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                                 EXHIBIT 10(bv)

                        ADDENDUM TO EMPLOYMENT AGREEMENT

        THIS ADDENDUM to Employment Agreement is entered into as of the first
day of February, 1997 between THE CLARIDGE AT PARK PLACE, INCORPORATED, a New
Jersey corporation ("Claridge") and Raymond A. Spera, an individual residing at
101 Flyatt Avenue, Vincentown, NJ 08088 ("Executive").

        WHEREAS, the Claridge and the Executive have entered into an Employment
Agreement effective as of January 1, 1997 (the "Employment Agreement"); and

        WHEREAS, the Claridge desires greater assurance of the Executive's
continued employment with the Claridge in the event of a potential change of
control of, or other extraordinary transaction involving, the Claridge; and

        WHEREAS, the Claridge and the Executive have agreed to amend the
Employment Agreement to revise the terms thereof as provided below.

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants set forth in this Addendum, the parties agree as follows:

        1. The Executive confirms his or her desire to remain in the employ of
the Claridge.

        2. The third and fourth sentences of paragraph 7 (Sale of the Claridge)
of the Employment Agreement are hereby amended to read in their entirety as
follows:

            If (x) during the term of this Agreement: (a) a Change of Control
            (as defined below) of the Claridge occurs; or (b) by any other
            transaction this Agreement is assigned to an entity not controlled
            by the Board of Directors of the Company as constituted on the date
            hereof, and (y) during the period commencing on the date on which
            either (a) or (b) occurs and ending on the second anniversary
            thereof, any of the following occurs: (a) the Successor Company (as
            defined below) fails to employ the Executive in Atlantic City, New
            Jersey or within 25 miles thereof, or (b) the Successor Company
            terminates the employment of the Executive other than for Cause (as
            defined below), or (c) the rate of compensation paid by the
            Successor Company to the Executive (without giving effect to any
            element of Compensation attributable to supplemental Executive
            Retirement Plans or Long-Term Incentive Plans) is diminished, or (d)
            the duties, responsibilities or title of the Executive with the
            Successor Company are diminished in any material respect from the
            duties, responsibilities and title of the Executive with the
            Claridge on the date hereof, then the Executive shall, within seven
            days after any such occurrence of (a), (b), (c) or (d) under


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            Clause (y), receive a payment from the Successor Company in cash of
            $500,000 (the "Severance Payment"). For purposes of the foregoing,
            "Change of Control" shall mean the occurrence of any of the
            following events: (i) the sale, lease, transfer, conveyance or other
            disposition of all or substantially all of the assets of (x) The
            Claridge Hotel and Casino Corporation (the "Company") and its
            subsidiaries or (y) Atlantic City Boardwalk Associates, LP (the
            "Partnership"); (ii) the liquidation or dissolution of the Company
            or the Claridge; (iii) the Company becomes aware of (by way of a
            report or any other filing pursuant to Section 13(d) of the Exchange
            Act, proxy vote, written notice or otherwise) the acquisition by any
            "person" or related group (within the meaning of Section 13(d)(3) or
            Section 14(d)(2) of the Securities Exchange Act of 1934 (the
            "Exchange Act"), or any successor provisions to either of the
            foregoing, including any "group" acting for the purpose of
            acquiring, holding or disposing of securities within the meaning of
            Rule 13d-5(b)(1) under the Exchange Act), other than the Company's
            existing management, in a single transaction or in a related series
            of transactions, by way of merger, consolidation or other business
            combinations or purchase of beneficial ownership (within the meaning
            of Rule 13d-3 under the Exchange Act, or any successor provisions)
            of 50% or more of the total voting power entitled to vote in the
            election of the Board of Directors of the Company or such person
            surviving the transaction; (iv) during any period of two consecutive
            years, individuals who at the beginning of such period constituted
            the Company's Board of Directors together with any new directors
            whose election or appointment by such board or whose nomination for
            election by the shareholders of the Company was approved by a vote
            of a majority of the directors then still in office who were either
            directors at the beginning of such period or whose election or
            nomination for election was previously approved) cease for any
            reason to constitute a majority of the Company's Board of Directors
            then in office; (v) the Company fails to own, directly or
            indirectly, 100% of the capital stock of the Claridge or 100% of the
            capital stock of any other person holding a gaming license to
            operate the Claridge Casino Hotel in Atlantic City, New Jersey (the
            "Casino"); or (vi) the ownership of the Casino by any entity other
            than the Partnership, the Company, the Claridge or any successor
            entity or subsdiary or affilate of any of them; "Successor Company"
            shall mean the Claridge, or if a Change in Control occurs as a
            result of a merger of the Claridge or the Company, the Successor
            Entity of such merger, or if a Change of Control of the Claridge
            occurs as a result of a sale of assets of the Claridge, the entity
            which purchases such assets, or if the Employment Contract has been
            assigned by the Claridge to
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            another entity, such other entity; "Cause" shall have the meaning
            given to it in paragraph 5(a)(ii) hereof. Upon receipt of the
            Severance Payment, the Executive shall not be entitled to any
            payment for termination under any provision of paragraph 5 of this
            Agreement and in addition shall not be entitled to any payment or to
            receive any other asset or item of value under the Company's
            Supplemental Executive Retirement Plan or Long-Term Incentive Plan.

        3. Except as provided in paragraph 1 above, the Employment Agreement
in all other respects remains in full force and effect and is not modified by
this Addendum.

        IN WITNESS WHEREOF, this Amendment Agreement has been executed by duly
authorized officer of the Claridge and by the Executive.

WITNESS:



/s/ Frank A. Bellis                             /s/ Raymond A. Spera
-------------------                             -----------------------
                                                RAYMOND A. SPERA
                                                THE CLARIDGE AT PARK PLACE,
                                                INCORPORATED
ATTEST:


                                                /s/ James M. Montgomery
-------------------                             -----------------------
                                                JAMES M. MONTGOMERY
                                                CHAIRMAN OF THE HUMAN RESOURCES
                                                AND COMPENSATION COMMITTEE