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                                                                    EXHIBIT 10.4

                              EMPLOYMENT AGREEMENT


THIS EMPLOYMENT AGREEMENT IS MADE AND ENTERED INTO AS OF, OCTOBER 21, 2002
("EMPLOYMENT AGREEMENT") BY AND BETWEEN THE MAJESTIC STAR CASINO, LLC, AN
INDIANA LIMITED LIABILITY COMPANY D/B/A MAJESTIC STAR AND MAJESTIC INVESTOR
("THE COMPANY") AND JON SCOTT BENNETT ("EXECUTIVE").

                                    RECITALS

A.       The Company and the Executive desire to enter into an Employment
         Agreement, which supersedes any and all other agreements, either oral
         or in writing with respect to the employment of Executive by the
         Company, including employee's current employment agreement dated July
         20, 2001.

B.       The Company and the Executive agree that the Executive's Employment
         Period with the Company shall commence on or about OCTOBER 21, 2002, at
         which time the Employment Agreement between the Company and Executive
         will become effective.

1.       Terms

         The Company hereby agrees to employ Executive, and Executive hereby
         agrees to serve the Company, on the terms and conditions of the
         Employment Agreement, for a TWENTY- FOUR (24) MONTH PERIOD ("Period of
         Employment") commencing on the Executive's date of hire with the
         Company (such Period of Employment being subject to earlier termination
         as provided herein). If it is determined by the Company or Executive
         not to renew the Employment Agreement either party agrees to give A SIX
         (6) MONTH ADVANCE NOTICE prior to the expiration of the initial twenty-
         four (24) month "Period of Employment".

2.       Duties and Services

         During the period(s) of employment, Executive agrees to serve the
         Company and its affiliates as its VICE PRESIDENT AND CHIEF FINANCIAL
         OFFICER and in such other offices and positions of the Company within
         his areas of expertise and to perform such other reasonable and
         appropriate duties consistent with such position (s) as may be
         requested of him by the President and Chief Executive Officer and /or
         his designee of the Company, in accordance with the terms herein set
         forth. The position of Vice President and Chief Financial Officer shall
         report to the Executive Vice President and Chief Operating Officer.
         Excluding periods of personal time off to which Executive is entitled,
         Executive shall devote his full time energy and skills to the business
         and affairs of the Company and to the promotion of its interests. The
         Executive shall perform all such duties to the best of his ability and
         in a diligent manner. Executive will be based in Las Vegas, Nevada and
         may be reasonably required to travel outside Las Vegas, Nevada from
         time to time. Executive acknowledges and agrees that this Employment is
         subject to the licensing and regulatory control of the Indiana Gaming
         Control Board and various other state, county and city gaming
         regulatory enforcement agencies (collectively the "Gaming Authorities")
         which may


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         require that Executive be investigated for personal suitability and
         licensing. Executive shall fully cooperate with the Gaming Authorities
         in order that he may obtain all required licenses, permits, approvals
         or findings of suitability required in connection with his employment
         hereunder. Company agrees to pay all reasonable costs associated with
         licensing of Executive.

3.       Compensation

         (a)  Salary. As compensation for his services hereunder, the Company
              shall pay Executive, during the Period of Employment, an annual
              salary of Two Hundred Fifty Thousand Dollars ($ 250,000.00) less
              all applicable federal, state and local taxes, social security and
              other governmental mandated deductions, which shall be payable in
              installments in accordance with the Company's compensation
              schedule as in existence from time to time. On the first
              anniversary of his date of hire, Executive shall receive an annual
              performance review at which time he shall be considered for a
              merit increase in his annual salary.

         (b)  Bonuses. For the calendar year ended December 31, 2002, Executive
              shall be entitled to receive incentive compensation in accordance
              with bonus and incentive plans in place during 2002 at Barden
              Mississippi Gaming, LLC, d/b/a Fitzgeralds Tunica. Effective for
              the year beginning January 1, 2003, and each subsequent year
              thereafter, Executive and the Company will negotiate, in good
              faith, a reasonable and fair bonus program for the Executive.

