incurred in connection with this Article II. 
 Section 2.06 No Extraordinary Actions on the
Distribution Date. Except as expressly contemplated by this Agreement or the Plan, the REIT shall not, and shall not permit any REIT Entity to, on the Effective Date after the Distribution, take any action outside of the ordinary course of
business; provided, however, that this provision shall not apply to any actions or transactions that are deemed to occur solely for income tax purposes on the Effective Date after the Distribution as a result of transactions contemplated in the
Agreement or the Plan. 

  
 12 

 Section 2.07 Amended Tax Returns. Any amendment of any Tax Return described in
Section 2.01 shall be subject to the same procedures required for the preparation and review of such type of Tax Return, and payment of reimbursement for any additional Taxes shown on such Tax Return, pursuant to Section 2.01,
Section 2.02 and Section 2.04 . 
 Section 2.08 Tax Materials. On the Effective Date, CEC and CEOC, as applicable,
shall provide copies of all Tax Materials in their possession to the REIT. Following the Effective Date, CEC and CEOC, as applicable, shall provide drafts of any Tax Materials that are prepared after the Effective Date to the REIT for its review and
comment a commercially reasonable period of time, but in no event less than 15 days, prior to submission to the IRS or execution of such Tax Materials, as applicable. The Parties shall negotiate in good faith to resolve all disputed issues. 

ARTICLE III 

Indemnification 

Section 3.01 Indemnification by CEC and CEOC. CEC and CEOC shall pay (or cause to be paid), and shall jointly and severally
indemnify and hold each REIT Entity harmless from and against, without duplication, all CEOC Taxes. 
 Section 3.02 Indemnification
by the REIT. The REIT Parties shall pay (or cause to be paid), and shall indemnify and hold each CEC Entity harmless from and against, without duplication, all REIT Taxes, provided, however, that (i) PropCo shall have no indemnification
obligation with respect to REIT Taxes attributable to CPLV PropCo and (ii) CPLV PropCo’s indemnification obligation hereunder is limited exclusively to REIT Taxes attributable to CPLV PropCo. 

Section 3.03 Adjustments to Payments. 

(a) Any indemnity payment pursuant to this Agreement shall be increased to include (i) all reasonable documented accounting, legal
and other professional fees and court costs incurred by the indemnified Party in connection with such indemnity payment and (ii) any Tax Cost resulting from the receipt of (or entitlement to) such indemnity payment, which Tax Cost would
not have arisen or been allowable but for such indemnified liability. For purposes hereof, any Tax Cost actually realized by the Indemnified Party (or its Affiliates) shall be determined using a “with and without” methodology (treating any
deductions or amortization attributable to such indemnified liability as the last items claimed for any taxable year, including after the utilization of any otherwise available net operating loss carryforwards). Any indemnity payment will initially
be made without regard to this Section 3.03(a), and an adjusting payment will be made to reflect any applicable Tax Cost within 30 days after the Indemnified Party (or its Affiliates) actually realizes such Tax Cost by way
of reduction in a Refund or an increase in Taxes reported on a filed Tax Return. 

  
 13 

 (b) Any indemnity payment under this Agreement shall be decreased to take into account an amount
equal to the Tax benefit actually realized by the Indemnified Party (or its Affiliates) arising from the incurrence or payment of the relevant indemnified item, which Tax benefit would not have arisen or been allowable but for such indemnified
liability. For purposes hereof, any Tax benefit actually realized by the Indemnified Party (or its Affiliates) shall be determined using a “with and without” methodology (treating any deductions or amortization attributable to such
indemnified liability as the last items claimed for any taxable year, including after the utilization of any otherwise available net operating loss carryforwards). Any indemnity payment will initially be made without regard to this
Section 3.03(b), and an adjusting payment by the Indemnifying Party will be made to reflect any applicable Tax benefit within 30 days after the Indemnified Party (or its Affiliates) actually realizes such Tax benefit by way
of a Refund or a decrease in Taxes reported on a filed Tax Return. 
 Section 3.04 Timing of Indemnification Payments. Except as
otherwise provided in Article II, payments in respect of any liabilities for which an Indemnified Party is entitled to indemnification pursuant to this Article III shall be paid by the Indemnifying Party to the Indemnified Party within
ten (10) days after receipt of written request therefor by the Indemnified Party, including reasonably satisfactory documentation setting forth the basis for, and calculation of, the amount of such indemnification payment, provided that,
(i) if the Indemnified Party is required to pay Taxes to a Taxing Authority pursuant to a Final Determination, the Indemnifying Party shall not be required to pay an indemnification payment in respect of such Taxes to the Indemnified Party
earlier than two (2) days before the Indemnified Party is required to pay such Taxes to such Taxing Authority pursuant to such Final Determination and (ii) if the Indemnifying Party consents, pursuant to
Section 5.02, to the payment by the Indemnified Party of any Taxes to a Taxing Authority prior to a Final Determination, the Indemnifying Party shall not be required to pay an indemnification payment in respect of such
Taxes to the Indemnified Party earlier than two (2) days before the Indemnified Party pays such Taxes to such Taxing Authority. 

