Document:

EX-10.7

 Exhibit 10.7 

THIS PROMISSORY NOTE (“NOTE”) AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES. THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF MAY REQUIRE AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, PLEDGE, HYPOTHECATION OR OTHER TRANSFER OR ASSIGNMENT COMPLIES WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

PROMISSORY NOTE 
  

					
	Principal Amount: Up to $5,000,000	  		  	 Dated as of November 11, 2021

New York, New York

 FOR VALUE RECEIVED, Gaming & Hospitality Acquisition Corp., a Delaware corporation and blank check
company (the “Maker”), promises to pay to Affinity Gaming Holdings, L.L.C., a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up
to five million U.S. Dollars ($5,000,000) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise
determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. 

1. Principal. Unless this Note has been accelerated upon the occurrence of an Event of Default (as defined below), the principal balance of this Note
(as reduced by the Converted Principal Amount, if any, in accordance with Section 4 hereof), which shall be set forth on Schedule A hereto, shall be payable by the Maker on the earlier of (each, a “Maturity Payment
Event”): (i) the date on which the Maker consummates its initial merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Maker and one or more businesses or entities
(excluding any such transaction that directly or indirectly involves only Affinity Gaming, a Nevada corporation and an indirect wholly owned subsidiary of the Payee) (the “Initial Business Combination”), or (ii) the date
the Maker liquidates the Trust Account (as defined in the Maker’s Amended and Restated Certificate of Incorporation in effect on the date this Note was originally issued) upon the failure of the Maker to consummate the Initial Business
Combination within the time period set forth in the Maker’s Amended and Restated Certificate of Incorporation. The principal balance may be prepaid at any time without penalty. Under no circumstances shall any individual, including but not
limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. 

2. Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3. Drawdown Requests. Maker and Payee agree that Maker may request up to five million U.S. Dollars ($5,000,000) to finance costs incurred by Maker in
connection with a potential Initial Business Combination. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) February 5, 2023 or (ii) the date on which Maker consummates an Initial Business
Combination, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand U.S. Dollars ($10,000) unless agreed
upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of 

 
drawdowns collectively under this Note is five million U.S. Dollars ($5,000,000). Once an amount is drawn down under this Note, it shall be set forth on Schedule A hereto, and such amount
shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. 

4. Optional Conversion. The Payee may, by prior written notice to the Maker, elect to convert, concurrent with the consummation of the Initial Business
Combination, up to $1,500,000 of the principal balance of this Note, in whole or in part, as set forth on Schedule A hereto (in integral multiples of $10.00, as adjusted for any stock splits, stock dividends, combinations,
reorganizations, recapitalizations, and similar events with respect to the Class A Shares (as defined below) occurring after the issue date of this Note) into private placement units of the Maker (the “Private Units”), with
each Private Unit consisting of one private share of Class A common stock, par value $0.0001 per share, of the Maker (the “Class A Shares”), and one-third (1/3) of one
private warrant (with each whole private warrant exercisable for one Class A Share of the Maker), with each $10.00 (as adjusted for any stock splits, stock dividends, combinations, reorganizations, recapitalizations, and similar events with
respect to Class A Shares occurring after the issue date of this Note) of the principal balance of this Note (up to $1,500,000) convertible into one Private Unit. 

Upon conversion of up to $1,500,000 of the principal balance of this Note in whole or in part, (A) the principal balance of this Note shall be decreased
by the amount of the principal balance so converted (not to exceed $1,500,000 in the aggregate) into Private Units (the “Converted Principal Amount”) and such decrease shall be set forth on Schedule A hereto and (B) the
Maker shall, as soon as practicable thereafter but in no event later than five (5) business days of its receipt of the Payee’s written conversion notice, issue and deliver to the Payee a certificate or notice of issuance for the number of
Private Units to which the Payee shall be entitled to receive upon such conversion. Upon any conversion of this Note pursuant to this Section 4, the Maker shall be forever released from all of its obligations and liabilities under this Note
with respect to the Converted Principal Amount, and, in the case of a conversion of this Note in full, this Note shall be cancelled and void without further action of the Maker or the Payee. All unpaid principal of this Note that is not then
converted into Private Units shall continue to remain outstanding and to be subject to the terms and conditions of this Note. 
 For the avoidance of doubt,
the Private Units issuable upon conversion of this Note shall not be subject to any surrender and cancellation for no consideration, including the surrender and cancellation for no consideration that the shares of Class B common stock, par
value $0.0001 per share, of the Maker are subject to in certain circumstances. The Payee acknowledges and agrees that such Private Units, when and if issued, will be subject to the terms of a letter agreement, dated as of February 2, 2021,
among the Maker, the Payee and certain other parties thereto. 
 The Private Units (and the private Class A Shares and private warrants comprising such
Private Units) issuable upon conversion of this Note shall each constitute a “Registrable Security” pursuant to that certain Registration Rights Agreement, dated as of February 2, 2021, among the Maker, the Payee and certain other
securityholders of the Maker named therein. 
 5. Application of Payments. All payments by the Maker to the Payee shall be applied first to payment
in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, and then to the payment in full of the unpaid principal balance of this Note. 

