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                                                                  Exhibit 10.73

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                                DATED: October 1, 1998

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                                 EMPLOYMENT AGREEMENT

                                   - by and among -

                             SANTA FE GAMING CORPORATION
                                     ("Employer")

                                       - and -

                                    THOMAS K. LAND
                                     ("Employee")

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                                       1
Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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                                 --------------------
                                 EMPLOYMENT AGREEMENT
                                 --------------------

     THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into on this 
30th  day of September, 1998, by and among Santa Fe Gaming Corporation, a 
Nevada corporation and its affiliates ("Employer"), and Thomas K. Land 
("Employee").

                                W I T N E S S E T H :

     WHEREAS, Employer is a corporation duly organized and existing under the 
laws of the State of Nevada, maintains its principal place of business at 
4949 N. Rancho Drive, Las Vegas, Nevada 89130, and is engaged in the business 
of owning and operating casino/hotel properties in Las Vegas and Laughlin, 
Nevada, and proposes to expand its legalized casino gaming business both 
within the State of Nevada;

     WHEREAS, Employer has entered into an agreement to operate certain 
facilities of Santa Fe Gaming Corporation;

     WHEREAS, in furtherance of its business, Employer has need of qualified, 
experienced personnel;

     WHEREAS, Employee is an adult individual presently residing at 8308 
Emerald Isle Avenue, Las Vegas, Nevada 89128;

     WHEREAS, Employee has represented and warranted to Employer that 
Employee possesses sufficient qualifications and expertise in order to 
fulfill the terms of the employment stated in this Agreement; and

     WHEREAS, Employer is willing to employ Employee, and Employee is 
desirous of accepting employment from Employer, under the terms and pursuant 
to the conditions set forth herein;

     WHEREAS, Employer and Employee have previously entered into Employment 
Agreements dated February 28, 1994, October 1, 1996 and October 1, 1997.

     NOW, THEREFORE, for and in consideration of the foregoing recitals, and 
in consideration of the mutual covenants, agreements, understandings, 
undertakings, representations, warranties and promises hereinafter set forth, 
and intending to be legally bound thereby, Employer, and Employee do hereby 
covenant and agree as follows:


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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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     1.   DEFINITIONS.  As used in this Agreement, the words and terms 
hereinafter defined have the respective meanings ascribed to them herein, 
unless a different meaning clearly appears from the context:

          (a)  "Cause" - means
               (i)  the convictions of Employee by a court of competent
               jurisdiction of a felony or any other offense involving moral
               turpitude or dishonesty;
               (ii)  the indictment of Employee by a state or federal grand jury
               of competent jurisdiction or the filing of a criminal competent
               jurisdiction or the embezzlement or misappropriation of funds or
               for any act of dishonesty or lack of fidelity;
               (iii)  a decree of a court of competent jurisdiction that the
               Employee is not mentally competent or is unable to handle his own
               affairs;
               (iv)  the written confession by Employee of any act of dishonesty
               or any embezzlement or misappropriation of funds;
               (v)  the payment (or, by the operations solely of the effect of a
               deductible, the failure of payment) by a surety or insurer of a
               claim under a fidelity bond issued for the benefit of Employer or
               Employer's Affiliates reimbursing Employer or Employer's
               Affiliates for a loss due the wrongful act or wrongful omission
               to act of Employee;
               (vi)  Employee's breach of the restrictive covenants set forth in
               Paragraphs 10 of this Agreement;
               (vii) Employee's failure to secure or maintain in force and in
               good standing any and all licenses, permits and/or approvals
               required of Employee by the relevant governmental authorities for
               the discharge of the obligations of Employee under this
               Agreement; provided, however, that Employee's disability due to
               illness or accident or any other mental or physical incapacity
               shall not constitute "Cause" as defined herein;
               (viii) Employee's poor work performance resulting in two
               consecutive negative written performance appraisals.  Performance
               appraisals shall occur twice annually and shall serve as a formal
               review of the employee's work performance and contribution to the
               company.  If on two consecutive performance appraisals the
               employee is evaluated poorly, the employer reserves the right to
               terminate this agreement.  Employee's poor work performance would
               include, but not be limited to:
               (1) engaging in conduct that is injurious, monetarily or
               otherwise, to Employer or Employer's Affiliates;
               (2) substantial failure to perform in a professional manner, or
               refusal to perform in a professional manner, any duty or duties


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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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               assigned by Employer;
               (3) substantial failure to adhere, or refusal to adhere to any
               policies, rules or procedures of the Employer; or
               (4) engaging in conduct or in past conduct or affiliations which,
               in the reasonable opinion of Employer, would adversely impact
               Employer's, Employer's Affiliates' privileged licenses.

