Document:

EX-10.7

 Exhibit 10.7 

MANAGEMENT AND LEASE SUPPORT AGREEMENT 

(JOLIET) 
 By and Among

 Des Plaines Development Limited Partnership 

(together with its successors and permitted assigns) 

as “Tenant” 

Joliet Manager, LLC 

(together with its successors and permitted assigns) 

as “Manager” 

Caesars Entertainment Corporation 

(together with its successors and permitted assigns) 

as “Lease Guarantor” 

Harrah’s Joliet LandCo LLC 

(together with its successors and permitted assigns) 

as “Landlord” 

and, solely for purposes of Article VII and Sections 2.4, 16.2, 16.3.4, 18.5.5, 18.7.3,
 
 18.7.4, 18.7.5, 19.3, 20.2 and 20.16, 

Caesars License Company, LLC 

(together with its successors and assigns) 

and, solely for purposes of Section 20.16 and Article XXI, 

Caesars Enterprise Services, LLC 

Dated as of October 6, 2017 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS AND EXHIBITS
	  	 	2	 
	 1.1
	  	Definitions	  	 	2	 
	 1.2
	  	Exhibits	  	 	2	 
	 1.3
	  	Structure of this Agreement; Integration; Consideration	  	 	2	 
		
	 ARTICLE II APPOINTMENT/TERM
	  	 	3	 
	 2.1
	  	Grant of Authority	  	 	3	 
	 2.2
	  	Limitations on Manager Authority	  	 	11	 
	 2.3
	  	Other Operations of Manager and Tenant	  	 	13	 
	 2.4
	  	Term	  	 	14	 
	 2.5
	  	Lease	  	 	15	 
		
	 ARTICLE III FEES AND EXPENSES
	  	 	15	 
	 3.1
	  	Centralized Services Charges	  	 	15	 
	 3.2
	  	Reimbursable Expenses	  	 	15	 
	 3.3
	  	Interest	  	 	16	 
	 3.4
	  	Payment of Fees and Expenses	  	 	16	 
	 3.5
	  	Application of Payments	  	 	16	 
	 3.6
	  	Sales and Use Taxes	  	 	16	 
		
	 ARTICLE IV CENTRALIZED SERVICES
	  	 	17	 
	 4.1
	  	Centralized Services	  	 	17	 
		
	ARTICLE V OPERATION OF THE MANAGED FACILITY	  	 	18	 
	 5.1
	  	Annual Budget	  	 	18	 
	 5.2
	  	Maintenance and Repair; Capital Improvements	  	 	21	 
	 5.3
	  	Personnel	  	 	23	 
	 5.4
	  	Bank Accounts	  	 	24	 
	 5.5
	  	Funds for Operation of the Managed Facility	  	 	27	 
	 5.6
	  	Purchasing	  	 	27	 
	 5.7
	  	Managed Facility Parking	  	 	28	 
	 5.8
	  	Use of Affiliates by Manager	  	 	28	 
	 5.9
	  	Limitation on Manager’s Obligations	  	 	29	 
	 5.10
	  	Third-Party Operated Areas	  	 	30	 
	 5.11
	  	Amenities	  	 	30	 
	 5.12
	  	Modification of Operation of the Managed Facility	  	 	31	 
		
	 ARTICLE VI APPROVALS
	  	 	31	 
	 6.1
	  	Gaming Licenses	  	 	31	 
		
	 ARTICLE VII PROPRIETARY RIGHTS
	  	 	32	 
	 7.1
	  	Managed Facilities IP	  	 	32	 
	 7.2
	  	Proprietary Information and Systems; Guest Data and Property Specific Guest Data	  	 	34	 

  
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	 	  	 	  	Page	 
	 7.3
	  	Assignment of Derivative Works	  	 	35	 
	 7.4
	  	Survival	  	 	35	 
		
	 ARTICLE VIII CONFIDENTIALITY
	  	 	35	 
	 8.1
	  	Disclosure by Tenant	  	 	35	 
	 8.2
	  	Disclosure by Manager	  	 	36	 
	 8.3
	  	Disclosure by Landlord	  	 	38	 
	 8.4
	  	Public Statements	  	 	39	 
	 8.5
	  	Cumulative Remedies	  	 	40	 
	 8.6
	  	Survival	  	 	40	 
		
	 ARTICLE IX MARKETING
	  	 	41	 
	 9.1
	  	Marketing	  	 	41	 
		
	 ARTICLE X BOOKS AND RECORDS
	  	 	42	 
	 10.1
	  	Maintenance of Books and Records	  	 	42	 
	 10.2
	  	Monthly Financial Reports	  	 	42	 
	 10.3
	  	Tenant Financial Statements	  	 	43	 
	 10.4
	  	Other Reports and Schedules	  	 	44	 
		
	 ARTICLE XI ASSIGNMENTS
	  	 	44	 
	 11.1
	  	Assignment by Tenant	  	 	44	 
	 11.2
	  	Assignment by Manager	  	 	47	 
	 11.3
	  	Assignment by Lease Guarantor	  	 	49	 
	 11.4
	  	Assignment by Landlord	  	 	51	 
	 11.5
	  	Acknowledgement of Assignment	  	 	52	 
	 11.6
	  	Approvals	  	 	53	 
	 11.7
	  	Merger of CEOC	  	 	53	 
		
	 ARTICLE XII INSURANCE, BONDING AND INDEMNIFICATION
	  	 	53	 
	 12.1
	  	Tenant Insurance and Bonding Requirements	  	 	53	 
	 12.2
	  	Waiver of Liability	  	 	54	 
	 12.3
	  	Indemnification	  	 	55	 
		
	 ARTICLE XIII LEASEHOLD FINANCING
	  	 	56	 
	 13.1
	  	Leasehold Mortgages; Collateral Assignments; Non-Disturbance; Leasehold Foreclosure	  	 	56	 
	 13.2
	  	Default Notice to Leasehold Lender	  	 	58	 
	 13.3
	  	Lender’s Right of Access	  	 	58	 
	 13.4
	  	Disclosure of Mortgages and Security Interests	  	 	59	 
	 13.5
	  	Estoppel Certificates	  	 	59	 
	 13.6
	  	Tenant’s Lease Obligations	  	 	60	 
		
	 ARTICLE XIV BUSINESS INTERRUPTION
	  	 	60	 
	 14.1
	  	Business Interruption	  	 	60	 
	 14.2
	  	Proceeds of Business Interruption Insurance	  	 	60	 

  
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	 	  	 	  	Page	 
	 ARTICLE XV CASUALTY OR CONDEMNATION
	  	 	60	 
	 15.1
	  	Casualty	  	 	60	 
	 15.2
	  	Condemnation	  	 	61	 
		
	 ARTICLE XVI DEFAULTS AND TERMINATIONS
	  	 	62	 
	 16.1
	  	Events of Default	  	 	62	 
	 16.2
	  	Termination of this Agreement	  	 	67	 
	 16.3
	  	Actions To Be Taken on Termination of this Agreement or Termination of Manager	  	 	68	 
	 16.4
	  	[Intentionally Omitted]	  	 	72	 
	 16.5
	  	Termination of Manager	  	 	72	 
		
	 ARTICLE XVII LEASE GUARANTY
	  	 	73	 
	 17.1
	  	Guaranteed Obligations	  	 	73	 
	 17.2
	  	Notice and Guaranty Payment Process	  	 	74	 
	 17.3
	  	Guaranty Provisions	  	 	76	 
	 17.4
	  	Guarantor Covenants	  	 	85	 
	 17.5
	  	Lease Guarantor Representations and Warranties	  	 	89	 
	 17.6
	  	Bankruptcy	  	 	89	 
		
	 ARTICLE XVIII DISPUTE RESOLUTION
	  	 	90	 
	 18.1
	  	Generally	  	 	90	 
	 18.2
	  	Expert Resolution	  	 	91	 
	 18.3
	  	Time Limit	  	 	92	 
	 18.4
	  	Prevailing Party’s Expenses	  	 	92	 
	 18.5
	  	WAIVERS	  	 	93	 
	 18.6
	  	Survival and Severance	  	 	94	 
	 18.7
	  	ACKNOWLEDGEMENTS	  	 	94	 
	 18.8
	  	IRREVOCABILITY OF CONTRACT	  	 	95	 
	 18.9
	  	Survival	  	 	95	 
		
	 ARTICLE XIX GAMING LAW PROVISIONS
	  	 	96	 
	 19.1
	  	Regulatory Matters; Initial Suitability Review	  	 	96	 
	 19.2
	  	Licensing Event	  	 	96	 
	 19.3
	  	Unlawful Payments	  	 	97	 
		
	 ARTICLE XX GENERAL PROVISIONS
	  	 	97	 
	 20.1
	  	Governing Law	  	 	97	 
	 20.2
	  	Construction of this Agreement	  	 	97	 
	 20.3
	  	Limitation on Liabilities	  	 	99	 
	 20.4
	  	Waivers	  	 	100	 
	 20.5
	  	Notices	  	 	100	 
	 20.6
	  	No Indirect Actions	  	 	101	 
	 20.7
	  	No Recordation	  	 	102	 
	 20.8
	  	Further Assurances	  	 	102	 
	 20.9
	  	Relationship of Certain Parties	  	 	102	 
	 20.10
	  	Force Majeure	  	 	102	 

  
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	 	  	 	  	Page	 
	 20.11
	  	Terms of Other Management Agreements	  	 	103	 
	 20.12
	  	Compliance with Law	  	 	103	 
	 20.13
	  	Insurance Programs and Purchasing Arrangements Generally	  	 	103	 
	 20.14
	  	Execution of Agreement	  	 	103	 
	 20.15
	  	Lease	  	 	103	 
	 20.16
	  	Omnibus Agreement; Services Co LLC Agreement	  	 	104	 
		
	 ARTICLE XXI NON-CONSENTED LEASE
TERMINATION
	  	 	104	 
	 21.1
	  	Non-Consented Lease Termination	  	 	104	 
	 21.2
	  	Termination of MLSA or other Lease/MLSA Related Agreements.	  	 	106	 
	 21.3
	  	Replacement Structure Fails to Occur	  	 	107	 
	 21.4
	  	Enforcement	  	 	107	 
	 21.5
	  	Survival	  	 	108	 

  

			
	 EXHIBITS
	  	
		
	 Exhibit A
	  	Managed Facility
	 Exhibit B
	  	Definitions
	 Exhibit C
	  	[Reserved]
	 Exhibit D
	  	[Reserved]
	 Exhibit E
	  	Trademarks
	 Exhibit F
	  	List of Brands
	 Exhibit G
	  	Property Specific IP

  
 iv 

 MANAGEMENT AND LEASE SUPPORT AGREEMENT 

(JOLIET) 
 This MANAGEMENT
AND LEASE SUPPORT AGREEMENT (this “Agreement”) is dated as of October 6, 2017, and is made and entered into by and among Des Plaines Development Limited Partnership (together with its successors and permitted assigns,
“Tenant”), Joliet Manager, LLC (together with its successors and permitted assigns, “Manager”), Caesars Entertainment Corporation, a Delaware corporation (together with its successors and permitted assigns,
“CEC”, and sometimes alternatively referred to herein as “Lease Guarantor”), Harrah’s Joliet LandCo LLC (together with its successors and permitted assigns, “Landlord”), solely for purposes of
Article VII and Sections 2.4, 16.2, 16.3.4, 18.5.5, 18.7.3, 18.7.4, 18.7.5, 19.3, 20.2 and 20.16, Caesars License Company, LLC (together with
its successors and assigns, “CLC”), and, solely for purposes of Section 20.16 and Article XXI, Caesars Enterprise Services, LLC (together with its successors and assigns, “CES”).
Tenant, Manager, Lease Guarantor and Landlord are sometimes referred to collectively in this Agreement as the “Parties” and individually as a “Party”. 

RECITALS 
 A. Pursuant to
the terms of that certain Lease (Joliet) dated as of the date hereof among Tenant, as “Tenant” thereunder, and Landlord, as Landlord thereunder (such Lease, as amended, restated, supplemented or otherwise modified from time to time in
accordance with its terms, the “Lease”), Tenant will lease the Leased Property (as defined in the Lease) from Landlord. 

B. Tenant intends to operate the Facility (as defined in the Lease) scheduled on Exhibit A attached hereto as a
Gaming Facility in accordance with the Primary Intended Use (each as defined in the Lease) (such Facility, the “Managed Facility”). 

C. Manager is a wholly owned indirect subsidiary of CEC with experience in operating Gaming, hotel, entertainment and related businesses. 

D. Tenant desires to engage Manager to manage and operate the Managed Facility under and utilizing the Brands, and Manager desires to manage
and operate the Managed Facility under and utilizing the Brands. 
 E. Lease Guarantor will guarantee to Landlord the payment and
performance of eighty percent (80%) of all monetary obligations of Tenant under the Lease as more particularly described herein, on the terms and subject to the provisions, terms and conditions of this Agreement. 

F. Immediately following the execution of this Agreement, Caesars Entertainment Operating Company, Inc., a Delaware corporation, will merge
into CEOC, LLC, a Delaware limited liability company. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the recitals and covenants set forth in this Agreement, and in consideration of the entry by the Parties
into the Lease/MLSA Related Agreements as more particularly described in Section 1.3 below and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by the Parties, the Parties agree
as follows: 
 ARTICLE I 

DEFINITIONS AND EXHIBITS 

1.1 Definitions. All capitalized terms used without definition in the body of this Agreement shall have the meanings assigned to such
terms in Exhibit B attached hereto and by this reference incorporated herein. 
 1.2 Exhibits. The exhibits
listed in the table of contents and attached hereto are incorporated in, and deemed to be an integral part of, this Agreement. 
 1.3
Structure of this Agreement; Integration; Consideration. Tenant, Manager, CEC and Landlord each acknowledge and agree that, as of the date hereof, certain operating efficiencies and value will be achieved as a result of Tenant’s
engagement of Manager and/or Manager’s Affiliates to operate and manage the Managed Facility, the Other Managed Facilities and the Other Managed Resorts that would not be possible to achieve if unrelated managers were engaged to operate each of
the Managed Facility, the Other Managed Facilities and the Other Managed Resorts. The Parties further acknowledge and agree that the Parties would not enter into this Agreement, the Lease or any of the other Lease/MLSA Related Agreements absent the
understanding and agreement of the Parties that the entire ownership, operation, management, lease and Lease Guaranty relationship with respect to the Managed Facility, including the lease of the Managed Facility pursuant to the Lease, the use of
the Managed Facilities IP and the use of the Total Rewards Program, together with the other related Intellectual Property arrangements contemplated hereunder and under the Omnibus Agreement and the Transition Services Agreement, all of the other
covenants, obligations and agreements of the Parties hereunder and all of the covenants, obligations and agreements of each of the parties under each of the other Lease/MLSA Related Agreements, form part of a single integrated transaction.
Accordingly, it is the express intention and agreement of the Parties that (a) each of the provisions of this Agreement, including (without limitation) the management and Lease Guaranty rights and obligations hereunder, form part of a single
integrated agreement and shall not be or be deemed to be separate or severable agreements and (b) the Parties would not be entering into any of this Agreement, the Lease, or the other Lease/MLSA Related Agreements without, in each case,
contemporaneously entering into each and every other one of such agreements, and, accordingly, in the event of any dispute or litigation, or any bankruptcy, insolvency, dissolution or any other proceedings in respect of any Party, such Party will
not (and all other Parties will oppose any effort to) separate, sever, reject, assume or assign (or attempt to, or support any other entity in attempting to, separate, sever, reject, assume or assign) any one of such agreements without concurrently
treating each and every of the other of such agreements together and in the same manner, so that all such agreements 

  
 2 

 
are concurrently treated as one integrated agreement that is not separable or severable; provided, however, this Section 1.3 shall not limit the right of
any Leasehold Lender to (x) make a Leasehold Foreclosure with MLSA Termination as expressly provided in Section 13.1.2 hereof or (y) enter into a New Lease and terminate this Agreement as expressly provided in
Article XVII of the Lease, in each case under clause (x) or (y) subject to and in accordance with the terms of this Agreement and the Lease. Without limiting or vitiating any of the foregoing portion of this
Section 1.3 (and, with respect to the Lease Guaranty, as more particularly provided in Section 17.3.5.6 hereof), each of the Parties acknowledges and agrees that, notwithstanding any attempt (by
any Party or otherwise) to separate, sever, reject, assume or assign the obligations of any Party under any of the other Lease/MLSA Related Agreements, the obligations of all other Parties hereunder and thereunder (but, subject, in all events, to
the provisions, terms and conditions of Article XIII and Article XXI hereof) shall continue unabated and in full force and effect. The Parties further acknowledge and agree that, notwithstanding that each of the provisions of this
Agreement, the Lease and the other Lease/MLSA Related Agreements form part of a single integrated agreement, no Party shall have any obligation, or be deemed to have any obligation, to any other Party hereto (or otherwise be bound by any agreement
to or with any other Party hereto), whether by virtue of its inclusion as a Party hereto, by implication or otherwise, except solely as and to the extent expressly provided in this Agreement, in the Lease or in the other Lease/MLSA Related
Agreements. 
 ARTICLE II 

APPOINTMENT/TERM 
 2.1
Grant of Authority. 
 2.1.1 Engagement of Manager. On and subject to the terms and conditions of this Agreement, Tenant
hereby engages Manager, and Manager hereby agrees to be engaged, as Tenant’s agent and exclusive manager to Operate the Managed Facility during the Term. The Parties acknowledge that the scope of Manager’s authority and duties to Operate
the Managed Facility are limited to the authority and duties set forth in this Agreement. Tenant and Manager shall Operate the Managed Facility under one or more Brands; provided that (a) Tenant shall have the right, subject to the
receipt of (i) any required approval from any Governmental Authority and (ii) Manager’s consent (such consent not to be unreasonably withheld, conditioned or delayed), to change the Brand under which the Managed Facility is operated
to any other brand, with the costs of such rebranding borne by Tenant, (b) Tenant shall give Landlord prior notice of any such Brand change, (c) the Managed Facility shall continue to be operated under all other Managed Facilities IP
(subject to any Brand change and subject to any other approvals or consents required by this Section 2.1.1), and (d) any such Brand change shall be Non-Discriminatory, and shall not result in
a change in the overall quality and level of service at the Non-CPLV Managed Facilities and the Managed Facility, taken as a whole, below that required pursuant to Section 2.1.4. Manager shall
reasonably assist Tenant, at Tenant’s expense, in connection with any such rebranding. If a Brand is replaced with another brand as permitted hereunder, the Parties shall reasonably cooperate to make such changes to this Agreement as are
necessary to give effect to such new brand. 

  
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 2.1.2 Manager’s Standard of Care. Manager shall (a) execute its duties under
this Agreement in its reasonable business judgment (the “Manager’s Standard of Care”), and (b) act as the agent of Tenant in connection with the performance of Manager’s duties as manager of the Managed
Facility under this Agreement. Tenant agrees that Manager’s duties as agent to Tenant are further subject to the terms and conditions of this Agreement (including Section 2.3) and the Operating Limitations. Except for Manager’s
indemnification obligations set forth in Article XII, Tenant agrees that, as between Tenant and Manager, Manager will have no liability for monetary damages or monetary relief to Tenant for any violation of Manager’s Standard of
Care or claims of breach of any fiduciary duties or duties as agent unless such violation or breach was due to an action or event giving rise to a Manager Event of Default (disregarding any applicable notice and/or cure periods for such purpose).

 2.1.3 Manager’s System Policies. Tenant acknowledges that Manager and/or Manager’s Affiliates operate other casino,
racetrack, hotel, dining, retail, entertainment and other operations and that Manager or its Affiliates may derive benefits in addition to the fees and reimbursements paid hereunder, including in connection with marketing programs, the Total Rewards
Program, Purchasing Programs, employment policies relating to the Managed Facility Personnel or other programmatic or policy activities that may be implemented from time to time at the discretion of CEC, Services Co or their Affiliates, and that
extend through the majority of Gaming properties operated by Manager’s Affiliates (collectively, the “Manager’s System Policies”). Tenant agrees that Manager will not be in breach of its duties as agent
hereunder if, solely as a result of Manager following the Manager’s System Policies, certain aspects of the Manager’s System Policies have the effect of providing greater benefit to properties owned or operated by Manager’s Affiliates
collectively or third parties than to the Non-CPLV Managed Facilities and the Managed Facility, taken as a whole, so long as the Manager’s System Policies (i) are designed and executed in accordance
with Manager’s Standard of Care, (ii) are Non-Discriminatory to the Non-CPLV Managed Facilities and the Managed Facility, taken as a whole, in both design and
implementation and (iii) are not otherwise violative of or inconsistent with any provision of this Agreement; provided that any revisions to the Manager’s System Policies after the Commencement Date shall be implemented in a Non-Discriminatory manner; and provided, further, that Manager shall give Tenant and Landlord prior written notice of such revisions and no such revisions shall result in a change in the overall
quality and/or the level of service at the Managed Facility below that required in Section 2.1.4(a) and otherwise under this Agreement without Tenant’s and Landlord’s prior written consent thereto. The foregoing shall not be deemed
to excuse any breach by Manager of any of the express provisions of this Agreement. 
 2.1.4 General Grant of
Authority – Managed Facility. On and subject to the terms of this Agreement, and to the extent delegable by Tenant under the Lease, Tenant hereby grants to Manager (and Manager hereby accepts) the right, authority and
responsibility during the Term, and instructs Manager during the Term, to take all such 

  
 4 

 
actions for and on behalf of Tenant and the Managed Facility that Manager reasonably deems necessary or advisable to Operate the Managed Facility: (a) at a standard and level of service and
quality (and otherwise on terms and in a manner) for all of the Non-CPLV Managed Facilities and the Managed Facility, taken as a whole, that in all events is not lower than the standard and the level of
service and quality for the Non-CPLV Managed Facilities and the Managed Facility, taken as a whole, as of the Commencement Date; (b) in accordance in all material respects with the policies and programs
in effect as of the Commencement Date at the Managed Facility (with such revisions thereto from time to time as Manager may implement in a Non-Discriminatory manner; provided that Manager shall give
Tenant prior written notice of such revisions and no such revisions shall result in a material change in the overall quality and/or level of service at the Managed Facility below that required in the preceding portion of this
Section 2.1.4 and otherwise under this Agreement without Tenant’s and Landlord’s prior written consent thereto in their respective sole and absolute discretion); (c) utilizing the Managed Facilities IP and
the Proprietary Information and Systems in accordance in all material respects with the standards, policies and programs generally applicable to the use and implementation of the Managed Facilities IP and the Proprietary Information and Systems and
in accordance with the Omnibus Agreement; provided that the same are Non-Discriminatory with respect to the Managed Facility (the standards and objectives described in clauses
(a) through (c) being referred to collectively as the “Operating Standard”); and (d) in a Non-Discriminatory manner, subject in each case to the Operating
Limitations. Notwithstanding anything to the contrary in this Section 2.1, Section 5.2 or any other provision of this Agreement, for the avoidance of doubt, Manager is not a subtenant, assignee or
designee of Tenant under the Lease, and is acting solely as manager of the Leased Property (pursuant to this Agreement), subject to the terms and provisions of the Lease. Accordingly, except as otherwise expressly provided herein, any rights or
obligations of Tenant under the Lease that are delegated to Manager hereunder shall be limited to the Term of, and by the provisions, terms and conditions of, the Lease, and to the extent expressly set forth herein. Neither the exercise (directly or
indirectly) by Manager of its rights and responsibilities hereunder nor any of the provisions, terms and conditions of this Agreement or any of the other Lease/MLSA Related Agreements shall serve, or be construed, to (x) grant to Manager a
possessory or other real property interest in the Leased Property or any portion thereof or (y) limit or subrogate any or all of Tenant’s rights, obligations and responsibilities vis-à-vis Landlord under the Lease. Without limiting the foregoing, notices under this Agreement sent by any other Party hereto to Manager (or by Manager to any other Party hereto) shall not be deemed
received by (or sent by) Tenant, and vice versa, except to the extent Tenant expressly authorizes Manager to do so on its behalf, and in the case of notices to or from Landlord, so advises Landlord of such authorization (it being understood, for the
avoidance of doubt, without limitation of Section 2.5 hereof, that notices or other communications sent by Landlord to Tenant pursuant to the Lease are not required to also be sent to Manager or (except to the extent
provided in the last sentence of Section 16.1 of the Lease) to Lease Guarantor, in order to be effective thereunder). 

2.1.5 Specific Actions Authorized by Tenant. Without limiting the generality of the authority granted to Manager in
Section 2.1.4, but subject in each case to the provisions, terms and conditions of the Lease, the Annual Budget then in effect, the 

  
 5 

 
Operating Limitations and the other provisions, terms and conditions set forth in this Agreement, including the Manager’s Standard of Care, the Operating Standard, Applicable Law and the
provisions, terms and conditions of Section 2.2, Tenant’s general grant of authority under Section 2.1.4 and this Section 2.1.5 shall specifically include the right,
authority and responsibility of Manager to take, on behalf of Tenant during the Term, the following actions in a Non-Discriminatory manner (either directly or, to the extent permitted under this Agreement,
through a third party designated or subcontracted by Manager, which may be an Affiliate of Manager), and in a manner consistent with the corporate policy applicable to the Other Managed Facilities and Other Managed Resorts: 

2.1.5.1 (a) hire, supervise, train and discharge all Managed Facility Personnel; and (b) establish all salary, fringe benefits and
benefits plans for the Managed Facility Personnel; 
 2.1.5.2 establish and administer Bank Accounts for the operation of the Managed
Facility in accordance with Section 5.4; 
 2.1.5.3 prepare and deliver to Tenant for Tenant’s review and
approval operating plans and budgets in accordance with Section 5.1; 
 2.1.5.4 plan, account for and supervise
all repairs, capital replacements and improvements to the Managed Facility or any portion thereof in accordance with Sections 5.2.1 and 5.2.2; 

2.1.5.5 establish and maintain for the Managed Facility accounting, internal controls and reporting systems that are adequate to provide
Tenant, Manager and the Designated Accountant with sufficient information about the Managed Facility to permit the preparation of the financial statements and reports contemplated in Article X and which are in compliance in
all material respects with all Applicable Laws; 
 2.1.5.6 negotiate, enter into and administer, in the name of Tenant, all subleases,
service contracts, licenses and other contracts and agreements Manager deems necessary or advisable for the Operation of the Managed Facility, including contracts and licenses for: (a) health and life safety systems and security force and
related security measures; (b) maintenance of all electrical, mechanical, plumbing, HVAC, elevator, boiler and other building systems; (c) electricity, gas and telecommunications (including television and internet service);
(d) cleaning, laundry and dry cleaning services; (e) use of third party copyrighted materials (including games, filmed entertainment, music and videos); (f) entertainment; (g) Gaming machines and other Gaming equipment in the
event applicable Gaming Regulations permit or require Tenant to own or lease and maintain such Gaming equipment and non-Gaming equipment; and (h) ownership and operation of Gaming servers; 

2.1.5.7 to the extent delegable, negotiate, administer and perform (or cause to be performed) all obligations of Tenant, in the name of
Tenant, under all subleases, licenses and concession agreements or other agreements for the right to use or occupy any public space at the Managed Facility, including any store, office, parking facility or lobby space thereunder; 

  
 6 

 2.1.5.8 supervise and purchase or lease or arrange for the purchase or lease of, all FF&E
and Supplies that are necessary or advisable for the Operation of the Managed Facility in accordance with this Agreement; 
 2.1.5.9 be the
primary interface for all interactions by Tenant with the Gaming Authorities in connection with the Managed Facility which shall include: (a) oversight of any amendments to any licenses or permits required to be held by Tenant by the applicable
Gaming Authorities under any applicable Gaming Regulations; (b) coordination of all lobbying efforts with respect to the activities conducted or proposed to be conducted by Tenant in connection with the Managed Facility; and
(c) preparation and implementation of all actions required with respect to any filing by Tenant with the applicable Gaming Authorities relating to the Managed Facility; provided that Manager shall (i) consult with and keep Tenant
apprised of (x) the status of any annual or other periodic license renewals for the operation of Gaming activities at the Managed Facility with the Gaming Authorities and (y) the status of
non-routine matters before the Gaming Authorities regarding the Managed Facility and (ii) promptly deliver to Tenant copies of any and all non-routine notices
received (or sent) by Manager from (or to) any Gaming Authorities; provided, further, that any filings or Gaming License relating to Tenant and Tenant’s Affiliates shall be the responsibility of Tenant; 

2.1.5.10 apply for and process applications and filings for all Approvals in a manner and within the time periods that are required for the
Managed Facility to be operated on a continuous and uninterrupted basis (other than Gaming Licenses relating to Tenant and Tenant’s Affiliates). Manager shall act in a reasonably diligent manner to assure that all reports required by any
Governmental Authority pertaining to the Managed Facility are properly filed on or prior to their due date. Tenant shall file all such other reports pertaining to Tenant. Manager shall prepare, maintain and provide to Tenant, at Tenant’s
request, a listing of all Approvals and reports required by any Governmental Authority and the term, duration or frequency of such Approvals and reports for the Managed Facility to be operated in a continuous and uninterrupted basis; 

2.1.5.11 institute in its own name, or in the name of Tenant or the Managed Facility, using Approved Counsel, all legal actions or
proceedings to, on behalf of Tenant: (a) collect charges, rent or other income derived from the Managed Facility’s operations; (b) oust or dispossess guests, tenants or other Persons wrongfully in possession therefrom; or
(c) terminate any sublease, license or concession agreement for the breach thereof or default thereunder by the subtenant, licensee or concessionaire; 

2.1.5.12 using Approved Counsel, defend and control any and all legal actions or proceedings arising from Claims against any Tenant
Indemnified Party or any Manager Indemnified Party; provided that as soon as reasonably practical, Manager shall notify Tenant in writing of the commencement of any legal action or proceeding concerning the Managed Facility which could
reasonably be anticipated to 

  
 7 

 
involve an expense, liability or damage to Tenant that either is not fully covered by insurance or, whether or not covered by insurance, is in excess of Two Hundred Fifty Thousand Dollars
($250,000); provided, further, however, that, unless insurance policies dictate otherwise, that (a) Tenant may appoint counsel, defend and control any and all legal actions or proceedings pertaining to real property related
claims not involving the Operation of the Managed Facility (such as zoning disputes, structural defects and title disputes); (b) in determining what portion, if any, of the cost of any legal actions or proceedings described in clause
(a) above is to be allocated to the Managed Facility, such allocation shall be made in a Non-Discriminatory manner, and due consideration shall be given to the potential impact of such legal action or
proceeding on the Managed Facility as compared with the potential impact on Manager or its Affiliates, the Other Managed Facilities or the Other Managed Resorts; and (c) if Tenant is also a named party in such legal actions or proceedings,
Tenant shall have the right to appoint separate counsel to prosecute and defend its interests, such appointment being at Tenant’s sole cost and expense (it being understood, without limiting Section 2.5, that nothing
in this Section 2.1.5.12 shall be deemed to limit Landlord’s rights in respect of any legal actions or proceedings affecting the real property or otherwise impacting any of Landlord’s interests); 

2.1.5.13 using Approved Counsel, take actions to challenge, protest, appeal or litigate to final decision in any appropriate court or forum
any Applicable Laws affecting the Managed Facility or any alleged non-compliance with, or violation of, any Applicable Law (with the cost of such challenge, protest, appeal or litigation being treated in the
same manner as the cost of compliance with the Applicable Law in question would be treated under Section 5.1.5.4); 

2.1.5.14 in Consultation with Tenant, establish and implement all policies and procedures of credit to patrons of the Managed Facility; 

2.1.5.15 collect and account for and remit to Governmental Authorities all applicable excise, sales, occupancy and use Taxes and all other
Taxes, assessments, duties, levies and charges imposed by any Governmental Authority and collectible by the Managed Facility directly from patrons or guests (including those Taxes based on the sales price of any goods, services, or displays, gross
receipts or admission) or imposed by Applicable Laws on the Managed Facility or the Operation thereof; 
 2.1.5.16 subject to Applicable
Law and in Consultation with Tenant, establish the types of Gaming activities to be offered at the Managed Facility, including the matrix of owned, leased, progressive and electronic games and Gaming systems and, in Consultation with Tenant,
establish all policies and procedures for Gaming at the Managed Facility; 
 2.1.5.17 supervise, direct and control all non-Gaming activities to be conducted at the Managed Facility, including all hospitality, retail, food and beverage and other related activities; 

  
 8 

 2.1.5.18 establish and implement policies and procedures regarding, and assign Managed Facility
Personnel to resolve, disputes with patrons of the Managed Facility; 
 2.1.5.19 establish rates for all areas within the Managed Facility,
including all: (a) charges for food and beverage; (b) charges for recreational and other guest amenities at the Managed Facility; (c) subject to Applicable Law, policies with respect to discounted and complimentary food and beverage
and other services at the Managed Facility; (d) billing policies (including entering into agreements with credit card organizations); (e) price and rate schedules; and (f) rents, fees and charges for all subleases, concessions or
other rights to use or occupy any space in the Managed Facility; 
 2.1.5.20 supervise, direct and control the collection of income of any
nature payable to Tenant from the Operation of the Managed Facility and issue receipts with respect to, and use commercially reasonable efforts to collect all charges, rent and other amounts due from guests, lessees and concessionaires of the
Managed Facility, and use those funds, as well as funds from other sources as may be available to the Managed Facility, in accordance with this Agreement; 

2.1.5.21 in Consultation with Tenant, determine the number of hours per week and the days per week that the Managed Facility shall be open
for business, taking into account Applicable Laws, the season of the year and other relevant and customary factors, including the requirements under the Lease; 

2.1.5.22 in Consultation with Tenant, select all entertainment and promotions events to be staged at the Managed Facility; 

2.1.5.23 cooperate in all reasonable respects with Tenant, Landlord, Landlord’s Lender, any prospective purchaser or prospective lender
of Landlord or any of Landlord’s interest in the Leased Property and any prospective purchaser, lessee, Leasehold Lender or other prospective lender in connection with any proposed sale, lease or financing of or relating to Tenant’s
interest in the Leased Property and/or, to the extent Tenant is required under the Lease to so cooperate, relating to Landlord’s interest in the Leased Property, including answering questions of Tenant, Landlord, or such other Persons,
providing copies of budgets, financial statements and projections, preparing schedules and providing copies of subleases, concessions, Supplies, FF&E, employees and other similar matters, and taking other actions as are reasonably requested and
which would be customary to aid in such a sale or financing transaction, in all cases as may reasonably be requested by Tenant, Landlord or such other Persons; provided that (a) if cooperation by Manager pursuant to this
Section 2.1.5.23 involves the disclosure of Manager Confidential Information, Manager shall only be required to release such Manager Confidential Information (i) to Landlord, to the extent Tenant is required to provide
such information pursuant to the Lease, and subject to the confidentiality provisions set forth in the Lease and (ii) to a Leasehold Lender or Landlord’s Lender or any prospective purchaser or prospective Landlord’s Lender, and only
to the extent that such Leasehold Lender, Landlord’s Lender, 

  
 9 

 
prospective purchaser or prospective Landlord’s Lender (as applicable) has a “need to know” such Manager Confidential Information in connection with any Leasehold Financing,
Landlord Financing, prospective Landlord Financing or prospective purchase, subject to customary protections against disclosure or misuse of such information and to compliance with Article VIII; and (b) Tenant shall reimburse Manager for
any Out-of-Pocket Expenses incurred by Manager in connection with such cooperation to the extent such expense is not otherwise paid or reimbursed under this Agreement;

 2.1.5.24 take all actions necessary (except to the extent not within Manager’s reasonable ability to do so) to comply: (a) in
all material respects with Applicable Laws or the requirements to maintain all Approvals (including Gaming Licenses) necessary for the operation of the Managed Facility (provided that Manager shall not be a guarantor of the Managed
Facility’s compliance with such Applicable Laws or such requirements); (b) with the requirements of the Lease (including compliance with the requirements of any Landlord Financing to the extent required by the Lease), the terms of which
Tenant shall provide to Manager (provided that Manager shall not be a guarantor of Tenant’s compliance with the Lease or requirements of any Landlord Financing); (c) with the requirements of any other lease that is specifically
identified by Tenant to Manager (provided that Manager shall not be a guarantor of Tenant’s compliance with any such lease); (d) with the requirements of any Leasehold Mortgage or other Leasehold Financing Documents provided to
Manager (provided that Manager shall not be a guarantor of Tenant’s compliance with any such Leasehold Financing Documents); and (e) with the terms of all insurance policies applicable to the Managed Facility and provided to
Manager; 
 2.1.5.25 as directed by Tenant and at Tenant’s expense, take actions to discharge any lien, encumbrance or charge against
the Managed Facility or any component of the Managed Facility; 
 2.1.5.26 supervise and maintain books of account and records relating to
or reflecting the results of operation of the Managed Facility; 
 2.1.5.27 keep the Managed Facility and the FF&E in good operating
order, repair and condition, consistent with the Operating Standard; 
 2.1.5.28 take such actions as Manager determines to be necessary or
advisable to perform all duties and obligations required to be performed by Manager under this Agreement or as are customary and usual in the operation of the Managed Facility, in each case subject to the Operating Limitations, but, in all events,
in accordance with the Operating Standard and the Manager’s Standard of Care; 
 2.1.5.29 implement and comply with all relevant Non-Discriminatory standards, policies and programs in effect relating to the Brands and/or the Total Rewards Program; 

2.1.5.30 with respect to the Guest Data, the Property Specific Guest Data, the Managed Facilities IP and the Total Rewards Program, establish
and 

  
 10 

 
comply with such contracts and privacy policies, and implement and comply with such data security policies and security controls, for databases and systems storing and/or utilizing such Guest
Data, Property Specific Guest Data, Managed Facilities IP and/or Total Rewards Program, as Manager reasonably determines are appropriate to protect such information, and all in a Non-Discriminatory manner;

 2.1.5.31 establish policies and procedures relating to problem Gaming, underage drinking, compliance with the Americans with
Disabilities Act, diversity and inclusion and a whistleblower hotline which shall, in each case, comply in all material respects with Applicable Laws; 

2.1.5.32 establish, in Consultation with Tenant, rates for the usage of all guest rooms and suites, including all (a) room rates for
individuals and groups; (b) charges for room service, food and beverage; (c) charges for recreational and other hotel guest amenities at the Managed Facility; (d) policies with respect to Complimentaries; (e) billing policies
(including entering into agreements with credit card organizations); and (f) price and rate schedules; and 
 2.1.5.33 take any action
necessary or ancillary to the responsibilities and authorities set forth above in this Section 2.1.5, it being acknowledged and agreed that the foregoing is not intended to be an exhaustive list of Manager’s
responsibilities or authorities. 
 2.2 Limitations on Manager Authority. 

Notwithstanding the grant of authority given to Manager in Section 2.1, and without limiting any of the other
circumstances under which Landlord’s or Tenant’s approval is specifically required under this Agreement, subject in all events to the Lease, in the event that, at the applicable time, (a) Manager is not a wholly owned subsidiary of
CEC and (b) Tenant is not a Controlled Subsidiary of CEC, then at such time Manager shall not take any of the following actions without Tenant’s prior written approval: 

2.2.1 Settle any claim (a) regardless of the amount, admitting intentional misconduct or fraud or (b) arising out of the Operation
of the Managed Facility which involves an amount in excess of $5,000,000 that is not fully covered (other than deductible amounts) by insurance or as to which the insurance denies coverage or “reserves rights” as to coverage;
provided that the dollar amount specified in this Section 2.2.1 shall be increased on January 1 of every third Operating Year by the percentage increase in the Index since January 1 of the first Operating
Year or the date of the prior increase, as applicable; 
 2.2.2 Execute, amend, modify, provide a written waiver of rights under or
terminate (a) the Lease, (b) any ground lease with respect to the Leased Property, or (c) any contract, lease, equipment lease or other agreement (or a series of contracts, leases, equipment leases or other agreements relating to the
same or similar property, equipment, goods or services, as applicable, in each case with the same or a related party) that (i)(x) is for a term of greater than three (3) years and (y) requires payment by

  
 11 

 
Manager or Tenant in excess of $5,000,000 in the aggregate for the term or (ii) requires aggregate annual payments by Manager or Tenant in excess of $5,000,000, other than contracts, leases
or other agreements which are specifically identified in the Annual Budget; provided that the dollar amount specified in this Section 2.2.2 shall be increased on January 1 of every third Operating Year by the
percentage increase in the Index since January 1 of the first Operating Year or the date of the prior increase, as applicable; 
 2.2.3
Except as permitted by Section 5.5.3, borrow any money or incur indebtedness or issue any guaranty in respect of borrowed money, or issue any indemnity or surety obligation outside of the ordinary course of business, in the
name and on behalf of Tenant; 
 2.2.4 Grant or create any lien or security interest on the Managed Facility or any part thereof or interest
therein; provided that the foregoing shall not be deemed to restrict Manager from incurring trade payables, ordinary course advances for travel, entertainment or relocation or granting credit or refunds to patrons for goods and services
incurred in the ordinary course of business in the Operation of the Managed Facility in accordance with this Agreement and Applicable Laws; 

2.2.5 Sell or otherwise dispose of the Managed Facility or any part thereof or interest therein, including FF&E and Managed Facilities IP,
except for the sale of inventory and the disposal of obsolete or worn out or damaged items, each in the ordinary course of business or as contemplated in the Annual Budget or Capital Budget; 

2.2.6 Commence any ROI Capital Improvements, except as directed by Tenant or as included in the Capital Budget, or commence any Building
Capital Improvements, except in each case if required by the Lease or if required by the Operating Standard as determined hereunder; 

2.2.7 Hire or replace individuals for the positions of Senior Executive Personnel; 

2.2.8 Submit, settle, adjust or otherwise resolve any casualty insurance claim related to the Managed Facility involving losses or casualties
in excess of $5,000,000; provided that the amount specified in this Section 2.2.8 shall be increased on January 1 of every third Operating Year by the percentage increase in the Index since January 1 of the
first Operating Year or the date of the prior increase, as applicable; 
 2.2.9 Confess any judgment, make any assignment for the benefit of
creditors, admit an inability to pay debts as they become due in the ordinary course of business, file a voluntary bankruptcy or consent to any involuntary bankruptcy of any Party with respect to the Managed Facility or Tenant; 

2.2.10 Initiate or settle any real or personal property tax appeals or claims involving property of Tenant, unless directed by Tenant in
writing; 
 2.2.11 Acquire any land or interest in land in the name of Tenant; 

  
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 2.2.12 Consent to any Condemnation or Taking relating to the Managed Facility; 

2.2.13 File with any Governmental Authority any federal or state income tax return applicable to Tenant; or 

2.2.14 Execute, amend, modify, provide written waiver of rights under or terminate any collective bargaining, recognition, neutrality or other
material labor agreements solely involving the Managed Facility Personnel; provided that with respect to the execution, amendment, modification, waiver of rights under or termination of any collective bargaining, recognition, neutrality or
other material labor agreements which involve both Managed Facility Personnel and other employees providing services at properties that are owned by or managed by Manager’s Affiliates, the consent of Tenant shall be required, which consent
shall not be unreasonably withheld, conditioned or delayed. 
 2.3 Other Operations of Manager and Tenant. 

2.3.1 Without limiting Manager’s obligation under Section 2.1.2, Tenant acknowledges that: (a) Tenant has
selected Manager to Operate the Managed Facility on behalf of Tenant in substantial part because of the other hotels, casinos, entertainment venues, dining establishments, spas and retail locations that are owned or operated by Manager and/or its
Affiliates; (b) Tenant has determined, on an overall basis, that the benefits of operation as part of the Total Rewards Program are substantial, notwithstanding that the properties operating under the Brands and Managed Facilities IP may not
all benefit equally from operation under the Brands and Managed Facilities IP; and (c) in certain respects all hotels, casinos, entertainment venues, dining establishments, spas and retail locations compete on a national, regional and local
basis with other hotels and casinos and facilities, and that conflicts and competition may, from time to time, arise between the Managed Facility, on the one hand, and Other Managed Facilities or Other Managed Resorts, on the other hand;
provided, however, that nothing in this Section 2.3 shall, or shall be deemed to, limit, vitiate or supersede Manager’s obligations and requirements under this Agreement, and in all events, Manager agrees
to at all times manage the Operation of the Managed Facility in a Non-Discriminatory manner, in accordance with the Operating Standard and subject to Manager’s Standard of Care. 

2.3.2 Tenant and Manager each acknowledges and agrees that (i) Manager and its Affiliates own and operate many casino, hotel and other
properties across the United States and internationally, some of which may be in competition with the Managed Facility and (ii) neither Manager nor any Affiliate of Manager shall have any obligation to promote the value and profitability of the
Managed Facility at the expense of such other properties; provided, however, that nothing in this Section 2.3.2 shall, or shall be deemed to, limit, vitiate or supersede Manager’s obligations and
requirements under this Agreement, and in all events, Manager shall at all times manage the Operation of the Managed Facility in a Non-Discriminatory manner, in accordance with the Operating Standard and
subject to Manager’s Standard of Care. Without 

  
 13 

 
limiting the preceding proviso in any manner, subject to the Omnibus Agreement, the Services Co LLC Agreement (including, without limitation, Section 7.8 thereof),
Applicable Law and the Operating Limitations, Manager and its Affiliates shall be permitted, in a Non-Discriminatory manner, to: (a) utilize the Guest Data during the Term for its own account and for use
at Manager’s and its Affiliates’ other owned and/or operated properties, and (subject to Section 7.2.2.3) retain and use such Guest Data for such purposes after expiration or termination of the Term;
provided that the right of ownership and use of Property Specific Guest Data shall be governed by Section 7.2.2.2, (b) engage in commercially reasonable cross-marketing and cross-promotional activities with
Manager’s and its Affiliates’ other owned and/or operated properties, and (c) otherwise participate or engage in competing projects, programs and activities. This Section 2.3.2 shall survive the expiration or
termination of this Agreement. 
 2.3.3 Manager acknowledges and agrees that Tenant and its Affiliates may acquire, develop, operate and
manage properties and other facilities in other locations, some of which may be in competition with the Managed Facility. Subject to Applicable Law, and without limitation of any other rights Tenant has to use Property Specific Guest Data or other
Guest Data, Tenant shall be permitted, in a Non-Discriminatory manner, to: (a) utilize the Property Specific Guest Data during the Term for its own account and for use at its other properties, and
(subject to Section 7.2.2.3) retain and use such Property Specific Guest Data after expiration or termination of the Term, (b) engage in cross-marketing and cross-promotional activities with Tenant’s other
properties in a manner that may be competitive to the Managed Facility or Manager’s and its Affiliates’ other owned and/or operated facilities or operations, and (c) otherwise participate or engage in competing projects, programs and
activities. This Section 2.3.3 shall survive the expiration or termination of this Agreement. 
 2.4 Term.

 2.4.1 Term. The initial term (the “Initial Term”) of this Agreement (the Initial Term, together with any Renewal
Term, the “Term”) shall commence on the date the Lease Initial Term under the Lease commences in accordance with its terms and shall expire on the date the Lease Initial Term expires under the Lease, unless terminated earlier in
accordance with the express terms of Section 16.2 of this Agreement. The Initial Term of this Agreement shall automatically extend (any such extension, a “Renewal Term”) upon the commencement of any Lease Renewal Term
under the Lease and shall expire on the date such Lease Renewal Term expires under the Lease, unless terminated earlier in accordance with the express terms of Section 16.2 of this Agreement. Any Renewal Term of this Agreement shall
automatically further extend upon the commencement of any additional Lease Renewal Term under the Lease and shall expire on the date such Lease Renewal Term expires under the Lease, unless terminated earlier in accordance with the express terms of
Section 16.2 of this Agreement. Upon the commencement of any Renewal Term, unless otherwise agreed by each of Manager, Tenant, Landlord and Lease Guarantor expressly in writing, this Agreement, and all terms, covenants and conditions set
forth herein, shall be automatically extended to the expiration or earlier termination of such Renewal Term in accordance with the express terms of Section 16.2 of this Agreement. 

  
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 2.4.2 No Other Early Termination. This Agreement may only be terminated prior to the
expiration of the Term as provided in Article XVI. Notwithstanding any Applicable Law to the contrary, including principles of agency, fiduciary duties or operation of law, neither Tenant, Lease Guarantor, Landlord nor Manager shall be
permitted to terminate this Agreement except in accordance with the express provisions of Article XVI of this Agreement. 

2.4.3 Effect of Termination. Notwithstanding the expiration or termination of this Agreement pursuant to this Section 2.4
or otherwise, the obligations and liabilities of Lease Guarantor in respect of the Lease Guaranty shall not terminate or be released or reduced in any respect, except solely if and to the extent set forth in Section 17.3.5. 

2.5 Lease. Manager acknowledges (x) receipt of a copy of the Lease and (y) that Manager has reviewed and is familiar with all
of the provisions, terms and conditions thereof. The Parties agree that, to the extent any action or inaction of Manager authorized or permitted under this Agreement, including pursuant to Sections 2.1.5 and/or
Section 2.2 hereof, would, if taken (or not taken, as applicable) by or on behalf of Tenant, violate or otherwise be prohibited by the Lease in any respect, the Lease shall govern and control, and, without limitation
(subject to the final proviso of the penultimate sentence of this Section 2.5), Manager, in acting for or on behalf of Tenant, shall comply with the provisions, terms and conditions of the Lease applicable to such action or
limitation. Without limiting the preceding sentence, the Parties each acknowledge and agree that nothing contained in this Agreement is intended to, or shall be construed to, limit, vitiate or supersede any of the provisions, terms and conditions of
the Lease, and, as between Tenant and Landlord, in the event of any inconsistency between the obligations of Tenant thereunder, on the one hand, and the provisions, terms and conditions of this Agreement, on the other hand, the Lease shall govern
and control; provided that (subject to the final sentence of this Section 2.5) nothing in this Section 2.5 shall be construed to impose any liability on, or obligations of, Manager to
Landlord. Notwithstanding the foregoing or anything otherwise contained in this Agreement, Manager agrees that it shall not take any action or omit to take any action on behalf of itself or on behalf of Tenant that (or was intended to) frustrate,
vitiate or negate the provisions, terms and conditions of, or Tenant or Landlord’s performance of, the Lease. 
 ARTICLE III 

FEES AND EXPENSES 
 3.1
Centralized Services Charges. Centralized Services Charges will be paid by Tenant in accordance with Section 4.1.1. 

3.2 Reimbursable Expenses. Tenant shall reimburse Manager for all Reimbursable Expenses incurred by Manager during the Term. The
Reimbursable Expenses (a) may be withdrawn by Manager from the Operating Account to pay such Reimbursable Expenses when such amounts become due or (b) shall be due monthly in arrears for the immediately preceding month within fifteen
(15) days of delivery to 

  
 15 

 
Tenant of the Monthly Reports for such month. If funds in the Bank Accounts are insufficient to pay such Reimbursable Expenses or if such withdrawal is otherwise restricted within the sixty
(60) day period after such Reimbursable Expenses are due, such Reimbursable Expenses shall accrue interest in accordance with Section 3.3 and shall be withdrawn by Manager from the Operating Account as soon as funds
are sufficient therefor. Any disputes regarding the Reimbursable Expenses shall be referred to the Expert for Expert Resolution pursuant to Article XVIII. 

