EXHIBIT 10.4

AMENDMENT NO.1 TO
AMENDED AND RESTATED AGREEMENT
REGARDING PRE-NEGOTIATED RESTRUCTURING

     This Amendment No.1 (this “Amendment”), dated as of March 20, 2003, is
among the undersigned parties.

     WHEREAS, Fitzgeralds Gaming Corporation and certain of its subsidiaries are
debtors-in-possession (the “Debtors”) in the administratively consolidated
bankruptcy cases styled In re Fitzgeralds Gaming Corp., Bankr. D. Nev. No.
00-33467-GWZ;

     WHEREAS, on or about November 27, 2002, the Debtors, certain of their
executives and certain of the Debtors’ bondholder creditors entered into an
Amended and Restated Agreement Regarding Pre-Negotiated Restructuring (the
“Amended Restructuring Agreement”) which Amended Restructuring Agreement was
approved by the Bankruptcy Court on November 27, 2002;

     WHEREAS, certain disputes regarding the Amended Restructuring Agreement
have arisen among the Debtors, the Executives and certain of the Consenting
Noteholders;

     WHEREAS, on or about March 6, 2003, the Debtors, the Informal Committee,
the Executives and Consenting Noteholders holding (or beneficially owning) in
aggregate more than 50% of the outstanding principal amounts of Notes held by
Consenting Noteholders at the time of this Agreement entered into a Settlement
Agreement (the “Term Sheet Agreement”) that resolved their disputes by, inter
alia, proposing terms for an amendment to the Amended Restructuring Agreement;

     WHEREAS, the parties accordingly desire to amend the Amended Restructuring
Agreement to contemplate a revised plan of reorganization (the “Amended Plan”),
including a debt-for-equity swap in favor of the Noteholders;

     NOW THEREFORE, the undersigned agree as follows:

     1.     Definitions and General.

       1.1. Definitions; Reference to Restructuring Agreement. The Amended
Restructuring Agreement as amended hereby is referred to herein as the Amended
Restructuring Agreement. Capitalized terms defined in the Amended Restructuring
Agreement and not otherwise defined herein are used herein with the meanings so
defined.          1.2. Effect of Amendment. The amendments effected hereby are
prospective only, effective as of the date hereof, and have no retroactive
effect. As for the Debtors, the amendments shall be approved by the Bankruptcy
Court in conjunction with the confirmation of the Amended Plan. No rights of any
person under the Amended Restructuring Agreement are abrogated, abridged or
waived hereby except as expressly stated herein. If there is a breach of the
Amended Restructuring Agreement or this Amendment, or the Plan is not confirmed
on or before April 21, 2003, then all parties

 

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  shall revert to their positions ex ante the signing of the Term Sheet
Agreement, and the amendments to the Restructuring Agreement effected hereby
shall be null and void and of no force or effect thereafter, except that parties
shall retain their rights to remedy any actionable breaches that occurred during
the intervening period.

     2.     Amendments to Amended Restructuring Agreement.

       2.1. Amendments to Definitions.

       2.1.1. Liquidation Date. The definition of the term “Liquidation Date” is
amended to read in its entirety as follows:

          “Liquidation Date” means the earlier to occur of (i) 120 days after
the Confirmation Date and (ii) the Effective Date.”

       2.1.2. Plan. The definition of the term “Plan” is amended to read in its
entirety as follows:

          “Plan” means the Amended Plan in the form attached hereto as Exhibit
“10”, with amendments in form and substance reasonably acceptable to the
Required Consenting Noteholders and Debtors and the Executives.”

       2.1.3. Required Consenting Noteholders. A new definition is added to read
in its entirety as follows:

          “Required Consenting Noteholders” means Consenting Noteholders who in
the aggregate own Notes that in the aggregate constitute more than 50% of the
outstanding principal amount of the Notes.”

       2.1.4. ReTRAC Project. A new definition is added to read in its entirety
as follows:

          “ReTRAC Project” means a special assessment district, approved in
October 1998 by the Reno City Council, to finance a portion of the costs to
lower the elevation of the railroad tracks that run through downtown Reno,
Nevada, to sub-grade. Preliminary plans for the ReTRAC Project provide for the
construction of a temporary rail bypass that will be used to divert rail traffic
around the main railway during construction. The southern boundary of the bypass
will extend out into the middle of Commercial Row, the street adjacent to the
Casino/Hotel entrance, valet parking area and hotel-loading zone.”

