EXHIBIT 10.3

GORDON & SILVER, LTD.
GERALD M. GORDON, ESQ.
Nevada Bar No. 229
WILLIAM M. NOALL, ESQ.
Nevada Bar No. 3549
THOMAS H. FELL, ESQ.
Nevada Bar No. 3717
3960 Howard Hughes Pkwy, 9th Fl.
Las Vegas, Nevada 89109
Telephone (702) 796-5555
Facsimile (702) 369-2666
         Attorneys for Debtors

UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA

      In re   Case No. BK-N-00-33467-GWZ Chapter 11
Joint Administration With: FITZGERALDS GAMING   BK-N-00-33468 (Fitzgeralds
South, Inc.) CORPORATION, a Nevada corporation,   BK-N-00-33469 (Fitzgeralds
Reno, Inc.)     BK-N-00-33470 (Fitzgeralds, Inc.) Debtor   BK-N-00-33471
(Fitzgeralds Las Vegas, Inc.)     BK-N-00-33472 (Fitzgeralds Mississippi, Inc.)
    BK-N-00-33473 (Fitzgeralds Black Hawk, Inc.)     BK-N-00-33474 (Fitzgeralds
Black Hawk II, Inc.) oAffects this Debtor./

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  BK-N-00-33475 (101 Main Street LLC)
BK-N-00-33476 (Fitzgeralds Fremont Experience Corp.) x Affects all Debtors./

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    o Affects FITZGERALDS SOUTH, INC.,
a Nevada corporation,/

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  SUPPLEMENTAL DISCLOSURE STATEMENT TO ACCOMPANY DEBTORS’ SECOND AMENDED PLAN OF
REORGANIZATION o Affects FITZGERALDS RENO, INC.,
a Nevada corporation,/

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  (To Be Read In Conjunction With
Debtors’ Initial Disclosure Statement Dated
December 19, 2002)
o Affects FITZGERALDS INCORPORATED,
a Nevada corporation,/

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    o Affects FITZGERALDS LAS VEGAS, INC.,
a Nevada corporation,/

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    o Affects FITZGERALDS MISSISSIPPI, INC.,
a Mississippi corporation,/

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    o Affects FITZGERALDS BLACK HAWK,
INC., a Nevada corporation, /

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    o Affects FITZGERALDS BLACK HAWK II, INC., a Colorado corporation, /

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  Date: March 24, 2003
Time: 2:30 p.m. o Affects 101 MAIN STREET LIMITED LIABILITY COMPANY,
a Colorado limited liability company, /

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    o Affects FITZGERALDS FREMONT EXPERIENCE CORPORATION,
a Nevada corporation, /

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I.     INFORMATION REGARDING THE SUPPLEMENTAL DISCLOSURE STATEMENT

     The purpose of this Supplemental Disclosure Statement to Accompany Debtors’
Second Amended Plan of Reorganization (“Supplemental Disclosure”) is to update
the information contained in the Debtors’ initial Disclosure Statement and
provide sufficient information about the modifications made to Debtors’ First
Amended Plan of Reorganization (“Plan”) to enable you to make an informed
decision in exercising your rights to accept or reject Debtors’ Second Amended
Plan of Reorganization (“Modified Plan”),1 a copy of which is attached hereto as
Exhibit “A.” As such, except as provided herein, Debtors expressly incorporate
the terms and provisions of their initial Disclosure Statement dated
December 19, 2002, distributed to you on or about January 10, 2003.

II.     EVENTS LEADING UP TO THE FILING OF THE MODIFIED PLAN

     As more fully set forth in the Disclosure Statement, Debtors filed the Plan
to effectuate the terms of the Restructuring Agreement among the Debtors, Senior
Management and the Consenting Noteholders. The primary objective was to maximize
returns to Creditors including the value of Noteholders’ recoveries inasmuch as
the obligations owed by the Debtors to the Noteholders constitutes in excess of
ninety percent (90%) of the Debtors’ liabilities. The Debtors and the
Noteholders determined to obtain this objective through an expeditious and
orderly sale of the Operating Companies as going concerns by asset and/or stock
sales and the distribution of the net proceeds therefrom. The Debtors filed the
Plan in order to conclude the Chapter 11 Cases and effectuate the remaining
terms of the Restructuring Agreement.

     Confirmation of the Plan was set for March 6, 2003. Debtors did not receive
the requisite votes from the Noteholders to confirm the Plan. On March 3, 2003,
the Informal Committee

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    1 Unless otherwise noted herein, capitalized terms have the same meaning
ascribed to them in Debtors’ Disclosure Statement To Accompany Debtors’ First
Amended Plan of Reorganization. (“Disclosure Statement”) filed on December 23,
2002.

