Exhibit 10.50

AMENDMENT NO. 1

(First Lien Credit Agreement)

This Amendment No. 1, dated as of August 10, 2009 (this “Amendment”), to that
certain First Lien Credit Agreement, dated as of June 14, 2007 (the “Credit
Agreement”), among GOLDEN NUGGET, INC., a Nevada corporation (the “Borrower”),
LANDRY’S RESTAURANTS, INC. (the “Parent”) solely with respect to the Parent’s
obligation pursuant to Section 6.04 of the Credit Agreement, the several banks
and other financial institutions or entities from time to time parties thereto
(the “Lenders”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent,
Collateral Agent, Swing Line Bank and Issuing Bank, BANK OF AMERICA, N.A., as
Syndication Agent, WELLS FARGO FOOTHILL, INC., as Documentation Agent and WELLS
FARGO SECURITIES, LLC (formerly Wachovia Capital Markets, LLC), as Sole Arranger
and Sole Bookrunner, is entered into among the Borrower, Parent, the
Administrative Agent and the Lenders party hereto. Capitalized terms used herein
but not defined herein are used as defined in the Credit Agreement.

W I T N E S S E T H:

WHEREAS, the Borrower, the Parent solely with respect to its obligations under
Section 6.04 of the Credit Agreement, the Administrative Agent, the Lenders and
other parties thereto are parties to the Credit Agreement; and

WHEREAS, the Borrower has requested that certain amendments be made to the
Credit Agreement as set forth herein;

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and
obligations herein set forth and other good and valuable consideration, the
adequacy and receipt of which is hereby acknowledged, and in reliance upon the
representations, warranties and covenants herein contained, the parties hereto,
intending to be legally bound, hereby agree as follows:

SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT.

Effective as of the First Amendment Effective Date (as defined in Section 2
below) and subject to the satisfaction (or due waiver) of the conditions set
forth in Section 3 (Conditions Precedent) hereof, the Credit Agreement is hereby
amended as follows:

1.1 The definition of “Consolidated Net Income” and “Consolidated Net Loss” in
Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by adding
the following sentence at the end of such definition:

“Notwithstanding anything contained herein or in any Second Lien Loan Document,
Consolidated Net Income shall not include any amounts (cash or non-cash)
resulting from the cancellation of indebtedness or similar treatment in
connection with any Second Lien Voluntary Purchase (as defined in the Second
Lien Credit Agreement).”

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SECTION 2. CONDITIONS PRECEDENT

This Amendment shall become effective as of the date (the “First Amendment
Effective Date”) on which each of the following conditions precedent shall have
been satisfied or duly waived:

2.1 Certain Documents. The Administrative Agent shall have received each of the
following, in form and substance satisfactory to the Administrative Agent:

(a) this Amendment, duly executed by the Borrower, on behalf of itself and each
other Loan Party, and the Administrative Agent and the Requisite Lenders; and

(b) such additional documentation related to this Amendment as the
Administrative Agent may reasonably require.

2.2 Payment of Costs and Expenses. The Administrative Agent shall have received
all fees, costs and expenses (including, without limitation, the reasonable fees
and out-of-pocket expenses of counsel for the Administrative Agent) in
connection with this Amendment, the Credit Agreement and each other Loan
Document, as required by Section 4.1 hereof.

2.3 Representations and Warranties. Each of the representations and warranties
contained in Section 3 below shall be true and correct.

SECTION 3. REPRESENTATIONS AND WARRANTIES

The Borrower, on behalf of itself and each Loan Party, hereby represents and
warrants to the Administrative Agent and each Lender, with respect to all Loan
Parties, and, solely with respect to Section 3.2 as to Parent, Parent represents
and warrants to the Administrative Agent, as follows:

3.1 Incorporation of Representations and Warranties from Credit Agreement. After
giving effect to this Amendment, each of the representations and warranties in
the Credit Agreement and in the other Loan Documents are correct in all material
respects as though made on and as of the date hereof, other than any such
representations and warranties that by their express terms, refer to a specific
date.

3.2 Corporate Power and Authority. Parent and each Loan Party has taken all
necessary action to authorize the execution, delivery and performance of this
Amendment, this Amendment has been duly executed and delivered by Parent and
each Loan Party, and this Amendment is the legal, valid and binding obligation
of Parent and each Loan Party, enforceable against it in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors’ rights generally and by general equitable principles.

