Document:

EX-10.33

 Exhibit 10.33 

SEPARATION AGREEMENT AND RELEASE 

In consideration of and in accordance with the Employment Agreement by and between Mary Elizabeth Higgins, (“Executive”) and
VICI Properties Inc. (together with its successors and assigns, the “Company”) entered into as of October 6, 2017 (“Employment Agreement”), Executive hereby agrees as follows. All terms not defined in this
Separation Agreement and Release (“Separation Agreement”) shall have the same meanings as those set forth in the Employment Agreement. 

1. Resignation; Consulting Engagement. Executive resigns her employment with the Company as of December 31, 2017 (the
“Date of Termination”). Executive hereby resigns as of the Date of Termination from any positions she holds with the Company and any of its Subsidiaries and Affiliates. Following the Date of Termination, Executive shall serve as a
consultant to the Company and its Subsidiaries and Affiliates in accordance with a Consulting Agreement in the form attached hereto as Exhibit A. 

2. Consideration. Executive acknowledges and agrees that the payments and benefits paid or granted to Executive under this
Separation Agreement represent good, valuable, and sufficient consideration for signing this Separation Agreement and exceed any amounts or interests to which Executive otherwise would be entitled. Executive acknowledges and agrees that except as
specifically provided in this Separation Agreement, the Company shall have no other obligations or liabilities, monetary or otherwise, to Executive following the date hereof and that the payments and benefits contemplated herein constitute a
complete settlement, satisfaction, and waiver of any and all claims Executive may have against the Company. In full consideration for Executive’s promises, covenants and agreements set forth herein, provided that Executive timely executes and
delivers to the Company and does not revoke this Separation Agreement, executes and delivers to the Company on or after December 31, 2017 and on or before January 13, 2018 the General Release attached as Exhibit B and does not revoke such
General Release, and is in compliance with her obligations under this Separation Agreement and the Consulting Agreement: 
 (a) Executive
shall be entitled to payment of the Accrued Obligations in accordance with the Employment Agreement; 
 (b) The Company will continue to pay
Executive’s Base Salary for a period commencing on the Date of Termination and ending on the first anniversary of the Date of Termination, to be paid to Executive in accordance with the Company’s customary payroll practices, commencing on
the March 1, 2018 (the “First Payment Date”); 
 (c) Executive will be eligible to receive a 2017 Bonus in accordance
with Section 4(c) of the Employment Agreement; and 
 (d) The Company shall pay to Executive in cash the amount (the “Additional
Payment”), if any, by which One Million Two Hundred Thousand Dollars ($1,200,000) exceeds the sum of (I) the aggregate Cash Bonus payments paid to Executive (including pursuant to Section 1(c) above) by the Company and (II) the
amounts payable pursuant to Section 1(b) above. The Additional Payment, if any, shall be payable in accordance with the Company’s customary payroll practices on the First Payment Date. 

 3. Release of Claims. 

(a) Executive, for Executive, Executive’s spouse, and each of Executive’s heirs, beneficiaries, representatives, agents, successors,
and assigns (collectively, “Executive Releasors”), irrevocably and unconditionally releases and forever discharges the Company, each and all of its predecessors, parents, Subsidiaries, Affiliates, divisions, successors, and assigns
(collectively with the Company, the “Company Entities”), and each and all of the Company Entities’ current and former officers, directors, employees, shareholders, representatives, attorneys, agents, and assigns (collectively,
with the Company Entities, the “Company Releasees”), from any and all causes of action, claims, actions, rights, judgments, obligations, damages, demands, accountings, or liabilities of any kind or character, whether known or
unknown, whether accrued or contingent, that Executive has, had, or may have against them, or any of them, by reason of, arising out of, connected with, touching upon, or concerning Executive’s employment with the Company, Executive’s
separation from the Company, and Executive’s relationship with any or all of the Company Releasees, and from any and all statutory claims, regulatory claims, claims under the Employment Agreement, and any and all other claims or matters of
whatever kind, nature, or description, arising from the beginning of the world up through the Separation Agreement Effective Date (as defined below) (collectively, the “Released Claims”). Executive acknowledges that the Released
Claims specifically include, but are not limited to, any and all claims for fraud, breach of express or implied contract, breach of the implied covenant of good faith and fair dealing, interference with contractual rights, violation of public
policy, invasion of privacy, intentional or negligent infliction of emotional distress, intentional or negligent misrepresentation, defamation, libel, slander, or breach of privacy; claims for failure to pay wages, benefits, deferred compensation,
commissions, bonuses, vacation pay, expenses, severance pay, attorneys’ fees, or other compensation of any sort; claims related to stock options, equity awards, or other grants, awards, or warrants; claims related to any tangible or intangible
property of Executive that remains with the Company; claims for retaliation, harassment or discrimination on the basis of race, color, sex, sexual orientation, national origin, ancestry, religion, age, disability, medical condition, marital status,
gender identity, gender expression, or any other characteristic or criteria protected by law; any claim under Title VII of the Civil Rights Act of 1964 (Title VII, as amended), 42 U.S.C. §§ 2000e, et seq., the Civil Rights Act of 1991, the
Civil Rights Act of 1866, the Family and Medical Leave Act (“FMLA”), 29 U.S.C. §§ 2601, et seq., the Fair Labor Standards Act (“FLSA”), 29 U.S.C. §§ 201, et seq., the Equal Pay Act, 29 U.S.C.
§206(a) and interpretive regulations, the Americans with Disabilities Act (“ADA”), 42 U.S.C. §§ 12101, et seq., the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), the Occupational
Safety and Health Act (“OSHA”) or any other health and/or safety laws, statutes, or regulations, the Uniformed Services Employment and Reemployment Rights Act (“USERRA”), 38 U.S.C. §§ 4301-4333, the
Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 301, et seq., the Immigration Reform and Control Act of 1986, 8 U.S.C. §§ 1101, et seq., or the Internal Revenue Code of 1986, as amended,
the Worker Adjustment and Retraining Notification Act; all claims arising under the Sarbanes-Oxley Act of 2002 (Public Law 107-204), including whistleblowing claims under 18 U.S.C. §§ 1513(e) and 1514A; the applicable state Wage and Hour
Laws, and any and all other foreign, federal, state, or local laws, common law, or case law, including but not limited to all statutes, regulations, common law, and other laws in place in Las Vegas, Nevada. 

  
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 (b) Executive acknowledges that there is a risk that after the execution of this Separation
Agreement, Executive will incur or suffer damage, loss, or injury that is in some way caused by or connected with Executive’s employment with the Company or its Subsidiaries or Affiliates or Executive’s separation from the Company or its
Subsidiaries or Affiliates, and any relationship with or membership or investment in the Company Releasees, but that is unknown or unanticipated at the time of execution of this Separation Agreement. Executive specifically assumes that risk, and
agrees that this Separation Agreement and the Released Claims apply to all unknown or unanticipated, accrued or contingent claims and all matters caused by or connected with Executive’s employment with the Company or its Subsidiaries or
Affiliates and/or Executive’s separation from the Company or its Subsidiaries or Affiliates, as well as those claims currently known or anticipated. Executive acknowledges and agrees that this Separation Agreement constitutes a knowing and
voluntary waiver of any and all rights and claims Executive does or may have as of the Separation Agreement Effective Date. Executive acknowledges that Executive has waived rights or claims pursuant to this Separation Agreement in exchange for
consideration, the value of which exceeds payment or remuneration to which Executive otherwise would be entitled. 
 (c) To the extent
permitted by law, Executive agrees never to file a lawsuit or other adversarial proceeding with any court or arbitrator against the Company or any other Company Releasee asserting any Released Claims. Executive represents and agrees that, prior to
signing this Separation Agreement, Executive has not filed or pursued any complaints, charges, or lawsuits of any kind with any court, governmental or administrative agency, arbitrator, or other forum against the Company or any of the other Company
Releasees, asserting any claims whatsoever. Executive understands and acknowledges that, in the event Executive files an administrative charge or commences any proceeding with respect to any Released Claim, or in the event another person or entity
does so in whole or in part on Executive’s behalf, Executive waives and is estopped from receiving any monetary award or other legal or equitable relief in connection with any such proceeding. 

(d) Notwithstanding the foregoing, nothing in this Separation Agreement is intended to limit in any way Executive’s right or ability to
file a charge or claim of discrimination with the United States Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board, or comparable state or local agencies. These agencies have the authority to carry out
their statutory duties by investigating the charge, issuing a determination, or taking any other action authorized under the statutes such agencies enforce. Executive retains the right to participate in any such action, provided that Executive
hereby waives any right Executive otherwise would have to recover monetary damages in connection with any charge, complaint, or lawsuit filed by Executive or by anyone else on her behalf. Executive retains the right to communicate with the EEOC and
comparable state or local agencies and such communication can be initiated by Executive or in response to a communication from any such agency, and is not limited by any obligation contained in this Separation Agreement. 