6. Events of Default. Each of the following shall constitute an event of default (“Event of Default”): 

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five
(5) business days of the date specified in Section 1 hereof. 

 (b) Failure to Convert. Failure by Maker to comply with its obligation to convert all
or a portion of this Note in accordance with Section 4 hereof upon exercise of the Payee’s conversion right and such failure continues for a period of five (5) business days. 

(c) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 (d) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of
its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days. 

7. Remedies. 
 (a) Upon the occurrence of
an Event of Default specified in Section 6(a) or Section 6(b) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts
payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary
notwithstanding. 
 (b) Upon the occurrence of an Event of Default specified in Section 6(c) or Section 6(d) hereof, the unpaid
principal balance of this Note, and all other amounts payable hereunder, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

8. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, conversion, demand, notice of
dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment or conversion; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in
any order desired by Payee. 
 9. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment or conversion of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of
time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or conversion or other provisions of
this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

 10. Notices. All notices, statements or other documents which are required or contemplated by this
Note shall be made in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to
the number most recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the email address most recently provided to such party or such other email address
as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if
sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

11. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF. 
 12. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 13. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all
right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the Trust Account (as defined in the Maker’s Amended and Restated Certificate of Incorporation in effect on the date this Note was
originally issued), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 

14. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker
and the Payee. 
 15. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party
hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

16. Successors and Assigns. Subject to the restrictions on transfer in Section 15, the rights and obligations of the Maker and the Payee hereunder
shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of any party hereto (by operation of law or otherwise) with the prior written consent of the other party hereto and any attempted assignment without the
required consent shall be void. 
 17. Acknowledgment. The Payee represents and warrants to the Maker that: 

(a) It is acquiring this Note for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in
connection with, any distribution thereof; 
 (b) It understands that the acquisition of this Note involves substantial risk; and 

(c) It has experience as an investor in securities of companies and it is able to fend for itself, can bear the economic risk of its
investment in this Note, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of this investment in this Note and protecting its own interests in connection with this
investment. 

 The Payee acknowledges and understands that, in addition to the loan evidenced by this Note, the Maker may
need to obtain loans from the Payee or an affiliate of the Payee or certain of the Maker’s officers and directors to further finance the transaction costs of the Maker’s intended Initial Business Combination, it being understood, however,
that neither the Payee nor such other parties is currently under any obligation to provide the Maker with any such loans. 
 18. Counterparts;
Electronic Signatures. This Note may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. The words
“execution,” “signed,” “signature,” and words of like import in this Note or in any other certificate, agreement or document related to this Note shall include images of manually executed signatures transmitted by
facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and
electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and
any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

Signature page follows 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note
to be duly executed by the undersigned as of the day and year first above written. 
  

			
	GAMING & HOSPITALITY ACQUISITION CORP.,
	 a Delaware corporation, as Maker

		
	By:	 	/s/Andrei Scrivens
		 	Name: Andrei Scrivens
		 	Title: Chief Financial Officer

 Accepted and agreed this 11th day of November, 2021: 

 

			
	 AFFINITY GAMING HOLDINGS, L.L.C.,

a Delaware limited liability company, as Payee

		
	By:	 	/s/ James J. Zenni, Jr.
		 	Name: James J. Zenni, Jr.
		 	Title: President

  
 [Signature Page to
Promissory Note] 

 SCHEDULE A 

The initial outstanding principal amount of the Note is zero U.S. Dollars ($0.00). 

Subject to the terms and conditions set forth in the Note to which this schedule is attached, the principal balance due under the Note shall be set forth in
the table below and shall be updated from time to time to reflect all principal increases and conversions under the Note. 
  