       2.1.5. Settlement Term Sheet Agreement. A new definition is added to read
in its entirety as follows:

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          “Settlement Term Sheet Agreement” means the Settlement Agreement Terms
dated as of March 6, 2003, among the Debtors, the Informal Committee, the
Contrarian Funds and the Executives.”

       2.2. Amendment to Section 2.1. Section 2.1 of the Amended Restructuring
Agreement is hereby amended to add the following:

          “Following the 363 Sale of Fitzgeralds Las Vegas, Fitzgeralds Tunica
and Fitzgeralds Blackhawk, holders of more than 66.67% in face amount of the
Notes have expressed their belief that in order to maximize value for
Noteholders, a debt-for-equity swap is preferred over continued attempts to sell
Fitzgeralds Reno. The Debtors in coordination and cooperation with the Informal
Committee and the Executives will seek to effect such a reorganization through
confirmation of the Amended Plan.”

       2.3. Amendment to Section 3.1(a). Section 3.1(a) of the Amended
Restructuring Agreement is hereby amended to add the following:

  The Debtors shall make no further marketing efforts regarding the Operating
Companies unless an auction requested in accordance with Section 3.1(c)
proceeds.”

       2.4. Deletion of Section 3.1(b). Section 3.1(b) of the Amended
Restructuring Agreement will be of no further force and effect.          2.5.
Deletion of Sections 3.6, 3.7 and 3.8. Sections 3.6, 3.7 and 3.8 of the Amended
Restructuring Agreement will be of no further force and effect.          2.6.
Deletion of Sections 4.2, 4.3 and 4.4. Sections 4.2, 4.3 and 4.4 of the Amended
Restructuring Agreement will be of no further force and effect.          2.7.
Amendment to Section 5.2(a). Section 5.2(a) of the Amended Restructuring
Agreement is hereby amended to add the following:

          “It is agreed amongst the parties hereto that the Deemed Sales Price
of Fitzgeralds Reno (inclusive of working capital of $100,000 which shall
include cash of $1.5 million) is $10 million. In addition, the parties hereto
agree that the Deemed Sales Price of Fitzgeralds Reno (i.e. $10 million) shall
be effective and considered a component of Distributable Cash as of the
Liquidation Date. In respect of the foregoing, it is agreed amongst the parties
hereto that on the Effective Date the Debtors shall pay the Senior Management
the discounted present value as of June 30, 2001, calculated at 12.25%, of
$850,000.”           “Within 10 Business Days prior to the Liquidation Date, the
Debtors and the Informal Committee shall agree on an estimate of the remaining
Distributable Cash (which shall exclude $1,500,000 of cash on hand) held

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          in, or to be derived from, the Debtors’ estates with such amount being
estimated net of the Disputed Claim Amounts (as defined below) and the Holdback
Amount (as defined below). On the Liquidation Date, Senior Management will
receive cash payments in respect of all outstanding amounts owing to them in
respect of the Cash Distribution Incentive as calculated using the estimated
amount of remaining Distributable Cash.”           “On the Liquidation Date,
Senior Management will receive a cash payment of $25,000.00. The Debtors shall
not settle any condemnation proceeding or any related dispute regarding the
ReTRAC Project without consent of the Informal Committee.           “In
connection with the estimation of the remaining Distributable Cash as referenced
above, the Debtors and the Informal Committee shall also agree on: (i) a list of
remaining disputed claims; and (ii) the maximum amount of estate liability for
each such disputed claim (the “Disputed Claim Amount”). On the Liquidation Date,
the Debtors shall place into an escrow account (the “Residual Cash Escrow”) an
amount equal to 8.5% of the Disputed Claim Amount (the “Holdback Amount”).
Payments shall be made from the Residual Cash Escrow to Senior Management within
25 days after the end of each calendar month in an amount equal to that portion
of the Holdback Amount which is owing to Senior Management equaling to 8.5% of
the difference (if any) between: (x) the Disputed Claim Amount with respect each
such claim; and (y) the amount at which each such disputed claim was resolved.”
          “The Consenting Noteholders executing this Agreement agree to support
and vote in favor of the Amended Plan even if the Bankruptcy Court does not
agree to the classification and treatment of Allowed General Unsecured Claims as
proposed in the Amended Plan. As such, the amounts payable to Senior Management
pursuant to this Section 5.2(b) shall be reduced by the lesser of (i) $75,000
and (ii) 10% of the aggregate amounts in excess of $1,200,000 distributed from
the Estates to Jerry Turk and Holiday Inn, in the event the Amended Plan is not
confirmed with a payment cap of 20% for the holders of Allowed Unsecured Claims
exceeding $25,000.00.”

