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                                                               Exhibit 10.30

                         DEFERRED COMPENSATION AGREEMENT

          DEFERRED COMPENSATION AGREEMENT (this "Agreement"), dated as of
February 2, 1999 (the "Effective Date"), by and between Harveys Casino Resorts,
a Nevada corporation (the "Company"), and Charles W. Scharer (the "Executive"),
an employee of the Company or a Subsidiary of the Company.

          Prior to the date hereof, Executive has been a participant in the
Company's Supplemental Executive Retirement Plan (the "SERP"). The SERP is a
non-funded retirement arrangement, and Executive has no current right to receive
the value of his accrued benefits under the SERP. In connection with the pending
merger of the Company and Harveys Acquisition Corporation, a Nevada corporation
(the "Merger"), Executive's participation in the SERP will cease, whereupon
one-half of Executive's gross accrued benefits under the SERP will be paid to
him (subject to applicable withholding requirements), and the remaining one-half
of his gross accrued benefits will continue to be deferred pursuant to this
Agreement.

          In addition, Executive and the Company have entered into that certain
Stock Option and Restricted Stock Award Agreement (the "Award Agreement"), of
even date herewith, which provides, among other things, for the automatic
deferral pursuant to this Agreement of restricted shares of Class A Common Stock
and restricted shares of Class B Common Stock of the Company (the "Deferred
Shares"), at such time as the value of such restricted shares would otherwise be
includable in Executive's gross income (the "Deferral Date"). Executive and the
Company may also enter into additional agreements ("Additional Award
Agreements") regarding shares of restricted stock (also referred to as "Deferred
Shares") providing for an identical deferral mechanism to that set forth in the
Award Agreement.

          1. AMOUNT DEFERRED; DEFERRAL PERIOD. (a) The amount of Executive's
accrued benefits under the SERP to be deferred pursuant to this Agreement is
$699,717.50 (the "Initial Amount").

               (b) The number of Deferred Shares to be deferred under this
Agreement shall be as determined under the Award Agreement or the relevant
Additional Award Agreement, as applicable.

               (c) The deferral period shall commence on the date hereof with
respect to the Initial Amount and on the Deferral Date with respect to Deferred

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Shares, and shall continue in each case until the occurrence of a Distribution
Event as set forth in Section 5 hereof.

          2. DEEMED INVESTMENT IN SHARES OF COMPANY COMMON STOCK. (a) As of the
date hereof, the Initial Amount shall be deemed to be invested in 361.8996
shares of the Class A Common Stock, par value $.01 per share, of the Company,
including fractional shares (the "Deemed Class A SERP Shares") and 36,189.964
shares of the Class B Common Stock, par value $.01 per share, of the Company,
including fractional shares (the "Deemed Class B SERP Shares") (the Deemed Class
A SERP Shares and the Deemed Class B SERP Shares being collectively referred to
herein as the "Deemed SERP Shares"), based on a price of $19.14314156 per share
of Class A Common Stock and $19.14314156 per share of Class B Common Stock (the
Class A Common Stock and the Class B Common Stock being collectively referred to
herein as the "Common Stock").

               (b) As of the Deferral Date, the Deferred Shares shall be deemed
to be invested in an identical number of shares of the same class of Company
capital stock as the Deferred Shares themselves (the "Deemed Deferred Shares"
and, together with the Deemed SERP Shares, the "Deemed Shares").

               (c) The Company shall establish an unfunded bookkeeping account
(the "Account") to track the number of Deemed Shares held on Executive's behalf.
The Account shall be divided into two sub-accounts, one to track the number of
Deemed SERP Shares (the "SERP Sub-Account"), and the other to track the number
of Deemed Deferred Shares (the "Restricted Stock Sub-Account"). The Account
shall at all times prior to the occurrence of a Distribution Event be unfunded
and Executive's rights under the Account shall be subject to claims of the
general creditors of the Company. The Executive shall have no voting rights and
no rights to receive a distribution of dividends with respect to the Deemed
Shares, except as provided in Section 2(f) below.

