Document:

EX-10.11

 Exhibit 10.11 

CALL RIGHT AGREEMENT 

(Harrah’s Atlantic City) 

THIS CALL RIGHT AGREEMENT (this “Agreement”) is entered into as of October 6, 2017 (the “Effective Date”),
by and among VICI Properties, L.P., a Delaware limited partnership (“Propco”), and Caesars Entertainment Corporation, a Delaware corporation (“Owner”). Propco and Owner are together referred to herein as the
“Parties”, and each individually, a “Party”. 
 RECITALS: 

A. The Debtors’ Third Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code, Case No. 15-01145 (the “Plan”) provides among other things that on the Effective Date of the Plan, the Parties shall enter into this Call Right Agreement. 

B. Owner, indirectly through its subsidiaries, owns certain real property together with the real property improvements thereon (together with
related fixtures and other related property) located at 777 Harrah’s Blvd., Atlantic City, New Jersey 08401, as more particularly described on Exhibit A attached hereto (the “Property”). 

C. Owner desires to grant to Propco an option to purchase the Property, and Propco desires to obtain an option to purchase the Property, all
on the terms and conditions set forth in this Agreement. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereby agree as follows: 
 1. Definitions. For purposes of
this Agreement, the following terms shall have the following meanings: 
 “Affiliate” means, with respect to
any Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control with such Person. In no event shall CEC or any of its Affiliates, on the one hand, or Propco or any of its Affiliates, on the other
hand, be deemed to be an Affiliate of the other Party as a result of this Agreement or other agreements or arrangements between such Parties, and/or as a result of any consolidation for accounting purposes by CEC (or its Subsidiaries) or Propco (or
its Affiliates) of the other such Party or the other such Party’s Affiliates. 
 “Alternative
Transaction” shall have the meaning set forth in Section 2(j) hereof. 
 “Alternative Transaction
Period” shall have the meaning set forth in Section 2(g) hereof. 

  
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 “Arbitration Panel” shall have the meaning set forth in
Section 3 hereof. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is
not a day on which national banks in the City of Las Vegas or in the City of New York, New York are authorized, or obligated, by law or executive order, to close. 

“Call Right” means Propco’s option to purchase the Property and simultaneously lease back the Property to
Lessee in accordance with the terms and conditions of this Agreement. 
 “Closing Date” means the date upon
which the Property shall be conveyed to Propco and leased back to Lessee in accordance with the terms hereof. 

“Control” (including the correlative meanings of the terms “Controlled by” and “under common
Control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities,
partnership interests, other equity interests or otherwise. 
 “Debt Limitation” shall mean, at any time,
that the exercise of the Call Right and the consummation of the sale and leaseback transaction contemplated thereby on the terms set forth herein would not be permitted at such time by any agreements governing indebtedness, under which at least
$100,000,000 of indebtedness in the aggregate for all such agreements is outstanding, the covenants of which would (in the good faith determination of CEC) not permit the consummation of the transactions contemplated hereby at such time. 

“Debt Limitation Resolution Deadline” shall have the meaning set forth in Section 2(d)(ii)1. 

“Designated Propco Group” shall mean, collectively, investment funds managed by Affiliates of each of Elliott
Management, J.P. Morgan Investment Management, Inc., Monarch Alternative Capital LP, and Pacific Investment Management Company LLC. 

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

“EBITDAR” means, for any applicable twelve (12) month period, the consolidated net income or loss of a
Person on a consolidated basis for such period, determined in accordance with GAAP; provided, however, that without duplication and in each case to the extent included in calculating net income (calculated in accordance with
GAAP): (i) income tax expense shall be excluded; (ii) interest expense shall be excluded; (iii) depreciation and amortization expense shall be excluded; (iv) amortization of intangible assets shall be excluded;
(v) write-downs and reserves for non-recurring restructuring-related items (net of recoveries) shall be excluded; (vi) reorganization items shall be excluded; (vii) any impairment charges or
asset write-offs, non-cash gains, 

  
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losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related interpretations, and non-cash
charges for deferred tax asset valuation allowances, shall be excluded; (viii) any effect of a change in accounting principles or policies shall be excluded; (ix) any non-cash costs or expense
incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement shall be excluded; (x) any nonrecurring gains or losses (less
all fees and expenses relating thereto) shall be excluded; (xi) rent expense; and (xii) the impact of any deferred proceeds resulting from failed sale accounting shall be excluded. In connection with any EBITDAR calculation made pursuant to this
Agreement or any determination or calculation made pursuant to this Agreement for which EBITDAR is a necessary component of such determination or calculation, (i) promptly following request therefor, Owner shall provide PropCo with all supporting
documentation and backup information with respect thereto as may be reasonably requested by PropCo, (ii) such calculation shall be as reasonably agreed upon between Owner and PropCo, and (iii) if Owner and PropCo do not agree within twenty (20) days
of either party seeking to commence discussions, the same may be determined by an Arbitration Panel in accordance with and pursuant to the process set forth in Section 3 hereof (clauses (i) through (iii), collectively, the “EBITDAR
Calculation Procedures”). 
 “Election Notice” shall have the meaning set forth in Section 2(f).

 “GAAP” means generally accepted accounting principles in the United States consistently applied in the
preparation of financial statements, as in effect from time to time. 
 “Gaming Approval Failure” shall have
the meaning set forth in Section 2(g). 
 “Gaming Authorities” means any foreign, federal, state or local
governmental entity or authority, or any department, commission, board, bureau, agency, court or instrumentality thereof, regulating gaming activities or related activities. 

“Gaming Laws” means all applicable constitutions, treaties, laws, rates, regulations and orders and statutes
pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities and all rules, rulings, orders, ordinances, regulations of any Gaming Authority applicable to the gambling, casino,
gaming businesses or activities of Owner or any of its subsidiaries in any jurisdiction, as in effect from time to time, including the policies, interpretations and administration thereof by the Gaming Authorities. 

“Gaming Resolution Deadline” shall have the meaning set forth in Section 2(d)(ii)(2). 

“Impermissible Transaction” shall have the meaning set forth in Section 2(d)(i). 

“Lessee” shall mean Owner or the subsidiary of Owner (as determined by Owner) that will be the lessee of the
Property under the Property Lease after the Closing Date. 
 “Notice of Impermissibility” shall have the
meaning set forth in Section 2(d)(i). 
 “Owner Licensing Event” means: (a) a communication (whether
oral or in writing) by or from any Gaming Authority or other action by any Gaming Authority that indicates that such Gaming Authority is likely to find that the association of any member of the Owner Subject Group with Propco or any of its
Affiliates is likely to (i) result in a disciplinary action relating to, or the loss of, inability to reinstate or failure to obtain, any registration, application or license or any other rights or entitlements held or required to

  
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be held by Propco or any of its Affiliates under any Gaming Law, or (ii) violate any Gaming Law to which Propco or any of its Affiliates is subject; or (b) any member of the Owner
Subject Group is required to be licensed, registered, qualified or found suitable under any Gaming Law, and such Person is not or does not remain so licensed, registered, qualified or found suitable within any applicable timeframes required by the
applicable Gaming Authority, or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. For purposes of this definition, an “Affiliate” of Propco includes any Person for which Propco or its Affiliate is
providing management services. For the avoidance of doubt, it shall not be an Owner Licensing Event if (x) Owner can resolve or cure the Owner Licensing Event within applicable timeframes (for purposes of illustration and not limitation, by
terminating any responsible employee) and (y) Owner acts timely to cure the Owner Licensing Event. 
 “Owner
Panel Member” shall have the meaning set forth in Section 3(b). 
 “Owner Subject Group” means
Owner, Owner’s Affiliates and its and their principals, direct or indirect shareholders, officers, directors, agents, employees and other related Persons (including in the case of any trusts or similar Persons, the direct or indirect
beneficiaries of such trust or similar Persons), excluding Propco and its Affiliates. 
 “Owner Proposal”
shall have the meaning set forth in Section 2(d)(i). 
 “Person” means any individual, corporation, limited
liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other form of entity. 

“Propco Election Period” means a period commencing on the date hereof and ending on the date that is five
(5) years after the date hereof, subject to extension in accordance with the terms of this Agreement. 
 “Propco
Licensing Event” means: (a) a communication (whether oral or in writing) by or from any Gaming Authority or other action by any Gaming Authority that indicates that such Gaming Authority is likely to find that the association of any
member of the Propco Subject Group with Owner or any of its Affiliates is likely to (i) result in a disciplinary action relating to, or the loss of, inability to reinstate or failure to obtain, any registration, application or license or any
other rights or entitlements held or required to be held by Owner or any of its Affiliates under any Gaming Law, or (ii) violate any Gaming Law to which Owner or any of its Affiliates is subject; or (b) any member of the Propco Subject
Group is required to be licensed, registered, qualified or found suitable under any Gaming Law, and such Person is not or does not remain so licensed, registered, qualified or found suitable within any applicable timeframes required by the
applicable Gaming Authority, or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. For purposes of this definition, an “Affiliate” of Owner includes any Person for which Owner or its Affiliate is
providing management services. For the 

  
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avoidance of doubt, it shall not be a Propco Licensing Event if (x) Propco can resolve or cure the Propco Licensing Event within applicable timeframes (for purposes of illustration and not
limitation, by terminating any responsible employee) and (y) Propco acts timely to cure the Propco Licensing Event. 