       2.8. Amendment to Section 5.2(b). Section 5.2(b) of the Amended
Restructuring Agreement is hereby amended so as to include the following
additional language as the final paragraph thereof.

          “Notwithstanding any provision contained in this Section to the
contrary, with respect to any present value calculation made for purposes of
calculating the Cash Distribution Incentive, Distributable Cash available after
the Liquidation Date shall be deemed to have been available for distribution on
the Liquidation Date.”

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       2.9. Deletion of Section 5.3. Section 5.3 of the Amended Restructuring
Agreement will be of no further force and effect.          2.10. Amendment to
Section 5.4. Section 5.4 of the Amended Restructuring Agreement is hereby
amended to replace the 4th sentence up to the semi-colon so it reads as follows:

          “The Retention Payment shall be paid on the Liquidation Date”

       2.11. Amendment to Section 5.5(b). Section 5.5(b) of the Amended
Restructuring Agreement is hereby amended to add at the end of such section a
new paragraph to read in its entirety as follows:

          “Each Executive also agrees to execute, on the Liquidation Date, a
non-compete agreement, in the form of Exhibit “12” attached hereto limited to
the geographic area described in Section 5.5(b)(2)(b), in favor of reorganized
FRI and reorganized FGC under the Plan.”

       2.12. Amendment to Section 5.6. Section 5.6 of the Amended Restructuring
Agreement is hereby amended to read in its entirety as follows:

          “Senior Management Employment Agreements and Compensation.          
(a) The Debtors shall not assume the existing employment agreements with Senior
Management pursuant to Bankruptcy Code Section 365. However, each Executive
will, until the Liquidation Date, continue to receive all compensation and
benefits at the levels and under the terms provided in their respective
employment agreements; provided, however, for the period from November 1, 2002
through October 31, 2003, Phil Griffith’s annual base salary shall be reduced by
the amount of $170,000 (the “Annual Reduction”). The Annual Reduction shall be
allocated as follows: (i) $30,000 for the period from November 1, 2002 through
January 31, 2003; (ii) $40,000 for the period from February 1, 2003 through
April 30, 2003; (iii) $50,000 for the period from May 1, 2003 through July 31,
2003; and (iv) $50,000 for the period from August 1, 2003 through October 31,
2003. In the event Mr. Griffith’s employment is terminated, the applicable
reduction amount in effect for the three month period during which employment is
terminated shall be pro rated based upon the actual number of days lapsed during
such three month period prior to the termination date divided by the total
number of days which constitute such three month period. No Executive shall
receive any compensation other than COBRA benefits as provided by law for the
Executive Health Insurance Program (paid for by such Executive at the premium
rate per month of the established COBRA rates in place from time to time at the
Company depending upon the applicable dependent coverage. No Executive shall be
required to perform any services for the

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          Debtors after the Liquidation Date. There shall not be any bonus
payments to the Executives except as contemplated by Section 5.2.           "(b)
Not later than March 31, 2003, the Debtors shall file a motion for approval to
pay Philip Griffith a “gross-up” for taxes payable in respect of amounts being
paid to him in lieu of the Debtors providing him with a split-dollar life
insurance policy with a death benefit of $10,000,000. Such motion shall not seek
authority to pay gross ups for a period longer than September 2002 through the
Effective Date. The Informal Committee and the Consenting Noteholders may oppose
such motion. The Debtors shall seek to have such motion heard on April 21, 2003
or as soon thereafter as they may be heard; the Consenting Noteholders and
Mr. Griffith agree that such notice is sufficient.           "(c) On the
Confirmation Date, the Debtors shall pay 50% of the legal fees of the Executives
incurred after January 31, 2003 in connection with the Amended Restructuring
Agreement, the amendment thereof and confirmation of the Amended Plan; provided,
however, that in no event shall such payments by the Debtors exceed $12,500 in
the aggregate.”