         (c)  Fringe Benefits. For such period of time as Executive is employed
              by the Company during the Period of Employment, the Executive
              shall receive coverage under the Company's medical insurance
              program (as such program is in effect from time to time). The
              Company agrees to pay the Executive's monthly premium
              contributions on behalf of the Executive and his eligible
              dependents. The Executive shall receive a five thousand dollar
              ($5,000.00) per annum allowance for unreimbursed medical expenses
              submitted in accordance with Company expense procedures, and less
              all applicable federal, state and local taxes. The Company agrees
              to provide Executive a one million dollar ($1,000,000.00) annually
              renewing term life insurance policy during the Period of
              Employment subject to medical and financial underwriting. Nothing
              contained herein shall preclude the Executive from participating
              in any present or future employee benefit plans of the Company,
              including without limitation any 401 (k) plan, profit- sharing
              plan, savings plan, deferred compensation plan and health and
              accident plan or arrangement, if he meets the eligibility
              requirements therefore.

         (d)  Vacation. Executive shall be entitled to four (4) weeks vacation
              per year, to be taken at time or times mutually acceptable to
              Executive and the Company, in accordance with the vacation policy
              in effect at the time. The Company also acknowledges that
              Executive is entitled to transfer up to two (2) weeks of vacation
              time earned in his present position at Barden Mississippi Gaming,
              LLC.


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         (e)      Business Expenses. All reasonable travel and other expenses
                  incident to the rendering of services by Executive hereunder
                  shall be paid by the Company. If any such expenses are paid in
                  the first instance by the Executive, the Company shall
                  reimburse him therefor on presentation of appropriate
                  documentation required by the Internal Revenue Code and
                  Regulations or otherwise required under the Company policy in
                  connection with such expenses.

4.       Relocation

         (a)      The Company agrees to provide to the Executive an allowance of
                  up to Thirty Thousand Dollars ($30,000.00) to be used in
                  connection with selling Executive's Home in Southaven,
                  Mississippi and purchase of a home in Las Vegas, Nevada.
                  Executive can use his discretion as to how the $30,000.00
                  should be applied as long as it is used in conjunction with
                  the sale of his Southaven, Mississippi residence and purchase
                  of a Las Vegas residence. Executive will submit relocation
                  expenses in accordance with Company Expense procedures.

         (b)      The Company will either pay directly to a mutually agreed upon
                  moving contractor, or reimburse the Executive for usual,
                  customary and reasonable expenses related to the moving of
                  Executive's household goods, automobiles and recreational
                  vehicles from Southaven, Mississippi to Las Vegas, Nevada. If
                  applicable, the Company, subject to prior approval, will pay
                  for the storage of the Executive's household items.

         (c)      The Company agrees to reimburse the Executive and his spouse
                  (or other legal dependent) for a total of three (3)
                  house-hunting trips to the Las Vegas metropolitan area.

         (d)      The Company agrees to reimburse Executive the monthly loan
                  installment and impounds on his current residence in
                  Southaven, Mississippi for a period of twelve (12) months from
                  the date Executive purchases or leases a residence in the Las
                  Vegas area. If the Executive's residence in Southaven,
                  Mississippi is sold within that twelve (12) month period, than
                  any remaining payments pursuant to this paragraph would cease.
                  The asking price of the Mississippi residence shall be no
                  greater than the appraised market value of the home.

         (e)      The Company will pay for a period of time, not to exceed
                  ninety (90) days of temporary housing at a location mutually
                  acceptable to Executive and the Company in the Las Vegas,
                  Nevada area. The Company will also, upon request, provide a
                  rental car for the Executive's use in the Las Vegas, Nevada
                  area during the period of temporary housing. In addition, the
                  Company will pay a per diem food allowance of twenty--five
                  ($25.00) dollars during the period Executive is utilizing
                  temporary housing.

