|Negotiable Promissory
Note
|--------------------------

|$18,000,000.00           | 2/26/03
|------------------------ | -------
|Principal Amount of Note | Date   

|For value received, the undersigned
(hereinafter referred to as "Maker"), promises to pay to the order of The CIT
Group/Equipment Financing, Inc. ("CIT") located at 1540 W. Fountainhead Parkway Tempe,
AZ 85285the total principal sum of Eighteen Million and 00/100 ($18,000,000.00)Dollars in:


(A) 60 principal payments of
One Hundred Twenty thousand and 00/100 ($120,000.00)Dollars each, commencing on 3/28/2004,
 and a like sum on a like date each month thereafter until fully paid, provided, however,
that the final payment is in the amount of the then unpaid balance, plus interest before maturity as noted below.
Interest before maturity shall be at two point two five
(2.25%) percent in excess of the Governing rate, payable monthly commencing on
3/28/2003 on the unpaid principal balance, but in no event greater than the highest
rate permitted by relevant law in effect from time-to-time during the term of this Note
even if this Note shall state a minimum rate of interest. Interest shall be computed on
the basis of a year of 360 days. Any change in interest based on a change in the Governing
rate shall take effect on the first day of each month (Adjustment Date).


Governing rate shall mean
a rate equal to the LIBOR Rate. LIBOR Rate shall mean the rate as
of two (2) business days prior to the Adjustment Date for deposits in U.S. Dollars for a
period of Thirty (30) days which appears in The Wall Street
Journal. If such rate does not appear in The Wall Street Journal for a period
more than five (5) London Banking Days, the LIBOR Rate shall be determined from such
source as Secured Party shall determine. London Banking Day shall mean any day
on which banks are open for business (including dealings in foreign exchange and foreign
currency) in London.


1Any payment not made when due shall,
at the option of the holder, bear late charges thereon calculated at the highest rate of 1
1/2% per month but in no event greater than the highest rate permitted by relevant law.
The Maker shall be responsible for and pay to the holder a returned check fee, not to
exceed the maximum permitted by law, which fee will be equal to the sum of (i) the actual
bank charges incurred by the holder plus (ii) all other actual costs and expenses incurred
by the holder. The returned check fee is payable upon demand as indebtedness secured by
this note. The Maker agrees to pay all reasonable attorneys fees (at least 15% of
the unpaid balance if not prohibited by law), incurred by the holder in enforcing its
rights under this note. Except as otherwise specifically provided herein or by applicable
law, the Maker shall have no right to prepay this note. If any payment is not made when
due, or if there is a default by Maker under any present or future agreement with CIT, all
remaining payments shall, at the option of the holder, without notice, become immediately
due and payable, and the unpaid principal balance shall bear interest at the same rate as
before maturity until paid in full. The Maker, any endorsers, guarantors and any other
persons obligated hereon:
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| |  | (a) | agree that the holder may grant to any one or more of them extensions of the
                    time for payment of this note and/or the maturity of any payment or payments, in
                    whole or in part, without limit as to the number of such extensions, or the
                    period or periods thereof;
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | waive presentation for payment, demand for payment, notice of non-payment or
                    dishonor, protest and notice of protest, and notice of the holders
                    election to accelerate the unpaid balance of all remaining payments; and
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) | agree that the failure or delay to perfect or continue the perfection of any
                    security interest in any property which secures the obligations of the Maker or
                    any endorser, guarantor or other person obligated hereon, or to protect the
                    property covered by such security interest, shall not release or discharge them
                    or any of them.
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|If at any time this transaction would
be usurious under applicable law, then, regardless of any provision of this note or any
agreement between the holder and the Maker made in connection with, or as security for,
the payment hereof, it is agreed that:
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (a) | the total of all consideration which constitutes interest under applicable law
                    that is contracted for, charged or received upon this note or any such other
                    agreements shall under no circumstances exceed the maximum rate of interest
                    authorized by applicable law and any excess shall be credited on the note by the
                    holder hereof or credited to the Maker; and
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | if the holder of this note elects to accelerate its maturity or, if permitted
                    herein, the Maker prepays this note, any amounts which because of such action
                    would constitute interest may never include more than the maximum rate of
                    interest authorized by applicable law and any excess interest, if any, provided
                    for in this note or otherwise, shall be credited to Maker automatically as of
                    the date of acceleration or prepayment.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|This
Note is made and shall be construed under the laws of the State of Arizona.



All exemptions and homestead laws and
all rights thereunder are hereby waived to the extent permitted by law. Maker waives any
right to a trial by jury in any action or proceeding with respect to, in connection with,
or arising out of this note. The undersigned, if more than one, shall be jointly and
severally liable hereunder and all provisions hereof shall apply to each of them.


The adjustment date is the 1st day of
each calendar month
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Coast Hotels and Casinos, Inc.                 | 
|---------------------------------------------- | 
|Name of individual, corporation or partnership | 

|By                                                                                                                                    | /s/  Gage Parrish |  | Title | VP/CFO | 
|------------------------------------------------------------------------------------------------------------------------------------- | ----------------- |  | ----- | ------ | 
|If corporation, have signed by President, Vice President or Treasurer, and give official title.
   If owner or partner, state which.2 |                  

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2 Non-standard