  
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 (e) Executive represents and warrants that Executive has not assigned, transferred, or
permitted the subrogation of any of Executive’s rights, claims, and/or causes of action, including any claims referenced in this Separation Agreement, or authorized any other person or entity to assert any such claim or claims on
Executive’s behalf, and Executive agrees to indemnify and hold harmless the Company against any assignment, transfer, or subrogation of said rights, claims, and/or causes of action. 

4. Survival. The following Sections of the Employment Agreement shall remain in full force and effect following the Termination
Date: Section 5 (“Claw-Back”), Section 9 (“Compensation Upon Termination”), Section 10 (“Restrictive Covenants and Confidentiality”), Section 11 (“Assignability; Binding Nature”),
Section 13 (“Litigation And Regulatory Cooperation”), Section 14 (“Resolution of Disputes”), Section 15 (“Notices”), and Section 16 (“Miscellaneous”). Any disputes arising in connection
with this Separation Agreement or otherwise arising between any of Executive Releasors, on the one hand, and any of the Company Releasees, on the other hand, shall be resolved in accordance with Sections 10 and 14 of the Employment Agreement. 

5. Tax Liability. Executive expressly acknowledges that neither the Company nor its attorneys have made any
representations to Executive regarding the tax consequences of the consideration provided to Executive pursuant to this Separation Agreement and Section 9 of the Employment Agreement. It is the intention of the parties to this Separation
Agreement that no payments made under this Separation Agreement and/or Section 9 of the Employment Agreement be subject to the additional tax on deferred compensation imposed by Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), but the Company does not guarantee that any such payment complies with or is exempt from Code Section 409A. Each payment made under this Separation Agreement or Section 9 of the Employment Agreement will be
treated as a separate payment for purposes of Code Section 409A and the right to a series of installment payments under this Separation Agreement is to be treated as a right to a series of separate payments. 

6. Knowing/Voluntary Waiver. 

(a) Executive is entitled to consider the terms of this Separation Agreement for twenty-one (21) days before signing it. If Executive
fails to execute this Separation Agreement within this twenty-one (21) day period, this Separation Agreement will be null and void and of no force or effect. To execute this Separation Agreement, Executive must sign and date the Separation
Agreement below, and return a signed copy hereof to Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036, Attn: Robert N. Holtzman, Esq., Email: RHoltzman@KramerLevin.com, via nationally recognized
overnight carrier or email. 
 (b) Executive may revoke this Separation Agreement within seven (7) days of Executive’s signing it
by delivering a written notice of such revocation to Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036, Attn: Robert N. Holtzman, Esq., Email: RHoltzman@KramerLevin.com, via nationally recognized
overnight carrier or email. If Executive revokes this Separation Agreement within seven (7) days of signing it, this Separation Agreement and the promises contained herein or in Section 9 of the

  
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Employment Agreement automatically will be null and void. If Executive signs this Separation Agreement and does not revoke this Separation Agreement within seven (7) days of signing it, this
Separation Agreement shall become binding, effective, and irrevocable on the eighth (8th) day after the Separation Agreement is executed by both parties (the “Separation Agreement Effective Date”). 

(c) Executive acknowledges that Executive (a) has carefully read this Separation Agreement and the Employment Agreement; (b) is
competent to manage Executive’s own affairs; (c) fully understands the Separation Agreement’s and Employment Agreement’s contents and legal effect, and understands that Executive is giving up any legal claims Executive has
against any of the Company Releasees, including but not limited to any and all legal rights or claims under the Age Discrimination in Employment Act of 1967 (“ADEA”) (29 U.S.C. § 626, as amended), and all other federal, state,
foreign, and local laws regarding age discrimination, whether those claims are presently known or hereafter discovered; (d) hereby is advised to consult with an attorney of Executive’s choosing prior to signing this Separation Agreement;
(e) has chosen to enter into this Separation Agreement freely, without coercion, and based upon Executive’s own judgment; and (f) Executive has not relied upon any promises made by any of the Company Releasees, other than the promises
explicitly contained in this Separation Agreement. 
 7. Miscellaneous. 

(a) This Separation Agreement may be executed in counterparts, each of which shall be deemed an original, and both of which together shall
constitute one and the same instrument. The section headings in this Separation Agreement are provided for convenience only and shall not affect the construction or interpretation of this Separation Agreement or the provisions hereof. 

(b) This Separation Agreement shall not in any way be construed as an admission that the Company, Executive, or any other individual or entity
has any liability to or acted wrongfully in any way with respect to Executive, the Company, or any other person. 
 (c) This Separation
Agreement shall not be construed against either Party, and no consideration shall be given or presumption made on the basis of who drafted the Separation Agreement or any particular provision hereof or who supplied the form of this Separation
Agreement. In construing the Separation Agreement, (i) examples shall not be construed to limit, expressly or by implication, the matter they illustrate, (ii) the connectives “and,” “or,” and “and/or” shall be
construed either disjunctively or conjunctively so as to construe a sentence or clause most broadly and bring within its scope all subject matter that might otherwise be construed to be outside of its scope; (iii) the word “includes”
and its derivatives means “includes, but is not limited to” and corresponding derivative expressions, (iv) a defined term has its defined meaning throughout the Separation Agreement, whether it appears before or after the place where
it is defined, and (v) the headings and titles herein are for convenience only and shall have no significance in the interpretation hereof. 

  
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 (d) The Parties agree that each of the Company Releasees is an intended third party
beneficiary of this Separation Agreement and shall have the authority to enforce the provisions applicable to it, her, or Executive in accordance with the terms of hereof. 

8. Entire Agreement. Except as otherwise specifically provided herein, this Separation Agreement constitutes the entire
agreement of the Parties with respect to the subject matter hereof, contains all the covenants, promises, representations, warranties, and agreements between the Parties with respect to Executive’s separation from the Company and all positions
therewith; provided, however, that nothing in this Agreement shall supersede the Sections in the Employment Agreement identified in Section 4 (“Survival”) of this Separation Agreement. Any modification of this Separation
Agreement will be effective only if it is in writing and signed by Executive and the Chief Executive Officer or General Counsel of the Company. 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this General Release. 

 

									
	EXECUTIVE	 		 	
	/s/ Mary Elizabeth Higgins	 		 	11/9/17
	Mary Elizabeth Higgins	 		 	Date
			
	VICI Properties Inc.	 		 	
				
	By:	 	/s/ Edward Pitoniak	 		 	11/9/17
		 	 Edward Pitoniak
 Chief Executive
Officer
	 		 	Date

  
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 EXHIBIT A 

CONSULTING AGREEMENT 

This Consulting Agreement (this “Agreement”) is entered into as of January 1, 2018 (the “Effective
Date”), by and between VICI Properties Inc. (together with its successors and assigns, the “Company”) and Mary Elizabeth Higgins (“Consultant”). Consultant and the Company shall each be referred to as a
“Party” and collectively, as the “Parties.” All terms not defined in this Agreement shall have the same meanings as those set forth in the Employment Agreement by and between Consultant and the Company entered into
as of October 6, 2017 (the “Employment Agreement”). 
 1. Term of Engagement. The Company hereby agrees
to engage Consultant under this Agreement, and Consultant hereby accepts such engagement, as of the Effective Date. The period from the Effective Date through March 31, 2018 shall be referred to herein as the Term. 

2. Services to be Provided. 

(a) During the Term, Consultant will provide consulting services related to transitioning her prior work to her successor and otherwise
relating to the finances and financial arrangements of the Company. During the Term, such services will be provided on a substantially full-time basis. 

(b) Consultant’s services hereunder shall be performed by Consultant in the Company’s offices located in Las Vegas, Nevada;
provided, that Consultant may be required to travel in connection with services performed during the Term. 
 3. Consulting
Fee. During the Term, the Company shall pay Consultant a consulting fee (the “Consulting Fee”) in the amount of $41,650 per month, payable monthly in arrears. Consultant also shall be entitled to reimbursement of
disbursements actually incurred in connection with the performance of her services hereunder, subject to and in accordance with the policies of the Company generally applicable to executives of the Company. 