         It is further understood that should the Executive voluntarily
         terminate his employment within the first twelve (12) months of
         employment with the Company, the Executive shall


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         repay 100% of the amounts advanced to him pursuant to paragraph 4,
         sections a and b to the Company and a portion of the amounts advanced
         to him in sections c, d, and e or for his benefit calculated as
         follows:

         (12 months - number of months employed)     X       total relocation
         --------------------------------------
                  12 months

5.       Early Termination

         (a)      Notwithstanding the provisions of Section 1 hereof, the
                  Executive may be terminated by the Company for Cause (as
                  defined herein), in which event the period of employment
                  hereunder shall cease and terminate and the Company shall have
                  no further obligation or duties under this Employment
                  Agreement, except for obligations accrued under Section 3 as
                  of the date of termination.

         (b)      Prior to termination for a performance deficiency as described
                  in Sections 5(a)(v) and (vii), Executive shall be given notice
                  of deficiency and sixty (60) days within which to cure the
                  same.

         For the purposes of this Employment Agreement ("Cause") shall be deemed
         to exist only upon (i) conviction of a felony (ii) embezzlement or
         misappropriation of funds or property of the Company or any affiliates;
         (iii) failure to obtain and maintain during the period (s) of
         employment all licenses, permits, approvals or findings or suitability
         with Gaming and other Regulatory Authorities approval or finding of
         suitability; (iv) conviction of any criminal or other improper act
         which could result in the suspension or revocation of any such license,
         permit, approval or finding of suitability; (v) Executive's repeated
         failure to comply with any policies or procedures of the Company
         whether or not now in effect; (vi) upon the material breach by
         Executive of this Employment Agreement; (vii) excessive absenteeism in
         accordance with Company guidelines on the part of the Executive or
         (viii) any other conduct, such as moral turpitude which has or may
         reasonably be expected to have a material adverse effect on the Company
         or the business of the Company.

         (c)      In addition, the Period of Employment hereunder shall cease
                  and terminate upon the earliest to occur of the following
                  events: (i) death of executive, or (ii) the inability of
                  Executive by reason of physical or mental disability to
                  continue the proper performance of his duties hereunder for a
                  period of sixty (60) consecutive days (subject to the
                  requirements of the Americans with Disabilities Act and Family
                  Medical Leave Act). Upon the occurrence of these events the
                  Company shall continue to pay to Executive or his estate, the
                  entire compensation otherwise payable to him under Section
                  3(a) hereof for the lesser of sixty (60) days or the remaining
                  Period of Employment and shall have no further obligation or
                  duties under this Employment Agreement.

         (d)      In the event that the Executive is discharged by the Company
                  other than for Cause pursuant to Section 5(a) hereof or is
                  discharged by reason of physical or mental disability pursuant
                  to Section 5(b) hereof, Executive shall have no further
                  obligations or duties under this Employment Agreement;
                  provided, however, that


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                  Executive shall continue to be bound by the provisions of
                  Section 5 hereof. However, if Executive should die prior to
                  the end of such period, the provisions of Section 5(a) hereof
                  shall be applicable as though the Executive's employment
                  hereunder had not been terminated.

         (e)      This Employment Agreement may be terminated by mutual
                  agreement of the Company and the Executive. The terms and
                  conditions of any such termination agreement shall be set
                  forth in writing and signed by both parties.

6.       Confidentiality, Intellectual Property and Non- Competition

         (a)      The Company and Executive acknowledge that the services to be
                  performed by Executive under this Employment Agreement are
                  unique and extraordinary and, as a result of such employment,
                  Executive will be in possession of confidential information,
                  proprietary information and trade secrets (collectively,
                  "Confidential Information") relating to the business practices
                  of the Company and its affiliates, and that these constitute
                  "Trade Secrets" under the Nevada Uniform Trade Secrets Act.

         Trade Secrets Act. The Confidential Information referenced herein
         includes but is not limited to the following which are or were
         developed for the Company by Executive or any other Company employee or
         agent; names and addresses of guests; computer programs; software and
         disks; business plans; analytical techniques and methodology;
         measurement criteria; guest development techniques; market research;
         training manuals and video tapes. Executive agrees that he will not
         disclose or use the Confidential Information, directly or indirectly
         during or after his employment, other than in the performance of his
         duties for the Company.

         (b)      The Company and Executive agree that violation of Executive's
                  obligations under Section 6(a) of this Employment Agreement
                  shall constitute "misappropriation" of the Company's trade
                  secrets under the Nevada Trade Secrets Act, and the Company's
                  remedies for any such violation shall be those set out in the
                  said Act.