“Propco Panel Member” shall have the meaning set forth in Section 3(b). 

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

“Property” shall have the meaning set forth in the recitals hereto. For the avoidance of doubt, the
“Property” shall be limited to the fee ownership or leasehold interests in the Property and will not include any personal property of the Owner or any other Person located in or around the Property. 

“Property Lease” means a lease pursuant to which an Affiliate of Propco, as landlord, will lease the Property
to Lessee, as tenant. The Property Lease shall reflect the terms contemplated by this Agreement, and other terms to be negotiated in good faith between Owner and Propco. 

“Property Lease Rent” means an amount of base and, if applicable, variable rent (i.e. excluding additional
charges and other additional rent such as pass-throughs of expenses) to be paid under the Property Lease. The initial rent under the Property Lease will be determined based on an EBITDAR coverage ratio with respect to the Property (based on the most
recently ended four fiscal quarter period for which financial statements are available as of the date of Propco’s election of the Call Right) of 1.67x (i.e. the ratio of EBITDAR for such period to the initial rent under the Property Lease will
be 1.67 to 1). The initial Property Lease Rent shall adjust during the term of the Property Lease on terms consistent with the Non-CPLV Master Lease, unless the Owner and Propco otherwise agree. 

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

“Property Package Request” shall have the meaning set forth in Section 2(b). 

“Purchase Price” means the price to be paid for Propco’s purchase of the Property, which Purchase Price
shall be determined by multiplying the initial Property Lease Rent by ten (10). 
 “Qualifying Proposal”
shall mean an Owner Proposal the terms of which reflect economic benefits to Propco equal to at least the economic benefits that would have inured to Propco if the exercise of the Call Right with respect to the Property would not constitute an
Impermissible Transaction. 

  
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 “Regulatory Period” shall have the meaning set forth in Section
2(g). 
 “Requisite Gaming Approvals” shall have the meaning set forth in Section 2(g). 

“Subsidiary” means, as to any Person, (i) any corporation more than fifty percent (50%) of whose stock of
any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have
voting power by reason of the happening of any contingency) is at the time of determination owned by such Person and/or one or more Subsidiaries of such Person, and (ii) any partnership, limited liability company, association, joint venture or
other entity in which such Person and/or one or more Subsidiaries of such Person has more than a fifty percent (50%) equity interest at the time of determination. 

“Third Panel Member” shall have the meaning set forth in Section 3(b). 

“Value Loss Amount” shall mean, on any date of determination hereunder, an amount equal to $114,000,000.00,
increasing at a rate of 8.5% per annum, with annual compounding for the period from the date of this Agreement until the date on which payment of the Value Loss Amount is made. 

2. Call Right in Favor of Propco. 

(a) Call Right. At any time, Propco shall have the right to exercise the Call Right in accordance with the procedures set
forth in this Section 2. 
 (b) Property Package Request and Requirements. As a condition to exercising the Call
Right, on or prior to the expiration of the Propco Election Period, Propco shall deliver to Owner (i) a notice of Propco’s intention to exercise the Call Right, (ii) evidence reasonably satisfactory to Owner of Propco’s ability
to finance the exercise of the Call Right (provided, that if Propco’s net leverage at such time of request is less than 10 to 1 (with net leverage being defined as the ratio of (1) funded debt minus unrestricted cash to
(2) EBITDAR for the last four (4) fiscal quarters for which financial statements are available, in each case of Propco and its subsidiaries on a consolidated basis) then Propco shall be deemed to have provided evidence reasonably
satisfactory to Owner) and (iii) a request for the Property Package from Owner (collectively, the “Property Package Request”). As promptly as practicable after receipt of the Property Package Request, but in no event later than
the date occurring sixty (60) days after Owner’s receipt of the Property Package Request, Owner shall provide to Propco either (x) a Notice of Impermissibility or (y) a package of information (the “Property
Package”), which shall set forth all material information with respect to the Property and the Call Right including, without limitation, the following: 

(i) the material acquisition terms, including, without limitation, the Purchase Price and the proposed Closing Date; 

  
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 (ii) an initial draft of a sale agreement in customary form for purchases of properties such
as the Property, including customary representations and warranties (the “Sale Agreement”); 
 (iii) a summary of
material changes in and developments with respect to the Property since the date of this Agreement (including any material revisions and/or updates to the information set forth on Exhibit A hereto); 

(iv) due diligence materials of a type that would customarily be provided to a purchaser of properties such as the Property (if and to the
extent Owner has access to such materials at the time the Property Package Request was received or can procure such materials through the use of commercially reasonable efforts during such 60-day period),
including in any event the most recent available title report, environmental reports, current tax status and any assessments owed, and information regarding any known litigation or judgment (collectively, the “Diligence Materials”);

 (v) an initial draft of the Property Lease, which Property Lease shall comply with the terms of this Agreement; 

(vi) a description of any regulatory approvals that would be required in connection with the exercise of the Call Right and the consummation of
the transactions contemplated thereby; and 
 (vii) a detailed explanation of the computation of the proposed Purchase Price and the Property
Lease Rent. 
 Promptly upon Owner’s or Propco’s reasonable request therefor, Propco or Owner, as applicable, shall provide to Owner or Propco, as
applicable, additional information reasonably related to the Call Right, to the extent such information is reasonably available to Propco or Owner, as applicable. Propco agrees to cooperate with Owner and use commercially reasonable efforts to
provide information regarding Propco (and its officers and Affiliates) that is reasonably requested by Owner to Owner in connection with Owner’s preparation of the Property Package (including, without limitation, providing any information
necessary to aid Owner in determining the regulatory approvals applicable to Propco and the Call Right). 
 (c) Call Right
Deadline. If Propco does not deliver a Property Package Request to Owner in accordance with the above prior to the expiration of the Propco Election Period, this Agreement shall automatically terminate with respect to
the Property on the expiration of such period. 
 (d) Impermissible Transactions. 

(i) If within sixty (60) days of receipt of the Property Package Request, Owner in good faith determines that (after
having used commercially reasonable efforts to resolve such circumstances), either (1) the Property is (and will be) subject to a Debt Limitation that cannot be waived or otherwise amended in a manner that would

  
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permit the exercise of the Call Right, (2) the consummation of the Call Right will (in Owner’s good faith opinion) not be approved by the applicable Gaming Authorities (or will
otherwise not comply with applicable laws and regulations), or (3) the Property is not (and will not be) for any other reason able to be timely delivered pursuant to the exercise of the Call Right (any such event or circumstance being referred
to as an “Impermissible Transaction”), then Owner shall notify Propco thereof within such 60-day period (such notice, a “Notice of Impermissibility”). Any Notice of
Impermissibility shall specify the actions taken by Owner in determining whether the exercise of the Call Right would be an Impermissible Transaction, a detailed description of the circumstances giving rise to such determination, and the
commercially reasonable efforts undertaken to resolve such circumstances. In the event that Owner delivers a Notice of Impermissibility, Owner may simultaneously with the delivery thereof propose in good faith one or more replacement properties and
the material transaction terms for the purchase and lease of such properties (the “Owner Proposal”). If Owner makes an Owner Proposal, Propco shall make a commercially reasonable determination of whether the Owner Proposal
constitutes a Qualifying Proposal. If the Owner Proposal is a Qualifying Proposal, the Parties shall proceed with the transaction reflected in the Owner Proposal on the terms otherwise set forth herein. If Owner does not, simultaneously with the
Notice of Impermissibility, make an Owner Proposal, or makes an Owner Proposal that is not a Qualifying Proposal, then Section 2(d)(ii) below shall apply. Any dispute as to whether the exercise of the Call Right would be an Impermissible
Transaction, or whether an Owner Proposal is a Qualifying Proposal, shall be resolved pursuant to arbitration in accordance with the procedures set forth in Section 3 hereof. 