											
	 Date
	  	 Amount of Increase
(Decrease)
	  	 Description
	  	 Principal Outstanding
Following Increase
(Decrease)
	  	 Signature of authorized
signatory of Maker
	  	 Signature of

authorized

signatory of PayeeEX-10.8

 Exhibit 10.8 

Confidential 
 ZCG
CONSULTING, LLC 
 Financial Times Building 

1330 Avenue of the Americas, 16th Floor 

New York, NY 10019 
 October 28, 2021 

Gaming & Hospitality Acquisition Corp. 
 Attn: Andrei
Scrivens, CFO 
 3755 Breakthrough Way Suite 300 
 Las Vegas, NV
89135 
 Dear Mr. Scrivens: 
 This Consulting Agreement
(this “Consulting Agreement”) is being entered into between Gaming & Hospitality Acquisition Corp., a Delaware corporation (the “Company”), and ZCG Consulting, LLC, a Delaware limited
liability company (“ZCGC”), pursuant to which ZCGC will provide advisory and consulting services to the Company pursuant to the terms hereof: 
  

	 	1.	 The scope of ZCGC’s services (collectively, the “Services”) will include the
following: 

  

	 	(i)	 Ryan Paskin will act as an operations and financial consultant to the Company. Mr. Paskin shall perform
such services and duties as reasonably required by the special committee of the board of directors of the Company (the “Special Committee”) to whom he shall report and within the scope of such position or otherwise agreed by
ZCGC and the Special Committee; 

  

	 	(ii)	 Glenn Walsh will act as a human resources consultant to the Company. Mr. Walsh shall perform such services
and duties as reasonably required by the Special Committee to whom he shall report and within the scope of such position or otherwise agreed by ZCGC and the Special Committee; 

 

	 	(iii)	 Said Toro will act as an information technology consultant to the Company. Mr. Toro shall perform such
services and duties as reasonably required by the Special Committee to whom he shall report and within the scope of such position or otherwise agreed by ZCGC and the Special Committee; 

 

	 	(iv)	 Brian Cooper will act as a real estate consultant to the Company. Mr. Cooper shall perform such services
and duties as reasonably required by the Special Committee to whom he shall report and within the scope of such position or otherwise agreed by ZCGC and the Special Committee; 

 

	 	(v)	 Geoff Griffen will act as a finance consultant to the Company. Mr. Griffen shall perform such services and
duties as reasonably required by the Special Committee to whom he shall report and within the scope of such position or otherwise agreed by ZCGC and the Special Committee; 

  
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	 	(vi)	 Consultation, guidance and assistance in those business areas delegated by the Special Committee and agreed by
ZCGC; 

  

	 	(vii)	 Management of all functions and activities delegated by the Special Committee and agreed by ZCGC; and

  

	 	(viii)	 Such other duties as shall be determined and directed by the Special Committee and agreed byZCGC.

 In the performance of the Services under this Consulting Agreement, ZCGC shall use its commercially reasonable efforts
and ZCGC shall devote only so much of its time and attention as is necessary to provide the Services in a timely and competentmanner. ZCGC makes no representations or warranties, express or implied, in respect of the Services to be provided by ZCGC
hereunder. 
 2. ZCGC shall be entitled to rely upon the information provided by the Company’s personnel, vendors and other associated
third parties and to assume that it is correct in all material respects. ZCGC shall have no obligation to independently verify such information. 

3. The Company shall retain responsibility for its compliance with all applicable federal, state and local laws and regulations relating to
the Company’s use of the Services. 
 4. ZCGC will not provide any Services which require local, state or federal licensure or
certification. ZCGC is not providing any legal advice or counsel under this Consulting Agreement. Without limiting the foregoing, ZCGC is not providing an interpretation of any laws or regulations that may be applicable to the Company or that are
otherwise related to the Services. While ZCGC personnel may, through experience or specialized training or both, be familiar with the general regulatory environment, in providing the Servicessuch personnel will work under the direction of the
Company and its legal counsel regarding thespecific legal and regulatory requirements under which the Company operates. 
 5. ZCGC shall be
entitled to compensation as determined in accordance with Exhibit 1 and the reimbursement of any reasonable and documented out-of-pocket expenses, including but
not limited to expenses incurred for non-local travel; meals; lodging; postage; telephone; document reproduction, telecopy and computer charges and database access fees; and reasonable fees and expenses of
counsel, consultants and advisors retained by ZCGC upon advance written approval ofthe Company, incurred in connection with the Services (collectively “ZCGC Compensation”); provided that the ZCGC Compensation (other than out-of-pocket expenses) will be subject to a 25% discount with respect to any transaction that is abandoned, cancelled or terminated. 