Section 3.05 Exclusive Remedy. Anything to the contrary in this Agreement notwithstanding, CEC, CEOC and the REIT Parties hereby
agree that the sole and exclusive monetary remedy of a party for any breach or inaccuracy of any representation, warranty, covenant or agreement contained in Article VI of this Agreement shall be the indemnification rights set forth in this
Article III. 
 ARTICLE IV 

Refunds, Carrybacks, Timing Difference and Tax Attributes 

Section 4.01 Refunds. 

(a) CEOC shall be entitled to all Refunds of Taxes for which CEC and CEOC are responsible pursuant to Article II or Article III, and the REIT
shall be entitled to all Refunds of Taxes for which the REIT Parties are responsible pursuant to Article II or Article III . A Party receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay the amount to which
such other Party is entitled (less any tax or other reasonable out-of-pocket costs incurred by the first Party in receiving such Refund) within ten (10) days after
the receipt of the Refund. 

  
 14 

 (b) To the extent that the amount of any Refund under this Section 4.01
is later reduced by a Taxing Authority or in a Tax Proceeding, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 4.01 and an appropriate adjusting payment shall be
made within ten (10) days after such reduction. 
 Section 4.02 Timing Differences. If pursuant to a Final Determination
any Tax Attribute is made allowable to a REIT Entity as a result of an adjustment to any Taxes for which CEC or CEOC is responsible hereunder and such Tax Attribute would not have arisen or been allowable but for such adjustment, or if pursuant to a
Final Determination any Tax Attribute is made allowable to a CEC Entity as a result of an adjustment to any Taxes for which the REIT is responsible hereunder and such Tax Attribute would not have arisen or been allowable but for such adjustment, the
REIT, on the one hand, or CEC or CEOC, on the other hand, as the case may be, shall make a payment to either CEC, CEOC or the REIT, as appropriate, within thirty (30) days after such Party (or its Affiliates) actually realizes a Tax benefit by
way of a Refund or a decrease in Taxes reported on a filed Tax Return that is attributable to such Tax Attribute, determined using a “with and without” methodology (treating any deductions or amortization attributable to such Tax
Attributes as the last items claimed for any taxable year, including after the utilization of any available net operating loss carryforwards), in an amount equal to the lesser of (i) the increase in Taxes (including increases in Taxes as a
result of any reductions in Tax Attributes) resulting from such adjustment or (ii) such Tax benefit resulting from such Final Determination. In the event of any overlap between Section 3.03 and this
Section 4.02, this Section 4.02 shall apply and Section 3.03 shall not apply. 

ARTICLE V 
 Tax Proceedings

 Section 5.01 Notification of Tax Proceedings. Within ten (10) days after an Indemnified Party becomes aware of the
commencement of a Tax Proceeding that may give rise to Taxes for which an Indemnifying Party is responsible pursuant to Article III, such Indemnified Party shall notify the Indemnifying Party in writing of such Tax Proceeding, and thereafter
shall promptly forward or make available to the Indemnifying Party copies of notices and communications relating to such Tax Proceeding. The failure of the Indemnified Party to notify the Indemnifying Party in writing of the commencement of any such
Tax Proceeding within such ten (10) day period or promptly forward any further notices or communications shall not relieve the Indemnifying Party of any obligation which it may have to the Indemnified Party under this Agreement except to the
extent (and only to the extent) that the Indemnifying Party is actually materially prejudiced by such failure. 
 Section 5.02 Tax
Proceeding Procedures. 
 (a) CEC. CEC shall be entitled to contest, compromise and settle any adjustment that is proposed,
asserted or assessed pursuant to any Tax Proceeding with respect to any Tax Return it is responsible for preparing pursuant to Article II, provided that to the extent 

