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                                 EXHIBIT 10(bt)

                        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 Robert M. Renneisen, an individual residing
at 802 Blue Teal Drive, Absecon, NJ 08201("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 $1,000,000 (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/ Robert M. Renneisen
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                                               ROBERT M. RENNEISEN
                                               THE CLARIDGE AT PARK PLACE,
                                               INCORPORATED

ATTEST:

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