(ii) In the event that the exercise of the Call Right would be an Impermissible Transaction (whether by agreement of the
Parties or following resolution pursuant to arbitration in accordance with the procedures set forth in Section 3 hereof), and the Parties are not proceeding with a Qualifying Proposal, then the following shall apply: 

1. If the exercise of the Call Right would be an Impermissible Transaction due to a Debt Limitation, then Owner shall use
commercially reasonable efforts to resolve such Debt Limitation in accordance with Section 2(h) below and will continue to use such efforts until the expiration of the period that is one (1) year after the date of the delivery of the
Property Package Request with respect to the Property (such date, the “Debt Limitation Resolution Deadline”). If such Debt Limitation is not resolved upon or before the Debt Limitation Resolution Deadline, then Owner shall pay to
Propco, five (5) business days after the Debt Limitation Resolution Deadline, an amount in cash equal to the Value Loss Amount, provided, that if (1) the applicable Debt Limitation is contained in an agreement as to which any member
of the Designated Propco Group is a party, (2) such member of the Designated Propco Group has been requested in writing no later than sixty (60) days prior to the Debt Limitation Resolution Deadline to waive or modify the Debt Limitation
in a manner that, upon such waiver or modification by such member (and any other members of the Designated Propco Group party to such agreement), would enable the consummation of the transactions contemplated hereunder, (3) the requested

  
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waiver or modification is limited to one or more covenant(s) that would otherwise prohibit the sale of the Property under and pursuant to the terms contained in this Agreement, and such requested
waiver or modification operates only to permit the sale of the Property under and pursuant to the terms contained in this Agreement (and does not otherwise waive or modify the agreement in which the applicable Debt Limitation is contained); and
(4) such member of the Designated Propco Group has failed to provide such waiver or modification, then in such circumstance, Owner shall have no obligation to pay the Value Loss Amount. It is understood and agreed that the foregoing proviso
does not require any member of the Designated Propco Group to agree to any other amendment or waiver under such agreement other than with respect to the Debt Limitation. 

2. If the exercise of the Call Right would be an Impermissible Transaction due to any other reason other than a Debt Limitation
(including a Gaming Approval Failure), then the Parties shall use commercially reasonable efforts to resolve such issue (including, in the case of a Gaming Approval Failure, in accordance with Section 2(g) below), and will continue to use
such efforts until the expiration of the period that is one (1) year after the date of the delivery of the Property Package Request with respect to the Property, which such date may be extended by Propco but not beyond the expiration of the
Propco Election Period (the “Gaming Resolution Deadline”); provided, that if after one (1) year after the date of delivery of the Property Package Request such issue has not been resolved and the Parties determine that there is
no reasonable chance that such issue will be resolved beyond such period, such date of determination will be the Gaming Resolution Deadline. If the applicable issue giving rise to the Impermissible Transaction is not resolved by the Gaming
Resolution Deadline, then the provisions of Section 2(j) below regarding an Alternative Transaction shall apply. If there is a dispute between the Parties regarding whether there is a reasonable chance of the applicable issue being resolved pursuant
to the proviso in the second preceding sentence, such dispute shall be resolved in accordance with the procedures set forth in Section 3 hereof. If it is determined by the Arbitration Panel that the applicable issue has a reasonable chance of
being resolved, the Gaming Resolution Deadline will not occur at such time and this subparagraph 2 will continue to apply. If it is determined by the Arbitration Panel that the applicable issue does not have a reasonable chance of being resolved,
then the Gaming Resolution Deadline will occur at such time and the provisions of Section 2(j) below regarding an Alternative Transaction shall apply. 

(e) Delivery of Property Package. If a Property Package is delivered and Propco, after reviewing the
Property Package, still wishes to exercise the Call Right but Propco either (1) disagrees with Owner’s computation of the Purchase Price or the Property Lease Rent or (2) has comments or revisions to the draft Property Lease or Sale
Agreement or to any other terms of the transaction (including requiring additional documentation) that are commercially reasonable, Propco shall notify Owner thereof within twenty (20) days of Propco’s receipt of the Property Package. In
such event, Owner and Propco shall negotiate in good faith up to a period of sixty (60) days in an effort to reconcile the applicable issue. If Owner and Propco are unable to resolve the subject dispute, the matter shall be resolved pursuant to
arbitration in accordance with the procedures set forth in Section 3 hereof. 

  
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 (f) Finalization of Call Right Documents. If the Property
Package is delivered, and (if applicable) any disputes under Section 2(d) above have been resolved, if Propco still wishes to exercise the Call Right, Propco shall exercise the Call Right by notice thereof to Owner (the
“Election Notice”), and Owner and Propco shall proceed with the consummation of the transactions contemplated by the Call Right and shall cooperate to structure a transaction upon the terms and conditions set forth in this Agreement
and consistent with the Property Package. In furtherance of the foregoing, Owner and Propco shall use good faith, commercially reasonable efforts, for a period of ninety (90) days following the date on which Propco delivers the Election Notice
(the “Discussion Period”), to negotiate and enter into (i) a Sale Agreement and conveyance and ancillary documents with respect to the Property and (ii) a Property Lease with respect to the Property and (iii) all
other documents that may be necessary for the subject Call Right to be exercised. The Property Lease shall provide for the following: (a) the date the Property Lease Rent becomes payable shall be the date that is concurrent with the acquisition
of the Property; (b) from and after such date, rent shall be equal to the Property Lease Rent; and (c) such other terms and conditions as Owner and Propco may agree upon, with both Owner and Propco being obligated to act in a commercially
reasonable manner. If, despite the good faith, commercially reasonable efforts of Propco and Owner, the Parties are unable to reach agreement and execute the Sale Agreement (with a Property Lease attached thereto as an exhibit, which Property Lease
shall be executed upon the consummation of the closing under the Sale Agreement) or other applicable documents prior to the expiration of the Discussion Period, then, upon the expiration of the Discussion Period, the terms and conditions in any such
documents that remain unresolved shall be established pursuant to arbitration in accordance with the procedures set forth in Section 3 hereof. 

(g) Gaming Approvals. If, within two hundred seventy (270) days (or such longer time as may be agreed
between Owner and Propco) after the finalization and execution of the Sale Agreement and the other definitive documents relating to the Call Right (the “Regulatory Period”), any necessary licenses, qualifications and approvals from
applicable Gaming Authorities required for the exercise of the Call Right and the consummation of the transactions contemplated thereby (the “Requisite Gaming Approvals”) have not been obtained (such event, a “Gaming
Approval Failure”), then (i) the Parties shall use good faith, commercially reasonable efforts to implement the Alternative Transaction (as provided in Section 2(j) below) and (ii) if upon the expiration of the Propco
Election Period (or, if later, the date that is fifteen months following the date on which the process to implement the Alternative Transaction commences) (the period from the commencement of the process to implement the Alternative Transaction
through such applicable date, the “Alternative Transaction Period”), notwithstanding the use of good faith, commercially reasonable efforts by the Parties throughout such period, the Alternative Transaction has not been consummated,
this Agreement shall automatically terminate. Owner is obligated to use good faith, commercially reasonable efforts in order to timely obtain the Requisite Gaming Approvals, and Propco is obligated to use good faith, commercially reasonable efforts
in order to timely obtain such items. If there is a dispute 
 among the Parties as to whether good faith, commercially reasonable efforts were used by Owner
or Propco throughout the Regulatory Period, or the Alternative Transaction Period, such dispute 

  
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shall be resolved in accordance with the procedures set forth in Section 3 hereof. If it is determined by the Arbitration Panel that Owner did not use good faith, commercially reasonable
efforts throughout the Regulatory Period or the Alternative Transaction Period, then Owner shall pay to Propco the Value Loss Amount within sixty (60) days after such determination. 

(h) Debt Limitations. In the event a Debt Limitation limits the exercise of the Call Right by Propco at any time, Owner
shall use commercially reasonable efforts to obtain waivers or amendments under the applicable debt agreements to waive the Debt Limitation or refinance such applicable debt in order to permit the consummation of the transactions pursuant to the
Call Right. In addition, with respect to any debt agreements applicable to the Property that are amended, restated, supplemented or entered into after the date hereof, Owner shall use commercially reasonable efforts to ensure that no Debt
Limitations shall be applicable to the Property thereafter. 
 (i) Closing. The closing of the Call Right transaction
shall occur as soon as possible after the Election Notice and resolution of all matters set forth in this Section 2 and in accordance with the terms of the Sale Agreement (and any other documents governing the transaction,
as contemplated by this Section 2). In the event that a Call Right transaction fails to close as aforesaid (other than as described in the following sentence), either Propco or Owner shall have the right to submit the
subject matter to arbitration in accordance with the procedures set forth in Section 3 hereof; provided, however, that if the Sale Agreement has been executed between the Parties, the terms and conditions of such Sale Agreement shall
govern any dispute between the Parties from and after such execution rather than the arbitration procedures set forth in Section 3 hereof. In the event that a Call Right transaction fails to close as a result of Propco’s inability to
finance the acquisition of the Property on the terms contemplated hereunder, this Agreement shall automatically terminate with respect to the Property at such time. 