  
 15 

 
that such Tax Proceeding relates to REIT Taxes or would reasonably be expected to materially adversely affect the Tax position of any REIT Entity for any Post-Distribution Period, CEC shall
(i) keep the REIT informed in a timely manner of the material actions proposed to be taken by CEC with respect to such Tax Proceeding, (ii) permit the REIT at its own expense to participate in the aspects of such Tax Proceeding that relate
to REIT Taxes and (iii) not settle any aspect of such Tax Proceeding that relates to REIT Taxes, or pay any REIT Taxes, without the prior written consent of the REIT, which shall not be unreasonably withheld, delayed or conditioned and
provided further that the REIT’s rights and CEC’s obligations set forth above shall not apply if and to the extent that CEC elects in writing to forgo its right to indemnification in respect of the REIT Taxes that are the
subject of such Tax Proceeding. 
 (b) The REIT. The REIT shall be entitled to contest, compromise and settle any adjustment that is
proposed, asserted or assessed pursuant to any Tax Proceeding with respect to any Tax Return it is responsible for preparing pursuant to Article II, provided that to the extent that such Tax Proceeding relates to CEOC Taxes or would
reasonably be expected to materially adversely affect the Tax position of any CEC Entity, the REIT shall (i) keep CEC informed in a timely manner of the material actions proposed to be taken by the REIT with respect to such Tax Proceeding,
(ii) permit CEC to participate in the aspects of such Tax Proceeding that relate to CEOC Taxes and (iii) not settle any aspect of such Tax Proceeding that relates to CEOC Taxes, or pay any CEOC Taxes, without the prior written consent of
CEC, which shall not be unreasonably withheld, delayed or conditioned and provided further that the rights of CEC and obligations of the REIT set forth above shall not apply if and to the extent that the REIT elects in writing to forgo
its right to indemnification in respect of the CEOC Taxes that are the subject of such Tax Proceeding. 
 ARTICLE VI 

Intended Tax Treatment 

Section 6.01 Restrictions Relating to the Distribution. 

(a) General. Following the Distribution, (i) each of CEC and CEOC will not (and will cause each CEC Entity not to) take any action
(or refrain from taking any action) which (x) is inconsistent with the facts presented and the representations made prior to the Effective Date in the Tax Materials or (y) could reasonably be expected to cause any Tax-Free Transaction Failure; and (ii) the REIT will not (and will cause each REIT Entity not to) take any action (or refrain from taking any action) which (x) is inconsistent with the facts presented and
the representations made prior to the Effective Date in the Tax Materials or (y) could reasonably be expected to cause any Tax-Free Transaction Failure. 

(b) Restrictions. Following the Distribution and prior to the first day following the second anniversary of the Distribution (the
“Restriction Period”), CEC, CEOC, the REIT and each REIT Entity shall, and except with respect to clause (iii) of this Section 6.01(b) shall cause each of its wholly-owned Subsidiaries set forth on
Exhibit A to: (i) continue the active conduct of each trade or business (for purposes of Section 355(b) of the Code and the Treasury Regulations thereunder) that it was engaged in immediately prior to the Distribution (taking into
account Section 355(b)(3) of the Code), (ii) continue to hold sufficient assets to 

  
 16 

 
satisfy the continuity of business enterprise requirements under Section 1.355-3 and 1.368-1(d) of the
Treasury Regulations, (iii) not dissolve or liquidate or take any action that is a liquidation for federal income tax purposes, (iv) not merge or consolidate with any other Person with such other Person surviving the merger or
consolidation in a transaction that does not qualify as a reorganization under Section 368(a) of the Code and (v) not redeem or otherwise repurchase (directly or indirectly through an Affiliate) any of its equity other than pursuant to
open market stock repurchase programs meeting the requirements of Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48). 
 (c) Certain Exceptions. Notwithstanding the restrictions imposed by
Section 6.01(b), during the Restriction Period, CEC, CEOC and the REIT may proceed with any of the actions or transactions described therein, if (i) CEC shall have received a supplemental private letter ruling from the IRS in form
and substance reasonably satisfactory to CEC and the REIT to the effect that such action or transaction will not affect the Intended Tax-Free Treatment of any applicable transaction or (ii) in the
event the Parties mutually agree not to pursue such supplemental private letter ruling or if such action or transaction is covered by an area in which the IRS will not issue private letter rulings, an Unqualified Tax Opinion is obtained by CEC or
the REIT in form and substance reasonably satisfactory to CEC and the REIT at least thirty (30) days prior to effecting such action or transaction. If the REIT notifies CEC that it desires to take one of the actions described in
Section 6.01(b) (a “Notified Action”), CEC and the REIT shall use commercially reasonable efforts and shall cooperate in obtaining a supplemental private letter ruling from the IRS or an Unqualified Tax
Opinion for the purpose of permitting CEC, CEOC or the REIT to take the Notified Action. 
 (d) Tax Reporting. Each of CEC, CEOC and
the REIT covenants and agrees that it will not take, and will cause its respective Affiliates to refrain from taking, any position on any Tax Return that is inconsistent with the Intended Tax Treatment unless otherwise required by a Final
Determination. 
 ARTICLE VII 