 

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filed its objection to confirmation of the Plan. On the same date, Debtors filed
a motion to designate certain votes of Consenting Noteholders which, if granted,
potentially would have permitted the Plan to be confirmed.

     Thereafter, the Debtors and the Informal Committee agreed that the Plan
would be amended. Instead of providing for the sale of the final casino operated
by the Debtors, a new plan would give the equity of the Debtors to Noteholders.
As a result, the Debtors and Consenting Noteholders have agreed to Amendment
No. 1 To Amended and Restated Agreement Regarding Pre-Negotiated Restructuring
(a copy of which is attached hereto as Exhibit “B”) and the Debtors have filed
the Modified Plan. This Supplemental Disclosure Statement explains the
provisions of the Modified Plan. There are three Classes of Creditors entitled
to vote on the Modified Plan.

     The first two such Classes are comprised of Noteholders. Class 6 comprises
the Noteholders’ Secured Claims and Class 9 comprises the Noteholders’ Unsecured
Claims. A single Ballot is being sent to each Noteholder to allow such
Noteholder to vote those Claims. What the Modified Plan proposes is that the
Notes will be cancelled and Noteholders will receive 100% of the equity of the
Reorganized Debtors. The Modified Plan also proposes to simplify the Debtors’
corporate structure upon emergence from bankruptcy: there will be only a parent
company (FGC), one wholly-owned subsidiary that operates the casino in Reno,
Nevada (FRI) and another wholly-owned subsidiary (FLI) that will exist only to
use residual Cash to pay off remaining bankruptcy liabilities as required by the
Modified Plan.

     The Modified Plan also gives Noteholders an option to receive Cash instead
of equity, in an amount equal to $30 for each $1000 original principal amount of
Notes. If a Noteholder

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desires to take Cash instead of equity, the Noteholder must make an election on
the Ballot for the Modified Plan.2

     The third Class entitled to vote on the Modified Plan is comprised of
General Unsecured Creditors whose claims exceed $25,000 in amount. The Modified
Plan proposes to pay such Creditors Cash in the amount of 20% of their Allowed
Claims.

     This brief summary of the Modified Plan’s provisions is qualified in its
entirety by the remainder of this Supplemental Disclosure Statement and the
Modified Plan.

III. GENERAL OVERVIEW OF THE MODIFIED PLAN

     The following is a general overview of the provisions of the Modified Plan.
This overview is qualified in its entirety by reference to the provisions of the
Modified Plan. Pursuant to Section 1123(a)(1) of the Bankruptcy Code,
Administrative Claims, Preserved Ordinary Course Administrative Claims, Allowed
Priority Claims and Allowed Executive Incentive Claims are not designated as
Classes. The holders of such unclassified Claims shall be paid in full under the
Modified Plan consistent with the requirements of Section 1129(a)(9)(A) of the
Bankruptcy Code and are not entitled to vote on the Modified Plan. Distributions
under the Modified Plan to each class are summarized in the following table.

                              Estimated amount of Class   Description  
Treatment   Claim

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Class 1:    Priority Wage Claims   Unimpaired. Paid in full in Cash.   $ 0  
Class 2:   Priority Benefit
Plan Contribution Claims   Unimpaired. Paid in full in Cash.   $ 0              
      Class 3:   Priority Customer
Deposit Claims   Unimpaired. Paid in full in Cash.   $ 0                    
Class 4:   Secured Tax Claims   Unimpaired. Cured or paid in full in Cash.   $ 0
 

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         2 The amount of the Cash option for the Noteholders was not established
by the Debtors, but rather was established by the Informal Committee and its
legal and financial advisors. As such, Debtors make no representations or
warranties as to the calculation of the buy-out amount nor what facts and
circumstances upon which it is based.