          (b)  "Complete Disability" - means the inability of Employee, due to
          illness or accident or other mental or physical incapacity, to perform
          his obligations under this Agreement for a period of one hundred
          eighty (180) calendar days in the aggregate over a period of five
          hundred (500) consecutive calendar days or less, such "Complete
          Disability" to become effective upon the expiration of such one
          hundred eightieth (180th) day.

          (c)  "Effective Date" - means the date first above written.

          (d)  "Employee" - means Employee as earlier defined in this Agreement.

          (e)  "Employer" - means Employer as earlier defined in this Agreement.

          (f)  "Employer's Affiliates" - means any parent, subsidiary or
          affiliated corporation or other legal entity of Employer.

          (g)  "Prior Employment" - means any prior employment Employee has had.

     2.   PRIOR EMPLOYMENT.  This Agreement supersedes and replaces any and 
all prior employment agreements, whether written or oral, by and between 
Employee and Employer, Employer's Affiliates.  From and after the Effective 
Date, Employee shall be the employee of Employer under the terms and pursuant 
to the conditions set forth in this Agreement.

     3.   BASIC EMPLOYMENT AGREEMENT.  Subject to the terms and pursuant to 
the conditions hereinafter set forth, Employer hereby employs Employee during 
the Term hereinafter specified to serve in the position of Senior 
Vice-President and Chief Financial Officer of Santa Fe Gaming Corporation and 
with such duties not inconsistent with those generally understood within the 
casino/hotel industry to be those of a Senior Vice-President and Chief 
Financial Officer, as the same may be modified and/or assigned to Employee by 
Employer.  Notwithstanding the foregoing, Employer and Employee hereby 
covenant and agree that, in the absence of mutual consent of both Employer 
and Employee, Employee shall not be assigned duties by Employer which would 
diminish Employee's responsibility, authority, general status or comparative 

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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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compensation level within Employer's table of organization.  In addition and 
the foregoing notwithstanding, Employee shall devote such time to Employer's 
Affiliates and as required by Employer, provided such duties are not 
inconsistent with Employee's primary duties to Employer hereunder 
("Position").

     4.   ACCEPTANCE OF EMPLOYMENT.  Employee hereby accepts the employment 
set forth hereunder, under the terms and pursuant to the conditions set forth 
in this Agreement.  Employee hereby covenants and agrees that, during the 
Term of this Agreement, Employee will devote the whole of his working time 
and best efforts solely to the performance of Employee's duties under this 
Agreement, and the Employer shall be entitled to all of the income, benefits, 
or profits arising from or incident to all work, work associations, services, 
or advise of Employee, unless otherwise authorized by the Employee.

     5.   TERM.  The Term of this Agreement shall consist of a term of one 
(1) year commencing as of the Effective Date of this Agreement, unless sooner 
terminated as provided in paragraph 6 of this Agreement.  Employee may 
terminate this Agreement or not renew this Agreement with, at least, 30 days 
written notice.  If Employer does not provide notice not to renew this 
Agreement, the Agreement will automatically extend for a one-year period.  In 
the event the Employer gives notice not to renew, notice must be accompanied 
by Employer's tender to Employee of the lump sum of payments due to Employee 
pursuant to Section 7 and, in the case  of Section 7(a), will be equal to 
one-half the annual Base Salary, in effect.

     6.   SPECIAL TERMINATION PROVISIONS.  Notwithstanding the provisions of 
Paragraph 5 of this Agreement, this Agreement shall terminate upon the 
occurrence of any of the following events:

     (a) the death of Employee;

     (b) the giving of written notice from Employer to Employee of the
     termination of this Agreement upon the Complete Disability of Employee;
     however, that upon approval of such an even by the Board of Directors that
     the Employer tender to Employee the lump sum of payments due to Employee
     for services rendered pursuant to Section 7 and in the case of Section 7(a)
     will be equal to one-half the annual Base Salary, in effect;

     (c) the giving of written notice by Employer to Employee of the termination
     of this Agreement upon the discharge of Employee for Cause;

     (d) the giving of written notice by Employer to Employee of the termination
     of this Agreement without Cause; provided, however, that such notice must
     be accompanied by Employer's tender to Employee of the lump sum of payments