Cooperation 

Section 7.01 General Cooperation. The Parties shall each cooperate fully (and each shall cause its respective Subsidiaries to
cooperate fully) with all reasonable requests in writing or via e-mail from another Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax
Returns, claims for Refunds, Tax Proceedings, and calculations of amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of any of the Parties or their respective
Subsidiaries covered by this Agreement and the establishment of any reserve required in connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any information reasonably necessary
or helpful in connection with a Tax Matter and shall include, without limitation, at each Party’s own cost: 
 (i) the
provision, in hard copy and electronic forms, of any Tax Returns of the Parties and their respective Subsidiaries, books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to
such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities; 

  
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 (ii) the execution of any document (including any power of attorney) reasonably
requested by another Party in connection with any Tax Proceedings of any of the Parties or their respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries; and 

(iii) the use of the Party’s commercially reasonable efforts to obtain any documentation in connection with a Tax Matter.

 Each Party shall make its employees, advisors, and facilities available, without charge, on a reasonable and mutually convenient basis in
connection with the foregoing matters in a manner that does not interfere with the ordinary business operations of such Party. 

Section 7.02 Retention of Records. CEC, CEOC and the REIT shall retain or cause to be retained all Tax Returns, schedules and work
papers, and all material records or other documents relating thereto in their possession, including all such electronic records, and shall maintain all hardware necessary to retrieve such electronic records, in all cases until sixty (60) days
after the expiration of the applicable statute of limitations (including any waivers or extensions thereof to the extent the other party provides notification thereof, if such waivers or extensions are made by the other party) of the taxable periods
to which such Tax Returns and other documents relate or until the expiration of any additional period that any Party reasonably requests, in writing, with respect to specific material records and documents. A Party intending to destroy any material
records or documents shall provide the other Party with reasonable advance notice and the opportunity to copy or take possession of such records and documents. The Parties hereto will notify each other in writing of any waivers or extensions of the
applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 
 ARTICLE
VIII 
 Miscellaneous 

Section 8.01 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York, without regard to such state’s choice of law provisions which would require the application of the law of any other jurisdiction. The Bankruptcy Court shall have non-exclusive jurisdiction of all
matters arising out of or in connection with this Agreement to the extent provided by 28 U.S.C. § 1334. 
 Section 8.02 Dispute
Resolution. In the event of any dispute between the Parties as to any matter covered by Section 2.02 or Section 2.06, or Section 3.03, the parties shall appoint a
nationally recognized independent public accounting firm (the “Accounting Firm”) to resolve such dispute. In this regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on
representations made by CEC, CEOC and the REIT and their 

  
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respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and shall be required to make a determination in favor of one Party only.
The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of such dispute to the Accounting Firm and agree that all decisions by the Accounting Firm with respect thereto shall be
final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a manner consistent with this Agreement. The Parties shall require the Accounting Firm to render all determinations in writing and to set forth, in
reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be borne equally by CEC and CEOC, on the one hand, and the REIT, on the other hand. 

Section 8.03 Tax Sharing Agreements. All Tax sharing, indemnification and similar agreements, written or unwritten, as between a
CEC Entity, on the one hand, and a REIT Entity, on the other (other than this Agreement, any other Agreement contemplated by the Plan, and any other agreement for which Taxes is not the principal subject matter), shall be or shall have been
terminated no later than the Effective Date and, after the Effective Date, no CEC Entity or REIT Entity shall have any further rights or obligations under any such Tax sharing, indemnification or similar agreement. 

Section 8.04 Interest on Late Payments. With respect to any payment between the Parties pursuant to this Agreement not made by the
due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the Code from such due date to and including the payment
date. 
 Section 8.05 Survival of Covenants. Except as otherwise contemplated by this Agreement, the covenants and agreements
contained herein to be performed following the Distribution shall survive the Effective Date in accordance with their respective terms. 