         (c)      Upon termination of his employment with Company for any
                  reason, Executive shall (i) immediately return to the Company
                  all the materials delivered to Executive during employment or
                  paid for by the Company, including but not limited to,
                  originals, duplicates or copies of keys, tools, telephones,
                  pagers, manuals, plans, memoranda, reports, systems,
                  procedures, forms, advertising materials, office supplies,
                  presentations, flow charts, narratives, organization charts
                  and other employment agreements, (ii) give to the Company on
                  computer disk and then destroy any trade secrets in any
                  physical form, including originals, duplicates, or copies to
                  the Company and (iii) give to the Company on computer disk and
                  then destroy any trade secrets or any other Company
                  information stored in any computer or electronic device owned
                  or used by Executive.

         (d)      All programs, ideas, strategies, approaches, practices or
                  inventions created , developed, obtained or conceived of by
                  Executive during the term hereof by


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                  reason of his employment by the Company, shall be owned and
                  belong exclusively to the Company, provided that they are
                  related in any manner to business or that of any of it's
                  affiliates. Executive shall (i) promptly disclose all such
                  programs ideas, strategies, approaches, practices, inventions
                  or business opportunities to the Company and (ii) execute and
                  deliver to the Company, without additional compensation, such
                  instruments as the Company may require from time to time to
                  evidence its ownership of any such terms.

         (e)      Executive agrees that during the period of employment, he will
                  not become a stockholder, director, officer, employee or agent
                  of or consultant to any corporation, or member of or
                  consultant to any partnership or other entity, or engage in
                  any business as a sole proprietor or act as a consultant to
                  any such entity, or otherwise engage, directly or indirectly,
                  in any enterprise, in each case which competes with or has a
                  vendor relationship with any business or activity engaged in,
                  or known by Executive to be contemplated to be engaged in, by
                  the Company or any of it's affiliates, provided, however, that
                  competition shall not include the ownership (solely as an
                  investor and without participation in or contact with the
                  management of the business) of less than one percent of the
                  outstanding shares of stock of any corporation engaged in any
                  such business, which shares are regularly traded on a national
                  securities exchange or in an over-the counter market. The
                  Company, in its sole discretion, may waive one or more of the
                  restrictions set forth in this subsection; however, any such
                  waiver must be in writing executed by an authorized Company
                  representative, and shall be effective only to the extent it
                  is set forth in writing.

         (f)      Executive agrees that for a period of one (1) year, should he
                  voluntarily terminate his employment with the Company within
                  eighteen (18) months of the commencement date of this
                  agreement he will not become a stockholder, director, officer,
                  employee or agent of or consultant to any corporation, or
                  member of or consultant to any partnership or other entity or
                  engage in any business as a sole proprietor in or act as a
                  consultant to any such entity in or otherwise engage, directly
                  or indirectly, in any enterprise in each case which competes
                  with or has a vendor relationship with any business or
                  activity engaged in, or known by Executive to be contemplated
                  to be engaged in, by the Company or any of its affiliates,
                  provided, however, that competition shall not include the
                  ownership (solely as an investor and without any other
                  participation in or contact with the management of the
                  business) of less than one percent of the outstanding shares
                  of stock of any corporation engaged in any such business,
                  which shares are regularly traded on a national securities
                  exchange or in an over-the-counter market. Should the
                  Executive and the Company or any of it's affiliates mutually
                  agree not to renew the Employment Agreement following the
                  eighteen (18) month period following commencement of this
                  agreement, the Company shall waive the non-compete agreement
                  as set forth in this subsection. The Company, in its sole
                  discretion, may waive one or more of the restrictions set
                  forth in this subsection; however, any such waiver must be in
                  writing executed by an authorized Company representative, and
                  shall be effective only to the extent it is set forth in
                  writing.


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         (g)      Executive further agrees that neither Executive nor any person
                  or enterprise controlled by Executive will solicit for
                  employment any person employed by the Company or any of its
                  affiliated properties during and within one year following the
                  termination of Executive's employment.