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                  Class 5:   Miscellaneous Secured Claims   Unimpaired. Claimant
shall receive the collateral securing its Claim or receive Cash equal to its
Allowed Secured Claim.   $ 0                     Class 6:   Noteholder Secured
Claims   Impaired. Pro rata share of New Common Stock equal to the Collateral
Value Percentage.     Undetermined at this time, but estimated at
$123,025,000.00 based upon the Liquidation Analysis.                    
Class 7:   Convenience Class Claims   Unimpaired. Paid in full in Cash.    
Estimated not to exceed $300,000.00.                     Class 8:   General
Unsecured Claims   Impaired. To receive Cash in the amount of 20% of its Allowed
General Unsecured Claim.     Estimated not to exceed $3,800,000.00.            
        Class 9:   Noteholder Deficiency Claims   Impaired. Pro rata share of
the shares of the New Common Stock that is not distributed to holders of Class 6
Claims.     Undetermined at this time, but estimated at $138,210,000.00 based
upon the Liquidation Analysis.                     Class 10:   Intercompany
Claims   Impaired. No distribution.   $ 242,712,320.00                    
Class 11:   Subsidiary Equity Securities   Impaired. No distribution.   $ 0    
                Class 12:   Old FGC Preferred Stock   Impaired. No distribution.
  $ 0                     Class 13:   FSI Warrant Claims   Impaired. No
distribution.   $ 0                     Class 14:   Old FGC Common Stock  
Impaired. No distribution.   $ 0  

     A.     New Capital Structure.

     Upon confirmation of the Modified Plan, all Equity Securities of the
Debtors will be cancelled and terminated. FGC, as reorganized (“Reorganized
FGC”) shall have one million (1,000,000) shares of New Common Stock authorized
of which two hundred five thousand (205,000) shares shall be issued and
outstanding, all of which shares of New Common Stock will

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represent one hundred percent (100%) of the equity ownership and voting power of
Reorganized FGC. The New Common Stock will be distributed in the manner provided
below. As more fully set forth below and in the Modified Plan, Reorganized FGC
(as well as Reorganized FSI which will become Fitzgeralds Liquidation, Inc.,
(“FLI”)) shall become a Delaware corporation through a merger of the existing
entity into a new corporation to be formed on or before the Effective Date.

     B.     Treatment of Noteholder Secured Claims and Noteholder Deficiency
Claims.

     From and after the Effective Date, each Noteholder as of the Distribution
Record Date shall receive for its Class 6 Noteholder Secured Claim its Pro Rata
share of the New Common Stock equal to the Collateral Value Percentage.3 The
Class 9 Allowed Noteholders Deficiency Claims shall be satisfied by the receipt
of all of the New Common Stock that is not distributed to holders of Class 6
Claims as more fully provided for in Article 8 of the Modified Plan. The
Modified Plan further provides for a cash option for Noteholders. Each holder of
a Class 6 and Class 9 Claim may indicate on its Ballot its election to receive a
cash distribution in lieu of distributions of New Common Stock. Any such
electing holder shall, in lieu of all distributions that it would otherwise be
entitled to receive pursuant to Sections 5.1.1(c) and 5.3.1 of the Modified
Plan, receive $30.00 per $1,000.00 face amount of Notes owned by such holder.
The New Common Stock that would have been distributed to such electing holders
shall instead be sold pursuant to the Commitment Agreement.4

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    3 Collateral Value Percentage is defined in the Modified Plan as the ratio,
expressed as a percentage, of (x) value of all collateral remaining in the
Estates that secure the Notes and (y) the total value of all Estate assets after
deduction of all Cash to be distributed under the Plan except distributions to
Class 8.       4 The Commitment Agreement is the Plan Confirmation Commitment
Agreement dated as of March 19, 2003 between New FGC and Contrarian Capital
Management, LLC (“Contrarian”), a copy of which is included in the Plan
Supplement. Pursuant to the Commitment Agreement, Contrarian agrees to subscribe
for all shares of New Common Stock not issued to any holder of a Class 6 and
Class 9 Allowed Claim pursuant to the terms and conditions set forth therein.

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     C.     Convenience Class Claims.

     Convenience Class Claims consist of all Allowed General Unsecured Claims
held and controlled by a Creditor in an aggregate amount of $25,000.00 or less,
or in an aggregate amount greater than $25,000.00, but which Creditor elects on
the Ballot to reduce to an aggregate of $25,000.00. The Modified Plan provides
that each holder of Allowed Convenience Class Claim shall be paid in full from
Plan Distribution Cash by the applicable Reorganized Debtor its Allowed
Convenience Class Claim plus interest at the Federal Judgment Rate from the
Petition Date until paid upon the latest of: (i) the Distribution Date; (ii) the
10th business day after such claim is allowed, or as soon thereafter as
practicable; and (iii) such date as the holder of such Claim and Debtors or the
Reorganized Debtors have agreed or shall agree.

     D.     Allowed General Unsecured Claims.

     Each holder of an Allowed Class 8 General Unsecured Claim shall receive
Plan Distribution Cash equivalent to twenty percent (20%) of its Allowed General
Unsecured Claim upon the latest: (i) Distribution Date; (ii) the 10th business
day after such claim is allowed, or as soon thereafter as practicable; and
(iii) as such date as the holder of such Claim and Debtors or the Reorganized
Debtors have agreed or shall agree.

