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LONDON INVESTMENTS s.r.o.
I O: 25116151
registered office: Belohorska 161, Praha 6,
represented by Mr. Martin Beck
(henceforth the Investor)

and

LMJ Casino Rozvadov a.s.,
I O: 64358267,
registered office: Folmava 66, Ceska Kubice,
represented by the Chairman of the Board of Directors, Mr. Andrew Tottenham
(henceforth the Operator)

and with the participation of

Atlantic Properties s.r.o.
I O: 64578038
registered office: Folmava 66, Ceska Kubice
represented by the Managing Director, Mr. Andrew Tottenham,
(henceforth the Contract Participant)

hereby conclude on the day, month, and year as specified below this

                    Contract on the Tenth day of June 1999
                    --------------------------------------

                           (henceforth the Contract)

                                      1.

WHEREAS

a) the Contract Participant is the owner of lots no. 339/42 of 20 166 sq m, no.
   339/73 of I 534 sq m and no. 5407 of 31 000 sq m (digitised: lots no. 339/47
   of 9 000 sq m, no. 339/48 of 34 700 sq m, no. 339/49 of 9 000 sq m, no.
   339/50 of 9 320 sq m), all registered in Ownership Certificate no. 500
   for the cadastral district of Chvalovice, Chvalovice municipality, Znojmo
   region, at the Land Register Office in Znojmo, on which the construction of
   the "Casino Hat" complex was approved by the valid Decision of the
   Construction Department of the Municipal Office in Znojmo, no. 723/97 from
   22 December, ref. no. Vyst 7d 17291/97 Pv, and

b) the Operator owns a license granted by the Ministry of Finance of the CR
   on 5 November 1998, ref. no. 601/80168/98, permitting the operation of
   casino gaming in the Casino Ceska Kubice and Casino Rozvadov gaming
   centres, and WHEREAS he is hereby obliged to obtain a permission from the
   Ministry of Finance for the operation of gaming in the "Casino Hat" complex
   within 60 days from the issue of the Approval for Use of the complex, the
   contractual parties have agreed on the following:

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                                  II.

(1) The Investor is obliged to build at his own expense the Casino Hat
    complex (henceforth the Complex) on the land owned by the Contract
    Participant in accordance with the construction license within 12 months
    from the signature of this Contract, if the building is not completed within
    12 months the operator has the right to invalidate this contract. With his
    signature, the secondary participant to this contract expressly agrees that
    the building to be build by the investor on his property shall become the
    exclusive property of the investor, and hereby authorizes the investor,
    following the building inspection, to register a deed title for the building
    at the Znojmo land registry. After the Approval for Use becomes legally
    valid according to valid legal regulations, the Investor is further obliged
    to lease the Complex to the Operator under the terms and conditions
    specified in this Contract.

(2) The contractual parties are aware that the approximate value of the
    Complex including all related expenses will amount to 1.4 mil. Euro.

(3) The detailed construction project specification of the Complex shall be
    governed by the relevant construction project documentation which is a
    Supplement to this Contract. The Investor is obliged to respect the
    requirement and wishes of the Operator in preparing the construction project
    and to consult the Operator regularly concerning the progress of the
    construction.

(4) The contractual parties shall co-operate with maximum effort, especially
    in the following:
        -- the Contract Participant shall guarantee access to the land,
        -- the owner shall submit all written documents as required by the
           Investor in connection with changes in the construction license,
        -- the Operator shall provide his own team for consultations on the
           Investor's proceeding for the purpose of the construction of a
           casino on the land,
        -- the Investor shall consult the Operator about his proceedings and
           submit all necessary written documents, and respect the ownership
           rights to the land.

The contractual parties are aware that the construction of the casino as
specified in the construction project documentation depends on the approval by
the relevant Construction Office.

