It was a very entertaining first period from both sides with Joselu opening the scoring four minutes in before Riyad Mahrez equalised in the 19th minute, chances for Danny Simpson and Jacob Murphy followed late in the half as well as a penalty appeal from Jamie Vardy but the scored remained the same going into the break.
Though the beginning of the second period was nothing to shout about it was kicked into life as Demarai Gray gave Leicester the lead on the hour mark, Dwight Gayle looked to have secured at least a point with his equaliser in the 72nd minute but the late howler from Pérez made sure that Newcastle's recent misery would continue into an eighth game.
Drawing first blood early on
It was a party atmosphere inside St James' Park even before a ball was kicked with the club celebrating their 125th anniversary, after six matches without a win it would have been the perfect occassion to get a vital three points and the home side looked up for from the off before taking their early lead.
The Magpies upon their early pressure as Isaac Hayden played a great ball dwon the left which was met by Gayle who managed to beat the offside trap, the striker took it to the by-line before squaring it back across where Joselu was waiting to slot it beyond Kasper Schmeichel for only his third goal in Black and White.
It was almost two within minutes as Gayle once again got onto another great through ball this time from Mikel Merino, the number nine went alone and took his time and picked his spot but it whistled past the left-hand post of Schmeichel.
Their early dominance kicked The Foxes into life as they looked to continue their good start under Claude Puel, they tested the waters in the eighth as Mahrez kept a move alive with his drag back to Gray but Karl Darlow managed to keep the near-post effort out despite failing to grasp it cleanly.
Getting back in it
After falling behind Puel's side began to stamp their name on proceedings and the pace of their attacking line was proving difficult to maintain, and they were rewarded with their equaliser.
It was poor from the home side as a misplaced pass came to Wilfried Ndidi who quickly played it forward to Mahrez, the Algerian had regained his form in the last few games and continued that as he was allowed to make yards up on the Newcastle area before curling an effort which Darlow could only help into the net.
They looked to strike while the iron was hot as they broke quick this time through Albrighton on the left-hand side, the full-back's effort was parried by Darlow with Vardy lurking but the combination of the defensive block and the offside saved Newcastle's blushes.
Trying to take control
Puel's animation on the sideline showed that the visitors were going for the jugular early on, and were handed some decent opportunities to take the lead for the first time.
Gray had caused havoc thus far and looked to do it again in the 26th minute, his excellent ball looked to find the run of former Magpie Simpson at the back-post who managed to get on the end of it but could only touch it into the side-netting.
There were calls for a penalty just before the half-hour mark as Mahrez threaded a great ball into the path of Vardy, he managed to evade the first challenge before going down under the challenge of DeAndre Yedlin. Neil Swarbrick waved away any appeals, but replays showed that if the American did get a touch it will have been very miminal.
Newcastle looked to end the half well as they were gifted a chance with Ben Chilwell's misplaced pass, it fell straight into the feet of Murphy who had all the time in the world but his low effort is saved well by Schmeichel.
Turning the whole tie around
The start to the second period certainly the intensity of the first as both sides failed to really get going in the opening minutes, but with the first real opportunity of merit Leicester managed to take the lead.
The long punt from Mahrez was headed down by Albrighton into the path of Gray, the youngster readied himself on the edge of the area before letting rip and the touch from Florian Lejeune saw it loop out of the reach of Darlow.
Albrighton was involved again moments later as his long ball this time found the feet of Mahrez, the angle was very much against the acid blonde magician but looked to play it back into danger but the palm of Darlow thwarted the danger.
Getting a big slice of luck
The goal looked to have rattled Newcastle as the fans began to show their frustration at the lack of things working for their beloved Magpies, but a big dollop of luck was served on their birthday cake as they managed to level things up.
Leicester failed to clear their lines from the corner with Merino managing to thread it through to Gayle, he did well to get back onto his left and taking aim and the huge deflection from Harry Maguire managed to wrong foot Schmeichel but the majority of 52,000 inside St James' won't have cared how the goal came around.
Gayle was in again moments as he slithered around on the left-hand side of area and did well to make room for himself, he aimed to get it beyond the reach of Schmeichel but was just wide of the far-post.
Losing in the cruelest manner
St James' was bouncing as it looked like that Newcastle would at least secure a point, but with three minutes to play Leciester ensured their party was spoiled with the fifth and final goal of the evening.
Once again Leciester break quick from the centre circle as Albrighton lumped it upfield for Vardy to make the run onto it, the striker did well to hold it up before spotting the run of Shinji Okazaki but it was Pérez's exuberance that took it beyond Darlow.