3.3 Interest. If any amount due by Tenant to Manager or its Affiliates or designees or by Manager to Tenant, in each case under this
Agreement, is not paid within sixty (60) days after such payment is due, such amount shall bear interest from and after the respective due dates thereof until the date on which the amount is received in the bank account designated by the Party
to which such amount is owed at an annual rate of interest equal to the lesser of (a) the prevailing lending rate of such Party’s principal bank for working capital loans to such Party plus three percent (3%) and (b) the highest rate
permitted by Applicable Law. 
 3.4 Payment of Fees and Expenses. 

3.4.1 No Offset. All payments by Tenant or by Manager under this Agreement and all related agreements between Tenant, Manager or their
respective Affiliates shall be made pursuant to independent covenants, and neither Tenant nor Manager shall set off any claim for damages or money due from either such Party or any of its Affiliates to the other, except to the extent of any
outstanding and undisputed payments owed to Tenant by Manager under this Agreement. 
 3.4.2 Place and Means of Payment. All fees and
other amounts due to Manager or its Affiliates under this Agreement, including, without limitation Reimbursable Expenses, shall be paid to Manager in U.S. Dollars, in immediately available funds. Manager may pay such fees and other amounts owed to
Manager or its Affiliates consistent with this Agreement and the Annual Budget directly from the Operating Account. In addition, Manager may require that any such payments to Manager hereunder be effected through electronic debit/credit transfer of
funds programs specified by Manager from time to time, and Tenant agrees to execute such documents (including independent transfer authorizations), pay such fees and costs and do such things as Manager reasonably deems necessary to effect such
transfers of funds. 
 3.5 Application of Payments. All payments by Tenant, or by Manager on behalf of Tenant, pursuant to this
Agreement and all related agreements between Tenant and Manager shall be applied in the manner provided in this Agreement. 
 3.6 Sales
and Use Taxes. Tenant shall pay to Manager an amount equal to any sales, use, commercial activity tax, gross receipts, value added, excise or similar taxes assessed against Manager by any Governmental Authority that are calculated on
Reimbursable Expenses required to be paid by Tenant under this Agreement, other than income, gross receipts, franchise or similar taxes assessed against Manager on Manager’s income. Tenant and Manager agree to cooperate in good faith to
minimize the taxes 

  
 16 

 
assessed against Manager, Tenant and the Managed Facility, including taxes assessed against Tenant in connection with paying Reimbursable Expenses directly to the applicable third-party vendor,
so long as such actions are commercially reasonable and could not reasonably be expected to, and do not, result in an adverse impact in any material respect on Manager, Tenant or the Managed Facility. In the event of any dispute regarding
appropriate actions to be taken to minimize taxes assessed against Manager, Tenant and the Managed Facility, such dispute may be submitted by either Tenant or Manager for Expert Resolution in accordance with Article XVIII.

 ARTICLE IV 

CENTRALIZED SERVICES 
 4.1
Centralized Services. 
 4.1.1 Acknowledgement. The Parties acknowledge and agree that pursuant to the Omnibus Agreement and
the Services Co LLC Agreement, Tenant and its Affiliates are entitled to and receive certain centralized managerial, administrative, supervisory and support services and products that are also generally provided to the Other Managed Facilities and
Other Managed Resorts (collectively, the “Centralized Services”), including (without limitation): (a) services and products in the areas of marketing, risk management, information technology, legal, internal audit, accounting and
accounts payable; (b) the Proprietary Information and Systems; and (c) the Total Rewards Program. The Centralized Services are provided by Services Co or an Affiliate thereof or, for some Centralized Services, by third parties (the
“Third-Party Centralized Services”). The Parties acknowledge and agree that Tenant shall pay all amounts properly charged in a Non-Discriminatory manner to the Managed Facility for the
Managed Facility’s use of the Centralized Services (the “Centralized Services Charges”) in accordance with and pursuant to the terms of the Omnibus Agreement and the Services Co LLC Agreement, and shall comply with all Non-Discriminatory terms and requirements of such Centralized Services applicable to Tenant and the Managed Facility. In addition, Tenant shall pay all Non-Discriminatory
costs for the installation and maintenance of any equipment and Technology Systems at the Managed Facility used by the Managed Facility in connection with the Centralized Services. Manager shall not be responsible for the provision of any
Centralized Services to the Managed Facility or for the payment of any Centralized Services Charges or other expenses related to the provision of such Centralized Services. 

4.1.2 Right to Pay for Centralized Services. Manager shall have the right (but not the obligation) to pay (directly or through an
Affiliate) (a) a reasonable, Non-Discriminatory allocation of any amounts due to a third-party for any Third-Party Centralized Services provided by such third-party to the Managed Facility, (b) any Non-Discriminatory Centralized Services Charges on behalf of Tenant that Tenant fails to pay in accordance with the Omnibus Agreement and the Services Co LLC Agreement and (c) other Non-Discriminatory expenses related to the provision of Centralized Services used by the Managed Facility, in which case, notwithstanding anything to the contrary in this Agreement, such amounts shall be deemed to
be Reimbursable Expenses for all purposes under this Agreement. 

  
 17 

 ARTICLE V 

OPERATION OF THE MANAGED FACILITY 

5.1 Annual Budget. 

5.1.1 Proposed Annual Budget. On or before December 15 of each Operating Year, Manager shall prepare and deliver to Tenant, for
its review and approval, a proposed operating plan and budget for the next Operating Year. All operating plans and budgets proposed by Manager shall be prepared in good faith in accordance with budgeting and planning procedures typically employed by
CEC and shall be developed and implemented in accordance with the Manager’s Standard of Care and the Operating Standard. Each operating plan and budget shall include monthly and annualized projections of each of the following items, as
applicable, for the Managed Facility: 
 5.1.1.1 results of operations, together with the following supporting data: (a) total labor
costs, including both fixed and variable labor and (b) the Reimbursable Expenses; 
 5.1.1.2 a description of proposed Routine Capital
Improvements, Building Capital Improvements and ROI Capital Improvements to be made during such Operating Year, including capitalized lease expenses, an itemization of the costs of such capital improvements (including a contingency line item) and
proposed monthly funding for such costs, and project schedules to commence and complete such capital improvements (the “Capital Budget”); 

5.1.1.3 a statement of cash flow, including a schedule of any anticipated cash shortfalls or requirements for funding by Tenant; 

5.1.1.4 a schedule of rent required under the Lease; 

5.1.1.5 a schedule of debt service payments and reserves required under any Leasehold Financing Documents; 

5.1.1.6 a marketing plan and budget for the activities to be undertaken by Manager pursuant to Article IX, including
promotional activities and Promotional Allowances for the Managed Facility; 
 5.1.1.7 a schedule of projected Centralized Services Charges
provided by Tenant to Manager pursuant to the budgeting procedures contemplated by the Services Co LLC Agreement and the Omnibus Agreement; and 

5.1.1.8 any other information or projections reasonably requested by Tenant to be included in the operating plan and budget from time to time.

  
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 5.1.2 Approval of Annual Budget. Tenant shall review the proposed operating plan and
budget and shall provide Manager with its written approval of or any objections to such proposed operating plan and budget in writing, in reasonable detail, within forty-five (45) days after receipt of the proposed operating plan and budget
from Manager; provided that any line items in the proposed operating plan and budget shall not be adopted and implemented by Manager until Tenant shall have approved or be deemed to have approved such operating plan and budget and/or any
items therein in dispute shall have been determined pursuant to Section 5.1.3. Tenant shall be deemed to have approved that portion of any proposed operating plan and budget to which Tenant has not approved in writing or objected to in
writing within such forty-five (45) day period. If Tenant objects to any portion of the proposed operating plan and budget to which it is entitled to object within such forty-five (45) day period, Tenant and Manager shall meet within
twenty (20) days after Manager’s receipt of Tenant’s objections and discuss such objections, and then Manager shall submit written revisions to the proposed operating plan and budget after such discussion. Tenant and Manager shall use
good faith efforts to reach an agreement on the operating plan and budget prior to January 1 of each Operating Year. The proposed operating plan and budget, as modified to reflect the revisions, if any, agreed to by Tenant and Manager pursuant
to Section 5.1.3, shall become the “Annual Budget” for the next Operating Year. Tenant shall act reasonably and exercise prudent business judgment in approving of, or objecting to, all or any portion of any proposed
operating plan and budget. 
 5.1.3 Resolution of Disputes for Annual Budget. If Tenant and Manager, despite their good faith
efforts, are unable to reach final agreement on the proposed operating plan prior to January 1 of each Operating Year, or otherwise have a dispute regarding the Annual Budget as contemplated by this Section 5.1, those portions of
such proposed operating plan that are not in dispute shall become effective on January 1 of such Operating Year and, pending Tenant’s and Manager’s resolution of such dispute, the prior year’s Annual Budget shall govern the items
in dispute, except that the budgeted expenses provided for such item(s) in the prior year’s Annual Budget (or, if earlier, the last Annual Budget in which the budgeted expenses for such disputed item(s) were approved) shall be increased by the
percentage increase in the Index from January 1 of the prior Operating Year (or, if applicable, each additional Operating Year between the prior Operating Year and the Operating Year in which there became effective the last Annual Budget in
which the budgeted expenses for such disputed item(s) were approved). Upon the resolution of any such dispute by agreement of Tenant and Manager, such resolution shall control as to such item(s). For purposes of clarity, all disputes regarding the
Annual Budget shall be resolved (if at all) between Tenant and Manager directly and no such dispute shall subject to Expert Resolution through the procedures described in Article XVIII unless Tenant and Manager (each acting in its sole
discretion) agree in writing at the time any such dispute arises to mutually submit the subject dispute to Expert Resolution under Article XVIII. 

5.1.4 Operation in Accordance with Annual Budget. Manager shall use its commercially reasonable efforts to operate the Managed Facility
in accordance with the Annual Budget for the applicable Operating Year (subject, in the case of disputed items, to the provisions of Section 5.1.3). Nevertheless, Tenant and Manager 

  
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acknowledge that preparation of the Annual Budgets is inherently inexact and that Manager may vary from any Annual Budget (a) to the extent Manager reasonably determines that such variance
is required by any Leasehold Financing Document and/or the Lease, (b) in connection with the matters set forth in Section 5.1.5, or (c) by reallocating up to ten percent (10%) of any line item in such Annual
Budget to any other line item without Tenant’s prior approval. Other than as set forth in the preceding sentence, Manager shall not incur costs or expenses or make expenditures that would cause the total expenditures for the Operation of the
Managed Facility to exceed the aggregate amount of expenditures provided in the Annual Budget by more than five percent (5%) without Tenant’s prior approval. Tenant acknowledges that the actual financial performance of the Managed Facility
during any Operating Year will likely vary from the projections contained in the Annual Budget for such Operating Year, and Manager shall not be deemed to have made any guarantee, warranty or representation whatsoever in connection with the Annual
Budget or consistency of actual results with the operating plan. 
 5.1.5 Exceptions to Annual Budget. Notwithstanding
Section 5.1.4, Tenant acknowledges and agrees as follows: 
 5.1.5.1 The amount of certain expenses provided for in the Annual
Budget for any Operating Year will vary based on the occupancy, use and demand for goods and services provided at the Managed Facility and, accordingly, to the extent that occupancy, use and demand for such goods and services for any Operating Year
exceeds the occupancy, use and demand projected in the Annual Budget for such Operating Year, such Annual Budget shall be deemed to include corresponding increases in such variable expenses; provided that the percentage increase in the
variable expense over budget shall not exceed the percentage increase in corresponding revenue over projections. To the extent that occupancy, use and demand for goods and services provided at the Managed Facility for any Operating Year is less than
the occupancy, use and demand projected in the Annual Budget for such Operating Year, Manager will make commercially reasonable adjustments to the Operation of the Managed Facility in an effort to reduce such variable expenses; 

5.1.5.2 The amount of certain expenses provided for in the Annual Budget for any Operating Year are not within the ability of Manager to
control, including real estate and personal property taxes, applicable Gaming taxes, insurance premiums, utility rates, license and permit fees and certain charges provided for in contracts and leases entered into pursuant to this Agreement, and
accordingly, Manager shall have the right to pay from the Operating Account the actual amount of such uncontrollable expenses without reference to the amounts provided for with respect thereto in the Annual Budget for such Operating Year
(provided that Manager shall promptly provide Tenant with a reasonably detailed written explanation of all variances in excess of five percent (5%) between the budgeted and actual amounts of any such uncontrollable expenses); 

5.1.5.3 If any expenditures are required on an emergency basis to (a) preserve or repair the Managed Facility or other property or
(b) avoid potential 

  
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injury to persons or material damage to the Managed Facility or other property, Manager shall have the right to make such expenditures, whether or not provided for, or within the amounts provided
for, in the Annual Budget for the Operating Year in question, to the extent reasonably required to avoid or mitigate such injury or material damage; and 

5.1.5.4 If any expenditures are required to comply with, or cure or prevent any violation of, any Applicable Law or the terms of the Lease,
Manager shall, following written notice to Tenant (except in the case of emergency, in which case the provisions of Section 5.1.5.3 shall govern) have the right to make such expenditures, whether or not provided for or
within the amounts provided for in the Annual Budget for the Operating Year in question, as may be necessary to comply with, or cure or prevent the violation of, such Applicable Law or the terms of the Lease. 

5.1.6 Modification to Annual Budget. Manager shall have the right from time to time during each Operating Year to propose modifications
to the Annual Budget then in effect based on actual operations during the elapsed portion of the applicable Operating Year and Manager’s reasonable business judgment as to what will transpire during the remainder of such Operating Year.
Modifications to such Annual Budget, if any, shall be subject to Tenant’s prior written approval; provided that in no event shall Tenant have the right to withhold its approval to any material modifications on account of changes to costs
of insurance premiums, operating supplies and equipment, charges provided for in contracts and leases entered into pursuant to this Agreement or other amounts that are not within Manager’s or its Affiliates’ ability to control (e.g.,
taxes, assessments, utilities, license or permit fees, inspection fees and any impositions imposed by any Governmental Authority). 
 5.1.7
Compliance with Lease. Without limiting Section 2.5 in any manner, the Parties agree that (i) nothing in this Section 5.1 is intended, nor shall it be construed, to limit, vitiate or supersede any of the
provisions, terms and conditions of the Lease and (ii) subject to the foregoing clause (i) and compliance with any requirements of the Lease, so long as Tenant is a Controlled Subsidiary of CEC and Manager is a wholly owned
subsidiary of CEC, Tenant and Manager may modify the requirements of this Section 5.1 with respect to the subject matter thereof from time to time in their discretion; provided that any such modifications shall be of no force or
effect unless they (x) are Non-Discriminatory and (y) do not conflict with any other provisions of this Agreement or any other Lease/MLSA Related Agreement; and provided, further, that
if any such modification would have a material adverse effect on any Party, then such modification shall require the prior written consent of such Party in its sole discretion. 

5.2 Maintenance and Repair; Capital Improvements. 

5.2.1 Required Maintenance and Repair and Capital Improvements. Except as otherwise provided in this Section 5.2, Manager,
at Tenant’s expense, shall perform or cause to be performed all ordinary maintenance and repairs and all such Routine Capital Improvements and Building Capital Improvements: (a) as are necessary or advisable to keep the Managed Facility in
good working order and condition and in compliance with the Operating Standard (subject to the Annual Budget and Section 5.1.4) 

  
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and Operating Limitations; and (b) without limiting the preceding clause (a), as Manager reasonably determines are necessary or advisable to comply with, and cure or prevent the
violation of, any Applicable Laws or the provisions, terms and conditions of the Lease. Manager, at Tenant’s expense, shall perform or cause to be performed all such Routine Capital Improvements and Building Capital Improvements as are provided
in the Annual Budget or otherwise approved in writing by Tenant. 
 5.2.2 Discretionary Capital Improvements. Manager, at
Tenant’s expense, shall cause to be performed all ROI Capital Improvements approved by Tenant (in the Annual Budget or otherwise in writing in advance), and shall supervise such work and ensure that the performance of such work is undertaken in
a manner reasonably calculated to avoid or minimize interference with the Operation of the Managed Facility. Except as provided in the applicable Annual Budget or proposed by Manager and approved by Tenant, Tenant shall notify Manager of any ROI
Capital Improvements proposed to be undertaken by Tenant and Manager may, within thirty (30) days after receipt of such notice, object to the undertaking of such ROI Capital Improvements based on Manager’s reasonable determination that
such ROI Capital Improvements will not be consistent with the Operating Standard (including, for the avoidance of doubt, that such ROI Capital Improvements would constitute a breach of the terms of the Lease) or will unreasonably interfere with the
Operation of the Managed Facility, including that such ROI Capital Improvements would unreasonably interfere with the Managed Facility’s operating performance and the ability of Manager to Operate the Managed Facility in accordance with the
Operating Standard (including the requirements of the Lease). Within fifteen (15) days after receipt of any notice from Manager alleging an objection with respect to any ROI Capital Improvement proposed by Tenant, Tenant shall respond in detail
to such allegation and, if the matter is not resolved by Tenant and Manager within thirty (30) days after Tenant’s response, the determination of whether such capital improvement does not, or when constructed will not, be consistent with
the Operating Standard (including the requirements of the Lease) or will unreasonably interfere with the Operation of the Managed Facility shall be submitted to the Expert for Expert Resolution in accordance with Article XVIII. If the
Expert determines that such capital improvement does not, or when constructed will not, comply with the Operating Standard (including the requirements of the Lease) or will unreasonably interfere with the Operation of the Managed Facility, Tenant
shall promptly take such actions as the Expert shall require to bring such capital improvement into compliance with the Operating Standard (including the requirements of the Lease) or to cause such capital improvement to not unreasonably interfere
with the Operation of the Managed Facility. For the avoidance of doubt and without limiting Section 2.5 in any manner, the Parties acknowledge that any determination made by an Expert under this Agreement shall be subject to
Section 18.2.3 and, without limitation, to the extent Landlord believes any non-compliance with the Lease exists, the provisions, terms and conditions of the Lease shall govern with respect
thereto. 
 5.2.3 Remediation of Design or Construction Defect. If the design or construction of the Managed Facility is defective,
and the defective condition presents a risk of injury to persons or damage to the Managed Facility or other property, or results in non-compliance with Applicable Law or the terms of the Lease, then Manager
shall 

  
 22 

 
have the authority (subject to the terms of the Lease) to, at Tenant’s expense, perform all work necessary to remedy such design or construction defect in the Managed Facility. Tenant
acknowledges that such work shall be performed at Tenant’s expense and that Manager shall not use funds in the Operating Account in remedying such defects. 

5.2.4 Compliance with Lease. Without limiting Section 2.5 in any manner, the Parties agree that nothing in this
Section 5.2 is intended, nor shall it be construed, to grant to Manager more authority over maintenance, repair and improvements of the Leased Property or any portion thereof than Tenant has under the Lease, or to require Manager to take
actions in respect of the Leased Property or any portion thereof beyond Tenant’s authority with respect thereto, it being understood that nothing contained in this Agreement is intended to, or shall be construed to, limit, vitiate or supersede
any of the provisions, terms and conditions of the Lease. 
 5.3 Personnel. 

5.3.1 Manager Control. Manager shall manage and have sole and exclusive control of all aspects of the Managed Facility’s human
resources functions as set forth in this Section 5.3. 
 5.3.2 Employment of Managed Facility Personnel. All Managed
Facility Personnel shall be employees of Tenant or a subsidiary of Tenant, and Tenant shall bear all Managed Facility Personnel Costs. Managed Facility Personnel Costs shall be Operating Expenses. Tenant shall have no right to supervise, discharge
or direct any Managed Facility Personnel, except as otherwise set forth herein, and covenants and agrees not to attempt to so supervise, direct or discharge. 

5.3.3 Senior Executive Personnel. Subject to Tenant’s approval rights in Section 2.2.7, Manager shall, on
Tenant’s behalf, recruit, screen, appoint, hire, pay (from the Operating Account), train, supervise, instruct and direct the Senior Executive Personnel, and they, or other Managed Facility Personnel to whom they may delegate such authority,
shall, on Tenant’s behalf: (a) recruit, screen, appoint, hire, train, supervise, instruct and direct all other Managed Facility Personnel necessary or advisable for the Operation of the Managed Facility; and (b) discipline, transfer,
relocate, replace, terminate and discharge any Managed Facility Personnel. 
 5.3.4 Terms of Employment. Subject to Tenant’s
approval rights under Section 2.2.7, all terms and conditions of employment, personnel policies and practices relating to the Managed Facility Personnel shall be established, maintained and implemented by Manager in compliance with all
Applicable Laws, on Tenant’s behalf, including, but not limited to, Applicable Laws relating to the terms and conditions of employment, recruiting, screening, appointment, hiring, compensation, bonuses, severance, pension plans and other
employee benefits, training, supervision, instruction, direction, discipline, transfer, relocation, replacement, termination and discharge of Managed Facility Personnel. Manager shall process the payroll and benefits for Managed Facility Personnel.

  
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 5.3.5 Corporate Personnel. All Corporate Personnel who travel to the Managed Facility to
perform technical assistance, participate in special projects or provide other services shall be permitted to reasonably utilize the services provided at the Managed Facility (including food and beverage consumption), without charge to Manager or
such Corporate Personnel, in accordance with the Manager’s System Policies. 
 5.4 Bank Accounts. 

5.4.1 Administration of Bank Accounts. Manager shall establish and administer the bank accounts listed in this Section 5.4
(the “Bank Accounts”) on Tenant’s behalf at a bank or banks selected by Tenant and reasonably approved by Manager. All Bank Accounts shall (a) be established by Manager (or a designee of Manager), as agent for Tenant,
in the name of CEOC (or a subsidiary of CEOC), (b) be owned by CEOC (or such subsidiary of CEOC) and (c) use the taxpayer identification number of CEOC (or such subsidiary of CEOC). The Bank Accounts shall be interest-bearing accounts if
such accounts are reasonably available. The Bank Accounts may include: 
 5.4.1.1 one or more accounts for the purposes of depositing all
funds received in the Operation of the Managed Facility and paying all Operating Expenses (collectively, the “Operating Account”); 

5.4.1.2 one or more accounts into which amounts sufficient to cover all Managed Facility Personnel Costs shall be deposited from time to time
by Manager (by transfer of funds from the Operating Account); 
 5.4.1.3 a separate account for the purpose of depositing funds sufficient
to pay all amounts due to Manager under this Agreement (by transfer of funds from the Operating Account) (the “Management Account”); and 

5.4.1.4 such other accounts as Manager with Tenant’s prior approval (or Tenant with Manager’s approval (not to be unreasonably
withheld)) deems necessary or desirable. 
 Notwithstanding anything to the contrary herein, the Operating Account may hold other funds, including CEOC
funds attributable to the Managed Facility, Other Managed Facilities and Other Managed Resorts; provided that Manager shall promptly reimburse Tenant for any direct loss to Tenant resulting from Manager’s commingling of Tenant’s
funds in the Operating Account with funds of any Person that is not a Tenant or any use of Tenant’s funds in the Operating Account in violation of this Agreement resulting from such comingling, other than at the direction or with the consent of
Tenant. 
 All funds in the Bank Accounts shall be held in express trust for the benefit of CEOC and its subsidiaries and the funds belonging to Tenant or
generated by the Managed Facility and held by Tenant or CEOC shall be disbursed on the terms and subject to the conditions of this Agreement, and Manager shall not commingle the funds associated with the Managed Facility with those of any other
Person or property (other than CEOC and 

  
 24 

 
subsidiaries of CEOC and their respective property). All funds of Tenant generated with respect to the Managed Facility shall be held, at all times, in the Bank Accounts until such funds are paid
in accordance with this Agreement and Manager shall not hold any such funds in any other manner. Notwithstanding anything herein to the contrary Manager shall comply with the escrow and reserve and other requirements imposed by any Landlord’s
Lender in connection with any Landlord Financing and/or under any Landlord Financing Documents, to the extent compliance therewith by Tenant is required under the Lease; provided that Manager shall not be a guarantor of Tenant’s
compliance with the Lease or of any Landlord Financing. 
 5.4.2 Authorized Signatories; Bank Account Information. 

5.4.2.1 Manager’s designees may be authorized to draw funds from the Bank Accounts and make deposits into the Bank Accounts during the
Term; provided, however, that if any Manager Event of Default has occurred, or if Manager is in breach of Section 5.4.4, (i) Tenant shall be authorized to draw, disburse and retain funds as Manager would
be so entitled under Section 5.4.4 (and such funds may only be used in accordance with Section 5.4.4) and (ii) if any Manager Event of Default has occurred, Manager shall cease having any
further rights to draw on such Bank Accounts and a signature (electronic or otherwise) from Tenant shall be required for Manager to draw funds from the Bank Accounts. Manager shall establish reasonable controls to ensure accurate reporting of all
transactions involving the Bank Accounts and as Manager, consistent with commercially reasonable business procedures and practices which are consistent with the size and nature of the operations at the Managed Facility, reasonably deems necessary or
advisable. For the avoidance of doubt, Tenant shall have the right to open, own and operate any other bank accounts (excluding the Bank Accounts) and with respect to such other bank accounts, Tenant shall have full authority to deposit, draw,
disburse and retain funds and otherwise operate such bank accounts in its discretion without regard to this Section 5.4. 

5.4.2.2 Manager shall (a) provide Tenant copies of bank statements with respect to the Bank Accounts, and (b) provide Tenant
(1) weekly cash balance summaries with respect to each Bank Account and (2) such other information regarding the Bank Accounts as reasonably requested by Tenant from time to time. 

5.4.3 Permitted Investments; Liability for Loss in Bank Accounts. Manager shall not invest funds belonging to Tenant or generated by
the Managed Facility and held by Tenant or CEOC in the Bank Accounts, except as may be permitted under the Leasehold Financing Documents and as approved by Tenant. Tenant shall bear all losses suffered in any investment of funds into any such Bank
Account, and Manager shall have no liability or responsibility for such losses, except to the extent due to a Manager Event of Default. 

5.4.4 Disbursement of Funds to Tenant. All revenues from the operation of the Managed Facility shall be deposited promptly by Manager
in the Operating Account. Manager may, from time to time, draw or transfer funds from the Operating Account to pay Operating Expenses that are then due and payable or to 

  
 25 

 
reimburse CEC or any of its subsidiaries for Operating Expenses that have been paid by them. On or about the twenty fifth (25th) day of each
calendar month (unless Tenant and Manager agree on different timing for such monthly disbursements), Manager shall disburse to Tenant, or as directed by Tenant, any funds belonging to Tenant or generated by the Managed Facility and held by Tenant or
CEOC remaining in the Operating Account at the end of the immediately preceding month after payment, contribution or retention, as applicable, of the following, without duplication: (a) all amounts due and payable under the Lease as of the date
of disbursement; (b) all Operating Expenses then due but which have not yet been paid as of the date of disbursement; (c) the amount of debt service accruals and payments due to Leasehold Lenders as of the date of disbursement (as provided
in the most recently updated Monthly Debt Service Schedule); and (d) retention by Manager of an amount sufficient to cover (i) a reasonable reserve (as approved by Tenant in the Annual Budget or otherwise in writing in advance),
(ii) any other amounts necessary to cure or prevent any violation of any Applicable Law or the Lease in accordance with this Agreement, and (iii) such other amounts as may be agreed to by Manager and Tenant from time to time. In the event
Tenant disputes any decision by Manager to reserve and not disburse to Tenant funds pursuant to this Section 5.4.4, such dispute may be submitted by either Tenant or Manager for Expert Resolution in accordance with
Article XVIII. Notwithstanding anything contained in this Section 5.4.4 or in any other part of this Agreement to the contrary and, for the avoidance of doubt, nothing contained herein shall be
construed as subordinating or deferring any obligations of Tenant under the Lease to any Operating Expenses or any other claims. 
 5.4.5
Transfers Between Bank Accounts. Subject to compliance with any cash management, escrow, reserve and other requirements imposed by any Landlord’s Lender in connection with any Landlord Financing and/or any Landlord Financing Documents
(to the extent compliance therewith by Tenant is required under the Lease), Manager has the authority to transfer funds from and between the Bank Accounts in order to pay (or reimburse CEC or its subsidiaries for) Operating Expenses, to pay debt
service with respect to the Managed Facility, to invest funds for the benefit of the Managed Facility (to the extent permitted under this Agreement), to pay the rent and other amounts required under the Lease and for any other purpose consistent
with the Annual Budget and good business practices; provided that, if any of the circumstances contemplated by the proviso in the first sentence of Section 5.4.2 has occurred and is continuing, Manager shall not transfer funds
allocable to the Managed Facility from the Management Account without the co-signature (electronic or otherwise) of a representative of Tenant (and Tenant shall not unreasonably withhold, condition or delay
such co-signature). 
 5.4.6 Monthly Debt Service Schedule. Whenever Tenant incurs
indebtedness with respect to the Managed Facility, Tenant shall provide Manager with a schedule of all principal and interest payments due with respect thereto and the method for calculating interest with respect to such indebtedness (as the same
may be updated, the “Monthly Debt Service Schedule”). 

  
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 5.5 Funds for Operation of the Managed Facility. 

5.5.1 Initial Working Capital. As of the Commencement Date, Tenant shall ensure that the available funds in the Operating Account
(which may be attributable to the Managed Facility, Other Managed Facilities and/or other resorts that are owned by CEOC or its subsidiaries) include at least Two Hundred Ninety-One Million, Five Hundred
Twenty-Five Thousand Dollars ($291,525,000) of cash. 
 5.5.2 Additional Funds. If Manager reasonably determines at any time during
the Term that: (a) the available funds belonging to Tenant or generated by the Managed Facility and held by Tenant or CEOC in the Operating Account are insufficient to allow for the uninterrupted and efficient Operation of the Managed Facility
in accordance with this Agreement (including the Operating Standard) and the Lease, subject to the Operating Limitations, based on a ninety (90) day forward looking reference period as of such time; (b) the available funds belonging to
Tenant or generated by the Managed Facility and held by Tenant or CEOC in the Operating Account are insufficient for the timely payment of amounts in any given month to be paid under Section 5.4.4; or (c) the available funds
belonging to Tenant or generated by the Managed Facility and held by Tenant or CEOC in the Operating Account are insufficient for (i) Building Capital Improvements then contemplated in the Annual Budget or the Lease or otherwise approved by
Tenant or (ii) ROI Capital Improvements then contemplated in the Annual Budget or the Lease or otherwise approved by Tenant, Manager shall notify Tenant of the existence and amount of the shortfall (a “Funds Request”) and shall
provide a reasonably detailed explanation (including any relevant documentation related thereto) of the cause of such shortfall. Tenant shall be obligated to deposit into the Operating Account the amount requested by Manager in the Funds Request
within fifteen (15) days after delivery of the Funds Request. 
 5.5.3 Failure to Provide Funds. If Tenant fails to deposit all
or any portion of any amount requested in a Funds Request, Manager shall have the right (but not the obligation) to use or pledge Manager’s credit in paying, on Tenant’s behalf, (a) ordinary and customary Operating Expenses to the
extent incurred in accordance with this Agreement, (b) Building Capital Improvements and Routine Capital Improvements to the extent incurred in accordance with this Agreement and the Lease and (c) ROI Capital Improvements then contemplated
in the Annual Budget or the Lease or otherwise approved by Tenant, in which case Tenant shall pay for such goods or services when such payment is due. In addition, if Tenant fails to pay for such goods or services when such payment is due, then
Manager shall have the right (but not the obligation) to pay for such goods or services, in which case Tenant shall reimburse Manager immediately upon demand by Manager (and Manager shall be entitled to reimburse itself from any available funds from
the Operation of the Managed Facility, including the Operating Account) for all such amounts advanced by Manager, together with interest thereon in accordance with Section 3.4. For the avoidance of doubt, neither Manager nor Tenant shall have
the right or power to pledge Landlord’s credit or property under any circumstances. 
 5.6 Purchasing. Manager and its
Affiliates shall make or cause to be made available to the Managed Facility, on a Non-Discriminatory basis, licensing or 

  
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purchasing programs available to each of the Other Managed Facilities and each of the Other Managed Resorts (whether on a national, regional, mandatory, optional or other basis) (each, a
“Purchasing Program”). Manager may elect, in its discretion, but subject to the terms of this Section 5.6, the Lease, Applicable Law and the Annual Budget, to license any games or purchase or lease any
FF&E and Supplies for the Operation of the Managed Facility from a Purchasing Program maintained by or for the benefit of Manager and/or its Affiliates; provided that (i) Manager shall ensure the prices and terms of the games,
FF&E and Supplies to be licensed or purchased for the benefit of the Managed Facility under such Purchasing Program (including with such modifications as provided below) are reasonably comparable to the prices and terms which would be charged by
reputable and qualified unrelated third parties on an arm’s length basis for similar games, FF&E and Supplies sold, leased or licensed to similar companies in the Gaming and hospitality industry, and may be grouped in reasonable categories
rather than being compared item by item, and (ii) if multiple Purchasing Programs are available, Manager shall elect the applicable Purchasing Program it utilizes on a Non-Discriminatory basis. Manager
and its Affiliates shall pass through any discounts, rebates or similar incentives received in connection with a Purchasing Program to the Managed Facility on a Non-Discriminatory basis. Tenant acknowledges
and agrees that Manager and its Affiliates shall have the right; provided that the same is implemented on a Non-Discriminatory basis, to (a) modify the fees, costs or terms of any such Purchasing
Program, including adding games, FF&E and Supplies to, and, subject to Applicable Law, deleting games, FF&E and Supplies from, such Purchasing Program; (b) terminate all or any portion of any such Purchasing Program, from time to time,
upon sixty (60) days’ notice to Tenant; (c) subject to the obligation to pass through any such amounts as set forth in the immediately preceding sentence, receive commercially reasonable payments, fees, commissions or reimbursements
from suppliers and third parties in respect of such purchases, leases or licenses; and (d) own or have investments in such suppliers. 

5.7 Managed Facility Parking. Subject to the terms of the Lease, Tenant shall use commercially reasonable efforts to cause to be
available as part of the Managed Facility (whether by expanding the Leased Property under the Lease (with Landlord’s approval to the extent required under the Lease), or otherwise obtaining use of other areas) parking sufficient for the
Operation of the Managed Facility (it being acknowledged and agreed by Manager and Tenant that, as of the Commencement Date, the parking facilities available to the Managed Facility are sufficient for the Operation of the Managed Facility). If
parking for the Managed Facility is not Operated as a part of the Managed Facility, Manager shall have the right to approve the arrangements for such operation, including the identity of any third-party parking manager. 

5.8 Use of Affiliates by Manager. In performing its obligations under this Agreement, Manager from time to time may use the services of
one (1) or more of its Affiliates as permitted under this Agreement, so long as neither Tenant nor Landlord is prejudiced thereby. If an Affiliate of Manager performs services Manager is required to provide under this Agreement, such Affiliate
and its employees must hold such licenses or qualifications as may be required by the Gaming Authorities in connection with the performance of such services, and Manager shall be ultimately responsible hereunder for

  
 28 

 
its Affiliate’s performance. Tenant shall bear no cost or expense for the Affiliate’s services, other than as expressly set forth in Section 4.1.1 for
Centralized Services Charges, Section 3.2 for Reimbursable Expenses, Section 5.6 for participation in Purchasing Programs, Section 5.11 for an Amenities Manager and
Section 12.1.1 for the Insurance Program. Subject to any confidentiality or similar obligations in favor of third parties (for the avoidance of doubt, exclusive of Manager’s Affiliates) and provided that the
same are applied in a Non-Discriminatory manner to all Persons with whom Manager transacts similar business, Manager shall make available to Tenant such information as reasonably requested by Tenant to compare
the cost or expense charged by the Affiliate with charges of an unaffiliated third party. 
 5.9 Limitation on
Manager’s Obligations. 
 5.9.1 General Limitations. Except as otherwise expressly provided in this Agreement,
all costs and expenses of Operating the Managed Facility shall be payable out of funds from the Operation of the Managed Facility, or which are otherwise provided by Tenant (or otherwise borne by Services Co in accordance with the Services Co LLC
Agreement and the Omnibus Agreement). In no event shall Manager be obligated to pledge or use its own credit or advance any of its own funds to pay any such costs or expenses for the Managed Facility. Accordingly, notwithstanding anything to the
contrary in this Agreement, Manager shall be relieved from its obligations to Operate the Managed Facility in compliance with the Operating Standard and in accordance with this Agreement whenever and to the extent that Manager is prevented or
restricted in any way from doing so by reason of: (a) the occurrence of a Force Majeure Event; (b) the Operating Limitations; (c) Tenant’s breach of any material term of this Agreement at a time (x) following (i) the
occurrence of a Leasehold Foreclosure with MLSA Assumption or (ii) the execution of a New Lease pursuant to Section 17.1(f) of the Lease and (y) when Tenant and Manager are not each an Affiliate of Lease Guarantor (a period when the
circumstances described in the preceding clause (x) and clause (y) both exist is referred to herein as a “Section 5.9.1(c) Period”); (d) any limitation or restriction expressly set forth in this
Agreement on Manager’s authority or ability to expend funds in respect of the Managed Facility; or (e) the lack of availability of sufficient funds generated by the Managed Facility to Operate the Managed Facility during a Section 5.9.1(c)
Period, except to the extent caused by a Manager Event of Default (disregarding any applicable notice and/or cure periods for such purpose); provided that nothing in this Section 5.9.1 shall be deemed to relieve Manager of its
obligation hereunder to Operate the Managed Facility in a Non-Discriminatory manner regardless of the availability to Manager of sufficient funds to Operate the Managed Facility (it being understood, however,
for the avoidance of doubt, that Manager shall not be required to expend its own funds to Operate the Managed Facility). 
 5.9.2 Pre-Existing Conditions and External Events. If any environmental, construction, personnel, real property-related or other problems arise at the Managed Facility during the Term that: (a) relate to the
Operation or condition of the Managed Facility, or activities undertaken at the Managed Facility or on the Leased Property, prior to the Term; (b) are caused by or arise from the actions of Landlord, Landlord’s Affiliates, Tenant or
Tenant’s subsidiaries, or (c) are caused by or arise from 

  
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sources not within the control of Manager and/or its Affiliates (including a Force Majeure Event), Manager’s services under this Agreement shall not extend to management of any remediation,
abatement or other correction of such problems, and Tenant (or Landlord, as applicable, if and to the extent so required pursuant to the Lease) shall retain full managerial and financial responsibility and liability for and control over the
remediation, abatement and correction of such problems (in each case, in accordance with the Lease and all Applicable Law), and shall take such actions in a timely manner with as little disturbance or interruption of the use and Operation of the
Managed Facility as reasonably practicable. Notwithstanding the foregoing, in the event such problems exist: (i) Manager will cooperate reasonably with Landlord and/or Tenant, as applicable, in connection with such remediation, abatement and
correction efforts; and (ii) if there is a reasonable likelihood that such problems would cause criminal or civil liability to Manager, Tenant, or Landlord, injury to persons using the Managed Facility or damage to the Managed Facility, Tenant
shall promptly remedy such problems and if Tenant fails to do so, Manager shall have the right to take all reasonably necessary steps to comply with any Applicable Law and/or the terms of the Lease, or to avoid criminal or civil liability to
Manager, Tenant, or Landlord, or injury to Persons or property; provided that Manager shall give Landlord and Tenant reasonable prior written notice thereof. 

5.10 Third-Party Operated Areas. Manager shall, in Consultation with Tenant, identify particular portions of the Managed Facility, such
as restaurants, bars, entertainment venues, spas, retail locations or such portion of the Managed Facility identified and agreed between Tenant and Manager (“Third-Party Operated Areas”), that shall be operated by third parties (the
“Third-Party Managers”) under a sublease, operating agreement, franchise agreement or similar agreement arranged by Manager and in the name of Tenant. Manager shall have the right, in Consultation with Tenant, to manage the process
of selecting any Third-Party Managers. Any sublease, operating agreement, franchise agreement or similar agreement entered into with a Third-Party Manager shall (i) (a) be consistent with the terms of this Agreement (including that the
same shall be Non-Discriminatory to the Managed Facility) and be subject to and entered into in compliance with all applicable provisions, terms and conditions of the Lease; (b) require the Third-Party
Managers to operate the Third-Party Operated Areas in accordance with the Lease, the Operating Standard and all other provisions, terms and conditions of this Agreement, subject to the Operating Limitations, and (c) require the Third-Party
Managers and their employees and contractors, as applicable, to hold such license or qualification as may be required by the Gaming Authorities or Applicable Law and (ii) shall otherwise be subject to Tenant’s prior review and approval.

 5.11 Amenities. Manager shall have the right to propose to have an Affiliate of Manager (the “Amenities Manager”)
operate one or more of the Third-Party Operated Areas. The arrangement with any Amenities Manager for the operation of any restaurants, bars, entertainment venues, spas, retail locations or other amenity as a part of the Managed Facility shall be
documented pursuant to a sublease or management agreement prepared by Manager and approved by Tenant which shall provide that the restaurant, bars, entertainment venue, spa, retail location or other amenity, as applicable, shall be (a) designed
and constructed in all material respects in accordance with the Operating Standard, Design Guidance and any other standards reasonably required by 

  
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Tenant and the Amenities Manager, and (b) operated in accordance with the Operating Standard and all other terms of this Agreement (including that the same shall be Non-Discriminatory to the Managed Facility), in each case subject to the Operating Limitations, and in accordance with, and subject to, Applicable Law. Any such arrangement shall be subject to and entered into in
compliance with all applicable provisions, terms and conditions of the Lease. 
 5.12 Modification of Operation of the Managed
Facility. Notwithstanding the provisions of Article IV and Article V of this Agreement or anything else to the contrary herein, the Parties acknowledge and agree that, subject to the consent of Landlord (but only to the extent such
consent is required pursuant to the Lease), and subject to compliance with any applicable requirements of the Lease, so long as Tenant is a Controlled Subsidiary of CEC and Manager is a wholly owned subsidiary of CEC, Tenant and Manager may agree in
their reasonable discretion to modify, in a Non-Discriminatory manner, any such provisions of Article IV and Article V (except for Section 5.4.4, Section 5.9 and this
Section 5.12) from time to time (provided that any such modification shall not conflict with any other provisions of this Agreement or any other Lease/MLSA Related Agreement) solely to reflect the operational requirements of the Managed
Facility and the Centralized Services as they exist from time to time and to otherwise, in a Non-Discriminatory manner, more efficiently operate and manage the Managed Facility in accordance with the
provisions, terms and conditions of this Agreement and perform the Parties’ obligations hereunder; provided, however, that if any such modification would have a material adverse effect on any Party, then such modification shall require the
prior written consent of such Party in its sole discretion. 
 ARTICLE VI 

APPROVALS 
 6.1 Gaming
Licenses. The Parties agree that this Agreement and all other agreements contemplated herein shall be executed only after receipt of all required approvals and authorizations, if any, by all applicable Gaming Authorities. Tenant, at its expense,
during the Term shall take such commercially reasonable actions as may be reasonably required to obtain and maintain such required approvals or authorizations from the applicable Governmental Authorities to make effective this Agreement as and if
required by Applicable Law and permit Tenant to make the payments required to be made to Manager under this Agreement and all related agreements; provided that Manager, at Manager’s expense, during the Term shall maintain such license(s)
or qualification(s) applicable to Manager as may be required by applicable Gaming Authorities. Manager shall have the right, at its expense, to participate in all phases of the approval or authorization process. The Parties shall cooperate in all
such undertakings or dealings with Gaming Authorities, and Tenant shall provide reasonable notice to Manager (and, if Landlord is requested to attend, to Landlord) prior to all meetings with any Gaming Authority for such purpose. Each of Manager and
Tenant covenants and agrees to use its best efforts to obtain and maintain all Approvals (other than such license(s) or qualification(s) applicable to the other Party) required to approve Manager to Operate the Managed Facility and this Agreement.

  
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 ARTICLE VII 

PROPRIETARY RIGHTS 
 7.1
Managed Facilities IP. 
 7.1.1 Subject to, and solely in accordance with, the terms, conditions and provisions set forth in this
Agreement, Caesars IP Holder and Tenant hereby grant to Manager (and Manager hereby accepts) a non-exclusive, royalty-free, fully-paid up, worldwide right and license to use, modify, distribute,
copy/reproduce, publish, create derivative works of, and otherwise commercialize or exploit, the Managed Facilities IP as necessary to Operate, promote and market the Managed Facility in accordance with the terms of this Agreement throughout the
Term of this Agreement and during the Transition Period. 
 7.1.2 Any and all uses of the Trademarks included in the Managed Facilities IP
(including any Trademarks that comprise any Brands) by Manager shall be subject to the prior written consent of Caesars IP Holder or Tenant, or any of their respective designees, as applicable, such consent to be provided or withheld in Caesars IP
Holder’s, Tenant’s or such designee’s sole discretion; provided, however, that Caesars IP Holder and Tenant acknowledge and agree that (i) with respect to any uses consistent with the uses of the Trademarks as were
in effect on or prior to the Commencement Date, or (ii) to the extent such uses by Manager are otherwise consistent with those uses of the Trademarks included in the Licensed IP (as defined in the Omnibus Agreement) that are permitted pursuant
to the terms of the Omnibus Agreement, such uses (collectively, the “Permitted Uses”) are in each case hereby deemed approved; provided, further, that consent required under this Section 7.1.2
shall be provided in a Non-Discriminatory manner. Caesars IP Holder, Tenant, or any of their respective designees, as applicable, shall have the sole and exclusive right to determine the form and manner of
presentation of the applicable Trademarks included in the Managed Facilities IP (including any Trademarks that comprise any Brands) in connection with the Operation of the Managed Facility, including all uses of such Trademarks in marketing, sales,
advertising and promotional materials of the Managed Facility, any goods or services relating to the Managed Facility and any signage for the Managed Facility (subject, in each case, to the deemed approval of any Permitted Uses); provided
that such determination shall be made in accordance with the Operating Standard, and in any event, in a Non-Discriminatory manner. 

7.1.3 All rights not expressly granted hereunder are reserved by Caesars IP Holder or Tenant, as applicable. Notwithstanding that Manager
shall use the Managed Facilities IP in connection with the Operation of the Managed Facility, Manager acknowledges that, as between Caesars IP Holder or Tenant, on the one hand, and Manager, on the other hand, this use of the Managed Facilities IP
shall not create in Manager’s favor any proprietary right, title, or interest in or to any of the Managed Facilities IP, and all rights of ownership and control of the Managed Facilities IP shall (subject to
Section 7.2.2.3) reside solely with Caesars IP Holder or Tenant, as applicable. If and to the extent Manager acquires any proprietary right, title or interest in or to any of the Managed Facilities IP, Manager hereby
irrevocably assigns all such right, title and interest therein to Caesars IP Holder or Tenant, as applicable. 

  
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 7.1.4 Manager acknowledges and agrees that the right to use the Managed Facilities IP in
connection with the Operation, promotion and marketing of the Managed Facility (a) excludes any right granted to Manager to apply to register or register any Trademarks, copyrights or domain names, in each case included in or that would be
reasonably likely to cause confusion with any Trademark, copyright, or domain name included in the Managed Facilities IP, or seek any patents which cover any proprietary element of the Managed Facilities IP; (b) excludes any right of Manager to
sublicense or subcontract or permit other Persons to use the Managed Facilities IP (including the production of branded products) without the prior written consent of Caesars IP Holder or Tenant or any of their respective designees, as applicable,
subject, in each case, to the deemed approval for any Permitted Uses as set forth in Section 7.1.2, (c) excludes any right to initiate or control any cease and desist letters, litigations, arbitrations and other
disputes, actions or proceedings with respect to actual or alleged third-party infringements, misappropriations or other violations of the Managed Facilities IP or claims concerning the Managed Facilities IP, including the right to settle disputes
in connection therewith, and (d) does not permit Manager to acquire, or represent in any manner that Manager has acquired, in any manner any ownership rights in the Managed Facilities IP or any Trademarks that are confusingly similar to the
Trademarks included in the Managed Facilities IP, including any Trademarks that comprise any Brands. 
 7.1.5 Manager acknowledges and
agrees that all uses by Manager of the Trademarks included in the Managed Facilities IP (including any Trademarks that comprise any Brands) and the goodwill created therein shall inure solely to the benefit of Caesars IP Holder or Tenant, as
applicable. Manager will execute all documents reasonably requested by Caesars IP Holder or Tenant to evidence Caesars IP Holder’s or Tenant’s ownership rights in the Managed Facilities IP, as applicable, and Caesars IP Holder and/or
Tenant, as applicable, will execute all documents reasonably requested by or on behalf of Manager to evidence Manager’s right to use the Managed Facilities IP as set forth in this Agreement. Manager shall not, directly or indirectly, contest or
aid others in contesting Caesars IP Holder’s or Tenant’s respective ownership of the Managed Facilities IP, or the validity, enforceability or registrability of the Managed Facilities IP. Manager shall not, and shall cause its Affiliates
not to, do anything which impairs Caesars IP Holder’s or Tenant’s ownership, or the validity, of their respective Managed Facilities IP. Each of Caesars IP Holder and Tenant shall not, directly or indirectly, contest or aid others in
contesting, Manager’s right to use the Managed Facilities IP as set forth in this Agreement. 
 7.1.6 Manager shall promptly notify
Caesars IP Holder and Tenant in writing of (a) any alleged infringement, misappropriation or other violation of the Managed Facilities IP by another Person’s actions, products or services, and (b) any other Claim concerning the
Managed Facilities IP. 
 7.1.7 Manager shall promptly notify Landlord in writing of any action filed with any Governmental Authority
against Manager, or to Manager’s knowledge, 

  
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against Caesars IP Holder or Tenant, alleging infringement, misappropriation, or other violation of any alleged material Intellectual Property right of any third party relating to or arising out
of the use or registration of any material Managed Facilities IP over which Landlord has been granted a lien pursuant to the Lease or otherwise. 

7.1.8 Manager acknowledges and agrees that any unauthorized use of the Managed Facilities IP by Manager may result in irreparable harm to
Caesars IP Holder or Tenant, as applicable, for which remedies other than injunctive relief may be inadequate, and that Caesars IP Holder or Tenant, as applicable, may be entitled to receive from a court of competent jurisdiction injunctive or other
equitable relief to restrain such unauthorized acts in addition to other appropriate remedies. 
 7.2 Proprietary Information and
Systems; Guest Data and Property Specific Guest Data. 
 7.2.1 Proprietary Information and Systems. Tenant acknowledges
that, pursuant to the Omnibus Agreement, Services Co makes available to Manager the Proprietary Information and Systems, and that the use by Manager and ownership of such Proprietary Information and Systems shall be governed by the Omnibus
Agreement; provided that such use by Manager shall be made in accordance with the Operating Standard, and in any event, in a Non-Discriminatory manner. 