 

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3.3 Absence of Default. At the time of and as a result of giving effect to this
Amendment, no Default or Event of Default has occurred and is continuing.

SECTION 4. MISCELLANEOUS

4.1 Costs and Expenses. The Borrower agrees to reimburse the Administrative
Agent for its costs and expenses in connection with this Amendment (and any
other Loan Documents delivered in connection herewith) as provided in
Section 2.2 hereof and Section 8.04 of the Credit Agreement.

4.2 Reference to and Effect on the Loan Documents.

(a) As of the Effective Date, each reference in the Credit Agreement and the
other Loan Documents to “this Agreement,” “hereunder,” “hereof,” “herein,” or
words of like import, and each reference in the other Loan Documents to the
Credit Agreement (including, without limitation, by means of words like
“thereunder”, “thereof” and words of like import), shall mean and be a reference
to the Credit Agreement as amended and as waived hereby with respect to the
certain requirements outlined above, and this Amendment and the Credit Agreement
shall be read together and construed as a single instrument.

(b) Except as expressly amended hereby, all of the terms and provisions of the
Credit Agreement and all other Loan Documents are and shall remain in full force
and effect and are hereby ratified and confirmed.

(c) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of the Administrative Agent or any Lender under the Credit Agreement or
any Loan Document, or constitute a waiver or amendment of any other provision of
the Credit Agreement or any Loan Document (as amended hereby) except as and to
the extent expressly set forth herein.

(d) The Borrower and (by its acknowledgement hereof as set forth on the
signature pages hereto) each other Loan Party, hereby confirms that the
guaranties, security interests and liens granted pursuant to the Loan Documents
continue to guarantee and secure the Obligations as set forth in the Loan
Documents and that such guaranties, security interests and liens remain in full
force and effect.

4.3 Counterparts. This Amendment may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Receipt by the Administrative Agent of a
facsimile copy of an executed signature page hereof shall constitute receipt by
the Administrative Agents of an executed counterpart of this Amendment.

4.4 Governing Law. This Amendment and the rights and obligations of the parties
hereto shall be governed by, and construed in accordance with, the laws of the
State of New York.

 

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4.5 Loan Document and Integration. This Amendment is a Loan Document, and
together with the other Loan Documents, incorporates all negotiations of the
parties hereto with respect to the subject matter hereof and is the final
expression and agreement of the parties hereto with respect to the subject
matter hereof.

4.6 Headings. Section headings contained in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purposes.

4.7 Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AMENDMENT OR
ANY OTHER LOAN DOCUMENT.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers and members thereunto duly authorized, as of the
date indicated above.

 

GOLDEN NUGGET, INC. By:   /s/ Rick H. Liem   Name: Rick H. Liem   Title: VP
LANDRY’S RESTAURANTS, INC. By:   /s/ Steven L. Scheinthal   Name: Steven L.
Scheinthal   Title:   EVP & GC

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent and Lender By:  
/s/ Reginald T. Dawson   Name: Reginald T. Dawson   Title:   Managing Director

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Wells Fargo Foothill, Inc., as Lender By:   /s/ Steve Scott   Name: Steve Scott
  Title:   VP

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Natixis, as Lender By:   /s/ John-Charles van Essche   Name: John-Charles van
Essche   Title:   Managing Director

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Z Capital Special Situations Fund Holdings, L.L.C as Lender By:   /s/ James J.
Zenn   Name:   James J. Zenn   Title:   President of Z Capital Partners L.L.C.
and Managing Member of Z Capital Special Situations Fund Holdings 1, L.L.C.

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Golub Capital Partners Funding 2007-1 Ltd., as Lender By:   /s/ David B. Golub  
Name:   David B. Golub   Title:   Designated Signatory

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Foothill CLO I, Ltd. By:   The Foothill Group Inc.,   as attorney-in-fact as
Lender By:   /s/ Michael Bohannon   Name: Michael Bohannon   Title:   Managing
Member

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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        The Foothill Group, Inc., as Lender By:   /s/ Michael Bohannon   Name:
Michael Bohannon   Title:   S.V.P.