     Debtors have determined the following claimants have asserted Claims which
are classified as Class 8 General Unsecured Claims:

                    Debtor   Claimant   Amount Asserted

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FGC
  Jerome Turk   $ 782,550.90  
 
  Reliance Insurance Co.   $ 603,390.00  
 
  AIG Insurance Co.   $ 279,763.00    
FMI
  WS Gaming   $ 133,295.29  

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                    Debtor   Claimant   Amount Asserted

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FLVI
  Holiday Inn   $ 1,832,071.97  
 
  WMS Gaming   $ 30,273.53    
FRI
  Scout Development (and related rejection claims)   $ 1,894,000.00 5
 
         

     Debtors and the Informal Committee dispute each of the above identified
Class 8 General Unsecured Claims and appropriate objections to such Claims are
or will be filed. Notwithstanding Debtors’ disputes regarding these Claims,
Debtors estimate that they will have $13,000,000.00 in Plan Distribution Cash on
the Effective Date. Thus, Debtors will have sufficient Plan Distribution Cash
for Class 8 Allowed General Unsecured Claims in the event that these Claims are
not reduced.

     E.     Intercompany Claims and Equity Securities.

     All Class 10 Intercompany Claims, Class 11 Subsidiary Equity Interests,
Class 12 Old FGC Preferred Stock, Class 13 FSI Warrant Claims, and Class 14 Old
FGC Common Stock shall be cancelled, terminated and extinguished without further
act or action under any applicable agreement, law, regulation, order or rule.

     F.     Means of Implementation of the Plan.

          1. Plan Implementation Steps Occurring on Effective Date. On the
Effective Date, all of the assets of each Debtor’s Estate, including all causes
of action and avoidance actions, shall be preserved and shall revest in the
Debtors free and clear of all liens, claims and encumbrances, and then the
following events shall occur in the following sequence:

               a) FGC shall cause all subsidiaries of FGC, including debtors and
nondebtors, except FSI and FRI, to be merged with and into FSI pursuant to NRS
Chapter 92A,

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    5 These figures are estimates only of the rejection damages and possible
deficiency claim provided to Debtors by Scout for the purposes of this
Disclosure Statement. Neither Scout, the Debtors, the Informal Committee or any
other party is bound by this estimate and Scout has reserved the right to
further provide a more definitive calculation of damages. All rights to object
to such Claim are reserved.

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with FSI being the surviving entity in the mergers. On or before the Effective
Date, FGC shall cause to be executed, and shall cause to be filed with the
Nevada Secretary, the articles of merger and any related documents required for
such mergers to be effective at the earliest time reasonably practicable on the
Effective Date.

               b) On or before the Effective Date, New FGC shall be formed. On
the Effective Date, FGC shall merge with and into New FGC with New FGC being the
surviving corporation, and then New FGC shall change its name to “Fitzgeralds
Gaming Corporation.” On or before the Effective Date, FSI shall form FLI, and on
the Effective Date, following the mergers contemplated by Section 6.1.1, FSI
shall merge with and into FLI, with FLI being the surviving corporation.

               c) On the Effective Date, Reorganized FGC shall have one million
(1,000,000) shares of New Common Stock authorized of which two hundred five
thousand (205,000) shares shall be issued and outstanding, all of which shares
of New Common Stock shall, in accordance with the Modified Plan, be issued to
the Disbursing Agent in accordance with the Modified Plan.

               d) As of the Effective Date, the certificate of incorporation and
by-laws of Reorganized FGC shall be substantially in the forms of the
Reorganized FGC Articles and Reorganized FGC By-Laws, which provide for, among
other things, the authorization of any and all acts necessary to effectuate the
Modified Plan including, without limitation, the issuance of the New Common
Stock. Such certificate of incorporation and by-laws shall also provide: (i) to
the extent required by Section 1123(a) and (b) of the Bankruptcy Code, for a
provision prohibiting the issuance of non-voting equity securities; and (ii) for
the board of directors of Reorganized FGC to be comprised of three
(3) directors, to be initially nominated by the Informal Committee no later than
five (5) days prior to the commencement of the Confirmation Hearing. The initial
members of

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the board of directors of Reorganized FGC shall serve until such directors, or
their successors are elected at a properly noticed and constituted stockholders’
meeting of Reorganized FGC. After the Effective Date, Reorganized FGC may amend
and restate the Reorganized FGC Articles and Reorganized FGC By-Laws as
permitted by applicable law.