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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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     due to Employee pursuant to Section 7 and in the case of Section 7(a) will
     be equal to one-half the annual Base Salary, in effect;

     (e) the giving of written notice by Employee to Employer upon a material
     breach of this Agreement by Employer including a change in the Employee's
     responsibilities and/or position, provided however, Employer shall have a
     period of seven (7) days after giving of such notice to cure the breach or
     default; if the default is not cured within such period, the Employee will
     be entitled to the lump sum of payments due to Employee for services
     rendered pursuant to Section 7 and in the case of Section 7(a) will be
     equal to one-half the annual Base Salary, in effect;

     (f) a transfer of substantially all of the assets of Santa Fe Gaming to a
     person other than Paul W. Lowden or if Paul Lowden becomes beneficial owner
     of less than 50% of the outstanding common stock of Santa Fe Gaming;
     provided, however, that upon approval of such an event by the Board of
     Directors that Santa Fe Gaming execute an agreement to effect such an event
     that the Employer tender to Employee the lump sum of payments due to
     Employee for services rendered pursuant to Section 7 and in the case of
     Section 7(a) will be equal to one-half the annual Base Salary, in effect;
     (g) non-compliance under any financing agreement, including, but not
     limited to, first mortgage financing for Santa Fe Hotel, Inc., Pioneer
     Hotel, Inc., Sahara Las Vegas and Santa Fe Gaming Corp.; provided however,
     that upon notice to the Board of Directors of Santa Fe Gaming Corporation
     or any of its affiliates or subsidiaries of such an occurrence, that
     Employer tender to Employee the lump sum of payments due to Employee for
     services rendered pursuant to Sections 7  and in the case of Section 7(a)
     will be equal to one-half of the annual base salary in effect;
     (h) filing of a bankruptcy petition (voluntarily or involuntary, as
     applicable) including in part or together Santa Fe Gaming Corporation, its
     affiliates or subsidiaries, including but not limited to, Santa Fe Hotel,
     Inc., Pioneer Hotel & Gambling Hall, Sahara Las Vegas Corp., and Santa Fe
     Valley, Inc.; provided, however, that upon approval by the Board of
     Directors to proceed toward filing of a bankruptcy petition that Employer
     tender to Employee the lump sum of payments due to Employee for services
     rendered pursuant to Section 7 and in the case of Section 7(a) will be
     equal to one-half the annual Base Salary, in effect.

     7.   COMPENSATION TO EMPLOYEE.  For and in complete consideration of 
Employee's full and faithful performance of this duties under this Agreement, 
Employer hereby covenants and agrees to pay to Employee, and Employee hereby 
covenants and agrees to accept from Employer, the following items of 
compensation:

     (a)  Base Salary. Employer hereby covenants and agrees to pay to Employee,
     and Employee hereby agrees to accept from Employer, a minimum annual base
     salary 

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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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     of  ONE HUNDRED EIGHTY-FIVE THOUSAND DOLLARS ($185,000.00), for  the
     twelve month period beginning October 1, 1998, payable in accordance with
     the normal payroll practices of the Employer ("the Base Salary").  Such
     Base Salary shall be exclusive of and in addition to any other benefits
     which Employer may make available to Employee, including, but not limited
     to, any profit sharing plans, pension plans, retirement plans, company life
     insurance plan, medical and/or hospitalization plans, or any and all other
     benefit plans which may be in effect during the Term of this Agreement.
     Employer shall deduct from this Base Salary all appropriate or authorized
     federal income tax amounts and all other federal, state and local taxes,
     including but not limited to existing or future FICA and similar taxes.

     (b)  Employee Benefit Plans.  Employer hereby covenants and agrees that it
     shall include Employee, if otherwise eligible, in any profit sharing plans,
     bonus participation plans, stock options plans, pension plans, retirement
     plans, company life insurance plans, medical and/or hospitalization plans,
     and/or any and all other benefit plans which may be placed in effect by
     Employer during the Term of this Agreement.

     (c)  Expense Reimbursement.  During the Term of this Agreement, Employer
     shall either pay directly or reimburse Employee for Employee's reasonable,
     necessary and customary expenses incurred for the benefit of Employer in
     accordance with Employer's general policy regarding reimbursement, as the
     same may be amended, modified or changed from time to time.  Such
     reimbursable expenses shall include, but are not limited to, reasonable
     entertainment and promotional expenses, gift and travel expenses,
     professional societies and fraternal organizations, and the like; provided,
     however, such reimbursable expenses are approved by Employer.  Prior to
     reimbursement, Employee shall provide Employer with sufficient detailed
     invoices of such expenses in accordance with the then applicable guidelines
     of the Internal Revenue Service so as to entitle Employer to a deduction
     for such services.