4. Consultant’s Independent Contractor Status. 

(a) In performing the consulting services hereunder, Consultant shall be an independent contractor. Nothing herein contained shall be construed
to constitute the parties hereto as partners or joint venturers, or either as an agent of the other. Consultant shall not be considered as having an employee status during Consultant’s consulting engagement and shall not be entitled to
participate in any employee plans, arrangements or distributions by the Company or any of its Subsidiaries and Affiliates during such period or to receive any other benefits provided to employees of the Company or its Subsidiaries and Affiliates.
Consultant shall not provide any services under the name of the Company or any of its Subsidiaries and Affiliates or act as an agent of the Company or any of its Subsidiaries and Affiliates. Under no circumstances shall Consultant (i) enter
into any agreements on behalf of the Company or its Subsidiaries and Affiliates, (ii) incur any obligations on behalf of the Company or its Subsidiaries and Affiliates, (iii) act for or to bind the Company or any of its Subsidiaries and
Affiliates in any way, (iv) sign the name of the Company or any of its Subsidiaries and Affiliates, (v) represent that the Company or any of its Subsidiaries and Affiliates is in any way responsible for the acts or omissions of Consultant
or (vi) refer to the Company or any of its Subsidiaries and Affiliates as a customer in any manner or format. 

 (b) Except as otherwise required by law, the Company shall not withhold any sums from the
Consulting Fee for Social Security or other federal, state or local tax liabilities or contributions, and all such withholdings, liabilities, and contributions shall be solely Consultant’s responsibility. 

(c) All of Consultant’s activities during the consulting engagement will be at Consultant’s own risk, and Consultant shall have sole
responsibility for arrangements to guard against physical, financial, and other risks, as appropriate. 
 (d) Notwithstanding the
parties’ intention and agreement that Consultant be an independent contractor and Consultant shall not be considered to be employees of the Company during Consultant’s consulting engagement, the parties recognize that the applicable law
and proper application thereof is not always clear. Consultant understands and agrees that if Consultant should be classified as an employee of the Company under any such law, Consultant shall nonetheless remain ineligible to participate in any
bonus, pension, profit-sharing (including 401(k)), health, life, or other employee benefit plans of the Company or any of its affiliates, and Consultant expressly waives any right to any such benefits. The Consulting Fee to be paid to Consultant
under this Agreement takes into account the fact that Consultant is ineligible in all events to participate in such plans, and constitutes part of the consideration for this waiver. 

5. Termination of the Term. The Term may be terminated by Consultant or the Company prior to the end of the Term upon thirty
days’ prior written notice, and shall automatically terminate upon Consultant’s death. Upon termination of the Term, Consultant shall be entitled to receive the Consulting Fees through the date of termination (prorated for any partial
month) and reimbursement in accordance with Section 3 for expenses incurred through such date of termination. Termination of the Term shall not terminate Consultant’s obligation to continue to be available to provide consulting services as
are reasonably requested by the Company through the earlier of the end of the Start-Up Period and the end of the Severance Period. 
 6.
Confidentiality. 
 (a) Acknowledgments. Consultant acknowledges that: (i) as a result of Consultant’s
engagement by the Company, Consultant will obtain Confidential Information (as defined below); (ii) the Confidential Information has been developed and created by the Company and its Subsidiaries and Affiliates at substantial expense and the
Confidential Information constitutes valuable proprietary assets of the Company; (iii) the Company and its Subsidiaries and Affiliates will suffer substantial damage and irreparable harm which will be difficult to compute if Consultant should
violate the provisions of paragraph (e) of this Section 10; (iv) the Company and its Subsidiaries and Affiliates will suffer substantial damage which will be difficult to compute if, during the engagement or thereafter, Consultant
should divulge Confidential Information relating to the business of the Company or its Subsidiaries or Affiliates; (v) the provisions of this Agreement are reasonable and necessary for the protection of the business of the Company and its
Subsidiaries and Affiliates; (vi) the Company would not have 

  
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engaged Consultant unless Consultant agreed to be bound by the terms hereof; and (vii) the provisions of this Agreement will not preclude Consultant from other gainful work following the end
of her engagement hereunder. “Confidential Information” as used in this Agreement shall mean any and all confidential and/or proprietary knowledge, data, or information of the Company or any Subsidiary or Affiliate, including,
without limitation, any: (A) food and beverage procedures, recipes, finances, financial management systems, player identification systems (Total Rewards), pricing systems, organizational charts, salary and benefit programs, or training
programs, (B) trade secrets, drawings, inventions, methodologies, mask works, ideas, processes, formulas, source or object codes, data, programs, software source documents, data, film, audio and digital recordings, works of authorship,
know-how, improvements, discoveries, developments, designs or techniques, intellectual property or other work product of the Company or any Affiliate, whether or not patentable or registrable under trademark, copyright, patent, or similar laws;
(C) information regarding plans for research, development, new service offerings and/or products, marketing, advertising, and selling, distribution, business plans, business forecasts, budgets, and unpublished financial statements, licenses,
prices, costs, suppliers, customers, or distribution arrangements; (D) non-public information regarding and collected from employees, suppliers, customers, clients, suppliers, vendors, agents, and/or independent contractors of the Company or
any Subsidiary or Affiliate; (E) concepts and ideas relating to the development and distribution of content in any medium or to the current, future, or proposed business opportunities, products or services of the Company or any Subsidiary or
Affiliate; or (F) any other information, data, or the like that is designated as confidential or treated as confidential by the Company or any of its Subsidiaries or Affiliates. 

(b) Confidentiality. In consideration of the Consulting Fee, Consultant agrees not to, at any time, either during the engagement
hereunder or thereafter, divulge, post, use, publish, or in any other manner reveal, directly or indirectly, to any person, firm, corporation or any other form of business organization or arrangement and keep in the strictest confidence any
Confidential Information, except (i) as may be necessary to the performance of Consultant’s duties hereunder, (ii) with the express written consent of the Company’s Chief Executive Officer or General Counsel, (iii) to the
extent that any such information is in or becomes in the public domain other than as a result of Consultant’s breach of any of obligations hereunder or under any other agreement between Consultant and the Company, (iv) as permitted under
Section 6(c) or (d) below, or (v) where required to be disclosed by court order, subpoena or other government process and in such event, provided that Consultant notifies the Company in writing in accordance with
Section 10 below within three (3) days of receiving such order, subpoena, or process, cooperates with the Company in seeking an appropriate protective order and in attempting to keep such information confidential to the maximum extent
possible. Consultant agrees to promptly deliver to the Company the originals and all copies, in whatever medium, of all such Confidential Information in Consultant’s possession, custody or control upon termination of her engagement hereunder or
earlier request by the Company. 
 (c) Permitted Uses of Trade Secrets. Misappropriation of a trade secret of the Company in breach of
this Agreement may subject Consultant to liability under the Defend Trade Secrets Act of 2016 (the “DTSA”), entitle the Company to injunctive relief, and require Consultant to pay compensatory damages, double damages, and
attorneys’ fees. Notwithstanding any other provision of this Agreement, Consultant hereby is notified in accordance with the DTSA that Consultant will not be held criminally or civilly liable under any

  
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federal or state trade secret law for the disclosure of a trade secret that is made (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney, in each case solely for the purpose of reporting or investigating a suspected violation of law; or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Consultant is
further notified that if Consultant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Consultant may disclose the Company’s trade secrets to Consultant’s attorney and use the trade secret
information in the court proceeding if Consultant files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order. 

(d) Other Permitted Disclosures. Notwithstanding any provision to the contrary contained herein, nothing in this Agreement prohibits or
restricts Consultant from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by initiating
communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities Exchange Commission
and the Equal Employment Opportunity Commission, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation. 

(e) Enforcement. If Consultant commits a breach of any of the provisions of this Section 6, the Company shall have the right and
remedy to have the provisions specifically enforced by any court having jurisdiction. Consultant acknowledges and agrees that any such breach will cause irreparable injury to the Company and its Subsidiaries and Affiliates and that money damages
will not provide an adequate remedy to the Company or its Subsidiaries or Affiliates. The rights and remedies described in this paragraph (e) shall be in addition to, and not in lieu of, any other rights and remedies available to the Company
and its Subsidiaries and Affiliates, at law or in equity. Accordingly, Consultant consents to the issuance of a temporary and/or preliminary injunction, in aid of arbitration, consistent with the terms of this Agreement. 

7. Assignability; Binding Nature. The rights and benefits of Consultant hereunder shall not be assignable, whether by voluntary
or involuntary assignment or transfer by Consultant or otherwise. This Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of the Company, and the heirs, beneficiaries, executors, and administrators of
Consultant, and shall be assignable by the Company only to any entity acquiring substantially all of the assets of the Company, whether by merger, consolidation, sale of assets or similar transactions. 