6. The ZCGC Compensation shall be payable by the Company to Z Capital Partners, L.L.C. by wire transfer in
same-day funds to the account specified by ZCGC from time to time promptly upon or as soon as practicable following request for payment or reimbursement in accordance with this Consulting Agreement and the
Company’s standard policy for reimbursement of expenses as it relates to the timing and documentation of such reimbursement; provided that ZCGC shall not invoice the Company with respect to any (a) amount prior to May 2021 or
(b) particular transaction until the definitive agreement for such transaction is signed or such transaction is abandoned, cancelled or terminated. ZCGC shall inform the Company of its accrued but unpaid fees and expenses in writing on a
monthly basis to a representative of the Company designated in writing. ZCGC’s invoices under this Consulting Agreement shall be approved by the Special Committee after consultation with the Company’s management. In the event any

  
 2 

 
ZCGC personnel is appointed as a member of the Board, any fees owed or compensation paid to such person in connection therewith shall be in addition to and not in lieu of, and shall not be offset
against, any compensation or expense due under this Consulting Agreement. 
 7. To the extent that the Company cannot pay, or cause to be
paid, the ZCGC Compensation for any reason, including by reason of any prohibition on such payment pursuant to any applicable law or the terms of any agreement or indenture governing indebtedness of the Company, the payment by the Company to Z
Capital Partners, L.L.C. of the accrued and payable ZCGC Compensation will be deferred and will be payable immediately on the earlier of (i) the first date on which the payment of such deferred ZCGC Compensation is no longer prohibited under
any such law, agreement or indenture applicable to the Company and the Company is otherwise able to make such payment, or cause such payment to be made and (ii) total or partial liquidation, dissolution or winding up of the Company.
Notwithstanding anything to the contrary herein, under any applicable law or under any contract applicable to the Company, any forbearance of collection of the ZCGC Compensation, as applicable, by Z Capital Partners, L.L.C. shall not be deemed to be
a subordination of such payments to any other person, entity or creditor of the Company. Any such forbearance shall be at Z Capital Partners, L.L.C.’s sole option and discretion. 

8. Notwithstanding anything to the contrary contained in this Consulting Agreement, the parties hereto acknowledge and agree that all amounts
payable under this Consulting Agreement will be solely the obligations of the Company. 
 9. Indemnification. 

 

	 	(i)	 To the extent permissible under applicable law, the Company will, and will cause its Controlled Entities (as
defined below) to, indemnify and hold harmless ZCGC and its former, current and future direct or indirect equity holders, controlling persons, stockholders, directors, officers, employees, agents, affiliates, including shareholders, members,
advisers, general or limited partners or assignees (each a “Related Party”) or any Related Party of any Related Party (each such person being an “Indemnified Party”) from and against any and all
actions, suits, investigations, losses, claims, damages, liabilities and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of
investigating or defending against any claim or alleged claim), including in connection with seeking indemnification, whether joint or several, related to, arising out of or in connection with the performance of the Services or other services
contemplated by this Consulting Agreement or the engagement of ZCGC pursuant to, and the performance by ZCGC of the Services or other services contemplated by, this Consulting Agreement, whether or not pending or threatened, whether or not an
Indemnified Party is a party, whether or not resulting in any liability and whether or not such action, claim, suit, investigation or proceeding is initiated or brought by the Company or its subsidiaries (the “Liabilities”);
provided that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company hereby agrees to make, and/or cause the Controlled Entities to make, the maximum contribution to the payment and
satisfaction of each of the indemnified Liabilities which is permissible under applicable law. The Company will, and/or will cause its Controlled Entities to, reimburse any Indemnified Party for all reasonable costs and expenses (including
reasonable attorneys’ fees and expenses and any other litigation-related expenses) as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any action, claim, suit, investigation or
proceeding for which the Indemnified Party would be entitled to 

  
 3 

	 	
indemnification under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto, subject to an undertaking that
the Indemnified Party will return any such reimbursement to the Company, or the applicable Controlled Entities, if it is determined by a court, in a final judgment from which no appeal may be taken, that such Indemnified Party is not entitled to
indemnification. The Company agrees that it will not, and will cause the Controlled Entities not to, without the prior written consent of the Indemnified Party, settle, compromise or consent to the entry of any judgment in any pending or threatened
claim, action or proceeding relating to the matters contemplated hereby (if any Indemnified Party is a party thereto or has been threatened to be made a party thereto) unless such settlement, compromise or consent includes an unconditional release
of the Indemnified Party from all liability, without future obligation or prohibition on the part of the Indemnified Party, arising or that may arise out of such claim, action or proceeding, and does not contain an admission of guilt or liability on
the part of the Indemnified Party. The Company will not be liable under the foregoing indemnification provision with respect to any particular loss, claim, damage, liability, cost or expense of an Indemnified Party that is determined by a court, in
a final judgment from which no further appeal may be taken, to have resulted from the gross negligence, willful misconduct, bad faith or fraud of such Indemnified Party or as otherwise provided under applicable law. The attorneys’ fees and
other expenses of an Indemnified Party shall be paid by the Company or by its Controlled Entities as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Party to repay such amounts if it is finally
judicially determined that the Liabilities in question resulted from the gross negligence, willful misconduct, bad faith or fraud of such Indemnified Party or the Indemnified Party is otherwise not entitled to indemnification. For the avoidance of
doubt, in no event shall the Company or its subsidiaries have any liability to any Indemnified Party for any Liabilities arising from any failure to agree to any conditions, restrictions, obligations or requirements in connection with applicable
antitrust laws, except to the extent such failure arises in connection with a transaction in which the Company or its subsidiaries are party. The Company shall not be liable for any settlement or compromise agreed by any Indemnified Party without
the prior written consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed). 