               (d) The value of the SERP Sub-Account as of any date shall be
equal to the sum of (x) the product of (i) the Fair Market Value (as defined in
Section 4) of one share of Class A Common Stock on such date and (ii) the number
of Deemed Class A Shares under the SERP Sub-Account on such date and (y) the
product of (i) the Fair Market Value of one share of Class B Common Stock on
such date and (ii) the number of Deemed Class B Shares under the SERP 
Sub-Account on such date (the "Fair Market Value Formula"); PROVIDED, that in 
the event Executive's employment shall be terminated (A) at any time prior to 
the fifth

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anniversary of the Effective Date by the Executive other than for Good Reason or
(B) at any time by the Company for Cause (each as defined in the Employment
Agreement, of even date herewith, between the Company and the Executive (the
"Employment Agreement") as in effect as of the date hereof or as the same may
be amended from time to time, regardless of the termination of the Employment
Agreement prior to the effective date of Executive's termination of employment),
the value of the SERP Sub-Account as of the date of such valuation shall be
determined as the LESSER of (x) the value of the Deemed SERP Shares as
determined under the Fair Market Value Formula as of such valuation date and (y)
the Initial Amount as increased at the rate of 8% per year, compounded annually,
from the Effective Date through such valuation date.

               (e) The value of the Restricted Stock Sub-Account on any date
shall be as determined by applying the Fair Market Value Formula to the Deemed
Deferred Shares; PROVIDED, that from and after the effective date of Executive's
termination of employment by the Company without Cause or by the Executive for
Good Reason, the value of the Restricted Stock Sub-Account shall be determined
as the LESSER of (x) the value of the Deemed Deferred Shares as determined under
the Fair Market Value Formula as of such valuation date and (y) the value of the
Deemed Deferred Shares as of the effective date of such termination as
determined under the Fair Market Formula, as increased at the rate of 12% per
year, compounded annually, from such effective date through such valuation date;
and PROVIDED, further, that from and after the effective date of Executive's
termination of employment for any reason other than by the Company without Cause
or by Executive for Good Reason, including without limitation by reason of
Executive's death or Disability (as defined in the Employment Agreement), the
value of the Restricted Stock Sub-Account shall be determined as the LESSER of
(x) the value of the Deemed Deferred Shares as determined under the Fair Market
Value Formula as of such valuation date and (y) the value of the Deemed Deferred
Shares as of the effective date of such termination as determined under the Fair
Market Value Formula, as increased at the rate of 8% per year, compounded
annually, from such effective date through such valuation date.

               (f) On any date prior to a Distribution Event that dividends are
distributed by the Company to its stockholders in respect of the Class A Common
Stock or Class B Common Stock, each Deemed Share credited to the Account shall,
as applicable, be credited with a dividend equivalent, which shall be a dollar
amount equal to the dividends, if any, payable by the Company on such date,
either in cash or property, in respect of a share of such class of Common Stock.
In

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the case of dividends payable in property, the amount of the dividend equivalent
shall be based on the fair market value of such property at the time of
distribution of the dividend, as determined in good faith by the Board of
Directors of the Company (the "Board"). The dividend equivalents so credited to
the Account shall be automatically converted as of the dividend distribution
date into Deemed Shares (or fractions thereof) based upon the Fair Market Value
of such Deemed Shares as of such date.

          3. ADJUSTMENTS. In the event of any merger, reorganization,
consolidation, recapitalization, stock dividend, stock split or similar change
affecting the Class A or Class B Common Stock, or any other class of shares of
Company capital stock to which the Deemed Shares may from time to time relate,
an equitable substitution or proportionate adjustment shall be made in the kind
and number of Deemed Shares held under the Account as may be determined in good
faith by the Board.