       2.13. Deletion of Section 5.7. Section 5.7 of the Amended Restructuring
Agreement will be of no further force and effect.          2.14. Deletion of
Section 5.9. Section 5.9 of the Amended Restructuring Agreement will be of no
further force and effect.          2.15. Deletion of Article VI. Article VI of
the Amended Restructuring Agreement will be of no further force and effect.    
     2.16. Amendment to Section 9.1. Section 9.1 of the Amended Restructuring
Agreement is hereby amended to add at the end of such section a new paragraph to
read in its entirety as follows:

          “Plan Process. The Debtors shall file the Amended Plan and Disclosure
Statement not later than March 19, 2003. The Debtors and the Executives shall
use their best efforts, and the Consenting Noteholders shall use their
commercially reasonable efforts (without requiring any out-of-pocket
expenditures or the giving of any indemnity) to cause the Confirmation Date to
occur not later than April 21, 2003, and the Effective Date as expeditiously as
possible thereafter.”

       2.17. Amendment to Section 9.2(e). Section 9.2(e) of the Amended
Restructuring Agreement is hereby amended to add at the end of such section a
new paragraph to read in its entirety as follows:

          “Senior Management shall make any and all commercially reasonable
efforts while they are employed by the Debtors to remain licensed under
applicable gaming laws and regulations and to operate and manage the

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          business of the Debtors. Any and all costs incurred in this respect
shall be borne by the Debtors.”

       2.18. Amendment to Section 9.4. Section 9.4 of the Amended Restructuring
Agreement is hereby amended by adding a new sentence at the end of such section
to read in its entirety as follows:

          “After confirmation of the Amended Plan, the Informal Committee shall
discharge its financial advisor.”

       2.19. Amendment to Section 9.5. Section 9.5 of the Amended Restructuring
Agreement is hereby amended by adding a new sentence at the end of such section
to read in its entirety as follows:

          “After confirmation of the Amended Plan, the Debtors shall discharge
their financial advisor.”

       2.20. New Exhibit 10; Agreed Amended Plan. A new Exhibit 10 is added to
the Amended Restructuring Agreement, in the form attached to Amendment No. 1 as
Exhibit “A”.          2.21. New Exhibit 11; Agreed Disclosure Statement. A new
Exhibit 11 is added to the Amended Restructuring Agreement, in the form attached
to Amendment No. 1 as Exhibit “B”.          2.22. New Exhibit 12; Non-Compete
Agreement. A new Exhibit 12 is added to the Amended Restructuring Agreement, in
the form as attached to Amendment No. 1 as Exhibit “C”.

     3.     Miscellaneous Operative Provisions.

       3.1. Auction. The auction previously requested by Consenting Noteholders
pursuant to Section 3.1(c) of the Amended Restructuring Agreement is hereby held
in abeyance by agreement of the parties until the Confirmation Date. Provided
the Amended Plan is confirmed by April 21, 2003, the auction shall be cancelled
and the notice of auction deemed withdrawn. It is agreed that the time elapsed
between the giving of notice of such auction through March 6, 2003 shall count
toward the time limit for the Debtors to conduct an auction should the parties
be placed in their ex ante positions as a result of a failure to confirm the
Amended Plan. Subject to confirmation of the Amended Plan and the Effective
Date, Section 3.1(c) of the Amended Restructuring Agreement will be of no
further force and effect.

       3.2. Standstill. No party to the Amended Restructuring Agreement shall
exercise any remedy under the Amended Restructuring Agreement after the date
hereof; provided, however, that any party may exercise remedies for breach of
the Amended Restructuring Agreement, or exercise its rights to terminate that
agreement, after April 21, 2003 unless the Amended Plan has been confirmed. All
cure periods under the Amended Restructuring Agreement are hereby tolled from
March 6, 2003 through April

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  21, 2003, and from April 21, 2003 through the Effective Date if the
Confirmation Date occurs on or prior to April 21, 2003. Upon the Effective Date
of the Plan, all existing claims of breach and defaults or Events of Default
under the Amended Restructuring Agreement shall be deemed cured.