(j) Alternative Transaction. Upon the earliest to occur of (1) a Gaming Approval Failure after the completion of the
Regulatory Period, (2) the commencement of an Alternative Transaction process pursuant to Section 2(d)(ii)(2) above and (3) the commencement of an Alternative Transaction process pursuant to Section 4(l)(i) below, then upon any such
occurrence, Owner shall use commercially reasonable efforts to sell the Property as promptly as practicable to an alternative purchaser (an “Alternative Transaction”) (i) for the then fair market value of the Property but in any
event for no less than the Purchase Price that would otherwise be determined in accordance with this Agreement and (ii) otherwise on terms consistent with the terms of a Call Right transaction contemplated hereunder (including the lease back of
the Property to the Lessee under the terms of the Property Lease and for the Property Lease Rent). Owner and Propco shall use commercially reasonable efforts to coordinate the marketing of the Property in connection with any Alternative Transaction,
including (i) the selection of a financial advisor reasonably acceptable to both Owner and Propco and (ii) the appointment of an observer selected by Propco to monitor the marketing process. Upon the closing of any Alternative Transaction,
the net cash proceeds of the sale of the Property will be allocated (i) first, to Owner in an amount not to exceed the Purchase Price that would otherwise be determined in accordance with this Agreement and (ii) any excess of such amount,
to Propco (subject to any necessary approvals from applicable Gaming Authorities required for Owner to pay, and Propco to receive, such funds). If an Alternative Transaction is launched to the market but ultimately not 

  
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consummated, notwithstanding the good faith, commercially reasonable efforts of the Parties during the Alternative Transaction Period, then, if there is sufficient time remaining in the
Alternative Transaction Period to launch a subsequent Alternative Transaction to the market, and Propco reasonably believes that a subsequent Alternative Transaction has a reasonable chance of being consummated, taking into account changes in market
conditions and other relevant factors, the provisions of this Agreement shall continue to apply to such subsequent Alternative Transaction until the expiration of the Alternative Transaction Period. If there is a dispute between the Parties
regarding whether a subsequent Alternative Transaction has a reasonable chance of being consummated, such dispute shall be resolved in accordance with the procedures set forth in Section 3 hereof. If it is determined by the Arbitration Panel
that a subsequent Alternative Transaction does not have a reasonable chance of being consummated, the Agreement shall terminate upon such determination. If it is determined by the Arbitration Panel that a subsequent Alternative Transaction does have
a reasonable chance of being consummated, the provisions of this Section 2(j) shall apply. 
 3. Arbitration. 

(a) Arbitrator Qualifications. Unless Propco determines to not proceed with the exercise of the Call Right, any dispute,
including regarding the terms and conditions of the Purchase Price, whether the exercise of the Call Right would be an Impermissible Transaction, the terms of the Property Lease (including the Property Lease Rent), or the terms of any other
documents or issues with respect to the Property or the Call Right shall be submitted to and determined by an arbitration panel comprised of three members (the “Arbitration Panel”). No more than one panel member may be with the same
firm, and no panel member may have an economic interest in the outcome of the arbitration. In addition, each panel member shall have (i) at least five years of experience as an arbitrator and at least one year of experience in a profession that
directly relates to the ownership, operation, financing or leasing of gaming or other hospitality facilities similar to the Property or (ii) each panel member shall have at least one year of experience as an arbitrator and at least five years
of experience in a profession that directly relates to the ownership, operation, financing or leasing of gaming or other hospitality facilities similar to the Property; provided, however, if the dispute is regarding an issue with respect to Gaming
Laws or involving the Gaming Authorities then each panel member shall have at least five years in a profession that directly relates to the ownership, operation, financing or leasing of gaming facilities similar to the Property. 

(b) Arbitrator Appointment. The Arbitration Panel shall be selected as set forth in this Section 3(b). Within fifteen
(15) Business Days after the expiration of the Discussion Period or other applicable date identified in Section 2 above, Owner shall select and identify to Propco a panel member meeting the criteria of the above paragraph (the
“Owner Panel Member”) and Propco shall select and identify to Owner a panel member meeting the criteria of the above paragraph (the “Propco Panel Member”). If a Party fails to timely select its respective panel
member, the other Party may notify such Party in writing of such failure, and if such Party fails to select its respective panel member within three (3) Business Days after receipt of such notice, then such other Party may select and identify
to such Party such panel member on such Party’s behalf. Within ten (10) Business Days after the selection of the Owner Panel Member and the Propco Panel Member, the Owner Panel Member and the Propco Panel Member 

  
 12 

 
shall jointly select a third panel member meeting the criteria of the above paragraph (the “Third Panel Member”). If the Owner Panel Member and the Propco Panel Member fail to
timely select the Third Panel Member and such failure continues for more than three (3) Business Days after written notice of such failure is delivered to the Owner Panel Member and Propco Panel Member by either Owner or Propco, then Owner and
Propco shall cause the Third Panel Member to be appointed by the managing officer of the American Arbitration Association. 
 (c)
Arbitration Procedure. Within twenty (20) Business Days after the selection of the Arbitration Panel, Owner and Propco each shall submit to the Arbitration Panel a written statement identifying its summary of
the issues. Owner and Propco may also request an evidentiary hearing on the merits in addition to the submission of written statements, such request to be made in writing within such twenty (20) Business Day period. The Arbitration Panel shall
determine the appropriate terms and conditions of the documents or other matters in question in accordance with this Agreement and otherwise based on the Arbitration Panel’s determination of fair market terms relative to the Property. The
Arbitration Panel shall make its decision within twenty (20) days after the later of (i) the submission of such written statements, and (ii) the conclusion of any evidentiary hearing on the merits (if any). The Arbitration Panel shall
reach its decision by majority vote and shall communicate its decision by written notice to Owner and Propco. 
 (d) Determinations by
Arbitration Panel. Notwithstanding anything to the contrary herein, if the transactions contemplated by the exercise of the Call Right Transaction are not consummated in accordance with and subject to the terms of this
Agreement (whether because such transaction would be an Impermissible Transaction or otherwise), and the Parties are unable to resolve the subject dispute among themselves, then (i) if an Owner Proposal was made as provided herein, the
Arbitration Panel shall determine whether the Owner Proposal constitutes a Qualifying Proposal; (ii) if the Arbitration Panel determines that the Owner Proposal does constitute a Qualifying Proposal, then the Parties shall proceed with the
transaction reflected in the Owner Proposal in the same manner as otherwise provided in this Agreement with respect to a transaction involving the Property; (iii) if an Owner Proposal was not made as provided herein, or an Owner Proposal was
made as provided herein but the Arbitration Panel determines that the Owner Proposal does not constitute a Qualifying Proposal, then the Arbitration Panel shall determine whether the proposed transaction is an Impermissible Transaction; (iv) if
there is a dispute regarding whether a proposed transaction is an Impermissible Transaction, the Arbitration Panel shall determine whether it does or does not constitute an Impermissible Transaction; (v) if a proposed transaction is an
Impermissible Transaction, whether by agreement of the Parties or upon the determination of the Arbitration Panel, then the provisions of Section 2(d)(ii) above shall apply, and if a proposed transaction is not an Impermissible Transaction,
then the Parties shall proceed with the transaction in the manner otherwise provided in this Agreement; and (vi) if there is a dispute regarding whether Owner used good faith, commercially reasonable efforts to timely obtain the Requisite
Gaming Approvals as provided in Section 2(g) above, the Arbitration Panel shall make such determination, and if the Arbitration Panel determines that such good faith, commercially reasonable efforts were used, then the provisions of Section
2(d)(ii) above shall apply. If it is determined by the Arbitration Panel that Owner did not use good faith, commercially reasonable efforts throughout the Regulatory Period, then Owner shall pay to Propco the Value Loss 

  
 13 

 
Amount within sixty (60) days after such determination. For the avoidance of doubt, (i) any damages payable hereunder shall be payable only in cash or cash equivalents or, in the
discretion of both Parties acting reasonably, equity securities or debt with at least the same value as a cash award or, in the sole discretion of each Party, such other form of consideration as may be agreed between them; and (ii) in making
any determination of an issue with respect to Gaming Laws or involving the Gaming Authorities, the Arbitration Panel shall be limited to determining whether the Owner acted in good faith and/or a commercially reasonable manner with respect to this
Agreement and its obligations hereunder. 
 (e) Binding Decision. The decision by the Arbitration Panel
shall be final, binding and conclusive and shall be non-appealable and enforceable in any court having jurisdiction. All hearings and proceedings held by the Arbitration Panel shall take place in New York, New
York. 
 (f) Determination Rules. The resolution procedure described herein shall be governed by the
Commercial Rules of the American Arbitration Association and the Procedures for Large, Complex, Commercial Disputes in effect as of the date hereof. 

(g) Liability for Costs. Owner and Propco shall bear equally the fees, costs and expenses of the
Arbitration Panel in conducting any arbitration described in this Section 3. 
 4. Miscellaneous.

