<PAGE>   1

                                                                   EXHIBIT 10.44


                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT ("Agreement") is dated and effective as
of the ____ day of August, 1999, between HORSESHOE GAMING, L.L.C. ("Horseshoe"),
and ROBERT MCQUEEN ("McQueen").

                                    RECITALS:

         A. Horseshoe is a casino owner/operator with its principal office in
Las Vegas, Nevada.

         B. McQueen is the current owner of a .154144% interest in Horseshoe and
an employee of Horseshoe by virtue of an Amended and Restated Employment
Agreement dated October 15, 1998 by and between Horseshoe and McQueen
("Employment Contract").

         C. Pursuant to his Employment Contract, McQueen has certain put rights
with respect to his ownership ("Put Rights"). McQueen has provided notice of his
intent to exercise his Put Rights and Horseshoe believes it is in its best
interest to acquire from McQueen his .154144% ownership interest.

         D. Horseshoe and McQueen have agreed that the fair market value of the
 .154144% interest in Horseshoe is $724,477 and that the value of his capital
account at July 31, 1999 was $100,820.

         E. Horseshoe is party to an agreement pursuant to which it may acquire
(the "Acquisition") Empress Casino Hammond Corporation, an Indiana corporation
("Empress Hammond"), and Empress Casino Joliet Corporation, an Illinois
corporation ("Empress Joliet"), both of which are subsidiaries of Empress
Entertainment, Inc., a Delaware corporation (collectively, "Empress").

         NOW, THEREFORE, in consideration of the premises and each act performed
by either party hereto, the parties agree as follows:

         1. McQueen hereby exercises his Put Right. Horseshoe hereby waives any
requirements of written notice and further waives the condition that the Put
Right can be exercised only in the event of termination of McQueen's employment.

         2. Concurrently with the execution of this Agreement, McQueen has sold
to Horseshoe, and Horseshoe has purchased from McQueen, McQueen's .154144%
interest in Horseshoe at the price of $724,477, plus a return of capital of
$100,820, for a total purchase price of $825,297 ("Purchase Price"). The
Purchase price shall be paid as follows: (i) 25% of the Purchase Price at the
time of the execution of this Agreement and (ii) 25% of the Purchase Price on
August 1 during each of the next 3 years. All sums due under this Agreement
shall bear interest at a rate of 8% per annum.

         3. McQueen hereby unconditionally releases and discharges the Horseshoe
from any and all claims, known or unknown, directly or indirectly related to or
in any way connected with (i) McQueen's exercise of the Put Right, (ii)
McQueen's ownership of Horseshoe, and (iii) this Agreement and all of

<PAGE>   2

the agreements, documents and instruments to be executed and delivered in
connection with this Agreement. McQueen acknowledges and agrees that following
the consummation of the transaction contemplated by this Agreement, he shall
have no equity ownership in the Horseshoe nor will he have rights of any kind to
acquire an ownership interest in Horseshoe or any of its affiliates or
subsidiaries; provided however, that McQueen shall have the rights, if any,
afforded to him under Horseshoe's option plan to be first effective on or after
January 1, 1999.

         4. If the Acquisition is closed (the date of such closing being
referred to as the "Acquisition Closing Date"), Horseshoe shall pay McQueen in
addition to the Purchase Price an amount equal to $46,243.20 (the "Additional
Amount"). The parties hereto agree that the Acquisition shall be deemed to have
closed in any of the following circumstances: (i) the Acquisition is consummated
in accordance with its terms or as may be amended by the parties to the
Acquisition agreement, or their successors, assignees or transferees; (ii)
Horseshoe renegotiates the agreement relating to the Acquisition so as to allow
the merger to be consummated as to either Empress Hammond or Empress Joliet and
the merger is then consummated with either Empress Hammond or Empress Joliet;
(iii) Horseshoe combines with another party such that the Acquisition is
consummated with Horseshoe obtaining Empress Hammond or Empress Joliet and the
other party obtaining the other; (iv) Horseshoe consummates the Acquisition in
accordance with its terms or as may be amended by the parties to that agreement,
but either Empress Hammond or Empress Joliet is spun off such that the Horseshoe
is combined with only one; or (v) Horseshoe sells or transfers its interest in
the Acquisition agreement to an unrelated third party. The Additional Amount, if
any, shall be paid, in equal installments with the remaining installment
payments of the Purchase Price. If the Purchase Price has been paid in full at
the time of the Acquisition Closing Date, then the Additional Amounts shall be
paid within 45 days of the Acquisition Closing Date.

         5. McQueen represents and warrants that he is the lawful record and
beneficial owner of the .154144% interest in Horseshoe, free and clear of any
liens, claims, encumbrances, marital property rights, security agreements,
equities, options, charges or restrictions of any kind.

         6. This Agreement contains the entire agreement of the parties with
respect to the subject matter hereof and may be amended only by a writing signed
by each party hereto.

         7. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, legatees, personal representatives,
successors and assigns.

         8. This Agreement shall be governed and interpreted in accordance with
the laws of the State of Nevada.

         9. This Agreement may be executed in counterparts, each of which shall
be deemed an original and both of which together shall be deemed one Agreement.


                                       2
<PAGE>   3

         IN WITNESS WHEREOF, the parties have executed this Agreement as of this
_____ day of August, 1999.

                                            "MCQUEEN"


                                            ------------------------------------
                                            Robert McQueen

                                            "HORSESHOE"

                                            HORSESHOE GAMING, L.L.C.

                                            By: Horseshoe Gaming Holding Corp.,
                                                its Manager


                                            By:
                                                --------------------------------
                                                Kirk Saylor, Chief Financial
                                                Officer


                                       3