7.2.2 Guest Data and Property Specific Guest Data. 

7.2.2.1 Tenant acknowledges that, pursuant to the Omnibus Agreement, Manager is granted a license to Guest Data, and that the use by Manager
and ownership of such Guest Data shall be governed by the Omnibus Agreement; provided that such use by Manager shall be made in accordance with the Operating Standard, and in any event in a
Non-Discriminatory manner. 
 7.2.2.2 Manager recognizes the right of ownership of Tenant and its
Affiliates to all Property Specific Guest Data. Tenant agrees that throughout the Term, Manager or Manager’s designees may host and retain Property Specific Guest Data, which may be collected and stored in systems implemented and managed by or
on behalf of Manager or its Affiliates, including all Property Specific Guest Data gathered by or on behalf of Manager or its Affiliates in connection with any casino player loyalty program card or successor player or guest rewards program. Tenant
or one of its Affiliates shall own (jointly with Manager pursuant to Section 7.2.2.3) and be entitled to use any and all of the Property Specific Guest Data gathered by or on behalf of Manager or its Affiliates in
connection with this Agreement, including through such programs. 
 7.2.2.3 Subject to Applicable Law, (i) Manager shall have and is
hereby assigned by Tenant joint ownership (with no duty to account) to all Property Specific Guest Data and (ii) upon expiration or termination of this Agreement, Manager shall be permitted to retain (or, as necessary, to request and retain) a
copy of each of the Property Specific Guest Data and the Guest Data; provided that Manager’s use of Property Specific Guest Data and the Guest Data shall be subject to the limitations set

  
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forth in Section 2.3.2, and nothing contained herein shall be construed to limit in any manner (as between Manager and Tenant) Tenant’s rights of ownership or use
of Property Specific Guest Data either prior to or following expiration or termination of this Agreement. 
 7.2.2.4 Notwithstanding
anything contained in this Agreement to the contrary, the use of the Property Specific Guest Data and the Guest Data by Manager and Tenant shall, in all events, be in accordance with the Operating Standard and in any event in a Non-Discriminatory manner, and shall further be subject to the limitations and restrictions set forth in any other agreement or other contract related thereto (including the Lease), this Agreement, Applicable Law,
and this Section 7.2.2. 
 7.3 Assignment of Derivative Works. Manager hereby irrevocably assigns to Tenant
or Caesars IP Holder, as applicable, all right, title and interest in and to any Intellectual Property (including any Property Specific Guest Data or Guest Data) that is created, developed or acquired from time to time by or on behalf of Manager and
that is Derivative Work of any Managed Facilities IP. 
 7.4 Survival. Section 7.2 shall survive the
expiration or termination of this Agreement. 
 ARTICLE VIII 

CONFIDENTIALITY 
 8.1
Disclosure by Tenant. Tenant acknowledges (i) that Manager will provide certain Manager Confidential Information to Tenant in connection with the Operation of the Managed Facility, and that such Manager Confidential Information is
proprietary to Manager and its Affiliates, and includes trade secrets; and (ii) Tenant may receive certain Landlord Confidential Information in connection with the Managed Facility, and that such Landlord Confidential Information is proprietary
to Landlord and its Affiliates, and may include trade secrets. Accordingly, during the Term and thereafter: (a) Tenant shall not, and shall cause its Affiliates not to, use Manager Confidential Information or Landlord Confidential Information
in any other business or capacity, and Tenant acknowledges such use would constitute an unfair method of competition; (b) Tenant shall maintain the confidentiality of, and shall not disclose to any other Person (including the media), any
Manager Confidential Information, Landlord Confidential Information or the terms of this Agreement, except to its shareholders, partners, directors, officers, employees, agents, representatives, legal counsel, accountants, existing and potential
landlords and their lenders (including, to the extent required under the Lease, to Landlord and any Landlord’s Lender), and existing and potential Leasehold Lenders and investors and potential purchasers (provided that such potential
investor or purchaser is not a Tenant Competitor), but only on a reasonable “need to know” basis in connection with its interest in the Managed Facility and subject to customary confidentiality protections (including under the Lease);
(c) Tenant shall not make unauthorized copies of any portion of Manager Confidential Information or Landlord Confidential Information disclosed in written, electronic or other form; and (d) Tenant shall ensure that none of its

  
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shareholders, partners, directors, officers, employees, agents, legal counsel, accountants and existing and potential landlords (including Landlord and Landlord’s Lenders (in respect of
Manager Confidential Information)), Leasehold Lenders or investors or potential purchasers use, disclose or copy any Manager Confidential Information or Landlord Confidential Information or disclose any terms of this Agreement in violation of this
Agreement, or take any other actions that Tenant is otherwise prohibited from taking under this Section 8.1. Notwithstanding the foregoing, the restrictions on the use and disclosure of Manager Confidential Information,
Landlord Confidential Information or the terms of this Agreement shall not apply: (i) to information or techniques which are or become generally known to the public (other than through any breach of this Section 8.1
with respect to confidentiality); (ii) to the extent such disclosure is required under Applicable Laws, including reporting requirements applicable to public companies, or stock exchange rules; or (iii) to information known to Tenant
(other than in connection with the performance of its rights or duties hereunder) before disclosure by either Manager or Landlord, or disclosed to Tenant by a third party not subject to confidentiality obligations to either Manager or Landlord, as
applicable, or developed by Tenant without use of Manager Confidential Information or Landlord Confidential Information. In the event that Tenant or any Person to which Tenant has disclosed Manager Confidential Information or Landlord Confidential
Information is requested or required by oral question, interrogatory, request for information or documents, subpoena, civil investigative demand or similar process to disclose any Manager Confidential Information or Landlord Confidential
Information, Tenant shall and shall cause such Person to: (A) provide Manager (in the case of Manager Confidential Information) or Landlord (in the case of Landlord Confidential Information) with prompt notice, to the extent legally
permissible, so that Manager and/or Landlord, as applicable, and their respective Affiliates may seek a protective order or other appropriate remedy or, in their discretion, waive compliance with the provisions of this
Section 8.1; and (B) reasonably cooperate with Manager, Landlord and their respective Affiliates, at their expense, in any effort Manager, Landlord or any of their respective Affiliates undertakes to obtain a
protective order or other remedy. In the event that such protective order or other remedy is not obtained or Manager (in the case of Manager Confidential Information) or Landlord (in the case of Landlord Confidential Information) in its discretion
waives compliance with the provisions of this Section 8.1, Tenant shall and shall cause such Person to disclose to the Person compelling disclosure only that portion of the Manager Confidential Information or Landlord
Confidential Information, as applicable, that Tenant is advised, by outside counsel, is legally required and to use commercially reasonable efforts to obtain reliable assurance that confidential treatment is accorded the Manager Confidential
Information or Landlord Confidential Information so disclosed (to the extent available). Tenant shall be responsible for any acts or omissions of any of its employees, members, managers, attorneys, accountants, agents, representatives, consultants,
existing and potential Leasehold Lenders and investors and potential purchasers in violation of this Section 8.1. 

8.2 Disclosure by Manager. Manager acknowledges that (i) Tenant may from time to time provide certain Tenant Confidential
Information to Manager in connection with the Operation of the Managed Facility, and that such Tenant Confidential Information is proprietary to Tenant and its Affiliates, and may include trade secrets and

  
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(ii) Manager may receive certain Landlord Confidential Information in connection with the Managed Facility, and that such Landlord Confidential Information is proprietary to Landlord and its
Affiliates, and may include trade secrets. Accordingly, during the Term and thereafter: (a) Manager shall not, and shall cause its Affiliates not to, use Tenant Confidential Information or Landlord Confidential Information in any other business
or capacity (other than any Tenant Confidential Information that Manager independently possesses in its capacity as a recipient of services from Services Co or the Guest Data that is licensed to Manager pursuant to the Omnibus Agreement), and
Manager acknowledges such use would constitute an unfair method of competition; (b) Manager shall maintain the confidentiality of, and shall not disclose to any other Person (including the media), any Tenant Confidential Information, the
Landlord Confidential Information or the terms of this Agreement, except to its shareholders, partners, directors, officers, employees, agents, representatives, legal counsel, accountants and existing and potential lenders and investors and
potential purchasers, but only on a reasonable “need to know” basis in connection with its Operation of the Managed Facility and subject to customary confidentiality protections; (c) Manager shall not make unauthorized copies of any
portion of Tenant Confidential Information or Landlord Confidential Information disclosed in written, electronic or other form; and (d) Manager shall ensure that none of its shareholders, partners, directors, officers, employees, agents, legal
counsel, accountants and existing and potential lenders or investors or potential purchasers use, disclose or copy any Tenant Confidential Information or Landlord Confidential Information or disclose any terms of this Agreement in violation of this
Agreement or take any other actions that Manager is otherwise prohibited from taking under this Section 8.2. Notwithstanding the foregoing, the restrictions on the use and disclosure of Tenant Confidential Information,
Landlord Confidential Information or the terms of this Agreement shall not apply: (i) to information or techniques which are or become generally known to the public (other than through any breach of this Section 8.2
with respect to confidentiality); (ii) to the extent such disclosure is required under Applicable Laws, including reporting requirements applicable to public companies, or stock exchange rules; or (iii) to information known to Manager
(other than in connection with the performance of its rights or duties hereunder) before disclosure by either Landlord or Tenant or disclosed to Manager by a third party not subject to confidentiality obligations to either Landlord or Tenant, as
applicable, or developed by Manager without use of Tenant Confidential Information or Landlord Confidential Information. In the event that Manager or any Person to which Manager has disclosed either Tenant Confidential Information or Landlord
Confidential Information is requested or required by oral question, interrogatory, request for information or documents, subpoena, civil investigative demand or similar process to disclose any Tenant Confidential Information or Landlord Confidential
Information, Manager shall and shall cause such Person to: (A) provide Tenant (in the case of Tenant Confidential Information) or Landlord (in the case of Landlord Confidential Information) with prompt notice, to the extent legally permissible,
so that Tenant and/or Landlord, as applicable and their respective Affiliates may seek a protective order or other appropriate remedy or, in their discretion, waive compliance with the provisions of this Section 8.2; and
(B) reasonably cooperate with Tenant, Landlord and their Affiliates, at their expense, in any effort Tenant, Landlord, as applicable, or any of their respective Affiliates undertakes to obtain a protective order or

  
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other remedy. In the event that such protective order or other remedy is not obtained or Tenant (in the case of Tenant Confidential Information) or Landlord (in the case of Landlord Confidential
Information) in its discretion waives compliance with the provisions of this Section 8.2, Manager shall and shall cause such Person to disclose to the Person compelling disclosure only that portion of the Tenant
Confidential Information or Landlord Confidential Information that Manager is advised, by outside counsel, is legally required and to use commercially reasonable efforts to obtain reliable assurance that confidential treatment is accorded the Tenant
Confidential Information or Landlord Confidential Information so disclosed (to the extent available). Manager shall be responsible for any acts or omissions of any of its employees, members, managers, attorneys, accountants, agents, representatives,
consultants, existing and potential lenders and investors and potential purchasers in violation of this Section 8.2. 

8.3 Disclosure by Landlord. Landlord acknowledges that (i) Landlord may receive certain Manager Confidential Information in
connection with the Operation of the Managed Facility, and that such Manager Confidential Information is proprietary to Manager and its Affiliates, and includes trade secrets; and (ii) Landlord may receive certain Tenant Confidential
Information in connection with the Operation of the Managed Facility, and that such Tenant Confidential Information is proprietary to Tenant and its Affiliates, and may include trade secrets. Accordingly, during the Term and thereafter:
(a) Landlord shall not, and shall cause its Affiliates not to, use either Manager Confidential Information or Tenant Confidential Information in any other business or capacity, and Landlord acknowledges such use would constitute an unfair
method of competition; (b) Landlord shall maintain the confidentiality of, and shall not disclose to any other Person (including the media), any Manager Confidential Information or Tenant Confidential Information or the terms of this Agreement,
except to its shareholders, partners, directors, officers, employees, agents, representatives, legal counsel, accountants and existing and potential lenders and investors and potential purchasers, but only on a reasonable “need to know”
basis in connection with its ownership of the Managed Facility and subject to customary confidentiality protections; (c) Landlord shall not make unauthorized copies of any portion of Manager Confidential Information or Tenant Confidential
Information disclosed in written, electronic or other form; and (d) Landlord shall ensure that none of its shareholders, partners, directors, officers, employees, agents, legal counsel, accountants and existing and potential lenders or
investors or potential purchasers use, disclose or copy any Manager Confidential Information or Tenant Confidential Information or disclose any terms of this Agreement in violation of this Agreement or take any other actions that Landlord is
otherwise prohibited from taking under this Section 8.3. Notwithstanding the foregoing, the restrictions on the use and disclosure of Manager Confidential Information, Tenant Confidential Information or the terms of this
Agreement shall not apply: (i) to information or techniques which are or become generally known to the public (other than through any breach of this Section 8.3 with respect to confidentiality); (ii) to the extent
such disclosure is required under Applicable Laws, including reporting requirements applicable to public companies, or stock exchange rules; or (iii) to information known to Landlord (other than in connection with the performance of its rights
or duties hereunder) before disclosure by either Manager or Tenant or disclosed to Landlord by a third party not subject to confidentiality obligations to either Manager or Tenant, as applicable, or 

  
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developed by Landlord without use of either Manager Confidential Information or Tenant Confidential Information. In the event that Landlord or any Person to which Landlord has disclosed either
Manager Confidential Information or Tenant Confidential Information is requested or required by oral question, interrogatory, request for information or documents, subpoena, civil investigative demand or similar process to disclose any Manager
Confidential Information or Tenant Confidential Information, Landlord shall and shall cause such Person to: (A) provide Manager (in the case of Manager Confidential Information) or Tenant (in the case of Tenant Confidential Information), with
prompt notice, to the extent legally permissible, so that Manager and/or Tenant, as applicable and their respective Affiliates may seek a protective order or other appropriate remedy or, in their discretion, waive compliance with the provisions of
this Section 8.3; and (B) reasonably cooperate with either Manager or Tenant, as applicable, and their Affiliates, at their expense, in any effort Manager or Tenant or any of its Affiliates undertakes to obtain a
protective order or other remedy. In the event that such protective order or other remedy is not obtained or Manager (in the case of Manager Confidential Information) or Tenant (in the case of Tenant Confidential Information) in its discretion
waives compliance with the provisions of this Section 8.3, Landlord shall and shall cause such Person to disclose to the Person compelling disclosure only that portion of the Manager Confidential Information or Tenant
Confidential Information that Landlord is advised, by outside counsel, is legally required and to use commercially reasonable efforts to obtain reliable assurance that confidential treatment is accorded the Manager Confidential Information or Tenant
Confidential Information so disclosed (to the extent available). Landlord shall be responsible for any acts or omissions of any of its employees, members, managers, attorneys, accountants, agents, representatives, consultants, existing and potential
lenders and investors and potential purchasers in violation of this Section 8.3. 
 8.4 Public Statements.
Tenant and Manager shall cooperate with each other on all press releases and other public statements relating to the Managed Facility and neither Tenant nor Manager shall issue any press release or other public statement relating to the Managed
Facility without the prior written approval of Tenant or Manager, as applicable, and receipt of any required approvals from any Governmental Authority, except for any public statement required under Applicable Law, which shall not require such
approval and shall be governed by the final two sentences of this Section 8.4; provided that Manager and its Affiliates may, subject to Applicable Law, make public statements and press releases regarding the Managed
Facility in connection with CEC’s general business operations, in the Operation of the Managed Facility or in the ordinary course of Manager’s Operation of the Managed Facility. With respect to any public statement required under
Applicable Law made by Tenant, Tenant shall provide Manager and with respect to any public statement required under Applicable Law made by Manager, Manager shall provide Tenant, with a reasonable opportunity to review and comment upon any such
statement prior to its issuance. In addition, Tenant and Manager may make reference to the Managed Facility, this Agreement and such Party’s business in connection with making Securities Exchange Commission filings, investor and lender reports
and presentations, financing documents and offering materials. 

  
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 8.5 Cumulative Remedies. 

8.5.1 Tenant acknowledges that any violation of the provisions of Section 8.1 or 8.4 would cause irreparable
harm and injury to either Manager or Landlord, as applicable, and its Affiliates and that money damages would not be an adequate remedy for any such violation and, accordingly, Manager or Landlord, as applicable, and its Affiliates shall be entitled
to injunctive or other equitable relief to prevent any actual or threatened breach of any of such provisions and to enforce such provisions specifically, without the necessity of posting a bond or other security or of proving actual damages, by an
appropriate court in the appropriate jurisdiction. 
 8.5.2 Manager acknowledges that any violation of the provisions of
Section 8.2 or 8.4 would cause irreparable harm and injury to either Tenant or Landlord, as applicable, and its Affiliates and that money damages would not be an adequate remedy for any such violation and,
accordingly, Tenant or Landlord, as applicable, and its Affiliates shall be entitled to injunctive or other equitable relief to prevent any actual or threatened breach of any of such provisions and to enforce such provisions specifically, without
the necessity of posting a bond or other security or of proving actual damages, by an appropriate court in the appropriate jurisdiction. 

8.5.3 Landlord acknowledges that any violation of the provisions of Section 8.3 would cause irreparable harm and
injury to either Manager or Tenant, as applicable, and its Affiliates and that money damages would not be an adequate remedy for any such violation and, accordingly, such Manager or Tenant and its Affiliates shall be entitled to injunctive or other
equitable relief to prevent any actual or threatened breach of any of such provisions and to enforce such provisions specifically, without the necessity of posting a bond or other security or of proving actual damages, by an appropriate court in the
appropriate jurisdiction. 
 8.5.4 The remedies provided in this Section 8.5 are cumulative and shall not exclude
any other remedies to which a Party or its Affiliates may be entitled under this Agreement or Applicable Law, and the exercise of a remedy under this Section 8.5 shall not be deemed an election excluding any other remedy or
any waiver thereof. 
 8.5.5 Without limiting Section 2.5 in any manner, for the avoidance of doubt, the Parties
acknowledge and agree that nothing in this Article VIII is intended or shall be construed to, limit, vitiate or supersede the provisions, terms and conditions of Article XXIII of the Lease. 

8.6 Survival. This Article VIII shall survive the expiration or termination of this Agreement. 

  
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 ARTICLE IX 

MARKETING 
 9.1
Marketing. 
 9.1.1 Managed Facility Marketing Program. In addition to the Managed Facility’s participation in any
marketing program included as part of the Centralized Services, Manager shall develop and implement a specific marketing program for the Managed Facility, which shall provide for the planning, publicity, internal communications, organizing and
budgeting activities to be undertaken, and which may include the following: (a) production, distribution and placement of promotional materials relating to the Managed Facility, including materials for the promotion of employee relations;
(b) development and implementation of promotional offers or programs that benefit the Managed Facility and are undertaken by Manager or by a group of hotels and casinos that includes the Managed Facility; (c) attendance of Managed Facility
Personnel at conferences, conventions, meetings, seminars and travel congresses; (d) selection of and guidance to advertising agency and public relations personnel; and (e) subject to Tenant’s approval to the extent required herein,
preparation and dissemination of news releases for national and international trade and consumer publications. Tenant shall not publish any advertising materials or otherwise implement any marketing, advertising or promotion program for the Managed
Facility on its own, without Manager’s prior written approval (not to be unreasonably withheld, conditioned, or delayed). 
 9.1.2
Development and Implementation. The development and implementation of the Managed Facility’s specific marketing program shall be effected substantially by Managed Facility Personnel, with periodic assistance from Corporate Personnel with
marketing and sales expertise. Except as may be included in the Centralized Services Charges, any such assistance provided by any Corporate Personnel shall be at no cost to Tenant or the Managed Facility for such Corporate Personnel’s time, but
the reasonable Out-of-Pocket Expenses incurred by Manager or its Affiliates in connection with such assistance shall be Operating Expenses. Subject to the provisions of
Section 5.1 relating to the Annual Budget, the Managed Facility’s specific marketing program shall be in accordance with the Operating Standard, and in any event shall be Non-Discriminatory,
and comply with the sales, advertising and public relations policies and guidelines and corporate identity requirements established by Manager, for Other Managed Facilities and Other Managed Resorts, as such policies, guidelines and requirements may
be modified from time to time. Subject to the provisions of Section 5.1 relating to the Annual Budget, Manager shall have the right to engage a Person on behalf of Tenant to perform such marketing and public relations activities for the
Managed Facility pursuant to this Article IX. 
 9.1.3 Content. Manager shall have the right to create or obtain, or at
the reasonable request of Manager, Tenant shall create or obtain and provide to Manager, updated photographs, descriptive content and other media, such as video and floor plans, of the Managed Facility (collectively, “Content”) from
time to time in accordance with 

  
 41 

 
Manager’s specifications for Content. As between Manager and Tenant, all ownership or license rights to original Content (including any Intellectual Property therein), created or procured by
Manager or Tenant, shall vest in Tenant. Manager hereby assigns to Tenant or its applicable subsidiary all of Manager’s rights, title and interest in such Content. If Tenant obtains Content, Tenant shall ensure that any such Content includes
usage rights for the benefit of Manager in connection with the operation of the Managed Facility during the Term. Nothing in this Section 9.1.3 shall be interpreted to vest in Manager or Tenant any ownership or usage rights
in any photographs, descriptive content, or other media or works of authorship owned by or licensed to Landlord. 
 ARTICLE X 

BOOKS AND RECORDS 
 10.1
Maintenance of Books and Records. Manager shall keep and maintain, on an Operating Year basis in accordance with GAAP, accurate books, records and accounts reflecting all of the financial affairs, and all items of income and expense, in
connection with the Operation of the Managed Facility and otherwise in a manner consistent with the then existing policies and standards applicable to Other Managed Facilities and Other Managed Resorts and otherwise reasonably acceptable to Tenant.
All books of account and other financial records of the Managed Facility shall be available to Tenant, any Leasehold Lender and their respective agents, representatives and designees (subject to Section 8.1) at all
reasonable times for examination, audit, inspection and copying; provided that Tenant shall bear all Out-Of-Pocket Expenses incurred by Manager or its Affiliates
in connection with any such examination, audit, inspection or copying. All of the financial books and records of the Managed Facility, including books of account and front office records shall be the property of Tenant. Notwithstanding anything to
the contrary contained in this Agreement, Tenant shall have the right (not more than once per calendar year), at its expense, to or to cause its agents or auditors to carry out an independent audit or inspection of the books of accounts and records
and/or any other information maintained by Manager or Services Co (or any of their respective Affiliates that are performing any of the services of Manager or Services Co described hereunder) with respect to the Managed Facility (including, without
limitation, all information, records and materials with respect to contracts and engagements entered into by Manager and/or Services Co with Affiliates and/or with respect to Centralized Service Charges and/or purchasing programs, which information
shall include terms of all cost allocations between the Managed Facility on the one hand and other hotel properties and casinos owned and/or managed by Manager and its Affiliates (or furnished Centralized Services by Services Co or any Affiliate)
and subject to the same agreements and/or purchasing programs on the other hand). In the event of any such audit or inspection, Manager shall promptly respond to any queries raised by any such auditors in relation to that audit and shall promptly
make available to any such auditors any and all materials relevant to the management of the Managed Facility. 
 10.2 Monthly Financial
Reports. Manager shall cause to be prepared and delivered to Tenant reasonably detailed unaudited monthly operating reports (the “Monthly Reports”) that reflect the operational results of the Managed Facility for each

  
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month of each Operating Year. Manager shall deliver each Monthly Report to Tenant on or before the twenty fifth (25th) day of the month following the month (or partial month) to which such
Monthly Report relates. At a minimum, the Monthly Reports shall include: (a) a balance sheet including current and prior month and prior year-end comparisons (to the extent applicable) and differences in
reasonable detail; (b) an income and expense statement for such month and for the elapsed portion of the current Operating Year through the end of such month (with comparison to previous year); (c) a statement of cash flows for such month
and for the elapsed portion of the current Operating Year through the end of such month (with comparison to previous year) in reasonable detail to allow Tenant to identify and ascertain sources and uses thereof; (d) a statement of account
balances in each Bank Account; and (e) such other reports or information otherwise specified in this Agreement to be provided to Tenant on a monthly basis or as Tenant and Manager may reasonably agree from time to time. Notwithstanding anything
to the contrary contained in this Section 10.2, Manager shall not be obligated to deliver a Monthly Report for the last month of each calendar quarter. 

10.3 Tenant Financial Statements. Manager shall cause to be prepared and delivered to Tenant the financial statements and such other
information, budgets, reports and certifications of Tenant required to be delivered by Tenant to Landlord pursuant to Section 23.1(b) of the Lease (other than, for the avoidance of doubt, Sections 23.1(b)(ii) and (iii) of
the Lease, it being understood that the required deliveries under Sections 23.1(b)(ii) and (iii) of the Lease are addressed in the next paragraph), on or prior to the date of delivery required by such
Section 23.1(b) of the Lease; provided that such financial statements shall be prepared in accordance with GAAP and shall otherwise conform to the requirements of “Financial Statements” as defined in the
Lease. 
 With respect to annual financial statements required to be delivered by CEOC and CEC pursuant to Section 23.1(b)(ii) and
(iii) of the Lease, respectively (the “Certified Financial Statements”), Manager shall cooperate in all respects with CEOC, CEC and the Designated Accountant in the preparation of and audit of such financial statements
to the extent incorporating information regarding the Managed Facility required to be delivered by Manager hereunder, including the delivery by Manager of any financial information generated by Manager pursuant to the terms of this Agreement and
reasonably required by CEOC and CEC to prepare and the Designated Accountant to issue its report on such audited financial statements. 

CEC acknowledges the obligations of Tenant with respect to financial statements and other information of CEC pursuant to Sections
23.1(b)(iii) and 23.2(b) of the Lease and agrees to provide its financial statements and other information in accordance with, and on or before the dates required in, Section 23.1(b)(iii) of the Lease (and to use its commercially
reasonable efforts to provide such financial statements and other information to the extent required pursuant to Section 23.2(b) of the Lease and to permit the use of such financial statements and other information as contemplated thereunder
(including, without limitation, commercially reasonable efforts in connection with the preparation and delivery of such management representation letters, comfort letters and consents of applicable certified independent auditors to inclusion of
their reports in applicable financing disclosure documents, to the extent required to be delivered to Landlord pursuant to Section 23.2(b) of the Lease)). 

  
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 10.4 Other Reports and Schedules. In addition to the financial statements and other
information required to be delivered to Tenant hereunder, Manager shall cause to be prepared and delivered to Tenant any additional reports and schedules as Tenant and Manager may reasonably agree from time to time, and copies of such leases,
contracts and documents as Tenant may reasonably request from time to time. Notwithstanding the foregoing, subject to Section 2.5 and to compliance with any requirements of the Lease, so long as Tenant is a Controlled
Subsidiary of CEC and Manager is a wholly owned subsidiary of CEC, Tenant and Manager may modify the requirements of this Article X with respect to the subject matter thereof from time to time in their discretion; provided that any
such modifications shall be of no force or effect unless they (x) are Non-Discriminatory and (y) do not conflict with any other provisions of this Agreement or any other Lease/MLSA Related Agreement;
and provided, further, that if any such modification would have a material adverse effect on any Party, then such modification shall require the prior written consent of such Party in its sole discretion. 

ARTICLE XI 
 ASSIGNMENTS

 11.1 Assignment by Tenant. The Parties agree that: 

11.1.1 Tenant Assignments Restricted. Except as otherwise expressly permitted in Article XIII or this
Article XI, Tenant may not cause, permit or suffer an Assignment, in whole or in part, directly or indirectly, of any of Tenant’s right, title or interest in and to (or of any of its obligations under) this Agreement without the
prior express written consent of each of Manager, Lease Guarantor and Landlord. Any Change of Control of Tenant shall be deemed an Assignment for purposes of this Article XI (whether or not the same is deemed an assignment of the Lease
pursuant to the provisions thereof) (it being understood that any Transfer of Ownership Interests in Tenant that does not constitute a Change of Control of Tenant shall not be deemed an Assignment). Any attempted Assignment (including any attempted
deemed Assignment) in violation of the preceding portion of this Section 11.1.1 (whether or not permitted under the Lease) shall be void and of no force or effect and shall constitute an Event of Default by Tenant governed by the terms
of Section 16.1 of this Agreement. Without limitation of any other notification requirements otherwise set forth in this Article XI, Tenant shall provide prompt written notice to Manager and Landlord of any proposed Assignment
(excluding, for the avoidance of doubt, the transactions described in Section 11.1.2.4), Transfer of Ownership Interests (other than pursuant to Section 11.1.2.3 or with respect to any Transfer of an Ownership Interest in CEC
(unless constituting a Change of Control of CEC)), Change of Control or Foreclosure by Leasehold Lender, in each case both at the time of execution of any definitive agreement with respect thereto and at the time of the consummation of any such
transaction. 

  
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 11.1.2 Assignment by Tenant without Consent. 

11.1.2.1 Notwithstanding the provisions of Section 11.1.1, Tenant (and/or Leasehold Lender under a Leasehold
Financing) shall have the right, without Manager’s or Lease Guarantor’s or Landlord’s consent, to effect or permit an Assignment (or deemed Assignment) of this Agreement by Tenant in connection with any applicable Lease Foreclosure
Transaction that is made as expressly permitted by, and strictly in accordance with, Section 22.2(i) of the Lease; provided that the conditions described in Section 11.1.3 and all applicable provisions of the
Lease are satisfied in connection with such Assignment or Transfer of Ownership Interests. 
 11.1.2.2 Notwithstanding the provisions of
Section 11.1.1, Tenant shall have the right, without Manager’s, Lease Guarantor’s or Landlord’s consent, to effect or permit an Assignment of this Agreement to an Affiliate of Tenant or to CEC or an Affiliate
of CEC; provided that the conditions described in Section 11.1.3 and any applicable provisions of the Lease are satisfied in connection with such Assignment. 

11.1.2.3 Notwithstanding the provisions of Section 11.1.1, Tenant shall have the right, without Manager’s,
Lease Guarantor’s or Landlord’s consent, to effect or permit a Transfer of Ownership Interests in Tenant to the extent such Transfer of Ownership Interests is expressly permitted by (and made in accordance with) Section 22.2(iii),
Section 22.2(iv) or Section 22.2(v) of the Lease and any such other applicable provisions of the Lease. 
 11.1.2.4
Notwithstanding the provisions of Section 11.1.1, Tenant shall have the right, without Manager’s, Lease Guarantor’s or Landlord’s consent, to effect entry into a Sublease or Booking (as each such term is
defined in the Lease) that is expressly permitted by (and made in accordance with) Section 22.3 and Section 22.7, as applicable, of the Lease or a lien or other encumbrance expressly permitted by
(and made in accordance with) Article XI or Article XVII of the Lease and/or Section 13.1.1 of this Agreement (it being understood, for the avoidance of doubt, that none of the foregoing shall result in Tenant
being released from this Agreement or any of the other Lease/MLSA Related Agreements). 
 11.1.2.5 Notwithstanding anything otherwise set
forth in this Agreement, any Assignment (including any deemed Assignment) or any Transfer of Ownership Interests (whether or not Manager’s, Lease Guarantor’s or Landlord’s consent is required or granted) pursuant to this
Section 11.1 or otherwise shall not result in the termination, release, reduction or limitation of any of Lease Guarantor’s obligations or liabilities under this Agreement, it being understood that all of Lease
Guarantor’s obligations and liabilities in respect of the Lease Guaranty shall continue unabated and in full force and effect in accordance with the terms of this Agreement, notwithstanding any such Assignment (including any deemed Assignment)
or Transfer of Ownership Interests, and shall not terminate or be released or reduced in any respect, except solely if and to the extent expressly provided in Section 17.3.5. 

  
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 11.1.3 Conditions to Assignment. Notwithstanding anything to the contrary in
Section 11.1.2, all Assignments (including any deemed Assignment (it being understood, for the avoidance of doubt, however, that any Leasehold Foreclosure with MLSA Termination shall not be deemed an Assignment for purposes of this
Section 11.1.3)) by Tenant (whether or not Manager’s, Lease Guarantor’s or Landlord’s consent is required or granted pursuant to this Section 11.1) (but excluding the transactions permitted by
Section 11.1.2.3 and Section 11.1.2.4, so long as the applicable provisions of the Lease and/or Section 13.1.1 in respect of any such Assignments are satisfied) shall be subject to the following conditions: 

11.1.3.1 Tenant (and/or the Leasehold Lender under the applicable Leasehold Financing in the case of a Leasehold Foreclosure with MLSA
Assumption) shall provide written notice to Manager and Landlord at least thirty (30) days prior to the proposed Assignment (including any deemed Assignment), specifying in reasonable detail the nature of the Assignment and such additional
information as Manager and/or Landlord may reasonably request in order to determine whether the proposed transferee or any controlling Persons (in the case of a Change of Control) (and in each case any of its or their direct or indirect equity
owners that holds at least five percent (5%) of the outstanding equity interests in such proposed transferee or such controlling Person) is a Manager Prohibited Person, a Lease Guarantor Prohibited Person or a Landlord Prohibited Person, which
notice shall be accompanied by the proposed forms of Tenant Assumption Agreement and Assignment Documents, if applicable; 
 11.1.3.2 In
the case of a direct assignment or transfer of the Lease or Tenant’s interest therein, (a) the assignor shall not be released from this Agreement unless the assignor is also released in accordance with the terms of the Lease, (b) the
assignee or transferee shall assume the obligations of Tenant under this Agreement and shall agree in writing (in a form and substance reasonably approved by Manager and Landlord prior to the effectuation of such assignment or transfer) to be bound
by this Agreement, the Lease and all other Lease/MLSA Related Agreements to which Tenant is a party, from and after the date of the Assignment (the “Tenant Assumption Agreement”), (c) Tenant shall provide Manager and Landlord with a
copy of such Tenant Assumption Agreement, together with copies of all other documents effecting such Assignment (in a form reasonably approved by Manager and Landlord) (the “Assignment Documents”), within two (2) days following
the date of the Assignment, and (d) upon the consummation of such Assignment, this Agreement and all other Lease/MLSA Related Agreements and, without limitation, all obligations of Tenant (as assumed by such assignee or transferee), Manager,
Landlord and Lease Guarantor and any and all other counterparties hereunder and thereunder shall continue in full force and effect, unless and solely to the extent expressly provided otherwise in this Agreement or in such other Lease/MLSA Related
Agreement; 
 11.1.3.3 The assignee or transferee shall have provided evidence reasonably satisfactory to Manager, Lease Guarantor and
Landlord that, without limitation of the requirements of Section 11.1.3.2 hereinabove, (i) the assignee or transferee is a permitted assignee, transferee or equity holder (as the case may be) pursuant to the terms of
the Lease and, in the case of a direct assignment or transfer of the 

  
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Lease or Tenant’s interest therein, shall have assumed all the rights and obligations of, and become (and, in the case of a Change of Control of Tenant, the controlling Persons shall cause
Tenant to reaffirm all such rights and obligations of) Tenant under the Lease and this Agreement and all other Lease/MLSA Related Agreements to which Tenant is a party in accordance with their respective terms, concurrently with the effectiveness of
the Tenant Assumption Agreement, (ii) such assignee or transferee (in the case of a direct assignment or transfer of the Lease or Tenant’s interest therein) (and if not such a direct assignment or transfer, Tenant, following the
effectuation of such assignment or transfer) shall directly or indirectly own or have at least the same rights to all personal property and other assets and properties (including, without limitation, rights under licenses and with respect to
Intellectual Property) required to lease and operate the Managed Facility as held by Tenant immediately prior to such assignment and in at least a manner sufficient to permit Manager to manage the Managed Facility in accordance with this Agreement
from and after such assignment, and (iii) such assignee or transferee shall have received all Gaming Licenses and all other licenses, approvals, permits and other rights (if any) required for such assignee or transferee to own an interest in or
to be (as the case may be) Tenant under the Lease and Tenant under this Agreement, and to directly or indirectly own all the assets and properties required to be owned by it pursuant to the preceding clause (ii); 

11.1.3.4 Any and all applicable requirements of the Lease in connection with the proposed Assignment shall be satisfied in full; and 

11.1.3.5 The assignee or transferee (in the case of a direct assignment or transfer of this Agreement or Tenant’s interest herein) or
controlling Persons (in the case of a Change of Control), and in each case any of its or their direct or indirect equity owners that holds at least five percent (5%) of the outstanding equity interests in such proposed assignee or transferee or such
controlling Person and, to Tenant’s knowledge, any of its or their Affiliates, is not a Manager Prohibited Person, a Lease Guarantor Prohibited Person or a Landlord Prohibited Person. 

11.1.3.6 In connection with any Assignment (including any deemed Assignment) by Tenant or any Transfer of Ownership Interests in Tenant, the
proposed assignee or transferee and all of the proposed assignee’s or transferee’s officers, directors, and Affiliates (including officers and directors of the Affiliates), to the extent required under applicable Gaming Regulations, shall
be licensed, certified and/or otherwise found suitable by applicable Gaming Authorities and shall have or obtain all required Gaming Licenses to become a party to this Agreement, if applicable. 

11.2 Assignment by Manager. The Parties agree that: 

11.2.1 Manager Assignments Restricted. Except as otherwise expressly permitted in this Article XI, Manager may not cause,
permit or suffer (x) an Assignment, in whole or in part, directly or indirectly, of any of Manager’s right, title or interest in and to (or of any of its obligations under) this Agreement or (y) any Transfer of Ownership Interest in
Manager, in each case without the express prior written consent of each of Tenant, Lease Guarantor and Landlord. Any Change of Control of Manager shall be 

  
 47 

 
deemed an Assignment by Manager for purposes of this Article XI. Any attempted Assignment (including any attempted deemed Assignment) or Transfer of Ownership Interest
in violation of the preceding portion of this Section 11.2.1 shall be void and of no force or effect and shall constitute an Event of Default by Manager governed by the terms of Section 16.1 of
this Agreement. 
 11.2.2 Assignment by Manager without Consent. Notwithstanding the provisions of Section 11.2.1,
Manager shall have the right, without Tenant’s, Lease Guarantor’s or Landlord’s consent, to assign its right, title and interest in and to this Agreement to CEC (or, following a Substantial Transfer by CEC pursuant to
Section 11.3.3, the successor Lease Guarantor) or any Affiliate of Manager that is directly or indirectly wholly owned by CEC (or such successor Lease Guarantor); provided that neither the proposed assignee nor any of its direct
or indirect equity owners that holds at least five percent (5%) of the outstanding equity interests in such proposed assignee and, to Manager’s knowledge, any of its or their Affiliates, is a Tenant Prohibited Person, a Lease Guarantor
Prohibited Person or a Landlord Prohibited Person; and provided, further, that (a) Manager shall provide written notice to Tenant and Landlord at least thirty (30) days prior to such proposed Assignment, specifying in
reasonable detail the nature of the Assignment, and such additional information as Tenant and/or Landlord may reasonably request in order to determine whether the proposed assignee is a Tenant Prohibited Person, a Lease Guarantor Prohibited Person
or a Landlord Prohibited Person, together with a copy of the proposed Manager Assumption Document, (b) the assignee shall (x) assume the obligations of Manager under this Agreement (and under all other Lease/MLSA Related Agreements to
which Manager is a party, if any) and (y) agree in each case in writing in form and substance reasonably approved by Tenant and Landlord prior to the effectuation of such Assignment, to be bound by this Agreement and all other Lease/MLSA
Related Agreements to which Manager is a party, if any, from and after the date of such Assignment (the “Manager Assumption Document”), (c) Manager shall provide Tenant and Landlord with a copy of any executed Manager Assumption
Document that is required under the preceding clause (y), together with copies of all other executed documents effecting such Assignment, within ten (10) days following the date of such Assignment, (d) this Agreement, all other
Lease/MLSA Related Agreements and, without limitation, all obligations of Manager (as assumed by the assignee Manager), Tenant, Landlord and Lease Guarantor and any and all other counterparties hereunder and thereunder shall continue in full force
and effect, (e) any and all applicable requirements of Article XXII of the Lease in connection with such Assignment shall be satisfied in full to the extent required thereunder and (f) the proposed assignee and all of the proposed
assignee’s officers, directors, and Affiliates (including officers and directors of the Affiliates), to the extent required under applicable Gaming Regulations, shall be licensed, certified and/or otherwise found suitable by applicable Gaming
Authorities and shall have or obtain all required Gaming Licenses to become a party to this Agreement, if applicable. 
 11.2.3
Permissible Transfers of Interest in Manager. Notwithstanding the provisions of Section 11.2.1, the Transfer of Ownership Interests in Manager shall be permitted, without Tenant’s, Lease Guarantor’s or Landlord’s
consent, to the extent (i) each such transfer is to CEC or any Affiliate of Manager that is directly or indirectly 

  
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wholly owned by CEC and, after giving effect to each such transfer, Manager will continue to be directly or indirectly wholly owned by CEC or (ii) such transfer(s) comprise permissible
Transfers of Ownership Interests in Lease Guarantor pursuant to Section 11.3.2 (provided that (x) neither the transferee nor its Affiliates constitute a Tenant Prohibited Person, a Lease Guarantor Prohibited
Person or a Landlord Prohibited Person and (y) the transferee and the transferee’s officers, directors, and Affiliates (including officers and directors of the Affiliates), to the extent required under applicable Gaming Regulations, shall
be licensed, certified and/or otherwise found suitable by applicable Gaming Authorities and shall have or obtain all required Gaming Licenses to become a party to this Agreement, if applicable). 

11.2.4 Effect of Assignment. Notwithstanding anything otherwise set forth in this Agreement, the Assignment by Manager (whether or not
Tenant’s, Lease Guarantor’s or Landlord’s consent is required or granted) or any Transfer of Ownership Interests pursuant to this Section 11.2 or otherwise shall not result in the termination, release or limitation of any
of Lease Guarantor’s obligations or liabilities under this Agreement, it being understood that all of Lease Guarantor’s obligations and liabilities in respect of the Lease Guaranty shall continue unabated and in full force and effect in
accordance with the terms of this Agreement, notwithstanding any such Assignment, and shall not terminate or be released or reduced in any respect, except solely if and to the extent expressly provided in Section 17.3.5. 

11.3 Assignment by Lease Guarantor. The Parties agree that: 

11.3.1 Lease Guarantor Assignments Restricted. Except as otherwise expressly permitted in this Article XI, Lease Guarantor
may not cause, permit or suffer (x) an Assignment, in whole or in part, directly or indirectly, of any of Lease Guarantor’s right, title and interest in and to (or of any of its obligations under) this Agreement or (y) any Transfer of
Ownership Interests in Lease Guarantor, in each case without the prior express written consent of Landlord. Any Change of Control of Lease Guarantor shall be deemed an Assignment by Lease Guarantor for purposes of this Article XI. Any
attempted Assignment (including any attempted deemed Assignment) or Transfer of Ownership Interests in violation of the preceding portion of this Section 11.3.1 shall be void and of no force or effect and shall constitute an Event of
Default by Lease Guarantor governed by the terms of Section 16.1. 
 11.3.2 Permissible Transfers of Interests in Lease
Guarantor. Notwithstanding the provisions of Section 11.3.1 (and subject to Section 11.3.3), the Transfer of Ownership Interests in Lease Guarantor shall be permitted without Landlord’s consent; provided that,
if a Change of Control of Lease Guarantor will occur thereby, then such Transfer of Ownership Interests (or series of related Transfers of Ownership Interests) shall not be permitted unless (a) the qualifications, quality and experience of the
management of Lease Guarantor and the quality of the management and operation of the Non-CPLV Managed Facilities and the Managed Facility, taken as a whole, will, in each case, be generally consistent with or
superior to that which existed prior to the applicable transaction(s) giving rise to such Change of Control (it being agreed that Lease Guarantor shall give notice to Landlord of such Change of Control in

  
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accordance with clause (b) below, and if Landlord determines that requirements in this clause (a) will not be satisfied, then such determination shall be resolved pursuant
to Section 34.2 of the Lease; provided that, for purposes of this clause (a), the fifteen (15) day good faith negotiating period contemplated by Section 34.2 of the Lease shall not apply); (b)
Lease Guarantor shall provide written notice to Landlord and Tenant at least thirty (30) days prior to such proposed transaction(s), specifying in reasonable detail the nature of such transaction(s), (c) Manager shall continue to manage the
Managed Facility pursuant to this Agreement (subject, if applicable, to a concurrent assignment by Manager to the extent permitted under Section 11.2 hereof), (d) this Agreement and all other Lease/MLSA Related Agreements
and, without limitation, all obligations of Lease Guarantor, Tenant, Landlord and Manager and any and all other counterparties hereunder and thereunder shall continue in full force and effect, and (e) all applicable requirements of Article
XXII of the Lease in connection with such proposed transaction(s) shall be satisfied in full. For the avoidance of doubt, (i) in the case of a Change of Control of CEC, CEC shall remain Lease Guarantor, and (ii) without limitation of
the preceding sentence, in all events, all of Lease Guarantor’s obligations and liabilities in respect of the Lease Guaranty shall continue unabated and in full force and effect in accordance with the terms of this Agreement and shall not
terminate or be released or reduced in any respect, except solely if and to the extent expressly provided in Section 17.3.5. 

11.3.3 Assignment by Lease Guarantor without Consent. Notwithstanding the provisions of Section 11.3.1, Lease
Guarantor shall have the right, without Landlord’s consent, to effect an Assignment of this Agreement in connection with a Substantial Transfer by CEC; provided that (a) the Board of Directors of Lease Guarantor shall have
determined that the qualifications, quality and experience of the management of Lease Guarantor and the quality of the management and operation of the Non-CPLV Managed Facilities and the Managed Facility,
taken as a whole, will, in each case, be generally consistent with or superior to that which existed prior to the applicable transaction(s) giving rise to such Assignment (it being agreed that Lease Guarantor shall give notice to Landlord of such
proposed Assignment in accordance with clause (c) below, and if Landlord determines that requirements in this clause (a) will not be satisfied, then such determination shall be resolved pursuant to
Section 34.2 of the Lease; provided that, for purposes of this clause (a), the fifteen (15) day good faith negotiating period contemplated by Section 34.2 of the Lease shall not
apply), (b) the Board of Directors of Lease Guarantor shall have determined that, following the occurrence of such Substantial Transfer, the successor Lease Guarantor shall be sufficiently creditworthy, and shall have sufficient wherewithal and
ability, so as to be able to assume and satisfy all obligations of Lease Guarantor in respect of the Lease Guaranty, (c) Lease Guarantor shall provide written notice to Landlord and Tenant at least thirty (30) days prior to the proposed
Assignment, specifying in reasonable detail the nature of the Assignment, (d) (i) the assignee or transferee shall be the owner, directly or indirectly, of all of the direct and indirect assets of CEC (other than assets that are, in the
aggregate, de minimis) and (ii) the assignee or transferee shall assume the obligations of Lease Guarantor under this Agreement (and all applicable Lease/MLSA Related Agreements) and shall agree in an agreement in a form reasonably
acceptable to Landlord and Tenant to be bound by this Agreement (and all applicable Lease/MLSA Related Agreements) from and after the date of the Assignment (the “Lease Guarantor Assumption

  
 50 

 
Agreement”) (a copy of any proposed Lease Guarantor Assumption Agreement shall be furnished to Landlord for review and approval no less than thirty (30) days prior to the
proposed effectuation thereof), and Lease Guarantor shall provide Landlord and Tenant with a copy of such agreement, together with copies of all other documents effecting such Assignment, within ten (10) days following the date of such
Assignment, (e) Manager shall continue to manage the Managed Facility pursuant to this Agreement (subject, if applicable, to a concurrent assignment by Manager to the extent permitted under Section 11.2 hereof), and
(f) this Agreement and all other Lease/MLSA Related Agreements and, without limitation, all obligations of Lease Guarantor (as assumed by the assignee Lease Guarantor), Tenant, Landlord and Manager and any and all other counterparties hereunder
and thereunder shall continue in full force and effect. 
 11.4 Assignment by Landlord. 

11.4.1.1 General. The Parties agree that this Agreement shall be binding upon, and inure to the benefit of, any successor or permitted
assignee of Landlord under the Lease; provided that the assignee shall assume the obligations of Landlord under this Agreement and shall agree in writing in a form reasonably acceptable to Tenant, Manager and Lease Guarantor to be bound by
this Agreement from and after the date of the Assignment. To the extent Landlord is required, pursuant to the Lease, to notify Tenant of any Change of Control or other Assignment of Landlord, Landlord shall give concurrent notice thereof to Manager
and Lease Guarantor (and, in all events, Landlord shall give notice to all Parties hereto of any proposed name change of Landlord, or any proposed direct transfer of the Leased Property not later than thirty (30) days prior thereto). Any
Change of Control or other Assignment of Landlord shall not be permitted unless (a) any and all applicable requirements of the Lease in connection with such proposed Assignment shall be satisfied in full, (b) the assignee or transferee (in
the case of a direct assignment or transfer of this Agreement or Landlord’s interest herein) or controlling Persons (in the case of a Change of Control), and in each case any of its or their direct or indirect equity owners that holds at least
five percent (5%) of the outstanding equity interests in such proposed assignee or transferee or such controlling Person and, to Landlord’s knowledge, any of its or their Affiliates, is not a Manager Prohibited Person, a Lease Guarantor
Prohibited Person or a Tenant Prohibited Person, and (c) the proposed assignee or transferee and all of the proposed assignee’s or transferee’s officers, directors, and Affiliates (including officers and directors of the Affiliates),
to the extent required under applicable Gaming Regulations, shall be licensed, certified and/or otherwise found suitable by applicable Gaming Authorities and shall have or obtain all required Gaming Licenses to become a party to this Agreement, if
applicable. 
 11.4.1.2 Assignments to Tenant Competitor. In the event that, and so long as, Landlord is a Tenant Competitor, then,
notwithstanding anything herein to the contrary, the following shall apply: 
 (i) Neither Tenant nor Manager shall be
required to deliver any information required to be delivered to Landlord pursuant to this Agreement to the extent the same would give Landlord a “competitive” advantage with respect 

  
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to markets in which Landlord and Tenant or CEC might be competing at any time (it being understood that Landlord shall retain audit rights with respect to such information to the extent required
to confirm Tenant’s or Manager’s, as applicable, compliance with the terms of this Agreement) (and Landlord shall be permitted to comply with Securities Exchange Commission, Internal Revenue Service and other legal and regulatory
requirements with regard to such information); provided that appropriate measures are in place to ensure that only Landlord’s auditors (which for this purpose shall be a “big four” firm designated by Landlord) and attorneys (as
reasonably approved by Tenant or Manager, as applicable) (and not Landlord or any Affiliates (as defined in the Lease) of Landlord or any direct or indirect parent company of Landlord or any Affiliate (as defined in the Lease) of Landlord) are
provided access to such information, or to provide information that is subject to the quality assurance immunity or is subject to attorney-client privilege or the attorney work product doctrine. 

(ii) Without limitation of the other provisions of Section 2.1.4, Landlord’s consent shall not
be required under clause (b) of Section 2.1.4. 
 (iii) With respect to all consent,
approval and decision-making rights granted to Landlord under this Agreement relating to competitively sensitive matters pertaining to the management, use or operation of the Managed Facility (other than any right of Landlord to grant waivers and
amend or modify any of the terms of this Agreement), Landlord shall establish an independent committee to evaluate, negotiate and approve such matters, independent from and without interference from Landlord’s management or Board of Directors.
Any dispute over whether a particular decision shall be determined by such independent committee shall be resolved pursuant to Section 34.2 of the Lease. 