(5) The Investor is obliged to equip the Complex with the following above all:

       -- complete paint coating of the internal walls,

       -- floor coverings,

       -- lighting - non gaming only

       -- gaming tables (6 tables for American roulette-tables with wheels-,
          5 for blackjack) with seats - all other gaming equipment to be
          provided by the operator

       -- bar construction - seating and equipment to be provided by the
          operator

       -- construction of the room for the cash desk - security systems and
          furnishings to be provided by the operator

       -- closed circuit security cameras (according to valid legal
          regulations). Upgrades and modifications at the cost of the operator.

All this equipment, its type, colour and placement in the Complex, requires
the approval by the Operator.


                                       III.

The Operator is obliged to equip the Complex with the following additional
equipment above all:


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     -- kitchen equipment,

     -- slot machines, machine bases and signage,

     -- money-counting machines (for bank notes and coins),

     -- office equipment and furnishings,

     -- equipment for the cash office rooms and safes,

     -- construction of an entrance road with vertical and horizontal signs
        including advertisement notice boards,

     -- plus systems described in art. II of this Contract.

                                IV.

The contractual parties have agreed on a lease period of 10 (ten) years from
date that the casino building is complete with all required building approvals.

                                V.

(1) The contractual parties have agreed on a monthly rent amount of 25000 Euro
    (twenty five thousand Euro) plus VAT. The rent is payable always by 7th of
    the month, to the account of the Investor no. 3282338002/3800 at HypoVereins
    Bank Cz A.S. Italaska 24, Praha 2.

(2) Beginning on the second year of validity of this Contract, the monthly
    rent for each following calendar year shall be adjusted by the actual
    inflation rate announced annually by the Central European Bank in
    Frankfurt am Main.

                                VI.

(1) At any time after the approval for use of the Complex as stated in IV, the
    Operator shall have the right to purchase the Complex with all its parts
    and accessories from the Investor, on the basis of a written offer
    delivered to the Investor, for the price specified below, but depending
    on the age of the Complex as increased by the inflation rate announced by
    the Central European Bank in Frankfurt am Main to be calculated from the
    year following the year when this Contract was signed:

     -- during the first year of the Contract..................1.8 mil. Euro

     -- during the second year after concluding the Contract...1.7 mil. Euro

     -- 3rd-10th year after the conclusion of this Contract.....1.6 mil. Euro

(2) The Investor is obligated to sign the relevant purchase contract drawn up
    by the Operator within 30 days from the delivery of the written offer as
    specified in Article VI. par. 1 of this Contract in favour of the
    investor and the investor is also obliged to sign the proposal for
    ownership rights and registration in favour of the operator.

                                VII.

(1) The Contract Participant and the Investor have agreed to the establishment
    of the right of lien to the lands owned by the Contract Participant as
    specified in Article I. a) of this Contract in favour of the Investor.

(2) The Investor hereby accepts this right of lien.

(3) This right of lien expires (i) upon the sale of the pledged land and the
    Complex built on the land to a third party, or (ii) upon the agreement
    of the contractual parties or (iii) by transfer of the Complex to the
    Operator according to Article VI. of this Contract.


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                                     VIII.

(1) If the Operator delays the payment of the rent to the Investor for more
    than 30 days, the Investor or the Pledgee has the right to sell the pledged
    land in the name of the Contract Participant at a public sale for the upset
    price of the pledged land, within 30 days.

(2) The Contract Participant, as the owner of the land, hereby expresses his
    explicit approval with this procedure and by his signature of this Contract
    authorizes the Investor to proceed accordingly.

(3) The Contract Participant further authorises the Investor to sign in the
    Contract Participant's name the proposal for ownership rights registration
    in favour of the new owner of the land.

(4) The Investor is entitled to deduct from the actual sale price of the
    developed land and building a total of 1.8 million Euro (regardless of which
    year under the Contract the sale took place), as well as all outstanding
    debts (including fines and sales costs) owed by the operator, and shall
    deposit the remaining sum from the purchase or sale price within three days
    of the sale of the property to the account of the secondary participant,
    acct. no. 123230359/5100 IPB Domazlice. In the event of late payment, the
    parties have agreed to a contract penalty of 0.05% per day.