  

	 	(ii)	 The Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause the
Controlled Entities to, be fully and primarily responsible for the payment to the Indemnified Parties in respect of Liabilities in connection with any Jointly Indemnifiable Claims (as defined below), pursuant to and in accordance with (as
applicable) the terms of (i) the General Corporation Law of the State of Delaware as set forth in the Delaware Code, (ii) this Consulting Agreement, (iii) any other agreement between the Company or any Controlled Entity and the
Indemnified Parties pursuant to which the Indemnified Parties are indemnified, (iv) the laws of the jurisdiction of incorporation or organization of any Controlled Entity and/or (v) the articles of incorporation, articles of organization,
bylaws, partnership agreement, operating agreement, articles of formation, articles of limited partnership or other organizational or governing documents of any Controlled Entity ((i) through (v) collectively, the “Indemnification
Sources”), irrespective of any right of recovery the Indemnified Parties may have from any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company, any
Controlled Entity or the insurer under and pursuant to an insurance policy of the Company or any Controlled Entity) from whom an Indemnified Party may be entitled to 

  
 4 

	 	
indemnification with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification obligation (collectively, the “Indemnified
Party-Related Entities”). The Company waives, relinquishes and releases all Indemnified Party-Related Entities from any and all claims against the Indemnified Party-Related Entities for contribution, subrogation or any other recovery
and under no circumstance shall the Company or any Controlled Entity be entitled to any right of subrogation or contribution by the Indemnified Party-Related Entities and no right of advancement or recovery the Indemnified Party may have from the
Indemnified Party-Related Entities shall reduce or otherwise alter the rights of the Indemnified Party or the obligations of the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the Indemnified
Party-Related Entities shall make any payment to the Indemnified Party in respect of indemnification with respect to any Jointly Indemnifiable Claim, (x) the Company shall, and to the extent applicable shall cause the Controlled Entities to,
reimburse the Indemnified Party-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnified Party-Related Entity, (y) to the extent not previously and fully reimbursed by the Company
and/or any Controlled Entity pursuant to clause (x), the Indemnified Party-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnified Party
against the Company and/or any Controlled Entity, as applicable, and (z) the Indemnified Party shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution
of such documents as may be necessary to enable the Indemnified Party-Related Entities effectively to bring suit to enforce such rights. The Company and each Indemnified Party agree that each of the Indemnified Party-Related Entities shall be
third-party beneficiaries with respect to this Paragraph 9(ii) entitled to enforce this Paragraph 9(ii) as though each such Indemnified Party-Related Entity were a party to this Agreement. The Company shall cause each of the Controlled
Entities to perform the terms and obligations of this paragraph as though each such Controlled Entity was a party to this Consulting Agreement. 

  

	 	(iii)	 For purposes of this Consulting Agreement, the term (i) “Jointly Indemnifiable Claims”
shall be broadly construed and shall include, without limitation, any Liabilities for which the Indemnified Party shall be entitled to indemnification from both (1) the Company and/or any Controlled Entity pursuant to the Indemnification
Sources, on the one hand, and (2) any Indemnified Party-Related Entity pursuant to any other agreement between any Indemnified Party-Related Entity and the Indemnified Party pursuant to which the Indemnified Party is indemnified, the laws of
the jurisdiction of incorporation or organization of any Indemnified Party-Related Entity and/or the articles of incorporation, articles of organization, bylaws, partnership agreement, limited liability company or operating agreement, articles of
formation, articles of limited partnership or other organizational or governing documents of any Indemnified Party-Related Entity, on the other hand, and (ii) the term “Controlled Entity” shall mean any other
corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise controlled by the Company. 