The Parties (other than Landlord) hereby acknowledge and agree that (x) as of the date hereof, Joliet Partner is a minority interest holder in Landlord
and does not Control Landlord; and (y) for so long as the circumstances in clause (x) continue and Joliet Partner continues to own no more than twenty percent (20%) of the interest in Landlord, neither Landlord nor any of its
Affiliates shall be deemed to be a Tenant Competitor solely as a result of the circumstances in clause (x). 
 11.5
Acknowledgement of Assignment. The Parties agree that, notwithstanding anything to the contrary contained herein, with respect to any proposed Assignment (including any attempted deemed Assignment) or Transfer of Ownership Interests requiring
consent under this Article XI, the proposed transferring Party shall, in addition to (and without limitation of) any applicable notification requirements otherwise set forth in this Article XI, prior to effectuating
any such Assignment (including any deemed Assignment) or Transfer of Ownership Interests, reasonably promptly following the request of any one or more of the non-assigning Parties, provide a written
acknowledgement to such requesting non-assigning Party(ies) confirming that such proposed Assignment (or deemed Assignment) or Transfer of Ownership Interests complies with the provisions of this
Article XI and is permitted hereunder and such acknowledgment shall be accompanied by the provision of such information (to the 

  
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extent in the proposed transferring Party’s possession or reasonable control, subject to customary and reasonable confidentiality restrictions in connection therewith) as may reasonably be
necessary to demonstrate to each such requesting Party’s satisfaction that such proposed Assignment (or deemed Assignment) or Transfer of Ownership Interests complies with the provisions of this Article XI. 

11.6 Approvals. The Parties agree that, to the extent necessary, all Assignments (including deemed Assignments) or Transfer of
Ownership Interests will be subject to the requirements of the Gaming Authorities, which may include prior approval of such Assignments (including any deemed Assignment) or Transfer of Ownership Interests, and any attempted Assignment (including any
attempted deemed Assignment) or Transfer of Ownership Interests in violation of such requirements shall be void and of no force or effect. 

11.7 Merger of CEOC. The Parties acknowledge that, immediately following the execution of this Agreement, Caesars Entertainment
Operating Company, Inc., a Delaware corporation, will merge into CEOC, LLC. Notwithstanding anything herein to the contrary, each of the Parties consents to such merger. 

ARTICLE XII 
 INSURANCE,
BONDING AND INDEMNIFICATION 
 12.1 Tenant Insurance and Bonding Requirements. 

12.1.1 Insurance Policies and Bonding Requirements. 

12.1.1.1 Manager, at Tenant’s expense (except to the extent such expenses are expressly classified as Operating Expenses), in accordance
with the Annual Budget, shall procure and maintain all insurance policies required under Article XIII of the Lease (the “Lease Insurance Requirements”). 

12.1.1.2 Manager, at Tenant’s expense, in accordance with the Annual Budget, shall have the power and authority to procure and deliver
to the applicable Gaming Authorities all bonding instruments required by the State of Illinois. 
 12.1.2 Evidence of Insurance.
Tenant (for insurance policies obtained by Tenant through third-party insurers) shall provide to Manager and Manager (for insurance policies obtained by Manager through the Insurance Program or other vendors) shall provide to Tenant certificates or
other reasonably satisfactory insurance evidence confirming that the insurance policies comply with the Insurance Requirements. In addition, upon a Tenant’s or Manager’s request, the other Party promptly shall provide to the requesting
Party a schedule of insurance obtained by such Party, listing the insurance policy numbers, the names of the insurers, the names of the Persons insured, the amounts of coverage, the expiration dates and the risks covered thereunder. 

12.1.3 Payment of Premiums. For all insurance policies contemplated by this Section 12.1, Manager shall have the right to
pay premiums using funds from the 

  
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Operating Account. For the avoidance of doubt, any additional insurance policies obtained by Tenant or Manager that are not contemplated by this Section 12.1 or otherwise approved by Tenant
and Manager, shall not be funded from the Operating Account. 
 12.1.4 Investigation of Claims and Reports. Manager shall promptly
investigate and, as soon as reasonably practicable, make a full written report to Tenant regarding all material accidents or claims for material damage relating to the ownership, operation and maintenance of the Managed Facility and the estimated
liability or cost of repair thereof, and shall prepare, for the approval of Tenant, any and all reports required by any insurance carrier in connection therewith. 

12.1.5 Reliance on Tenant’s Advisors. Tenant acknowledges that neither Manager nor any insurance broker that Manager or its
Affiliates may retain makes any representation, warranty or guaranty whatsoever regarding: (a) the advisability or sufficiency of the insurance required or obtained under this Agreement; (b) whether the insurance made available under the
Insurance Program maintained by Manager or its Affiliates is sufficient to protect Tenant, the Managed Facility and its Operation against all liability, damage, loss, cost or expense that might be incurred; or (c) any other insurance that
Tenant should consider for the protection of Tenant, the Managed Facility and its Operation, and Tenant agrees to rely exclusively on its own insurance advisors with respect to all insurance matters. 

12.1.6 Relationship to Lease. Without limiting Section 2.5 in any manner, for the avoidance of doubt, the Parties agree
that nothing contained in this Agreement, including this Article XII and Article XIV hereof, is intended or shall be construed to limit, vitiate or supersede the Lease Insurance Requirements. No modification may be made to the Lease
Insurance Requirements except in accordance with the provisions, terms and conditions of the Lease. Without limitation of the preceding portion of this Section 12.1.6, Section 2.5 or Section 18.2.3 in any manner,
and for the avoidance of doubt, the Parties acknowledge that any determination made by an Expert with respect to any dispute under Section 12.1.5 shall not modify the Lease Insurance Requirements and without limitation, to the extent
Landlord believes any noncompliance with the Lease exists, the provisions, terms and conditions of the Lease shall govern with respect thereto. 

12.2 Waiver of Liability. SOLELY AS BETWEEN TENANT AND MANAGER, AS LONG AS A PARTY AND ANY AFFILIATES REQUESTED BY SUCH PARTY ARE A
NAMED INSURED OR ADDITIONAL INSURED UNDER THE OTHER PARTY’S INSURANCE POLICIES, OR THE POLICIES OTHERWISE PERMIT IF SUCH PARTY OR ITS AFFILIATES ARE NOT SO NAMED, SUCH PARTY HEREBY RELEASES THE OTHER PARTY, AND ITS AFFILIATES, AND ITS AND THEIR
TRUSTEES, BENEFICIARIES, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS, AND THE SUCCESSORS AND ASSIGNS OF EACH OF THE FOREGOING, FROM ANY AND ALL LIABILITY FOR MONETARY RELIEF, DAMAGE, LOSS, COST OR EXPENSE INCURRED BY THE RELEASING PARTY, WHETHER OR
NOT DUE TO THE NEGLIGENT OR OTHER ACTS OR 

  
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OMISSIONS OF THE PERSONS SO RELEASED TO THE EXTENT SUCH LIABILITY, DAMAGE, LOSS, COST OR EXPENSE IS COVERED BY THE INSURANCE POLICIES OF THE RELEASING PARTY, BUT (OTHER THAN AS PROVIDED IN
ARTICLE XIV) ONLY TO THE EXTENT OF INSURANCE PROCEEDS RECEIVED. FOR AVOIDANCE OF DOUBT, THE PARTIES ACKNOWLEDGE THAT THE PRECEDING PORTION OF THIS SECTION 12.2 SHALL NOT BE DEEMED TO VITIATE OR SUPERSEDE ANY OBLIGATIONS OF
(x) LEASE GUARANTOR IN RESPECT OF THE GUARANTEED OBLIGATIONS OR OTHERWISE HEREUNDER AND/OR (y) TENANT UNDER THE LEASE, IN EACH CASE IN ACCORDANCE WITH THE TERMS HEREOF AND THEREOF. 

12.3 Indemnification. 

12.3.1 Indemnification by Tenant. Subject to Sections 12.3.3, 12.3.4 and 18.5.5, Tenant shall defend,
indemnify and hold harmless Manager and its Affiliates, and each of their respective shareholders, members, partners, trustees, beneficiaries, directors, officers, employees and agents, and the successors and assigns of each of the foregoing
(collectively, the “Manager Indemnified Parties”) for, from and against any and all Claims, other than Claims that are within the scope of Manager’s indemnification pursuant to Section 12.3.2. Nothing in this
Section 12.3 shall be deemed to limit Tenant’s right to pursue its contractual damage remedies against Manager with respect to amounts paid by Tenant to one (1) or more other Persons in connection with any Claim caused by an
Event of Default by Manager (it being further understood that the provisions of this Section 12.3 shall not be deemed to modify the provisions of Section 16.1 regarding the establishment of an Event of Default by Manager,
including any provisions of Section 16.1 regarding notice of cure of any default that would, with the giving of notice or the passage of time, become an Event of Default). Manager shall promptly provide Tenant with written notice of any
Claim that is reasonably likely to result in any indemnification by Tenant. 
 12.3.2 Indemnification by Manager. Subject to
Sections 12.3.3, 12.3.4 and 18.5.5, Manager shall defend, indemnify and hold harmless Tenant and its Affiliates, and each of their respective shareholders, members, partners, trustees, beneficiaries, directors, officers,
employees and agents, and the successors and assigns of each of the foregoing (collectively, the “Tenant Indemnified Parties”) for, from and against any and all (a) Claims that any Tenant Indemnified Party or Parties may incur,
become responsible for or pay out to the extent caused by the gross negligence or willful misconduct of Manager and (b) any uninsured loss incurred by Tenant due to the commission by any Senior Executive Personnel or Corporate Personnel of any
act of fraud, embezzlement, misappropriation or similar act of malfeasance with respect to the Managed Facility. 
 12.3.3 Insurance
Coverage. Notwithstanding anything to the contrary in this Section 12.3, Tenant and Manager shall look first to the appropriate insurance coverages in effect pursuant to this Agreement prior to seeking indemnification under this
Section 12.3 in the event any claim or liability occurs as a result of injury to persons or damage to property, regardless of the cause of such claim or liability; provided that if the

  
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insurance carrier denies coverage or “reserves rights” as to coverage, then the Indemnified Parties shall have the right to seek indemnification, without first looking to such insurance
coverage. In addition, nothing contained in this Section 12.3 shall in any way affect the releases set forth in Section 12.2. 

12.3.4 Indemnification Procedures. The Indemnifying Party shall have the right to assume the defense of any Claim with respect to which
the Indemnified Party is entitled to indemnification hereunder. If the Indemnifying Party assumes such defense, (a) such defense shall be conducted by counsel selected by the Indemnifying Party and approved by the Indemnified Party, such
approval not to be unreasonably withheld, conditioned or delayed (provided that the Indemnified Party’s approval shall not be required with respect to counsel designated by the Indemnifying Party’s insurer); (b) so long as the
Indemnifying Party is conducting such defense with reasonable diligence, the Indemnifying Party shall have the right to control said defense and shall not be required to pay the fees or disbursements of any counsel engaged by the Indemnified Party
except if a material conflict of interest exists between the Indemnified Party and the Indemnifying Party with respect to such Claim or defense; and (c) the Indemnifying Party shall have the right, without the consent of the Indemnified Party,
to settle such Claim, but only if such settlement involves only the payment of money, the Indemnifying Party pays all amounts due in connection with or by reason of such settlement and, as part thereof, the Indemnified Party is unconditionally
released from all liability in respect of such Claim. The Indemnified Party shall have the right to participate in the defense of such Claim being defended by the Indemnifying Party at the expense of the Indemnified Party, but the Indemnifying Party
shall have the right to control such defense (other than in the event of a material conflict of interest between the parties with respect to such Claim or defense). In no event shall the Indemnified Party (A) settle any Claim without the
consent of the Indemnifying Party so long as the Indemnifying Party is conducting the defense thereof in accordance with this Agreement or (B) if a Claim is covered by the Indemnifying Party’s insurance, knowingly take or omit to take any
action that would cause the insurer not to defend such Claim or to disclaim liability in respect thereof. 
 12.3.5 Survival. This
Section 12.3 shall survive any expiration or termination of this Agreement. 
 ARTICLE XIII 

LEASEHOLD FINANCING 
 13.1
Leasehold Mortgages; Collateral Assignments; Non-Disturbance; Leasehold Foreclosure. The Parties agree that: 

13.1.1 Leasehold Financing. Subject to Article XI hereof and the applicable provisions of the Lease,
including Article XVII and Article XXII of the Lease, Tenant shall have the right to grant, in respect of Tenant’s leasehold estate under the Lease, other property of Tenant and/or any direct or indirect Ownership Interests in
Tenant, a Leasehold Mortgage or Security Interest to a Leasehold Lender in connection with any Leasehold Financing, and to assign to any Leasehold Lender as collateral 

  
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security for any Leasehold Financing, all of Tenant’s right, title and interest in and to this Agreement. Promptly following execution of any such Leasehold Financing Documents, Tenant shall
provide Manager and Lease Guarantor a true and complete copy of all such Leasehold Financing Documents. 
 13.1.2 Foreclosure by
Leasehold Lender. If any Leasehold Financing is secured by a valid and enforceable lien on the leasehold estate under the Lease or on the direct or indirect Ownership Interests in Tenant, whether by mortgage, equity pledge or otherwise, and
there is any proposed Foreclosure by Leasehold Lender thereunder, such Leasehold Lender shall, in connection with and as a condition precedent to consummating any Foreclosure by Leasehold Lender, irrevocably elect, by written notice to Tenant and
Lease Guarantor (with a copy to Landlord and Manager), one (and only one) of the following: 
 (a) Leasehold Foreclosure
with MLSA Termination Election: to terminate this Agreement and, in connection with such termination, to comply in all respects with all applicable provisions of the Lease, including Section 22.2(i)(1)(A) and Section 22.2(i)(2)
through (5) thereof, and, without limitation, to cause (x) a replacement lease guarantor that is a Qualified Replacement Guarantor (as defined in the Lease) to provide a Replacement Guaranty (as defined in the Lease) of the Lease
and (y) the Managed Facility to be managed pursuant to a Replacement Management Agreement (as defined in the Lease) by a Qualified Replacement Manager (as defined in the Lease) or another manager that is otherwise permitted by Section
22.2(i)(1)(A)(z) of the Lease, in each case in accordance with Section 22.2(i)(1)(A) of the Lease (and the obligations and liabilities of Lease Guarantor in respect of the Lease Guaranty shall be determined as set forth in
Section 17.3.5.2); or 
 (b) Leasehold Foreclosure with MLSA Assumption Election: to retain Manager (or
any replacement manager appointed in accordance with Section 16.5.2 following a Termination for Cause in accordance with this Agreement) as manager of the Managed Facility pursuant to the terms of this Agreement (or a replacement
management agreement previously approved in writing by Landlord) and, in connection therewith, to comply in all respects with all applicable provisions of the Lease, including Section 22.2(i)(1)(B) and Section 22.2(i)(2) through
(5) of the Lease, and, without limitation, to keep this Agreement (or such replacement management agreement previously approved in writing by Landlord) in full force and effect in accordance with its terms (and the Lease will continue to
be guaranteed by Lease Guarantor in accordance with the terms of this Agreement (including Section 17.3.1.8, Section 17.3.1.9 and Section 17.3.1.10 hereof) and all of Lease Guarantor’s obligations and liabilities
under this Agreement in respect of the Lease Guaranty shall continue unabated and in full force and effect). 
 With respect to any Leasehold Foreclosure
with MLSA Termination, (i) the effective date of such termination of this Agreement shall be the date upon which the applicable Lease Foreclosure Transaction shall have been effective in accordance with Section 22.2(i) of

  
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the Lease (and, without limitation, all applicable provisions of the Lease shall have been complied with in all respects, including Section 22.2(i)(1)(A) and Section 22.2(i)(2)
through (5) of the Lease, including execution and delivery of a Replacement Guaranty by a Qualified Replacement Guarantor), and (ii) this Agreement shall be deemed terminated pursuant to Section 16.2.6 of
this Agreement as of such effective date and, for the avoidance of doubt, the provisions of Article XVI, including Section 16.3, shall apply with respect to such termination from and after such
effective date. 
 Without limitation of the foregoing and, for the avoidance of doubt, it is acknowledged and agreed that the prosecution by any Leasehold
Lender of a Foreclosure by Leasehold Lender shall be subject to, and performed in (and conditioned upon), compliance with, all applicable provisions, terms and conditions of the Lease, including Article XVII thereof. 

13.2 Default Notice to Leasehold Lender. Manager or Landlord, upon providing Tenant any notice of default under this Agreement, shall
at the same time provide a copy of such notice to every Leasehold Lender that has been properly disclosed to Manager or Landlord, as applicable, pursuant to Section 13.1. From and after the date such notice has been sent to
a Leasehold Lender, such Leasehold Lender shall have the same period, with respect to its remedying any default or acts or omissions which are the subject matter of such notice or causing the same to be remedied, as is given Tenant after the giving
of such notice to Tenant, to remedy, commence remedying or cause to be remedied the defaults or acts or omissions which are the subject matter of such notice specified in any such notice. Manager or Landlord, as applicable, shall accept such
performance by or at the instigation of such Leasehold Lender as if the same had been done by Tenant. Tenant authorizes each such Leasehold Lender (to the extent such action is authorized under the applicable loan documents to which it acts as a
lender, noteholder, investor, agent, trustee or representative) to take any such action at such Leasehold Lender’s option and does hereby authorize entry upon the Managed Facility by Leasehold Lender for such purpose. 

13.3 Lender’s Right of Access. Upon reasonable advance notice from a Leasehold Lender or Landlord’s Lender
(which notice may be given orally in connection with an emergency or upon the occurrence of an event of default under any Leasehold Financing Documents or Landlord Financing Documents, as the case may be), Manager shall permit and cooperate with
such Leasehold Lender or Landlord’s Lender (as applicable) and their respective agents and representatives to enter any part of the Managed Facility, except for those parts of the Managed Facility as to which access is restricted by Applicable
Law, at any reasonable time for the purposes of examining or inspecting the Managed Facility, or examining or copying the books and records of the Managed Facility; provided that: (a) any expenses incurred in connection with such
activities shall be Operating Expenses of the Managed Facility; and (b) Tenant shall use commercially reasonable efforts (including the inclusion of an appropriate confidentiality provision in the Leasehold Financing Documents) to cause such
Leasehold Lender, and Landlord shall use commercially reasonable efforts (including the inclusion of an appropriate confidentiality provision in the Landlord Financing Documents) to cause such Landlord’s Lender, to agree to treat as
confidential any information such Leasehold Lender or Landlord’s Lender, as applicable, obtains from examining the books and 

  
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records of the Managed Facility provided by Tenant to Manager, including the Annual Budget. Manager acknowledges that a Leasehold Lender or Landlord’s Lender may disclose such information to
the same extent and subject to the same restrictions as are applicable to Tenant with respect to Manager Confidential Information under Article VIII of this Agreement (including to any actual or potential landlords
(including Landlord and actual or potential purchasers of the relevant Landlord Mortgage or any interest therein)). 
 13.4 Disclosure of
Mortgages and Security Interests. Tenant represents and warrants to the other Parties hereto that as of the date of this Agreement, (i) except for Leasehold Mortgage(s) in favor of the Leasehold Lender(s) under Tenant’s Initial
Financing (as such term is defined in the Lease), there is no Leasehold Mortgage encumbering Tenant’s interest in the Managed Facility, the Leased Property or the Lease or any portion thereof or interest therein and (ii) except for
Security Interests in favor of the Leasehold Lender(s) under Tenant’s Initial Financing (as such term is defined in the Lease), there is no Security Interest encumbering any direct or indirect interests in Tenant that is held by a Person that
constitutes a Permitted Leasehold Mortgagee (as defined in the Lease). Tenant shall provide to Manager a true and complete copy of any new proposed Leasehold Financing Documents for Manager’s review no less than thirty (30) days before the
execution of such new Leasehold Financing Documents (or such lesser time acceptable to Manager). Promptly following execution of such new Leasehold Financing Documents, Tenant shall provide Manager a true and complete copy of all such new Leasehold
Financing Documents. 
 13.5 Estoppel Certificates. Upon written request from Tenant, Landlord or any Leasehold Lender or
Landlord’s Lender at any time during the Term, Manager shall issue, within no less than twenty (20) days after Manager’s receipt of such request, an estoppel certificate (or a comfort letter or other documents as may be reasonably
requested): (a) certifying that this Agreement has not been modified and is in full force and effect (or, if there have been modifications, specifying the modifications and that the same is in full force and effect as modified);
(b) stating whether, to the knowledge of the signatory of such certificate (which signatory shall be an appropriate officer of the issuer of such certificate, with knowledge of the subject matter), any default by the attesting Party (or, to the
attesting Party’s knowledge, any other Party) exists, and if so, specifying each such default; and (c) including such other certifications or statements as may be reasonably requested by the requesting Party or lender. Upon written request
from Manager, Landlord or Landlord’s Lender at any time during the Term, Tenant shall provide (and, upon request, shall use commercially reasonable efforts to cause Leasehold Lender to provide) a similar estoppel certificate in a similar
timeframe. Upon written request from Manager, Lease Guarantor, Tenant or Leasehold Lender at any time during the Term, Landlord shall provide (and, upon request, shall use commercially reasonable efforts to cause Landlord’s Lender and/or any
other ground lessor (with respect to any ground lease) to provide) a similar estoppel certificate in a similar timeframe. Upon written request from Landlord, Tenant, Leasehold Lender or Landlord’s Lender at any time during the term, Lease
Guarantor shall provide a similar estoppel certificate in a similar timeframe. 

  
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 13.6 Tenant’s Lease Obligations. 

13.6.1 [Reserved] 
 13.6.2
Without limiting Section 2.5 in any manner, for the avoidance of doubt, the Parties agree that (a) nothing in this Article XIII is intended, nor shall it be construed, to limit, vitiate or supersede any of the
provisions, terms and conditions of the Lease, and (b) without limitation of the preceding clause (a), nothing contained in this Agreement, including this Article XIII hereof, is intended, nor shall it be construed, to limit,
vitiate or supersede the provisions, terms and conditions of the Lease pertaining to Leasehold Financings, including Article XVII of the Lease. 

ARTICLE XIV 
 BUSINESS
INTERRUPTION 
 14.1 Business Interruption. At all times during the Term, Manager shall assist Tenant in procuring, at
Tenant’s expense, and Tenant shall maintain Business Interruption Insurance for the Managed Facility in accordance with the Lease Insurance Requirements. If any event, including a Force Majeure Event, occurs that results in an interruption in
the Operation of the Managed Facility (a “Business Interruption Event”), Manager shall use commercially reasonable efforts to reduce Operating Expenses, Centralized Services Charges and Reimbursable Expenses to levels commensurate
with the levels of reduced revenues and business activity. All Centralized Service Charges and Reimbursable Expenses actually incurred during the period of the Business Interruption Event shall continue to be payable in accordance with the
provisions this Agreement, regardless of whether there are sufficient Business Interruption Insurance proceeds to cover such amounts. 

14.2 Proceeds of Business Interruption Insurance. The net proceeds of the Business Interruption Insurance maintained in accordance with
Section 14.1 (after the application of any deductible) shall be deposited in the Operating Account and used by Manager in the same manner as funds generated from the Operation of the Managed Facility are used by Manager in
accordance with this Agreement, including the payment of Operating Expenses, the Centralized Services Charges and Managed Facility Personnel Costs and all other Operating Expenses as provided in Section 14.1. 

ARTICLE XV 
 CASUALTY OR
CONDEMNATION 
 15.1 Casualty. 

15.1.1 Notices. If the Managed Facility is damaged by a Casualty, Manager shall promptly notify Tenant. 

15.1.2 Termination in Connection with a Casualty. If the Managed Facility is damaged or destroyed by a Casualty, then: 

  
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 (i) if, pursuant to Section 14.2(a) of the Lease, the Lease is terminated
as a result of a Casualty affecting the Managed Facility occurring during the final two (2) years of the Lease, then this Agreement shall terminate effective as of such date of termination of the Lease; and 

(ii) if the business operations at the Managed Facility following a Casualty are substantially, adversely impaired as a result
thereof and the Lease and this Agreement remain in effect pursuant to the terms thereof and/or hereof, as applicable, then a Force Majeure Event shall be deemed to exist as applicable in respect of Manager’s management obligations
hereunder with respect to the Managed Facility while such condition exists. 
 15.2 Condemnation. 

15.2.1 Notices. If any Party receives notice of any actual, pending or contemplated Condemnation or Taking (or other action in lieu
thereof) of the Managed Facility, such Party shall promptly notify each other Party thereof. 
 15.2.2 Condemnation. If the Managed
Facility is impacted by a Condemnation or a Taking, then: 
 (i) with respect to any portion of the Managed Facility that,
pursuant to Section 15.1(b) of the Lease, ceases to be subject to the Lease as a result of a Condemnation or a Taking, Manager’s management obligations under this Agreement shall terminate with respect to such portion of the Managed
Facility effective as of such date of Condemnation or Taking, but this Agreement shall otherwise remain in full force and effect in accordance with its terms (with Manager’s obligations hereunder so reduced, mutatis mutandis, to reflect
the removal of such portion of the Managed Facility from the terms of the Lease); 
 (ii) if, pursuant to Section
15.1(a) or Section 15.1(b) of the Lease, the Lease is terminated in its entirety as a result of a Condemnation or a Taking affecting the Managed Facility in accordance with its terms, then this Agreement shall terminate effective as of
such date of termination of the Lease; and 
 (iii) if the business operations at the Managed Facility following a
Condemnation or Taking are substantially adversely impacted as a result thereof and the Lease and this Agreement remain in effect pursuant to the terms thereof and/or hereof, as applicable, then a Force Majeure Event shall be deemed to exist as
applicable in respect of Manager’s management functions hereunder with respect to the Managed Facility while such condition exists. 

  
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 ARTICLE XVI 

DEFAULTS AND TERMINATIONS 

16.1 Events of Default. 

16.1.1 Tenant MLSA Events of Default. Each of the following actions and events shall be deemed a “Tenant MLSA Event of
Default”: 
 16.1.1.1 a failure by Tenant within the time periods specified in this Agreement to pay the amount due and payable
under this Agreement to Manager or its Affiliates for the Reimbursable Expenses or Centralized Services Charges and that is not cured within sixty (60) days after notice to Tenant specifying such failure; provided that in the event
sufficient funds belonging to Tenant or generated by the Managed Facility and held by Tenant or CEOC are available in the Operating Account to pay such amounts then due and Manager has the right to withdraw, transfer or apply such funds to the
payment of such amounts then due, then such failure of Tenant to pay such amount shall not be an Event of Default; 
 16.1.1.2 except as
set forth in Section 16.1.1.1, a failure by Tenant to pay any amount of money to Manager when due and payable under this Agreement that is not cured within sixty (60) days after notice to Tenant; 

16.1.1.3 except as set forth in Section 16.1.1.1 or Section 16.1.1.2, a failure by Tenant
to perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Tenant that is not cured within thirty (30) days following notice of such default from Manager to Tenant; provided that
if: (a) the default is not susceptible of cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and (c) the default would not expose Manager (or Landlord) to an imminent
and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary (but in no event longer than ninety (90) days or, if such default is
in the process of being cured to the satisfaction of an applicable Gaming Authority, such longer time as is prescribed by such Gaming Authority) to cure the default so long as Tenant commences to cure the default within such thirty (30) day
period and thereafter proceeds with reasonable diligence to complete such cure; 
 16.1.1.4 (i) a general assignment by Tenant for the
benefit of its creditors, or any similar arrangement with its creditors by Tenant; (ii) the entry of a judgment of insolvency against Tenant that is not stayed, vacated or set aside within sixty (60) days of entry thereof; (iii) the
filing by Tenant of a voluntary petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (iv) the filing of an involuntary petition for relief under applicable bankruptcy, insolvency or similar debtor relief
laws by any Person against Tenant which either (x) is consented to by Tenant, or (y) is not stayed, vacated or set aside within sixty (60) days after the filing thereof; (v) the appointment (or the filing of a petition or
application for appointment) of a receiver, 

  
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custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Tenant’s assets or the conduct of its business, in each case that is not stayed, vacated or set aside
within sixty (60) days of the occurrence thereof; (vi) any action by Tenant for dissolution of its operations; or (vii) any other similar proceedings in any relevant jurisdiction affecting Tenant that is not stayed, vacated or set
aside within sixty (60) days of the commencement thereof; and 
 16.1.1.5 the occurrence of the Tenant MLSA Event of Default described
in the last sentence of this Section 16.1.1.5. If, at any time during the Term, Manager cannot Operate the Managed Facility in all material respects in accordance with the Operating Standard and Operating Limitations as
provided herein, then Manager shall promptly deliver notice thereof to Landlord and Tenant (and Landlord and Tenant shall each be entitled to exercise their respective rights and remedies as and to the extent applicable thereto). If Manager
determines in the exercise of its good faith judgment that the proximate cause thereof is an Operating Deficiency Cause, then (x) Manager shall promptly deliver notice thereof to Landlord, and (y) Manager or Landlord shall be entitled to
provide notice of such determination to Tenant and the Leasehold Lenders (an “Operating Deficiency Notice”), which Operating Deficiency Notice shall allege with reasonable specificity the details of the non-compliance with the Operating Standard or Operating Limitations. For purposes of the preceding sentence, an “Operating Deficiency Cause” shall mean any one or more of the following: (a) any
failure by Tenant to fund a Funds Request issued pursuant to Section 5.5.2; or (b) any interference by Tenant or its agents or representatives in any material respect with the Operation of the Managed Facility. Within
fifteen (15) days after receipt of any Operating Deficiency Notice, Tenant shall respond in detail to such allegation and, if the matter is not resolved by Tenant and Manager (or Landlord, as applicable) within forty five (45) days after
Tenant’s response, the matter shall be referred to the Expert for Expert Resolution in accordance with Article XVIII. If the Expert determines that the Managed Facility is not being Operated in accordance with the
Operating Standard or Operating Limitations in one or more material respects as provided herein and that the proximate cause of such non-compliance is an Operating Deficiency Cause, then, unless Tenant shall
within fifteen (15) days of the Expert’s determination fund the subject Funds Request or cease the actions that interfere with the Operation of the Managed Facility by Manager, then a Tenant MLSA Event of Default under this
Section 16.1.1.5 shall exist. 
 Notwithstanding the foregoing, there shall be no Tenant MLSA Event of Default if
the basis for any asserted Tenant MLSA Event of Default is in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVIII. For the avoidance of doubt, the existence of any Tenant Lease
Event of Default or event of default by Tenant under any Leasehold Financing shall not, in and of itself, constitute a Tenant MLSA Event of Default, unless such event, in and of itself, constitutes a Tenant MLSA Event of Default pursuant to the
terms hereof. 
 16.1.2 Manager Events of Default. Each of the following actions and events shall be deemed a “Manager Event
of Default”: 

  
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 16.1.2.1 a failure by Manager to pay any amount of money to Tenant when due and payable under
this Agreement that is not cured within sixty (60) days after notice to Manager; 
 16.1.2.2 except as set forth in
Section 16.1.2.1, a failure by Manager to perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Manager that is not cured within thirty (30) days following
notice of such default from Tenant to Manager; provided that if: (a) the default is not susceptible of cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and
(c) the default would not expose Tenant (or Landlord) to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary
(but in no event longer than ninety (90) days or, if such default is in the process of being cured to the satisfaction of an applicable Gaming Authority, such longer time as is prescribed by such Gaming Authority) to cure the default so long as
Manager commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; and 

16.1.2.3 (i) a general assignment by Manager for the benefit of its creditors, or any similar arrangement with its creditors by Manager;
(ii) the entry of a judgment of insolvency against Manager that is not stayed, vacated or set aside within sixty (60) days of entry thereof; (iii) the filing by Manager of a voluntary petition for relief under applicable bankruptcy,
insolvency, or similar debtor relief laws; (iv) the filing of an involuntary petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Manager which either (x) is consented to by
Manager, or (y) is not stayed, vacated or set aside within sixty (60) days of the filing thereof; (v) the appointment (or the filing of a petition or application for appointment) of a receiver, custodian, trustee, conservator, or
liquidator to oversee all or any substantial part of Manager’s assets or the conduct of its business, in each case that is not stayed, vacated or set aside within sixty (60) days of the occurrence thereof; (vi) any action by Manager
for dissolution of its operations; or (vii) any other similar proceedings in any relevant jurisdiction affecting Manager that is not stayed, vacated or set aside within sixty (60) days of the commencement thereof. 

Notwithstanding the foregoing, there shall be no Manager Event of Default if the basis for any asserted Manager Event of Default is in the
process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVIII. 
 16.1.3 Lease
Guarantor Event of Default. Each of the following actions and events shall be deemed a “Lease Guarantor Event of Default”: 

16.1.3.1 a failure by Lease Guarantor to pay any amount of money to Landlord when due and payable under the Lease Guaranty; 

16.1.3.2 except as set forth in Section 16.1.3.1, a failure by Lease Guarantor to perform or comply with any of the
covenants, duties or obligations set forth in this Agreement to be performed by Lease Guarantor that is not cured within ten (10) days following notice of such default from Landlord to Lease Guarantor; and 

  
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 16.1.3.3 (i) a general assignment by Lease Guarantor for the benefit of its creditors, or
any similar arrangement with its creditors by Lease Guarantor; (ii) the entry of a judgment of insolvency against Lease Guarantor that is not stayed, vacated or set aside within sixty (60) days of entry thereof; (iii) the filing by
Lease Guarantor of a voluntary petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (iv) the filing of an involuntary petition for relief under applicable bankruptcy, insolvency or similar debtor relief
laws by any Person against Lease Guarantor which either (x) is consented to by Lease Guarantor, or (y) is not stayed, vacated or set aside within sixty (60) days of the filing thereof; (v) the appointment (or the filing of a
petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Lease Guarantor’s assets or the conduct of its business, in each case that is not stayed, vacated
or set aside within sixty (60) days of the occurrence thereof; (vi) any action by Lease Guarantor for dissolution of its operations; or (vii) any other similar proceedings in any relevant jurisdiction affecting Lease Guarantor that is
not stayed, vacated or set aside within sixty (60) days of the commencement thereof. 
 16.1.4 M/T Event of Default. Each of the
following actions and events shall be deemed an “M/T Event of Default”: (i) Any failure of Manager to Operate the Managed Facility in a Non-Discriminatory manner, in accordance with the
Operating Standard and subject to Manager’s Standard of Care (in each case as and to the extent required under this Agreement, including as provided in Section 2.1.1, Section 2.1.2, Section 2.1.3,
Section 2.1.4, Section 2.3.1, and Section 2.3.2, but subject to Section 5.9.1); (ii) any failure by Manager or Tenant, as applicable, to comply with any of the covenants, duties or obligations in this
Agreement to be performed by Manager or Tenant, as applicable, that in substance is for the benefit of or in favor of Landlord; and (iii) any termination, revocation or modification of any rights or licenses granted by Tenant to Manager under
Section 7.1.1 without Landlord’s prior written consent, which, in the case of any of clauses (i), (ii), or (iii) above, would reasonably be expected to have a material and adverse effect on either
(x) the Managed Facility (taken as a whole with the Non-CPLV Managed Facilities) or (y) Landlord (taken as a whole with the Non-CPLV Landlord), and which
failure or event is not cured within thirty (30) days following notice thereof from Landlord to Manager; provided that, if: (a) such failure or other breach is not susceptible of cure within a thirty (30) day period and
(b) such failure or other breach would not expose Landlord to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is
necessary (but in no event longer than ninety (90) days) to cure such failure or other breach so long as Tenant and/or Manager, as applicable, commences to cure such failure or other breach within such thirty (30) day period and thereafter
proceeds with reasonable diligence to complete such cure. 

  
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 16.1.5 Remedies for Event of Default. 

16.1.5.1 If any Tenant MLSA Event of Default shall have occurred under Section 16.1.1, Manager shall have the right
to exercise against Tenant any rights and remedies available to such Manager under this Agreement, at law or in equity (including the right to seek specific performance and all injunctive and other equitable relief) and all such rights shall be
cumulative (it being understood and agreed by Tenant that the remedies at law for each and any such breach or threatened breach hereof, 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); provided, however, no Party shall have the right to terminate this Agreement (in connection with an Event of Default or otherwise) except pursuant to the express
provisions of Section 16.2. 
 16.1.5.2 If any Manager Event of Default shall have occurred under
Section 16.1.2, Tenant shall have the right to exercise against Manager any rights and remedies available to Tenant under this Agreement, at law or in equity (including the right to seek specific performance and all
injunctive and other equitable relief) and all such rights shall be cumulative (it being understood and agreed by Manager that the remedies at law for each and any such breach or threatened breach hereof, 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); provided, however, (x) no Party shall have the right to terminate this Agreement (in
connection with an Event of Default or otherwise) except pursuant to the express provisions of Section 16.2, and (y) no Party shall have the right to terminate Manager as Manager (in connection with a Manager Event of
Default or otherwise), except as provided in Section 16.2.5, Section 16.2.6, Section 16.2.7 or Section 16.5. 

16.1.5.3 If any Lease Guarantor Event of Default shall have occurred under Section 16.1.3, Landlord shall have the
right to exercise against Lease Guarantor any rights and remedies available to Landlord under this Agreement, at law or in equity (including the right to seek specific performance and all injunctive and other equitable relief), and Landlord shall
have no duty to mitigate its claims or damages in the event of any Lease Guarantor Event of Default, and all such rights shall be cumulative (it being understood and agreed by Lease Guarantor that the remedies at law for each and any such breach or
threatened breach hereof, 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); provided, however, that
Landlord shall not have the right to terminate this Agreement (in connection with a Lease Guarantor Event of Default or otherwise) except pursuant to the express provisions of Section 16.2. For the avoidance of doubt, it is
understood and agreed that Landlord’s rights to pursue any of its rights or remedies in respect of a Lease Guarantor Event of Default as set forth in this Section 16.1.5.3 are not subject to or limited by
Section 17.2 hereof. 
 16.1.5.4 If any M/T Event of Default shall have occurred under
Section 16.1.4, Landlord shall have the right to exercise against Manager any rights and 

  
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remedies available to Landlord under this Agreement, at law or in equity (including the right to seek specific performance and all injunctive and other equitable relief) and all such rights shall
be cumulative (it being understood and agreed by the Parties hereto that the remedies at law for each and any such breach or threatened breach hereof, 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); provided, however, (x) Landlord shall not have the right to terminate this Agreement (in connection with an M/T Event of Default or otherwise)
except pursuant to the express provisions of Section 16.2, and (y) no Party shall have the right to terminate Manager as Manager (in connection with an M/T Event of Default or otherwise), except as provided in
Section 16.2.5, Section 16.2.6, Section 16.2.7 or Section 16.5. 

16.2 Termination of this Agreement. The Parties agree that this Agreement and each Party’s rights and obligations hereunder
(other than such of the rights and obligations that are expressly set forth in this Agreement to survive any termination hereof) shall automatically terminate upon the occurrence of any of the following (provided, however, that,
notwithstanding any such termination of this Agreement or anything otherwise contained in this Agreement, Lease Guarantor’s obligations and liabilities under this Agreement in respect of the Lease Guaranty shall continue unabated and in full
force and effect in accordance with the terms of this Agreement, and shall not be terminated, released or reduced in any respect until and unless such obligations and liabilities are explicitly terminated, released or reduced in accordance with and
to the extent set forth in Section 17.3.5, all as more fully set forth in Section 17.3.5): 

16.2.1 Upon a Casualty, Condemnation or Taking with respect to the Managed Facility. In the event of a Casualty, Condemnation or
Taking affecting the Managed Facility with respect to the Leased Property pursuant to which, pursuant to Section 14.2(a), 15.1(a) or 15.1(b) of the Lease, as applicable, the Lease is terminated in its entirety in accordance
with, and as more particularly described in, Section 15.1.2(i) or Section 15.2.2(ii) of this Agreement. 

16.2.2 [Reserved]. 

16.2.3 Expiration of the Term. Upon the expiration of the Term of this Agreement pursuant to Section 2.4.1
hereof. 
 16.2.4 [Reserved]. 

16.2.5 Consent of the Parties. Upon the express written consent of Tenant, Landlord, Manager and Lease Guarantor, in each case in their
respective sole and absolute discretion. 
 16.2.6 Leasehold Foreclosure with MLSA Termination. Upon the consummation of (a) any
Leasehold Foreclosure with MLSA Termination that is made in accordance with Section 13.1.2 of this Agreement or (b) Leasehold Lender obtaining a New Lease pursuant to Section 17.1(f) of the Lease and electing to
replace Lease Guarantor with a Qualified Replacement Guarantor (and without limitation, in each case 

  
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under clause (a) or clause (b), implemented and consummated in compliance in all respects with all applicable requirements of the Lease, including Section 22.2(i)(1)(A)
and Section 22.2(i)(2) through (5) of the Lease (including execution and delivery of a Replacement Guaranty by a Qualified Replacement Guarantor)). 

16.2.7 Upon Lease Termination Following a Tenant Lease Event of Default. Except in the case of a
Non-Consented Lease Termination (which shall in all events be governed by Article XXI), upon the occurrence of both (a) the Landlord’s Enforcement Condition (as such term is defined in the
Lease) and (b) the termination of the Lease by Landlord, expressly in writing, as a result of a Tenant Lease Event of Default (which termination may only be effected at Landlord’s (or, if applicable, Landlord’s Lender’s) sole
discretion). For the avoidance of doubt, if in connection with such termination Manager is Terminated for Cause, then Section 16.5.2 and Section 17.3.5.4 shall apply. 

Notwithstanding anything otherwise contained in this Agreement, (i) all of the obligations of Lease Guarantor hereunder shall continue in
full force and effect in accordance with the terms of this Agreement (notwithstanding any termination of this Agreement), except solely as and to the extent set forth in Article XVII, and (ii) in the event of a Non-Consented Lease Termination, the provisions of Article XXI shall apply. 
 16.3 Actions To
Be Taken on Termination of this Agreement or Termination of Manager. Manager and/or Tenant, as applicable, shall (subject to, and except as necessary or appropriate in connection with performing, any continuing functions and obligations
under this Agreement or the Transition Services Agreement during any Transition Period) take the following actions upon (i) the expiration or termination of this Agreement pursuant to Section 16.2 (in addition to any
rights of any non-defaulting Party to pursue all other remedies available to it under this Agreement if an Event of Default is outstanding at the time of such termination; it being understood nothing in this
Section 16.3 shall be construed to limit or vitiate any of Landlord’s rights under this Agreement in respect of the Lease Guaranty or any Lease Guarantor Event of Default) and/or (ii) the termination of Manager in
accordance with the terms of this Agreement: 
 16.3.1 Payment of Expenses for Termination. If a Tenant MLSA Event of Default is in
effect at the time of termination of this Agreement (including in the event of a Leasehold Foreclosure with MLSA Termination) or termination of Manager in accordance with the terms of this Agreement, all commercially reasonable direct expenses
arising as a result of the cessation of Managed Facility operations by Manager (including expenses arising under this Section 16.3) shall be for the sole account of Tenant (except to the extent such expenses result from a
Manager Event of Default), and Tenant shall reimburse Manager within fifteen (15) days following receipt of any invoice from Manager for any such expenses, including those arising from or in connection with severing the employment of Managed
Facility Personnel not engaged by Tenant in accordance with Section 16.3.9 (with severance benefits calculated in accordance with policies applicable generally to employees of Other Managed Facilities, Other Managed Resorts
or any applicable employment agreement or union agreement that had been reflected in the Annual Budget or otherwise approved by Tenant) incurred by Manager in the course of effecting the termination of this Agreement or the termination of Manager,
as applicable. 

  
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 16.3.2 Payment of Amounts Due to Manager. Upon the expiration or termination of this
Agreement or the termination of Manager in accordance with the terms of this Agreement, Tenant shall pay to Manager (a) Managed Facility Personnel Costs, (b) other Reimbursable Expenses, (c) the Centralized Services Charges, and
(d) any other amounts due to Manager under this Agreement through the effective date of expiration or termination of this Agreement or termination of Manager, as applicable. This obligation is unconditional and shall survive the expiration or
termination of this Agreement (including all amounts owed to Manager that are not fully ascertainable as of the expiration or termination date), and Tenant shall not have or exercise any rights of setoff, except to the extent of any outstanding and
undisputed payments owed to Tenant by Manager under this Agreement. Any disputes regarding amounts owed to Manager under this Section 16.3.2 shall be referred to the Expert for Expert Resolution pursuant to
Article XVIII. In addition, all provisions in this Agreement that specifically survive the expiration or termination of this Agreement shall continue to survive as provided herein and, notwithstanding the limitations
contained in this Section 16.3.2, Manager shall continue to have a right to receive any and all payments which would be due and payable in connection with such surviving provisions. 

16.3.3 Surrender of Managed Facility; Cooperation. Manager shall peacefully vacate and surrender the Managed Facility to Tenant on the
effective date of such expiration or termination of this Agreement or termination of Manager, as applicable, and the Parties shall execute and deliver any expiration or termination or other necessary agreements either Party shall request for the
purpose of effecting or evidencing the expiration or termination of this Agreement or the termination of Manager, as applicable, and Manager shall deliver to Tenant all keys, passwords, combinations, and otherwise cooperate and take all such
additional actions as Tenant may reasonably request to ensure the orderly transition of Operation of the Managed Facility to Tenant or such Person as Tenant may designate. 

16.3.4 Assignment and Transfers to Tenant. Upon the expiration or termination of this Agreement or the termination of Manager in
accordance with the terms of this Agreement (giving effect to any Transition Period), Manager shall assign and transfer to Tenant (or Tenant’s designee): 

16.3.4.1 all leases and contracts to which Manager, Caesars IP Holder or any of their Affiliates is a party (including collective bargaining
agreements and pension plans, equipment leases, subleases, licenses and concession agreements and maintenance and service contracts), if any, in effect that relate to the Managed Facility (excluding any Intellectual Property other than Property
Specific IP or Property Specific Guest Data) as of the date of expiration or termination of this Agreement or termination of Manager, as applicable, which are assignable without third party consent or as to which consent to assignment may be and has
been obtained without out-of-pocket cost to Manager, and Tenant shall, effective as of the date of such expiration or termination of this Agreement or such termination
of Manager, as applicable, assume all liabilities and 

  
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obligations thereunder, and Tenant shall confirm its assumption of such liabilities and obligations in writing. To the extent any lease or contract to which Manager, Caesars IP Holder or any of
their Affiliates is a party relates to the Managed Facility (excluding any Intellectual Property other than Property Specific IP or Property Specific Guest Data) but does not relate exclusively to the Managed Facility (excluding any Intellectual
Property other than Property Specific IP or Property Specific Guest Data) as of the date of expiration or termination of this Agreement or termination of Manager, as applicable, Manager (or its applicable Affiliate) shall (i) arrange for
assignment and transfer to Tenant of those terms of such agreement that relate solely to the Managed Facility (excluding any Intellectual Property other than Property Specific IP or Property Specific Guest Data) or (ii) enter into an agreement
with Tenant that will facilitate the continuous operation of the Managed Facility (including use of the Property Specific IP and Property Specific Guest Data in connection with the Operation thereof) in substantially the same manner as operated
prior to the expiration or termination of this Agreement or the termination of Manager, as applicable; 
 16.3.4.2 all of Manager’s
right, title and interest in and to all Approvals, including liquor licenses, if any, held by Manager in connection with the Operation of the Managed Facility, but only to the extent such assignment or transfer is permitted under Applicable Law;
provided that Tenant shall reimburse Manager for any funds Manager has expended in obtaining any such Approvals (if not otherwise paid or reimbursed by Tenant). In addition, if Manager or any Affiliate of Manager is the holder of any liquor
license for the Managed Facility which is not assignable to Tenant or its designee upon termination of this Agreement or upon termination of Manager, as applicable, then, upon the request of Tenant, Manager (or such Affiliate) shall enter into a
temporary lease, license or such other agreement as may be permitted under Applicable Law to permit the continuous and uninterrupted sale of alcoholic beverages at the Managed Facility consistent with prior operations. In such event, Manager (or its
Affiliate, if applicable) shall not be entitled to compensation in connection with such arrangement, but shall not incur any cost or liability in connection therewith and shall be named as an additional insured on any “dramshop” or other
liability insurance pertaining to the sale of alcoholic beverages at the Managed Facility. Any such temporary lease, license or other arrangement shall include an indemnification of Manager and its Affiliates from Tenant and shall provide for the
termination of all obligations of Manager and its Affiliates thereunder within one hundred twenty (120) days following the date of termination of this Agreement or termination of Manager, as applicable. In addition, to the extent permitted
under Applicable Law, any other permits or licenses that may not be assigned to Tenant shall be maintained by Manager for Tenant’s benefit at Tenant’s cost and expense until such time (but no later than one hundred twenty (120) days
following the termination of this Agreement) as Tenant may secure permits and licenses in its own name, subject to Tenant’s provision of an indemnification of Manager and its Affiliates from Tenant; and 

16.3.4.3 all books and records of the Managed Facility (but excluding any Manager Confidential Information); provided that Manager may
retain one or more archival copies of such books and records for Manager’s independent use. 

  
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 16.3.5 Bookings and Reservations. Tenant shall honor, and shall cause any successor
manager to honor, all business confirmed for the Managed Facility with reservations (including reservations made by Manager pursuant to Manager’s other promotional programs) dated after the effective date of the expiration or termination of
this Agreement or the termination of Manager, as applicable, in accordance with such bookings as accepted by Manager, to the extent accepted by Manager prior to such effective date in accordance with this Agreement. Manager shall transfer to Tenant
and will assume responsibility for all advance deposits received by Manager for the Managed Facility. 
 16.3.6 Bank Accounts;
Receivables. On the expiration or termination of this Agreement or the termination of Manager, as applicable, Manager shall disburse all of Tenant’s funds or other funds generated by the Managed Facility in the Bank Accounts to Tenant. All
receivables of the Managed Facility outstanding as of the effective date of termination or expiration of this Agreement or termination of Manager, as applicable, shall continue to be the property of Tenant. Manager will turn over to Tenant any
receivables collected directly by Manager after the effective date of termination or expiration of this Agreement or termination of Manager, as applicable. 