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Copper River CLO LTD. By: Guggenheim Investment Management, LLC, its Collateral
Manager By:   /s/ Michael Damaso   Name: Michael Damaso   Title:   Senior
Managing Director 1888 FUND LTD. By: Guggenheim Investment Management, LLC, its
Collateral Manager By:   /s/ Michael Damaso   Name: Michael Damaso   Title:
  Senior Managing Director CLC LEVERAGED LOAN TRUST By: Challenger Life Nominees
PTY Limited as Trustee By: Guggenheim Investment Management, LLC, its Manager
By:   /s/ Michael Damaso   Name: Michael Damaso   Title:   Senior Managing
Director

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Golub Capital Management CLO 2007-1 Ltd., as Lender By:   /s/ Michael C. Lochrke
  Name: Michael C. Lochrke   Title:   Designated Signatory

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Golub Capital Senior Loan Opportunity Fund, Ltd., as Lender By:   /s/ Michael C.
Loehrke   Name:   Michael C. Loehrke   Title:   Designated Signatory

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Grand Central Asset Trust, CAMERON I Series, as Lender By:   /s/ Adam Jacobs  
Name:   Adam Jacobs   Title:   Attorney-in-Fact

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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[                                                 ], as Lender By:       Name:  
Title:

 

Flagship CLO V

By: Deutsche Investment Management Americas, Inc. (as successor in interest to
Deutsche Assets Management, Inc.)

    As Collateral Manager

By:   /s/ Eric S. Meyer   Eric S. Meyer, Managing Director By:   /s/ Shameem R.
Kathiwalla   Name: Shameem R. Kathiwalla   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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[                                                 ], as Lender By:       Name:  
Title:

 

Flagship CLO V I By:   Deutsche Investment Management Americas, Inc. As
Collateral Manager By:   /s/ Eric S. Meyer   Eric S. Meyer, Managing Director
By:   /s/ Shameem R. Kathiwalla   Name: Shameem R. Kathiwalla   Title:   Vice
President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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[                                                 ], as Lender By:       Name:  
Title:

 

Flagship CLO III By:  

Deutsche Investment Management Americas, Inc. (as successor in interest to
Deutsche Asset Management, Inc.)

As Sub-Adviser

By:   /s/ Eric S. Meyer   Eric S. Meyer, Managing Director By:   /s/ Shameem R.
Kathiwalla   Name: Shameem R. Kathiwalla   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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[                                                 ], as Lender By:       Name:  
Title:

 

Flagship CLO IV By:  

Deutsche Investment Management Americas, Inc. (as successor in interest to
Deutsche Asset Management, Inc.)

As Sub-Adviser

By:   /s/ Eric S. Meyer   Eric S. Meyer, Managing Director By:   /s/ Shameem R.
Kathiwalla   Name: Shameem R. Kathiwalla   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Galaxy V CLO, Ltd., By: AIG Global Investment Corp. Its Collateral Manager, as
Lender American International Group, Inc. By: AIG Global Investment Corp. Its
Investment Adviser, as Lender SunAmerica Senior Floating Rate Fund, Inc. By: AIG
Global Investment Corp. Investment Sub-Adviser, as Lender By:   /s/ Steven S. Oh
Name:   Steven S. Oh Title:   Managing Director

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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PPM SHADOW CREEK FUNDING LLC, as Lender By:   /s/ Tara E. Kenny Name:   Tara E.
Kenny Title:   Assistant Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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ATLANTIS FUNDING LTD.

By:   INVESCO Senior Secured Management, Inc.

         As Collateral Manager

By:   /s/ Thomas Ewald   Name:   Thomas Ewald   Title:   Authorized Signatory

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Grand Central Asset Trust, KIL Series, as Lender By:   /s/ Adam Jacobs   Name:  
Adam Jacobs   Title:   Attorney-in-Fact

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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SIERRA CLO II, as Lender By:   /s/ John M. Casparian Name:   John M. Casparian
Title:   Co-President   Churchill Pacific Asset Management LLC

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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SAN GABRIEL CLO II, as Lender By:   /s/ John M. Casparian Name:   John M.
Casparian Title:   Co-President   Churchill Pacific Asset Management LLC

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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SHASTA CLO I, as Lender By:   /s/ John M. Casparian Name:   John M. Casparian
Title:   Co-President   Churchill Pacific Asset Management LLC

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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PPM MONARCH BAY FUNDING LLC, as Lender By:   /s/ Tara E. Kenny Name:   Tara E.
Kenny Title:   Assistant Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Clydesdale CLO 2007, Ltd., as Lender By:   /s/ Robert Hoffman Name:   Robert
Hoffman Title:   Executive Director   NOMURA CORPORATE RESEARCH AND ASSET
MANAGEMENT INC. AS INVESTMENT MANAGER