         (h)      Unless required by law, Executive shall not disclose the
                  existence of this Employment Agreement or the terms and
                  conditions hereof to any other person, except to Executive's
                  attorneys, accountants and financial/banking institutions who
                  have a need to know.

         (i)      The covenants in this Section 6 on the part of the Executive
                  shall be construed as an agreement independent of any other
                  provision in this Employment Agreement; and the existence of
                  any claim or cause of action of Executive against Company,
                  whether predicated on this Employment Agreement or otherwise,
                  shall not constitute a defense to the enforcement by Executive
                  of these covenants. It is agreed by the parties hereto that if
                  any portion of these covenants against solicitation are held
                  to be unreasonable, arbitrary or against public policy, the
                  covenants herein shall be considered divisible both as to time
                  and scope; and each month of the specified period shall be
                  deemed a separate period of time, so that the lesser period of
                  time shall remain effective so long as the same is not
                  unreasonable, arbitrary, or against public policy. The parties
                  hereto agree that, in the event any court determines the
                  specified time period to be unreasonable, arbitrary or against
                  public policy, a lesser time period which is determined to be
                  reasonable, not arbitrary and not against public policy may be
                  enforced against Executive. It is further agreed by the
                  parties hereto that, in the event of a breach or violation or
                  threatened breach or violation by Executive of the provisions
                  of this section, the Company shall be entitled to obtain
                  injunctive relief from a court of competent jurisdiction
                  restraining the activities set forth herein in breach or
                  violation of this section (without posting a bond therefor and
                  upon twenty-four (24) hours notice to Executive), whether
                  directly or indirectly. Nothing herein shall be construed as
                  prohibiting Company from pursuing any other remedies available
                  to it by law or by this Employment Agreement for breach,
                  violation or threatened breach or violation of the provisions
                  of this section, including, by way of illustration and not by
                  way of limitation, the recovery of damages from Executive or
                  any other person, firm, corporation or entity. The provisions
                  of this section shall survive any termination of this
                  Employment Agreement for the purpose of providing Company with
                  the protection of Covenants of Executive provided herein.
                  Executive acknowledges that his capabilities and education are
                  such that enforcement of the restrictions contained herein
                  shall not prevent him from earning a livelihood.

7.       Representations and Warranties

         (a)      Executive represents and warrants to Company that his
                  execution, delivery and performance of this Employment
                  Agreement will not result in or constitute a breach of or
                  conflict with any term, covenant, condition, or provision of
                  any commitment, contract, or other agreement or instrument,
                  including, without


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                  limitation, any other employment agreement, to which Executive
                  is or has been a party.

         (b)      Executive shall indemnify, defend, and hold harmless Company
                  for, from, and against any and all losses, claims, suits,
                  damages, expenses, or liabilities, including court costs and
                  counsel fees, which Company has incurred or to which Company
                  may become subject, insofar as such losses, claims, suits,
                  damages, expenses, liabilities, costs, or fees, arise out of
                  or are based upon any failure of any representation or
                  warranty of Executive in section 7(a) hereof to be true and
                  correct when made.

8.       Assignment and Change of Control

         (a)      Executive shall not assign his rights or delegate the
                  performance of these obligations hereunder without the prior
                  written consent of the Company. Subject to the provisions of
                  the preceding sentence, all the terms of this Employment
                  Agreement shall be binding upon and shall inure to the benefit
                  of the parties and their legal representatives, heirs,
                  successors and assigns.

         (b)      Upon a "Change of Control", the Company may assign this
                  Employment Agreement. For this purpose, a "Change of Control"
                  shall mean a sale of substantially all of the assets of the
                  Company. Upon the occurrence of a Change of Control, the
                  Company will pay Executive all remaining payments due
                  Executive under Section 3 hereof and any payments that would
                  be due to Executive under the expiration of this agreement. If
                  no agreement exists that would become effective at the
                  expiration of this agreement, then Executive will receive
                  equivalent of six (6) months of his annual salary at the
                  expiration of this agreement by reason of a Change of Control.
                  In addition, Executive will not be bound by the provisions of
                  Section 6(f) by reason of a Change of Control.