  

	 	(iv)	 The rights of an Indemnified Party to indemnification hereunder will be in addition to any other rights and
remedies any such person may have under any other agreement or instrument to which each Indemnified Party is or becomes a party or is or otherwise becomes a beneficiary or under any law or regulation. 

  
 5 

 10. Disclaimer, Release and Limitation of Liability. 

 

	 	(i)	 Neither ZCGC nor any of its affiliates make any representation or warranty, express or implied, in respect of
the Services to be provided hereunder. In no event shall ZCGC or any Indemnified Party be liable to the Company or any of its affiliates for any act, alleged act, omission or alleged omission that does not constitute willful misconduct, bad faith,
gross negligence or fraud of ZCGC or any Indemnified Party as determined by a final, non-appealable determination of a court of competent jurisdiction. 

 

	 	(ii)	 In recognition (i) that ZCGC and its affiliates (other than the Company and its subsidiaries) performing
the Services or other services under this Consulting Agreement (ZCGC and each such affiliate, each a “Consultant” and collectively, the “Consultant Group”) currently have, and will in the future have
or will consider acquiring, investments in numerous companies with respect to which a member of the Consultant Group may serve as an adviser, a director or in some other capacity, (ii) that members of the Consultant Group have myriad duties to
various investors and partners and in anticipation that the Company, on the one hand, and the members of the Consultant Group (or one or more of their respective affiliates, associated investment funds or portfolio companies), on the other hand, may
engage in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, (iii) of the benefits to be derived by the Company hereunder, and (iv) of the difficulties which may confront
any adviser who desires and endeavors fully to satisfy such adviser’s duties in determining the full scope of such duties in any particular situation, the provisions of this Paragraph 10(ii) are set forth to regulate, define and guide
the conduct of certain affairs of the Company as they may involve ZCGC. Except as ZCGC may otherwise agree in writing after the date hereof: 

  

	 	(a)	 Each member of the Consultant Group (including each of their associated investment funds and portfolio
companies) shall have the right: (A) to directly or indirectly engage in any business (including, without limitation, any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, the
Company and its subsidiaries); (B) to directly or indirectly do business with any client or customer of the Company and its subsidiaries; (C) to take any other action that such Consultant believes in good faith is necessary to or appropriate to
fulfill its obligations as described in the first sentence of this Paragraph 10(ii); and (D) not to present potential transactions, matters or business opportunities to the Company or any of its subsidiaries, and to pursue, directly or
indirectly, any such opportunity for themselves, and to direct any such opportunity to another person (other than any such potential transaction, matter or business opportunity that is expressly offered or presented to a member of the Consultant
Group primarily because of such party’s relationship to the Company). 

  

	 	(b)	 Except as specified in Paragraph 10(ii)(b) hereof, no member of the Consultant Group shall have any duty
(contractual or otherwise) to communicate or present any corporate opportunities to the Company or any of its affiliates or to refrain from any actions specified in Paragraph 10(ii)(a) hereof, and the Company, on its own behalf and on behalf
of its affiliates, hereby irrevocably waives any right to require ZCGC or any of its affiliates to act in a manner inconsistent with the provisions of this Paragraph 10(ii). 

  
 6 

	 	
(c) No member of the Consultant Group shall be liable to the Company or any of its affiliates for breach of any duty (contractual or otherwise), other than the obligation to act in accordance
with the implied covenant of good faith and fair dealing, by reason of any activities or omissions of the types referred to in this Paragraph 10(ii) or of any such person’s participation therein. 

 

	 	(iii)	 The Company, on behalf of itself and that of the Controlled Entities, hereby irrevocably and unconditionally
releases and forever discharges ZCGC and each other Indemnified Party from any and all liabilities, claims and causes of action related to or arising out of or in connection with the Services or other services contemplated by this Consulting
Agreement or the engagement of ZCGC pursuant to, and the performance by ZCGC of the Services or other services contemplated by, this Consulting Agreement that the Company or any Controlled Entity may have suffered or incurred, or may claim to have
suffered or incurred, on or after the date hereof, except with respect to any act or omission that constitutes willful misconduct, bad faith, gross negligence or fraud of ZCGC or Indemnified Party as determined by a final, non-appealable determination of a court of competent jurisdiction. For avoidance of doubt, such release shall only apply to any acts or omissions of ZCGC or any Indemnified Party occurring prior to the effectiveness
of this Consulting Agreement. 

