Exhibit 10.5

FIRST SUPPLEMENTAL INDENTURE

FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of July
19, 2012, among President Riverboat Casino-Missouri, Inc. (the “Guarantying
Subsidiary”), a Missouri corporation and a subsidiary of Pinnacle Entertainment,
Inc. (or its permitted successor), a Delaware corporation (the “Company”), the
Company, the other Guarantors (as defined in the Indenture referred to herein)
and The Bank of New York Mellon Trust Company, N.A., as trustee under the
Indenture referred to below (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Company has heretofore executed and delivered to the Trustee an
indenture (the “Indenture”), dated as of March 19, 2012 providing for the
issuance of 7.75% Senior Subordinated Notes due 2022 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances the Guarantying
Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guarantying Subsidiary shall unconditionally guarantee all
of the Company’s Obligations under the Notes and the Indenture on the terms and
conditions set forth herein (the “Guaranty”);

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to
execute and deliver this Supplemental Indenture; and

WHEREAS, all acts and requirements necessary to make this Supplemental Indenture
the legal, valid and binding obligation of the Guarantying Subsidiary and the
Company have been done.

NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guarantying Subsidiary and the Trustee mutually covenant and agree for the equal
and ratable benefit of the Holders of the Notes as follows:

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall
have the meanings assigned to them in the Indenture.

2. AGREEMENT TO GUARANTY. The Guarantying Subsidiary hereby agrees to provide an
unconditional Guaranty on the terms and subject to the conditions set forth in
the Guaranty and in the Indenture including but not limited to Article 11
thereof.

3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer,
employee, incorporator, stockholder or agent of the Guarantying Subsidiary, as
such, shall have any liability for any obligations of the Company or any
Guarantying Subsidiary under the Notes, any Guaranties, the Indenture or this
Supplemental Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of the Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. Such waiver may not be effective to
waive liabilities under the federal securities laws and it is the view of the
SEC that such a waiver is against public policy.

4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE

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WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

5. COUNTERPARTS. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and
shall not affect the construction hereof.

7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever
for or in respect of the validity or sufficiency of this Supplemental Indenture
or for or in respect of the recitals contained herein, all of which recitals are
made solely by the Guarantying Subsidiary and the Company.

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IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Indenture to be duly executed all as of the date first above written.

Dated: July 19, 2012

 

President Riverboat Casino-Missouri, Inc. By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Chief Financial Officer and Treasurer
PINNACLE ENTERTAINMENT, INC. By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:  

Executive Vice President and Chief

Financial Officer

ACE GAMING, LLC By:   PNK Development 13, LLC Its:   Sole Member   By:   Biloxi
Casino Corp.   Its:   Sole Member     By:  

/s/ Carlos A. Ruisanchez

    Name:   Carlos A. Ruisanchez     Title:   Chief Financial Officer and
Treasurer AREH MLK LLC By:   Biloxi Casino Corp. Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Chief Financial Officer and Treasurer

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AREP BOARDWALK PROPERTIES LLC By:   Biloxi Casino Corp. Its:   Sole Member   By:
 

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Chief Financial Officer and Treasurer
BELTERRA RESORT INDIANA, LLC By:   Pinnacle Entertainment, Inc. Its:   Sole
Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer BILOXI CASINO CORP. By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Chief Financial Officer and Treasurer
BOOMTOWN, LLC By:   Pinnacle Entertainment, Inc. Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer CASINO MAGIC CORP. By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Chief Financial Officer and Treasurer

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CASINO ONE CORPORATION By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Treasurer LOUISIANA – I GAMING, A
LOUISIANA PARTNERSHIP IN COMMENDAM By:   Boomtown, LLC Its:   General Partner  
By:   Pinnacle Entertainment, Inc.   Its:   Sole Member     By:  

/s/ Carlos A. Ruisanchez

    Name:   Carlos A. Ruisanchez     Title:   Executive Vice President and      
Chief Financial Officer MITRE ASSOCIATES LLC By:   PNK Development 13, LLC Its:
  Sole Member   By:   Biloxi Casino Corp.   Its:   Sole Member     By:  

/s/ Carlos A. Ruisanchez

    Name:   Carlos A. Ruisanchez     Title:   Chief Financial Officer and
Treasurer OGLE HAUS, LLC By:   Belterra Resort Indiana, LLC Its:   Sole Member  
By:   Pinnacle Entertainment, Inc.   Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer

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PNK (BATON ROUGE) PARTNERSHIP By:   PNK Development 8, LLC Its:   Managing
Partner   By:   Pinnacle Entertainment, Inc.   Its:   Sole Member     By:  

/s/ Carlos A. Ruisanchez

    Name:   Carlos A. Ruisanchez     Title:   Executive Vice President and      
Chief Financial Officer PNK (BOSSIER CITY), INC. By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Treasurer PNK DEVELOPMENT 7, LLC By:  
Pinnacle Entertainment, Inc. Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer PNK DEVELOPMENT 8, LLC By:   Pinnacle Entertainment, Inc. Its:
  Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer

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PNK DEVELOPMENT 9, LLC By:   Pinnacle Entertainment, Inc. Its:   Sole Member  
By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer PNK DEVELOPMENT 13, LLC By:   Biloxi Casino Corp. Its:   Sole
Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Chief Financial Officer and Treasurer
PNK (ES), LLC By:   Pinnacle Entertainment, Inc. Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer PNK (LAKE CHARLES), L.L.C. By:   Pinnacle Entertainment, Inc.
Its:   Sole Member/Manager   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer

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PNK (OHIO), LLC By:   Pinnacle Entertainment, Inc. Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer PNK (OHIO) II, LLC By:   PNK (OHIO) LLC Its:   Sole Member  
By:   Pinnacle Entertainment, Inc.   Its:   Sole Member     By:  

/s/ Carlos A. Ruisanchez

    Name:   Carlos A. Ruisanchez     Title:   Executive Vice President and      
Chief Financial Officer PNK (OHIO) III, LLC By:   PNK (OHIO) LLC Its:   Sole
Member   By:   Pinnacle Entertainment, Inc.   Its:   Sole Member     By:  

/s/ Carlos A. Ruisanchez

    Name:   Carlos A. Ruisanchez     Title:   Executive Vice President and      
Chief Financial Officer

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PNK (RENO), LLC By:   Pinnacle Entertainment, Inc. Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer PNK (RIVER CITY), LLC By:   Pinnacle Entertainment, Inc. Its:
  Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer PNK (SCB), L.L.C. By:   PNK Development 7, LLC Its:   Sole
Member   By:   Pinnacle Entertainment, Inc.   Its:   Sole Member     By:  

/s/ Carlos A. Ruisanchez

    Name:   Carlos A. Ruisanchez     Title:   Executive Vice President and      
Chief Financial Officer PNK (ST. LOUIS RE), LLC By:   Pinnacle Entertainment,
Inc. Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer

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PNK (STLH), LLC By:   Pinnacle Entertainment, Inc. Its:   Sole Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Executive Vice President and     Chief
Financial Officer PSW PROPERTIES LLC By:   Biloxi Casino Corp. Its:   Sole
Member   By:  

/s/ Carlos A. Ruisanchez

  Name:   Carlos A. Ruisanchez   Title:   Chief Financial Officer and Treasurer
YANKTON INVESTMENTS, LLC By:  

/s/ John A. Godfrey

Name:   John A. Godfrey Title:   Manager

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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee By:  

/s/ Teresa Petta

Name:   Teresa Petta Title:   Vice President