Section 8.06 Severability. If any provision of this Agreement or the application of any such provision to any Person or
circumstance shall be declared judicially to be invalid, unenforceable or void, such decision shall not have the effect of invalidating or voiding the remainder of this Agreement, it being the intent and agreement of the Parties that this Agreement
shall be deemed amended by modifying such provision to the extent necessary to render it valid, legal and enforceable to the maximum extent permitted while preserving its intent or, if such modification is not possible, by substituting therefor
another provision that is valid, legal and enforceable and that achieves the original intent of the Parties. 
 Section 8.07 Entire
Agreement. This Agreement, the Exhibits hereto and other documents referred to herein shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all other prior negotiations,
agreements and understandings, whether written or oral, among the Parties with respect to the subject matter of this Agreement. Except as otherwise expressly provided herein, in the case of any conflict between the terms of this Agreement and the
terms of any other agreement, the terms of this Agreement shall control. Notwithstanding the foregoing, nothing in this Agreement shall affect the rights or obligations of any of the Parties under the Master Lease Agreements or the Management and
Lease Support Agreements, including any remedies for any breaches of the obligations thereunder. 

  
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 Section 8.08 Assignment. Neither this Agreement nor any of the rights, benefits or
obligations hereunder may be assigned by any of the Parties (whether by operation of law or otherwise) without the prior written consent of the other Parties, and any purported assignment without such consent shall be null and void. Subject to the
preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns. 

Section 8.09 No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon any
Person (other than the Parties and their respective successors and permitted assigns) any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, and, except as provided in Article III
relating to certain indemnitees, no Person shall be deemed a third party beneficiary under or by reason of this Agreement. 

Section 8.10 Affiliates. Each of CEC, CEOC and the REIT shall cause to be performed, and hereby guarantees the performance of, all
actions, agreements and obligations set forth herein to be performed by their respective Affiliates. 
 Section 8.11 Specific
Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party who is, or is to be, thereby aggrieved will have the right to specific performance and
injunctive or other equitable relief in respect of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity. The Parties agree that the remedies at law for any breach or threatened breach, including
monetary damages, are inadequate compensation for any Loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are
waived by each of the Parties to this Agreement. 
 Section 8.12 Amendments; Waivers. No amendment, modification, waiver, or
other supplement of the terms of this Agreement shall be valid unless such amendment, modification, waiver, or other supplement is in writing and has been signed by each of the Parties. No failure or delay by any Party in exercising any right
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of any Party to any such waiver shall
be valid only if set forth in an instrument in writing signed on behalf of such Party. 
 Section 8.13 Interpretation. The
Parties have participated jointly in the negotiation and drafting of this Agreement, and in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no
presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 

  
 20 

 Section 8.14 Counterparts. This Agreement may be executed in one or more
counterparts, each of which, when so executed, shall constitute the same instrument and the counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (.pdf). 

Section 8.15 Confidentiality. Each of the Parties hereto shall hold and cause its directors, officers, employees, advisors and
consultants to hold in strict confidence, unless compelled to disclose by judicial or administrative process or, in the opinion of its counsel, by other requirements of law, all information (other than any such information relating solely to the
business or affairs of such party) concerning the other Party hereto furnished it by such other Party or its representatives pursuant to this Agreement (except to the extent that such information can be shown to have been (1) in the public
domain through no fault of such Party or (2) later lawfully acquired from other sources not under a duty of confidentiality by the party to which it was furnished), and no Party shall release or disclose such information to any other Person,
except its directors, officers, employees, auditors, attorneys, financial advisors, bankers or other consultants who shall be advised of and agree to be bound by the provisions of this Section 8.15. Each of the Parties
hereto shall be deemed to have satisfied its obligation to hold confidential information concerning or supplied by the other Party if it exercises the same care as it takes to preserve confidentiality for its own similar information. Except as
required by law or with the prior written consent of the other Party, all Tax Returns, documents, schedules, work papers and similar items and all information contained therein, and any other information that is obtained by a Party or any of its
Affiliates pursuant to this Agreement, shall be kept confidential by such Party and its Affiliates and representatives, shall not be disclosed to any other Person and shall be used only for the purposes provided herein. If a Party or any of its
Affiliates is required by law to disclose any such information, such Party shall give written notice to the other Party prior to making such disclosure. 