     4.     Miscellaneous.

       4.1. Governing Law. This Amendment shall be governed by the substantive
law of The State of Nevada.          4.2. Entire Agreement. This Amendment,
together with the Amended Restructuring Agreement, constitutes the entire
agreement among the parties regarding the subject matter hereof, and supercedes
all prior and contemporaneous agreements and negotiations including the
Settlement Term Sheet Agreement, which is of no further force or effect;
provided, however, that the covenants of the parties under this Amendment and
the Amended Restructuring Agreement shall not in any way be interpreted to limit
the rights of any Consenting Noteholder under the Commitment Agreement of even
date herewith.          4.3. Settlement. This Amendment is a settlement of
disputes concerning the Amended Restructuring Agreement, and is intended to be
subject to Federal Rule of Evidence 408 and similar state-law provisions.    
     4.4. No Third Party Beneficiaries. This Amendment shall not confer any
rights or remedies upon any person other than the Debtors, Executives and
Consenting Noteholders and their respective successors and permitted assigns,
and any predecessor holders of Notes that, as of the date hereof, are held by
any of the parties identified as the “Contrarian Funds” on the signature pages
hereto, and nothing herein express or implied shall give or be construed to give
to any Person, other than the parties hereto and such successors, assigns and
predecessors, any legal or equitable rights, remedies or claims hereunder.    
     4.5. Jurisdiction. The parties consent to the exclusive jurisdiction of the
Bankruptcy Court to resolve all disputes regarding this Amendment, and waive any
right to trial by jury with respect to such disputes.          4.6. Execution of
Document. This Amendment may be executed in counterpart, and by facsimile
signatures.          4.7. Successors and Assigns. This Amendment is binding on
the parties’ successors and assigns.

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     IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by
the duly authorized officer of each party and is effective on the date stated in
the Preamble hereto.

                                FITZGERALDS GAMING CORPORATION                  
By:   /s/ Philip D. Griffith            

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        Its                

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                      FITZGERALDS, INC.                   By:   /s/ Philip D.
Griffith            

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        Its                

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                      FITZGERALDS BLACK HAWK, INC.                   By:   /s/
Philip D. Griffith            

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        Its                

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                      FITZGERALDS BLACK HAWK II, INC.                   By:  
/s/ Philip D. Griffith            

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        Its                

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                      FITZGERALDS LAS VEGAS, INC.                   By:   /s/
Philip D. Griffith            

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        Its                

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                      FITZGERALDS MISSISSIPPI, INC.                   By:   /s/
Philip D. Griffith            

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        Its                

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                                FITZGERALDS RENO, INC.                   By:  
/s/ Philip D. Griffith            

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        Its                

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                      FITZGERALDS SOUTH, INC.                   By:   /s/ Philip
D. Griffith            

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        Its                

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                      101 MAIN STREET, Limited Liability Company                
  By:   /s/ Philip D. Griffith            

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        Its                

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                      FITZGERALDS FREMONT EXPERIENCE CORPORATION                
  By:   /s/ Philip D. Griffith            

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        Its                

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                                      Principal Amt.                 of Notes  
               

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  Dated:       CONTRARIAN CAPITAL MANAGEMENT, L.L.C.     $      

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                                By:   /s/ authorized signatory                  
 

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                Its                        

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                              Dated:       CONTRARIAN CAPITAL ADVISORS, L.L.C.  
  $      

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                                By:   /s/ authorized signatory                  
 

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                Its                        

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                                      Principal Amt.                 of Notes  
               

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  Dated:       CONTRARIAN CAPITAL FUND I, L.P.     $      

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                                By:   /s/ authorized signatory                  
 

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                Its                        

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                              Dated:       CONTRARIAN CAPITAL FUND II, L.P.    
$      

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                                By:   /s/ authorized signatory                  
 

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                Its                        

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                              Dated:       CONTRARIAN CAPITAL TRADE CLAIMS, L.P.
    $      

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                                By:   /s/ authorized signatory                  
 

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                Its                        

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                              Dated:       CREDIT SUISSE FIRST BOSTON
INTERNATIONAL     $       25,000,000      

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                                By                        

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                Its                        

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                                      SENIOR MANAGEMENT                        
      Stock:  

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  /s/ Philip D. Griffith

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Philip D. Griffith                               Stock:  

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  /s/ Michael E. McPherson

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Michael E. McPherson                               Stock:  

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  /s/ Max L. Page

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Max L. Page                               Stock:  

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  /s/ Paul H. Manske

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Paul H. Manske        

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NON-COMPETITION AND NON-SOLICITATION AGREEMENT

     This NON-COMPETITION AGREEMENT (the “Agreement”) is made as of      , 2003
between Fitzgeralds Gaming Corporation, a Delaware corporation (the “Company”),
and [Name of Executive] (the “Executive”).