8. Litigation and Regulatory Cooperation. Consultant agrees that upon separation for any reason from the Company, Consultant will
cooperate and assist in all ways reasonably requested by the Company in assuring an orderly transition of all matters being handled by her, subject however to Consultant’s subsequent professional and employment obligations. During the
engagement and thereafter, Consultant shall reasonably cooperate with the Company and its Subsidiaries and Affiliates in the defense or prosecution of any claims or actions now in existence or that may be brought or threatened in the future against
or on behalf of any of the Company, its Subsidiaries, Affiliates, divisions, successors, and assigns, about which the Company believes Consultant may have relevant information. Consultant’s 

  
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cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on
behalf of the Company, its Subsidiaries, Affiliates, successors and assigns at mutually convenient times. Consultant also shall, subject however to Consultant’s subsequent professional and employment obligations, cooperate fully with the
Company in connection with any investigation or review by any federal, state, or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Consultant was providing services to the Company.
Consultant’s cooperation and assistance pursuant to this Section 8 shall be without additional consideration; provided, that, the Company will pay in advance for Consultant’s reasonable travel expenses incurred with
respect to such cooperation and assistance. 
 9. Resolution of Disputes. Any dispute arising in connection with the validity,
interpretation, enforcement, or breach of this Agreement or arising out of Consultant’s engagement with the Company; under any statute, regulation, ordinance or the common law; or otherwise arising between Consultant, on the one hand, and the
Company or any of its Subsidiaries or Affiliates, on the other hand, the Parties shall (except to the extent otherwise provided in Section 6(e) with respect to certain requests for injunctive relief) be submitted to binding arbitration before
the American Arbitration Association (“AAA”) for resolution. Such arbitration shall be conducted in Las Vegas, Nevada, and the arbitrator will apply Nevada law, including federal law as applied in Nevada courts. The arbitration
shall be conducted in accordance with the AAA’s Employment Arbitration Rules, as modified by the terms set forth in this Agreement. The arbitration will be conducted by a single arbitrator, who shall be an attorney who specializes in the field
of employment law and shall have prior experience arbitrating employment disputes. The Company will pay the fees and costs of the Arbitrator and/or the AAA, except that if such arbitration is commenced by the Consultant, then Consultant will be
responsible for paying the applicable filing fee not to exceed the fee that Consultant would otherwise pay to file a lawsuit asserting the same claim in court. The arbitrator shall not have the authority to modify the terms of this Agreement except
to the extent that the Agreement violates any governing statue, in which case the arbitrator may modify the Agreement solely as necessary to not conflict with such statute. The Arbitrator shall have the authority to award any remedy or relief that
could a court of the State of Nevada or federal court located in the State of Nevada could grant in conformity with the applicable law on the basis of claims actually made in the arbitration. The Arbitrator shall render an award and written opinion
which shall set forth the factual and legal basis for the award. The award of the arbitrator shall be final and binding on the Parties, and judgment on the award may be confirmed and entered in any state or federal court located in Las Vegas,
Nevada. The arbitration shall be conducted on a strictly confidential basis, and Consultant shall not disclose the existence of a claim, the nature of a claim, any documents, exhibits, or information exchanged or presented in connection with any
such a claim, or the result of any arbitration (collectively, “Arbitration Materials”), to any third party, with the sole exception of Consultant’s legal counsel, who Consultant shall ensure adheres to all confidentiality terms
in this Agreement. In the event of any court proceeding to challenge or enforce an arbitrator’s award, the Parties hereby consent to the exclusive jurisdiction of the state and federal courts in Nevada and agree to venue in that jurisdiction.
The Parties agree to take all steps necessary to protect the confidentiality of the Arbitration Materials in connection with any such proceeding, agree to file all Confidential Information (and documents containing Confidential Information) under
seal to the extent possible, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement. Each 

  
 - 5 - 

 
Party agrees to pay its own costs and fees in connection with any arbitration of a dispute arising under this Agreement, and any court proceeding arising therefrom, provided, however, that if
either party prevails substantially in such arbitration such party shall be entitled to an award by the arbitrator of her or its costs including reasonable attorneys’ fees. To the extent any dispute is found not to be subject to this
arbitration provision, both Consultant and Company hereby waive their respective rights to trial by jury. 
 CONSULTANT ACKNOWLEDGES THAT
CONSULTANT HAS CAREFULLY READ THIS SECTION 9, VOLUNTARILY AGREES TO ARBITRATE ALL DISPUTES, AND HAS HAD THE OPPORTUNITY TO REVIEW THE PROVISIONS OF SECTION 9 WITH ANY ADVISORS AS CONSULTANT CONSIDERED NECESSARY. BY SIGNING BELOW, CONSULTANT
SIGNIFIES CONSULTANT’S UNDERSTANDING AND AGREEMENT TO SECTION 9. 
 10. Notices. Any notice, consent, demand, request, or
other communication given to a Person in connection with this Agreement shall be in writing and shall be deemed to have been given to such Person (a) when delivered personally to such Person (with proof of such delivery) or (b) two days
after being sent by a nationally recognized overnight courier, to the address (if any) specified below for such Person (or to such other address as such Person shall have specified by providing ten (10) days advance notice in accordance with
this Section 10). 
 If to the Company: 

VICI Properties Inc. 
 8329 W.
Sunset Road, Suite 210 
 Las Vegas, Nevada 89113 

Attention: General Counsel 
 If
to Consultant: To the address of Consultant’s principal residence as it appears in the Company’s records. 
 11.
Miscellaneous. 
 (a) Entire Agreement. This Agreement contains the entire understanding and agreement among the Parties
concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations, and undertakings, whether written or oral, among them with respect thereto; provided, however, that this Agreement does not
supersede any provision of the Separation Agreement and Release between the Company and Consultant or such provisions of the Employment Agreement as survive the execution of the Separation Agreement and Release. 

(b) Amendment or Waiver. No provision in this Agreement may be amended unless such amendment is set forth in a writing that specifically
identifies the provision being amended and that is signed by both Parties. No waiver by any Person of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision
at the same or any prior or subsequent time. 

  
 - 6 - 

 (c) Headings. The headings of the Sections and sub-sections contained in this
Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 

(d) Survivorship. Except as otherwise set forth in this Agreement, the respective rights and obligations of the Parties hereunder shall
survive any termination of Consultant’s engagement under this Agreement. 
 (e) Governing Law. This Agreement shall be governed,
construed, performed and enforced in accordance with its express terms and otherwise in accordance with the laws of the State of Nevada applicable to contracts to be performed therein. 

(f) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which
together shall be deemed to be one and the same instrument. 
 (g) Construction. This Agreement shall not be construed against either
Party, and no consideration shall be given or presumption made on the basis of who drafted the Agreement or any particular provision hereof or who supplied the form of this Agreement. In construing the Agreement, (i) examples shall not be
construed to limit, expressly or by implication, the matter they illustrate, (ii) the connectives “and,” “or,” and “and/or” shall be construed either disjunctively or conjunctively so as to construe a sentence or
clause most broadly and bring within its scope all subject matter that might otherwise be construed to be outside of its scope; (iii) the word “includes” and its derivatives means “includes, but is not limited to” and
corresponding derivative expressions, (iv) a defined term has its defined meaning throughout the Agreement, whether it appears before or after the place where it is defined, and (v) the headings and titles herein are for convenience only
and shall have no significance in the interpretation hereof. 
 (h) Third Party Beneficiaries. The Parties agree that each of the
Company’s Affiliates and Subsidiaries are intended third party beneficiaries of this Agreement and shall have the authority to enforce the provisions applicable to them in accordance with the terms of hereof. 

(i) Expenses. Each party shall pay all costs and expenses it incurs with respect to the negotiation, execution, delivery and performance
of this Agreement. 

  
 - 7 - 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set
forth above. 
  

	
	CONSULTANT
	
	   

	Mary Elizabeth Higgins

  

									
	VICI Properties Inc.	 		 	
					