  

	 	(iv)	 In no event will ZCGC or any Indemnified Party be liable to the Company or any of its affiliates (i) for any
indirect, special, incidental or consequential damages, including, without limitation, lost profits or savings, whether or not such damages are foreseeable, or for any third-party claims (whether based in contract, tort or otherwise), related to or
arising out of or in connection with the Services or other services contemplated by this Consulting Agreement or the engagement of ZCGC pursuant to, and the performance by ZCGC of the Services or other services contemplated by, this Consulting
Agreement that the Company may have suffered or incurred, or may claim to have suffered or incurred, on or after the date hereof, except with respect to any act or omission that constitutes gross negligence, willful misconduct, bad faith or fraud as
determined by a final, non-appealable determination of a court of competent jurisdiction or (ii) for an amount in excess of the fees actually received by ZCGC hereunder, except with respect to any act or
omission that constitutes gross negligence, willful misconduct, bad faith or fraud as determined by a final, non-appealable determination of a court of competent jurisdiction. 

11. At the conclusion of this engagement, ZCGC may place customary “tombstone” advertisements in financial and other newspapers and
journals, at its own expense, describing its services under this Consulting Agreement, subject to prior written approval by the Company, which consent shall not be unreasonably withheld, conditioned or delayed (it being understood that no such
advertisement or announcement will disclose the financial terms of any transaction). 
 12. The term of this Consulting Agreement shall
commence on the date hereof and shall be terminable by either the Company or ZCGC upon written notice to the other party, without liability or continuing obligation except as set forth in the remainder of this Paragraph 12. Notwithstanding
any such termination, ZCGC will be entitled to and the Company shall remain liable for the ZCGC Compensation through the effective date of such termination. The provisions of Paragraphs 2 through 22 of this Consulting Agreement,
inclusive, will survive any terminationof this Consulting Agreement. 

  
 7 

 13. ZCGC has been retained under this Consulting Agreement as an independent contractor with
no fiduciary or agency relationship to the Company. Notwithstanding anything to the contrary contained in this Consulting Agreement, the parties hereto acknowledge and agree that the employees, agents and professionals of ZCGC are independent
contractors hired by the Company and shall in no event be considered employees or agents of the Company, nor shallthey be entitled to or eligible, by reason of the contractual relationship hereby created, to participate in any benefits or privileges
given or extended by the Company to its employees. This Consulting Agreement will inure to the sole and exclusive benefit of ZCGC, the Company and their respective successors and representatives. This Consulting Agreement may not be assigned or
delegated by either party, including any assignment by operation of law, without the prior written consent of the other party. 
 14. This
Consulting Agreement will be governed by and construed in accordance with the laws of the State of Delaware in the United States of America applicable to agreements executed and to be performed entirely within that state. The parties agree to the
exclusive jurisdiction of the state and federal courts in Wilmington, Delaware USA to resolve any disputes or disagreements that may arise under any provision of this Consulting Agreement. 

15. This Consulting Agreement may not be amended or modified, nor may any provision be waived, except in writing signed by both parties. 

16. Any notices or other communications required or permitted hereunder shall be made in writing and will be sufficiently given if delivered
personally or sent by email with confirmed receipt, or by overnight courier, addressed as follows or to such other address of which the parties may have given written notice: 

if to ZCGC: 
 c/o Z Capital
Partners, L.L.C. 
 1330 Avenue of the Americas, 16th Floor 

New York, NY 10019 
 Attention:
Legal Department 
 Email: legal@zcap.net 

if to the Company: 

Gaming & Hospitality Acquisition Corp. 

3755 Breakthrough Way Suite 
 300

 Las Vegas, NV 89135 

Attention: Andrei Scrivens, CFO 

Email: andrei.scrivens@gamingandhospitality.net 

Unless otherwise specified herein, such notices or other communications will be deemed received (i) on the date delivered, if delivered
personally or sent by facsimile with confirmed receipt, and (ii) one business day after being sent by overnight courier. 
 17. This
Consulting Agreement constitutes the entire agreement between the parties and supersedes and cancels any and all prior or contemporaneous arrangements, understandings and agreements, written or oral, between them, relating to the subject matter of
this Consulting Agreement. 

  
 8 

 18. If any term, provision, covenant or restriction contained in this Consulting Agreement
is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions contained in this Consulting Agreement will
remain in full force and effect and will in no way be affected, impaired or invalidated. 
 19. THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY
WITH RESPECT TO ANY CLAIM OR PROCEEDING RELATED TO OR ARISING OUT OF ZCGC’S ENGAGEMENT, ANY TRANSACTION OR CONDUCT IN CONNECTION THEREWITH, OR THIS CONSULTING AGREEMENT. 

20. All communications hereunder may be made in writing and delivered by facsimile or by electronic means, and this Consulting Agreement may
be executed in one or more counterparts, all of which shall be considered one and the same Consulting Agreement and each of which shallbe deemed an original. 