     WHEREAS, the Executive has been a member of senior management of
Fitzgeralds Gaming Corporation, a Nevada Corporation (“FGC”), and certain of its
Subsidiaries.

     WHEREAS, FGC is a debtor-in-possession in a bankruptcy case filed in the
United States Bankruptcy Court for the District of Nevada in a matter entitled
In re Fitzgeralds Gaming Corporation, Case No. BK-N-00-33467-GWZ (Joint
Administration with BK-N-00-33468 (Fitzgeralds South, Inc.), BK-N-00-33469
(Fitzgeralds Reno, Inc.), BK-N-00-33470 (Fitzgeralds, Inc.), 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.), BK-N-00-33475 (101 Main Street LLC), BK-N-00-33476 (Fitzgeralds
Fremont Experience Corp.)) (the “Chapter 11 Case”).

     WHEREAS, on March 19, 2003, FGC filed its Second Amended Plan of
Reorganization as Modified (the “Plan”).

     WHEREAS, the Debtors, Senior Management and the Consenting Noteholders
entered into a Restructuring Agreement (the “Restructuring Agreement”), dated as
of December 1, 2000, as amended, which provides for, inter alia, certain
payments to be made to the Executive in consideration of such Executive’s
agreement to enter into one or more non-competition agreements with any buyer of
the assets or stock of an Operating Company (as defined in the Restructuring
Agreement).

     WHEREAS, pursuant to the Plan, FGC will be reorganized and, upon the
effectiveness of the Plan, FGC will be merged with and into the Company, with
the Company surviving such merger.

     WHEREAS, the Company, as the successor-in-interest to FGC constitutes a
buyer of the stock of FGC.

     WHEREAS, the Executive possesses an intimate knowledge of the business and
affairs of FGC and FRI and their policies, methods, personnel and operations.

     WHEREAS, the Executive acknowledges and agrees that the consideration for
the obligations of the Executive set forth in this Agreement consists of the
payments or other consideration paid or payable to him pursuant to the
Restructuring Agreement and the transactions contemplated thereby. The Executive
further acknowledges and agrees that the restrictions on his activities set
forth herein are reasonable.

     NOW, THEREFORE, the parties agree as follows:

 

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     1.     DEFINITIONS. Unless otherwise defined herein, initially capitalized
terms used in this Agreement shall have the meanings ascribed to them in the
Restructuring Agreement.

     2.     NON-COMPETITION

               2.1. Restriction on Competitive Activities. The Executive agrees
that for a period of eighteen months following the Liquidation Date, the
Executive shall not, either for himself or for any other Person controlled by
him, engage in any commercial activities in the gaming industry and shall not,
directly or indirectly, own, manage, operate, control or participate in any
manner in the ownership, management, operation or control of, or be connected as
an officer, employee, partner, director, principal, consultant, agent or
otherwise with, or have any financial interest in, or aid or assist anyone else
in the conduct of, any business, venture or activity which is the same as or
similar to, or otherwise competes with, any business, venture or activity which
is being conducted or is proposed to be conducted by the Company or by any
group, division or Subsidiary of the Company on or prior to the Liquidation Date
in any area that is within a 75 mile radius of the hotel-casino in Reno, Nevada
owned by FGC or its successors in interest, but excluding the geographic area
within one-half mile of the shoreline of Lake Tahoe. Ownership of less than five
percent of the publicly held voting stock of any corporation shall not, in and
of itself, constitute a violation of this Section 2.1.

               2.2. Restriction on Taking Employees or Customers. Provided the
balance of $500,000.00 of the Executive Payment is paid to Senior Management on
the Liquidation Date, the Executive agrees that for a period of twelve months
following the Liquidation Date, the Executive shall not, directly or indirectly,
(i) recruit or otherwise seek to induce any employees of the Company or FRI to
terminate their employment or violate any agreement with, or duty to, the
Company or FRI, and (ii) solicit or encourage any customer or supplier of the
Company or FRI to terminate or materially diminish its relationship with the
Company or FRI to conduct with himself or any other Person any business, venture
or activity which such customer or supplier has conducted at any time with the
Company or FRI or any of their respective predecessors.

