<PAGE>

                                                                    EXHIBIT 10.8

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED. IT MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OR HYPOTHECATED EXCEPT IN
COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY
TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.


                            ADVANCE PROMISSORY NOTE


$400,000                                                       September 1, 2000


         FOR VALUE RECEIVED, L. Donald Speer, II and Kelly Elizabeth Speer,
("Makers"), promises to pay to Venture Catalyst Incorporated, a Utah
corporation, or its assigns ("Holder") the principal sum of Four Hundred
Thousand Dollars ($400,000) or so much thereof as may be advanced and remain
outstanding from time to time, plus interest on the unpaid principal balance
from time to time at the rate of 7% per annum compounded annually. Borrowing
shall be made pursuant to requests for additional loans as set forth in Section
                                                                        -------
3 of this promissory note ("Note"). Notations indicating borrowings ("Loans" or
-
"Borrowings") made by the Holder pursuant to this Note and all payments on
account of the principal thereof may be endorsed by the Holder pursuant to this
Note and all payments on account of this principal thereof may be endorsed by
the Holder hereof on the grid schedule attached to this Note as Exhibit A.
                                                                ---------
         1.    Terms of Payment.

         (a)   Mandatory Payment.  Unless otherwise set forth herein, and
subject to Section 1(c) below, all unpaid principal and all accrued but unpaid
interest shall be payable in full on March 31, 2001.

         (b)   Optional Prepayment.  Makers may prepay all or any part of the
principal balance due under this Note without premium or penalty; provided,
however, that any payment shall be applied first to the satisfaction of any late
charges, costs of collection and attorney's fees owing hereunder, then to any
accrued and unpaid interest through the date of payment and then against the
principal balance hereof.

         (c)   Acceleration.  Event of Default. Upon an occurrence of an Event
of Default (as defined below), Holder may declare the entire principal amount of
this Note plus accrued but unpaid interest to be immediately due and payable and
take any other action allowed by law.

         (d)   Manner of Payment.  All payments made hereunder shall be paid to
Holder at 16868 Via Del Campo Court, Suite 200, San Diego, California 92127 or
such other place as may be designated in writing by Holder, in immediately
available United States funds without any deduction whatsoever, including, but
not limited to, any deduction for any setoff or counterclaim.

                                       1
<PAGE>

         (e)   Late Charges.  In the event that Makers fail to make any payment
of principal and/or interest within 10 days of the date required hereunder
(whether by maturity, acceleration or otherwise), Makers shall pay a late charge
to compensate Holder for such delay in payment. It is acknowledged by Makers and
Holder that the actual amount necessary to adequately compensate Holder in such
case would be impracticable and extremely difficult to calculate. Makers and
Holder, therefore, agree that the amount of such late charge shall be six
percent (6%) of the amount of such payment, which Makers and Holder agree
represents a reasonable sum considering all of the circumstances existing as of
the date of this Note and represents a fair and reasonable estimate of the costs
that Holder will incur by reason of late payment. Acceptance of any late charge
shall not constitute a waiver of the default with respect to the overdue amount
and shall not prevent Holder from exercising any of the other rights and
remedies available to Holder.

         2.    Events of Default.  The occurrence of any of the following shall
be deemed to be an event of default (an "Event of Default") hereunder:

         (a)   Failure to make any payment of principal or interest hereunder
when due according to the terms hereof;

         (b)   Makers (i) generally not paying their debts as they become due,
(ii) filing any petition or answer seeking for itself any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar
relief under any present or future bankruptcy, insolvency or similar statute,
law or regulation (a "Filing"), (iii) filing any answer admitting or not
contesting the material allegations of a petition filed against Makers in any
such proceeding, (iv) seeking, consenting to or acquiescing in the appointment
of any trustee, custodian, receiver or liquidator of Makers or all or any
substantial part of its properties (an "Appointment"), or (v) taking any action
for the purpose of any of the foregoing; or

         (c)   A Filing is made against Makers without their consent and is not
stayed or dismissed within 60 days, or an order for an Appointment is entered.