	By:	 	 	 		 		 	 
		 	Edward Pitoniak Date	 		 		 	Date
		 	Chief Executive Officer	 		 		 	

  
 - 8 - 

 EXHIBIT B 

GENERAL RELEASE 
 (to be
executed on or after December 31, 2017 
 and on or before January 13, 2018) 

1. Mary Elizabeth Higgins (“Executive”), for herself, her spouse, and each of her heirs, beneficiaries, representatives,
agents, successors, and assigns (collectively, “Executive Releasors”), irrevocably and unconditionally releases and forever discharges VICI Properties Inc. (together with its successors and assigns, the “Company”)
and each and all of its predecessors, parents, Subsidiaries, Affiliates, divisions, successors, and assigns (collectively with the Company, the “Company Entities”), and each and all of the Company Entities’ current and former
officers, directors, employees, shareholders, representatives, attorneys, agents, and assigns (collectively, with the Company Entities, the “Company Releasees”), from any and all causes of action, claims, actions, rights, judgments,
obligations, damages, demands, accountings, or liabilities of any kind or character, whether known or unknown, whether accrued or contingent, that Executive has, had, or may have against them, or any of them, by reason of, arising out of, connected
with, touching upon, or concerning Executive’s employment with the Company, Executive’s separation from the Company, and Executive’s relationship with any or all of the Company Releasees, and from any and all statutory claims,
regulatory claims, claims under the Employment Agreement, and any and all other claims or matters of whatever kind, nature, or description, arising from the beginning of the world up through her execution of this General Release (collectively, the
“Released Claims”). Executive acknowledges that the Released Claims specifically include, but are not limited to, any and all claims for fraud, breach of express or implied contract, breach of the implied covenant of good faith and
fair dealing, interference with contractual rights, violation of public policy, invasion of privacy, intentional or negligent infliction of emotional distress, intentional or negligent misrepresentation, defamation, libel, slander, or breach of
privacy; claims for failure to pay wages, benefits, deferred compensation, commissions, bonuses, vacation pay, expenses, severance pay, attorneys’ fees, or other compensation of any sort; claims related to stock options, equity awards, or other
grants, awards, or warrants; claims related to any tangible or intangible property of Executive that remains with the Company; claims for retaliation, harassment or discrimination on the basis of race, color, sex, sexual orientation, national
origin, ancestry, religion, age, disability, medical condition, marital status, gender identity, gender expression, or any other characteristic or criteria protected by law; any claim under Title VII of the Civil Rights Act of 1964 (Title VII, as
amended), 42 U.S.C. §§ 2000e, et seq., the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Family and Medical Leave Act (“FMLA”), 29 U.S.C. §§ 2601, et seq., the Fair Labor Standards Act
(“U”), 29 U.S.C. §§ 201, et seq., the Equal Pay Act, 29 U.S.C. §206(a) and interpretive regulations, the Americans with Disabilities Act (“ADA”), 42 U.S.C. §§ 12101, et seq., the Consolidated
Omnibus Budget Reconciliation Act of 1986 (“COBRA”), the Occupational Safety and Health Act (“OSHA”) or any other health and/or safety laws, statutes, or regulations, the Uniformed Services Employment and
Reemployment Rights Act (“USERRA”), 38 U.S.C. §§ 4301-4333, the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 301, et seq., the Immigration Reform and Control Act of
1986, 8 U.S.C. §§ 1101, et seq., or the Internal Revenue Code of 1986, as amended, the Worker Adjustment and Retraining Notification Act; all claims arising under the Sarbanes-Oxley Act of 2002 (Public Law 107-204), including
whistleblowing claims under 18 U.S.C. §§ 1513(e) and 1514A; the applicable state Wage and Hour Laws, and any and all other foreign, federal, state, or local laws, common law, or case law, including but not limited to all statutes,
regulations, common law, and other laws in place in Las Vegas, Nevada. 

 2. Executive acknowledges that there is a risk that after the execution of this General
Release, Executive will incur or suffer damage, loss, or injury that is in some way caused by or connected with Executive’s employment with the Company or its Subsidiaries or Affiliates or Executive’s separation from the Company or its
Subsidiaries or Affiliates, and any relationship with or membership or investment in the Company Releasees, but that is unknown or unanticipated at the time of execution of this General Release. Executive specifically assumes that risk, and agrees
that this General Release and the Released Claims apply to all unknown or unanticipated, accrued or contingent claims and all matters caused by or connected with Executive’s employment with the Company or its Subsidiaries or Affiliates and/or
Executive’s separation from the Company or its Subsidiaries or Affiliates, as well as those claims currently known or anticipated. Executive acknowledges and agrees that this General Release constitutes a knowing and voluntary waiver of any and
all rights and claims Executive does or may have as of the date of her execution of this General Release. Executive acknowledges that Executive has waived rights or claims pursuant to this General Release in exchange for consideration, the value of
which exceeds payment or remuneration to which Executive otherwise would be entitled. 
 3. To the extent permitted by law, Executive agrees
never to file a lawsuit or other adversarial proceeding with any court or arbitrator against the Company or any other Company Releasee asserting any Released Claims. Executive represents and agrees that, prior to signing this General Release,
Executive has not filed or pursued any complaints, charges, or lawsuits of any kind with any court, governmental or administrative agency, arbitrator, or other forum against the Company or any of the other Company Releasees, asserting any claims
whatsoever. Executive understands and acknowledges that, in the event Executive files an administrative charge or commences any proceeding with respect to any Released Claim, or in the event another person or entity does so in whole or in part on
Executive’s behalf, Executive waives and is estopped from receiving any monetary award or other legal or equitable relief in connection with any such proceeding. 

4. Notwithstanding the foregoing, nothing in this General Release is intended to limit in any way Executive’s right or ability to file a
charge or claim of discrimination with the United States Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board, or comparable state or local agencies. These agencies have the authority to carry out
their statutory duties by investigating the charge, issuing a determination, or taking any other action authorized under the statutes such agencies enforce. Executive retains the right to participate in any such action, provided that Executive
hereby waives any right Executive otherwise would have to recover monetary damages in connection with any charge, complaint, or lawsuit filed by Executive or by anyone else on her behalf. Executive retains the right to communicate with the EEOC and
comparable state or local agencies and such communication can be initiated by Executive or in response to a communication from any such agency, and is not limited by any obligation contained in this General Release. 

  
 - 2 - 

 5. Executive represents and warrants that Executive has not assigned, transferred, or
permitted the subrogation of any of Executive’s rights, claims, and/or causes of action, including any claims referenced in this General Release, or authorized any other person or entity to assert any such claim or claims on Executive’s
behalf, and Executive agrees to indemnify and hold harmless the Company against any assignment, transfer, or subrogation of said rights, claims, and/or causes of action. 

6. Executive has been provided at least twenty-one (21) days to consider the terms of this General Release before signing it. If
Executive fails to execute this General Release by January 13, 2018, she will not be entitled to receive any amount or benefit pursuant to Section 2 of the Separation Agreement entered into by and between Executive and the Company (the
“Separation Agreement”) or Section 9(e)(ii) of the Employment agreement entered into by and between Executive and the Company. To execute this General Release, Executive must sign and date the General Release below, and return
a signed copy hereof to Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036, Attn: Robert N. Holtzman, Esq., Email: RHoltzman@KramerLevin.com, via nationally recognized overnight carrier or email. 

7. Executive may revoke this General Release within seven (7) days of Executive’s signing it by delivering a written notice of such
revocation to Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036, Attn: Robert N. Holtzman, Esq., Email: RHoltzman@KramerLevin.com, via nationally recognized overnight carrier or email. If Executive
revokes this General Release within seven (7) days of signing it, this General Release will be null and void. If Executive signs this General Release and does not revoke this General Release within seven (7) days of signing it, this
General Release shall become binding, effective, and irrevocable on the eighth (8th) day after the General Release is executed by Executive. 

8. Executive acknowledges that Executive (a) has carefully read this General Release; (b) is competent to manage Executive’s
own affairs; (c) fully understands the General Release’s contents and legal effect, and understands that Executive is giving up any legal claims Executive has against any of the Company Releasees, including but not limited to any and all
legal rights or claims under the Age Discrimination in Employment Act of 1967 (“ADEA”) (29 U.S.C. § 626, as amended), and all other federal, state, foreign, and local laws regarding age discrimination, whether those claims are
presently known or hereafter discovered; (d) hereby is advised to consult with an attorney of Executive’s choosing prior to signing this General Release; (e) has chosen to enter into this General Release freely, without coercion, and
based upon Executive’s own judgment; and (f) Executive has not relied upon any promises made by any of the Company Releasees, other than the promises explicitly contained in the Separation Agreement. 

 

									
	EXECUTIVE	 		 	
	 	 		 	 
	Mary Elizabeth Higgins	 		 	Date

  
 - 3 -EX-10.36

 Exhibit 10.36 

GUARANTY 
 This
GUARANTY OF LEASE (this “Guaranty”), is made and entered into as of the 22nd day of December, 2017 by and between Caesars Resort Collection, LLC, a Delaware limited
liability company (“Guarantor”), and Claudine Propco LLC, a Delaware limited liability company (“Landlord”). 

RECITALS 
 A.
Landlord and Harrah’s Las Vegas LLC, a Nevada limited liability company (“Tenant”) have entered into that certain Lease dated of even date herewith (as may be amended, restated, supplemented, waived or otherwise modified from
time to time, the “Lease”). All capitalized terms used and not otherwise defined herein shall have the same meanings given such terms in the Lease. 