(5) In the event, the option right of the Operator according to Article VI. of
    this contract expires.

                                     IX.

(1) The Operator is obliged to take good and proper care of the entrusted
    property, to maintain it in the state in which it was transferred to him
    (with the exception of the usual wear and tear) and to ensure that no damage
    is done to the property.

(2) If the property is damaged through the negligence of the Operator or persons
    employed by the Operator, the Operator shall be obliged to remove the damage
    at his own expenses as soon as possible.

                                     X.

(1) The Operator is obliged to insure the tangible assets against damage,
    loss, destruction as well as against any damage from third persons different
    from the Operator.

(2) The Operator hereby declares that he shall respect all hygienic, work and
    fire safety regulations, and carry out regular inspections and revisions of
    the entrusted assets according to valid legal norms. The Operator is obliged
    to pay all related expenses.

                                     XI.

The contractual parties have agreed that during the validity of this Contract
the Operator shall pay all taxes and fees related to the Complex and to the
land specified in Article I letter a) of this Contract.

                                     XII.

During the validity of this Contract, the Operator shall pay all expenses
related to the operation of the Complex (as for example energy supplies,
water supplies and sewage fees, telephone bills) directly to the suppliers of
these services. Whenever this is not possible, the Investor or the Contract
Participant shall re-invoice these expenses at their identical amount to
the Operator, who is obliged to pay them by the deadline cited on the
invoice.

                                     XIII.

(1) The contractual parties are obliged to proceed with due care and
    thoughtfulness in their negotiations with each other, with third persons
    and with state authorities, so that the purpose of this Contract, i.e. the
    operation of gaming in the Complex, is not threatened.

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(2) All mutual announcements, messages and other written documents provided
    by the contractual parties to each other are considered as confidential and
    may be disclosed to third parties only with the consent of the other
    contractual parties.

                                      XIV.

(1) This Contract has been concluded for a definite period of 10 (ten) years,
    from the date of the completion of the casino building and the granting of
    the required building approvals.

(2) After expiration of the ten-year Contract period either:

    a)  the contracting parties will extend the validity of this Contract for
        another 10 years with no change in the Contract conditions, or

    b)  the operator will purchase the building from the investor for an agreed
        to contractual price of 1.6 mil. Euro with the relevant adjustment for
        inflation according to art. V para. (2) of this Contract,

If neither (a) or (b) are agreed within 60 days of the conclusion of the
contract then the land owned by the secondary participant and the building
will be sold to a third party. In such case, the investor shall receive an
identical sum from the sales price as given in point b) of this article of
the Contract, while the remainder shall go to the secondary participant.

                                      XV.



(1) This Contract becomes valid and takes effect upon the date of signature
    of the authorized representatives of all contractual parties.

(2) The Contract becomes invalid and legally ineffective upon the day
    following the time period defined in article XIV par (1) of this contract
    with exception of advancement specifying in article XIV par (2) of this
    contract.

(3) If any provision of this Contract becomes invalid or unenforceable or is
    construed as illegal in any respect, the validity and enforceability of all
    other provisions of this Contract shall not be thereby affected.

(4) This Contract has been drawn up according to Czech law. In the event of
    any disputes between the contractual parties of this Contract, the
    contractual parties shall make every effort to settle such disputes by
    conciliation reached in mutual negotiations. If the negotiations are not
    successful, the disputes shall be settled by the relevant court.

(5) Any amendments and supplements to this Contract must be in the form of a
    written supplement to this Contract, signed by the authorised
    representatives of the contractual parties.

(6) This Contract has been drawn up in 4 copies, each valid as an original.
    Each contractual party shall receive 2 copies of this Contract.


LONDON INVESTMENTS has the right to transfer this contract to another company
with the consent of the operators which will not be unreasonably withheld.



In London on 11th June 1999
   -------   ----------


/s/ Mark Beck               /s/ Andrew Tottenham     /s/ Andrew Tottenham
-------------------         --------------------     --------------------
Investor                     Operator                 Contract Participant


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