          4. FAIR MARKET VALUE. For purposes of this Agreement, "Fair Market
Value" (when capitalized, unless the context clearly indicates otherwise) means,
as of any given date, (A) if the Common Stock is publicly traded, the closing
sale price of the Common Stock on such date (or the nearest preceding date on
which the Common Stock was traded) as reported in the Western Edition of THE
WALL STREET JOURNAL, or (B) if the Common Stock is not publicly traded, the fair
market value of the Common Stock as determined in accordance with the procedures
set forth below, in each case based on the per share value of the Company as a
whole as of the relevant date, without any discount for the sale of a minority
interest and without considering lack of liquidity, including transfer and other
restrictions on the Common Stock:

               (a) The Board shall determine the fair market value of the Common
Stock in good faith, using commercially reasonable methods and at the Company's
sole expense, PROVIDED, that if Executive is a member of or non-voting observer
on the Board, Executive shall recuse himself from all deliberations of the Board
regarding such determination, and except as otherwise provided herein shall not
be entitled to receive or be provided access to any minutes or other records of
the Board with respect to such determination. The Board shall communicate the
per share valuation as so determined in writing to Executive within 20 business
days following the date Executive provides written notice of, or the Board shall
otherwise acknowledge, the need to determine the Fair Market Value of the Common
Stock hereunder, and upon Executive's request, the Board shall provide Executive
appropriate supporting documentation regarding the methods, assumptions and
other bases

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used in arriving at such valuation. If acceptable to Executive, the fair market
value of the Common Stock shall be as so determined.

               (b) If the fair market value as determined under (a) is not
acceptable to Executive, Executive shall determine the fair market value of the
Common Stock in good faith, using commercially reasonable methods and at
Executive's sole expense, and shall communicate the per share valuation as so
determined in writing to the Board within 20 business days following the Board's
communication to Executive of the per share valuation pursuant to (a) above and,
upon the Board's request, Executive shall provide to the Board appropriate
supporting documentation regarding the methods, assumptions and other bases used
in arriving at such valuation. If acceptable to the Board, the fair market value
of the Common Stock shall be as so determined.

               (c) If the fair market value as determined under (b) is not
acceptable to the Board, the Board and Executive shall then negotiate in good
faith to agree upon the fair market value of the Common Stock, based on the
valuations under (a) and (b) above.

               (d) If the Board and Executive shall be unable by the foregoing
means to agree upon the fair market value of the Common Stock within ten
business days after the Board has been advised of Executive's valuation, the
issue shall then be submitted to binding arbitration in Las Vegas, Nevada
according to the rules and procedures of the American Arbitration Association.
The Company and Executive shall each submit to the arbitrator their valuations
under (a) and (b) above, together with all supporting documentation regarding
the methods, assumptions and other bases used in arriving at such valuation. The
arbitrator shall then be instructed to choose which of the two valuations more
closely reflects the fair market value of the Common Stock, and shall not have
the right to choose a third valuation as the appropriate fair market value of
the Common Stock. The party whose valuation is not so chosen by the arbitrator
shall pay any and all costs and expenses of the arbitration (but not the initial
valuation of the other party), including without limitation reasonable
attorneys' fees and other fees incurred by the prevailing party in such
arbitration. Judgment may be entered on the arbitrator's determination and
award.

          5. DISTRIBUTION EVENTS. (a) Upon the occurrence of a Mandatory
Distribution Event (as defined in Section 5(b)), the value of the Account as of
the date of such Mandatory Distribution Event shall be paid in whole to
Executive at the

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election of the Company (i) in cash, (ii) in shares of Company capital stock, or
(iii) a combination of cash or shares of Company capital stock, in each case
having a Fair Market Value equal to the value of the Account as of the date of
such Mandatory Distribution Event. Upon the occurrence of a Special Distribution
Event, the Executive shall be distributed shares of Company capital stock having
a Fair Market Value equal to the lesser of the Applicable Value (as defined in
Section 5(c)) and the value of the Account as of the date of such Special
Distribution Event. In addition, at any time on or following the effective date
of Executive's termination of employment, the Company shall have the right, in
its sole and absolute discretion, to distribute the value of the Account, in
whole or in part (a "Permissive Distribution Event" and, together with a
Mandatory Distribution Event and a Special Distribution Event, a "Distribution
Event"), at the election of the Company (i) in cash, (ii) in shares of Company
capital stock, or (iii) a combination of cash or shares of Company capital
stock, in each case having a Fair Market Value equal to the value of the Account
(or portion thereof being distributed) as of the date of such Permissive
Distribution Event, PROVIDED, that after giving effect to the distribution and
the election, the Tax Liability Condition (as defined in Section 5(c)) for the
Permissive Distribution Event would be satisfied with respect thereto. Except as
necessary to satisfy the Tax Liability Condition, the shares distributed in
connection with a Mandatory Distribution Event or a Permissive Distribution
Event need not be Marketable Securities (as defined in Section 5(d)).