B. Guarantor is an affiliate of Tenant, will derive substantial benefits from the Lease and acknowledges and agrees that this Guaranty is
given in accordance with the requirements of the Lease and that Landlord would not have been willing to enter into the Lease unless Guarantor was willing to execute and deliver this Guaranty. 

AGREEMENTS 

NOW, THEREFORE, in consideration of Landlord entering into the Lease with Tenant, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows: 
 (1) Guaranty. In consideration of the
benefit derived or to be derived by it therefrom, as to the Lease, Guarantor hereby unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety, the prompt, faithful and complete payment and performance in full in
cash of all monetary obligations of Tenant under the Lease of any nature, including, without limitation, Rent, Additional Charges and all other sums payable by Tenant under the Lease (including, without limitation, during any Transition Period), all
indemnification obligations, insurance obligations and all monetary obligations relating to the requirements to operate, rebuild, restore or replace any facilities or improvements now or hereafter located on the Leased Property covered by the Lease,
including, without limitation, Tenant’s obligation to expend the Required Capital Expenditures in accordance with the Lease (collectively, the “Obligations”), in each case including (a) amounts that would become due but
for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code (as defined below) or similar laws and (b) any late charges and interest provided for under the Lease (including interest accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, whether or not a claim for such interest is allowed or allowable in such proceeding). In the event of the failure of Tenant to pay any of the Obligations
when due or within any applicable cure period under the Lease, Guarantor shall forthwith pay all Obligations and pay all costs of collection or enforcement and other damages that may result from the
non-performance thereof by Tenant, in each case to the full extent provided under the Lease. As to the Obligations, Guarantor’s liability under this Guaranty is without limit except as provided in

  
 1 

 
Section 12 hereof. Guarantor agrees that its guarantee provided herein constitutes a guarantee of payment when due and not of collection. 

(2) Survival of Obligations. The obligations of Guarantor under this Guaranty shall not be released, diminished, impaired, reduced or
adversely affected and shall survive and continue in full force and effect notwithstanding: 
 a. any amendment,
modification, or extension of the Lease pursuant to its terms; 
 b. any compromise, release, consent, extension, indulgence
or other action or inaction in respect of any terms of the Lease or any other guarantor; 
 c. any substitution or release,
in whole or in part, of any security for this Guaranty which Landlord may hold at any time; 
 d. any exercise or non-exercise by Landlord of any right, power or remedy under or in respect of the Lease or any security held by Landlord with respect thereto, or any waiver of any such right, power or remedy; 

e. any change in the existence, structure or ownership of, or any bankruptcy, insolvency, reorganization, arrangement,
assignment for the benefit of creditors, receivership or trusteeship affecting, Tenant, Landlord or Guarantor or their respective successors or assigns or any of their respective Affiliates or any of their respective assets, or any actual or
attempted rejection, assumption, assignment, separation, severance, or recharacterization of the Lease or any portion thereof, or any discharge of liability thereunder, in connection with any such proceeding or otherwise; 

f. any limitation of Tenant’s liability under the Lease or any limitation of Tenant’s liability thereunder which may
now or hereafter be imposed by any statute, regulation or rule of law, or any illegality, irregularity, invalidity or unenforceability, in whole or in part, of the Lease or any term thereof; 

g. subject to Section 13 hereof, any sale, lease, or transfer of all or any part of any interest in
the Facility or any or all of the assets of Tenant to any other Person; 
 h. any act or omission by Landlord with respect to
any security instrument or any failure to file, record or otherwise perfect the same; 
 i. any extensions of time for
performance under the Lease; 
 j. the release of Tenant from performance or observation of any of the agreements, covenants,
terms or conditions contained in the Lease by operation of law or otherwise; 
 k. the fact that Tenant may or may not be
personally liable, in whole or in part, under the terms of the Lease to pay any money judgment; 

  
 2 

 l. the failure to give Guarantor any notice of acceptance, default or
otherwise; 
 m. any other guaranty now or hereafter executed by Guarantor or anyone else in connection with the Lease; 

n. any rights, powers or privileges Landlord may now or hereafter have against any other Person; 

o. except as provided in Section 13 below, any assignment of the Lease, or any subletting or
subsubletting of, or any other occupancy arrangements in respect of, all or any part of the Facility; 
 p. any other
defenses, other than a defense of payment or performance in full, as the case may be, of the Obligations; 
 q. the existence
of any claim, setoff, counterclaim, defense or other rights that may be at any time be available to, or asserted by, Guarantor or Tenant against Landlord, whether in connection with the Lease, the Obligations or otherwise, except to the extent of
any such rights expressly provided to Tenant under the Lease; 
 r. any law or statute that may operate to cap, limit, or
otherwise restrict the claims of a lessor of real property, including, but not limited to, Section 502(b)(6) of the Bankruptcy Code; 

s. the invalidity, illegality or unenforceability of all or any part of the Obligations, or any document or agreement executed
in connection with the Obligations (including the Lease) for any reason whatsoever; 
 t. the unenforceability (for any
reason whatsoever) of this Guaranty, including, without limitation, as a result of rejection in any bankruptcy, insolvency, dissolution or other proceeding; or 

u. any other circumstances, whether or not Guarantor had notice or knowledge thereof. 

(3) Primary Liability. The liability of Guarantor with respect to the Obligations shall be an absolute, direct, immediate, continuing
and unconditional guaranty of payment and performance and not of collection, may not be revoked by Guarantor and shall continue to be effective with respect to all of the Obligations notwithstanding any attempted revocation by Guarantor and shall
not be conditional or contingent upon the genuineness, validity, regularity or enforceability of the Lease or any other documents or instruments relating to the Obligations, including any Person’s lack of authority or lawful right to enter into
such document on such Person’s behalf, or the pursuit by Landlord of any remedies Landlord may have. Without limitation of the foregoing, Landlord may proceed against Guarantor: (a) prior to or in lieu of proceeding against Tenant, its
assets, any security deposit, or any other guarantor; and (b) prior to or in lieu of pursuing any other rights or remedies available to Landlord. All rights and remedies afforded to Landlord by reason of this Guaranty or by law are separate,
independent 

  
 3 

 
and cumulative, and the exercise of any rights or remedies shall not in any way limit, restrict or prejudice the exercise of any other rights or remedies. 

In the event of any default under the Lease, a separate action or actions may be brought and prosecuted against Guarantor whether or not Tenant
is joined therein or a separate action or actions are brought against Tenant. Landlord may maintain successive actions for other defaults. Landlord’s rights hereunder shall not be exhausted by its exercise of any of its rights or remedies or by
any such action or by any number of successive actions until and unless all indebtedness and Obligations the payment and performance of which are hereby guaranteed have been paid and fully performed. 

(4) Obligations Not Affected. In such manner, upon such terms and at such times as Landlord in its sole discretion deems necessary or
expedient, and without notice to Guarantor, Landlord may: (a) amend, alter, compromise, accelerate, extend or change the time or manner for the payment or the performance of any Obligation hereby guaranteed; (b) extend, amend or terminate
the Lease; or (c) release Tenant by consent to any assignment (or otherwise) as to all or any portion of the Obligations hereby guaranteed, in each case pursuant to the terms of the Lease. Any exercise or
non-exercise by Landlord of any right hereby given Landlord, dealing by Landlord with Guarantor or any other guarantor, Tenant or any other Person, or change, impairment, release or suspension of any right or
remedy of Landlord against any Person including Tenant and any other guarantor will not affect any of the Obligations of Guarantor hereunder or give Guarantor any recourse or offset against Landlord. 