9.       Arbitration

         Any dispute which may arise between the parties hereto shall be
         submitted to binding arbitration in Las Vegas, Nevada in accordance
         with the Rules of the American Arbitration Association; provided that
         any such dispute shall first be submitted to the Board of Directors in
         an effort to resolve such dispute without resort to arbitration, and
         provided, further, that the Board shall have a period of sixty (60)
         days within which to respond to the Executive's submitted dispute, and
         of the Board of Directors fails to respond within said time, or the
         Executives dispute is not resolved, the matter may then be submitted
         for arbitration.

10.      Notice

         Any notice or other communication required or permitted to be given
         hereunder shall be made in writing and shall be delivered in person or
         mailed by prepaid registered or certified mail, return receipt
         requested, addressed to the parties as follows:


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         If to the Company:

         The Majestic Star Casino, LLC
         C/o Fitzgeralds Casino Hotel
         301 Fremont Street, 12th Floor
         Las Vegas, Nevada  89101
         Attention: Executive Vice President and Chief Operating Officer

         If to the Executive:

         Jon S. Bennett
         8880 Shellflower Drive
         Southaven, Mississippi   38671

         or to such other addresses as the party shall have furnished in writing
         in accordance with this Section. Such notices or communication shall be
         effective upon delivery in person, and upon actual receipt or three (3)
         days after mailing, whichever is earlier, if delivered by mail.

11.      Breach of Agreement

         Should the Company be in breach of this Employment Agreement and/or it
         be determined that Executive has not been terminated for Cause (the
         position first taken by Company for terminating the contract), then
         this entire Employment Agreement shall be null and void and of no
         further force or effect. Further, Executive shall be entitled to all
         benefits and compensation under the Employment Agreement as well as
         attorney fees and costs incurred in vindicating himself or establishing
         a breach by the Company. Conversely, if the Executive is determined to
         be in breach of this Employment Agreement, the Company shall be
         entitled to costs and attorney fees in validating that breach.

12.      Parties In Interest

         The benefits and obligations of this Employment Agreement shall be
         binding upon and insure to the benefit of Executive, and it shall be
         binding upon and insure to the benefit of the Company, its subsidiaries
         and related entities, as well as any corporation succeeding to all or
         substantially all of the business assets of the Company by merger,
         consolidation, purchase of assets or otherwise.

13.      Entire Agreement

         This Employment Agreement supersedes any and all other agreements,
         either oral or in writing, between the parties hereto with respect to
         the employment of Executive by the Company and contains all of the
         covenants and agreements between the parties with respect to such
         employment in any manner whatsoever. Any modification of this
         Employment Agreement will be effective only if it is in writing signed
         by the party to be charged.


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14.      Governing Law and Venue

         This Agreement is to be governed by and construed in accordance with
         the laws of the State of Nevada applicable to contracts made and to be
         performed wholly within such State, and without regard to the conflicts
         of laws principles thereof.

15.      Acknowledgement

         Executive acknowledges that he has been given a reasonable period of
         time to study this Agreement before signing it. Executive certifies
         that he has fully read, has received an explanation of, and completely
         understands the terms, nature, and effect of this Agreement and to seek
         the advice of legal counsel. Executive further acknowledges that he is
         executing this Agreement freely, knowingly, and voluntarily and that
         Executive's execution of this Agreement is not the result of any fraud,
         duress, mistake, or undue influence whatsoever. In executing this
         Agreement, Executive does not rely on any inducements, promises, or
         representations by Company other than the terms and conditions of this
         Agreement.

16.      Effective Date

         This Employment Agreement shall become effective on the Executive's
         date of hire with The Majestic Star Casino, LLC.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
         duly executed as of the date first set forth hereinabove.


         COMPANY:                              EXECUTIVE:
         The Majestic Star Casino, LLC



         By: /s/ Judith F. Talbott             By: /s/ Jon Scott Bennett
            -------------------------             ------------------------
             Judith F. Talbott                     Jon Scott Bennett
             Corporate Vice President              Vice President
             of Human Resources                    and Chief Financial Officer


         Date: October 23, 2002                Date: October 23, 2002





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