EXTENSION OF PROMISSORY NOTE MATURITY DATE

         This Extension of Promissory  Note Maturity Date (this  "Extension") is
made effective as of December 22, 1998, and is among Ahab of the Ozarks,.  Inc.,
a Missouri corporation  ("Ahab"),  CRC of Branson,  Inc., a Missouri corporation
("CRCB"), and Casino Resource Corporation, a Minnesota corporation ("CRC").

                                    RECITALS

         A. CRCB executed a Promissory  Note dated March 24, 1994, in the stated
principal amount of $8, 000, 000 (the "Note)') , payable to the order of Ahab.

         B. CRC guaranteed all  obligations of CRCB under the Note pursuant to a
Guaranty Agreement dated March 24, 1994 (the "Guaranty").

         C. The original maturity date of the Note is April 1, 1999 and CRCB and
CRC have  requested  that the maturity date of the Note be extended and that the
principal  balance  of the Note be  discounted  in the  event  that CRCB and CRC
retire the indebtedness under the note prior to a specified date.

         D. Ahab is willing to extend the Note and to agree to a discount in the
outstanding  principal  balance of the Note subject to the terms and  conditions
set forth herein.

                                      TERMS

         Now,  therefore,  in  consideration of the payment of Five Thousand and
No/100 Dollars  ($5,000.00) to Ahab to offset certain expenses  incurred by Ahab
in connection with this matter,  and for other good and valuable  consideration,
the receipt and sufficiency of which are hereby acknowledged,  the parties agree
as follows:

         1. Ahab hereby extends the maturity date of the Note from April 1, 1999
to October 1, 1999.

         2. CRCB and CRC hereby reaffirm the Note and the Guaranty,  acknowledge
and agree  that the  outstanding  principal  balance  of the Note as of the date
hereof  is  Seven  Million  One  Hundred   Seventy-Four   Thousand  Two  Hundred
Twenty-Four  and 02/100  Dollars  ($7,174,224.02)  (plus accrued  interest since
December 1, 1998) and acknowledge, that there exist no claims, defenses, offsets
or  recoupments  which  CRCB  or  CRC  could  assert  which  could  reduce  said
outstanding principal balance.

         3. Ahab  further  agrees  that it will accept as payment in full of the
Note,  an amount equal to the then  outstanding  principal  balance of the Note,
less a Three Hundred Thousand and No/100 Dollars  ($300,000.00)  discount,  plus
all accrued  interest and other  charges due under the Note  (collectively,  the
"Payoff  Amount") ,  provided  that:  (a) CRCB and/or CRC pay to Ahab the Payoff
Amount  in  immediately  available  funds  on or  before  May  31,  1999 by wire
transfer,  (b ) between now and the date on which the Payoff  Amount is received
by Ahab, CRC must;  remain current in all payments of principal and interest due
under the Note; and (ii) not be in default of any of its  obligations  under the
Note, the Deed of Trust with Security  Agreement dated March 

<PAGE>

24, 1994 (the "Deed of Trust") , the  Assignment  of Rents and Lease dated March
24, 1994 (the "Assignment of Rentals") , and the Security Agreement dated March.
24,  1994 (the  "Security  Agreement");  (c) any  expenses  incurred  by Ahab in
connection  with  the  prepayment,  including,  without  limitation,  the  costs
associated  with the  preparation  and filing of releases,  will be paid by CRCB
and/or CRC and (d) if the Payoff Amount is not received by the close of business
on May 31, 1999, this prepayment option will be void and of no further effect.

         4.  The  parties  agree  that  all  references  in the  Deed of  Trust,
Assignment  of Rents and  Security  Agreement  to the Note shall be deemed to be
references  to the Note as modified  herein.  The Deed of Trust,  Assignment  of
Rents and Security Agreement shall otherwise remain unmodified and in full force
and effect.

         5. No provisions of the Note or the  Guaranty,  not expressly  modified
and  amended  hereby,  shall  be  affected  by this  Extension  and the Note and
Guaranty shall remain in full force and effect.

         6. This Extension may be executed in any number of counterparts, all of
which together shall constitute but one agreement.

         IN WITNESS WHEREOF,  the parties have executed this Extension as of the
day and year first above written.


AHAB OF THE OZARKS, INC.                    CASINO RESOURCE CORPORATION


By:____________________________             By:______________________________
         Harold R. Ragsdale,                   John J. Pilger
         p/k/a Ray Stevens


Title:   President                          Title:___________________________

                                            CRC OF BRANSON, INC.


                                            By:______________________________
                                               John J. Pilger

                                            Title:___________________________