(5) Waiver. With respect to the Lease, Guarantor hereby waives and relinquishes all rights and remedies accorded by applicable law to
sureties and/or guarantors or any other accommodation parties, under any statutory provisions, common law or any other provision of law, custom or practice, and agrees not to assert or take advantage of any such rights or remedies including, but not
limited to: 
 a. any right to require Landlord to proceed against Tenant or any other Person or to proceed against or
exhaust any security held by Landlord at any time or to pursue any other remedy in Landlord’s power before proceeding against Guarantor or to require that Landlord cause a marshaling of Tenant’s assets or the assets, if any, given as
collateral for this Guaranty or to proceed against Tenant and/or any collateral, including collateral, if any, given to secure Guarantor’s obligation under this Guaranty, held by Landlord at any time or in any particular order; 

b. any defense that may arise by reason of the incapacity or lack of authority of any other Person; 

c. notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of Tenant, Landlord, any creditor of Tenant or Guarantor or on the part of any other Person whomsoever under this or any other instrument in connection with any obligation or evidence of
indebtedness held by Landlord or in connection with any obligation hereby guaranteed; 

  
 4 

 d. any defense based upon an election of remedies by Landlord which destroys
or otherwise impairs the subrogation rights of Guarantor or the right of Guarantor to proceed against Tenant for reimbursement, or both; 

e. any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in
amount nor in other respects more burdensome than that of the principal; 
 f. any duty on the part of Landlord to disclose
to Guarantor any facts Landlord may now or hereafter know about Tenant, regardless of whether Landlord has reason to believe that any such facts materially increase the risk beyond that which Guarantor intends to assume or has reason to believe that
such facts are unknown to Guarantor or has a reasonable opportunity to communicate such facts to Guarantor, it being understood and agreed that Guarantor is fully responsible for being and keeping informed of the financial condition of Tenant and of
all circumstances bearing on the risk of non-payment or non-performance of any Obligations or indebtedness hereby guaranteed; 

g. any defense arising because of Landlord’s election, in any proceeding instituted under the Federal Bankruptcy Reform
Act of 1978 (11 U.S.C. § 101, et seq.), as amended, reformed or modified from time to time and any rules or regulations issued from time to time thereunder (the “Bankruptcy Code”) of the application of
Section 1111(b)(2) of the Bankruptcy Code; 
 h. any defense based on any borrowing or grant of a
security interest under Section 364 of the federal Bankruptcy Code; and 
 i. all rights and
remedies accorded by applicable law to guarantors, including without limitation, any extension of time conferred by any law now or hereafter in effect and any requirement or notice of acceptance of this Guaranty or any other notice to which the
undersigned may now or hereafter be entitled to the extent such waiver of notice is permitted by applicable law. 
 (6) Information.
Guarantor assumes all responsibility for being and keeping itself informed of the financial condition and assets of Tenant, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the
risks that Guarantor assumes and incurs hereunder and agrees that Landlord will not have any duty to advise Guarantor of information regarding such circumstances or risks. 

(7) No Subrogation. Until all Obligations of Tenant under the Lease have been satisfied and discharged in full, Guarantor shall have no
right of subrogation and waives any right to enforce any remedy which Guarantor now has or may hereafter have against Tenant or any of Tenant’s assets (including any such remedy of Landlord) and any benefit of, and any right to participate in,
any security now or hereafter held by Landlord with respect to the Lease. 
 (8) Agreement to Comply with terms of Lease. Guarantor
hereby agrees (a) to comply with all terms of the Lease applicable to it hereunder in respect of the Obligations, (b) that it shall take no action, and that it shall not omit to take any action, which action or omission,

  
 5 

 
as applicable, would cause a breach of the terms of the Lease and (c) that it shall not commence an involuntary proceeding or file an involuntary petition in any court of competent
jurisdiction seeking (i) relief in respect of Tenant or any of its Subsidiaries, or of a substantial part of the property or assets of Tenant or any of its Subsidiaries, under the Bankruptcy Code, or any other federal, state or foreign
bankruptcy, insolvency, receivership or similar law or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Tenant or any of its Subsidiaries or for a substantial part of the property or
assets of Tenant or any of its Subsidiaries. 
 (9) Agreement to Pay; Contribution; Subordination; Claims in Bankruptcy. Without
limitation of any other right of Landlord at law or in equity, upon the failure of Tenant to pay any Obligation when and as the same shall become due, Guarantor hereby promises to and will forthwith pay, or cause to be paid, to Landlord in cash the
amount of such unpaid Obligation. Upon payment by Guarantor of any sums to Landlord as provided above, all rights of Guarantor against Tenant arising as a result thereof by way of subrogation, contribution, reimbursement, indemnity or otherwise
shall be subject to the limitations set forth in this Section 9. If for any reason whatsoever Tenant now or hereafter becomes indebted to Guarantor or any Affiliate of Guarantor, such indebtedness and all interest thereon
shall at all times be subordinate to Tenant’s obligation to Landlord to pay as and when due in accordance with the terms of the Lease the guaranteed Obligations, it being understood that Guarantor and each Affiliate of Guarantor shall be
permitted to receive payments from Tenant on account of such obligations except during the continuance of a Tenant Event of Default under the Lease relating to failure to pay amounts due under the Lease. During any time in which a Tenant Event of
Default relating to failure to pay amounts due under the Lease has occurred and is continuing under the Lease (and provided that Guarantor has received written notice thereof), Guarantor agrees to make no claim for such indebtedness that does not
recite that such claim is expressly subordinate to Landlord’s rights and remedies under the Lease. Furthermore, in the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings
involving Tenant as debtor, Guarantor hereby assigns to Landlord any right it may have to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian
dividends and payments which would otherwise be payable to Guarantor with respect to debts and liabilities owing by Tenant to Guarantor up to the amounts owed to Landlord hereunder. 

(10) Application of Payments. With respect to the Lease, and with or without notice to Guarantor, Landlord, in Landlord’s sole
discretion and at any time and from time to time and in such manner and upon such terms as Landlord deems appropriate, may (a) apply any or all payments or recoveries following the occurrence and during the continuance of a Tenant Event of
Default from Tenant or from any other guarantor under any other instrument or realized from any security, in such manner and order of priority as Landlord may determine, to any indebtedness or other obligation of Tenant with respect to the Lease and
whether or not such indebtedness or other obligation is guaranteed hereby or is otherwise secured, and (b) refund to Tenant any payment received by Landlord under the Lease. 

(11) Guaranty Default. Upon the failure of Guarantor to pay the amounts required to be paid hereunder when due following the occurrence
and during the continuance of a Tenant Event of Default under the Lease, Landlord shall have the right to bring such actions at law or 

  
 6 

 
inequity, including appropriate injunctive relief, as it deems appropriate to compel compliance, payment or deposit, and among other remedies to recover its reasonable attorneys’ fees in any
proceeding, including any appeal therefrom and any post judgment proceedings. 
 (12) Maximum Liability. Guarantor and, by its
acceptance of the guarantees provided herein, Landlord, hereby confirms that it is the intention of all such Persons that the guarantees provided herein and the obligations of Guarantor hereunder not constitute a fraudulent transfer or conveyance
for purposes of the United States Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal
or state law to the extent applicable to the guarantees provided herein and the obligations of Guarantor hereunder. To effectuate the foregoing intention, Landlord hereby irrevocably agrees that the obligations of Guarantor under this Guaranty shall
be limited to the maximum amount as will result in such obligations not constituting a fraudulent transfer or conveyance. 
 (13)
Release. Guarantor shall automatically be released from its obligations hereunder (other than with respect to the Guaranty Termination Obligations (as defined below)) (the date upon which a release as described in this
Section 13 occurs is referred to in this Guaranty as the “Guaranty Release Date”) upon the occurrence of any one of the following: (i) upon the consummation of a Lease Foreclosure Transaction in
compliance in all respects with Section 22.2(ii) of the Lease, including, without limitation, satisfaction of the requirements contained in clauses (1) through (4) of said Section 22.2(ii),
including, without limitation, satisfaction of the Tenant Transferee Requirement and delivery of the replacement Guaranty as and to the extent provided therein, (ii) upon the consummation of a transaction as described in and in compliance in
all respects with Section 22.2(vii) of the Lease, and, without limitation, delivery of an assumption of this Guaranty by the applicable transferee as described in such clause (vii) in a form reasonably satisfactory to
Landlord, and (iii) upon the consummation of a transaction as described in and in compliance in all respects with Section 22.2(viii) of the Lease. “Guaranty Termination Obligations” means,
collectively, the aggregate amount of any outstanding Obligations that are due and payable as of the Guaranty Release Date. 
 (14)
Representations and Warranties. Guarantor represents and warrants that as of the date hereof: 
 a. As of the date of
this Agreement Guarantor (i) is a limited liability company duly formed, validly existing, and in good standing under the laws of the state of Delaware; (ii) is duly qualified to do business and is in good standing under the laws of each
jurisdiction where the conduct of its business requires such qualification; and (iii) is in compliance with all Legal Requirements except, in the case of clauses (ii) and (iii), where the failure to do so would not reasonably be expected
to have a materially adverse effect on Guarantor’s ability to pay the Obligations or perform its other obligations in accordance with the terms hereof. 

b. The execution, delivery, and performance of this Guaranty (i) are within Guarantor’s limited liability company
powers, (ii) have been duly authorized by all necessary or proper limited liability company action, (iii) are not in contravention of any provision of Guarantor’s certificate of formation or other governing instruments, (iv) will

  
 7 

 
not violate any law or regulations, or any order or decree of any court or governmental instrumentality except for any such violation that would not reasonably be expected to have a material
adverse effect on Guarantor’s ability to pay the Obligations or perform its other obligations in accordance with the terms hereof, (v) will not conflict with or result in the breach of, or constitute a default under, any indenture,
mortgage, deed of trust, lease, agreement, or other instrument to which Guarantor is a party or by which Guarantor or any of its property is bound , except as would not reasonably be expected to have an adverse effect on Guarantor’s ability to
perform its obligations hereunder, and (vi) do not require the consent or approval of any governmental body, agency, authority, or any other person except those already obtained, except as would not reasonably be expected to have an adverse
effect on Lease Guarantor’s ability to perform its obligations hereunder. This Lease Guaranty is duly executed and delivered on behalf of Lease Guarantor and constitutes a legal, valid, and binding obligation of Lease Guarantor, enforceable
against Lease Guarantor in accordance with its terms (subject to any applicable principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights). 

c. Guarantor owns, directly or indirectly, one hundred percent (100%) of the membership interests in Tenant and by entering
into the Lease, Landlord will be conferring a direct and substantial economic benefit on Guarantor. 
 (15) [Reserved]. 