               e) As of the Effective Date, the certificate of incorporation and
bylaws of Reorganized FRI shall be amended substantially in the forms of the
Reorganized FRI Articles and Reorganized FRI By-Laws, which provide for, among
other things, the authorization of any and all acts necessary to effectuate the
Modified Plan. Such certificate of incorporation and by-laws shall also provide
to the extent required by Section 1123(a) and (b) of the Bankruptcy Code, for a
provision prohibiting the issuance of non-voting equity securities. After the
Effective Date, Reorganized FRI may amend and restate the Reorganized FRI
Articles and Reorganized FRI By-Laws as permitted by applicable law.

               f) As of the Effective Date, the certificate of incorporation and
bylaws of Reorganized FLI shall be substantially in the forms of the Reorganized
FLI Articles and Reorganized FLI By-Laws, which provide for, among other things,
the authorization of any and all acts necessary to effectuate the Modified Plan.
Such certificate of incorporation and by-laws shall also provide, to the extent
required by Section 1123(a) and (b) of the Bankruptcy Code, for a provision
prohibiting the issuance of non-voting equity securities. After the Effective
Date, Reorganized FLI may amend and restate the Reorganized FLI Articles and
Reorganized FLI By-Laws as permitted by applicable law.

               g) The Plan Distribution Cash shall be delivered to Reorganized
FGC or Reorganized FLI to be paid in accordance with the Modified Plan and the
Restructuring Agreement.

               h) On the Effective Date, Reorganized FGC shall pay from Plan
Distribution Cash all monies due but not yet paid in accordance with the Senior
Management

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Incentive Program, including the Retention Payments and Cash Incentive Claims to
the extent not previously paid and not subject to further reserve.

               i) All funds or other property received by or retained by
Reorganized Debtors shall be applied and distributed in accordance with the
Modified Plan.

          2. Determination of Plan Distribution Cash. The Debtors shall
determine the necessary amount of Plan Distribution Cash with the consent of the
Informal Committee (not to be unreasonably withheld) as provided for in the
Restructuring Agreement. In the event agreement cannot be reached between the
Debtors and the Informal Committee prior to the Effective Date, the Bankruptcy
Court shall determine the amount of Plan Distribution Cash.

          3. Notice of Effectiveness. When all of the steps contemplated by
Section 6.1 of the Modified Plan have been completed, the Debtors shall file
with the Bankruptcy Court and serve upon all holders of Claims and all potential
holders of Administrative Claims known to the Debtors (whether or not disputed),
a Notice of Effective Date of Plan. The notice shall include notice of the
Administrative Claim Bar Date.

          4. Surrender of Securities or Debt Instruments. On or before the
Distribution Date, or as soon as practicable thereafter, each Noteholder shall
surrender the Notes evidencing its Allowed Noteholder Deficiency Claim to the
Indenture Trustee as the Disbursing Agent for the Class 9 Claims. No
distribution of property hereunder shall be made to or on behalf of any such
Noteholder unless and until the Notes are delivered to the Indenture Trustee or
the unavailability of such Notes is reasonably established to the satisfaction
of Reorganized FGC. In the event any Noteholder seeks to establish the
unavailability of the Note evidencing such Allowed Noteholder Deficiency Claim,
Reorganized FGC shall, within thirty (30) Business Days after receipt of the
Noteholder’s evidence of unavailability and statement of indemnity of
Reorganized FGC, (i) provide the Noteholder, in writing, with a detailed
description regarding the rejection of such

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evidence and statement of indemnity; or (ii) deliver to the Indenture Trustee a
notice of compliance and distribute to such Noteholder any amounts distributable
from Reorganized FGC. Any such Noteholder who fails to surrender or cause to be
surrendered such Notes or fails to execute and deliver an affidavit of loss and
indemnity reasonably satisfactory to Reorganized FGC prior to the second
anniversary of the Effective Date, shall be deemed to have forfeited all rights
and claims in respect of such Notes and shall not participate in any
distribution hereunder, and all property in respect of such forfeited
distribution, including interest accrued thereon, shall revert to Reorganized
FGC notwithstanding any federal or state escheat laws to the contrary.

          5. Cash Option for Bondholders. Each holder of a Class 6 and Class 9
Claim may indicate on its Ballot its election to receive a cash distribution in
lieu of distributions of New Common Stock. Any such electing holder shall, in
lieu of all distributions that it would otherwise be entitled to receive
pursuant to Section 5.1.1(c) and 5.3.1 of the Modified Plan, receive $30.00 per
$1,000.00 face amount of Notes owned by such holder. The New Common Stock that
would have been distributed to such electing holders shall instead be sold
pursuant to the Commitment Agreement.