          (b) The first to occur of the following events shall constitute a
Mandatory Distribution Event:

                    (i) The earliest date following the closing of an Initial
     Public Offering (as such term is defined in Section 6(e)) upon which all
     underwriter lock-up arrangements applicable to Executive, if any, shall
     have expired; PROVIDED, that after giving effect to the distribution and
     the election referred to in Section 5(a), the Tax Liability Condition (as
     defined below) for the Mandatory Distribution Event would be satisfied with
     respect thereto;

                    (ii) The occurrence of a Change in Control (as defined under
     the Award Agreement); PROVIDED, that after giving effect to the
     distribution and the election referred to in Section 5(a) (assuming the
     Deemed Shares represented Common Stock for the purposes of this
     calculation), the Tax Liability Condition (as defined below) for the
     Mandatory Distribution Event would be satisfied with respect thereto; and

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                    (iii) The last day of the Company's fifteenth fiscal year
     commencing after the Effective Date (the "Maximum Deferral Distribution
     Event").

               A Special Distribution Event shall occur each time that Executive
has the opportunity to sell Restricted Securities (as defined in the
Stockholders Agreement, of even date herewith, among the Company and certain
stockholders (the "Stockholders Agreement"), pursuant to Section 2.5 or 3.1
(under an effective registration statement) of the Stockholders Agreement.

               (c) For purposes of this Section 5, (i) the Tax Liability
Condition shall be satisfied if, in respect of any Distribution Event, the sum
of any cash and Marketable Securities represented by the Deemed Shares would
equal or exceed Executive's Tax Liability in respect of such Distribution Event;
and (ii) the Applicable Value shall be the dollar amount obtained by dividing
the maximum income tax rate (federal, state and local) for Executive in the
state and locality of his residence for income tax purposes as determined
pursuant to Section 5(e), including without limitation impositions in respect of
Medicare, into the dollar value of the total consideration which is comprised of
cash and Marketable Securities to which Executive would be entitled to receive
pursuant to the Stockholders Agreement as a result of the Special Distribution
Event.

               (d) For purposes of this Section 5, Marketable Securities shall
mean shares of capital stock of or other equity interests in any entity that,
upon distribution to Executive, are freely tradeable by Executive under the
Securities Act of 1933, as amended (the "Securities Act"), and are not subject
to any contractual restrictions or limitations imposed by the Company on the
rights of Executive to sell such shares.

               (e) For purposes of this Section 5, Executive's Tax Liability in
respect of any Distribution Event shall mean the product of (i) the maximum
income tax rate (federal, state and local) for Executive in the state and
locality of his residence for income tax purposes, including without limitation
impositions in respect of Medicare and (ii) the amount of income to be
recognized by Executive upon such Distribution Event, in each case as determined
by the Company's independent auditors, a copy of which determination shall be
provided to Executive. For purposes of the immediately preceding sentence, if
Executive shall be subject to income taxation in more than one state, the
maximum rate of taxation for each such state shall be taken into account
proportionately based on the extent to

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which the income so recognized would be treated under applicable law as having
been earned in or otherwise having a relevant nexus with such state for income
tax purposes.

               (f) The value of the Account shall be distributed to Executive
within five business days following the occurrence of the Distribution Event or,
if later, within five business days after the final determination of the Fair
Market Value of the Account pursuant to Section 4.