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

			
	 To Owner:
	  	    Caesars Entertainment Corporation
		  	    One Caesars Palace Drive
		  	    Las Vegas, NV 89109
		  	    Attention: General Counsel
		  	    Facsimile: (702) 892-2795
		  	    Email: corplaw@caesars.com
		
	 To Propco:
	  	    VICI Properties, L.P.
		  	    8329 West Sunset Road, Suite 210
		  	    Las Vegas, NV 89113
		  	    Attention: General Counsel
		  	    Email: corplaw@viciproperties.com

 Notice shall be deemed to have been given on the date of delivery if such delivery is made on a Business Day, or if not,
on the first Business Day after delivery. If delivery is refused, notice shall be deemed to have been given on the date delivery was first attempted. Notice sent by facsimile transmission shall be deemed given upon confirmation that such notice was
received at the number specified above or in a notice to the sender. 

  
 14 

 (b) Successors and Assigns. This Agreement shall be binding upon and shall inure to
the benefit of Owner and Propco and their respective permitted successors and assigns. Owner shall not have the right to assign its rights or obligations under this Agreement without the prior written consent of Propco; provided, however, in the
event that the Property is conveyed in violation of such prohibition, this Agreement shall continue to “run with the land” and be binding against any successor. Propco shall not have the right to assign its rights or obligations under this
Agreement, other than to a Subsidiary of Propco; provided, that if after the date hereof Propco assigns its rights and obligations as “Landlord” under and pursuant to the terms of the Lease
(Non-CPLV) dated as of the date hereof (the “Non-CPLV Master Lease”), with respect to properties representing at least a majority of the aggregate value
of all properties under such lease at the time of such assignment, then this Agreement shall be automatically assigned and be binding upon and inure to the benefit of such successor that is then the “Landlord” under the Non-CPLV Master Lease. 
 (c) Entire Agreement; Amendment. This Agreement and the exhibits hereto
constitute the entire and final agreement of the Parties with respect to the subject matter hereof, and may not be changed or modified except by an agreement in writing signed by the Parties. Owner and Propco hereby agree that all prior or
contemporaneous oral understandings, agreements or negotiations relative to the subject matter hereof are merged into and revoked by this Agreement. 

(d) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, which State
the Parties agree has a substantial relationship to the Parties and to the underlying transaction embodied hereby. This Agreement is the product of joint drafting by the Parties and shall not be construed against either Party as the drafter hereof.

 (e) Venue. With respect to any action relating to this Agreement, Owner and Propco irrevocably submit to the exclusive
jurisdiction of the courts of the State of New York sitting in the borough of Manhattan and the United States District Court having jurisdiction over New York County, New York, and Owner and Propco each waives: (a) any objection to the laying
of venue of any suit or action brought in any such court; (b) any claim that such suit or action has been brought in an inconvenient forum; (c) any claim that the enforcement of this Section is unreasonable, unduly oppressive, and/or
unconscionable; and (d) the right to claim that such court lacks jurisdiction over that Party. 
 (f) Waiver of Jury Trial. EACH
PARTY HERETO, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT. 

(g) Severability. If any term or provision of this Agreement or any application thereof shall be held invalid or unenforceable, the
remainder of this Agreement and any other application of such term or provision shall not be affected thereby. 

  
 15 

 (h) Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties
hereto and is not enforceable by any other persons. 
 (i) Time of Essence. TIME IS OF THE ESSENCE OF THIS AGREEMENT AND EACH
PROVISION HEREOF IN WHICH TIME OF PERFORMANCE IS ESTABLISHED. 
 (j) Further Assurances. The Parties agree to promptly sign all
documents reasonably requested to give effect to the provisions of this Agreement. In addition, Propco agrees to, at Owner’s sole cost and expense, reasonably cooperate with all applicable Gaming Authorities in connection with the
administration of their regulatory jurisdiction over the Owner and the Call Right transaction described herein, including the provision of such documents and other information as may be requested by such Gaming Authorities. 

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

(l) Licensing Events; Termination. 

(i) If there shall occur a Propco Licensing Event and any aspect of such Propco Licensing Event is attributable to a member of
the Propco Subject Group, then Owner or Propco, as applicable, shall notify the other Party thereof as promptly as practicable after becoming aware of such Propco Licensing Event (but in no event later than twenty (20) days after becoming aware
of such Propco Licensing Event). In such event, Propco shall use commercially reasonable efforts to cause the other members of the Propco Subject Group to use commercially reasonable efforts to assist Owner and its Affiliates in resolving such
Propco Licensing Event within the time period required by the applicable Gaming Authorities by submitting to investigation by the relevant Gaming Authorities and cooperating with any reasonable requests made by such Gaming Authorities (including
filing requested forms and delivering information to the Gaming Authorities). 
 If, despite these efforts, such Propco
Licensing Event cannot be resolved to the satisfaction of the applicable Gaming Authorities within the time period required by such Gaming Authorities, Owner shall have the right, in its discretion, to (1) cause this agreement to temporarily
cease to be in full force and effect, until such time, as any, as the Propco Licensing Event is resolved to the satisfaction of the applicable Gaming Authorities; provided, that if the Propco Election Period would otherwise terminate at a time while
the agreement is not in full force and effect, then the Propco Election Period shall be extended until the date that is the earlier of (x) one hundred eighty (180) days after the date on which the Parties become aware that the Propco
Licensing Event was resolved to the satisfaction of the applicable Gaming Authorities, (y) the date on which Propco reasonably determines that the Propco Licensing Event is not likely to be resolved or otherwise ceases using commercially
reasonable efforts to resolve such Propco 

  
 16 

 Licensing Event and (z) the date that is one (1) years following the expiration of the
Propco Election Period or (2) to the extent causing this agreement to temporarily cease to be in full force and effect in lieu of terminating this Agreement is not sufficient for the applicable Gaming Authorities, notify Propco of its intention
to terminate this Agreement. Upon the occurrence of either the expiration of the extension period referred to in clause (1), or Owner’s notification to Propco of Owner’s intention to terminate this Agreement referred to in clause (2), or
such earlier time as may be mutually agreed to by both Owner and Propco, the provisions of Section 2(j) above regarding an Alternative Transaction shall apply. 

(ii) If there shall occur an Owner Licensing Event and any aspect of such Owner Licensing Event is attributable to a member of
the Owner Subject Group, then Propco or Owner, as applicable, shall notify the other Party thereof as promptly as practicable after becoming aware of such Owner Licensing Event (but in no event later than twenty (20) days after becoming aware
of such Owner Licensing Event). In such event, Owner shall use commercially reasonable efforts to cause the other members of the Owner Subject Group to use commercially reasonable efforts to assist Propco and its Affiliates in resolving such Owner
Licensing Event within the time period required by the applicable Gaming Authorities by submitting to investigation by the relevant Gaming Authorities and cooperating with any reasonable requests made by such Gaming Authorities (including filing
requested forms and delivering information to the Gaming Authorities). 
 If, despite these efforts, such Owner Licensing
Event cannot be resolved to the satisfaction of the applicable Gaming Authorities within the time period required by such Gaming Authorities, Propco shall have the right, in its discretion, to terminate this Agreement. Upon the occurrence of such
termination of this Agreement, Owner shall pay to Propco the Value Loss Amount. 
 [Remainder of Page Intentionally Left Blank] 

  
 17 

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

					
	 PROPCO:

	
	 VICI PROPERTIES, L.P.,
 a Delaware
limited partnership

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

			
		 	By:	 	/s/ John Payne
		 	Name:  	 	John Payne
		 	Title:  	 	President and Chief Operating Officer

 [Signatures Continue on Following Page] 

[Signature Page to Call Right Agreement (Harrah’s Atlantic City)] 

 
			
	OWNER:
	 CAESARS ENTERTAINMENT CORPORATION,

a Delaware corporation

 
			
		
	By:	 	/s/ Eric Hession
	Name:  	 	Eric Hession
	Title:	 	Treasurer

 [Signature Page to Call Right Agreement (Harrah’s Atlantic City)] 

 EXHIBIT A 

Description of the Property 

BLOCK 575, LOT 1 & 2 

BLOCK 576, LOT 3 
 BLOCK
572, LOT 1 
 BLOCK 573. LOT 1 & 3 

CITY OF ATLANTIC CITY, ATLANTIC COUNTY, NEW JERSEY 
 BEGINNING
at the point, said point being the intersection of the easterly sideline of Connecticut Avenue with the southerly sideline of Old Brigantine Boulevard and running thence; 

1) Across Old Brigantine Boulevard, North 70 degrees 54 minutes 20 seconds West a distance of 40.00 feet to a point, thence; 

2) Along the centerline of Old Brigantine Boulevard, South 19 degrees 05 minutes 39 seconds West a distance of 197.94 feet to a point, thence; 