          6. No Corporate Action Required. As of the Effective Date: (i) the
adoption or approvals of the mergers set forth in Section 6.1.1 and 6.1.2 of the
Modified Plan; (ii) the adoption of the Reorganized FGC Articles, Reorganized
FGC By-Laws, Reorganized FRI Articles, Reorganized FRI By-Laws, Reorganized FLI
Articles, Reorganized FLI By-Laws or similar constituent documents for
Reorganized Debtors; (iii) the initial selection of directors and officers for
Reorganized Debtors; (iv) the adoption, execution, delivery and implementation
of all contracts, leases, instruments, releases and other agreements related to
or contemplated by the Modified Plan; (v) the revesting or transfer of Estate
assets provided for in the Modified Plan; and (vi) the other matters provided
for under or in furtherance of the Modified Plan involving corporate action to
be

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taken by or required of the Debtors or Reorganized Debtors shall be deemed to
have occurred and be effective as provided herein, and shall be authorized and
approved in all respects without further order of the Bankruptcy Court or any
requirement of further action by the stockholders or directors of the Debtors
and Reorganized Debtors. As of the Effective Date, the term of each of the
officers and directors of the Debtors not continuing in office, if any, shall
terminate pursuant to the Confirmation Order without any further action by the
stockholders or directors of the Debtors or Reorganized Debtors.

          7. Informal Committee. Any consent, waiver or other action pursuant to
the Modified Plan to be given by, or power conferred on, the Informal Committee
shall be exercised by a vote of members of the Informal Committee who in the
aggregate own, beneficially own or have investment discretion with respect to
Notes comprising at least a majority of the outstanding principal amount of the
Notes. There shall be no requirement of a meeting or notice to all Noteholders
or Informal Committee members as a prerequisite to such a vote, and the vote may
be by written consent of sufficient members of the Informal Committee.

          8. Duties of Indenture Trustee. Not later than the eleventh day after
entry of the Confirmation Order, the Indenture Trustee shall provide to the
Debtors and the Informal Committee a list of all bondholders, including
beneficial holders to the extent that the Indenture Trustee can reasonably
determine them. On the Effective Date the Indenture Trustee shall be cancelled
and the Indenture Trustee shall have no further duties thereunder.

          9. Executory Contracts and Unexpired Leases.

               a) Executory Contracts. All executory contracts and unexpired
leases that both exist on the Confirmation Date and are set forth on the
schedule of assumed executory contracts and unexpired leases attached to the
Modified Plan as Schedule “7.1,” shall be deemed assumed by the applicable
Reorganized Debtor on the Effective Date. Schedule 7.1 may be

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modified by the Debtors up to the Effective Date, with notice to the non-debtor
party to the contract affected by such modification and the Informal Committee.

               b) Approval of Assumption or Rejection. Entry of the Confirmation
Order shall constitute as of the Effective Date: (i) approval, pursuant to
Bankruptcy Code Section 365(a), of the assumption by the applicable Reorganized
Debtor of each executory contract and unexpired lease listed on Schedule 7.1,
and (ii) authorization for the Reorganized Debtors to reject each executory
contract and unexpired lease to which any of the Debtors are parties and which
is not listed on Schedule 7.1 and neither assumed, assumed and assigned nor
rejected by separate order prior to the Effective Date. Notwithstanding anything
contained herein to the contrary, up to the Confirmation Date the Debtors, with
the consent of the Informal Committee, shall have the right to add to or delete
from Schedule 7.1 of the Modified Plan any executory contract or unexpired
lease.

               c) Cure of Defaults. The applicable Reorganized Debtor shall Cure
any defaults respecting each executory contract or unexpired lease assumed
pursuant to Section 7.1 of the Modified Plan upon the latest of (i) the
Effective Date or as soon thereafter as practicable; (ii) such dates as may be
fixed by the Bankruptcy Court or agreed upon by the Debtors, with the consent of
the Informal Committee and after the Effective Date, the applicable Debtor; or
(iii) the tenth (10th) Business Day after the entry of a Final Order resolving
any dispute regarding (a) a Cure amount; (b) the ability of the applicable
Reorganized Debtor to provide “adequate assurance of future performance” under
the executory contract or unexpired lease assumed pursuant to the Modified Plan
in accordance with Section 365(b)(1) of the Bankruptcy Code; or (c) any matter
pertaining to assumption, assignment or the Cure of a particular executory
contract or an unexpired lease.

               d) Post-Petition Date Contracts and Leases. Subject to the
Administrative Claim Bar Date, Executory contracts and unexpired leases entered
into and other obligations