16.3.7 Final Accounting. Within thirty (30) days following the expiration or termination of this Agreement or the termination of
Manager, as applicable, Manager shall render a full accounting to Tenant (including all statements and reports in the forms required herein) for the final month ending on the date of expiration or termination of this Agreement or termination of
Manager, as applicable. At the request of Tenant, Manager shall cause to be prepared and delivered to Tenant within ninety (90) days following the expiration or termination of this Agreement or the termination of Manager, as applicable,
Certified Financial Statements for the final Operating Year, containing the reports and other items and prepared on the same basis as under Section 10.3. The cost of preparing the Certified Financial Statements pursuant to
this Section 16.3.7 shall be an Operating Expense attributable to the final Operating Year. The final Certified Financial Statements delivered pursuant to this Section 16.3.7, and all information
contained therein, shall be binding and conclusive on Tenant and Manager unless, within sixty (60) days following the delivery thereof, either Tenant or Manager shall deliver to the other Party written notice of its objection thereto setting
forth in reasonable detail the nature of such objection. If Tenant and Manager are unable thereafter to resolve any disputes between them with respect to the matters set forth in the final Certified Financial Statements within sixty (60) days
after delivery by either Tenant or Manager of the aforesaid written notice, either Tenant or Manager shall have the right to cause such dispute to be resolved by Expert Resolution in accordance with the provisions of
Article XVIII. 
 16.3.8 Managed Facility Personnel. From and after the expiration or termination of this
Agreement (i) the Managed Facility Personnel and any employees of Manager shall not be restrained by this Agreement in making their own decision as to whether to be employed by Tenant, Manager or their respective Affiliates, (ii) Tenant
and Manager shall waive any non-compete, non-solicitation and restrictive covenant agreements and arrangements with such Managed Facility Personnel and any employees

  
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of Manager, as applicable, and (iii) Manager and its Affiliates may employ any of the Senior Executive Personnel or any other Managed Facility Personnel who desire employment with Manager or
its Affiliates and who Tenant does not employ. Manager shall make reasonably available to Tenant from time to time during the Transition Period any Managed Facility Personnel employed by Manager or its Affiliates to answer questions that Tenant may
have regarding the Managed Facility. 
 16.3.9 Transition Period. Notwithstanding anything otherwise contained in this Agreement (and
notwithstanding any expiration or termination of this Agreement pursuant to Sections 16.2.1 through 16.2.7 hereof), during the continuance of any Transition Period, Manager shall continue to manage the Managed Facility in accordance
with the Transition Services Agreement and, to the extent not otherwise inconsistent with the Transition Services Agreement, all of the other applicable provisions, terms and conditions of this Agreement pertaining to the management of the Managed
Facility (including, without limitation, the Operating Standard as set forth herein), and all such provisions, terms and conditions hereof (and all related obligations of the Parties) shall continue to survive as necessary to effectuate such
continuing management functions, and as necessary so that each Party may exercise all such rights and remedies as are available to it under this Agreement in respect of such continuing management functions, including in respect of any Event of
Default occurring during the term of any such Transition Period. Without limitation of the preceding sentence, Lease Guarantor shall remain obligated in respect of any and all Guaranteed Obligations accruing during the term of any Transition Period,
as and to the extent provided in Article XVII below. 
 16.3.10 Survival. This Section 16.3 shall
survive the expiration or termination of this Agreement. 
 16.4 [Intentionally Omitted] 

16.5 Termination of Manager. 

16.5.1 General. The Parties agree that, except as provided in Section 16.2 and
Section 16.5.2, Manager may not be terminated as Manager hereunder for any reason (including in the case of a rejection of this Agreement in any bankruptcy, insolvency or dissolution proceedings) unless the termination of
Manager as Manager hereunder is expressly consented to in writing by (x) Landlord, in its sole and absolute discretion, and (y) Lease Guarantor, in its sole and absolute discretion. If Manager is terminated for any reason other than as
provided in the preceding sentence, then such termination shall be null and void and Manager will continue to manage in accordance with the terms of this Agreement; provided that, for the avoidance of doubt, if such termination is in
connection with events constituting a Non-Consented Lease Termination, then such termination shall be treated as a Non-Consented Lease Termination and the provisions of
Article XXI hereof shall apply. 
 16.5.2 Termination for Cause. The Parties acknowledge and agree that Manager may be
Terminated for Cause by Landlord expressly and in writing in 

  
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accordance with the definition of “Terminated for Cause”. In the event that Manager is so Terminated for Cause by Landlord, Landlord may cause Tenant to engage a replacement manager
that is identified by and acceptable to Landlord, on such provisions, terms and conditions as are reasonably acceptable to Landlord, Tenant and such replacement manager, including with respect to use of real property, intellectual property rights
and other assets on or in connection with the Managed Facility, in each case in Landlord’s reasonable discretion, and, for the avoidance of doubt, the Lease Guaranty and all related provisions, terms and conditions of this Agreement shall
remain in full force and effect as provided in Section 17.3.5.4 hereof; provided that, if a replacement manager is not so engaged within one (1) year from the date of Manager’s termination as set forth in
the definition of “Terminated for Cause”, Lease Guarantor shall have the right to cause Tenant to engage a replacement manager that is identified by Lease Guarantor, subject to approval by Landlord (such approval not to be unreasonably
withheld), on substantially the same terms and conditions as are specified in this Agreement (or in the case of a replacement manager that is not an Affiliate of Tenant, such other terms and conditions that are reasonably satisfactory to Lease
Guarantor and Landlord). No such replacement manager identified by Landlord shall be a Tenant Prohibited Person or a Lease Guarantor Prohibited Person and no such replacement manager identified by Lease Guarantor shall be a Landlord Prohibited
Person. 
 ARTICLE XVII 

LEASE GUARANTY 
 17.1
Guaranteed Obligations. Subject to Section 17.2.1.2 and Section 17.2.2.2, Lease Guarantor hereby unconditionally and irrevocably guarantees to Landlord, as primary obligor and not merely as
surety, the prompt and complete payment and performance in full in cash of, without duplication, (i) all monetary obligations of Tenant under the Lease (and, without duplication, all monetary obligations of the tenant under any New Lease
obtained pursuant to and in accordance with Section 17.1(f) of the Lease in connection with which the applicable Leasehold Lender has elected to retain CEC as Lease Guarantor and proceed in accordance with
Section 22.2(i)(1)(B) of the Lease) of any nature (including, without limitation, during any Transition Period), including, without limitation, (x) Tenant’s rent and other payment obligations of any nature under the Lease
(including all Rent and Additional Charges (as each such term is defined in the Lease)), (y) Tenant’s obligation to expend the Required Capital Expenditures (as defined in the Lease) in accordance with the Lease and any other expenditures
required of Tenant by the terms of the Lease and (z) Tenant’s obligation to pay monetary damages in connection with any breach of the Lease and to pay indemnification obligations in each case as provided under the Lease, (ii) all
Guaranty Termination Obligations (without duplication of amounts otherwise already included under clause (i)) and (iii) any sums payable to Landlord pursuant to Section 17.2.4 hereof (clauses (i),
(ii) and (iii) collectively, the “Guaranteed Obligations”), in each case including (a) amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy
Code or similar laws and (b) any late charges and interest provided for under the Lease (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, whether or not a claim for such
interest is allowed or allowable in such proceeding). Lease Guarantor shall be jointly and severally liable with Tenant for the payment and performance of the Guaranteed Obligations. For the avoidance of doubt, although as a matter of process and
procedure, Section 17.2 hereof sets forth a process by which Landlord may issue notice to 

  
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Lease Guarantor in respect of certain Guaranteed Obligations, such process is not intended to be a predicate to the existence or accrual of Lease Guarantor’s liability for any of the
Guaranteed Obligations, it being understood that all of Lease Guarantor’s obligations hereunder in respect of the Guaranteed Obligations are unconditional and irrevocable in all respects, irrespective of whether the process set forth in
Section 17.2 has been commenced, completed or otherwise satisfied (but, in each case, subject to the terms and conditions of this Agreement, including the occurrence of any Guaranty Release Date). 

17.2 Notice and Guaranty Payment Process. 

17.2.1 Guaranteed Obligations Other Than Guaranty Termination Obligations and Enforcement Costs. 

17.2.1.1 Lease Guarantor shall have no obligation to make any payment in respect of any Guaranteed Obligations (other than Guaranty
Termination Obligations and any sums payable to Landlord pursuant to Section 17.2.4 hereof) unless and until Lease Guarantor receives notice in respect thereof from Landlord in accordance with this
Section 17.2.1.1, it being understood, however, that as provided in Section 17.1, Landlord’s failure to deliver any notice shall not prevent or otherwise affect the existence or accrual of any Guaranteed
Obligations. Landlord may give Lease Guarantor written notice of any event or circumstance that, with or without the passage of time or the giving of notice, is or would become a Tenant Lease Event of Default concurrently with notice to Tenant
thereof, or at any time thereafter, which notice to Lease Guarantor shall specify in reasonable detail such actual or alleged event or circumstance and the payment amount or other relief demanded (each such notice to Lease Guarantor, a
“Lease Guaranty Claim”). Lease Guarantor shall pay to Landlord, in full in cash, the amount of Guaranteed Obligations that are owed as may be specified in the applicable Lease Guaranty Claim immediately upon the occurrence of all of
the following: (1) the event or circumstance set forth in the applicable Lease Guaranty Claim shall be a Tenant Lease Event of Default that is continuing, (2) with respect to any failure by Tenant to satisfy a monetary obligation that,
with or without the passage of time or the giving of notice, is or would become a Tenant Lease Event of Default (each, a “Monetary Tenant Default”), Tenant or Lease Guarantor shall have failed to satisfy or cure such failure in full
on or prior to the date that is five (5) Business Days after Lease Guarantor’s receipt of the applicable Lease Guaranty Claim, and (3) with respect to any Monetary Tenant Default, Tenant or Lease Guarantor shall have failed to satisfy
or cure such failure in full on or prior to the date that is five (5) Business Days after Tenant’s deadline under the Lease (giving effect to any applicable notice and cure periods available to Tenant under the Lease, unless, at the time
the applicable Lease Guaranty Claim is made, another Lease Guaranty Claim has been made and remains outstanding); provided that no Lease Guaranty Claim shall be required to be delivered other than with respect to Guaranteed Obligations
described in clause (i) of Section 17.1; and provided, further, that the provisions of this Section 17.2.1 are not intended to expand in any way the definition or scope of
the Guaranteed Obligations. 

  
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 17.2.1.2 Notwithstanding any provision herein to the contrary, (1) except as provided in
the succeeding clauses (2) and (3), in respect of any Guaranteed Obligations under clause (i) of Section 17.1 hereof that are owed and properly set forth in any applicable Lease Guaranty
Claim, Lease Guarantor shall be required to pay eighty percent (80%), but not more than eighty percent (80%), of such Guaranteed Obligations (provided that, following payment of such eighty percent (80%) of such Guaranteed Obligations,
Landlord shall not be permitted to make any Lease Guaranty Claim against Lease Guarantor with respect to the remaining twenty percent (20%) of such Guaranteed Obligations set forth in the applicable Lease Guaranty Claim); (2) for avoidance of doubt,
the preceding clause (1) is not intended to, and shall not be deemed to, change, modify or reduce the “Guaranteed Obligations” (as such term is defined in the Non-CPLV MLSA) or otherwise
vitiate or supersede any of the provisions, terms, and conditions of the Non-CPLV MLSA (including, without limitation, the obligations of “Lease Guarantor” (as such term is defined in the Non-CPLV MLSA) in respect of the “Guaranteed Obligations” (as defined in the Non-CPLV MLSA) in respect of the “Required Capital Expenditures” (as defined
in the Non-CPLV Lease) under the Non-CPLV Lease); and (3) the preceding clause (1) shall not apply with respect to any Guaranteed Obligations in respect
of Required Capital Expenditures under the Lease. 
 17.2.2 Guaranty Termination Obligations. 

17.2.2.1 Guaranteed Obligations comprising Guaranty Termination Obligations shall not be subject to the process described in
Section 17.2.1. Instead (subject to the final two (2) sentences of this Section 17.2.2.1), Lease Guarantor shall pay to Landlord, in full in cash, any and all known or demanded Guaranty
Termination Obligations immediately following the Guaranty Release Date. Lease Guarantor acknowledges and agrees that the full extent of all of the Guaranty Termination Obligations may not be known or demanded as of the Guaranty Release Date.
Accordingly, to the extent that any amount of any portion of the Guaranty Termination Obligations is either not known or not demanded by Landlord as of the Guaranty Release Date, then Lease Guarantor shall pay to Landlord all of such portion of the
Guaranty Termination Obligations, in full in cash, promptly upon subsequent demand by Landlord for such Guaranty Termination Obligations, and the failure or delay of Landlord to demand such payment shall not be a waiver of any right of Landlord to
receive the Guaranty Termination Obligations in full. 
 17.2.2.2 Notwithstanding any provision herein to the contrary, (1) except as
provided in the succeeding clauses (2), and (3), in respect of any Guaranty Termination Obligations properly set forth in any demand delivered pursuant to Section 17.2.2.1 hereof, Lease Guarantor shall be
required to pay eighty percent (80%), but not more than eighty (80%), of such Guaranty Termination Obligations (provided that, following payment of such eighty percent (80%) of such Guaranty Termination Obligations, Landlord shall not be
permitted to make any demand against Lease Guarantor with respect to the remaining twenty percent (20%) of such Guaranty Termination Obligations set forth in the applicable demand), (2) for avoidance of doubt, the preceding clause (1) is
not intended to, and shall not be deemed to, change, modify or reduce the “Guaranty Termination Obligations” (as such term is defined in the Non-

  
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CPLV MLSA) or otherwise vitiate or supersede any of the provisions, terms, and conditions of the Non-CPLV MLSA (including, without limitation, the
obligations of “Lease Guarantor” (as such term is defined in the Non-CPLV MLSA) in respect of the “Guaranty Termination Obligations” (as defined in the
Non-CPLV MLSA) in respect of “Required Capital Expenditures” (as defined in the Non-CPLV Lease) under the Non-CPLV
Lease); (3) the preceding clause (1) shall not apply with respect to any Guaranty Termination Obligations (x) to the extent relating to Required Capital Expenditures under the Lease or (y) to the extent relating to Guaranteed
Obligations under clause (iii) of Section 17.1. 
 17.2.3 Interest. If all or any part of any
Guaranteed Obligation shall not be paid on or prior to Lease Guarantor’s deadline to so do as provided in this Section 17.2, Lease Guarantor shall pay, immediately upon demand by Landlord, and without presentment,
protest, or notice (each of which is hereby waived by Lease Guarantor to the extent permitted by Applicable Law), in addition to such Guaranteed Obligation, but without duplication of any interest accruing on such amounts pursuant to the Lease and
otherwise payable as a Guaranteed Obligation (and without interest accruing on any interest), interest on the amount of such Guaranteed Obligation (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether allowed or allowable in such proceeding) at a rate equal to the lesser of (i) five percentage points above the Prime Rate and (ii) the highest rate permitted by Applicable Law, accruing from the
date of Lease Guarantor’s deadline by which to make such payment under this Section 17.2. 
 17.2.4
Enforcement Costs. If Landlord or Lease Guarantor brings an action or other proceeding against the other to enforce or interpret any of the terms, covenants or conditions hereof or any instrument executed pursuant to this Agreement, or by
reason of any breach or default hereunder or thereunder, the Party substantially prevailing in any such action or proceeding and any appeal thereupon shall be paid all of its costs and reasonable documented outside attorneys’ fees incurred
therein. 
 17.3 Guaranty Provisions. 

17.3.1 Nature of Lease Guaranty. 

17.3.1.1 Until such time as Lease Guarantor has paid in full in cash all of the Guaranteed Obligations, including any and all Guaranty
Termination Obligations, Lease Guarantor shall continue to be liable under the Lease Guaranty (except solely if and to the extent expressly provided in Section 17.3.5 below). Lease Guarantor agrees that the Guaranteed
Obligations (A) shall not be released, diminished, impaired, reduced or adversely affected by any of the following, whether or not notice thereof is given to Lease Guarantor (in each case subject to the final sentence of this
Section 17.3.1.1): (i) any agreement or stipulation between Landlord and Tenant extending the time of performance under, or any other agreement, amendment, modification, supplement or other instrument modifying any of
the terms, covenants or conditions contained in, the Lease; (ii) any renewal or extension of the Lease pursuant to an option granted in the Lease, if any; (iii) any waiver by Landlord, or failure of Landlord

  
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to enforce, any of the terms, covenants or conditions contained in the Lease or any of the terms, covenants or conditions contained in any modifications thereof; (iv) any assignment of the
Lease, or any subletting or subsubletting of, or any other occupancy arrangements in respect of, all or any part of the Managed Facility; (v) any release, waiver, consent, indulgence, forbearance or other action, inaction or omission by
Landlord or otherwise under or in respect of the Lease or any other instrument or agreement; (vi) any change in the corporate existence, structure or ownership of, or any bankruptcy, insolvency, reorganization, arrangement, assignment for the
benefit of creditors, receivership or trusteeship affecting, Tenant, Landlord or any other Party or their respective successors or assigns or any of their respective Affiliates or any of their respective assets, or any actual or attempted rejection,
assumption, assignment, separation, severance, or recharacterization of the Lease or any portion thereof, or any discharge of liability thereunder, in connection with any such proceeding or otherwise; (vii) any other defenses, other than a
defense of payment or performance in full, as the case may be, of the Guaranteed Obligations; (viii) the existence of any claim, setoff, counterclaim, defense or other rights that may be at any time be available to, or asserted by, Lease
Guarantor or Tenant against Landlord, whether in connection with the Lease, the Guaranteed Obligations or otherwise; (ix) any breach by (or any act or omission of any nature of) Landlord under the Lease; (x) (except if Article XXI
requires implementation of a Replacement Structure, and such Replacement Structure does not occur as a direct and proximate result of Landlord’s acts or failure to act in accordance with Article XXI, solely to the extent expressly
provided in Section 21.3) any breach by (or any act or omission of any nature of) Landlord under this Agreement or any of the other Lease/MLSA Related Agreements; (xi) any law or statute that may operate to cap, limit,
or otherwise restrict the claims of a lessor of real property, including, but not limited to, Section 502(b)(6) of the Bankruptcy Code; (xii) the integration of the Lease Guaranty together with the other components of this Agreement (as
opposed to the Lease Guaranty having been made by Lease Guarantor as an independent, standalone instrument); (xiii) any default, failure or delay, willful or otherwise, in the performance of the obligations of Tenant under the Lease; (xiv) the
failure of Landlord to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of this Agreement, the Lease or otherwise; (xv) the invalidity, illegality or unenforceability of all or any part of the
Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations (including the Lease) for any reason whatsoever (subject, in each case, to Section 17.3.5 and Article XXI of
this Agreement); and/or (xvi) any other circumstance (including, without limitation, any statute of limitations) or manner of administering the obligations of Tenant under the Lease or any existence of or reliance on any representation by
Landlord that might vary the risk of Lease Guarantor or otherwise operate as a defense available to, or a legal or equitable discharge of, Lease Guarantor or any other guarantor or surety and (B) are in no way conditioned or contingent upon any
attempts to collect or any other condition or contingency. Notwithstanding anything set forth in this Agreement or the Lease to the contrary, Lease Guarantor shall not be subject to (and the Lease Guaranty will not be applicable with respect to) any
amendment, waiver, consent, supplement or other modification of the terms of the Lease that increases Tenant’s monetary obligations thereunder or, subject to Section 17.3.1.8, Section 17.3.1.9
and Section 17.3.1.10 hereof, 

  
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that is otherwise adverse to the rights of Tenant and/or Lease Guarantor, unless Lease Guarantor shall have expressly consented thereto in writing (in its sole and absolute discretion);
provided, however, that Lease Guarantor shall, in all events, remain liable for (and the Lease Guaranty will be applicable with respect to) any and all Guaranteed Obligations that would exist without giving effect to any such
amendment, waiver, consent, supplement or other modification of the terms of the Lease that increases Tenant’s monetary obligations thereunder; provided, further, however, for the avoidance of doubt, that nothing in this
sentence is intended to vitiate or supersede Section 17.3.1.8, Section 17.3.1.9 and Section 17.3.1.10 hereof. 

17.3.1.2 Subject to Section 17.3.5, the liability of Lease Guarantor under the Lease Guaranty shall be an absolute,
direct, immediate, continuing and unconditional guaranty of payment and performance and not of collectability, may not be revoked by Lease Guarantor and shall continue to be effective with respect to all of the Guaranteed Obligations notwithstanding
any attempted revocation by Lease Guarantor and shall not be conditional or contingent upon the genuineness, validity, regularity or enforceability of the Lease or any other documents or instruments relating to the Guaranteed Obligations, including
any Party’s lack of authority or lawful right to enter into such document on such Party’s behalf, or the pursuit by Landlord of any remedies Landlord may have. Without limiting the generality of the foregoing, the liability of Lease
Guarantor under the Lease Guaranty shall be unaffected by (a) the absence of any action to enforce the Lease Guaranty, any other obligation of Lease Guarantor hereunder, the Lease or any other instrument or agreement, or the waiver or consent
by Landlord with respect to any of the provisions of any of them; or (b) the existence, value, or condition of any security for the Guaranteed Obligations or any action, or the absence of any action, by Landlord in respect thereof (including,
without limitation, the release of any such security). 
 17.3.1.3 Subject to Section 17.3.5, the Lease Guaranty
is a continuing guaranty and shall remain in effect until all of the Guaranteed Obligations shall have been irrevocably paid in full in cash in accordance with the terms of the Lease. 

17.3.1.4 In the event that all or any portion of the Guaranteed Obligations are paid by Tenant or Lease Guarantor, the Guaranteed Obligations
of Lease Guarantor hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from Landlord as a
preference, fraudulent transfer or for any other reason. Any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes under the Lease Guaranty. 

17.3.1.5 The Lease Guaranty shall continue in full force and be binding upon Lease Guarantor, its successors and assigns, in accordance with
its terms. Lease Guarantor shall be regarded, and shall be in the same position, as principal debtor with respect to the Guaranteed Obligations. 

  
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 17.3.1.6 The Lease Guaranty shall inure to the benefit of Landlord and its permitted successors
and assigns, including any Landlord’s Lender to which the Lease has been assigned and its permitted successors and assigns. 

17.3.1.7 Lease Guarantor, at its expense, during the Term shall take such commercially reasonable actions as may be reasonably required to
obtain and maintain such required approvals or authorizations from the applicable Governmental Authorities to permit Lease Guarantor to guarantee the Guaranteed Obligations hereunder. 

17.3.1.8 Without limitation of any of the other provisions, terms, and conditions hereof, Lease Guarantor expressly acknowledges and agrees
that in connection with the implementation of a Leasehold Foreclosure with MLSA Assumption, this Agreement (including the Lease Guaranty) shall remain in full force and effect and Lease Guarantor shall be obligated in all respects under the Lease
Guaranty without any termination, reduction, impairment or reduction whatsoever, irrespective of whether any of the following shall have occurred (whether or not notice thereof is given to Lease Guarantor) (in each and any such case, irrespective of
whether Lease Guarantor shall execute an affirmation or reaffirmation of its obligations under the Lease Guaranty, or otherwise affirm or reaffirm its obligations hereunder in connection therewith): (i) any foreclosure or such other termination of
Tenant’s interest in the Lease or of any or all of the equity in Tenant, (ii) any other exercise of remedies by the applicable Leasehold Lender, (iii) any changes in the nature of the relationship between Tenant, on the one hand, and
Lease Guarantor and Manager, on the other hand, including by reason of the replacement of Tenant with a Qualified Transferee (as defined in the Lease) that is unrelated to Lease Guarantor or Manager, or (iv) any changes or modifications with
respect to the Lease of any nature in connection with such Leasehold Foreclosure with MLSA Assumption pursuant to and contemplated by the third to last paragraph of Section 22.2 of the Lease. LEASE GUARANTOR HEREBY IRREVOCABLY WAIVES ANY
CONTENTION THAT ITS OBLIGATIONS UNDER THIS AGREEMENT AS PROVIDED IN THIS SECTION 17.3.1.8 ARE UNENFORCEABLE, AND HEREBY ACKNOWLEDGES THAT IT IS ESTOPPED TO ASSERT TO THE CONTRARY. 

17.3.1.9 Without limitation of any of the other provisions, terms, and conditions hereof, Lease Guarantor expressly acknowledges and agrees
that if a New Lease is successfully entered into in accordance with Section 17.1(f) of the Lease, and, in connection therewith, the applicable Leasehold Lender has elected to proceed in accordance with Section 22.2(i)(1)(B) of the
Lease, then, in any such event, this Agreement (including the Lease Guaranty) shall remain in full force and effect and Lease Guarantor shall be obligated in all respects under the Lease Guaranty without any termination, reduction, impairment or
reduction whatsoever, irrespective of whether any of the following shall have occurred (whether or not notice thereof is given to Lease Guarantor) (in each and any such case, irrespective of whether Lease Guarantor shall execute an affirmation or
reaffirmation of its obligations under the Lease Guaranty, or otherwise affirm or reaffirm its obligations hereunder in connection therewith): (i) any foreclosure or such other termination of Tenant’s interest in the Lease or of any or all of

  
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the equity in Tenant or any other exercise of remedies by the applicable Leasehold Lender, (ii) any termination of the Lease, (iii) any changes in the nature of the relationship between
Tenant, on the one hand, and Lease Guarantor and Manager on the other hand, including by reason of the replacement of Tenant with a Qualified Transferee (as defined in the Lease) that is unrelated to Lease Guarantor or Manager, or (iv) the
entry into the New Lease on the terms and conditions contemplated under Section 17.1(f) of the Lease. LEASE GUARANTOR HEREBY IRREVOCABLY WAIVES ANY CONTENTION THAT ITS OBLIGATIONS UNDER THIS AGREEMENT AS PROVIDED IN THIS
SECTION 17.3.1.9 ARE UNENFORCEABLE, AND HEREBY ACKNOWLEDGES THAT IT IS ESTOPPED TO ASSERT TO THE CONTRARY. 

17.3.1.10 Without limitation of any of the other provisions, terms, and conditions hereof, Lease Guarantor expressly acknowledges and agrees
that Lease Guarantor shall, at the request of Landlord, affirm or reaffirm in writing all of its obligations under this Agreement including as Lease Guarantor in respect of the Lease or any New Lease, as applicable, upon the occurrence of any of the
following: (i) Lease Foreclosure Transaction in accordance with Section 22.2(i) of the Lease in connection with which the applicable Leasehold Lender has elected to proceed in accordance with Section 22.2(i)(1)(B) of the Lease
(provided that no amendments or modifications are made to the Lease in connection therewith other than pursuant to and as contemplated by the third to last paragraph of Section 22.2 of the Lease); (ii) the assumption by any Person (including
a Person that is unrelated to Manager or Lease Guarantor) of Tenant’s rights and obligations under the Lease in connection with any such Lease Foreclosure Transaction (provided that no amendments or modifications are made to the Lease in
connection therewith other than pursuant to and as contemplated by the third to last paragraph of Section 22.2 of the Lease); or (iii) the execution of any New Lease by any Person (including a Person that is unrelated to Manager or Lease
Guarantor) in accordance with Section 17.1(f) of the Lease, in connection with which the applicable Leasehold Lender has elected to proceed in accordance with Section 22.2(i)(1)(B) of the Lease. Lease Guarantor expressly acknowledges
and agrees that Lease Guarantor’s failure to so reaffirm in a writing reasonably acceptable to Landlord all of its obligations under this Agreement within five (5) days of a request from Landlord shall be an immediate Lease Guarantor Event
of Default. In addition, and without limitation of anything otherwise contained in this Agreement, Lease Guarantor acknowledges it has executed and delivered to Landlord that certain Indemnity Agreement, Power of Attorney and Related Covenants
(Joliet), pursuant to which, among other things, Lease Guarantor has appointed Landlord as its attorney-in-fact with full power in Lease Guarantor’s name and behalf
to execute and deliver at any time an affirmation or reaffirmation of this Agreement, including as to the Lease Guaranty. LEASE GUARANTOR HEREBY IRREVOCABLY WAIVES ANY CONTENTION THAT ITS AGREEMENTS UNDER THIS AGREEMENT AS PROVIDED IN THIS
SECTION 17.3.1.10 OR THE POWER OF ATTORNEY GRANTED PURSUANT TO THE AFORESAID INDEMNITY AGREEMENT, POWER OF ATTORNEY AND RELATED COVENANTS (JOLIET) ARE UNENFORCEABLE, AND HEREBY ACKNOWLEDGES THAT IT IS ESTOPPED TO ASSERT TO
THE CONTRARY. 
 17.3.2 Subrogation. Until all of the Guaranteed Obligations shall have been irrevocably paid in full in cash,
Lease Guarantor shall withhold exercise of (a) any rights of reimbursement, indemnity or subrogation against Tenant arising from any 

  
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payment of Guaranteed Obligations by Lease Guarantor, (b) any right of contribution Lease Guarantor may have against any other Person that is liable under the Lease arising from such payment
or otherwise in connection with the Lease or this Agreement, (c) any right to enforce any remedy which Lease Guarantor now has or may hereafter have against Tenant or Manager or (d) any benefit of, and any right to participate in, any
security now or hereafter held by Landlord in respect of the Lease. Lease Guarantor further agrees that any rights of reimbursement, indemnity or subrogation Lease Guarantor may have against Tenant or against any collateral or security, and any
rights of contribution Lease Guarantor may have against any other Person, in connection with any payment of Guaranteed Obligations or otherwise under this Agreement or the Lease by Lease Guarantor shall be junior and subordinate to any rights
Landlord may have against Tenant or any such other Person, to all right, title and interest Landlord may have in any such collateral or security, and to any rights Landlord may have against Tenant or any such other Person. If any amount shall be
paid to Lease Guarantor on account of any such reimbursement, indemnity, subrogation or contribution rights at any time prior to the Guaranty Covenant Termination Date, such amount shall be held in trust for Landlord and shall forthwith be paid over
to Landlord to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Lease or any applicable security agreement. In addition, any indebtedness of Tenant now or hereafter held by
Lease Guarantor is hereby subordinated in right of payment to the prior irrevocable payment in full in cash of the Guaranteed Obligations; provided that, the foregoing notwithstanding, Tenant may make payments with respect to such
indebtedness unless (A) a Tenant Lease Event of Default has occurred and is continuing or (B) any monetary default by Tenant under the Lease has occurred and is continuing with respect to which Landlord has delivered to Lease Guarantor a
Lease Guaranty Claim or otherwise delivered written notice to Tenant or Lease Guarantor. 
 17.3.3 Enforcement. 

17.3.3.1 The obligations of Lease Guarantor hereunder are independent of the obligations of Tenant under the Lease. The Lease Guaranty may be
enforced by Landlord without the necessity at any time of resorting to or exhausting any other security (such as, for example, any security deposit of Tenant held by Landlord) or collateral and without the necessity at any time of having recourse to
the remedy provisions of the Lease (such as, for example, terminating the Lease) or otherwise, and Lease Guarantor hereby expressly waives the right to require Landlord to proceed against Tenant or any other Person, to exercise its rights and
remedies under the Lease, or to pursue any other remedy whatsoever against any Person, security or collateral or enforce any other right at law or in equity. Without limitation of the generality of the foregoing, it shall not be necessary for
Landlord (and Lease Guarantor hereby waives any rights which it may have to require Landlord), in order to enforce any Guaranteed Obligation against Lease Guarantor, first to institute suit or exhaust its remedies against any other Person, security
or collateral or resort to any other means of obtaining payment of any Guaranteed Obligation. Nothing herein shall prevent Landlord from suing any Person to enforce the terms of the Lease or from exercising any other rights available to Landlord
under the Lease or any other instrument or agreement, and the exercise of any of the aforesaid rights shall not affect the obligations of Lease Guarantor hereunder. Lease 

  
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Guarantor understands that the exercise, or any forbearance from exercising, by Landlord of certain rights and remedies contained in the Lease may affect or eliminate Lease Guarantor’s right
of subrogation against Tenant and that Lease Guarantor may therefore incur liability hereunder that is not subject to reimbursement; nevertheless Lease Guarantor hereby authorizes and empowers Landlord to exercise, in its sole discretion, any rights
and remedies, or any combination thereof, which may then be available, it being the purpose and intent of Lease Guarantor that its Guaranteed Obligations hereunder shall be absolute, independent and unconditional, in each case in accordance with its
terms hereunder. 
 17.3.3.2 No failure or delay on the part of Landlord in exercising any right, power or privilege under the Lease
Guaranty shall operate as a waiver of or otherwise affect any such right, power or privilege, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 17.3.3.3 It is understood that Landlord, without impairing the Lease Guaranty, may, subject to the terms of the Lease, apply payments
from Tenant or from any reletting of the Leased Property upon a default by Tenant or from or in connection with any exercise of rights or remedies, to any due and unpaid rent or other charges or to such other Guaranteed Obligations owed by Tenant to
Landlord pursuant to the Lease in such amounts and in such order as Landlord, in its sole and absolute discretion, determines; provided that any amount so paid and applied reduces the aggregate outstanding liabilities of Tenant under the
Lease by such amount as required under the Lease. 
 17.3.4 Waivers and Other Acknowledgments. 

17.3.4.1 Subject to Section 17.2 above, Lease Guarantor hereby waives (i) diligence, presentment, demand of
payment, demand for performance, notice of non-performance, default, acceleration, protest or dishonor with respect to any of the Guaranteed Obligations and this Agreement and any requirement that Landlord
protect any property related thereto, (ii) all notices to Lease Guarantor, Tenant or any other person (whether of nonpayment, termination, acceptance of the Lease Guaranty, default under the Lease, loans or defaults under loans, assignment or
sublease, sale of the Leased Property, changes in ownership of Landlord or Tenant, or any other matters relating to the Lease, the Leased Property or related matters, whether or not referred to herein, and including any and all notices of the
creation, renewal, extension, modification or accrual of any Guaranteed Obligations arising under the Lease) in connection with or related to a claim under the Lease Guaranty, (iii) all demands whatsoever in respect of a claim under the Lease
Guaranty, (iv) any requirement of diligence or promptness on Landlord’s part in the enforcement of its rights under the provisions of the Lease Guaranty and this Agreement, (v) any defense to the obligation to make any payments
required under the Lease Guaranty (vi) any defense based upon an election of remedies by Landlord, (vii) any defense based on any right of set-off or recoupment or counterclaim against or in respect
of the obligations of Lease Guarantor hereunder, and (viii) notice of adverse change in Tenant’s financial condition, or any other fact that might materially increase 

  
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the risk to Lease Guarantor with respect to any of the Guaranteed Obligations. Notice or demand given to Lease Guarantor in any instance will not entitle Lease Guarantor to notice or demand in
similar or other circumstances nor constitute Landlord’s waiver of its right to take any future action in any circumstance without notice or demand. Lease Guarantor agrees that its Guaranteed Obligations hereunder shall not be affected by any
circumstances which might otherwise constitute a legal or equitable discharge of a guarantor or surety. Lease Guarantor agrees that (other than during a Section 5.9.1(c) Period) it shall be collaterally estopped from contesting, and shall be bound
conclusively in any subsequent action, in any jurisdiction, by the judgment in any action by Landlord against Tenant in connection with the Lease or any other Lease/MLSA Related Agreement (wherever instituted) as if Lease Guarantor were a party to
such action even if not so joined as a party unless Lease Guarantor attempted to join such action and was not permitted to do so by Landlord. 

17.3.4.2 Lease Guarantor hereby waives, and agrees that it shall not at any time insist upon, plead, or in any manner whatever claim or take
the benefit or advantage of, any appraisal, valuation, stay, extension, marshalling of assets, or redemption laws, or exemption, whether now or at any time hereafter in force, which may delay, prevent, or otherwise affect the performance by Lease
Guarantor of its obligations under, or the enforcement by Landlord of, the Lease Guaranty. Lease Guarantor represents, warrants, and agrees that, as of the date of this Agreement, its obligations under this Lease Guaranty are not subject to any
offsets or defenses against Landlord or Tenant of any kind. Lease Guarantor further agrees that its obligations under this Lease Guaranty shall not be subject to any counterclaims (to the fullest extent permitted under Applicable Law), offsets, or
defenses (except the defense of actual payment or performance) against Landlord or against Tenant of any kind which may arise in the future. 

17.3.4.3 Lease Guarantor assumes all responsibility for being and keeping itself informed of the financial condition and assets of Tenant,
and of any and all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that Lease Guarantor assumes and incurs hereunder, and agrees that Landlord shall not have any
duty to advise Lease Guarantor of any information known to Landlord (or otherwise) regarding such circumstances or risks. 
 17.3.5 Lease
Guarantor Release. 
 17.3.5.1 Notwithstanding anything else contained in this Agreement, the obligations and liabilities of Lease
Guarantor hereunder shall not terminate, be released or be reduced in any respect (including if this Agreement is terminated for any reason) except as expressly set forth in this Section 17.3.5. 

17.3.5.2 Subject to the remaining provisions of this Section 17.3.5 and Section 17.3.1.4,
the liability of Lease Guarantor in respect of the Guaranteed Obligations (other than with respect to any Guaranty Termination Obligations) shall automatically terminate, and Lease Guarantor shall be automatically released from its

  
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obligations under this Agreement including its obligation to pay any Guaranteed Obligations (other than with respect to any Guaranty Termination Obligations) to Landlord (the date upon which a
release as described in this sentence occurs is referred to in this Agreement as the “Guaranty Release Date”) (i) upon the occurrence of the expiration or termination of this Agreement in accordance with the express provisions of
Section 16.2; (ii) upon the effectuation of the Replacement Structure and execution and effectiveness of a Replacement MLSA in accordance with the express provisions of Section 21.1, following a Non-Consented Lease Termination; (iii) if, following a Non-Consented Lease Termination, (x) Landlord or any Landlord’s Lender, as applicable, elects in writing
that the Replacement Structure shall not occur or (y) the Replacement Structure does not occur as a direct and proximate result of Landlord’s acts or failure to act in accordance with Article XXI, in each case, solely to the extent
expressly provided in Section 21.3; or (iv) if (x) Manager shall be terminated for Cause by Landlord expressly and in writing and (y) an arbitrator in a Cause Arbitration under clause (1) of the
definition of “Terminated for Cause” subsequently determines that Cause did not exist for termination of Manager thereunder (it being understood that in the case of this clause (iv), the Guaranty Release Date shall be deemed to be
the date of Manager’s termination as set forth in clause (1) of the definition of “Terminated for Cause”). For the avoidance of doubt, except as expressly set forth in this Section 17.3.5.2, the
termination of this Agreement for any reason shall not result in the termination, release or reduction of Lease Guarantor’s obligations or liabilities under this Agreement in any respect. 

17.3.5.3 In connection with any release occurring on the Guaranty Release Date as described in Section 17.3.5.2,
Landlord shall take such action and execute any such documents as may be reasonably requested by Lease Guarantor to evidence such release. 

17.3.5.4 Notwithstanding the foregoing provisions of this Section 17.3.5 or anything else otherwise set forth in
this Agreement, (i) in the event that Manager is Terminated for Cause, then, except as set forth in Section 17.3.5.2(iv), this Agreement shall not terminate with respect to Lease Guarantor in any respect (and Lease Guarantor shall not be
released from any obligation or liability in respect of any aspect of the Guaranteed Obligations) and Lease Guarantor’s obligations shall remain in full force and effect in accordance with (and subject to) the terms of this Agreement,
(ii) during any Transition Period, the obligations of Lease Guarantor, Tenant, Manager and Landlord hereunder shall continue in all respects for the duration of such Transition Period in accordance with (and subject to) the terms of this
Agreement (it being understood that, in such event, Manager shall continue to act as manager pursuant to the provisions, terms and conditions of this Agreement and the Transition Services Agreement in accordance with
Section 16.3.9 hereof), and (iii) in the event of a Non-Consented Lease Termination, the obligations of Lease Guarantor and the other Parties hereunder shall be governed by
Article XXI. 
 17.3.5.5 [Reserved] 

  
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 17.3.5.6 Notwithstanding anything contained in this Agreement or in any of the other Lease/MLSA
Related Agreements to the contrary (and without intending to vitiate, limit or supersede Section 1.3 hereof), but subject to Section 17.3.5.2, in the event this Agreement or any of the other
Lease/MLSA Related Agreements (or any portion of any of them) is unenforceable (for any reason whatsoever) against any Party to this Agreement, including, without limitation, as a result of rejection of this Agreement or any of the other Lease/MLSA
Related Agreements in any bankruptcy, insolvency, dissolution or other proceeding, the Lease Guaranty shall remain in full force and effect without any change or impairment (and shall not be terminated, released or reduced) in any respect, and shall
be treated as if all of the obligations and liabilities of the Lease Guaranty were set forth, ab initio, in a separate instrument to which the Party against which this Agreement or any such Lease/MLSA Related Agreement (or any portion of any
of them) is unenforceable is not a party. 
 17.3.5.7 Notwithstanding anything otherwise contained in this Agreement, for so long as any
portion of the Guaranteed Obligations (including any Guaranty Termination Obligations) payable pursuant to this Agreement has not been irrevocably paid in full in cash or if any Guaranteed Obligations have been reinstated in accordance with
Section 17.3.1.4, all provisions, terms and conditions of this Agreement shall survive and remain in full force and effect to the extent necessary so that Landlord may exercise any and all rights and remedies available to
it in respect of the Lease Guaranty hereunder, including any and all rights available to Landlord in respect of any Lease Guarantor Event of Default or any nonpayment in full in cash of any and all such Guaranteed Obligations as and when provided
hereunder; provided that the provisions of Article XI and Section 17.4 shall terminate on the Guaranty Covenant Termination Date. 

17.4 Guarantor Covenants. 

17.4.1 Asset Sales. Prior to the Guaranty Covenant Termination Date, Lease Guarantor shall not effect any Asset Sale unless: 

(1) Lease Guarantor receives consideration equal to at least the Fair Market Value (as determined in good faith by a responsible officer of
Lease Guarantor or, with respect to any Asset Sale to an Affiliate, as determined pursuant to the opinion referred to in clause (2) below) of the disposed assets measured as of the date of such Asset Sale; and 

(2) in the case of any Asset Sale to an Affiliate of Lease Guarantor, (a) such Asset Sale is approved by a majority of the Independent
Directors of Lease Guarantor; (b) Lease Guarantor obtains an opinion from an Approved Fairness Opinion Firm that such Asset Sale is fair to Lease Guarantor from a financial point of view after such Approved Fairness Opinion Firm conducts an
independent assessment of all material terms of such Asset Sale; and (c) prior to the consummation of any such Asset Sale, (i) Lease Guarantor offers, in writing, to make such Asset Sale to Landlord on the same terms on which such Asset
Sale is proposed to be made to such Affiliate and (ii) Landlord either declines such offer or fails to provide written notice of acceptance of such offer to Lease Guarantor within thirty (30) Business Days of the date such offer is

  
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made to Landlord (in which event Lease Guarantor may effect such Asset Sale only upon the same terms offered to Landlord or on terms less favorable to the applicable buyer than the terms offered
to Landlord). To constitute a valid offer in accordance with clause (2)(c)(i) above, Lease Guarantor shall furnish to Landlord all material information made available to the purchaser in such Asset Sale, including at a minimum, basic
information identifying the applicable assets, material acquisition terms, including, without limitation, the purchase price and reasonable historical financial and all other customary diligence materials and other information relating to the
applicable assets to be sold and such additional information as may be reasonably requested by Landlord and in the possession or control of Lease Guarantor or its Affiliates. 

17.4.2 Acceptance of Asset Sale Offer. If Landlord accepts any offer described in clause (2)(c)(i) of
Section 17.4.1 within the time limit and in the manner described in clause (2)(c)(ii) of Section 17.4.1, then Landlord (or any designee of Landlord) and Lease Guarantor shall promptly
proceed to consummate the Asset Sale contemplated by such offer on the terms set forth in such offer; provided that the parties shall be entitled to a minimum period of forty five (45) days between acceptance of the offer and the
closing. In the event Landlord (or such designee) fails to consummate such Asset Sale on such terms, then Landlord shall be deemed to have declined such offer for purposes of this Section 17.4 and Lease Guarantor may effect
such Asset Sale only upon the same terms offered to Landlord or on terms less favorable to the applicable buyer than the terms offered to Landlord. 

17.4.3 Dividends. In addition to any other applicable restrictions hereunder, prior to the Guaranty Covenant Termination Date, Lease
Guarantor shall not, directly or indirectly, declare or pay any dividend or make any other distribution with respect to its capital stock or other equity interests with any assets other than cash unless such dividend or distribution would not
reasonably be expected to result in Lease Guarantor’s inability to perform its Lease Guaranty obligations under this Agreement. 

17.4.4 Restricted Payments. In addition to the foregoing, prior to the earlier of (1) the Guaranty Covenant Termination Date and
(2) the date that is six years after the date of this Agreement, Lease Guarantor shall not directly or indirectly (i) declare or pay, or cause to be declared or paid, any dividend, distribution, any other direct or indirect payment or
transfer (in each case, in cash, stock, other property, a combination thereof or otherwise) with respect to any of Lease Guarantor’s capital stock or other equity interests, (ii) purchase or otherwise acquire or retire for value any of
Lease Guarantor’s capital stock or other equity interests, or (iii) engage in any other transaction with any direct or indirect holder of Lease Guarantor’s capital stock or other equity interests which is similar in purpose or effect
to those described above (collectively, a “Restricted Payment”), except that Lease Guarantor can execute (1) any of the transactions outlined above if: (a) Lease Guarantor’s equity market capitalization after giving
pro forma effect to such dividend, distribution, or other transaction is at least $5.5 billion, (b) the amount of such dividend, distribution, or other transaction (together with any and all other such dividends and distributions and other
transactions made under this clause (1)(b) but excluding, for the avoidance of doubt, any dividends, distributions or other transactions to be made under clause (1)(c) or (2) below in such fiscal year), does not exceed, in

  
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the aggregate, (x) 25% of the net proceeds, up to a cap of $25 million in any fiscal year, from the disposition of assets by Lease Guarantor and its subsidiaries, plus (y) $100 million
from other sources in any fiscal year or (c) Lease Guarantor’s equity market capitalization after giving pro forma effect to such dividend, distribution, or other transaction is at least $4.5 billion and the aggregate amount of such
dividends, distributions or other transactions made under this clause (c) (excluding, for the avoidance of doubt, any dividends, distributions or other transactions made under clause (1)(b) above or clause (2) below in
such fiscal year) is less than or equal to $125 million in any fiscal year and is funded solely by asset sale proceeds or (2) any transaction described in clause (ii) above so long as the aggregate amount of all such transactions made under
this clause (2) (excluding for the avoidance of doubt, any such transactions made from and after the date hereof under clause (1)(b) or (1)(c) above) is less than or equal to $199,500,000.00 (it being understood that from and after
such time that the aggregate amount of all such transactions made from and after the date hereof under this clause (2) exceeds $199,500,000.00, no further transactions shall be permitted under this clause (2)). Prior to the earlier of
(1) the Guaranty Covenant Termination Date and (2) the date that is six years after the date of this Agreement, except as provided in clause (1)(a) or (1)(c) in the preceding sentence, any net proceeds from the
disposition of assets by Lease Guarantor or its subsidiaries after the Commencement Date in excess of $25 million that are directly or indirectly distributed to, or otherwise received by, Lease Guarantor in any fiscal year shall not be used to
fund any Restricted Payment. 
 17.4.5 Springing Covenants and Liens. 

17.4.5.1 If at any time prior to the Guaranty Covenant Termination Date, Lease Guarantor either (i) guaranties all or any portion of any
Opco First Lien Debt (any such guaranty, an “Opco Debt Guaranty”), and the obligations under any such Opco Debt Guaranty are at any time secured by any property directly owned by CEC or any Springing Lien Subsidiary of CEC or
(ii) causes all or any portion of the obligations under the Opco First Lien Debt to be at any time secured by any property directly owned by CEC or any Springing Lien Subsidiary of CEC (any and all such property in clauses
(i) and (ii), “Lease/Debt Guaranty Collateral”), then, in each such instance and for so long as any such Opco Debt Guaranty or Lease/Debt Guaranty Collateral is outstanding, Lease Guarantor shall, and shall cause
any and all other grantors of Lease/Debt Guaranty Collateral to grant, in the same security agreement documenting the grant of a security interest in the Lease/Debt Guaranty Collateral in favor of the Opco First Lien Debt (an “Opco First
Lien Debt Security Interest”), to Landlord a lien (a “Lease Guaranty Security Interest”) on all Lease/Debt Guaranty Collateral, which Lease Guaranty Security Interest shall secure all obligations of Lease Guarantor under
the Lease Guaranty and shall rank pari passu with the Opco First Lien Debt Security Interest; provided that if the Lease/Debt Guaranty Collateral is limited solely to a pledge of Lease Guarantor’s or any other such grantor’s
equity interest in CEOC, then neither Lease Guarantor nor any other such grantor shall be required to grant a Lease Guaranty Security Interest. Any Lease Guaranty Security Interest granted pursuant to this Section 17.4.5
shall be automatically released upon the earlier of (i) the Guaranty Covenant Termination Date and (ii) the release of the respective Opco First Lien Debt Security Interest (unless such release occurs in connection with a refinancing of
the applicable Opco First Lien Debt with a Non-Third Party Financing, in which case such Lease Guaranty Security Interest shall be automatically released upon the repayment or refinancing (other than with
other Non-Third Party Financing) of such Non-Third Party Financing). Any Lease Guaranty Security Interest shall be a “silent” security interest, and Landlord
shall have no voting, enforcement or default-related rights with respect to such security interest unless and until the earlier of (x) the occurrence of a Lease Guarantor Event of Default and (y) the occurrence of any event that would
permit 

  
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the holders of the applicable Opco First Lien Debt to take enforcement actions in respect of such Opco First Lien Debt Security Interest, at which time Landlord shall be permitted to exercise all
rights available to a secured creditor with respect to the Lease/Debt Guaranty Collateral, including all rights available to any holder of an Opco First Lien Debt Security Interest. Lease Guarantor shall cause the beneficiaries of any Opco First
Lien Debt Security Interest to enter into and become bound by an intercreditor agreement that is consistent with this provision and that is reasonably acceptable to Lease Guarantor and Landlord and containing, among other things, provisions
governing the pari passu nature of any Opco First Lien Debt Security Interest and Lease Guaranty Security Interest, and the “waterfall” by which any proceeds of, or collections on, the Lease/Debt Guaranty Collateral will be
distributed on an equal and ratable basis as between the beneficiaries of any Opco First Lien Debt Security Interest and Lease Guaranty Security Interest. 

17.4.5.2 If at any time prior to the Guaranty Covenant Termination Date, Lease Guarantor becomes obligated on any Opco Debt Guaranty or Opco
First Lien Debt Security Interest (it being understood that a customary equity pledge solely of Lease Guarantor’s equity interests in CEOC shall not be deemed to be an Opco First Lien Debt Security Interest, unless such pledge includes
covenants other than those customary for a pledge of such type or specifically relating to the pledge of equity interests in CEOC (e.g., covenants concerning Lease Guarantor’s or such other grantor’s existence and place of
organization, other covenants relating to maintaining the validity, enforceability, perfection, and priority of the pledge and prohibitions of liens on the pledged collateral)), and the obligations that are the subject of such Opco Debt Guaranty or
Opco First Lien Debt Security Interest are refinanced at any time as part of a Non-Third Party Financing, then any covenant provisions included in such Opco Debt Guaranty or Opco First Lien Debt Security
Interest that are applicable to Lease Guarantor and its subsidiaries shall be automatically incorporated into this Agreement, mutatis mutandis, and shall apply to Lease Guarantor and any such subsidiaries, for the benefit of Landlord
hereunder. Any such covenants that are so incorporated into this Agreement shall automatically cease to apply to Lease Guarantor and any such subsidiaries upon the earlier of (x) the Guaranty Covenant Termination Date and (y) the release
of the respective Opco Debt Guaranty or Opco First Lien Debt Security Interest (unless such release occurs in connection with a refinancing of the applicable Opco First Lien Debt with a Non-Third Party
Financing, in which case such Lease Guaranty Security Interest shall be automatically released upon the repayment or refinancing (other than with other Non-Third Party Financing) of such Non-Third Party Financing). 
 17.4.6 Lease Guaranty Unaffected. Each of the Parties acknowledges
and agrees that the making of the Lease Guaranty by CEC to Landlord was a material, critical and indispensable inducement to Landlord agreeing to enter into this Agreement and the other Lease/MLSA Related Agreements, and, but for the fact that CEC
has delivered the Lease Guaranty to Landlord, Landlord would not have entered into this Agreement or any of the other Lease/MLSA Related Agreements. For this and other reasons, it is the intent of the Parties that, other than as expressly provided
in Section 17.3.5, the Lease Guaranty will continue in full force and effect under any and all circumstances and shall not be terminated, released, impaired or reduced in any respect. 

  
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 17.5 Lease Guarantor Representations and Warranties. 