(16) Notices. Any notice, request, demand, consent, approval or other communication required or permitted to be given by either party
hereunder to the other party 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: 
  

			
	 To Guarantor:
	  	Caesars Resort Collection, LLC
		  	One Caesars Palace Drive
		  	Las Vegas, NV 89109
		  	Attention: General Counsel
		  	Email: corplaw@caesars.com
		
	 To Landlord:
	  	Claudine Propco LLC
		  	8329 West Sunset Road, Suite 210
		  	Las Vegas, NV 89113
		  	Attention: General Counsel
		  	Email: corplaw@viciproperties.com

  
 8 

 or to such other address as either party hereto may hereafter designate. 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. 

(17) Licensing Event. If there shall occur a Licensing Event with respect to either party hereto, then such party shall notify the other
party, as promptly as practicable after becoming aware of such Licensing Event (but in no event later than twenty (20) days after becoming aware of such Licensing Event). In such event, the notifying party shall and shall cause any applicable
Affiliates to use commercially reasonable efforts to resolve such 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 the notifying party cannot otherwise resolve the Licensing Event within the time period required by the
applicable Gaming Authorities and any aspect of such Licensing Event is attributable to any Person(s) other than the notifying party, then the notifying party shall disassociate with the applicable Persons to resolve the Licensing Event. 

(18) Miscellaneous. 

a. No term, condition or provision of this Guaranty may be waived except by an express written instrument to that effect signed
by Landlord and Guarantor. No waiver of any term, condition or provision of this Guaranty will be deemed a waiver of any other term, condition or provision, irrespective of similarity, or constitute a continuing waiver of the same term, condition or
provision, unless otherwise expressly provided. No term, condition or provision of this Guaranty may be amended or modified with respect to Guarantor except by an express written instrument to that effect signed by Landlord. 

b. If any one or more of the terms, conditions or provisions contained in this Guaranty is found in a final award or judgment
rendered by any court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining terms, conditions and provisions of this Guaranty shall not in any way be affected or
impaired thereby, and this Guaranty shall be interpreted and construed as if the invalid, illegal, or unenforceable term, condition or provision had never been contained in this Guaranty. 

c. THIS GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE
PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY. ACCORDINGLY, IN ALL RESPECTS THIS GUARANTY (AND ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REGARD TO PRINCIPLES OR CONFLICTS OF LAW) AND ANY APPLICABLE LAWS OF THE UNITED STATES 

  
 9 

 
OF AMERICA, ALL CLAIMS, DEMANDS, CONTROVERSIES, DISPUTES, ACTIONS OR CAUSES OF ACTION OF ANY NATURE OR CHARACTER ARISING OUT OF OR IN CONNECTION WITH, OR RELATED TO, THIS GUARANTY, WHETHER LEGAL
OR EQUITABLE, KNOWN OR UNKNOWN, CONTINGENT OR OTHERWISE, SHALL BE RESOLVED IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURTS THERETO, OR IF FEDERAL JURISDICTION IS LACKING, THEN IN NEW YORK STATE
SUPREME COURT, NEW YORK COUNTY (COMMERCIAL DIVISION) AND ANY APPELLATE COURTS THERETO. THE PARTIES AGREE THAT SERVICE OF PROCESS MAY BE EFFECTED UPON IT UNDER ANY METHOD PERMISSIBLE UNDER THE LAWS OF THE STATE OF NEW YORK. THIS PROVISION SHALL
SURVIVE AND BE BINDING UPON THE PARTIES AFTER THE LEASE IS NO LONGER IN EFFECT 
 d. EACH OF GUARANTOR AND LANDLORD
ACKNOWLEDGES THAT IT HAS HAD THE ADVICE OF COUNSEL OF ITS CHOICE WITH RESPECT TO ITS RIGHTS TO TRIAL BY JURY UNDER THE CONSTITUTION OF THE UNITED STATES, THE STATE OF NEW YORK AND THE OTHER STATES IN WHICH THE FACILITY IS LOCATED. EACH OF GUARANTOR
AND LANDLORD HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i) ARISING UNDER THIS GUARANTY (OR ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) OR (ii) IN ANY MANNER CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF LANDLORD AND GUARANTOR WITH RESPECT TO THIS LEASE (OR ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH; OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREINAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; EACH OF GUARANTOR AND LANDLORD HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY, AND THAT EITHER PARTY MAY FILE A COPY OF THIS SECTION WITH ANY COURT AS CONCLUSIVE EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.. 

e. In the event of any suit, action, arbitration or other proceeding to interpret this Guaranty, or to determine or enforce any
right or obligation created hereby, the prevailing party in the action shall recover such party’s reasonable costs and expenses incurred in connection therewith, including, but not limited to, reasonable attorneys’ fees and costs of
appeal, post judgment enforcement proceedings (if any) and bankruptcy proceedings (if any). Any court, arbitrator or panel of arbitrators shall, in entering any judgment or making any award in any such suit, action, arbitration or other proceeding,
in addition to any and all other relief awarded to such prevailing party, include in such judgment or award such party’s reasonable costs and expenses as provided in this Section 18(e). 

  
 10 

 f. Guarantor (i) represents that it has been represented and advised by
counsel in connection with the execution of this Guaranty; (ii) acknowledges receipt of a copy of the Lease; and (iii) further represents that Guarantor has been advised by counsel with respect thereto. This Guaranty shall be construed and
interpreted in accordance with the plain meaning of its language, and not for or against Guarantor or Landlord, and as a whole, giving effect to all of the terms, conditions and provisions hereof. 

g. Except as provided in any other written agreement now or at any time hereafter in force between Landlord and Guarantor, this
Guaranty shall constitute the entire agreement of Guarantor with Landlord with respect to the subject matter hereof, and no representation, understanding, promise or condition concerning the subject matter hereof will be binding upon Landlord or
Guarantor unless expressed herein. 
 h. All stipulations, obligations, liabilities and undertakings under this Guaranty
shall be binding upon Guarantor and its successors and assigns and shall inure to the benefit of Landlord and to the benefit of Landlord’s successors and assigns. 

i. Whenever the singular shall be used hereunder, it shall be deemed to include the plural (and vice-versa) and reference to
one gender shall be construed to include all other genders, including neuter, whenever the context of this Guaranty so requires. Section captions or headings used in this Guaranty are for convenience and reference only, and shall not affect the
construction thereof. 
 j. This Guaranty 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. 
 k. All words in this Guaranty
shall be deemed to include any number or gender as the context or sense of this Guaranty requires. The words “will,” “shall,” and “must” in this Agreement indicate a mandatory obligation. The use of the words
“include,” “includes,” and “including” followed by one (1) or more examples is intended to be illustrative and is not a limitation on the scope of the description or term for which the examples are provided. The
words “day” and “days” refer to calendar days unless otherwise stated. The words “hereof”, “hereto” and “herein” refer to this Guaranty, and are not limited to the section, paragraph or clause in
which such words are used. 
 [Signature Page to Follow] 

  
 11 

 IN WITNESS WHEREOF, this Guaranty has been executed by Guarantor and Landlord as of the date
first written above. 
  

			
	 GUARANTOR:
  

CAESARS RESORT COLLECTION, LLC, 
 a Delaware limited
liability company

		
	By:	 	/s/ Eric Hession
	Name: Eric Hession
	Title: Chief Financial Officer and Treasurer

 [Signatures continue on following page] 

  
 Signature page to
Harrah’s – Net Lease Guaranty 

			
	 LANDLORD:
  

Claudine Propco LLC,
 a Delaware limited liability
company

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

  
 Signature page to
Harrah’s – Net Lease Guaranty

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