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incurred after the Petition Date by the Debtors shall be performed by the
applicable Reorganized Debtor in the ordinary course of its business.

               e) Restructuring Agreement. Entry of the Confirmation Order shall
constitute authorization for the assumption on the Effective Date by Reorganized
Debtors of the (a) Restructuring Agreement to the extent obligations and rights
contained therein remain unperformed, (b) the Risk Management Contracts existing
as of the Effective Date.

               f) Bar Date. All proofs of Claims with respect to Claims arising
from the rejection of any executory contract or unexpired lease shall be filed
with Fitzgeralds Gaming Corporation, c/o Ropes & Gray, One International Place,
Boston, Massachusetts 02110, Attention: Don S. DeAmicis and D. Ross Martin, not
later than the earlier of the 30th day after the entry of the order approving
rejection of an executory contract or unexpired lease or the 30th day after the
Effective Date. Any Claim not filed within such time shall be forever barred.
Notwithstanding the above, the bar date for Scout Development shall be the 30th
day after the Effective Date pursuant to Court order.

          10. Indemnification Obligations. Any obligations of the Debtors to
indemnify any officer, director or employee serving as a fiduciary of any
employee benefit plan or program of the Debtors, pursuant to charter, by-laws,
contract or applicable state law shall be deemed to be, and shall be treated as,
an executory contract and rejected by Debtors on the Effective Date.

          11. Conditions to Confirmation of Plan. The following are conditions
precedent to confirmation of the Modified Plan:

               a) The Confirmation Order shall have been entered and be in form
and substance reasonably acceptable to the Debtors and the Informal Committee;
and

               b) Since March 6, 2003, there shall have been no Consenting
Noteholder Default, Debtor Default or Senior Management Default under the
Restructuring

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Agreement, which default has not been waived pursuant to such agreement, and
there shall have been no termination upon condition subsequent of the
Restructuring Agreement.

          12. Conditions To Effectiveness. The following are conditions
precedent to the occurrence of the Effective Date:

               a) The Confirmation Order shall be a Final Order, except that the
Debtors reserve the right, with the consent of the Informal Committee, to cause
the Effective Date to occur notwithstanding the pendency of an appeal of the
Confirmation Order, under circumstances that would moot such appeal;

               b) No request for revocation of the Confirmation Order under
Section 1144 of the Bankruptcy Code shall have been made, or, if made, shall
remain pending, including any appeal;

               c) All documents necessary to implement the transactions
contemplated by the Plan shall be in form and substance reasonably acceptable to
the Debtors and the Informal Committee; and

               d) Sufficient Plan Distribution Cash is set aside, reserved and
withheld to make distributions required by the Bankruptcy Code and the Plan.

          13. Waiver of Conditions. The Conditions to Confirmation and
Conditions to Effectiveness may be waived in whole or in part by the Debtors and
the Informal Committee at any time, without notice, an order of the Bankruptcy
Court or any further action other than proceeding to Confirmation and
consummation of the Modified Plan.

      V.   SUMMARY OF VOTING REQUIREMENTS AND CONFIRMATION OVER DISSENTING
CLASS.

     The Modified Plan must be accepted by Noteholders in Classes 6, 8 and 9 in
order to be confirmed. A class of claims is deemed to have accepted a plan when
allowed votes representing

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at least two-thirds (2/3) in amount and a majority in number of the claims of
the class actually voting cast votes in favor of a plan.

     If there is less than unanimous acceptance of the Modified Plan by Impaired
Classes of Claims, the Bankruptcy Court nevertheless may confirm the Modified
Plan at the Debtors’ request. Bankruptcy Code § 1129(b) provides that if all
other requirements of Bankruptcy Code § 1129(a) are satisfied and if the
Bankruptcy Court finds that: (i) the Modified Plan does not discriminate
unfairly, and (ii) the Modified Plan is fair and equitable with respect to the
rejecting Class(es) of claims impaired under the Modified Plan, the Bankruptcy
Court may confirm the Modified Plan despite the rejection of the Modified Plan
by a dissenting impaired class of Claims. The Debtors will request confirmation
of the Modified Plan pursuant to Bankruptcy Code §1129(b) with respect to any
impaired Class of Claims which does not vote to accept the Modified Plan.