3) Across former Old Brigantine Boulevard, vacated by county ordinance 13-2003 and city ordinance 06-2003, North 70 degrees 54 minutes 20 seconds West a distance of 40.00 feet to a point, thence; 
 4) Along the westerly
sideline of former Old Brigantine Boulevard, vacated by county ordinance 13-2003 and city ordinance 06-2003, North 19 degrees 05 minutes 39 seconds East a distance of
70.74 feet to a point, thence; 
 5) Along a common line between Block 576, Lots 1.01 and 1.04 the following fifteen courses, on a curve to the right having
a radius of 173.79 feet, a length of 27.65 feet and whose chord bears North 21 degrees 41 minutes 52 seconds West a distance of 27.62 feet to a point, thence; 

6) North 16 degrees 12 minutes 44 seconds West a distance of 29.63 feet to a point of curvature, thence; 

7) On a curve to the right having a radius of 1000.00 feet, a length of 141.58 feet and whose chord bears North 12 degrees 09 minutes 22 seconds West a
distance of 141.46 feet to a point of reverse curve, thence; 
 8) On a curve to the left having a radius of 200.00 feet, a length of 28.54 feet and whose
chord bears North 12 degrees 11 minutes 16 seconds West a distance of 28.51 feet to a point of compound curve, thence; 
 9) On a curve to the left having a
radius of 559.59 feet, a length of 112.06 feet and whose chord bears North 22 degrees 00 minutes 45 seconds West a distance of 111.88 feet to a point of compound curve, thence; 

 10) On a curve to the left having a radius of 450.00 feet, a length of 178.91 feet and whose chord bears North 39
degrees 08 minutes 21 seconds West a distance of 177.73 feet to a point of reverse curve, thence; 
 11) On a curve to the right having a radius of 200.00
feet, a length of 17.22 feet and whose chord bears North 48 degrees 03 minutes 44 seconds West a distance of 17.21 feet to a point of reverse curve, thence; 

12) On a curve to the left having a radius of 567.95 feet, a length of 250.22 feet and whose chord bears North 58 degrees 13 minutes 00 seconds West a
distance of 248.20 feet to a point of tangency, thence; 
 13) North 70 degrees 54 minutes 21 seconds West a distance of 792.14 feet to a point, thence;

 14) On a curve to the left having a radius of 480.00 feet, a length of 234.90 feet and whose chord bears North 85 degrees 57 minutes 29 seconds West a
distance of 232.57 feet to a point, thence; 
 15) North 27 degrees 40 minutes 15 seconds West a distance of 51.61 feet to a point, thence; 

17) On a curve to the right having a radius of 926.00 feet, a length of 646.07 feet and whose chord bears North 80 degrees 21 minutes 09 seconds East a
distance of 633.04 feet to a point of compound curve, thence; 
 18) On a curve to the right having a radius of 1526.00 feet, a length of 276.74 feet and
whose chord bears South 74 degrees 27 minutes 53 seconds East a distance of 276.36 feet to a point, thence; 
 19) North 62 degrees 19 minutes 45 seconds
East a distance of 561.74 feet to a point, thence; 
 20) North 27 degrees 40 minutes 15 seconds West a distance of 74.73 feet to a point, thence; 

21) South 62 degrees 19 minutes 45 seconds West a distance of 25.00 feet to a point, thence; 

22) North 27 degrees 40 minutes 15 seconds West a distance of 551 feet, more or less, to a point, thence; 

23) Along the mean high water line, as the same may move from time to time by natural forces of accretion or reliction 659 feet, more or less, to a point,
thence; 
 24) Along the northerly sideline of Helen Avenue, South 62 degrees 19 minutes 45 seconds West a distance of 285 feet, more or less, to a point,
thence; 
 25) Along the approximate centerline of vacated Massachusetts Avenue, South 27 degrees 40 minutes 15 seconds East a distance of 50.00 feet to a
point, thence; 
 26) Along the southerly sideline of Helen Avenue, North 62 degrees 19 minutes 45 seconds East a distance of 315 feet, more or less, to a
point, thence; 
 27) Along the mean high water line, as same may move from time to time by natural forces of accretion or reliction 801 feet, more or less,
to a point, thence; 

 28) Along the bulkhead, more or less, the following twelve courses, North 64 degrees 38 minutes 40 seconds East a
distance of 3.15 feet to a point, thence; 
 29) South 28 degrees 08 minutes 35 seconds East a distance of 12.15 feet to a point, thence; 

30) North 64 degrees 39 minutes 48 seconds East a distance of 44.70 feet to a point, thence; 

31) South 73 degrees 02 minutes 57 seconds East a distance of 92.51 feet to a point, thence; 

32) South 18 degrees 04 minutes 54 seconds West a distance of 2.78 feet to a point, thence; 

33) South 83 degrees 04 minutes 50 seconds East a distance of 18.70 feet to a point, thence; 

34) South 72 degrees 07 minutes 50 seconds East a distance of 407.04 feet to a point, thence; 

35) South 72 degrees 08 minutes 06 seconds East a distance of 44.27 feet to a point, thence; 

36) South 26 degrees 46 minutes 09 seconds East a distance of 6.70 feet to a point, thence; 

37) North 64 degrees 11 minutes 37 seconds East a distance of 53.20 feet to a point, thence; 

38) North 87 degrees 53 minutes 12 seconds East a distance of 28.01 feet to a point, thence; 

39) Along the tract line, South 27 degrees 40 minutes 15 seconds West a distance of 7 feet, more or less to a point, thence; 

40) Along the mean high water line, as same may move from time to time by natural forces of accretion or reliction 165 feet, more or less, to a point, thence;

 41) Along the northerly right-of-way line of Harrah’s Boulevard,
North 60 degrees 03 minutes 15 seconds East a distance of 56 feet more or less to a point, thence; 
 42) Along the easterly sideline of Harrah’s
Boulevard, South 29 degrees 56 minutes 45 seconds East a distance of 80.00 feet to a point, thence; 
 43) Along the southerly right-of-way line of Harrah’s Boulevard, South 60 degrees 03 minutes 15 seconds West a distance of 79 feet more or less to a point, thence; 

44) Along the mean high water line, as same may move from time to time by natural forces of accretion or reliction 145 feet, more or less, to a point, thence;

 45) South 25 degrees 47 minutes 42 seconds East a distance of 48 feet more or less to a point, thence; 

46) South 62 degrees 58 minutes 57 seconds West a distance of 59.46 feet to a point, thence; 

47) South 17 degrees 01 minutes 32 seconds East a distance of 2.06 feet to a point, thence; 

 48) South 60 degrees 03 minutes 15 seconds West a distance of 34.76 feet to a point, thence; 

49) South 27 degrees 40 minutes 15 seconds East a distance of 31.27 feet to a point, thence; 

50) South 61 degrees 42 minutes 40 seconds West a distance of 3.70 feet to a point, thence; 

51) South 27 degrees 01 minutes 02 seconds East a distance of 61.72 feet to a point, thence; 

52) South 62 degrees 58 minutes 16 seconds West a distance of 142.58 feet to a point, thence; 

53) South 62 degrees 19 minutes 45 seconds West a distance of 105.15 feet to a point in the easterly sideline of Vermont Avenue, thence; 

54) Along the easterly sideline of Vermont Avenue, North 27 degrees 40 minutes 15 seconds West a distance of 189.99 feet to point, thence; 

55) Across Vermont Avenue, South 62 degrees 19 minutes 45 seconds West a distance of 63.65 feet to a point, thence; 

56) Along the westerly sideline of Vermont Avenue, South 27 degrees 40 minutes 15 seconds East a distance of 249.59 feet to point, thence; 

57) Along the northerly right-of-way line of Route 87 the following four
courses, South 53 degrees 45 minutes 03 seconds West a distance of 437.57 feet to a point, thence; 
 58) North 36 degrees 16 minutes 23 seconds West a
distance of 6.07 feet to a point, thence; 
 59) South 53 degrees 45 minutes 10 seconds West a distance of 270.63 feet to a point of curvature, thence; 

60) On a curve to the left having a radius of 2065.00 feet, a length of 384.43 feet and whose chord bears South 48 degrees 25 minutes 10 seconds West a
distance of 383.88 feet to a point, thence; 
 61) Along the northerly sideline of Evelyn Avenue, South 62 degrees 19 minutes 45 seconds West a distance of
62.50 feet to a point, thence; 
 62) Along the easterly sideline of Connecticut Avenue, North 27 degrees 40 minutes 15 seconds West a distance of 73.93
feet to the point and place of BEGINNING. 
 Excepting Harrahs Boulevard described as follows; 

BEGINNING at a point, said point being at the intersection of the southerly
right-of-way line of Harrah’s Boulevard (80 feet wide) and the westerly right-of-way
line of Vermont Avenue (63.65 feet wide), said point also being located South 27 degrees 40 minutes 15 seconds East, a distance of 249.69 feet from the intersection of said line of Vermont Avenue with the northerly right-of-way line of Brigantine Boulevard, also known as Route 87 (width varies), common corner to Block 572 – Lot 1 and running thence 