         3.    Borrowing Procedure.  By delivering a request for additional
borrowings ("Borrowing Request") to Holder in the form attached hereto as
Exhibit B on or before 11:00 a.m., San Diego time, on a Business Day, Makers may
from time to time request, on not less than two (2) Business Days' notice, that
additional borrowings be made but in no case shall any Borrowings be made after
March 30, 2001. Each borrowing shall be deemed made on the Business Day of the
Borrowing Request therefor. Notwithstanding the foregoing, Holder shall not be
obligated to make any additional Loans if an Event of Default has occurred which
remains uncured.

         4.    Evidence of Notes.  Makers hereby irrevocably authorize Holder to
make (or cause to be made) appropriate notations on a grid schedule attached
hereto as Exhibit A (or on a continuation of any such grid), which notations
shall evidence, inter alia, the date and outstanding principal amount of the
Loans evidenced thereby. The notations on any such grid (and on any such
continuation) indicating the outstanding principal amount of the Loans shall be
presumptive evidence of the principal amount thereof owing and unpaid but the
failure to record any such amount on any such grid (or on any such continuation)
shall not limit or otherwise

                                       2
<PAGE>

affect the obligations of the Makers hereunder or under the Note to make
payments of principal of or interest on such Loans when due.

         5.    Collateral.  This Note is secured by that certain stock
certificate No. SD 3576 evidencing 470,000 shares of common stock of Venture
Catalyst Incorporated, owned by L. Donald Speer, II, including all additions and
accessions thereto, substitutions thereof and any proceeds of their sale or
disposition (the "Collateral").

         6.    Representations and Warranties.  Makers hereby represent and
warrant to Holder as follows:

               (a)  Authority Relative to Note. Makers have full power and
authority to execute and deliver this Note and to perform the obligations
hereunder. This Note has been duly and validly executed and delivered by Makers
and constitutes a legal, valid and binding obligation of Makers enforceable
against Makers in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other similar laws relating to the enforcement of
creditors' rights generally and by general principles of equity.

               (b)  No Conflicts. The execution and delivery by Makers of this
Note does not and the performance by Makers of their obligations under this Note
do not and will not:

                    (i)  conflict with or result in a violation or breach of any
law, statute, order, decree, consent decree, judgment, rule, regulation,
ordinance or other pronouncement having the effect of law whether in the United
States, any foreign country, or any domestic or foreign state, county, city or
other political subdivision or of any governmental or regulatory authority,
applicable to Makers or any of their assets and properties; or

                    (ii) (I) conflict with or result in a violation or breach
of, (II) constitute a default (or an event that, with or without notice or lapse
of time or both, would constitute a default) under, (III) require Makers to
obtain any consent, approval or action of, make any filing with or give any
notice to any person or entity as a result or under the terms of, (IV) result in
or give to any individual or entity any right of termination, cancellation,
acceleration or modification in or with respect to, (V) result in or give to any
person or entity any additional rights or entitlement to increased, additional,
accelerated or guaranteed payments or performance under, (VI) result in the
creation or imposition of (or the obligation to create or impose) any lien upon
Makers or any of its assets and properties under or (VII) result in the loss of
a material benefit under, any of the terms, conditions or provisions of any
contract or license to which any Maker is a party or by which any of such
Maker's assets and properties is bound.

               (c)  Liens. No liens, encumbrances or other security interests of
any kind or nature whatsoever exist in the Collateral as of the date hereof.

         7.    Covenants. Makers hereby covenant and agree that, without the
consent of Holder, they will not create, or permit the creation, of any liens,
encumbrances or other security interests of any kind or nature whatsoever in the
Collateral.