17.5.1 Corporate Existence; Compliance with Law. Lease Guarantor represents and warrants as of the date of this Agreement that Lease
Guarantor (i) is a corporation duly organized, validly existing, and in good standing under the laws of the state of Delaware; (ii) is duly qualified to do business and is in good standing under the laws of each jurisdiction where its
ownership or lease of property or the conduct of its business requires such qualification; and (iii) is in compliance with all Applicable Law where the failure to comply would reasonably be expected to have a materially adverse effect on Lease
Guarantor’s ability to pay the Guaranteed Obligations or perform its other obligations in accordance with the terms hereof. 
 17.5.2
Corporate Power; Authorization; Enforceable Guaranteed Obligations. The execution, delivery, and performance of the Lease Guaranty and all instruments and documents to be delivered by Lease Guarantor hereunder (i) are within Lease
Guarantor’s corporate powers, (ii) have been duly authorized by all necessary or proper corporate action, (iii) are not in contravention of any provision of Lease Guarantor’s articles or certificate of incorporation or by-laws, (iv) will not violate any law or regulations, or any order or decree of any court or governmental instrumentality, (v) will not conflict with or result in the breach of, or constitute a default
under, any indenture, mortgage, deed of trust, lease, agreement, or other instrument to which Lease Guarantor is a party or by which Lease Guarantor or any of its property is bound, except as would not reasonably be expected to have an adverse
effect on Lease Guarantor’s ability to perform its obligations hereunder, (vi) will not result in the creation or imposition of any lien upon any of the property of Lease Guarantor (except to the extent provided in
Section 17.4.5), and (vii) do not require the consent or approval of any governmental body, agency, authority, or any other person except those already obtained, except as would not reasonably be expected to have an
adverse effect on Lease Guarantor’s ability to perform its obligations hereunder. This Lease Guaranty is duly executed and delivered on behalf of Lease Guarantor and constitutes a legal, valid, and binding obligation of Lease Guarantor,
enforceable against Lease Guarantor in accordance with its terms (subject to any applicable principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights). 

17.6 Bankruptcy. 
 17.6.1
Lease Guarantor agrees and acknowledges that it shall not file a petition for relief as a debtor under any chapter of the Bankruptcy Code or any other bankruptcy, insolvency, debt composition, moratorium, receiver or similar federal or state laws
for the purpose of limiting its liability hereunder, including by operation of Section 502(b) of the Bankruptcy Code or similar provisions. Lease Guarantor further agrees and acknowledges that, if, notwithstanding the foregoing, it shall seek
any such relief, Lease Guarantor’s violation of this provision will constitute “cause” to dismiss any such proceeding, including under Section 1112 of the Bankruptcy Code, and Lease Guarantor will not and
will not attempt to (and will oppose any effort by any other party to) oppose any motion or request by Landlord or any other party to dismiss any such proceeding. 

  
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 17.6.2 Lease Guarantor further agrees and acknowledges that its guaranty of the Guaranteed
Obligations under this Agreement shall be fully enforceable against Lease Guarantor in any bankruptcy, insolvency, dissolution or other proceeding, and Lease Guarantor hereby represents, acknowledges and agrees that it will not and will not attempt
to (and will oppose any effort by any other party to) impair, reduce, cap, limit, or otherwise restrict the claims of Landlord in any such proceeding including, but not limited to, by operation of Section 502(b) of the Bankruptcy Code. 

17.6.3 Lease Guarantor further agrees and acknowledges that it will not and will not attempt to (and will oppose any effort by any other party
to) characterize in any bankruptcy, insolvency, dissolution or other proceeding Landlord’s claims to recover any Guaranteed Obligations as claims of a lessor for damages resulting from the termination of a lease of real property. 

ARTICLE XVIII 
 DISPUTE
RESOLUTION 
 18.1 Generally. 

18.1.1 Except for disputes specifically provided in this Agreement to be referred to Expert Resolution, all claims, demands, controversies,
disputes, actions or causes of action of any nature or character arising out of or in connection with, or related to, this Agreement, whether legal or equitable, known or unknown, contingent or otherwise shall be resolved in the United States
District Court for the Southern District of New York and any appellate courts thereto, or if federal jurisdiction is lacking, then in the state courts of New York State located in New York County. The Parties agree that service of process for
purposes of any such litigation or legal proceeding need not be personally served or served within the State of New York, but may be served with the same effect as if the Party in question were served within the State of New York, by giving notice
containing such service to the intended recipient (with copies to counsel) in the manner provided in Section 20.5. This provision shall survive and be binding upon the Parties after this Agreement is no longer in effect.

 18.1.2 If any dispute between or among any of the Parties or any of their respective Affiliates is pending in any state or federal court
located in the State of New York with respect to this Agreement, and any subsequent dispute arises between or among one or more Parties or any of their respective Affiliates which is not required by this Agreement to be referred to Expert Resolution
and is pending in any other state or federal court, the Parties shall (to the extent permissible under applicable rules) jointly move to consolidate such subsequent dispute in the same court (located in the State of New York) with the pending
dispute, and in the event that the court declines to consolidate the disputes (or consolidation is not permissible under applicable rules), the Parties shall request that the court refer the subsequent dispute to the judge presiding over the pending
dispute as a related case, it being the intent of the Parties to keep any litigation relating to this Agreement within the same court to the fullest extent possible under the law. 

  
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 18.2 Expert Resolution. With respect to any dispute expressly provided herein to be
submitted to an Expert pursuant to this Agreement, any Party that is party to such dispute may require that the dispute be submitted to final and binding arbitration (without appeal or review) in New York, New York (“Expert
Resolution”), administered by an independent arbitration tribunal consisting of three (3) arbitrators, one of which is appointed by each Party and the third arbitrator shall be selected by the other two arbitrators (collectively, the
“Expert”). Such Expert Resolution shall be conducted by the American Arbitration Association in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The Expert shall be a person having not less
than ten (10) years’ experience in the area of expertise on which the dispute is based and having no conflict of interest with either Party. With respect to any dispute to be submitted to an Expert pursuant to this Agreement, the use of
the Expert shall be the exclusive remedy of the Parties, and neither Party shall attempt to adjudicate such dispute in any other forum. The decision of the Expert shall be final and binding on the applicable Parties involved in such dispute and such
Expert Resolution proceeding and shall not be capable of challenge, whether by Expert Resolution, arbitration, in court or otherwise. 

18.2.1 Related Disputes. 

18.2.1.1 Any two (2) or more disputes which are required to be submitted to an Expert under this Agreement shall be considered related
for purposes of this section if they involve the same or substantially similar issues of law or fact. In the event any Party to a dispute (the “Subsequent Related Dispute”) designates it as being related to a prior or pending
dispute (the “Prior Related Dispute”), the Subsequent Related Dispute shall be referred for resolution to the Expert to whom the Prior Related Dispute was referred (the “Initial Expert”). If a Party objects to the
designation of a Subsequent Related Dispute as being related to a Prior Related Dispute, the objection shall be resolved by the Initial Expert. If the Initial Expert concludes that the disputes are related, the Subsequent Related Dispute shall be
resolved by the Initial Expert in accordance with this Section 18.2, and to the extent practical, issues in the Subsequent Related Dispute that are the same or substantially similar as in the Prior Related Dispute, shall be
resolved in a manner consistent with the resolution of such issues in the Prior Related Dispute. If the Initial Expert concludes that the Subsequent Related Dispute is not related to the Prior Related Dispute, the Subsequent Related Dispute shall be
referred to an Expert selected in accordance with the introductory paragraph of this Section 18.2. 
 18.2.1.2
Notwithstanding anything to the contrary contained in this Agreement, if a claim is asserted involving an alleged Event of Default under this Agreement (a “Default Claim”), any and all issues, whether legal, factual or otherwise,
relating to such Default Claim shall be resolved exclusively by a state or federal court located in the State of New York in accordance with the provisions hereof regardless of whether any of such issues would otherwise be required to be referred to
an Expert for resolution under a provision of this Agreement; provided that, subject to Section 18.2.3, any decision by an Expert made in accordance with this Agreement which was rendered prior to the assertion of a
Default Claim and which relates to such Default Claim shall be considered final and binding in any court proceeding involving such Default Claim, it 

  
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being the intent and understanding of the Parties that, except for specific issues that were determined by an Expert before a Default Claim is asserted, all issues relating to such Default Claim
shall be resolved exclusively by the court in the action or proceeding involving the Default Claim. 
 18.2.2 Restrictions on Expert.
THE EXPERT SHALL HAVE NO AUTHORITY TO VARY OR IGNORE THE TERMS OF THIS AGREEMENT, INCLUDING SECTION 18.7.5, AND SHALL BE BOUND BY APPLICABLE LAW. ALL PROCEEDINGS, AWARDS AND DECISIONS UNDER ANY EXPERT RESOLUTION PROCEEDING SHALL BE STRICTLY
PRIVATE AND CONFIDENTIAL, EXCEPT AS MAY BE NECESSARY TO ENFORCE THE SAME. 
 18.2.3 Landlord and Expert Resolution. For the avoidance
of doubt and without limiting Section 2.5 in any manner, and notwithstanding anything to the contrary in this Agreement, the Parties acknowledge that (i) any determination made by an Expert under this Agreement that
does not involve any rights or obligations of Landlord hereunder shall not be binding on Landlord, (ii) any determination made by an Expert under this Agreement that involves any rights or obligations of Landlord hereunder shall not be binding
on Landlord unless Landlord was provided with the similar opportunity to participate therein as the other parties thereto, (iii) to the extent the applicable dispute covers issues that are also in dispute under the Lease as to which the Lease
does not subject such dispute to arbitration, then the provisions, terms and conditions of the Lease shall govern and such dispute shall not be required to be submitted to Expert Resolution and (iv) to the extent the applicable dispute covers
issues that are also in dispute under the Lease as to which the Lease subjects such dispute to arbitration, then the provisions, terms and conditions of the Lease shall govern and such arbitration shall be conducted in accordance with the applicable
provisions in the Lease. 
 18.3 Time Limit. With respect to any dispute required hereunder to be submitted to Expert Resolution,
such Expert Resolution of a dispute must be commenced within twelve (12) months from the date on which a Party first gave written notice to the other applicable Party of the existence of the dispute, and any Party who fails to commence
litigation or Expert Resolution within such twelve (12) month period shall be deemed to have waived any of its affirmative rights and claims in connection with the dispute and shall be barred from asserting such rights and claims at any time
thereafter except as a defense to any related or similar claims subsequently raised by the other party. An Expert Resolution shall be deemed commenced by a Party when the Party sends a notice to the other Party and to the American Arbitration
Association, identifying the dispute and requesting Expert Resolution. Litigation shall be deemed commenced by a Party when the Party serves a complaint (or, as the case may be, a counterclaim) on the other Party with respect to the dispute. For the
avoidance of doubt, the foregoing shall not be construed to require the commencement within any particular period of time of any litigation involving disputes that are not required hereunder to be submitted to Expert Resolution. 

18.4 Prevailing Party’s Expenses. The prevailing Party in any Expert Resolution, litigation or other legal action or proceeding
arising out of, in connection 

  
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with or related to this Agreement shall be entitled to recover from the losing Party all reasonable fees, costs and expenses incurred by the prevailing Party in connection with such Expert
Resolution, litigation or other legal action or proceeding (including any appeals and actions to enforce any Expert Resolution awards and court judgments), including reasonable fees, expenses and disbursements for attorneys, experts and other third
parties engaged in connection therewith and its share of the fees and costs of the Expert. If a Party prevails on some, but not all, of its claims, such Party shall be entitled to recover an equitable amount of such fees, expenses and disbursements,
as determined by the applicable Expert(s) or court. All amounts recovered by the prevailing Party under this Section 18.4 shall be separate from, and in addition to, any other amount included in any Expert Resolution award
or judgment rendered in favor of such Party. 
 18.5 WAIVERS. 

18.5.1 JURISDICTION AND VENUE. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL DEFENSES BASED ON LACK OF JURISDICTION OR
INCONVENIENT VENUE OR FORUM FOR ANY LITIGATION OR OTHER LEGAL ACTION OR PROCEEDING PURSUED BY ANY OTHER PARTY IN THE JURISDICTION AND VENUE SPECIFIED IN SECTION 18.1. 

18.5.2 TRIAL BY JURY. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY OF ALL CLAIMS ARISING OUT OF OR RELATING
TO THIS AGREEMENT. 
 18.5.3 [RESERVED] 

18.5.4 DECISIONS IN PRIOR CLAIMS. SUBJECT TO SECTION 18.2.1.2, EACH PARTY AGREES THAT IN ANY EXPERT
RESOLUTION OR LITIGATION BETWEEN THE PARTIES, THE EXPERT(S) OR COURT SHALL NOT BE PRECLUDED FROM MAKING ITS OWN INDEPENDENT DETERMINATION OF THE ISSUES IN QUESTION, NOTWITHSTANDING THE SIMILARITY OF ISSUES IN ANY OTHER EXPERT RESOLUTION OR
LITIGATION INVOLVING MANAGER OR ANY OF ITS AFFILIATES, AND EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHTS TO CLAIM THAT A PRIOR DISPOSITION OF THE SAME OR SIMILAR ISSUES PRECLUDES SUCH INDEPENDENT DETERMINATION. 

18.5.5 PUNITIVE, CONSEQUENTIAL AND CERTAIN OTHER DAMAGES. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT OR UNDER
APPLICABLE LAW, IN ANY EXPERT RESOLUTION, LAWSUIT, LEGAL ACTION OR PROCEEDING BETWEEN ANY OF THE PARTIES ARISING FROM OR RELATING TO THIS AGREEMENT, THE PARTIES UNCONDITIONALLY AND IRREVOCABLY WAIVE AND DISCLAIM TO THE FULLEST EXTENT PERMITTED UNDER
APPLICABLE LAW ALL RIGHTS TO ANY CONSEQUENTIAL, LOST PROFITS, PUNITIVE, EXEMPLARY, STATUTORY OR TREBLE DAMAGES (OTHER THAN, AS TO ALL SUCH FORMS 

  
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OF DAMAGES, (I) STATUTORY RIGHTS; (II) ANY GUARANTEED OBLIGATIONS ARISING UNDER THE LEASE; AND/OR (III) A CLAIM FOR RECOVERY OF ANY SUCH DAMAGES THAT THE CLAIMING PARTY IS REQUIRED
BY A COURT OF COMPETENT JURISDICTION OR THE EXPERT TO PAY TO A THIRD PARTY), AND ACKNOWLEDGE AND AGREE THAT THE RIGHTS AND REMEDIES IN THIS AGREEMENT, AND ALL OTHER RIGHTS AND REMEDIES AT LAW AND IN EQUITY, WILL BE ADEQUATE IN ALL CIRCUMSTANCES FOR
ANY CLAIMS THE PARTIES MIGHT HAVE WITH RESPECT TO DAMAGES. 
 18.6 Survival and Severance. This
Article XVIII shall survive the expiration or termination of this Agreement. The provisions of this Article XVIII are severable from the other provisions of this Agreement and shall survive and not
be merged into any termination or expiration of this Agreement or any judgment or award entered in connection with any dispute, regardless of whether such dispute arises before or after termination or expiration of this Agreement, and regardless of
whether the related Expert Resolution or litigation proceedings occur before or after termination or expiration of this Agreement. If any part of this Article XVIII is held to be unenforceable, it shall be severed and shall
not affect either the duties to submit any dispute to Expert Resolution or any other part of this Article XVIII. 

18.7 ACKNOWLEDGEMENTS. 

TENANT AND MANAGER EACH ACKNOWLEDGE AND CONFIRM TO THE OTHER THAT: 

18.7.1 INFORMED INVESTOR. THE ACKNOWLEDGING PARTY HAS HAD THE BENEFIT OF LEGAL COUNSEL AND ALL OTHER ADVISORS DEEMED NECESSARY OR
ADVISABLE TO ASSIST IT IN THE NEGOTIATION AND PREPARATION OF THIS AGREEMENT, AND THE OTHER PARTY’S ATTORNEYS HAVE NOT REPRESENTED THE ACKNOWLEDGING PARTY, OR PROVIDED ANY LEGAL COUNSEL OR OTHER ADVICE TO THE ACKNOWLEDGING PARTY, WITH RESPECT TO
THIS AGREEMENT. 
 18.7.2 BUSINESS RISKS. THE ACKNOWLEDGING PARTY (A) IS A SOPHISTICATED PERSON, WITH SUBSTANTIAL EXPERIENCE IN
THE OWNERSHIP AND OPERATION OF COMMERCIAL DEVELOPMENT PROJECTS; (B) RECOGNIZES THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT INVOLVE SUBSTANTIAL BUSINESS RISKS; AND (C) HAS MADE AN INDEPENDENT INVESTIGATION OF ALL ASPECTS OF THIS
AGREEMENT SUCH PARTY DEEMS NECESSARY OR ADVISABLE. 
 18.7.3 NO ADDITIONAL REPRESENTATIONS OR WARRANTIES. NO PARTY HAS MADE ANY
PROMISES, REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND WHATSOEVER TO ANY OTHER PARTY WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, AND NO PERSON IS

  
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AUTHORIZED TO MAKE ANY PROMISES, REPRESENTATIONS, WARRANTIES OR GUARANTIES ON BEHALF OF A PARTY WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT, EXCEPT AS SPECIFICALLY SET FORTH IN THIS
AGREEMENT. 
 18.7.4 NO RELIANCE. NO PARTY HAS RELIED UPON ANY STATEMENTS OR PROJECTIONS OF REVENUE, SALES, EXPENSES, INCOME, GAMING
WIN, RATES, AVERAGE DAILY RATE, CONTRIBUTION, PROFITABILITY, VALUE OF THE MANAGED FACILITY OR SIMILAR INFORMATION PROVIDED BY ANY OTHER PARTY BUT HAS INDEPENDENTLY CONFIRMED THE ACCURACY AND RELIABILITY OF ANY SUCH INFORMATION AND IS SATISFIED WITH
THE RESULTS OF SUCH INDEPENDENT CONFIRMATION. 
 18.7.5 LIMITATION ON FIDUCIARY DUTIES. TO THE EXTENT ANY FIDUCIARY DUTIES THAT MAY
EXIST AS A RESULT OF THE RELATIONSHIP OF THE PARTIES ARE INCONSISTENT WITH, OR WOULD HAVE THE EFFECT OF EXPANDING, MODIFYING, LIMITING OR RESTRICTING ANY OF THE EXPRESS TERMS OF THIS AGREEMENT, (A) THE EXPRESS TERMS OF THIS AGREEMENT SHALL
CONTROL AND (B) ANY LIABILITY OF THE PARTIES FOR MONETARY DAMAGES OR MONETARY RELIEF SHALL BE BASED SOLELY ON PRINCIPLES OF CONTRACT LAW AND THE EXPRESS TERMS OF THIS AGREEMENT. ACCORDINGLY, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS
AGREEMENT, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE AND DISCLAIM ANY POWER OR RIGHT SUCH PARTY MAY HAVE TO CLAIM ANY PUNITIVE, EXEMPLARY, STATUTORY OR TREBLE DAMAGES OR
CONSEQUENTIAL OR INCIDENTAL DAMAGES FOR ANY BREACH OF FIDUCIARY DUTIES. 
 18.8 IRREVOCABILITY OF CONTRACT. IN ORDER TO REALIZE THE
FULL BENEFITS CONTEMPLATED BY THE PARTIES, THE PARTIES INTEND THAT THIS AGREEMENT SHALL BE NON-TERMINABLE, EXCEPT FOR THE SPECIFIC TERMINATION PROVISIONS SET FORTH IN THIS AGREEMENT. ACCORDINGLY,
NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE AND DISCLAIM ALL RIGHTS TO TERMINATE THIS AGREEMENT AT LAW OR IN EQUITY,
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT. 
 18.9 Survival. The provisions of this Article XVIII
shall survive the expiration or termination of this Agreement. 

  
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 ARTICLE XIX 

GAMING LAW PROVISIONS 

19.1 Regulatory Matters; Initial Suitability Review. 

19.1.1 Manager’s Regulatory Environment. Tenant acknowledges that Manager, CEC, Landlord and their respective
Affiliates (a) conduct business in an industry that is subject to and exists because of privileged licenses issued by Governmental Authorities in multiple jurisdictions, (b) are subject to extensive Gaming regulation and oversight, and are
required to adhere to strict laws and regulations regarding vendor and other business relationships, and (c) have adopted strict internal controls and compliance policies governing their own activities and those of certain parties with whom
they do business. 
 19.1.2 Suitability Investigations. As an initial matter, Tenant acknowledges and agrees that Manager, CEC and
their respective Affiliates must perform a background check, suitability review and such other due diligence with respect to the Subject Group, but excluding Manager and its Affiliates and those individuals associated with Tenant previously subject
to CEC’s suitability review, as required under applicable Gaming Regulations and/or the corporate policies of Manager, CEC and their respective Affiliates. Accordingly, Tenant hereby (a) acknowledges and understands that Manager, CEC and
their respective Affiliates must perform such investigations and inquiries with respect to the Subject Group regarding the financial and credit condition, the existence and status of any litigation, criminal proceedings and convictions, character
and personal qualifications of any such Person, (b) agrees to promptly provide the information regarding the Subject Group required by the “Caesars Entertainment Corporation and its Related Affiliates Business Information Form (Revised
November 1, 2016)” and such other information as is reasonably requested by Manager, CEC or their respective Affiliates for such purposes, and (c) agrees to cooperate with Manager, CEC and their respective Affiliates in the completion
of its due diligence and Gaming suitability and background checks of the Subject Group. Manager acknowledges receipt and completion of such investigation and inquiries on the persons or entities within the Subject Group as of the date of this
Agreement. 
 19.2 Licensing Event. If there shall occur a Licensing Event, then the Party with respect to which such Licensing Event
occurs shall notify the other Parties, as promptly as practicable after becoming aware of such Licensing Event (but in no event later than twenty (20) days after becoming aware of such Licensing Event). In such event, the Party with respect to
which such Licensing Event has occurred, shall and shall cause any applicable Affiliates to use commercially reasonable efforts to resolve such Licensing Event within the time period required by the applicable Gaming Authorities by submitting to
investigation by the relevant Gaming Authorities and cooperating with any reasonable requests made by such Gaming Authorities (including filing requested forms and delivering information to the Gaming Authorities). If the Party with respect to which
such Licensing Event has occurred cannot otherwise resolve the Licensing Event within the time period required by the applicable Gaming Authorities and any aspect of such Licensing Event is attributable to any Person(s) other than such Party, then
such Party shall disassociate with the applicable Persons to resolve the Licensing Event. 

  
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 19.3 Unlawful Payments. No Party, and no Person for or on behalf of such Party, shall
make, and each Party acknowledges that no other Party will make, any expenditure for any unlawful purposes in the performance of its obligations under this Agreement and in connection with its activities in relation thereto. No Party, and no Person
for or on behalf of such Party, shall, and each Party acknowledges that no other Party will, make any illegal offer, payment or promise to pay, authorize the payment of any money, or offer, promise or authorize the giving of anything of value, to
(a) any government official, any political party or official thereof, or any candidate for political office; or (b) any other Person while knowing or having reason to know that all or a portion of such money or thing of value will be
offered, given, or promised, directly or indirectly, to any such official, to any such political party or official thereof, or to any candidate for political office for the purpose of (i) influencing any action or decision of such official
party or official thereof, or candidate in his or its capacity, including a decision to fail to perform his or its official functions; or (ii) inducing such official party or official thereof, or candidate to use his or its influence with any
Governmental Authority to effect or influence any act or decision of such Governmental Authority. Each Party represents and warrants to the other Party that no government official and no candidate for political office has any direct or indirect
ownership or investment interest in the revenues or profit of such Party or the Managed Facility (other than with respect to any direct or indirect owner of or investor in a Person (x) the stock of which is traded on a publicly traded exchange
or (y) that has a class of securities registered with the Securities Exchange Commission). For purposes of this Section 19.3, CLC shall be a “Party”. 

ARTICLE XX 
 GENERAL
PROVISIONS 
 20.1 Governing Law. This Agreement shall be construed under the internal laws of the State of New York, without
regard to any conflict of law principles. 
 20.2 Construction of this Agreement. The Parties and CLC (which shall be deemed a
“Party” for purposes of this Section 20.2) intend that the following principles (and no others not consistent with them) be applied in construing and interpreting this Agreement: 

20.2.1 Presumption Against a Party. The terms and provisions of this Agreement shall not be construed against or in favor of a Party
hereto merely because such Party is Manager hereunder or such Party or its counsel is the drafter of this Agreement. 
 20.2.2 Certain
Words and Phrases. All words in this Agreement shall be deemed to include any number or gender as the context or sense of this Agreement requires. The words “will,” “shall,” and “must” in this Agreement indicate a
mandatory 

  
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obligation. The use of the words “include,” “includes,” and “including” followed by one (1) or more examples is intended to be illustrative and is not a
limitation on the scope of the description or term for which the examples are provided. All dollar amounts set forth in this Agreement are stated in U.S. dollars, unless otherwise specified. The words “day” and “days” refer to
calendar days unless otherwise stated. The words “month” and “months” refer to calendar months unless otherwise stated. The words “hereof”, “hereto” and “herein” refer to this Agreement, and are not
limited to the article, section, paragraph or clause in which such words are used. If the Operating Year is a fiscal year other than a calendar year, all references in this Agreement to January 1 shall mean the first day of such fiscal year.

 20.2.3 Headings. The table of contents, headings and captions contained herein are for the purposes of convenience and reference
only and are not to be construed as a part of this Agreement. All references to any article, section or exhibit in this Agreement are to articles, sections or exhibits of this Agreement, unless otherwise noted. 

20.2.4 Approvals. Unless expressly stated otherwise in this Agreement, whenever a matter is submitted to a Party for approval or
consent in accordance with the terms of this Agreement, that Party has a duty to act reasonably and timely in rendering a decision on the matter. 

20.2.5 Entire Agreement. This Agreement (including the attached Exhibits), together with the Lease and the other applicable Lease/MLSA
Related Agreements, constitutes the entire agreement between the Parties with respect to the subject matter contemplated herein and supersedes all prior agreements and understandings, written or oral. No undertaking, promise, duty, obligation,
covenant, term, condition, representation, warranty, certification or guaranty shall be deemed to have been given or be implied from anything said or written in negotiations between the Parties prior to the execution of this Agreement, except as
expressly set forth in this Agreement. No Party shall have any remedy in respect of any untrue statement made by any other Party on which that Party relied in entering into this Agreement (unless such untrue statement was made fraudulently), except
to the extent that such statement is expressly set forth in this Agreement. 
 20.2.6 Third-Party Beneficiary. Except as set forth in
Section 12.3, no third-party that is not a Party hereunder shall be a beneficiary of Tenant’s or Manager’s rights or benefits under this Agreement; provided that Services Co and its Affiliates shall be an
express beneficiary of this Agreement to the extent related to the Managed Facilities IP or to other Intellectual Property rights or confidential information owned by Services Co, and any other provision of this Agreement that specifically
identifies Services Co. 
 20.2.7 Remedies Cumulative. Except as otherwise expressly provided in this Agreement, the remedies
provided in this Agreement are cumulative and not exclusive of the remedies provided by Applicable Law, and a Party’s exercise of any one or more remedies for any default shall not preclude the Party from exercising any other remedies at any
other time for the same default. 

  
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 20.2.8 Amendments. Neither this Agreement nor any of its terms or provisions may be
amended, modified, changed, waived or discharged, except: (a) for the avoidance of doubt, for Manager’s right to make changes to the Total Rewards Program and Centralized Services as and to the extent expressly permitted under this
Agreement, (b) as between Manager and Tenant, as set forth in Sections 5.1.7, 5.12 and 10.4 and (c) by an instrument in writing signed by each Party hereto. 

20.2.9 Survival. The expiration or termination of this Agreement does not terminate or affect Tenant’s, Manager’s, Lease
Guarantor’s or Landlord’s covenants and obligations that expressly survive the expiration or termination of this Agreement. This Section 20.2.9 shall survive the expiration or termination of this Agreement. 

20.3 Limitation on Liabilities. 

20.3.1 Projections in Annual Budget. Tenant acknowledges that: (a) all budgets and financial projections prepared by Manager or
its Affiliates prior to the date of this Agreement or under this Agreement, including the Annual Budget, are intended to assist in Operating the Managed Facility, but are not to be relied on by Tenant or any third-party as to the accuracy of the
information or the results predicted therein; and (b) Manager does not guarantee the accuracy of the information nor the results in such budgets and projections. Accordingly (except as may be provided in any agreement with such third party to
which Manager is a party), Tenant agrees that (i) neither Manager nor its Affiliates shall be liable to Tenant or any third-party for divergence between such budgets and projections and actual operating results achieved except as otherwise
provided in this Agreement, including limits on incurring expenses; (ii) the failure of the Managed Facility to achieve any Annual Budget for any Operating Year shall not constitute a default by Manager or give Tenant the right to terminate
this Agreement; and (iii) if Tenant provides any such budgets or projections to a third-party, Tenant shall advise such third-party in writing of the substance of the disclaimer of liability set forth in this
Section 20.3.1 (provided that Tenant’s failure to do so shall not be a breach or default hereunder, although such failure by Tenant shall not expand Manager’s liability hereunder). Manager represents that
it shall prepare all budgets and financial projections and operating plans prepared by Manager under this Agreement in good faith based upon Manager’s experience and knowledge. 

20.3.2 Approvals and Recommendations. Each Party acknowledges that in granting any consents, approvals or authorizations under this
Agreement, and in providing any advice, assistance, recommendation or direction under this Agreement, neither such Party nor any Affiliates guarantee success or a satisfactory result from the subject of such consent, approval, authorization, advice,
assistance, recommendation or direction. Accordingly, each Party agrees that neither such Party nor any of its Affiliates shall have any liability whatsoever to any other Party or any third person by reason of: (a) any consent, approval or
authorization, or advice, assistance, recommendation or direction, given or withheld; or (b) any delay or failure to provide any consent, approval 

  
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or authorization, or advice, assistance, recommendation or direction (except in the event of a breach of a covenant herein not to unreasonably withhold or delay any consent or approval);
provided, however, that each agrees to act in good faith when dealing with or providing any advice, consent, assistance, recommendation or direction. 

20.3.3 Technical Advice. Tenant acknowledges that any review, advice, assistance, recommendation or direction provided by Manager with
respect to the design, construction, equipping, furnishing, decoration, alteration, improvement, renovation or refurbishing of the Managed Facility (a) is intended solely to assist Tenant in the development, construction, maintenance, repair
and upgrading of the Managed Facility and Tenant’s compliance with its obligations under this Agreement; and (b) does not constitute any representation, warranty or guaranty of any kind whatsoever that (i) there are no errors in the
plans and specification, (ii) there are no defects in the design of construction of the Managed Facility or installation of any building systems or FF&E therein or (iii) the plans, specifications, construction and installation work
will comply with all Applicable Laws (including laws or regulations governing public accommodations for Individuals with disabilities). Accordingly, Tenant agrees that neither Manager nor its Affiliates shall have any liability whatsoever to Tenant
or any third-party for any (A) errors in the plans and specifications; (B) defects in the design of construction of the Managed Facility or installation of any building systems or FF&E therein; or (C) noncompliance with any
engineering and structural design standards or Applicable Laws. 
 20.4 Waivers. Except as set forth in
Section 18.3 of this Agreement, no failure or delay by a Party to insist upon the strict performance of any term of this Agreement, or to exercise any right or remedy consequent on a breach thereof, shall constitute a
waiver of any breach or any subsequent breach of such term. No waiver of any default shall alter this Agreement, but each and every term of this Agreement shall continue in full force and effect with respect to any other then existing or subsequent
breach. 
 20.5 Notices. All notices, consents, determinations, requests, approvals, demands, reports, objections, directions and
other communications required or permitted to be given under this Agreement shall be in writing and delivered by: (a) personal delivery; (b) overnight DHL, FedEx, UPS or other similar courier service; or (c) confirmed facsimile
transmission (provided that a copy of such facsimile transmission together with confirmation of such facsimile transmission is delivered to the addressee in the manner provided in clause (a) or (b) above by no
later than the second (2nd) Business Day following such transmission, addressed to the Parties at the addresses specified below, or at such other address as the Party to whom the notice is sent has designated in accordance with this
Section 20.5), and shall be deemed to have been received by the Party to whom such notice or other communication is sent upon (i) delivery to the address (or facsimile number) of the recipient Party; provided
that such delivery is made prior to 5:00 p.m. (local time for the recipient Party) on a Business Day, otherwise the following Business Day; or (ii) the attempted delivery of such Notice if such recipient Party refuses delivery, or such
recipient Party is no longer at such address (or facsimile number), and failed to provide the sending Party with its current address pursuant to this Section 20.5 (unless the sending Party had actual knowledge of such
current address). 

  
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Notwithstanding the foregoing, any notice or other communication delivered to a Party by email that is actually received by such Party (and for which such Party has sent an acknowledgement of
receipt by return email that was not automatically generated) shall be deemed to have been sufficiently given for purposes of this Agreement and shall be deemed to have been received at the time described in clause (i) above, as if such
notice had been delivered by one of the methods described in clauses (a) through (c) above. Notwithstanding anything to the contrary contained in this Agreement, if any documents or materials delivered under this Agreement
are delivered by email (with confirmation of receipt from the intended recipient that was not automatically generated), no additional copies of such documents or materials shall be required to be delivered. 

TENANT: 
 CEOC, LLC 

One Caesars Palace Drive 
 Las
Vegas, NV 89109 
 Attention: General Counsel 

Email: corplaw@caesars.com 

MANAGER: 
 Non-CPLV Manager, LLC 
 One Caesars Palace Drive 

Las Vegas, NV 89109 
 Attention:
General Counsel 
 Email: corplaw@caesars.com 

LANDLORD: 
 c/o VICI Properties
Inc. 
 8329 West Sunset Road, Suite 210 

Las Vegas, NV 89113 
 Attention:
General Counsel 
 Facsimile: corplaw@viciproperties.com 

LEASE GUARANTOR: 
 Caesars
Entertainment Corporation 
 One Caesars Palace Drive 

Las Vegas, NV 89109 

Attention: General Counsel 

Email: corplaw@caesars.com 

20.6 No Indirect Actions. Unless otherwise expressly stated, if a Party may not take an action under this Agreement, then it may not
take that action indirectly, or assist or support any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for the Party but is intended to have
substantially the same effects as the prohibited action. 

  
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 20.7 No Recordation. Neither this Agreement nor any memorandum hereof shall be recorded
against the Leased Property (including the Managed Facility), and Tenant is hereby granted a power of attorney (which power is coupled with an interest and shall be irrevocable) to execute and record on behalf of Manager a notice or memorandum
removing this Agreement or such memorandum of this Agreement from the public records or evidencing the termination hereof (as the case may be). 

20.8 Further Assurances. The Parties shall do and cause to be done all such acts, matters and things and shall execute and deliver all
such documents and instruments as shall be required to enable the Parties to perform their respective obligations under, and to give effect to the transactions contemplated by, this Agreement. 

20.9 Relationship of Certain Parties. 

20.9.1 Tenant and Manager acknowledge and agree that (a) the relationship between Tenant and Manager shall be that of principal (in the
case of Tenant) and agent (in the case of Manager), which relationship may not be terminated by Tenant except in strict accord with the termination provisions of this Agreement; (b) Manager shall have the authority to bind Tenant with respect
to third Persons to the extent Manager is performing its obligations under and consistent with this Agreement; (c) Manager’s agency established with Tenant is, and is intended to be, an agency coupled with an interest; and (d) this
Agreement does not create joint venturers, partners or joint tenants with respect to the Managed Facility. Tenant and Manager further acknowledge and agree that in Operating the Managed Facility, including entering into leases and contracts,
accepting reservations, and conducting financial transactions for the Managed Facility, (i) Manager assumes no independent contractual liability; and (ii) Manager shall have no obligation to extend its own credit with respect to any
obligation incurred in Operating the Managed Facility or performing its obligation under this Agreement. 
 20.9.2 Each of the Parties
agrees that nothing in this Agreement shall be construed as creating a partnership, joint venture, joint tenancy or similar relationship between any of the Parties. 

20.10 Force Majeure. Subject to the last sentence of this Section 20.10, in the event of a Force Majeure
Event, the obligations of the Parties and the time period for the performance of such obligations (other than an obligation to pay any amount hereunder) shall be extended for each day that such Party is prevented, hindered or delayed in such
performance during the period of such Force Majeure Event, except as expressly provided otherwise in this Agreement. Upon the occurrence of a Force Majeure Event, the affected Party shall give prompt notice of such Force Majeure Event to the other
Party. If Manager is unable to perform its obligations under this Agreement due to a Force Majeure Event, or Manager reasonably deems it necessary to close and cease the Operation of all or a portion of the Managed Facility due to a Force Majeure
Event in 

  
 102 

 
order to protect the Managed Facility or the health, safety or welfare of its guests or Managed Facility Personnel, then, subject to the provisions, terms and conditions of the Lease, Manager may
close or cease Operation of all or a portion of the Managed Facility for such time and in such manner as Manager reasonably deems necessary as a result of such Force Majeure Event, and reopen or recommence the Operation of the Managed Facility when
Manager again is able to perform its obligations under this Agreement, and determines that there is no unreasonable risk to the Managed Facility or health, safety or welfare or its guests or Managed Facility Personnel. Notwithstanding the foregoing,
for the avoidance of doubt, neither the occurrence of a Force Majeure Event nor the taking of any action by Manager in accordance with this Section 20.10 shall (i) result in the termination or derogation of Lease
Guarantor’s obligations in accordance with the terms of this Agreement in any respect, or (ii) without limiting Section 2.5 in any manner, be deemed to vitiate, limit or supersede any of the provisions, terms or
conditions of the Lease. 
 20.11 Terms of Other Management Agreements. Manager makes no representation or warranty that any past or
future forms of its management agreement do or will contain terms substantially similar to those contained in this Agreement. In addition, Tenant acknowledges and agrees that Manager may, due to local business conditions or otherwise, waive or
modify any comparable terms of other management agreements heretofore or hereafter entered into by Manager or its Affiliates; provided, however, for the avoidance of doubt, that nothing contained in this
Section 20.11 shall be deemed to vitiate, limit or supersede Manager’s obligation to manage the Operation of the Managed Facility in a Non-Discriminatory manner, in accordance
with the Operating Standard and subject to Manager’s Standard of Care. 
 20.12 Compliance with Law. Tenant and Manager shall
each exercise their respective rights, perform their respective obligations and take all other actions required or permitted to be taken by each of them hereunder in compliance with all Applicable Laws. 

20.13 Insurance Programs and Purchasing Arrangements Generally. The Parties hereby agree that Manager and its Affiliates shall
administer, implement and make available to Tenant and the Managed Facility, the Insurance Programs and any multi-party purchasing programs and arrangements contemplated hereunder on commercially reasonable terms and on a Non-Discriminatory basis and in such a manner that, in each case, there shall be no (i) mark-up, margin or other premium charged or otherwise passed through to Tenant in
connection therewith (except as may be payable to a third party), and (ii) duplication of any reimbursable expense otherwise payable by Tenant to Manager or its Affiliates. 

20.14 Execution of Agreement. This Agreement may be executed in counterparts, each of which when executed and delivered shall be deemed
an original, and such counterparts together shall constitute one and the same instrument. 
 20.15 Lease. Without limiting
Manager’s rights set forth in this Agreement, Tenant shall, (a) not terminate the Lease, (b) comply in all respects with its base rent 

  
 103 

 
payments, variable rent payments and all other payment obligations set forth in the Lease, (c) otherwise comply in all material respects with the terms and conditions of the Lease and
(d) not suffer an Assignment of Tenant’s interest in the Lease except pursuant to an Assignment permitted under the Lease that, except in the case of a Leasehold Foreclosure with MLSA Termination, is entered into concurrently with an
Assignment of Tenant’s interest in this Agreement that is otherwise permitted by this Agreement and which includes the Managed Facility. Tenant shall provide prompt written notice to Manager and Lease Guarantor of the receipt of any written
notice from Landlord (or any Landlord’s Lender) delivered pursuant to the Lease, including any notice of breach under the Lease or any termination notice delivered under the Lease, in each case including a copy of the relevant notice.
Notwithstanding anything to the contrary herein, this Section 20.15 is only for the benefit of Manager (and not Landlord). 

20.16 Omnibus Agreement; Services Co LLC Agreement. The Parties agree that any amendment, restatement, supplement or other modification
of the Omnibus Agreement or of the Services Co LLC Agreement made from or after the Commencement Date that is (i) by its own terms, not Non-Discriminatory as to the Managed Facility, (ii) not Non-Discriminatory to the Non-CPLV Managed Facilities and the Managed Facility, taken as a whole, (iii) reasonably likely to result in a level of service or quality of
Operation of the Managed Facility that does not meet the Operating Standard, or (iv) reasonably likely to materially and adversely affect the Managed Facility, shall, solely with respect to Tenant and the Managed Facility, be void and of no
effect, absent the express written consent of Landlord. For purposes of this Section 20.16, each of CLC and Services Co shall be a “Party”. 

ARTICLE XXI 
 NON-CONSENTED LEASE TERMINATION 
 21.1 Non-Consented Lease
Termination. The Parties agree that: 
 21.1.1 Notwithstanding anything contained herein to the contrary (and notwithstanding any
termination of this Agreement) (and without vitiating, limiting or superseding Section 1.3 hereof in any respect), in the event the Lease is terminated prior to the Stated Expiration Date, in whole or in part, for any
reason whatsoever (other than as a result of an Excluded Termination, solely to the extent that the express terms of the applicable provisions in respect of an Excluded Termination provide for the termination of the Lease in whole or in part, it
being understood, for the avoidance of doubt, that if the Lease is terminated in part as a result of an Excluded Termination, any subsequent termination of the Lease prior to the Stated Expiration Date, in whole or in part, shall continue to be
subject to the provisions of this Article XXI), other than expressly in writing by Landlord (including a termination of the Lease expressly in writing by Landlord due to a Tenant Lease Event of Default) or with the express written consent of
Landlord (in its sole and absolute discretion), including, without limitation, by a rejection in any bankruptcy, insolvency or dissolution proceedings (any of the foregoing, a “Non-Consented Lease
Termination”), then, unless either (i) Landlord (or, during the continuation of any event of default under any Landlord Financing, any Landlord’s 

  
 104 

 
Lender) shall expressly elect otherwise in writing and expressly consent (in its sole and absolute discretion) in writing to the termination of the Lease, or (ii) a New Lease is successfully
entered into in accordance with Section 17.1(f) of the Lease, and, in connection therewith, all applicable provisions of the Lease (including Section 22.2(i)(1) through (5) thereof shall have been complied with in all
respects), and, without limitation, if the provisions of Section 22.2(i)(1)(A) of the Lease have been complied with, a Replacement Guaranty is made by a Qualified Replacement Guarantor, then the following shall occur without expense or loss
of economic benefit to Landlord or any creditor under any Landlord Financing: 
 (i) Tenant (or its successors and assigns) shall transfer
all of Tenant’s assets and properties used in or related to the operation of the businesses operated on the Leased Property (including, without limitation, all Tenant’s Pledged Property (as defined in the Lease) and all rights and
obligations pursuant to licenses or applicable to any Intellectual Property), subject to all prior arrangements, including, without limitation, any Intellectual Property licenses or sublicenses, to a replacement Entity identified by Lease Guarantor
that is directly or indirectly owned and Controlled by Lease Guarantor or Tenant (or its successors and assigns) and that is approved by Landlord (such approval not to be unreasonably withheld) that will assume the rights and obligations of Tenant
under the Lease (such Entity, the “Replacement Tenant”), and the Replacement Tenant shall grant to Landlord a first priority lien on the relevant assets that constitute Tenant’s Pledged Property as provided in the Replacement
Lease (as defined below); 
 (ii) a new lease (the “Replacement Lease”) on terms identical to the Lease as in effect
immediately prior to such termination shall be entered into by Landlord with the Replacement Tenant for the remaining term of the Lease and the Replacement Tenant will grant Landlord a first priority lien as provided in such Replacement Lease on all
assets that constitute Tenant’s Pledged Property under such Replacement Lease (and Landlord will cooperate to effect such transfer, including in respect of all assets subject to a lien in favor of Landlord); 

(iii) to the extent not otherwise transferred pursuant to clause (i) above or otherwise provided by Manager, CEC and Services Co
shall replicate all prior arrangements with respect to management, sub-management, licensing, Intellectual Property and otherwise as contemplated by this Agreement and any other applicable Lease/MLSA Related
Agreements, and shall take any and all other steps necessary to provide for the continued management and operation of the Managed Facility as existed immediately prior to such termination; 

(iv) if Tenant (or its successors and assigns) has not transferred Tenant’s assets pursuant to Section 21.1.1(i), then, to the
extent Landlord determines (in its sole and absolute discretion) to exercise its rights as a secured creditor to foreclose upon Tenant’s Pledged Property, and following any such foreclosure Landlord becomes the owner of Tenant’s Pledged
Property, and the other Parties hereto have otherwise complied in all respects with this Article XXI, Landlord will, to the extent it is capable of doing so, transfer any such Tenant’s Pledged Property (or, if Landlord does not take
physical possession of any such Tenant’s Pledged Property, Landlord will assign any 

  
 105 

 
rights obtained by Landlord in any such Tenant’s Pledged Property) to the Replacement Tenant and, to the extent Landlord is not capable of doing so, Landlord shall transfer any products or
proceeds actually received by Landlord or any of its Affiliates in respect of such Tenant’s Pledged Property to the Replacement Tenant, in each case, for use in connection with the operation of the Leased Property, and the Replacement Tenant
shall grant to Landlord a first priority lien on the relevant assets that constitute Tenant’s Pledged Property as provided in the Replacement Lease; provided that Landlord’s rights and remedies as a secured creditor may be exercised
in the sole and absolute discretion of Landlord, and Landlord shall have no obligation to any Party to exercise such rights and remedies in any respect. 

21.1.2 Upon such occurrence of the foregoing clauses 21.1.1(i), (ii), (iii) and (iv) (collectively, the
“Replacement Structure”), (x) Lease Guarantor, Manager, Replacement Tenant and Landlord shall enter into a new management and lease support agreement on terms identical to this Agreement as in effect immediately prior to such
termination (and Lease Guarantor, Manager and their respective applicable Affiliates shall enter into any necessary associated sub-management, licensing and other applicable arrangements) (collectively, the
“Replacement MLSA”), it being understood that Replacement Tenant shall be the “Tenant” under the Replacement MLSA for all purposes, (y) the management rights and obligations of Manager and guaranty obligations and
liabilities of Lease Guarantor shall continue under such Replacement MLSA with respect to such Replacement Lease on terms identical to this Agreement as in effect immediately prior to such termination (it being understood, for the avoidance of
doubt, that, notwithstanding any such termination, Lease Guarantor shall be liable for any and all Guaranteed Obligations existing or arising under this Agreement prior to effectuation of the Replacement Structure and such Replacement MLSA on the
terms contemplated herein) and (z) upon the effectuation of the Replacement Structure and the execution and effectiveness of such Replacement MLSA, the termination of this Agreement under Section 16.2 (without a
Termination for Cause) and the Guarantee Release Date under this Agreement shall each be deemed to have occurred. 
 21.2 Termination of
MLSA or other Lease/MLSA Related Agreements. Notwithstanding anything in this Agreement or in any of the other Lease/MLSA Related Agreements to the contrary (and without vitiating, limiting or superseding any of
Section 1.3, Section 17.3.5.6, Section 17.4.5 or Section 21.1 hereof in any respect), in the event this Agreement or any of the other Lease/MLSA
Related Agreements (other than the Lease, which shall be subject to Section 21.1) (or any portion of any of them) is terminated, in whole or in part, for any reason whatsoever, including, without limitation, by a rejection
in any bankruptcy, insolvency or dissolution proceedings, other than as expressly permitted by Article XVI hereof (with respect to this Agreement) or the applicable provisions of such other Lease/MLSA Related Agreements (with respect to such
agreements), other than expressly in writing by or with the express written consent of Landlord, in its sole and absolute discretion, then, unless Landlord (or, during the continuation of any event of default under any Landlord Financing, any
Landlord’s Lender) shall expressly elect otherwise in writing and expressly consent in writing (in its sole and absolute discretion) to the termination of this Agreement, the Parties shall, without expense or loss of economic benefit to
Landlord or any creditor under any 

  
 106 

 
Landlord Financing, implement the Replacement Structure (or any applicable aspects thereof) described in Section 21.1 herein, as necessary to replicate all prior
arrangements with respect to management, sub-management, licensing, Intellectual Property and otherwise as contemplated by this Agreement and any other applicable Lease/MLSA Related Agreements, including the
guaranty obligations and liabilities of Lease Guarantor on terms identical to this Agreement as in effect immediately prior to such termination (it being understood, for the avoidance of doubt, that, notwithstanding any such termination of this
Agreement or any such other Lease/MLSA Related Agreement, Lease Guarantor shall be liable for any and all Guaranteed Obligations existing or arising prior to the effectuation of the Replacement Structure, or any applicable aspects thereof, and such
Replacement MLSA, as and to the extent set forth in Article XVII). 
 21.3 Replacement Structure Fails to Occur. If
(a) the Replacement Structure is required to be implemented pursuant to Section 21.1 or Section 21.2, (b) Landlord (or, during the continuation of an event of default under any Landlord
Financing, any Landlord’s Lender) has not expressly elected in writing (in its sole and absolute discretion) that the Replacement Structure shall not occur and (c) the Replacement Structure does not occur (other than as a direct and
proximate result of Landlord’s or, during the continuation of an event of default under any Landlord Financing, any Landlord’s Lender’s acts or failure to act in accordance with this Article XXI), then Lease Guarantor’s
Lease Guaranty shall not terminate or be released or reduced in any respect, and shall continue unabated, in full force and effect in accordance with the terms of this Agreement, notwithstanding any termination of this Agreement as a result of the Non-Consented Lease Termination. If Landlord (or, during the continuation of an event of default under any Landlord Financing, any Landlord’s Lender) elects in writing (in its sole and absolute discretion) that
the Replacement Structure shall not occur, or if the Replacement Structure does not occur as a direct and proximate result of Landlord’s acts or failure to act in accordance with this Article XXI, then Landlord and the creditors under
each Landlord Financing shall be deemed to have expressly consented to the termination of the Lease and/or this Agreement in writing (and the Guarantee Release Date under this Agreement shall be deemed to have occurred in accordance with
Section 17.3.5); provided that, notwithstanding any other provision herein, but subject to Section 21.1.1(iv), Landlord’s election to pursue or its pursuit of any right or remedy, or its failure to
pursue any right or remedy (in whole or in part), in respect of its interests in Tenant’s Pledged Property, shall in no event provide a direct or proximate cause of the Replacement Structure to not occur. 

21.4 Enforcement. Without limitation of any other rights and remedies of any Party under this Agreement, the Parties agree that
(i) Landlord shall have the right of specific performance to compel Lease Guarantor or its Affiliates, as applicable, to comply with this Article XXI, (ii) Lease Guarantor, Manager and Landlord shall have the right of specific
performance to compel Tenant (or its successors and assigns) to comply with this Article XXI, and (iii) if Tenant (or its successors and assigns) does not cooperate with the foregoing, Lease Guarantor and Manager shall have the right to
take such steps as they determine to be necessary to effect the Replacement Structure or as they shall determine to be comparable to such actions, including determining the ownership and identity of the Replacement Tenant (and including such other
actions as may be necessary in order to implement Section 21.2 hereof, as applicable), without regard to the interests of Tenant or its successors and assigns. 