 1. Along the southerly
right-of-way line of Harrah’s Boulevard, South 62 degrees 19 minutes 45 seconds West, a distance of 669.69 feet to a point of
non-tangential curvature in the former Cecil Circle, thence; 
 2. Along a curve to the left, having a radius of
100.00 feet, an arc length of 82.30 feet with a chord bearing of North 27 degrees 40 minutes 16 seconds West and a chord length of 80.00 feet to a point in the dividing line of Block 575 – Lot 1, thence; 

Along the northerly right-of-way line of Harrah’s Boulevard, the
following two (2) courses: 
 3. Along the dividing line of Block 575 – Lot 1, North 62 degrees 19 minutes 45 seconds East, a distance of 733.34
feet to a point, thence; 
 4. South 27 degrees 40 minutes 15 seconds East, a distance of 80.00 feet to a point, common corner to Block 573 – Lot 1 and
the easterly right-of-way line of Vermont Avenue, thence; 
 5. South 62
degrees 19 minutes 45 seconds West, a distance of 63.65 feet to the point and place of BEGINNING. 
 BLOCK 576 LOT 1.13 

CITY OF ATLANTIC CITY, ATLANTIC COUNTY, NEW JERSEY 
 BEGINNING
at a point in the southerly right of way line of Helen Avenue (50’ wide public right of way), and running thence: 
 Along the southerly line of Helen
Avenue, North 62°19’45” East a distance of 25.00 feet to a point, thence; 
 South 27°40’15” East a distance of 74.73 feet to a
point, thence; 
 1. Along a common line between Block 576, Lots 1.01 and Lot 1.13 the following three courses, South 62°19’45” West a
distance of 561.74 feet to a point of cusp, thence; 
 2. On a non-tangent curve to the left having a radius of 1,526.00 feet, an arc length of 276.74 feet
and whose chord bears North 74°27’53” West a distance of 276.36 feet to a point of compound curve, thence; 
 3. On a curve to the left having
a radius of 926.00 feet, an arc length of 667.53 feet and whose chord bears South 79°41’19” West a distance of 653.17 feet to a point, thence; 

4. North 31°44’52” West a distance of 165.80 feet more or less to the high water line of Clam Thorofare, thence; 

5. Along the high water line of Clam Thorofare a distance of 1,394 feet more or less to a point, thence; 

6. Along the westerly lot line of Lot 3, Block 576, South 27°40’15” East a distance of 551 feet more or less, to the POINT OF BEGINNING. 

BEING the same as Lot 1.13, Block 576 shown on a map entitled in part “Minor Subdivision Plan, Harrah’s Atlantic City Propco, LLC, Block 576, Lot
1.09, City of Atlantic City, Atlantic County, New Jersey” as prepared by Paulus, Sokolowski and Sartor, LLC, dated 12/20/2012 and revised to 10/04/2013 and filed in the Atlantic County Clerk’s office on November 12, 2013 as instrument No.
2013069820. 
 EXCEPTING the Lot 1.14 in Block 576, more particularly described as follows: 

BEGINNING at a point, said point being a distance of 66.16 feet on a course of South 53°18’25” West from the southerly right of way line of
Helen Avenue (50’ wide public right of way), and running thence; 
 1. South 43°2 132” West, a distance of 14.79 feet to a point, thence; 

 2. North 46°38’28” West, a distance of 53.67 feet to a point, thence; 

3. South 43°21’32” West, a distance of 18.20 feet to a point, thence; 

4. North 46°38’28” West, a distance of 7.67 feet to a point, thence; 

5. South 43°21’32” West, a distance of 37.99 feet to a point, thence; 

6. South 46°38’28” East, a distance of 7.78 feet to a point, thence; 

7. South 43°21’32” West, a distance of 25.48 feet to a point, of a non-tangential curve, thence; 

8. On a curve to the left, having a radius of 194.63 feet, an arc length of 110.95 feet, whose chord bears South 71°45’39” West, a chord
distance of 109.46 feet, to a point, thence; 
 9. South 17°2132” West, a distance of 10.31 feet to a point, thence; 

10. North 72°38’28” West, a distance of 3.15 feet to a point, thence; 

11. South 17°21’32” West, a distance of 14.42 feet to a point, thence; 

12. South 72°38’28” East, a distance of 3.00 feet to a point, thence; 

13. South 17°21’32” West, a distance of 27.75 feet to a point, thence; 

14. North 72°38’28” West, a distance of 27.75 feet to a point, thence; 

15. North 17°21’32” East, a distance of 3.00 feet to a point, thence; 

16. North 72°38’28” West, a distance of 14.42 feet to a point, thence; 

17. South 17°21’32” West, a distance of 3.00 feet to a point, thence; 

18. North 72°38’28” West, a distance of 26.91 feet to a point, thence; 

19. South 17°16’02” West, a distance of 36.07 feet to a point, thence; 

20. North 87°38’28” West, a distance of 46.18 feet to a point, thence; 

21. North 02°21’32” East, a distance of 8.75 feet to a point, thence; 

22. North 87°38’28” West, a distance of 24.25 feet to a point, thence; 

23. South 02°21’32” West, a distance of 56.08 feet to a point, thence; 

24. North 87°38’28” West, a distance of 83.83 feet to a point, thence; 

25. North 02°21’32” East, a distance of 41.04 feet to a point, thence; 

26. North 87°38’28” West, a distance of 33.92 feet to a point, thence; 

27. North 02°21’32” East, a distance of 6.25 feet to a point, thence; 

 28. North 87°38’28” West, a distance of 88.00 feet to a point, said point being distant 95.22 feet
on a bearing of North 12°28’36” East from a point on a curve having a radius of 1,526.00 feet, an arc distance of 219.77 feet from terminus of the third course of Lot 1.13 in Block 576, described above, thence; 

29. North 02°21’32” East, a distance of 50.67 feet to a point, thence; 

30. South 87°38’28” East, a distance of 8.46 feet to a point, thence; 

31. North 87°38’28” West, a distance of 8.46 feet to a point, thence; 

32. North 02°21’32” East, a distance of 215.17 feet to a point, thence; 

33. South 87°38’28” East, a distance of 60.00 feet to a point, thence; 

34. North 02°21’32” East, a distance of 22.04 feet to a point, thence; 

35. South 87°38’28” East, a distance of 43.50 feet to a point, thence; 

36. South 02°21’32” West, a distance of 7.00 feet to a point, thence; 

37. South 87°38’28” East, a distance of 186.67 feet to a point, thence; 

38. North 02°21’32” East, a distance of 7.00 feet to a point, thence; 

39. South 87°38’28” East, a distance of 43.50 feet to a point, thence; 

40. South 02°21’32” West, a distance of 22.00 feet to a point, thence; 

41. South 87°38’28” East, a distance of 30.04 feet to a point, thence; 

42. South 02°21’32” West, a distance of 43.00 feet to a point, thence; 

43. South 87°38’28” East, a distance of 92.96 feet to a point, thence; 

44. South 02°21’32” West, a distance of 55.05 feet to a point, thence; 

45. South 87°38’28” East, a distance of 23.10 feet to a point, thence; 

46. South 46°38’28” East, a distance of 21.31 feet to a point, thence; 

47. North 43°21’32” East, a distance of 16.92 feet to a point, thence; 

48. South 46°38’28” East, a distance of 86.29 feet to the point and place of BEGINNING. Containing 135,314 square feet or 3.106 acres more or
less. 
 BEING the same as Lot 1.14, Block 576 shown on a map entitled in part “Minor Subdivision Plan, Harrah’s Atlantic City Propco, LLC, Block
576, Lot 1.09, City of Atlantic City, Atlantic County, New Jersey” as prepared by Paulus, Sokolowski and Sartor, LLC, dated 12/20/2012 and revised to 10/04/2013 and filed in the Atlantic County Clerk’s office on November 12, 2013 as
instrument No. 2013069820. 
 SUBJECT to a Cross Access Easement more particularly described as follows: 

BEGINNING at a point on a curve, said point having a radius of 926.00 feet, an arc length of 36.02 feet from the southwesterly comer of Lot 1.13 and running
thence; 
 1. On a curve to the left, having a radius of 100.92 feet, an arc length of 39.55 feet, whose chord bears North 42°43’52” East, a
chord distance of 39.30 feet to a point of tangency, thence; 

 2. North 31°22’19” East, a distance of 199.93 feet to a point of curvature, thence; 

3. On a curve to the right, having a radius of 315.00 feet, an arc length of 178.86 feet, whose chord bears North 47°38’18” East, a chord
distance of 176.47 feet to a point of tangency, thence; 
 4. North 63°54’18” East, a distance of 442.84 feet to a point of curvature, thence;

 5. On a curve to the right, having a radius of 465.00 feet, an arc length of 562.64 feet, whose chord bears South 81°25’53” East, a chord
distance of 528.94 feet to a point of tangency, thence; 
 6. South 46°46’04” East, a distance of 148.77 feet to a point of curvature, thence;