     3.     NOTICES. Any notice required to be given pursuant to this Agreement
shall be given in writing. Any notice, consent, approval, demand, delivery or
other communication in connection with this Agreement shall be deemed to be
given if given in writing (including by facsimile) addressed as provided below
(or to the addressee at such other address as the addressee shall have specified
by notice actually received by the addressor), and if either (a) actually
delivered in fully legible form to such address or (b) in the case of a letter,
five days shall have elapsed after the same shall have been deposited in the
United States mails, with first class postage prepaid and registered or
certified:

     If to the Executive:

       [Address]          Telephone:        Facsimile:

     with copies to:

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       [Address]          Attention:        Facsimile:

     If to the Company:

       [Address]          Attention:        Facsimile:

     with a copy to:

       Ropes & Gray        One International Place        Boston, MA 02110  
     Attention: Don DeAmicis, Esq.        Telephone: (617) 951-7000  
     Facsimile: (617) 951 7050

     4.     MISCELLANEOUS. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is approved
by the Board of Directors of the Company and agreed to in writing signed by the
Executive and such officer as may be specifically authorized by the Board of
Directors of the Company in connection with such approval. No waiver by the
Company at any time of compliance with or of any breach by the Executive of any
condition or provision of this Agreement shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent
time. The validity, interpretation, construction and performance of this
Agreement and the legal relations created thereby shall be governed by the laws
(other than the conflict of law rules) of the State of Nevada and all actions or
proceedings regarding this Agreement shall be brought in the State of Nevada.
The Executive acknowledges and agrees that, if he were to breach any of the
provisions of this Agreement, the harm to the Company and its Affiliates would
be irreparable, and that because the Company’s legal remedies may be inadequate
in the event of such a breach or threatened breach of, or other failure to
perform, any of the covenants and agreements set forth herein by the Executive,
the Company shall, in addition to obtaining any other remedy or relief available
to it (including without limitation damages at law), have the right to obtain
preliminary and permanent injunctive or other equitable relief against any such
breach or threatened breach without having to post bond.

     5.     VALIDITY. In the event that any provision hereof would, under
applicable law, be invalid or unenforceable, such provision shall, to the extent
permitted under applicable law, be construed by modifying or limiting it so as
to be valid and enforceable to the maximum extent possible under applicable law.
The provisions of this Agreement are severable, and in the event that any
provision hereof should be held invalid or unenforceable in any respect, it
shall not invalidate, render unenforceable or otherwise affect any other
provision hereof. The executive

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further agrees that, in the event that any provision of this Agreement shall be
determined by any court of competent jurisdiction to be unenforceable by reason
of its being extended over too great a time, too large a geographic area or too
great a range of activities, such provision shall be deemed to be modified to
permit its enforcement to the maximum extent permitted by law.

     6.     COUNTERPARTS. This Agreement may be executed in any one or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

     7.     ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the parties hereto, and supersedes any and all prior and contemporaneous
communications, agreements and understandings, written or oral, with respect to
the subject matter hereof; provided, however, that if a conflict exists between
any provision of this Agreement and the Restructuring Agreement, the terms of
the Restructuring Agreement shall prevail; provided further, however that this
Agreement shall not terminate or supersede any additional obligations the
Executive may have pursuant to any other agreement or under applicable law with
respect to confidentiality, non-solicitation of employee, assignment of rights
to intellectual property or the like, all of which shall remain in full force
and effect in accordance with their terms except as otherwise provided in the
Restructuring Agreement or Plan.

     8.     ASSIGNMENT. This Agreement shall inure to the benefit of and be
binding upon (i) the Executive, his personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and
legatees and (ii) the Company and its successors (including, without limitation,
by means of reorganization, merger, consolidation or liquidation) and permitted
assigns. The Company may assign this Agreement to any Subsidiary or to any
successor of the Company by reorganization, merger, consolidation or liquidation
and any transferee of all or substantially all of the business or assets of the
Company. The obligations of the Executive herein are personal, and the Executive
may not assign this Agreement.

     9.     EFFECTIVENESS. This Agreement shall only become effective upon the
Liquidation Date.

     IN WITNESS WHEREOF, the parties hereto have hereunto set their hands under
seal, as of the date first above written.

                          Fitzgeralds Gaming Corporation, A Delaware Corporation
                  By                

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            Name:             Title:                          

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            [Name of Executive]    

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