21. Reference is made to the final prospectus of the Company, dated as of February 2, 2021 and filed with the SEC on February 4,
2021 (File No. 333-252182) (the “Prospectus”). By this Consulting Agreement, the Company hereby notifies ZCGC that, as detailed in the Prospectus, the Company has established a
trust account (the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”) and the overallotment shares acquired by its underwriters and from certain private placements
occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of the Company’s public stockholders (including overallotment shares acquired by the Company’s underwriters, the
“Public Stockholders”), and that, except as otherwise described in the Prospectus, the Company may disburse monies from the Trust Account only: (a) to the Public Stockholders in the event they elect to redeem their the
Company shares in connection with the consummation of the Company’s initial business combination (as such term is used in the Prospectus) (the “Business Combination”) or in connection with an extension of its deadline to
consummate a Business Combination, (b) to the Public Stockholders if the Company fails to consummate a Business Combination within twenty-four (24) months after the closing of the IPO, subject to extension by an amendment to the
Company’s organizational documents, (c) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes or (d) to the Company after or concurrently with the consummation of a
Business Combination. For and in consideration of the Company entering into this Consulting Agreement with ZCGC, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, ZCGC hereby agrees that,
notwithstanding anything to the contrary in this Consulting Agreement, ZCGC does not now and shall not at any time hereafter have any right, title, interest or claim of any kind in or to any monies in the Trust Account or distributions therefrom, or
make any claim against the Trust Account (including any distributions therefrom) under this Consulting Agreement (collectively, the “Released Claims”). ZCGC irrevocably waive any Released Claims that it may have against the
Trust Account (including any distributions therefrom) now or in the future under this Consulting Agreement and will not seek recourse against the Trust Account (including any distributions therefrom) under this Consulting Agreement. ZCGC agrees and
acknowledges that such irrevocable waiver is material to this Consulting Agreement and specifically relied upon by the Company to induce the Company to enter into this Consulting Agreement, and ZCGC further intends and understands such waiver to be
valid, binding and enforceable against it under applicable law. To the extent ZCGC commences any action or proceeding based upon this Consulting Agreement which proceeding seeks, in whole or in part, monetary relief against the Company or its
representatives, ZCGC hereby acknowledges and agrees that its sole remedy shall be against funds held outside of the Trust Account and that such claim shall not permit you to have any claim under this Consulting Agreement against the Trust Account
(including any distributions therefrom) 

  
 9 

 
or any amounts contained therein. In the event ZCGC commence any action or proceeding based upon this Consulting Agreement which proceeding seeks, in whole or in part, relief against the Trust
Account (including any distributions therefrom) or the Public Stockholders, whether in the form of money damages or injunctive relief, the Company and its representatives, as applicable, shall be entitled to recover from you the associated legal
fees and costs in connection with any such action, in the event the Company or its representatives, as applicable, prevails in such action or proceeding. 

22. ZCGC and its representatives shall not disclose any nonpublic information provided by or on behalf of the Company to ZCGC or any of its
representatives to any other person or entity without the prior written consent of the Company except as required by law or requested by a governmental authority or self-regulatory organization. 

23. If the foregoing correctly sets forth our understanding, please date, sign and return to us an executed copy of this Consulting Agreement,
whereupon this Consulting Agreement will constitute a binding agreement as set forth below under your signature. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 10 

 Sincerely, 
  

			
	ZCG Consulting, LLC
		
	By:	 	/s/ James J. Zenni, Jr.
	Name:	 	James J. Zenni, Jr.
	Title:	 	President & Chief Executive Officer

 [Signature Page to Consulting Agreement] 

			
	AGREED TO AND ACCEPTED BY:
	
	Gaming & Hospitality Acquisition Corp.
		
	By:	 	/s/ Andrei Scrivens
	Name:	 	Andrei Scrivens
	Title:	 	Chief Financial Officer

 [Signature Page to Consulting Agreement] 

 EXHIBIT 1 

COMPENSATION 
  

							
	 Position
	  	 Current Consultants
	  	Hourly Rate	 
	 Operating Partners
	  	 Ryan Paskin
	  	$	650	 
		  	 Glenn Walsh
	  	$	650	 
		  	 Said Toro
	  	$	500	 
		  	 Brian Cooper
	  	$	650	 
	 Operating Associate
	  	 Geoff Griffen
	  	$	300	 

 Rates are subject to adjustment from time to time by ZCGC with the prior written consent of the Company. Additional Operating
Partners or Operating Associates may be added with the prior written consent of the Company and will be billed and the then-current rate.

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