                                       3
<PAGE>

         8.    Presentment, Notice, etc. Makers and any endorser or other person
liable hereunder expressly agree that (a) presentment, notice of dishonor, and
protest, notice of protest and any and all demands or notices are hereby waived;
(b) this Note shall be binding upon Makers and any endorser and their respective
successors in interest; and (c) this Note and any payment hereunder may be
extended from time to time without in any way affecting liability of the Makers
or any endorser hereunder.

         9.    General. This Note shall be governed and construed in accordance
with the laws of the State of California without regard to the choice of law
provisions thereof. All notices hereunder shall be in writing. No right, power
or remedy conferred by this Note upon Makers shall be exclusive of any other
right, power or remedy referred to herein or now or hereafter available at law,
in equity, by statute or otherwise.

         10.   Costs; Attorneys' Fees. Makers shall pay on demand all costs and
expenses of collection incurred or paid by Holder in enforcing the terms hereof
or in protecting Holder's interest hereunder. If any action at law or in equity
is necessary to enforce or interpret the terms of this Warrant, the prevailing
party shall be entitled to reasonable attorneys' fees, costs and disbursements
in addition to any other relief to which such party may be entitled.

         IN WITNESS WHEREOF, this Note has been executed and delivered on the
date first above written by the Makers.


                                        MAKERS:


                                         /s/ L. DONALD SPEER, II
                                        --------------------------------
                                        L. DONALD SPEER, II


                                         /s/ KELLY ELIZABETH SPEER
                                        --------------------------------
                                        KELLY ELIZABETH SPEER


          (Signature Page to Promissory Note dated September 1, 2000)

                                       4
<PAGE>

                                    EXHIBIT A
                                    ---------

                       Schedule of Advances and Repayments

<TABLE>
<CAPTION>
                                                                           Person
                            Amount of             Outstanding              Making
        Date                  Loan                  Balance               Notation
        ----                  ----                  -------               --------
<S>                     <C>                 <C>                     <C>

-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------



-------------           ---------------     ---------------         ----------------
</TABLE>

                                       5
<PAGE>

                                   EXHIBIT B
                                   ---------

                                    FORM OF
                               BORROWING REQUEST
                               -----------------

                                                                __________, 2000

Venture Catalyst Incorporated
16868 Via Del Campo Court
Suite 200
San Diego, California  92127
Attention: Chief Financial Officer

Dear Ladies and Gentlemen:

This Borrowing Request is delivered to you, pursuant to the note dated as of
September 1, 2000 ("Note") issued by L. Donald Speer and Kelly Elizabeth Speer
("Makers") to Venture Catalyst Incorporated ("Holder"). Unless otherwise
defined, terms used herein have the meanings provided in the Note.

Makers hereby request that Holder loan the aggregate principal amount of
$___________.

Makers hereby acknowledge that, pursuant to the terms of the Note, each of the
delivery of this Borrowing Request and the acceptance by the Makers of the
proceeds of the Loans requested hereby, constitutes a representation and
warranty that, on the date of the making of such Loans, and before and after
giving effect thereto, all statements set forth in Section 6 of the Note are
                                                   ---------
true and correct.

Makers agrees that if, prior to the time of the making of the Loans requested
hereby, any matter certified to herein or in connection herewith by it will not
be true and correct at such time as if then made, it will immediately so notify
Holder. Except to the extent, if any, that prior to the making of the Loans
requested hereby Holder shall receive written notice to the contrary from
Makers, each matter certified to herein or in connection herewith shall be
deemed once again to be certified as true and correct at the date of the making
of such Loans, as if then made.

IN WITNESS WHEREOF, Makers have authorized this request to be executed and
delivered, and the certifications, representations and warranties contained
herein to be made as of the day and year first above written.

                                                /s/ L. Donald Speer, II
                                               ---------------------------------
                                                     L. Donald Speer, II


                                               /s/ Kelly Elizabeth Speer
                                               ---------------------------------
                                                     Kelly Elizabeth Speer

                                       6