     Additionally, and as more fully explained in the Disclosure Statement in
Article XVI, Confirmation of the Plan, the Modified Plan must provide that
Creditors and holders of Equity Securities will receive at least as much under
the Modified Plan as they would receive in a liquidation of the Debtors under
chapter 7 of the Bankruptcy Code (“Best Interest Test”). The Liquidation
Analysis attached to the Disclosure Statement as Exhibit B summarized the
Debtors’ best estimate of recoveries by Creditors in the event of liquidation of
the Debtors as of December 31, 2002. Under the Modified Plan, the Impaired
Classes of Claims are Classes 6, 8, 9, 10,11,12, 13 and 14. The value provided
under the Modified Plan to these Classes is not less than they would receive in
liquidation. The Debtors have determined that confirmation of the Modified Plan
will provide each Creditor and holder of an Equity Security with no less of a
recovery than it would receive if the Debtors were liquidated under chapter 7.

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     The Debtors believe that the Modified Plan satisfies all of the statutory
requirements for confirmation, that the Debtors have complied with or will have
complied with all the statutory requirements for confirmation of the Modified
Plan and that the Modified Plan is proposed in good faith. At the confirmation
hearing, the Bankruptcy Court will determined whether the Modified Plan
satisfies the statutory requirements for confirmation.

     All Creditors entitled to vote will be sent a Ballot, together with
instructions for voting, a copy of this Supplemental Disclosure Statement, to
which is attached a copy of the Modified Plan. You should read the Ballot
carefully and follow the instructions contained therein.

     A VOTE FOR ACCEPTANCE OF THE MODIFIED PLAN BY THOSE HOLDERS OF CLAIMS WHO
ARE ENTITLED TO VOTE IS MOST IMPORTANT.

You should complete your Ballot and return it as follows:

  GORDON & SILVER, LTD.
3960 HOWARD HUGHES PARKWAY
NINTH FLOOR
LAS VEGAS, NEVADA 89109
TELEPHONE: (702)796-5555
FACSIMILE: (702)369-2666
ATTENTION: Thomas H. Fell, Esq.

     TO BE COUNTED, YOUR BALLOT MUST BE RECEIVED AT THE ADDRESS LISTED ABOVE BY
5:00 P.M. PACIFIC TIME, APRIL 14, 2003.

VI. ADDITIONAL RISK FACTORS

     Portions of Articles XIII, XIV and XV, entitled Certain Federal Income Tax
Consequences, Securities Law Considerations, and Gaming Regulation and
Licensing, respectively, of the initial Disclosure Statement may no longer be
applicable to the Modified Plan. Debtors make no representations regarding the
tax, securities and gaming issues resulting from the Modified Plan, and strongly
recommend Noteholders consult their legal and tax advisors concerning such
issues.

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     Debtors are informed that the Noteholders intend to continue the ongoing
business of Fitzgeralds Reno after the Effective Date. However, the Effective
Date is not contingent on approval by the Gaming Authorities of the transfer of
ownership. Debtors are further informed that the in the event the Noteholders,
as the owners of the New Common Stock, are not licensed by the Gaming
Authorities to own and operate Fitzgeralds Reno, the Noteholders intend to lease
the operations of Fitzgeralds Reno to a licensed operator. Debtors make no
representations and express no opinions as to the Noteholders’ ability to
maintain the operations of Fitzgeralds Reno.

VII. RECOMMENDATION AND CONCLUSION

     The Modified Plan provides the best possible recovery for Creditors.
Accordingly, Debtors recommend that Creditors which are entitled to vote on the
Modified Plan should vote to accept the Modified Plan.

     DATED this 26 day of March, 2003.

                FITZGERALDS GAMING CORPORATION,
a Nevada corporation           FITZGERALDS SOUTH, INC.,
a Nevada corporation           FITZGERALDS RENO, INC.,
a Nevada corporation           FITZGERALDS INCORPORATED,
a Nevada corporation           FITZGERALDS LAS VEGAS, INC.,
a Nevada corporation           FITZGERALDS MISSISSIPPI, INC.,
a Nevada corporation           FITZGERALDS BLACK HAWK, INC.,
a Nevada corporation           FITZGERALDS BLACK HAWK II, INC.,
a Colorado corporation           101 MAIN STREET LIMITED LIABILITY COMPANY, a
Colorado Limited Liability Company

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          FITZGERALDS FREMONT EXPERIENCE
CORPORATION, a Nevada Corporation

        By   /s/ Michael E. McPherson    

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    MICHAEL E. MCPHERSON

Respectfully submitted:

GORDON & SILVER, LTD.

        By:   /s/ Gerald M. Gordon    

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    GERALD M. GORDON, ESQ.
Nevada Bar No. 0229
THOMAS H. FELL ESQ.
Nevada Bar No. 3717
3960 Howard Hughes Parkway, 9th Fl.
Las Vegas, Nevada 89109
(702) 796-5555
Attorneys for Debtors

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