Section 8.16 Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT
(WITH EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL), EACH OF THE PARTIES EXPRESSLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF THE
TRANSACTIONS CONTEMPLATED HEREBY OR ANY OTHER TRANSACTION AGREEMENT, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION OR PROCEEDING, AND ANY ACTION OR PROCEEDING UNDER THIS AGREEMENT OR ANY ACTION OR PROCEEDING ARISING OUT OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR ANY OTHER TRANSACTION AGREEMENT SHALL BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

Section 8.17 Jurisdiction; Service of Process. Any Action with respect to this Agreement and the rights and obligations arising
hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party or Parties or their successors or assigns, in each case, shall be brought and
determined exclusively in the courts of the State of New York sitting in the borough of Manhattan and the United States District Court having jurisdiction over New York County, New York. . Each of the Parties hereby irrevocably waives, and agrees
not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action with respect to this Agreement (i) any claim that it is not personally subject to the jurisdiction of the above named courts for any

  
 21 

 
reason other than the failure to serve in accordance with this Section 8.17, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such
court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted
by applicable law, any claim that (A) the action in such court is brought in an inconvenient forum, (B) the venue of such action is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such
courts. Each of the Parties further agrees that no Party to this Agreement shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this
Section 8.17 and each Party waives any objection to the imposition of such relief or any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument. The Parties hereby agree
that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 8.18, or in such other manner as may be permitted by law, shall be valid and sufficient service
thereof and hereby waive any objections to service accomplished in the manner herein provided. NOTWITHSTANDING THIS SECTION 8.17, ANY DISPUTE REGARDING SECTION 2.02, SECTION 2.06 OR
SECTION 3.03 SHALL BE RESOLVED IN ACCORDANCE WITH SECTION 8.02; PROVIDED THAT THE TERMS OF SECTION 8.02 MAY BE ENFORCED BY EITHER PARTY IN ACCORDANCE WITH THE TERMS OF THIS SECTION 8.17. 

Section 8.18 Notices. All notices, requests, documents delivered, and other communications hereunder must be in writing and will
be deemed to have been duly given only if delivered personally, by facsimile transmission, mailed (first class postage prepaid) or by electronic mail (“e-mail”) to the Parties at the following
addresses, facsimile numbers, or e-mail addresses: 
 If to CEC: 

Caesars Entertainment Corp. 
 One
Caesars Palace Drive 
 Las Vegas, NV 89109 

Attention: General Counsel 
 with
a copy (which shall not constitute notice) to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, NY 10019 
 Attention:  Jeffrey D. Saferstein 

Samuel E. Lovett 
 Telephone:
(212) 373-3000 
 Facsimile (212) 373-2053 

E-mail Address:      jsaferstein@paulweiss.com 

slovett@paulweiss.com 

  
 22 

 If to the REIT: 

VICI Properties Inc. 
 One Caesars
Palace Drive 
 Las Vegas, Nevada 89109 

Attention: Mary Elizabeth Higgins 

Any Party to this Agreement may notify any other Party of any changes to the address or any of the other details specified in this paragraph;
provided that such notification shall only be effective on the date specified in such notice or five Business Days after the notice is given, whichever is later. Rejection or other refusal to accept or the inability to deliver because of changed
address of which no notice was given shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver. Any notice to CEC will be deemed notice to all the CEC Entities, and any notice to the REIT will be
deemed notice to all the REIT Entities. 
 Section 8.19 Headings. The headings and captions of the Articles and Sections used in
this Agreement and the table of contents to this Agreement are for reference and convenience purposes of the Parties only, and will be given no substantive or interpretive effect whatsoever. 

Section 8.20 Effectiveness. This Agreement shall become effective on the Effective Date. 

[The remainder of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	CAESARS ENTERTAINMENT CORPORATION

 
					
		
	By:	 	/s/ Keith Causey
		 	Name:	 	Keith Causey
		 	Title:	 	Senior Vice President, Chief Accounting Officer and Controller

 
			
	
	CEOC, LLC

 
					
		
	By:	 	/s/ Keith Causey
		 	Name:	 	Keith Causey
		 	Title:	 	Senior Vice President, Chief Accounting Officer and Controller

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	VICI PROPERTIES INC.

 
			
		
	By:	 	/s/ John Payne
		 	Name: John Payne
		 	Title: President

 
			
	
	VICI PROPERTIES L.P.

 
			
		
	By:	 	/s/ John Payne
		 	Name: John Payne
		 	Title: President

 
			
	
	CPLV PROPERTY OWNER LLC

 
			
		
	By:	 	/s/ John Payne
		 	Name: John Payne
		 	Title: President

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