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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[Illegible], as Lender By:   /s/ Robert Hoffman Name:   Robert Hoffman Title:  
Executive Director   NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC. AS
INVESTMENT ADVISER

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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BlackRock Floating Rate Income Trust

BlackRock Senior Income Series

BlackRock Senior Income Series II

BlackRock Senior income Series IV

BlackRock Senior Income Series V Limited

Magnetite V CLO, Limited, as Lender

By:   /s/ AnnMarie Smith Name:   AnnMarie Smith Title:   Authorized Signatory

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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The Hartford Mutual Funds, Inc., on behalf of The Hartford Floating Rate Fund  
By Hartford Investment Management, as Lender Company, its Sub-advisor       By:
  /s/ Francesco Ossino     Name:   Francesco Ossino     Title:   Senior Vice
President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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As Lenders, Arkansas Public Employees Retirement System MacKay Short Duration
Alpha Fund New York Life Insurance Company (Guaranteed Products) New York Life
Insurance Company, GP - Portable Alpha MacKay Shields Core Plus Alpha Fund Ltd.
By: MacKay Shields LLC, as investment adviser and not individually By:   /s/ Dan
Roberts   Dan Roberts Title:   Sr. Managing Director

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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MSIM Peconio Bay, Ltd.

By: Morgan Stanley Investment Management Inc.

as Collateral Manager, as Lender

By:   /s/ Ryan Kommers Name:   Ryan Kommers Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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VAN KAMPEN

Dynamic Credit Opportunities Fund

By: Van Kampen Asset Management, as Lender

        By:   /s/ Ryan Kommers   Name:   Ryan Kommers   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Morgan Stanley Prime Income Trust, as Lender         By:   /s/ Ryan Kommers  
Name:   Ryan Kommers   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Morgan Stanley Investment

Management Croton, Ltd.

By: Morgan Stanley Investment Management Inc.

as Collateral Manager, as Lender

        By:   /s/ Ryan Kommers   Name:   Ryan Kommers   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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QUALCOMM Global Trading, Inc.

By: Morgan Stanley Investment

Management Inc. as Investment Manager, as Lender

        By:   /s/ Ryan Kommers   Name:   Ryan Kommers   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Zodiac Fund – Morgan Stanley US

Senior Loan Fund

By: Morgan Stanley Investment Management Inc. as

Investment Manager, as Lender

        By:   /s/ Ryan Kommers   Name:   Ryan Kommers   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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VAN KAMPEN

SENIOR LOAN FUND

By: Van Kampen Asset Management, as Lender

        By:   /s/ Ryan Kommers   Name:   Ryan Kommers   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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VAN KAMPEN

SENIOR INCOME TRUST

By: Van Kampen Asset Management, as Lender

        By:   /s/ Ryan Kommers   Name:   Ryan Kommers   Title:   Vice President

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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San Joaquin County Employees’ Retirement Association, as Lender         By:  
/s/ Beth Semmel   Name:   Beth Semmel   Title:   Portfolio Manager

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Loyalis Schade NV, as Lender By:   /s/ Beth Semmel   Name:   Beth Semmel  
Title:   Portfolio Manager

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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Western Asset Management Company on behalf of

Virginia Retirement System,

Western Asset Floating Rate High Income

Fund, LLC,

Legg Mason Partners Adjustable Rate

Income Fund,

Legg Mason Partners Capital and Income

Fund,

John Hancock Trust Floating Rate Income

Trust,

John Hancock Fund II Floating Rate

Income Fund,

MT. WILSON CLO, LTD. and

MT. WILSON CLO II, LTD., as a Lender

By:   /s/ Chloé M. Page Name:   Chloé M. Page Title:   Authorized Signatory

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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ING Investment Management Co., as Lender By:   /s/ Jason Esplin   Name:   Jason
Esplin   Title:   Assistant Vice President For the Following Funds:

ING Investment Management CLO I, LTD.

 

ING Investment Management CLO II, LTD.

 

ING Investment Management CLO III, LTD.

 

ING Investment Management CLO IV, LTD.

 

ING Investment Management CLO V, LTD

 

ING International II Senior Bank Loans Euro

 

ING International (II) Senior Bank Loans USD

 

ING Prime Rate Trust

 

ING Senior Income Fund

 

AMENDMENT NUMBER ONE TO FIRST LIEN CREDIT AGREEMENT

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