               (g) Executive hereby agrees that commencing upon and for the
180-day period following a Mandatory Distribution Event pursuant to clause
(b)(i) above (which Mandatory Distribution Event does not also constitute a
Special Distribution Event), Executive shall not, directly or indirectly, sell,
make any short sale of, loan, hypothecate, pledge, offer, grant or sell any
option or other contract for the purchase of, purchase any option or other
contract for the sale of, or otherwise dispose of or transfer, or agree to
engage in any of the foregoing transactions with respect to, any shares of
Common Stock to be distributed to Executive pursuant to such Distribution Event
other than (a) shares having a Fair Market Value no greater than Executive's Tax
Liability in respect of such Distribution Event and (b) such number of shares as
may be sold by Executive, subject to the volume limitations of Rule 144(e) under
the Securities Act as if Rule 144 applied to such sale and as if Executive were
an affiliate of the Company for such purposes.

          6. CALL RIGHTS. (a) In the event all or any portion of the value of
the Account is distributed to the Executive pursuant to Section 5 prior to the
Company's Initial Public Offering in shares of capital stock or other equity
interests of any entity that are not Marketable Securities (the "Illiquid
Distributed Shares"), the Company shall have the right (the "Call"), exercisable
at any time prior to the Company's Initial Public Offering (the "Call Exercise
Period") by giving written notice to the Executive pursuant hereto, to purchase
any or all of the Illiquid Distributed Shares in exchange for an amount in cash
equal to the Fair Market Value of such Illiquid Distributed Shares as of the
date on which such notice is provided (the "Call Price"); PROVIDED, that if
Executive is exercising "tag-along" rights pursuant to Section 2.5 of the
Stockholders Agreement, then until completion of such tag-along offer, the Call
Price shall not be less than the price per share attainable by Executive under
such tag-along offer.

               (b) The closing with respect to the exercise of the Call shall
take place at the Company's executive offices within 30 days following the date
the


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Company provides Executive written notice of its intention to exercise the Call
or, if later, within five business days after the final determination of the
Fair Market Value of the Illiquid Distributed Shares pursuant to Section 4.

               (c) Notwithstanding any other provision hereof, the Company may
assign, without the consent of the Executive, its rights under this Section 6;
PROVIDED, that no such assignment shall release the Company from its obligations
hereunder.

               (d) Notwithstanding anything herein or in the Stockholders
Agreement to the contrary, during the Call Exercise Period the Call shall
continue to apply to the Illiquid Distributed Shares following any transfer
thereof by the Executive under any circumstances, including pursuant to any
arrangement, proceeding, decree, judgment, order or application of law relating
to the division of property for domestic relations purposes.

               (e) The Call shall terminate upon the closing of the Company's
Initial Public Offering. For purposes of this Agreement, "Initial Public
Offering" shall mean the closing of a public offering pursuant to an effective
registration statement under the Securities Act covering shares of the Company's
Common Stock, which shares are approved for listing or quotation on the New York
Stock Exchange, American Stock Exchange or Nasdaq National Market.

          7. STOCKHOLDERS AGREEMENT. Executive is a party to the Stockholders
Agreement and Executive and the Company agree that any shares of Company capital
stock issuable to Executive under this Agreement shall be subject in all
respects to the Stockholders Agreement, the provisions of which shall be deemed
to be incorporated herein by reference.

          8. NOTICES. All notices and other communications under this Agreement
shall be in writing and shall be given by first class mail, certified or
registered with return receipt requested, or by a nationally recognized
overnight delivery service to the respective parties named below:

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         If to Company:         Harveys Casino Resorts
                                Highway 50 and Stateline Avenue
                                P.O. Box 128
                                Lake Tahoe, Nevada 89449
                                Attention: Corporate Secretary
                                Facsimile: 775-586-6811

         with a copy to:        Colony Capital, Inc.
                                1999 Avenue of the Stars
                                Los Angeles, California 90067
                                Attention: Kelvin L. Davis
                                Facsimile: 310-282-8808

         and a copy to:         Skadden, Arps, Slate, Meagher & Flom LLP
                                300 South Grand Avenue
                                Los Angeles, California 90071
                                Attention: Jonathan H. Grunzweig
                                Facsimile: 213-687-5600