  
 107 

 21.5 Survival. This Article XXI shall survive the expiration or termination of this
Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 108 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date and year first
above written. 
 LANDLORD: 
  

			
	 HARRAH’S JOLIET LANDCO LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ John Payne

		 	 Name: John Payne

		 	 Title:   President

 [Signatures continue on following pages] 

 
 [Signature Page to Management and Lease Support Agreement –
[Joliet]] 

 TENANT: 

DES PLAINES DEVELOPMENT LIMITED PARTNERSHIP, 
 a Delaware
limited partnership 
  

			
	 By:    
	 	 /s/ Randall Eisenberg

		 	 Name: Randall Eisenberg

		 	 Title: Chief Restructuring Officer

 [Signatures continue on following pages] 

 
 [Signature Page to Management and Lease Support Agreement –
[Joliet]] 

 JOLIET MANAGER, LLC, 

a Delaware limited liability company 
 By: Caesars Entertainment
Corporation 
 its sole member 
  

			
	By:    	 	 /s/ Eric Hession

		 	Name: Eric Hession
		 	Title: Treasurer

 CAESARS ENTERTAINMENT CORPORATION, 

a Delaware corporation 
  

			
	By:    	 	 /s/ Eric Hession

		 	Name: Eric Hession
		 	Title: Treasurer

 Solely for purposes of Article VII and Sections 2.4, 16.2,
16.3.4, 
 18.5.5, 18.7.3, 18.7.4, 18.7.5, 19.3, 20.2 and 20.16 

CAESARS LICENSE COMPANY, LLC, 
 a Nevada limited liability
company 
  

			
	 By:    
	 	 Caesars Entertainment Operating Company, Inc.,

		 	its sole member

  

			
	By:    	 	 /s/ Randall Eisenberg

		 	Name: Randall Eisenberg
		 	Title: Chief Restructuring Officer

 Solely for purposes of Section 20.16 and Article XXI 

CAESARS ENTERPRISE SERVICES, LLC, 
 a Delaware limited
liability company 
  

			
	By:    	 	 /s/ Eric Hession

		 	Name: Eric Hession
		 	Title: Chief Financial Officer

 [Signature Page to Management and Lease Support Agreement – [Joliet]] 

 CEOC hereby joins in, and has executed this Management and Lease Support Agreement (Joliet) (the
“MLSA”) for the purpose of guaranteeing: (a) eighty percent (80%) of the payment obligations of Tenant under the MLSA (including, without limitation, payment obligations with respect to damages arising from Tenant’s
failure to perform non-monetary obligations of Tenant under the MLSA); and (b) the performance of the non-monetary obligations of Tenant under the MLSA to the
extent Tenant is ordered by a court of competent jurisdiction to perform specific performance with respect to such non-monetary obligations. 

In connection with this joinder, CEOC hereby waives and agrees not to assert or take advantage of the following defenses: (i) any defense that may arise
by reason of the incapacity, lack of authority, death or disability of any person or entity, or revocation hereof by any person or entity, or the failure of Tenant to file or enforce a claim against the estate (either in administration, bankruptcy,
or any other proceeding) of any other person or entity; (ii) diligence, presentment, notice of acceptance, notice of dishonor, notice of presentment, or demand for payment of or performance of the obligations guaranteed under this joinder
(other than as required with respect to Tenant under the MLSA) and other suretyship defenses generally; (iii) any action required by any statute to be taken against Tenant; (iv) the dissolution or termination of the existence of Tenant;
(v) the voluntary or involuntary liquidation, sale, or other disposition of all or substantially all of the assets of Tenant; (vi) the voluntary or involuntary receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, assignment, composition, or readjustment of, or any similar proceeding affecting, Tenant or any of Tenant’s assets; (vii) any right of subrogation, indemnity or reimbursement against Tenant or any right to enforce any
remedy which Landlord may have against Tenant at any time during which a M/T Event of Default under and as defined in the MLSA has occurred and is continuing; (viii) any and all rights and defenses arising out of an election of remedies by
Landlord, even though that election of remedies might impair or destroy any right, if any, of CEOC of subrogation, indemnity or reimbursement against Landlord; (ix) any defense based upon Tenant’s failure to disclose to CEOC any
information concerning Tenant’s financial condition or any other circumstances bearing on Tenant’s ability to pay all sums payable under or in respect of the MLSA; and (x) any defense based upon any statute or rule of law which
provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal. 
 CEOC’s
liability under this joinder is primary, direct and unconditional and may be enforced in full or in part, from time to time, after nonpayment or nonperformance by Tenant of any of the obligations guaranteed hereunder, in each case without requiring
Landlord to resort to any other person or entity, including, without limitation, Tenant, or any other right, remedy or collateral. This joinder constitutes a guaranty of payment and performance and not of collection only. This joinder is a
continuing, absolute and unconditional guaranty of the obligations guaranteed hereunder, and liability hereunder shall in no way be affected or diminished by any renewal, extension, amendment or modification of the MLSA or any waiver of any of the
provisions hereof. CEOC agrees that any act which tolls any statute of limitations applicable to the MLSA shall similarly operate to toll the statute of limitations applicable to CEOC’s liability under this joinder. 

 CEOC’s obligations with respect to the payment and performance of the obligations guaranteed under this
joinder shall survive for so long as Tenant has any obligations to Landlord under the MLSA. 

 THIS JOINDER SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY PRINCIPLES
REGARDING CONFLICT OF LAWS. 
 ANY LITIGATION OR OTHER COURT PROCEEDING WITH RESPECT TO ANY MATTER ARISING FROM OR IN CONNECTION WITH THIS JOINDER SHALL BE
CONDUCTED IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURTS THERETO, OR IF FEDERAL JURISDICTION IS LACKING, THEN IN THE STATE COURTS OF NEW YORK STATE LOCATED IN NEW YORK COUNTY. THE PARTIES AGREE
THAT SERVICE OF PROCESS FOR PURPOSES OF ANY SUCH LITIGATION OR LEGAL PROCEEDING NEED NOT BE PERSONALLY SERVED WITHIN THE STATE OF NEW YORK, BUT MAY BE SERVED WITH THE SAME EFFECT AS IF THE PARTY IN QUESTION WERE SERVED WITHIN THE STATE OF NEW YORK,
BY GIVING NOTICE CONTAINING SUCH SERVICE TO THE INTENDED RECIPIENT (WITH COPIES TO COUNSEL) IN THE MANNER PROVIDED IN SECTION 20.5. 
 CEOC:

 CEOC, LLC, 
 a Delaware limited liability company (as successor-in-interest to Caesars Entertainment Operating Company, Inc.) 
  

					
	By:  	 	/s/ Eric Hession

					
		 	 Name: 
	 	 Eric Hession

					
		 	 Title: 
	 	 Treasurer

 EXHIBIT A 

TO MANAGEMENT LEASE AND SUPPORT AGREEMENT 

MANAGED FACILITY 

1. Harrah’s Joliet, Joliet, Illinois 

  
 A-1 

 EXHIBIT B 

TO MANAGEMENT LEASE AND SUPPORT AGREEMENT 

DEFINITIONS 

“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is
under common Control with the first Person; provided that, (i) with respect to Manager, “Affiliate” shall include CEC and its direct and indirect Controlled Subsidiaries (if Manager is a direct or indirect Controlled Subsidiary
of CEC) but shall not include any shareholder or director of CEC or of CEOC or any Affiliate of any such shareholder or director of CEC or CEOC (other than, as applicable, CEC and its direct or indirect Controlled Subsidiaries); (ii) with
respect to CEC, “Affiliate” shall include its direct and indirect Controlled Subsidiaries but shall not include any shareholder or director of CEC or any Affiliate of any such shareholder or director of CEC (other than CEC and its direct
or indirect Controlled Subsidiaries) and (iii) with respect to Tenant, “Affiliate” shall include its direct and indirect Controlled Subsidiaries and, if Tenant is a Controlled Subsidiary of CEC, CEC and its direct and indirect
Controlled Subsidiaries, but shall not include any shareholder or director of CEC or CEOC or any Affiliate of any such shareholder or director of CEC or CEOC (other than, if applicable, CEC and its direct or indirect Controlled Subsidiaries).
Notwithstanding the foregoing, (a) each Sponsor shall be considered an Affiliate of Lease Guarantor for so long as such Sponsor, (x) owns five percent (5%) or more of the equity interests of Lease Guarantor (either directly or through
Equity Equivalents and whether or not voting) or (y) individually or jointly with the other Sponsor, designates one or more directors to the Board of Directors of Lease Guarantor, at all times, (b) any Person in which any other Person, or
other Persons acting together as a group (within the meaning of the Exchange Act), individually or taken together, owns directly or indirectly, twenty five percent (25%) or more of the equity interests of such Person (either directly or through
Equity Equivalents and whether or not voting) shall be deemed to be controlled by such other Person or Persons acting together as a group; provided that, with respect to any shareholder or group of shareholders of Lease Guarantor other than a
Sponsor or an Affiliate of a Sponsor, such shareholders shall not be considered to control Lease Guarantor for purposes of this clause (b) solely by reason of such percentage ownership unless (i) such Person or group files a
Schedule 13D disclosing its ownership and, if applicable, status as a group and (ii) the Sponsors do not own more of the outstanding voting interests of the equity of Lease Guarantor than such Person or group and (c) any portfolio company
of a Sponsor that satisfies the criteria of an “Affiliate” set forth in this definition will be considered an Affiliate so long as the Sponsor is an Affiliate. For purposes of this Agreement, none of Tenant and its Controlled Subsidiaries,
Manager and its Controlled Subsidiaries and CEC and its Controlled Subsidiaries shall be considered Affiliates of Landlord. 

“Agreement” means this Management Lease and Support Agreement (Joliet) among Tenant, Manager, Lease Guarantor, Landlord and
CLC, including all Exhibits thereto, as amended, restated, supplemented or otherwise modified from time to time. 

  
 B-1 

 “Amenities Manager” shall have the meaning set forth in
Section 5.11. 
 “Annual Budget” shall have the meaning set forth in
Section 5.1.2. 
 “Applicable Law” means all (a) statutes, laws, rules, regulations,
ordinances, codes or other legal requirements of any federal, state or local Governmental Authority, board of fire underwriters and similar quasi-Governmental Authority, including any legal requirements under any Approvals, including Gaming
Regulations, in each case, applicable to the Managed Facility, and (b) judgments, injunctions, orders or other similar requirements of any court, administrative agency or other legal adjudicatory authority, in effect at the time in question and
in each case to the extent the Managed Facility or Person in question is subject to the same. Without limiting the generality of the foregoing, references to Applicable Law shall include any of the matters described in clause (a) or
(b) above relating to employees, protection of personal information, zoning, building, health, safety and environmental matters and accessibility of public facilities. 

“Approvals” means all licenses, permits, approvals, certificates and other authorizations granted or issued by any
Governmental Authority for the matter or item in question. 
 “Approved Counsel” means (a) at any time Tenant is a
Controlled Subsidiary of CEC and Manager is a wholly owned subsidiary of CEC, any counsel selected by Manager, (b) any counsel either mutually agreed upon by Tenant and Manager or (c) counsel set forth on a list of “Approved
Counsel” containing counsel by practice specialty that are mutually agreeable to Tenant and Manager, as such list may be updated by Tenant and Manager from time to time. 

“Approved Fairness Opinion Firm” means any of the following: 

 

	 	(a)	Citibank; 

  

	 	(b)	Credit Suisse; 

  

	 	(c)	Deutsche Bank; 

  

	 	(d)	Bank of America Merrill Lynch; 

  

	 	(e)	JPMorgan; 

  

	 	(f)	Goldman Sachs; 

  

	 	(g)	Morgan Stanley; 

  

	 	(h)	Barclays; 

  

	 	(i)	Houlihan Lokey; 

  
 B-2 

	 	(j)	Moelis; 

  

	 	(k)	Murray Devine; 

  

	 	(l)	Alix Partners; 

  

	 	(m)	Blackstone; 

  

	 	(n)	Lazard; 

  

	 	(o)	any Affiliate of the foregoing; and 

  

	 	(p)	any other accounting, appraisal or investment banking firm reasonably acceptable to Landlord. 

“Asset Sale” means any conveyance, sale, assignment, transfer, lease or other disposition of any assets in one transaction or
a series of related transactions (including any interest in any subsidiary) held directly by Lease Guarantor, excluding: 
  

	 	(a)	a disposition of cash or cash equivalents (it being understood that a disposition of cash or cash equivalents shall be subject to Sections 17.4.3 and 17.4.4, to the extent applicable thereto);

  

	 	(b)	a disposition of obsolete or damaged property or equipment or other assets no longer used or useful in the business (in one transaction or a series of related transactions), in each case in the ordinary course of
business and consistent with industry norm; 

  

	 	(c)	a disposition of any assets that are replaced with similar assets in the ordinary course of business and consistent with industry norm, which assets so disposed of in one transaction or a series of related transactions
have an aggregate Fair Market Value of less than $10,000,000; 

  

	 	(d)	any disposition in the ordinary course of business of assets of Lease Guarantor or issuance or sale of equity interests of any subsidiary of Lease Guarantor (in one transaction or a series of related transactions),
which assets or equity interests so disposed of or issued have an aggregate Fair Market Value of less than $10,000,000; 

  

	 	(e)	lease, license, easement, assignment, sublease or sublicense of any real or personal property, in each case in the ordinary course of business and consistent with industry norm; 

 

	 	(f)	any sale of inventory (in one transaction or a series of related transactions), in each case in the ordinary course of business and consistent with industry norm; 

  
 B-3 

	 	(g)	any grant (in one transaction or a series of related transactions) in the ordinary course of business and consistent with industry norm of any license of patents, trademarks,
know-how or any other intellectual property; 

  

	 	(h)	any swap of assets, or lease, assignment or sublease of any real or personal property, in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to
the business of Lease Guarantor and its subsidiaries as a whole, as determined in good faith by Lease Guarantor, in each case in the ordinary course of business or consistent with past practice or industry norm; 

 

	 	(i)	foreclosure or any similar involuntary lien enforcement action against Lease Guarantor with respect to any property or other asset of Lease Guarantor; 

 

	 	(j)	any disposition (in one transaction or a series of related transactions), in the ordinary course of business and consistent with industry norm, of receivables in connection with the compromise, settlement or collection
thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

  

	 	(k)	any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind, in each case in the ordinary course of business and consistent with industry
norm; or 

  

	 	(l)	any disposition by Lease Guarantor of any assets to a Controlled Subsidiary of Lease Guarantor (provided that such Controlled Subsidiary shall thereafter be prohibited from further disposing of such assets except
in compliance with this definition of “Asset Sale” and Section 17.4.1, as if such Controlled Subsidiary were Lease Guarantor). 

“Assignment” means any assignment, conveyance (including, without limitation, a Foreclosure by Leasehold Lender), delegation,
pledge or other transfer, in whole or in part, directly or indirectly by the applicable Party, of (a) this Agreement (or any other Lease/MLSA Related Agreement) or any direct or indirect interest therein, or (b) any rights, entitlements,
remedies, duties or obligations under this Agreement or any other Lease/MLSA Related Agreement to which the applicable Party is a party, in each case whether voluntary, involuntary, by operation of Applicable Law or otherwise (including as a result
of any divorce, Change of Control, bankruptcy, insolvency or dissolution proceedings, by declaration of or transfer in trust, or under a will or the laws of intestate succession). A Substantial Transfer by any one of CEC, Manager, Tenant or Lease
Guarantor shall, in each case, be deemed an Assignment by such Person. 
 “Assignment Documents” shall have the meaning set
forth in Section 11.1.3.2. 
 “Bank Accounts” shall have the meaning set forth in
Section 5.4.1. 

  
 B-4 

 “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. § 101,
et seq.), as amended, and any successor statute. 
 “Board of Directors of Lease Guarantor” means the board of directors of
Lease Guarantor, including the Independent Directors. 
 “Brands” shall mean the Trademarks listed on Exhibit F
attached hereto and reputation symbolized thereby. 
 “Building Capital Improvements” means all repairs, alterations,
improvements, renewals, replacements or additions of or to the structure or exterior façade of the Managed Facility, or to the mechanical, electrical, plumbing, HVAC (heating, ventilation and air conditioning), vertical transport and similar
components of the Managed Facility that are capitalized under GAAP and depreciated as real property, but expressly excluding ROI Capital Improvements. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that (i) is not a day on which national banks
in the City of Las Vegas, Nevada or in New York, New York are authorized, or obligated, by law or executive order, to close, and (ii) is not any other day that is not a “Business Day” as defined under an Other MLSA. 

“Business Information” means any information or compilation of information relating to a business, procedures, techniques,
methods, concepts, ideas, affairs, products, processes or services, including source code, information relating to distribution, marketing, merchandising, selling, research, development, manufacturing, purchasing, accounting, engineering, financing,
costs, pricing and pricing strategies and methods, customers, suppliers, creditors, employees, contractors, agents, consultants, plans, billing, needs of customers and products and services used by customers, all lists of suppliers, distributors and
customers and their addresses, prospects, sales calls, products, services, prices and the like, as well as any specifications, formulas, plans, drawings, accounts or sales records, sales brochures, catalogs, code books, manuals, trade secrets,
knowledge, know-how, operating costs, sales margins, methods of operations, invoices or statements and the like. 

“Business Interruption Event” shall have the meaning set forth in Section 14.1. 

“Business Interruption Insurance” means insurance coverage against “Business Interruption and Extra Expense” (as
that phrase is used within the United States insurance industry for application to transient lodging facilities). 
 “Caesars IP
Holder” means Services Co and its subsidiaries. 
 “Capital Budget” shall have the meaning set forth in
Section 5.1.1.2. 

  
 B-5 

 “Casualty” means any fire, flood or other act of God or casualty that results in
damage or destruction with respect to the Managed Facility or any portion thereof. 
 “Cause” shall have the meaning set
forth in the definition of “Terminated for Cause.” 
 “CEC” means Caesars Entertainment Corporation, a Delaware
corporation. 
 “Centralized Services” shall have the meaning set forth in Section 4.1. 

“Centralized Services Charges” shall have the meaning set forth in Section 4.1.1. 

“CEOC” means CEOC, LLC, a Delaware limited liability company, as successor by merger to Caesars Entertainment Operating
Company, Inc., a Delaware corporation. 
 “CERP” means Caesars Entertainment Resort Properties, LLC, a Delaware limited
liability company. 
 “Certified Financial Statements” shall have the meaning set forth in
Section 10.3. 
 “CES” shall have the meaning set forth in the Preamble hereto. 

“CGPH” means Caesars Growth Properties Holdings, LLC, a Delaware limited liability company. 

“Change of Control” means with respect to Manager, CEC or Tenant, the occurrence of any of the following: (a) the direct
or indirect sale, exchange or other transfer (other than by way of merger, consolidation or amalgamation), in one or a series of related transactions, of all or substantially all the assets of such Party and its subsidiaries, taken as a whole, to
one or more Persons; (b) an officer of such Party becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the consummation of any transaction or
series of related transactions (including, without limitation, any merger, consolidation or amalgamation), the result of which is that any “person” or “group” (as used in Section 13(d)(3) of the Exchange Act or any
successor provision) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act or any successor provision), directly or
indirectly, of more than fifty percent (50%) of the Voting Stock of such Party or other Voting Stock into which such Party’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of
securities or other ownership interests; (c) the occurrence of a “change of control”, “change in control” (or similar definition) as defined in any indenture, credit agreement or similar debt instrument under which such
Party is an issuer, a borrower or other obligor, in each case representing outstanding indebtedness in excess of One 

  
 B-6 

 
Hundred Million and No/100 Dollars ($100,000,000.00); or (d) such Party consolidates with, or merges or amalgamates with or into, any other Person (or any other Person consolidates with, or
merges or amalgamates with or into, such Party), in any such event pursuant to a transaction in which any of such Party’s outstanding Voting Stock or any of the Voting Stock of such other Person is converted into or exchanged for cash,
securities or other property, other than any such transaction where such Party’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, a majority of the outstanding Voting Stock of
the surviving Person or any direct or indirect Parent Entity of the surviving Person immediately after giving effect to such transaction measured by voting power rather than number of securities or other ownership interests. For purposes of the
foregoing definition: (x) a Party shall include any Parent Entity of such Party; (y) “Voting Stock” shall mean the securities or other ownership interests of any class or classes having general voting power under ordinary
circumstances, in the absence of contingencies, to elect the directors, managers or trustees (or other similar governing body) of a Person; and (z) “Parent Entity” shall mean, with respect to any Person, any corporation,
association, limited partnership, limited liability company or other entity which at the time of determination (i) owns or controls, directly or indirectly, more than fifty percent (50%) of the total voting power of shares of capital stock
(without regard to the occurrence of any contingency) entitled to vote in the election of directors, managers or trustees of such Person, (ii) owns or controls, directly or indirectly, more than fifty percent (50%) of the capital accounts,
distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, of such Person, whether in the form of membership, general, special or limited partnership interests or otherwise, or (iii) is
the controlling general partner of, or otherwise controls, such entity. Notwithstanding the foregoing: (A) the transfer of assets between or among a Party’s wholly owned subsidiaries and such Party shall not itself constitute a Change of
Control; (B) the term “Change of Control” shall not include a merger, consolidation or amalgamation of such Party with, or the sale, assignment, conveyance, transfer or other disposition of all or substantially all of such
Party’s assets to, an Affiliate of such Party (1) incorporated or organized solely for the purpose of reincorporating such Party in another jurisdiction, and (2) the owners of which and the number and type of securities or other
ownership interests in such Party, measured by voting power and number of securities or other ownership interests, owned by each of them immediately before and immediately following such transaction, are materially unchanged; (C) a
“person” or “group” shall not be deemed to have beneficial ownership of securities subject to a stock or asset purchase agreement, merger agreement or similar agreement (or voting or option or similar agreement related thereto)
prior to the consummation of the transactions contemplated by such agreement; (D) the Restructuring Transactions (as defined in the Indenture (as defined in the Lease)) and any transactions related thereto shall not constitute a Change of
Control; and (E) a transaction will not be deemed to involve a Change of Control in respect of a Party if (1) such Party becomes a direct or indirect wholly owned subsidiary of a holding company, and (2) the direct or indirect owners
of such holding company immediately following that transaction are the same as the owners of such Party immediately prior to that transaction and the number and type of securities or other ownership interests owned by each such direct and indirect
holder immediately following such transaction are materially unchanged from the number and type of securities or other ownership interests owned by such direct and indirect holder in such Party immediately prior to that transaction. 

  
 B-7 

 “Claims” means claims, demands, suits, criminal or civil actions or similar
proceedings that might be alleged by a third-party (including enforcement proceedings by any Governmental Authority) against any Indemnified Party, and all liabilities, damages, fines, penalties, costs or expenses (including reasonable
attorneys’ fees and expenses and other reasonable costs for defense, settlement and appeal) that any Indemnified Party might incur, become responsible for, or pay out for any reason, related to this Agreement or the development, construction,
ownership or other Operation of the Managed Facility, or otherwise. 
 “CLC” shall have the meaning set forth in the
Preamble hereto. 
 “Commencement Date” means the date hereof. 

“Complimentaries” means any goods or services provided to customers free of charge, at a discounted rate or in the form of a
rebate or credit. Such goods or services may include, for example, rooms, food and beverage, spa services and retail merchandise. Complimentaries may be provided to customers pursuant to a discretionary incentive program, targeted to either past,
current or potential customers and may or may not be related to the customer’s level of past play so long as the same are provided on substantially the same basis as provided at Other Managed Facilities and Other Managed Resorts, and, in all
events, in a Non-Discriminatory manner. Conversely, Complimentaries may be provided to customers pursuant to a nondiscretionary incentive program, such as a loyalty program, whereby the customer has earned the
Complimentaries based on the customer’s level of past play. 
 “Condemnation” shall have the meaning set forth in the
Lease. 
 “Consultation with Tenant” means engaging in periodic discussions with Tenant at Tenant’s reasonable request
and considering in good faith Tenant’s positions with respect to the matter discussed. 
 “Content” shall have the
meaning set forth in Section 9.1.3. 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise. “Controls”, “Controlled” and
“Controlling” and “under common Control with” shall have correlative meanings to “Control”. 

“Controlled Subsidiary” means, with respect to any Person (referred to in this definition as the “parent”), any
corporation, limited liability company, partnership, association or other business entity (a) of which securities or other ownership interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the
ordinary voting power or more than fifty percent (50%) of the general partnership interests or managing membership interests are, at the time any determination is being 

  
 B-8 

 
made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled by the parent or one or more subsidiaries of the parent
or by the parent and one or more subsidiaries of the parent. 
 “Corporate Personnel” means any personnel from the
corporate or divisional offices of Manager or its Affiliates, who perform activities or services at or on behalf of the Managed Facility in connection with the services provided by Manager under this Agreement. 

“CPLV Managed Facility” means “Managed Facility” under the CPLV MLSA. 

“CPLV MLSA” means that certain Management and Lease Support Agreement (CPLV), dated as of the date hereof, by and among
Desert Palace LLC, Caesars Entertainment Operating Company, Inc., CEOC, Lease Guarantor, CPLV Manager, LLC, CPLV Property Owner LLC, and the other parties thereto, as amended, restated, supplemented or otherwise modified from time to time. 

“CPLV Tenant” means “Tenant” under the CPLV MLSA. 

“Default Claim” shall have the meaning set forth in Section 18.2.1.2. 

“Derivative Work” means (i) an enhancement, improvement or modification with respect to any Intellectual Property, or
(ii) the meaning ascribed to it under the United States Copyright statute, 18 U.S.C. sec. 101 or equivalent provisions in other legislation (if any) applicable to the copyrighted work in question. 

“Design Guidance” means the design guidance applicable to the Brands, regarding requirements for the design, architecture and
construction of Other Managed Resorts. 
 “Designated Accountant” means an independent accounting firm designated by
Manager and approved by Tenant that is an Accountant (as such term is defined in the Lease); provided that Tenant shall not withhold its approval of one of the “Big Four” accounting firms. 

“Entity” means a partnership, a corporation, a limited liability company, a Governmental Authority, a trust, an
unincorporated organization or any other legal entity of any kind. 
 “Equity Equivalents” means (w) all warrants and
options (including any contingent purchase, convertible debt, exchangeable shares, put, or stock subject to forfeiture), whether or not presently convertible, exchangeable or exercisable, (x) other agreements to directly or indirectly purchase
(regardless of whether it is contingent or otherwise not currently exercisable), subscribe for or otherwise acquire any interest in any equity or any other Equity Equivalents referred to in clause (w) or (y), whether or not
presently convertible, exchangeable or exercisable, (y) any other equity interest reportable or disclosable on Schedule 13D and (z) similar equity-like interests. 

  
 B-9 

 “Event of Default” means a Tenant MLSA Event of Default, Manager Event of
Default, Lease Guarantor Event of Default or M/T Event of Default, as applicable. 
 “Excluded Termination” means a
termination of the Lease, in whole or in part, as applicable, in accordance with the express terms of Section 1.5 of the Lease, Section 14.2 of the Lease (in connection with certain casualty events occurring during the final two
(2) years of the term of the Lease) or Section 15.1 of the Lease (in connection with certain occurrences of Condemnation or Taking). 

“Expert” shall have the meaning set forth in Section 18.2. 

“Expert Resolution” shall have the meaning set forth in Section 18.2. 

“Fair Market Value” means, with respect to any asset or property, the price or other cash consideration which could be
negotiated in an arm’s-length transaction, for cash, between willing and able participants neither of whom is under undue pressure or compulsion to complete the transaction and assuming that both are
acting prudently and knowledgably in a competitive open market, that price is not affected by undue stimulus, and neither party is paying any broker a commission in connection with the transaction. 

“FF&E” means furniture, furnishings, fixtures, inventory, and equipment (including video lottery terminal machines and
other Gaming and Gaming related equipment), interior and exterior signs, as well as other improvements and personal property used in the Operation of the Managed Facility that are not Supplies. 

“Force Majeure Event” means any events or circumstances to the extent they (i) are not caused or fomented by Manager or
its Affiliates and (ii) materially and adversely affect the operations or financial performance of the Managed Facility beyond the reasonable control of Manager, including the following: (a) Casualty or Condemnation or Taking;
(b) storm, earthquake, hurricane, tornado, flood or other act of God; (c) war, act of terrorism, insurrection, rebellion, riots or other civil unrest; (d) epidemics, quarantine restrictions or other public health restrictions or
advisories; (e) strikes or lockouts or other labor interruptions; (f) disruption to local, national or international transport services; (g) embargoes, lack of materials or services such as water, power or telephone transmissions
necessary for the Operation of the Managed Facility in accordance with this Agreement; (h) failure of any applicable Governmental Authority to issue any Approvals, or the suspension, termination or revocation of any material Approvals, required
for the Operation of the Managed Facility; provided that the same was not caused by an Event of Default on the part of the Party or any Affiliate of such Party claiming the occurrence of a Force Majeure Event (it being understood that for the
purpose of this definition, Tenant and its Controlled Subsidiaries (for so long as Tenant is a Controlled Subsidiary of CEC) and Manager and its Controlled Subsidiaries (for so long as Manager is a wholly owned subsidiary of CEC) shall be deemed
Affiliates, if otherwise satisfying the definition of Affiliate); and (i) a change in Gaming Regulations or other action by any Governmental Authority which results in the disruption, suspension or cessation of Gaming activities in the Gaming
industry generally (on a local, regional, state or federal basis). 

  
 B-10 

 “Foreclosure by Leasehold Lender” means any sale, disposition, conveyance,
foreclosure of a leasehold mortgage or security interest or similar transaction, assignment in lieu of foreclosure, appointment of a receiver or other transfer, in each case of any right, title or interest of Tenant in the Lease and/or the Leased
Property (or any direct or indirect Ownership Interests of Tenant) and in each case in connection with (i) an event of default under a Leasehold Financing with a Leasehold Lender (which event of default may or may not, for the avoidance of
doubt, also constitute a Tenant Lease Event of Default) and (ii) the exercise of Leasehold Lender’s remedies thereunder, whether with the consent of Tenant, involuntary, by operation or law or otherwise (including as a result of any
bankruptcy, insolvency or dissolution proceedings or by declaration of or transfer in trust) or whether pursuant to a transfer of the assets of Tenant or of the Transfer of Ownership Interests of Tenant. 

“Funds Request” shall have the meaning set forth in Section 5.5.2. 

“GAAP” means those conventions, rules, procedures and practices, consistently applied, affecting all aspects of recording and
reporting financial transactions which are generally accepted by major independent accounting firms in the United States at the time in question. Any financial or accounting terms not otherwise defined herein shall be construed and applied according
to GAAP. 
 “Gaming” has the meaning provided in the Lease. 

“Gaming Authorities” means any Governmental Authority regulating Gaming or related activities. 

“Gaming License” has the meaning provided in the Lease. 

“Gaming Regulations” has the meaning provided in the Lease. 

“Governmental Authority” means any foreign, federal, state or local governmental entity or authority, or any department,
commission, board, bureau, agency, court or instrumentality thereof. 
 “Guaranteed Obligations” shall have the meaning set
forth in Section 17.1. 
 “Guaranty Covenant Termination Date” shall mean the earlier of
(i) the date upon which all of the Guaranteed Obligations shall have been irrevocably paid and satisfied in full in cash and (ii) only in the event that a Guaranty Release Date has occurred pursuant to
Section 17.3.5, the date on which there shall have been finally determined, and irrevocably paid and satisfied in full in cash, all Guaranteed Obligations with respect to which, prior to the date that is twelve
(12) months after the occurrence of such Guaranty Release Date, Landlord has either made claims in accordance with this Agreement to, or otherwise demanded payment in accordance with this Agreement from, Lease Guarantor. 

  
 B-11 

 “Guaranty Release Date” shall have the meaning set forth in
Section 17.3.5. 
 “Guaranty Termination Obligations” shall mean the sum, without duplication, of
(i) the aggregate amount of any outstanding Guaranteed Obligations that are due and payable as of the Guaranty Release Date, (ii) the aggregate amount of any Guaranteed Obligations to which Landlord is (or may become) entitled in respect
of any period prior to the Guaranty Release Date that are not covered under clause (i), and (iii) the aggregate amount of any damages to which Landlord is or may become entitled under and in accordance with the terms of the Lease due to
or arising out of any termination of the Lease that occurs on or prior to the Guaranty Release Date (it being understood that in the case of clauses (ii) through (iii), the full extent of such Guaranteed Obligations may not be
known or demanded by Landlord as of the effective date of any such termination of the Lease). For purposes of this definition, the term “Guaranteed Obligations” shall not include Guaranteed Obligations described in clause
(ii) of the definition of “Guaranteed Obligations” set forth in Section 17.1 hereof. 

“Guest Data” means any and all information and data identifying, describing, concerning or generated by prospective, actual
or past guests, family members, website visitors and customers of casinos, hotels, retail locations, restaurants, bars, spas, entertainment venues, or other facilities or services, including without limitation any and all guest or customer profiles,
contact information (e.g., addresses, phone numbers, facsimile numbers and email addresses), histories, preferences, game play and patronage patterns, experiences, results and demographic information, whether or not any of the foregoing constitutes
personally identifiable information, together with any and all other guest or customer information in any database of Manager, Tenant, Services Co or any of their respective Affiliates, regardless of the source or location thereof, and including
without limitation such information obtained or derived by Manager, Tenant, Services Co or any of their respective Affiliates from: (i) guests or customers of the Managed Facility (for the avoidance of doubt, including Property Specific Guest
Data); (ii) guests or customers of any Other Facility (as defined in the Lease) (including any condominium or interval ownership properties) owned, leased, operated, licensed or franchised by Tenant or any of its Affiliates, or any facility
associated with any such Other Facility (including restaurants, golf courses and spas); or (iii) any other sources or databases, including websites, central reservations databases, operational data base (ODS) and any player loyalty programs
(e.g., the Total Rewards Program). 
 “Indemnified Party” means any Tenant Indemnified Party or Manager Indemnified Party
entitled to receive indemnification pursuant to this Agreement. 
 “Indemnifying Party” means any Party obligated to
indemnify an Indemnified Party pursuant to this Agreement. 

  
 B-12 

 “Independent Director” means a member of the board of directors of Lease
Guarantor who is “independent” under NASDAQ listing rules. 
 “Index” means the Consumer Price Index for the West
Region, as published by the Department of Statistics of the US Bureau of Labor, using the period October/November 1995 as a base of one hundred (100), or if such index is discontinued, the most comparable index published by any United States
governmental agency, as acceptable to Tenant and Manager. 
 “Individual” means a natural person, whether acting for
himself or herself, or in a representative capacity. 
 “Initial Expert” shall have the meaning set forth in
Section 18.2.1.1. 
 “Initial Term” shall have the meaning set forth in
Section 2.4.1. 
 “Insurance Costs” means all insurance premiums or other costs paid for any
insurance policies maintained by Tenant with respect to the Managed Facility. 
 “Insurance Program” means the insurance
program of Affiliates of Manager that are provided to the Other Managed Facilities and Other Managed Resorts. 
 “Insurance
Requirements” means at any time, the minimum coverage, limits, deductibles and other requirements required by Manager, which such Insurance Requirements shall be not less than the insurance required pursuant to the Lease at such time. 

“Intellectual Property” or “IP” means all rights in, to and under any of the following, as they exist
anywhere in the world, whether registered or unregistered: (i) all patents and applications therefor and all reissues, divisions, divisionals, renewals, extensions, provisionals, continuations and continuations-in-part thereof, and all patents, applications, documents and filings claiming priority to or serving as a basis for priority thereof, (ii) all inventions (whether or not patentable),
invention disclosures, improvements, Business Information, Confidential Information, Software, formulas, drawings, research and development, business and marketing plans and proposals, tangible and intangible proprietary information, and all
documentation relating to any of the foregoing, (iii) all copyrights, works of authorship, copyrightable works, copyright registrations and applications therefor, and all other rights corresponding thereto, (iv) all industrial designs and
any registrations and applications therefor, (v) all trademarks, service marks, trade dress, logos, trade names, assumed names and corporate names, Internet domain names and other numbers, together with all translations, adaptations,
derivations and combinations thereof and including all goodwill associated therewith, and all applications, registrations and renewals in connection therewith (“Trademarks”), (vi) all databases and data collections (including all
Guest Data) and all rights therein, (vii) all moral and economic rights of authors and inventors, however denominated, (viii) all Internet addresses, sites and domain names, numbers, and social media user names and accounts, (ix) any
other similar intellectual property and proprietary rights of any kind, nature or description; and (x) any copies of tangible embodiments thereof (in whatever form or medium). 

  
 B-13 

 “Intercreditor Agreement” shall have the meaning set forth in the Lease. 

“Joliet Partner” means Des Plaines Development Holdings, LLC. 

“Landlord Confidential Information” means confidential or proprietary information relating to Landlord’s or any of its
Affiliates’ businesses that derives value, actual or potential, from not being generally known to others specifically designated by Landlord in writing as confidential or proprietary to which Manager and Tenant obtain access by virtue of the
relationship between the Parties. 
 “Landlord Financing” means any debt financing or refinancing of Landlord or any
Affiliate thereof that relates or applies to, in whole or in part, Landlord’s interest in the Lease, this Agreement and/or the Leased Property, or revenues therefrom (or any portion thereof), including debt financing or refinancing secured (in
whole or in part) by security interest in Landlord’s interest in the Lease, this Agreement and/or the Leased Property. 

“Landlord Financing Documents” means all loan agreements, bond indentures, promissory notes, mortgages, deeds of trust,
security agreements, guarantees and other documents and instruments (including all amendments, modifications, side letter and similar ancillary agreements) relating to any Landlord Financing. 

“Landlord’s Lender” means any “Fee Mortgagee” under the Lease. 

“Landlord Mortgage” means any “Fee Mortgage” under the Lease. 

“Landlord Prohibited Person” shall mean any Person that, in the capacity it is proposed to be acting (but not in any other
capacity), is more likely than not to jeopardize Landlord’s or any of its Affiliates’ ability to hold a Gaming License or to be associated with a Gaming licensee under any applicable Gaming Regulations (other than any Gaming Authority
established by any Native American tribe). 
 “Lease” shall have the meaning set forth in the Recitals hereto. 

“Lease/Debt Guaranty Collateral” shall have the meaning set forth in Section 17.4.5.1. 

“Lease Foreclosure Transaction” shall have the meaning set forth in the Lease. 

“Lease Guarantor Event of Default” shall have the meaning set forth in Section 16.1.3. 

“Lease Guarantor Prohibited Person” shall mean any Person that: (a) is (or is owned or controlled by a Person that is)
generally recognized in the community as 

  
 B-14 

 
being a Person of ill repute or who has or is reasonably believed to have an adverse reputation or character, in either case which is more likely than not to (i) have a material adverse
effect on Lease Guarantor or any of its Affiliates or (ii) make such Person unsuitable under Applicable Law to hold a Gaming License or to be associated with a Gaming licensee or otherwise jeopardizes any of the Gaming Licenses of Lease
Guarantor or any of its Affiliates; or (b) is otherwise more likely than not to jeopardize Lease Guarantor’s or any of its Affiliate’s ability to hold a Gaming License or to be associated with a Gaming licensee under any applicable
Gaming Regulations (other than any Gaming Authority established by any Native American tribe). 
 “Lease Guaranty” shall
mean all of the provisions, terms and conditions of this Agreement pertaining to (x) obligations and liabilities of Lease Guarantor with respect to the Guaranteed Obligations, including the provisions, terms and conditions of Article
XVII hereof, and (y) without limitation of the preceding clause (x), Landlord’s rights and remedies in connection with any Lease Guarantor Event of Default, including the provisions, terms and conditions of
Section 16.1.3 and Section 16.1.5.3, it being understood, for the avoidance of doubt, that all such provisions, terms and conditions of this Agreement are for the express benefit of Landlord. 

“Lease Guaranty Claim” shall have the meaning set forth in Section 17.2.1. 

“Lease Guaranty Security Interest” shall have the meaning set forth in Section 17.4.5.1. 

“Lease Initial Term” means the “Initial Term” under (and as defined in and subject to the terms of) the Lease. 

“Lease Insurance Requirements” shall have the meaning set forth in Section 12.1.1.1. 

“Lease/MLSA Related Agreements” means, collectively, the Lease, this Agreement, the Transition Services Agreement, and the
Intercreditor Agreement. 
 “Lease Renewal Term” means any “Renewal Term” under (and as defined in and subject to
the terms of) the Lease that becomes effective under the Lease in accordance with its terms. 
 “Leased Property” shall
have the meaning set forth in the Lease. 
 “Leasehold Financing” means any debt financing or refinancing obtained by
Tenant or Tenant’s Affiliates that relates or applies to, in whole or in part, the Lease and/or the Leased Property or revenues therefrom (or any portion thereof), including debt financing secured (in whole or in part) by a Leasehold Mortgage
or Security Interest in Tenant’s leasehold interest under the Lease. 
 “Leasehold Financing Documents” means all loan
agreements, security agreements, pledge agreements, bond indentures, promissory notes, Leasehold 

  
 B-15 

 
Mortgages, guarantees and other documents and instruments (including all amendments, modifications, side letter and similar ancillary agreements) relating to any Leasehold Financing. 

“Leasehold Foreclosure with MLSA Assumption” shall mean the Foreclosure by Leasehold Lender and (in the case of a direct
assignment) the assumption by such Leasehold Lender or its permitted designee of this Agreement, made in compliance with Section 11.1 and Article XIII of this Agreement and the applicable
provisions of the Lease, including, without limitation, Section 22.2(i) of the Lease. Without limitation, a Leasehold Foreclosure with MLSA Assumption shall not become effective hereunder until Leasehold Lender (or such designee) shall have
complied in all respects with (i) the conditions set forth in Section 11.1.3 of this Agreement, including the execution and delivery of the Tenant Assumption Agreement, and (ii) the applicable provisions of
Section 22.2(i) of the Lease. 
 “Leasehold Foreclosure with MLSA Termination” shall mean the termination of this
Agreement and all of Manager’s and Lease Guarantor’s obligations hereunder in connection with a Foreclosure by Leasehold Lender that is made in compliance in all respects with Article XIII of this Agreement and
the applicable provisions of the Lease, including, without limitation, Section 22.2(i) of the Lease. Without limitation, a Leasehold Foreclosure with MLSA Termination shall not become effective hereunder until Leasehold Lender shall have
complied with the applicable provisions of Section 22.2(i) of the Lease. 
 “Leasehold Lender” means any
“Permitted Leasehold Mortgagee” under the Lease. 
 “Leasehold Mortgage” means any “Permitted Leasehold
Mortgage” under the Lease. 
 “Licensing Event” means: 

(a) with respect to Tenant, (i) a communication (whether oral or in writing) by or from any Gaming Authority to Manager or any of its
Affiliates (a “Manager Party”) or to a member of the Subject Group or other action by any Gaming Authority that indicates that such Gaming Authority may find that the association of any member of the Subject Group with any Manager
Party is likely to (A) result in a disciplinary action relating to, or the loss of, inability to reinstate or failure to obtain, any Gaming License or any other material rights or entitlements held or required to be held by any Manager Party
under any Gaming Regulations or (B) violate any Gaming Regulations to which a Manager Party is subject; or (ii) any member of the Subject Group is required to be licensed, registered, qualified or found suitable under any Gaming
Regulations, and such Person is not or does not remain so licensed, registered, qualified or found suitable or, after becoming so licensed, registered, qualified or found suitable, fails to remain so; and 

  
 B-16 

 (b) with respect to Manager, (i) a communication (whether oral or in writing) by or from any
Gaming Authority to a member of the Subject Group or a Manager Party or other action by any Gaming Authority that indicates that such Gaming Authority may find that the association of any Manager Party with any member of the Subject Group party is
likely to (A) result in a disciplinary action relating to, or the loss of, inability to reinstate or failure to obtain, any Gaming License or any other material rights or entitlements held or required to be held by any member of the Subject
Group under any Gaming Regulations or (B) violate any Gaming Regulations to which a member of the Subject Group is subject; or (ii) any Manager Party is required to be licensed, registered, qualified or found suitable under any Gaming
Regulations, and such Manager Party is not or does not remain so licensed, registered, qualified or found suitable or, after becoming so licensed, registered, qualified or found suitable, fails to remain so. 

For purposes of this definition, an “Affiliate” of Manager includes any Person for which Manager or its Affiliate is providing management services
(other than Tenant and its subsidiaries). 
 “M/T Event of Default” shall have the meaning set forth in
Section 16.1.4. 
 “Managed Facility” shall have the meaning set forth in the Recitals hereto.

 “Managed Facilities IP” means any and all Intellectual Property owned by or licensed to Caesars IP Holder, Tenant or its
subsidiaries that is necessary for the Operation or Management of the Managed Facility, including, without limitation, any Property Specific Guest Data and Guest Data, the Brands, the Trademarks included in Exhibit E
attached hereto, and the Property Specific IP. 
 “Managed Facility Personnel” means all Individuals employed by Tenant or
its subsidiaries and performing services on a part-time or full-time basis at the Managed Facility during the Term (including any Senior Executive Personnel), regardless of the specific titles given to such Individuals. 

“Managed Facility Personnel Costs” means all cash costs and expenses associated with the employment or termination of Managed
Facility Personnel (including the Senior Executive Personnel), including recruitment expenses, the costs of moving executive level Managed Facility Personnel, their families and their belongings to the area in which the Managed Facility is located
at the commencement of their employment at the Managed Facility, compensation and benefits (including the costs of any equity based benefits at the time the economic cost is realized by Manager or its Affiliates (e.g., exercise rather than grant,
repurchase, cash-out, etc.); provided that, if a portion of such benefits were awarded in connection with services performed at another facility owned or operated by Manager or its Affiliates, the
Managed Facility Personnel Costs shall only include the portion of such costs which are related to such Managed Facility Personnel’s employment on behalf of the Managed Facility and such proportional amount shall be

  
 B-17 

 
included in Managed Facility Personnel Costs regardless of whether the cost of such equity based benefits are realized while the applicable Managed Facility Personnel is employed on behalf of the
Managed Facility or is employed at another facility owned or operated by Manager or its Affiliates), employment Taxes, training and severance payments, all in accordance with Applicable Laws, Manager’s policies for Other Managed Facilities and
Other Managed Resorts and such other policies as may be established pursuant to this Agreement. 
 “Management Account”
shall have the meaning set forth in Section 5.4.1.3. 
 “Manager” shall mean Joliet Manager, LLC,
a Delaware limited liability company, or its successors or permitted assigns (including any trustee appointed over its assets). 

“Manager Assumption Document” shall have the meaning set forth in Section 11.2.2. 

“Manager Confidential Information” means confidential or proprietary information relating to Manager’s or any of its
Affiliates’ (other than Tenant’s) businesses that derives value, actual or potential, from not being generally known to others, including all Proprietary Information and Systems, proprietary Manuals, confidential fees and confidential
terms of all Centralized Services and any confidential or proprietary documents and information specifically designated by Manager in writing as confidential or proprietary to which Tenant and Landlord obtain access solely by virtue of the
relationship between the Parties; provided that “Manager Confidential Information” shall not include Property Specific Guest Data or Guest Data or any information that Tenant independently possesses solely in its capacity as a
member of Services Co. 
 “Manager Event of Default” has the meaning set forth in Section 16.1.2.

 “Manager Indemnified Parties” shall have the meaning set forth in Section 12.3.1. 

“Manager Prohibited Person” shall mean any Person that: (a) is (or is owned or controlled by a Person that is) generally
recognized in the community as being a Person of ill repute or who has or is reasonably believed to have an adverse reputation or character, in either case which is more likely than not to (i) have a material adverse effect on Manager or any of
its Affiliates or (ii) make such Person unsuitable under Applicable Law to hold a Gaming License or to be associated with a Gaming licensee or otherwise jeopardizes any of the Gaming Licenses of Manager or any of its Affiliates; or (b) is
otherwise more likely than not to jeopardize Manager’s or any of its Affiliate’s ability to hold a Gaming License or to be associated with a Gaming licensee under any applicable Gaming Regulations (other than any Gaming Authority
established by any Native American tribe). 

  
 B-18 

 “Manager’s Designated Financial Officer” shall mean the highest level
financial officer among the Senior Executive Personnel. 
 “Manager’s Standard of Care” shall have the meaning set
forth in Section 2.1.2. 
 “Manager’s System Policies” shall have the meaning set forth in
Section 2.1.3. 
 “Manuals” means all written, digitized, computerized or electronically
formatted manuals and other documents and materials prepared and used by Manager for other Managed Resorts as instructions, requirements, guidance or policy statements with respect to Manager’s Other Managed Resorts, which are loaned or
otherwise made available to Tenant. 
 “Monetary Tenant Default” shall have the meaning set forth in
Section 17.2.1. 
 “Monthly Debt Service Schedule” shall have the meaning set forth in
Section 5.4.6. 
 “Monthly Report” shall have the meaning set forth in
Section 10.2. 
 “New Lease” shall have the meaning set forth in the Lease. 

“Non-Consented Lease Termination” shall have the meaning set forth in
Section 21.1.1. 
 “Non-Core Tenant Competitor” means a
Person that is engaged or is an Affiliate of a Person that is engaged in the ownership or operation of a Gaming business so long as (i) such Person’s consolidated annual gross gaming revenues do not exceed Five Hundred Million and No/100
Dollars ($500,000,000.00) (which amount shall be increased by the Escalator on the first (1st) day of each Lease Year, commencing with the second
(2nd) Lease Year) and (ii) such Person does not, directly or indirectly, own or operate a Gaming Facility within thirty (30) miles of a Gaming Facility directly or indirectly owned or
operated by CEC. For purposes of the foregoing, (a) ownership of the real estate and improvements where a Gaming business is conducted, without ownership of the Gaming business itself, shall not be deemed to constitute the ownership of a Gaming
business and (b) the terms “Affiliate,” “Escalator,” “Lease Year,” “Gaming Facility” and “Person” shall each have the meaning given thereto in the Lease. 

“Non-CPLV Landlord” means “Landlord” under the Non-CPLV MLSA. 

“Non-CPLV Lease” means that certain Lease
(Non-CPLV), dated as of the date hereof, by and between various Affiliates of Landlord, as “Landlord”, and various Affiliates of Tenant, as “Tenant”, as amended, restated, supplemented or
otherwise modified from time to time. 
 “Non-CPLV Managed Facilities” means
“Managed Facilities” under the Non-CPLV MLSA. 

  
 B-19 

 “Non-CPLV MLSA” means that certain
Management and Lease Support Agreement (Non-CPLV), dated as of the date hereof, by and among Lease Guarantor, Non-CPLV Manager, LLC, Non-CPLV Tenant, Non-CPLV Landlord,
and the other parties thereto, as amended, restated, supplemented or otherwise modified from time to time. 
 “Non-CPLV Tenant” means “Tenant” under the Non-CPLV MLSA. 

