Letter of Termination dated June 3, 2008



 Exhibit 10.1 
 SAHARA LAS VEGAS CORP. 
 3221 S. TORREY PINES 
 LAS VEGAS, NEVADA 89146 
                     June 3, 2008 
 VIA FACSIMILE AND OVERNIGHT MAIL 
 LVTI LLC 
 3980 Howard Hughes Parkway, Suite 150 
 Las Vegas, NV 89169-5905 
 Attention: Chris Milam 
 Facsimile Number: (702) 835-5315 
  

	 	Re:	Option Agreement, dated as of June 24, 2006 (the “Original Agreement”), by and between Sahara Las Vegas Corp., a Nevada corporation
(“Optionor”), and LVTI LLC, a Delaware limited liability company (“Optionee”), as amended by that certain First Amendment to Option Agreement, dated as of September 13, 2006 (the
“First Amendment”), as further amended by that certain Second Amendment to Option Agreement, dated as of December 15, 2006 (the “Second Amendment”), as further amended by that
certain Third Amendment to Option Agreement, dated as of March 27, 2007 (the “Third Amendment”), as further amended by that certain Fourth Amendment to Option Agreement, dated as of March 30, 2007 (the
“Fourth Amendment”), and as further amended by that certain Fifth Amendment to Option Agreement, dated as of June 4, 2007 (the “Fifth Amendment”, and collectively with the First
Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, and the Original Agreement, the “Agreement”) 

 Gentlemen: 
 Reference is made herein to the above-captioned Agreement. Initially capitalized terms used and not otherwise
defined herein shall have the respective meanings assigned thereto in the Agreement. 
 Clause (iii) of Paragraph 2.2 of the Agreement requires that a
Carry Option Payment in the amount of $2,866,677.00 shall be paid by Optionee to Optionor on or before June 2, 2008 (the “Required June Payment”). Time is of the essence as to each and every provision of the Agreement.

 Optionee failed to make the Required June Payment on or before June 2, 2008 as required by the terms of the Agreement. As such, Optionee has
materially breached the terms of the Agreement and is in material default thereunder. 
 Please be advised that Optionor hereby terminates the Agreement due
to the failure of Optionee to make the Required June Payment as and when due in accordance with the Agreement. 








 
Optionor shall retain all Option Payments and other payments and amounts previously made by Optionee under the Agreement as liquidated damages in accordance
with Section 2.3 of the Agreement. 
 This letter shall also serve as notice to the Title Company to immediately record the Termination of Memorandum of
Option against the Property in accordance with Section 1.4 of the Agreement. 
  

			
	Very truly yours,
	
	 SAHARA LAS VEGAS CORP.,
 a Nevada corporation


		
	By:	 	 /s/ Paul W. Lowden

		 	Paul W. Lowden, President


  

	cc:	Pillsbury Winthrop Shaw Pittman LLP 

 1540 Broadway

 New York, NY 10036 
 Attention:
Ronald A. Fleming, Jr. 
 Facsimile Number: (212) 858 1500 
 Kummer, Kaempfer, Bonner, Renshaw & Ferrario 
 3800 Howard Hughes Parkway, Suite 700 
 Las Vegas, NV 89109 
 Attention: Chris
Kaempfer 
 Facsimile Number: (702) 796-7181 
 Stewart Title Company of Nevada 
 3773 Howard Hughes Parkway, Suite 160N 
 Las Vegas, NV 89109 
 Attention: Linda Jones,
Escrow Officer 
 Re: Order Number 601181-LJJ 
 Stewart Title Company of Nevada 
 376 E. WRM Springs Road 
 Suite 190 
 Las Vegas, NV 89119 
 Attention: Linda Jones, Escrow Officer 
 Re:
Order Number 601181-LJJ 
 Facsimile Number: (866) 652-5315 
  


 2