         If to the Executive:   Charles W. Scharer
                                P.O. Box 4735
                                148 Granite Springs Drive
                                Stateline, Nevada 89449
                                Facsimile: 775-588-6399

         with a copy to:        Michael Forman
                                Klehr, Harrison, Harvey, Branzburg & Ellers LLP
                                1401 Walnut Street
                                Philadelphia, Pennsylvania 19102
                                Facsimile: 215-568-3206

Either party hereto may change such party's address for notices by notice duly
given pursuant hereto.

          9. WITHHOLDING REQUIREMENTS. Executive shall, no later than the date
amounts become payable hereunder pursuant to a Distribution Event, pay to the
Company, or make arrangements satisfactory to the Company, including, as
applicable, by means of any cash distributable pursuant to Section 5, regarding
payment of any federal, state, or local taxes or other amounts of any kind
required by law to be

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withheld with respect to such Distribution Event. The obligations of the Company
hereunder shall be conditional on the making of such payments or arrangements,
and the Company shall, to the extent permitted by law, have the right to deduct
any such taxes from any payment of any kind otherwise due to Executive.

          10. FAILURE TO ENFORCE NOT A WAIVER. The failure to enforce at any
time any provision of this Agreement shall in no way be construed to be a waiver
of such provision or of any other provision hereof.

          11. GOVERNING LAW. This Agreement shall be governed by and construed
according to the laws of the State of Nevada without regard to its principles of
conflict of laws.

          12. AMENDMENTS. This Agreement may be amended or modified at any time
only by an instrument in writing signed by each of the parties hereto.

          13. AGREEMENT NOT A CONTRACT OF EMPLOYMENT. This Agreement shall not
constitute or be evidence of any agreement or understanding, express or implied,
that the Executive has a right to continue as an employee of the Company or any
Subsidiary or affiliate of the Company for any period of time or at any specific
rate of compensation.

          14. DISPUTE RESOLUTION. Any dispute arising under this Agreement shall
be resolved in accordance with the arbitration provisions of the Employment
Agreement as in effect as of the date hereof, or as the same may be amended from
time to time, regardless of the expiration of the Employment Agreement prior to
the resolution of such dispute, and such arbitration provisions shall be deemed
to be incorporated herein by this reference.

          15. MARKET STAND-OFF. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective
registration statement filed under the Securities Act for such period as the
Company or its underwriters may request (such period not to exceed 180 days
following the date of the applicable offering), the Executive shall not,
directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge,
offer, grant or sell any option or other contract for the purchase of, purchase
any option or other contract for the sale of, or otherwise dispose of or
transfer, or agree to engage in any of the foregoing transactions with respect
to, any shares of Company capital stock acquired under this Agreement without
the prior written consent of the Company or its underwriters,

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PROVIDED, that the Executive shall not be required to be subject to "lock-up"
restrictions that are more restrictive than such restrictions to which any
other Employee Stockholder (as defined in the Stockholders Agreement) having
commensurate job duties and responsibilities in the Company is subject, or that
would prevent the Executive from effectuating a sale pursuant to Section 2.5 of
the Stockholders Agreement or Section 3.1 of the Stockholders Agreement.




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          IN WITNESS WHEREOF, the parties hereto have executed and delivered
this Agreement on the day and year first above written.

                                           HARVEYS CASINO RESORTS


                                           By /s/ John J. McLaughlin    
                                             ----------------------------------
                                             Name:  John J. McLaughlin
                                             Title:  Chief Financial Officer




                                             /s/ Charles W. Scharer           
                                             ----------------------------------
                                                     CHARLES W. SCHARER

                                             Address:  P.O. Box 4735
                                                       148 Granite Springs Drive
                                                       Stateline, Nevada 89449



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