 7. On a curve to the left, having a radius of 98.73 feet, an arc length of 2.88 feet, whose chord bears South 46°26’11” East, a chord
distance of 2.88 feet to a point, thence; 
 8. South 42°24’59” West, a distance of 40.20 feet to a point, thence; 

9. North 46°38’28” West, a distance of 86.29 feet to a point, thence; 

10. South 43°21’32” West, a distance of 16.92 feet to a point, thence; 

11. North 46°38’28” West, a distance of 21.31 feet to a point, thence; 

12. North 87°38’28” West, a distance of 23.10 feet to a point, thence; 

13. North 02o21’32” East, a distance of 55.05 feet to a point, thence; 

14. North 87°38’28” West, a distance of 92.96 feet to a point, thence; 

15. North 02°21’32” East, a distance of 43.00 feet to a point, thence; 

16. North 87°38’28” West, a distance of 30.04 feet to a point, thence; 

17. North 02°21’32” East, a distance of 22.00 feet to a point, thence; 

18. North 87°38’28” West, a distance of 43.50 feet to a point, thence; 

19. South 02°21’32” West, a distance of 7.00 feet to a point, thence; 

20. North 87°38’28” West, a distance of 186.67 feet to a point, thence; 

21. North 02°21’32” East’ a distance of 7.00 feet to a point, thence; 

22. North 87°38’28” West, a distance of 43.50 feet to a point, thence; 

23. South 02°21’32” West, a distance of 22.04 feet to a point, thence; 

24. North 87°38’28” West, a distance of 60.00 feet to a point, thence; 

25. South 02°21’32” West, a distance of 215.17 feet to a point, thence; 

26. South 87°38’28” East, a distance of 8.46 feet to a point, thence; 

27. South 02°21’32” West, a distance of 33.83 feet to a point, thence; 

28. North 87°38’28” West, a distance of 8.46 feet to a point, thence; 

29. South 02°21’32” West, a distance of 50.67 feet to a point, thence; 

 30. South 87°38’28” East, a distance of 88.00 feet to a point, thence; 

31. South 02°21’32” West, a distance of 6.25 feet to a point, thence; 

32. South 87°38’28” East, a distance of 32.92 feet to a point, thence; 

33. South 02°21’32” West, a distance of 41.04 feet to a point, thence; 

34. South 87°38’28” East, a distance of 83.83 feet to a point, thence; 

35. North 02°21’32” East, a distance of 56.08 feet to a point, thence; 

36. South 87°38’28” East, a distance of 24.25 feet to a point, thence; 

37. South 02°21’32” West, a distance of 8.75 feet to a point, thence; 

38. South 87°38’28” East, a distance of 46.18 feet to a point, thence; 

39. South 17°51’34” West, a distance of 44.97 feet to a point, thence; 

40. South 02°58’40” East, a distance of 62.11 feet to a point, thence; 

41. South 62°19’45” West, a distance of 85.21 feet to a point, thence; 

42. On a curve to the left, having a radius of 1526.00 feet, an arc length of 26.02 feet whose chord bears North 69°45’28” West, a chord
distance of 26.02 feet to a point, thence; 
 43. On a curve to the right, having a radius of 50.00 feet, an arc length of 20.81 feet whose chord bears
North 03°29’09” East, a chord distance of 20.66 feet to a point of reverse curvature, thence; 
 44. On a curve to the left, having a radius
of 25.00 feet, an arc length of 21.72 feet, whose chord bears North 09°28’55” West, a chord distance of 21.05 feet to a point of compound curvature, thence; 

45. On a curve to the left, having a radius of 10.00 feet, an arc length of 6.39 feet, whose chord bears North 52°40’22” West, a chord distance
of 6.28 feet to a point of compound curvature, thence; 
 46. On a curve to the left, having a radius of 2.00 feet, an arc length of 3.14 feet, whose chord
bears South 64°01’48” West, a chord distance of 2.83 feet to a point of tangency, thence; 
 47. South 19°01’48” West, a
distance of 16.00 feet to a point, thence; 
 48. North 70°58’12” West, a distance of 180.00 feet to a point, thence; 

49. North 19°01’48” East, a distance of 15.00 feet to a point to a point of curvature, thence 

50. On a curve to the left, having a radius of 3.16 feet, an arc length of 4.60 feet, whose chord bears North 22°44’31” West, a chord distance
of 4.21 feet to a point of reverse curvature, thence; 
 51. On a curve to the right, having a radius of 64.00 feet, an arc length of 45.92 feet, whose
chord bears North 46°39’03” West, a chord distance of 44.94 feet to a point of tangency, thence; 
 52. North 26°05’46” West, a
distance of 114.74 feet to a point to a point of curvature, thence; 
 53. On a curve to the right, having a radius of 73.91 feet, an arc length of 62.76
feet, whose chord bears North 01°46’07” West, a chord distance of 60.89 feet to a point of tangency, thence; 

 54. North 22°31 ‘34” East, a distance of 47.93 feet to a point of curvature, thence; 

55. On a curve to the left, having a radius of 50.00 feet, an arc length of 42.43 feet, whose chord bears North 01°47’04” West, a chord distance
of 41.17 feet to a point of tangency, thence; 
 56. North 26°05’42” West, a distance of 19.62 feet to a point of curvature, thence; 

57. On a curve to the left, having a radius of 10.00 feet, an arc length of 15.71 feet, whose chord bears North 71°05’42” West, a chord distance
of 14.14 feet to a point of tangency, thence; 
 58. South 63°54’18” West, a distance of 341.94 feet to a point to a point of curvature,
thence; 
 59. On a curve to the left, having a radius of 285.00 feet, an arc length of 161.83 feet, whose chord bears South 47°38’18” West, a
chord distance of 159.66 feet to a point of tangency, thence; 
 60. South 31 °22’ 19” West, a distance of 176.13 feet to a point of
curvature, thence; 
 61. On a curve to the left, having a radius of 30.00 feet, an arc length of 2.04 feet, whose chord bears South 29°25’18”
West, a chord distance of 2.04 feet to a point, thence; 
 62. On a curve to the left, having a radius of 926.00 feet, an arc length of 71.18 feet, whose
chord bears South 63°28’03” West, a chord distance of 71.16 feet, to the point and place of BEGINNING. 
 BEING ALSO KNOWN AS (REPORTED FOR
INFORMATIONAL PURPOSES ONLY): 
 Block 575, Lot laud 1-BLDG on the official tax map of the CITY OF ATLANTIC CITY, County of Atlantic, State of New Jersey

 Block 575, Lot 2 on the official tax map of the CITY OF ATLANTIC CITY, County of Atlantic, State of New Jersey 

Block 576, Lot 3 on the official tax map of the CITY OF ATLANTIC CITY, County of Atlantic, State of New Jersey 

Block 572, Lot 1 on the official tax map of the CITY OF ATLANTIC CITY, County of Atlantic, State of New Jersey 

Block 573, Lot 1 on the official tax map of the CITY OF ATLANTIC CITY, County of Atlantic, State of New Jersey 

Block 573, Lot 3 on the official tax map of the CITY OF ATLANTIC CITY, County of Atlantic, State of New Jersey 

Block 576, Lot 1.13 on the official tax map of the CITY OF ATLANTIC CITY, County of Atlantic, State of New JerseyEX-10.12

 Exhibit 10.12 

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

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

 Table of Contents 

 

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

  
 i 

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

  
 ii 

 TAX MATTERS AGREEMENT 

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

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

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

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

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

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

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

ARTICLE I 
 Definitions 

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

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

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

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

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

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

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

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

  
 4 

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

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

  
 5 

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

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

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

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

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

  
 6 

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

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

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

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

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

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

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

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

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

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

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

  
 7 

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

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

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

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

  
 8 

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

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

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

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

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

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

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

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

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

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

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

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

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

Section 2.02 Tax Return Procedures. 

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

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

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

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

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

ARTICLE III 

Indemnification 

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

Section 3.03 Adjustments to Payments. 

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

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

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

Refunds, Carrybacks, Timing Difference and Tax Attributes 

Section 4.01 Refunds. 

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

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

ARTICLE V 
 Tax Proceedings

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

  
 15 

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

Intended Tax Treatment 

Section 6.01 Restrictions Relating to the Distribution. 

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

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

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

Cooperation 

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

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

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

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

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

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

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

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

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

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

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

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

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

  
 20 

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

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

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

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

  
 21 

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

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

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

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

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

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

E-mail Address:      jsaferstein@paulweiss.com 

slovett@paulweiss.com 

  
 22 

 If to the REIT: 

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

Attention: Mary Elizabeth Higgins 

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

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

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

  
 23 

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

			
	CAESARS ENTERTAINMENT CORPORATION

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

 
			
	
	CEOC, LLC

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

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

			
	VICI PROPERTIES INC.

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

 
			
	
	VICI PROPERTIES L.P.

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

 
			
	
	CPLV PROPERTY OWNER LLC

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

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