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                                                                    EXHIBIT 10.1

                                 LEASE

     THIS LEASE IS dated as of January 2, 1998 between CASINO AMERICA OF
COLORADO, INC., as Landlord, and ISLE OF CAPRI BLACK HAWK L.L.C., as Tenant.

     Landlord, in consideration of the covenants of Tenant hereinafter set
forth, hereby leases to Tenant the following described property.

          The easterly half of Lot 2, and all of Lots 3 and 4, Block 51, City of
          Black Hawk, including any portion in conflict with the Wabash Lode
          Mining Claim.  U.S. Survey No. 42, except that portion conveyed to
          City of Black Hawk by Boundary Agreement recorded January 8, 1996, in
          Book 592 at Page 421, and except any mine of gold, silver, cinnabar or
          copper or in any valid mining claim or possession held under existing
          laws, as shown in patent to the City of Black Hawk, recorded in Book
          56 at page 555 and in Book 62 at Page 456, County of Gilpin, State of
          Colorado.

     SAID PREMISES are to be leased to Tenant until December 31, 2002 and
thereafter year to year.  Ninety (90) days prior written notice must be given to
terminate this Lease after the initial term. Tenant, in consideration of the
leasing of the premises as set forth above, covenants and agrees to pay Landlord
as rent One Hundred and Two Thousand Dollars ($102,000.00) at the date of
signing of this Lease and Seventeen Thousand Dollars ($17,000.00) per month
thereafter beginning July 15, 1998.

     Tenant further covenants with Landlord, that at the expiration of this
Lease, peaceable possession of said premises shall be given to Landlord, in as
good condition as they now are, the usual wear and tear, inevitable accidents,
and loss by fire excepted.  Tenant shall have the right to demolish the existing
structure and conduct excavation and construction activities on the premises at
its sole cost and expense.

     It is further covenanted and agreed between the parties aforesaid that this
Lease is a net net lease to Landlord with Tenant bearing all expenses, including
insurance applicable to the premises.

     Landlord hereby grants Tenant the exclusive option to purchase the premises
at any time during the term of this Lease.  The purchase price shall be One
Million Five Hundred Thousand Dollars ($1,500,000) plus all interest and out-of-
pocket costs of Landlord incurred in connection with the purchase and/or
ownership of the premises less any payments made by Tenant to Landlord pursuant
to this Lease.  Tenant shall exercise this option by providing written notice to
Landlord at any time prior to the expiration of 
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this Lease. The purchase price shall be paid in cash, and all of the other terms
of purchase shall be identical to those set forth in Landlord's purchase of the
premises, said closing to occur within three (3) business days after Tenant's
notice of election to purchase.

     All notices shall be in writing and be personally delivered or sent by
first class mail, unless otherwise provided by law, to the respective parties at
the address immediately below their signature.  This Lease shall only be
modified by amendment signed by both parties and shall be binding on the
parties, their successors and assigns.



CASINO AMERICA OF                        ISLE OF CAPRI BLACK HAWK L.L.C.
COLORADO, INC.


______________________________           ___________________________________
Landlord                                 Tenant
711 Washington Loop                      711 Washington Loop
Biloxi, MS  39530                        Biloxi, MS  39530

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