“Non-Discriminatory” means consistent, commercially reasonable, fair treatment of all
Persons regardless of the ownership, control or affiliations of any such Persons (i) subject to the same or substantially similar policies and procedures, including policies and procedures related to the standards of service and quality
required to be provided by such Persons or (ii) participating jointly in the same transactions or relationships or participating in separate, but substantially similar, transactions or relationships for the procurement of goods or services, in
each case, including, without limitation, the unbiased and consistent allocation of costs, expenses, savings and benefits of any such policies, procedures, relationships or transactions on the basis of a fair and equitable methodology;
provided, however, that goods and services shall not be required to be provided in a manner that exceeds the standard of service required to be provided at the Managed Facility under the terms of this Agreement to be deemed “Non-Discriminatory” nor shall the standard of service and quality provided at the facilities owned or operated by each such Person be required to be similar so long as, in each case, both (x) a
commercially reasonable business justification (without giving effect to Lease economics) that is not discriminatory to Landlord and the Non-CPLV Landlord, taken as a whole, or the Non-CPLV Managed Facilities and the Managed Facility, taken as a whole, exists for the manner in which such goods and services are provided, and (y) the manner in which such goods and services are
provided is not intended or designed to frustrate, vitiate or reduce (I) the rights of Landlord under this Agreement, the Lease, or the other Lease/MLSA Related Agreements or the rights of the Non-CPLV
Landlord under the Non-CPLV MLSA, the Lease (as defined in the Non-CPLV MLSA) or the other Lease/MLSA Related Agreements (as defined in the Non-CPLV MLSA), or (II) the payment of Variable Rent (as such term is defined in the Lease) under the Lease or under the Lease (as defined in the Non-CPLV MLSA). 

“Non-Third Party Financing” means any financing in which (a) Tenant, Lease
Guarantor or Manager or any Affiliate of any of them acts as a trustee, agent or similar representative or (b) Tenant, Lease Guarantor or Manager or any Affiliate of any of them (excluding any Person that is such an Affiliate as a result of its
ownership of publicly traded equity interests in any Person) holds (excluding any ownership of publicly traded equity interests in any Person) either (i) a Controlling direct or indirect equity interest or (ii) a direct or indirect equity
interest of at least ten percent (10%) of the outstanding equity interests in any such lender, trustee, agent or other financing provider (any lender, trustee, agent or other financing provider described under clause (b)(i) or (b)(ii),
a “Sponsor Lender Entity”), and in each such case the principal amount of such financing provided by any Sponsor, its Affiliates, and/or its Sponsor Lender Entities either (x) exceeds twenty-five percent (25%) of the aggregate
principal amount of such 

  
 B-20 

 
financing or (y) is not a strictly “passive” investment. For purposes of this definition, “passive” means having no ability to exercise any decision-making in
respect of the overall financing other than, for the avoidance of doubt, customary voting rights attributable to the financing that extend to all other providers of such financing. 

“Omnibus Agreement” means that certain Second Amended and Restated Omnibus Agreement and Enterprise Services Agreement, dated
as of the date hereof, by and among Services Co, CEOC, CERP, CGPH, CLC and Caesars World LLC, as further amended, restated, supplemented or otherwise modified from time to time. 

“Opco Debt Guaranty” shall have the meaning set forth in Section 17.4.5.1. 

“Opco First Lien Debt” shall mean the indebtedness of CEOC under (i) Tenant’s Initial Financing (as such term is
defined in the Lease) and (ii) any refinancing by CEOC of the indebtedness of CEOC referenced in clause (i) of this definition that constitutes a Leasehold Financing. 

“Opco First Lien Debt Security Interest” shall have the meaning set forth in Section 17.4.5.1. 

“Operate”, “Operating” or “Operation” means to manage, operate, use, maintain, market,
promote, repair, and provide other management or operations services to the Managed Facility, all as more particularly described in this Agreement. 

“Operating Account” shall have the meaning set forth in Section 5.4.1.1. 

“Operating Deficiency Cause” shall have the meaning set forth in Section 16.1.1.5. 

“Operating Deficiency Notice” shall have the meaning set forth in Section 16.1.1.5. 

“Operating Expenses” means, with respect to any period of time, all ordinary and necessary expenses incurred in the Operation
of the Managed Facility, including all: (a) Managed Facility Personnel Costs and all other Reimbursable Expenses; (b) all expenses for maintenance and repair; (c) costs for utilities; (d) administrative expenses, including all
costs and expenses relating to the Bank Accounts and Certified Financial Statements; (e) costs and expenses for marketing, advertising and promotion of the Managed Facility; (f) amounts payable to Manager as set forth in this Agreement;
(g) costs for the lease, rental or license of real or personal property (including payments by Tenant under the Lease or with respect to Intellectual Property); (h) Insurance Costs; (i) Taxes (other than income Taxes); (j) costs
for the lease, rental or license of real or personal (including Intellectual Property); (k) an allocation (based upon relative net revenues of all of Tenant’s operating subsidiaries) of the operating expenses of Tenant; (l) all
amounts to be paid to Manager or its Affiliates in connection with any redemptions under the Total Rewards Program; and (m) Centralized Services Charges, all as determined in accordance with GAAP, but expressly excluding the following:
(i) costs of 

  
 B-21 

 
Building Capital Improvements and ROI Capital Improvements; and (ii) fees and costs for professional services, including the fees and expenses of attorneys, accountants and appraisers,
incurred directly or indirectly in connection with any category of expense that is not itself an Operating Expense and required to be capitalized in accordance with GAAP. 

“Operating Limitations” means: (a) any provision of the Leasehold Financing Documents or any applicable ground lease
(including the Lease), easement or similar obligation (in each case as in effect as of the Commencement Date or otherwise effectuated as permitted under the Lease) limiting or otherwise imposing conditions on Manager with respect to the Operation of
the Managed Facility and (b) limitations or conditions arising under Applicable Laws. Notwithstanding anything contained in this Agreement, absent Landlord’s consent, no change or amendment to the Operating Limitations contained in the
foregoing clause (a) as in effect on the Commencement Date effected at any time that Tenant is a Controlled Subsidiary of Lease Guarantor and Manager is a wholly owned subsidiary of Lease Guarantor (other than any changes to any ground
lease made by or with the consent of Landlord) shall relieve Manager from (i) its obligations to Operate the Managed Facility in compliance with the Operating Standard and in a Non-Discriminatory manner
or (ii) effect any decrease in the level of service or quality of Operation of the Managed Facility required as of the Commencement Date pursuant to the Operating Standard. 

“Operating Standard” shall have the meaning set forth in Section 2.1.4. 

“Operating Year” means each calendar year during the Term, except the initial Operating Year shall be a partial year
beginning on the Commencement Date and ending on the following December 31, and if this Agreement is terminated effective on a date other than the last day of an Operating Year in any year, then the last Operating Year shall also be a partial
year ending on the effective date of expiration or termination. 
 “Other Managed Facilities” means the hotels and casinos,
time-share, interval ownership facilities, vacation clubs, and other lodging facilities and residences that are owned or leased by Landlord and its Affiliates (and/or any of their respective successors or assigns) and leased and operated by or on
behalf of Manager (or such other wholly owned subsidiary of Lease Guarantor) under management agreements among CEOC and/or any of its subsidiaries, Manager (or such other wholly owned subsidiary of CEC) and any such other parties to such agreements,
excluding the Managed Facility. As of the date of this Agreement, the Other Managed Facilities are as follows: (i) the CPLV Managed Facility and (ii) the Non-CPLV Managed Facilities. 

“Other Managed Resorts” means hotels and casinos, time-share, interval ownership facilities, vacation clubs, and other
lodging facilities and residences that are owned and/or operated by or on behalf of Manager or its Affiliates under any brand or no brand, but excluding the Managed Facility and the Other Managed Facilities. 

“Other MLSAs” means, collectively or individually, as the context may require, (i) the CPLV MLSA and (ii) the Non-CPLV MLSA. 

  
 B-22 

“Out-of-Pocket Expenses” means the reasonable out-of-pocket travel costs (without mark-up) incurred by Manager or its Affiliates to third parties in performing its services under
this Agreement, including air and ground transportation, meals, lodging and gratuities. 
 “Ownership Interests” means all
forms of ownership, whether legal or beneficial, voting or non-voting, including stock, partnership interests, limited liability company membership or ownership interests, joint tenancy interests,
proprietorship interests, trust beneficiary interests, proxy interests, power-of-attorney interests, and all options, warrants and instruments convertible into such
other interests, and any other right, title or interest not included in this definition that constitutes a form of direct or indirect ownership in a Person. 

“Parent Company” means, with respect to any Person, any Entity that holds any form of ownership interest in such Person,
whether directly or indirectly through an ownership interest in one (1) or more other Entities holding an ownership interest in such Person. 

“Party” or “Parties” shall have the meaning set forth in the Preamble hereto, subject to the provisions of
Section 19.3 and 20.2 as such terms are used in said Sections. 
 “Permitted Uses” shall
have the meaning set forth in Section 7.1.2. 
 “Person” means an Individual or Entity, as the
case may be. 
 “Prime Rate” means, on any date, a rate equal to the annual rate on such date publicly announced by
JPMorgan Chase Bank, N.A. (provided that if JPMorgan Chase Bank, N.A. ceases to publish such rate, the Prime Rate shall be determined according to the Prime Rate of another nationally known money center bank reasonably selected by Landlord),
to be its prime rate for ninety (90)-day unsecured loans to its corporate borrowers of the highest credit standing, but in no event greater than the maximum rate then permitted under applicable law. 

“Prior Related Dispute” shall have the meaning set forth in Section 18.2.1.1. 

“Promotional Allowances” means the value of goods and services given to customers of the Managed Facility on a complimentary
basis, such as complimentary food, beverages, accommodations, entertainment and parking, promotions, credits or discounts provided to any customer, any permitted or awarded “free play” and credits, coupons and vouchers issued for
redemption by a customer as well as the value of cash and cash-back Complimentaries given to customers of the Managed Facility. 

“Property Specific Guest Data” means any and all Guest Data, to the extent in or under the possession or control of Tenant,
Services Co, Manager or their respective Affiliates identifying, describing, concerning or generated by prospective, actual or past guests, website visitors and/or customers of the Managed Facility, 

  
 B-23 

 
including retail locations, restaurants, bars, casino and Gaming Facilities (as defined in the Lease), spas and entertainment venues therein, but excluding, in all cases, (i) Guest Data that
has been integrated into analytics, reports, or other similar forms in connection with the Total Rewards Program or any other customer loyalty program of Services Co and its Affiliates (it being understood that this exception shall not apply to such
Guest Data itself, i.e. in its original form prior to integration into such analytics, reports, or other similar forms in connection with the Total Rewards Program or other customer loyalty program), (ii) Guest Data that concerns facilities that are
owned or operated by CEC or its Affiliates, other than the Managed Facility, and that does not concern the Managed Facility, and (iii) Guest Data that concerns Proprietary Information and Systems and is not specific to the Managed Facility.

 “Property Specific IP” means all Intellectual Property that is both (i) specific to the Managed Facility and
(ii) currently or hereafter owned by CEOC or any of its subsidiaries, including the Intellectual Property set forth on Exhibit G attached hereto. 

“Proprietary Information and Systems” means the “Service Provider Proprietary Information and Systems”, as such
term is defined in the Omnibus Agreement. 
 “Purchasing Program” shall have the meaning set forth in
Section 5.6. 
 “Reimbursable Expenses” means the following expenses to the extent incurred by
Manager or any of its Affiliates in accordance with this Agreement or the Annual Budget: (a) all Managed Facility Personnel Costs; (b) all amounts paid by Manager to third parties relating to Third-Party Centralized Services or any other
Centralized Services Charges or other expenses incurred in connection with Centralized Services pursuant to Section 4.1 that are paid by Manager; (c) all
Out-of-Pocket Expenses incurred by Manager directly in connection with its Operation of the Managed Facility; (d) payments made or incurred by Manager in accordance
with the Annual Budget to third parties for goods and services in the ordinary course of business in the Operation of the Managed Facility; (e) payments made or incurred by Manager in connection with the Managed Facility and as authorized under
this Agreement; (f) all amounts owed in connection with any redemption under the Total Rewards Program; (g) all amounts actually incurred by Manager to third-parties in maintaining the Property Specific Guest Data (including the creation
of back-up tapes related thereto); and (h) all Taxes to be paid by Tenant to Manager in accordance with Section 3.6. 

“Renewal Term” shall have the meaning set forth in Section 2.4.1. 

“Reservations System” means any reservations system operated by Services Co or any of its Affiliates. 

“Restricted Payment” shall have the meaning set forth in Section 17.4.4. 

“ROI Capital Improvements” means all alterations, improvements, replacements, renewals and additions to the Managed Facility
that are capitalized under GAAP and involve a material change in the primary use of, or a material physical expansion or alteration of, the Managed Facility (including adding or removing guest rooms, meeting rooms or changing the configuration of
the Managed Facility). 

  
 B-24 

 “Routine Capital Improvements” means all maintenance, repairs, alterations,
improvements, replacements, renewals and additions to the Managed Facility (including replacements and renewals of FF&E, exterior and interior painting, resurfacing of walls and floors, resurfacing parking areas and replacing folding walls) that
are capitalized under GAAP and not depreciated as real property. For avoidance of doubt, Routine Capital Improvements expressly exclude Building Capital Improvements and ROI Capital Improvements. 

“Security Interest” means any security interest, collateral assignment, pledge or similar document or instrument that
encumbers any assets belonging to Tenant or any of its subsidiaries relating to the Managed Facility (or any portion thereof or interest therein) that constitutes a personal property interest (including all Supplies located at or used in the
Operation of the Managed Facility, the Bank Accounts and Tenant’s rights under this Agreement) and/or any direct or indirect Ownership Interests in Tenant. 

“Senior Executive Personnel” means the Individuals employed from time to time as the general manager of the Managed Facility
and the general manager’s direct reports and other executive staff serving such functions, regardless of the specific titles given to such Individuals. 

“Services Co” means (1) CES or (2) any replacement or successor services company engaged in performing services on
behalf of Tenant and related entities similar to those performed by, or contemplated to be performed by, CES on the date hereof. 

“Services Co LLC Agreement” means that certain Amended and Restated Limited Liability Company Agreement of Services Co, dated
as of May 20, 2014, as amended, restated, supplemented or otherwise modified from time to time. 
 “Software” means,
as they exist anywhere in the world, any computer software, firmware, microcode, operating system, embedded application or other program, including all source code, object code, specifications, databases, designs and documentation related thereto.

 “Sponsor” means each of (i) collectively Apollo Global Management, Inc., Apollo Management VI, L.P. and its
affiliated co-investment partnerships and their respective Affiliates (other than any “portfolio company”) and (ii) collectively, TPG Capital, L.P., TPG Partners V, L.P. and its affiliated co-investment partnerships and their respective Affiliates (other than any “portfolio company”). 

“Springing Lien Subsidiary” means a subsidiary of CEC other than (i) CEOC, Tenant,
Non-CPLV Tenant, CPLV Tenant or any of their respective subsidiaries, (ii) the borrower (or any co-borrower) or the issuer (or any
co-issuer) under the OpCo First Lien Debt that is secured by the applicable Lease/Debt Guaranty Collateral and (iii) 

  
 B-25 

 
a direct or indirect subsidiary of one or more of the entities described in clause (ii) above that is a “restricted subsidiary” under the OpCo First Lien Debt that is secured by
the applicable Lease/Debt Guaranty Collateral. 
 “Stated Expiration Date” shall have the meaning set forth in the Lease.

 “Subject Group” means Tenant, Tenant’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 Manager and its Affiliates (other than Tenant
and its Controlled Subsidiaries) and its and their principals, direct or indirect shareholders, officers, directors, agents, employees and other related Persons). 

“Subsequent Related Dispute” shall have the meaning set forth in Section 18.2.1.1. 

“Substantial Transfer” means, in the case of CEC, Manager or Tenant, the sale or other disposition by such Party and its
Controlled Subsidiaries of all of the direct and indirect assets of such Party and its Controlled Subsidiaries (other than assets that are, in the aggregate, de minimis) in a single transaction or series of related transactions. 

“Supplies” means all operating supplies and equipment used in the Operation of the Managed Facility. 

“Support Facilities” means all facilities located in or attached to, and/or operated on, the Leased Property or any portion
thereof, including, without limitation, any hotel and hotel guest rooms and suites, food, beverage, entertainment and retail facilities and parking structures. 

“Taking” shall have the meaning set forth in the Lease. 

“Taxes” means all taxes, assessments, duties, levies and charges, including ad valorem taxes on real property, commercial
activity taxes, personal property taxes, Gaming taxes, fees and charges and business and occupation taxes, imposed by any Governmental Authority against Tenant in connection with the ownership or Operation of the Managed Facility, but expressly
excluding income, franchise or similar taxes imposed on Tenant. 
 “Technology Systems” means certain technology systems,
including the Reservations System, Proprietary Information and Systems, third-party Software, hardware and telecommunications equipment and any system upgrades and/or replacements therefor. 

“Tenant” shall have the meaning set forth in the Preamble hereto. 

  
 B-26 

 “Tenant Assumption Agreement” shall have the meaning set forth in
Section 11.1.3.2. 
 “Tenant Competitor” means, as of any date of determination, any Person
(other than Tenant, CEOC, Lease Guarantor and any of their respective Affiliates) that is engaged, or is an Affiliate of a Person that is engaged, in the ownership or operation of a Gaming business; provided that (i) for purposes of the
foregoing, ownership of the real estate and improvements where a Gaming business is conducted, without ownership of the Gaming business itself, shall not be deemed to constitute the ownership of a Gaming business, (ii) any investment fund or
other Person with an investment representing an equity ownership of fifteen percent (15%) or less in a Tenant Competitor and no Control over such Tenant Competitor shall not be a Tenant Competitor, (iii) solely for purposes of Section
11.4.1.2(iii), a Person with an investment representing an equity ownership of twenty-five percent (25%) or less in a Non-Core Tenant Competitor shall be deemed to not have Control over such Tenant
Competitor, and (iv) Landlord shall not be deemed to become a Tenant Competitor by virtue of it or its Affiliate’s acquiring ownership, or engaging in the operation of, a Gaming business, if Landlord or any of its Affiliates first offered
CEC (or its Subsidiary, as applicable) the opportunity to lease and manage such Gaming business pursuant to the ROFR Agreement (as defined in the Lease) and CEC (or its Subsidiary, as applicable) did not accept such offer. For purposes of this
definition, the terms “Affiliate,” “Control,” “Person” and “Subsidiary” shall each have the meaning given thereto in the Lease. 

“Tenant Confidential Information” means confidential or proprietary information relating to Tenant’s or any of its
Affiliates’ businesses that derives value, actual or potential, from not being generally known to others specifically designated by Tenant in writing as confidential or proprietary to which Manager and Landlord obtain access solely by virtue of
the relationship between the Parties. “Tenant Confidential Information” shall include Property Specific Guest Data and Guest Data. 

“Tenant Indemnified Parties” shall have the meaning set forth in Section 12.3.2. 

“Tenant Lease Event of Default” shall mean the occurrence (and continuance) of a “Tenant Event of Default” (as such
term is defined in the Lease) under the Lease. 
 “Tenant MLSA Event of Default” shall have the meaning set forth in
Section 16.1.1. 
 “Tenant Prohibited Person” means any Person that is (or is owned or controlled
by a Person that is) generally recognized in the community as being a Person of ill repute or who has or is reasonably believed to have an adverse reputation or character, in either case which is more likely than not to jeopardize Tenant’s or
any of its Affiliates’ ability to hold a Gaming license or to be associated with a Gaming Licensee under any applicable Gaming Regulations (other than any Gaming Authority established by any Native American tribe). 

  
 B-27 

 “Term” shall have the meaning set forth in
Section 2.4.1. 
 “Terminated for Cause” (or “Termination for Cause”) means
either of the following subparagraphs (1) or (2), which may be elected by Landlord at its option: 
 (1) (i) Landlord
has expressly elected to (and does) terminate Manager as manager hereunder and notified Manager thereof, (ii) Landlord has determined in good faith that such termination is for Cause and (iii) an arbitrator shall have made a finding that
Cause existed to terminate Manager in accordance with the following sentence. Manager, Tenant, Lease Guarantor and Landlord agree that the determination of whether Cause existed to terminate Manager will be decided by binding arbitration, on an
expedited basis, pursuant to the Commercial Rules of the American Arbitration Association and the Procedures for Large, Complex, Commercial Disputes, in effect as of the Commencement Date, before a single arbitrator who shall be mutually acceptable
to Manager and Landlord and who shall conduct the arbitration in New York, New York and who shall apply New York Law (collectively, a “Cause Arbitration”). In the event of a termination by Landlord of Manager under
this clause (1), Lease Guarantor’s obligations under Article XVII shall continue throughout the pendency of the Cause Arbitration, and in the event the arbitrator determines that Cause did not exist,
(a) Lease Guarantor’s obligations under Article XVII shall terminate and be deemed to have terminated as of such date of Manager’s termination and (b) Landlord shall reimburse Lease Guarantor for
(i) any amounts actually received by Landlord pursuant to Lease Guarantor’s obligations under this Agreement in respect of any period following such termination during which Manager was actually not acting as manager of the Managed
Facility and (ii) any reasonable and customary legal expenses actually incurred by Lease Guarantor in connection with such arbitration. In the event such arbitrator determines that Cause did exist, Lease Guarantor shall reimburse Landlord for
any reasonable and customary legal expenses actually incurred by Landlord in connection with the arbitration. 
 (2) (i) Landlord has
determined in good faith that Cause exists to terminate Manager as manager, (ii) Landlord has delivered written notice to Manager that it has determined in good faith that Cause exists to terminate Manager as manager hereunder and that Landlord
shall commence a Cause Arbitration to determine whether or not Cause exists and (iii) the arbitrator in a Cause Arbitration determines that Cause exists to terminate Manager, and Landlord thereafter terminates Manager as manager. For the
avoidance of doubt, if such arbitrator determines that Cause did not exist to terminate Manager, then Manager shall not be terminated and shall continue to manage the Managed Facility pursuant to the terms of this Agreement and all obligations of
Lease Guarantor under Article XVII shall remain in place, all in accordance with this Agreement. Further, in the event such arbitrator determines (x) that Cause did not exist, Landlord shall reimburse Lease Guarantor
for any reasonable and customary legal expenses actually incurred by Lease Guarantor in connection with the Cause Arbitration, or (y) that Cause did exist, Lease Guarantor shall reimburse Landlord for any reasonable and customary legal expenses
actually incurred by Landlord in connection with the Cause Arbitration. 

  
 B-28 

 For purposes of the foregoing, “Cause” shall mean: (i) intentional acts or
intentional omissions of Manager to the material detriment of assets leased by Tenant or the Non-CPLV Tenant or owned by Landlord or the Non-CPLV Landlord, taken as a
whole, for the benefit of other assets managed, owned or operated by Manager (or any other Affiliate of CEC), (ii) fraud, (iii) gross negligence or (iv) willful misconduct. 

“Third-Party Centralized Services” shall have the meaning set forth in Section 4.1. 

“Third-Party Manager” shall have the meaning set forth in Section 5.10. 

“Third-Party Operated Areas” shall have the meaning set forth in Section 5.10. 

“Total Rewards Program” means the Total Rewards® customer loyalty
program as implemented from time to time as described more fully in the Omnibus Agreement. 
 “Transfer” means any
Assignment or Transfer of Ownership Interests. 
 “Transfer of Ownership Interests” means, with respect to any Person, any:
(a) direct or indirect sale, assignment, disposition, conveyance, gift, pledge or other transfer, in whole or in part, of any Ownership Interests in such Person or any Parent Companies of such Person; (b) merger, consolidation,
reorganization or other restructuring of such Person or any Parent Companies of such Person; or (c) issuance of additional Ownership Interests in such Person or any Parent Companies of such Person that would have the effect of diluting voting
rights or beneficial ownership of the Ownership Interests in such Person or any Parent Companies of such Person, in each case whether voluntary, involuntary, by operation or law or otherwise (including as a result of any divorce, bankruptcy or
dissolution proceedings, by declaration of or transfer in trust, or under a will or the laws of intestate succession). 

“Transition Period” means the two-year period following the expiration of this
Agreement on the Stated Expiration Date or the termination of this Agreement prior to the end of the Term; provided that the Transition Period shall be less than two (2) years (i) after a termination of this Agreement by Landlord, at the
election of Landlord in its sole discretion and (ii) following a Leasehold Foreclosure with MLSA Termination, at the sole election of the person providing management services with respect to the Managed Facility under the Replacement Management
Agreement. 
 “Transition Services Agreement” means that certain Transition of Management Services Agreement (Joliet),
dated as of the date hereof, by and among Tenant, Landlord, Services Co, CLC and Manager, as amended, restated, supplemented or otherwise modified from time to time. 

  
 B-29 

 EXHIBIT C 

[Reserved] 

  
 C-1 

 EXHIBIT D 

[Reserved] 

  
 D-1 

 EXHIBIT E 

TO MANAGEMENT AND LEASE SUPPORT AGREEMENT 

TRADEMARKS 
 Any Trademarks
included in System-wide IP that are necessary for the Operation or Management of the Managed Facility, including the trademarks listed below: 

Harrah’s Joliet 

  
 E-1 

 EXHIBIT F 

TO MANAGEMENT AND LEASE SUPPORT AGREEMENT 

LIST OF BRANDS 
 Harrah’s 

  
 F-1 

 EXHIBIT G 

TO MANAGEMENT AND LEASE SUPPORT AGREEMENT 

PROPERTY SPECIFIC IP 
  

																			
	 Trademark
	  	 Jurisdiction
	  	 Brand
	  	 Specific/
Enterprise
	  	 Property
	  	 App. No.
	  	 App. Date
	  	 Reg. No.
	  	 Reg. Date
	  	 Status

	 Sheer
	  	United States of America	  	Harrah’s	  	Specific	  	Harrah’s Joliet	  	78/957904	  	8/22/2006	  	3245005	  	5/22/2007	  	Registered
	 The Reserve
	  	United States of America	  	Harrah’s	  	Specific	  	Harrah’s Joliet	  	77/457119	  	4/24/2008	  	3801600	  	6/15/2010	  	Registered

  
 G-1EX-10.8

 Exhibit 10.8 

RIGHT OF FIRST REFUSAL AGREEMENT 

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

RECITALS: 
 A. Certain
Subsidiaries of Propco (individually or collectively, as the context may require, “Propco Landlord”) and certain Subsidiaries of CEC (individually or collectively, as the context may require, “CEC Tenant”) have
entered into (i) that certain Lease (CPLV), dated as of the date hereof (the “CPLV Lease”), pursuant to which Propco Landlord leases to CEC Tenant certain real property as more particularly described therein (the “CPLV
Leased Property”), (ii) that certain Lease (Non-CPLV), dated as of the date hereof (the “Non-CPLV Lease”), pursuant to which Propco Landlord leases to CEC Tenant certain real property as more particularly described
therein (the “Non-CPLV Leased Property”), and (iii) that certain Lease (Joliet), dated as of the date hereof (the “Joliet Lease”, and, collectively with the CPLV Lease and the Non-CPLV Lease, the
“Leases”), pursuant to which Propco Landlord leases to CEC Tenant certain real property as more particularly described therein (the “Joliet Leased Property,” and, collectively with the CPLV Leased Property and the
Non-CPLV Leased Property, the “Leased Property”). 
 B. CEC and Propco now desire to grant to each other certain rights of
first refusal with respect to certain opportunities to acquire, operate or develop (as applicable) real property in addition to the Leased Property, in accordance with the terms, conditions and procedures set forth in this Agreement. 

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

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

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

  
 1 

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

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

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

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

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

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

  
 2 

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

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

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

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

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

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

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

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

(d) such party consolidates with, or merges or amalgamates with or into, any Person (or any Person consolidates with, or merges
or amalgamates with or into, such party), in any such event pursuant to a transaction in which any of such party’s outstanding Voting Stock or any of the Voting Stock of such other Person is converted

  
 3 

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

“Development Opportunity” means an acquisition or development of (i) undeveloped real property or
(ii) any existing facility that does not constitute a Gaming 

  
 4 

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

  
 5 

 
such consent, approval, license or authorization has been received or is anticipated to be received prior to the consummation of such transaction), provided that the applicable parties shall use
reasonable, good faith efforts to obtain any such consent, approval, license or authorization, (iii) any transaction in which the seller of a Gaming Facility has structured such sale to be subject to the leasing of such Gaming Facility back to
such seller of such Gaming Facility (or its Affiliate), (iv) any transaction that consists of owning or acquiring, directly or indirectly, an interest in a Gaming Facility or in an entity that will acquire or develop a Gaming Facility, if the entity
that directly owns or leases such Gaming Facility upon consummation of such transaction will not constitute Propco or a Subsidiary of Propco or any Propco Related Party, (v) any transaction in which Propco or any Propco Related Party proposes
to acquire a then-existing Gaming Facility from Propco or any Propco Related Party and (vi) any transaction with respect to any Gaming Facility set forth on Schedule 1 attached hereto. 

“Excluded Propco Opportunity” means (i) subject to Section 3(a) hereof, any transaction pursuant to which
CEC or any CEC Related Party proposes to acquire or develop any Gaming Facility that is subject to a pre-existing lease, management agreement or other contractual restriction at the time such Gaming Facility
is being considered for acquisition or development by CEC (or a CEC Related Party) (i.e., excluding any such lease, management agreement or other contractual restriction entered into in contemplation of the applicable transaction involving CEC (or a
CEC Related Party), unless entered into at a time when the applicable facility did not qualify as a Gaming Facility) and which pre-existing lease, management agreement or other contractual restriction
(x) was entered into on arms’-length terms and (y) would not be terminated upon or prior to such acquisition or development, (ii) any transaction for which the opco/propco structure contemplated by this Agreement would be
prohibited by applicable law, rule or regulation (including zoning regulations and/or any applicable use restrictions or easements or encumbrances) or which would require governmental consent, approval, license or authorization (unless such consent,
approval, license or authorization has been received or is anticipated to be received prior to the consummation of such transaction), provided that the applicable parties shall use reasonable, good faith efforts to obtain any such consent, approval,
license or authorization, (iii) any transaction that does not consist of owning or acquiring, directly or indirectly, a fee or leasehold interest in respect of the real property interests in any Gaming Facility or Development Opportunity,
(iv) any transaction that consists of owning or acquiring, directly or indirectly, an interest in a Gaming Facility or in an entity that will acquire or develop a Gaming Facility, if the entity that directly owns or leases such Gaming Facility
upon consummation of such transaction will not constitute CEC or a Subsidiary of CEC or of any CEC Related Party, (v) any transaction in which one or more third parties will own or acquire, directly or indirectly, in the aggregate, a beneficial
economic interest of at least thirty percent (30%) in a Gaming Facility, and such third parties constituting at least such economic interest are unable, or make a bona fide, good faith refusal, to enter into the propco/opco structure contemplated by
this Agreement, provided that CEC shall use commercially reasonable, good faith efforts to obtain such third parties’ approval of such propco/opco structure, (vi) any transaction in which CEC or any CEC Related Party proposes to acquire a
then-existing Gaming Facility from CEC or any CEC Related Party, and (vii) any transaction with respect to any Gaming Facility set forth on Schedule 1 attached hereto. 

  
 6 

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

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

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

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

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

 “Gaming Facility” or “Gaming Facilities” means, together or individually, as the context
may require, one or more commercial facilities, together with any adjoining 

  
 7 

 
hotel, entertainment venue and/or other facilities, with respect to which (in the aggregate for such facility and any such adjoining facilities) operations of Gaming Activities constitute
(i) at least twenty-five percent (25%) of the gross revenue generated (or projected to be generated, as applicable) by such facilities during the Gaming Facility Test Period, or (ii) at least twenty-five percent (25%) of the square footage
of the building(s) constituting such facilities (and, with respect to any to-be-developed facilities, such determination shall be made based on the most recent plans and
specifications). With respect to a portfolio of assets, the determination of whether such assets satisfy the requirements to qualify as Gaming Facilities shall be made on a portfolio-level basis (i.e., either all such assets shall constitute Gaming
Facilities or none of such assets shall constitute Gaming Facilities), based on the aggregate gross revenue and/or aggregate square footage of the assets in the portfolio taken as a whole. 

“Gaming Facility Test Period” means (i) with respect to a facility that has been in operation for at
least one (1) full fiscal year as of the applicable date of determination, the most recent three (3) full fiscal years for which gross revenue information is available, or, if such facility has not been in operation for three (3) full
fiscal years as of the applicable date of determination, the period consisting of all full fiscal years since such facility commenced operation, or (ii) with respect to a
to-be-developed facility or a facility that has been in operation for less than one (1) full fiscal year as of the applicable date of determination, the first three
(3) full fiscal years following the date of determination (as projected by the most recent plans and specifications, with due regard being given to projected plans and specifications provided by any third party seller in connection with the
transaction giving rise to the rights and obligations under this Agreement), excluding any initial period during which such facility would be in development or construction and would not yet have substantially commenced operations. 

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

  
 8 

 
determination (a) owns or controls, directly or indirectly, more than 50% of the total voting power of shares of capital stock (without regard to the occurrence of any contingency) entitled
to vote in the election of directors, managers or trustees of such Person, (b) owns or controls, directly or indirectly, more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited
partnership interests, as applicable, of such Person, whether in the form of membership, general, special or limited partnership interests or otherwise, or (c) is the controlling general partner of, or otherwise controls, such entity. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other form of entity. 

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

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

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

  
 9 

 “Propco Panel Member” shall have the meaning set forth in
Section 4(b). 
 “Propco Related Party” shall mean, collectively or individually, as the context may
require, Propco, the REIT, any holding company that directly or indirectly owns one hundred percent (100%) of the equity interests of the REIT, and any Subsidiaries of Propco or the REIT. 

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

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

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

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

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

“ROFR Lease Rent” means an amount of base and, if applicable, variable rent (i.e., excluding additional
charges and other additional rent such as pass-throughs of expenses) to be paid under the applicable ROFR Lease in respect of the ROFR Property that initially would cause the ROFR EBITDAR Coverage Ratio to be equal to the Existing EBITDAR Coverage
Ratio. 
 “ROFR Management Agreement” means a management agreement with customary rights and obligations for
management agreements of this type (and in any 

  
 10 

 
event at a standard of quality and care not less in any material respect than the standard of quality and care under the MLSAs) pursuant to which CEC or a Manager would manage the ROFR Property,
which may, consistent with the terms of the CEC ROFR or the Propco ROFR (as applicable), be documented as a new management agreement or as an amendment to an MLSA. 

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

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

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

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

2. Right of First Refusal in Favor of CEC. 

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

  
 11 

 
Acquisition Opportunity, three (3) years of audited (to the extent reasonably available to Propco; otherwise unaudited) financial statements of the ROFR Property or of the seller of the ROFR
Property, as applicable, and for any Development Opportunity, three (3) years of financial projections for the ROFR Property (excluding any initial period during which the ROFR Property is in development or construction and has not yet
commenced operations); (iv) for any Development Opportunity, a reasonably-detailed description of the proposed development project, including, without limitation, the business plan, scope of work, a development budget and a development timeline;
(v) a description of the regulatory framework applicable to such ROFR Property, including the amount and timing of any licensing fees and gaming taxes with respect thereto; (vi) a term sheet setting forth proposed terms of a ROFR Lease and
ROFR Management Agreement for the ROFR Property, which term sheet shall include, without limitation, Propco’s good faith determination of the initial ROFR Lease Rent, Propco’s proposal for ROFR Lease Rent adjustments thereafter (including
allocations of fixed and variable rent if applicable), and the other items set forth on Exhibit A attached hereto; and (vii) a detailed explanation of the computation of the ROFR Lease Rent proposed in such term sheet. Promptly
upon CEC’s reasonable request therefor, Propco shall provide to CEC additional information related to the CEC Opportunity Transaction, to the extent such information is reasonably available to Propco. 

(c) CEC may elect, in its sole and absolute discretion, to exercise its right to cause its Affiliates to lease and the Manager to manage the
applicable ROFR Property (such ROFR Property to be owned by Affiliates of Propco), in accordance with the terms set forth in the CEC Opportunity Package (the “CEC ROFR”), which CEC ROFR shall be exercisable by written notice thereof
from CEC to Propco prior to the expiration of the CEC Election Period. If CEC does not so exercise the CEC ROFR prior to the expiration of the CEC Election Period, then CEC shall be deemed to have waived the CEC ROFR with respect to the applicable
CEC Opportunity Transaction only. 
 (d) If CEC waives (or is deemed to have waived) the CEC ROFR with respect to a CEC Opportunity
Transaction, then Propco (or the applicable Propco Related Party) shall be free to consummate the CEC Opportunity Transaction without CEC’s (or its Affiliates’) involvement, upon terms not materially more favorable to the applicable
counterparty (if any) than those presented to CEC in the CEC Opportunity Package. If at any time following CEC’s waiver (or deemed waiver) of such CEC Opportunity Transaction, Propco (or the applicable Propco Related Party) desires to
consummate such CEC Opportunity Transaction upon terms that are materially more favorable to the applicable counterparty than those presented to CEC in the CEC Opportunity Package (the “Alternate CEC ROFR Terms”), then the
provisions of this Section 2 shall be reinstated with respect to such CEC Opportunity Transaction, and Propco shall be required to deliver to CEC a new CEC Opportunity Package (except that such CEC Opportunity Package shall reflect the
Alternate CEC ROFR Terms in lieu of the ROFR Lease Rent and other CEC ROFR terms initially offered to CEC in the CEC Opportunity Package) and otherwise comply once again with the procedures set forth herein prior to consummating such CEC Opportunity
Transaction, except that the CEC Election Period will be twenty (20) days in lieu of thirty (30) days. 

  
 12 

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

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

  
 13 

 
transaction; provided further however, that for the avoidance of doubt, if such initial transaction cannot after the use of commercially reasonable efforts be structured in such a manner without
resulting in an adverse effect on such transaction or Propco (other than an adverse effect that is immaterial), Propco shall not be required to provide to CEC an opportunity to lease and the Manager to manage the applicable ROFR Property in
accordance with the terms of this Section 2. 
 3. Right of First Refusal in Favor of Propco. 

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

(c) Propco may elect, in its sole and absolute discretion, to exercise its right to cause its Affiliate to own the applicable ROFR Property
and cause such ROFR Property to be leased to Affiliates of CEC and managed by the Manager in accordance with the terms set forth 

  
 14 

 
in the Propco Opportunity Package (the “Propco ROFR”), which Propco ROFR shall be exercisable by written notice thereof from Propco to CEC prior to the expiration of the Propco
Election Period. If Propco does not so exercise the Propco ROFR prior to the expiration of the Propco Election Period, then Propco shall be deemed to have waived the Propco ROFR with respect to the applicable Propco Opportunity Transaction only.

 (d) If Propco waives (or is deemed to have waived) the Propco ROFR with respect to a Propco Opportunity Transaction, then CEC (or the
applicable CEC Related Party) shall be free to consummate the Propco Opportunity Transaction without Propco’s (or its Affiliates’) involvement, and, if applicable, upon terms not materially more favorable to the applicable counterparty (if
any) than those presented to Propco in the Propco Opportunity Package. If at any time following Propco’s waiver (or deemed waiver) of such Propco Opportunity Transaction, CEC (or the applicable CEC Related Party) desires to consummate such
Propco Opportunity Transaction with a counterparty upon terms that are materially more favorable to the applicable counterparty than those presented to Propco in the Propco Opportunity Package (the “Alternate Propco ROFR Terms”),
then the provisions of this Section 3 shall be reinstated with respect to such Propco Opportunity Transaction, and CEC shall be required to deliver to Propco a new Propco Opportunity Package (except that such Propco Opportunity Package shall
reflect the Alternate Propco ROFR Terms in lieu of the ROFR Lease Rent and other Propco ROFR terms initially offered to Propco in the Propco Opportunity Package) and otherwise comply once again with the procedures set forth herein prior to
consummating such Propco Opportunity Transaction, except that the Propco Election Period will be twenty (20) days in lieu of thirty (30) days. 

(e) If Propco exercises the Propco ROFR with respect to a Propco Opportunity Transaction, then CEC (or the applicable CEC Related Party) shall
have the right to proceed with the Propco Opportunity Transaction and shall structure the Propco Opportunity Transaction in a manner that allows the ROFR Property to be owned by an Affiliate of Propco and leased to Affiliates of CEC and managed by
the Manager. CEC and Propco shall use good faith, commercially reasonable efforts, for a period of forty-five (45) days following the date on which Propco exercises the Propco ROFR (the “Propco ROFR Discussion Period”), to
negotiate and enter into a ROFR Lease and ROFR Management Agreement for the applicable ROFR Property. The ROFR Lease and ROFR Management Agreement shall provide for the following: (i) the initial rent shall be equal to the applicable ROFR Lease
Rent; and (ii) such other terms and conditions consistent with the terms of the Propco ROFR and otherwise as CEC and Propco may agree. If, despite the good faith, commercially reasonable efforts of Propco and CEC, the parties are unable to
reach agreement on the terms and conditions of the ROFR Lease and ROFR Management Agreement prior to the expiration of the Propco ROFR Discussion Period, then, upon the expiration of the Propco ROFR Discussion Period, either (1) the terms and
conditions of the ROFR Lease and ROFR Management Agreement shall be established pursuant to arbitration in accordance with the procedures set forth in Section 4 hereof (other than the specific terms of the Propco ROFR, which shall be as set
forth in the Propco Opportunity Package and shall not be subject to arbitration), or (2) solely with the written consent of Propco (which may be granted or withheld in Propco’s sole and absolute discretion), CEC (or the applicable CEC
Related Party) shall be free to consummate the Propco Opportunity Transaction without Propco’s (or its Affiliates’) involvement, in accordance with, and subject to the conditions of, Section 3(d)

  
 15 

 
hereof. The Propco ROFR Discussion Period shall be extended, but not to exceed an extension of one hundred twenty (120) days, as reasonably necessary solely to allow Propco and its
Affiliates (as applicable) to obtain all applicable licenses, qualifications or approvals from all Gaming Authorities necessary for Propco and its Affiliates (as applicable) to own the ROFR Property. If, on or prior to the expiration of the Propco
ROFR Discussion Period, Propco and its Affiliates (as applicable) are unable to obtain all such necessary licenses, qualifications and approvals, then CEC (or the applicable CEC Related Party) shall be free to consummate the Propco Opportunity
Transaction without Propco’s (or its Affiliates’) involvement. 
 (f) Notwithstanding the foregoing, if the timeframe to
consummate a Propco Opportunity Transaction is expedited as a result of a competitive bidding process or other bona fide third-party requirements such that adherence to the right of first refusal procedures in the timeframes set forth under this
Section 3 would result in a reasonable likelihood that CEC (or the applicable CEC Related Party) would not be able to execute the Propco Opportunity Transaction (as determined by CEC in good faith), then CEC (or the applicable CEC Related
Party) may proceed to consummate such Propco Opportunity Transaction without Propco’s (or its Affiliates’) involvement; provided, however, that (i) subject to CEC’s ability to structure the initial transaction in the manner
provided in the following clause (ii), as soon as reasonably possible following CEC’s (or the applicable CEC Related Party’s) consummation of such Propco Opportunity Transaction, CEC shall provide to Propco an opportunity to cause
Affiliates of Propco to own the applicable ROFR Property and cause such ROFR Property to be leased to Affiliates of CEC and managed by the Manager in accordance with the terms of this Section 3, and (ii) CEC shall use commercially
reasonable efforts to structure such initial transaction in a manner that would facilitate Propco’s exercise of such rights following consummation of such transaction; provided further however, that for the avoidance of doubt, if such initial
transaction cannot after the use of commercially reasonable efforts be structured in such a manner without resulting in an adverse effect on such transaction or CEC (other than an adverse effect that is immaterial), CEC shall not be required to
provide to Propco an opportunity to own the applicable ROFR Property in accordance with the terms of this Section 3. 
 4.
Arbitration. 
 (a) Any dispute regarding establishing (but not interpreting) the terms and conditions of a ROFR Lease or ROFR
Management Agreement shall be submitted to and determined by an arbitration panel comprised of three members (the “Arbitration Panel”). No more than one panel member may be with the same firm, and no panel member may have an
economic interest in the outcome of the arbitration. In addition, each panel member shall have at least twenty (20) years of experience as an arbitrator and at least ten (10) years of experience in a profession that directly relates to the
ownership, operation, financing or leasing of Gaming Facilities. 
 (b) The Arbitration Panel shall be selected as set forth in this Section
4(b). Within five (5) Business Days after the expiration of the CEC ROFR Discussion Period or the Propco ROFR Discussion Period (as applicable), CEC shall select and identify to Propco a panel member meeting the criteria of the above paragraph
(the “CEC Panel Member”) and Propco shall select and identify to CEC a panel member meeting the criteria of the above paragraph (the 

  
 16 

 
“Propco Panel Member”). If a party fails to timely select its respective panel member, the other party may notify such party in writing of such failure, and if such party fails
to select its respective panel member within three (3) Business Days after receipt of such notice, then such other party may select and identify to such party such panel member on such party’s behalf. Within five (5) Business Days
after the selection of the CEC Panel Member and the Propco Panel Member, the CEC Panel Member and the Propco Panel Member shall jointly select a third panel member meeting the criteria of the above paragraph (the “Third Panel
Member”). If the CEC Panel Member and the Propco Panel Member fail to timely select the Third Panel Member and such failure continues for more than three (3) Business Days after written notice of such failure is delivered to the CEC
Panel Member and Propco Panel Member by either CEC or Propco, then CEC and Propco shall cause the Third Panel Member to be appointed by the managing officer of the American Arbitration Association. 

(c) Within ten (10) Business Days after the selection of the Arbitration Panel, CEC and Propco each shall submit to the Arbitration Panel
a written statement identifying its summary of the issues. Either of CEC or Propco may also request an evidentiary hearing on the merits in addition to the submission of written statements, such request to be made in writing within such ten
(10) Business Day period. The Arbitration Panel shall determine the appropriate terms and conditions of the ROFR Lease or ROFR Management Agreement in accordance with this Agreement and otherwise based on the Arbitration Panel’s
determination of fair market terms relative to the applicable ROFR Property. The Arbitration Panel shall make its decision within twenty (20) days after the later of (i) the submission of such written statements, and (ii) the
conclusion of any evidentiary hearing on the merits (if any). The Arbitration Panel shall reach its decision by majority vote and shall communicate its decision by written notice to CEC and Propco. 

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

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

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

  
 17 

			
	To CEC:        	 	 Caesars Entertainment Corporation

		 	One Caesars Palace Drive
		 	Las Vegas, NV 89109
		 	Attention: General Counsel
		 	Email: corplaw@caesars.com

  

			
	To Propco:    	 	 VICI Properties L.P.

		 	 8329 West Sunset Road, Suite 210

		 	 Las Vegas, Nevada 89113

		 	 Attention: General Counsel

		 	 Email: corplaw@viciproperties.com

 Notice shall be deemed to have been given on the date of delivery if such delivery is made on a Business Day, or if not, on
the first Business Day after delivery. If delivery is refused, notice shall be deemed to have been given on the date delivery was first attempted. Notice sent by email shall be deemed given only upon an independent, non-automated confirmation from
the recipient acknowledging receipt. 
 (b) Successors and Assigns. This Agreement shall be binding upon and shall inure to the
benefit of CEC and Propco and their respective successors and assigns. Neither CEC nor Propco shall have the right to assign its rights or obligations under this Agreement without the prior written consent of the other such party. 

(c) Entire Agreement; Amendment. This Agreement and the exhibits hereto constitute the entire and final agreement of the parties with
respect to the subject matter hereof, and may not be changed or modified except by an agreement in writing signed by the parties. CEC and Propco hereby agree that all prior or contemporaneous oral understandings, agreements or negotiations relative
to the subject matter hereof are merged into and revoked by this Agreement. 
 (d) Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, which State the parties agree has a substantial relationship to the parties and to the underlying transaction embodied hereby. This Agreement is the product of joint drafting
by the parties and shall not be construed against either party as the drafter hereof. 
 (e) Venue. With respect to any action
relating to this Agreement, CEC and Propco irrevocably submit to the exclusive jurisdiction of the courts of the State of New York sitting in the borough of Manhattan and the United States District Court having jurisdiction over New York County, New
York, and CEC and Propco each waives: (a) any objection to the laying of venue of any suit or action brought in any such court; (b) any claim that such suit or action has been brought in an inconvenient forum; (c) any claim that the
enforcement of this Section is unreasonable, unduly oppressive, and/or unconscionable; and (d) the right to claim that such court lacks jurisdiction over that party. 

(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. 

  
 18 

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

(h) Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not enforceable by any other
persons. 
 (i) Time of Essence. TIME IS OF THE ESSENCE OF THIS AGREEMENT AND EACH PROVISION HEREOF IN WHICH TIME OF PERFORMANCE IS
ESTABLISHED. 
 (j) Further Assurances. The parties agree to promptly sign all documents reasonably requested to give effect to the
provisions of this Agreement. In addition, Propco agrees to, at CEC’s sole cost and expense, reasonably cooperate with all applicable gaming authorities in connection with the administration of their regulatory jurisdiction over CEC and its
subsidiaries, if any, including the provision of such documents and other information as may be requested by such gaming authorities relating to CEC or any of its subsidiaries, if any, or to this Agreement and which are within Propco’s control
to obtain and provide. 
 (k) Counterparts; Originals. This Agreement may be executed in any number of counterparts, each of which
shall be a valid and binding original, but all of which together shall constitute one and the same instrument. Facsimile or digital copies of this Agreement, including the signature page hereof, shall be deemed originals for all purposes. 

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

(m) Licensing Events; Termination. 

(i) If there shall occur a Propco Licensing Event and any aspect of such Propco Licensing Event is attributable to a member of the Propco
Subject Group, then CEC shall notify Propco as promptly as practicable after becoming aware of such Propco Licensing Event (but in no event later than twenty (20) days after becoming aware of such Propco Licensing Event). In such event, Propco
shall, and shall use commercially reasonable efforts to cause the other members of the Propco Subject Group to, use commercially reasonable efforts to assist CEC and its Affiliates in resolving such Propco Licensing Event within the time period
required by the applicable Gaming Authorities by submitting to investigation by the relevant Gaming Authorities and cooperating with any reasonable requests made by such Gaming Authorities (including filing requested forms and delivering information
to the Gaming 

  
 19 

 
Authorities). If, despite these efforts, such Propco Licensing Event cannot be resolved to the satisfaction of the applicable Gaming Authorities within the time period required by such Gaming
Authorities, CEC shall have the right, at its election in its sole discretion, either to (i) terminate this Agreement or (ii) cause this agreement to temporarily cease to be in force or effect, until such time, if any, as the Propco
Licensing Event is resolved to the satisfaction of the applicable Gaming Authorities and CEC in its sole discretion, upon no less than ninety (90) days’ written notice thereof to Propco following a Propco Licensing Event which is not cured
within the period required by the applicable Gaming Authorities (or such lesser time as required by any applicable Gaming Authority). 

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

  
 20 

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

			
	CEC:
	
	 Caesars Entertainment Corporation,

a Delaware corporation

			
		
	By:	 	 /s/ Eric Hession

			
	Name:	 	 Eric Hession

			
	Title:	 	 Treasurer

  

					
	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

 EXHIBIT A 

Lease Term Sheet Items for Opportunity Transactions 

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

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

8. Events of default. 
 9. Any other material terms.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]