     (d)  Licensing Expenses.  Employer hereby covenants and agrees that the
     Employer shall pay all reasonable and ordinary licensing fees and expenses
     incurred by Employee in securing and maintaining such licenses and permits
     required of Employee in order to perform his duties under this Agreement.

     (e)  Vacations and Holidays.  Commencing as of the Effective Date of this
     Agreement, Employee shall be entitled to annual paid vacation leave in
     accordance with Employer's standard policy therefor, to be taken at such
     times as selected by Employee and approved by Employer.

     (f) Transportation Expenses.  During the term of this Agreement, Employer
     hereby agrees to furnish to Employee for Employee's exclusive use an
     automobile.  Such automobile shall be either leased or purchased by
     Employer and Employer shall pay 

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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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     all insurance, maintenance, and repair expenses incident to such 
     automobile.


     8.   LICENSING REQUIREMENTS.  Employer and Employee hereby covenant and 
agree that, in order for Employee to discharge the duties required under this 
Agreement, Employee may be required to submit for licensure by gaming 
regulatory authorities.  Employer shall pay for all licensing fees and 
expenses incurred by Employee, including attorneys' fees and costs, in 
securing and maintaining such licenses and permits required of Employee in 
order to perform his duties under this Agreement.  Such expenses shall be 
borne by Employer.

     9.   CONFIDENTIALITY.  Employee hereby warrants, covenants and agrees 
that, without the prior express written approval of Employer, during such 
time as Employee remains employed by Employer and for a period of 2 years 
after the termination of this Agreement, Employee shall hold in the strictest 
confidence, and shall not disclose to any person, firm, corporation or other 
entity, any of Employer's proprietary or confidential date, including but not 
limited to (I) information or other documents concerning Employer's, 
Employer's Affiliates business, customers or suppliers, (ii) Employer's, 
Employer's Affiliates marketing methods, files, and credit and collection 
techniques and files, (iii) Employer's, Employer's Affiliates trade secrets 
and other "know-how" or information not of public nature, regardless of how 
such information came to the custody of Employee.  The warranty, covenant and 
agreement set forth in this Paragraph 11 shall not expire, shall survive this 
Agreement and shall be binding upon Employee without regard to the passage of 
time or other events except as expressly set forth herein.

     10.  RESTRICTIVE COVENANT.  Employee hereby covenants and agrees that, 
during such time as Employee remains employed by Employer, Employee shall not 
directly or indirectly (either as a principal, agent, employee, employer, 
consultant, partner, shareholder of a closely held corporation or shareholder 
in excess of five per cent (5%) of a publicly traded corporation, corporate 
officer or director, or in any other individual or representative capacity) 
engage or otherwise participate in any manner or fashion in any business that 
is in competition in any manner whatsoever with the principal business 
activity of Employer, Employer's Affiliates, in the state of Nevada.  
Employee hereby further covenants and agrees that the restrictive covenant 
contained in this Paragraph 10 is reasonable as to duration, terms and 
geographical area and that the same protects the legitimate interests of 
Employer, imposes no undue hardship on Employee, and is not injurious to the 
public.

     11.  BEST EVIDENCE.  This Agreement may be executed in original and 
"Xerox" or photostatic copies and each copy bearing original signatures in 
ink shall be deemed an original.

     12.  SUCCESSION.  This Agreement shall be binding upon and inure to the 

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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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benefit of Employer and Employee and their respective successors and assigns.

     13.  ASSIGNMENT.  The rights, benefits and obligations of Employee under 
this Agreement shall not be assignable.  Any purported assignment in 
violation of this Paragraph 14 shall be null and void and of no force and 
effect.

     14.  AMENDMENT OR MODIFICATION.  This Agreement may not be amended, 
modified, changed or altered except by a writing signed by both Employer and 
Employee.

     15.  GOVERNING LAW.  This Agreement shall be governed by and construed 
in accordance with the laws of the state of Nevada in effect on the Effective 
Date of this Agreement without resort to any conflict of laws principles, and 
the parties hereto specifically agree and consent that courts of the state of 
Nevada shall have sole and exclusive jurisdiction over any matter brought 
under, or by reason of, this Agreement.

     16.  NOTICES.  Any and all notices required under this Agreement shall 
be in writing and shall be either hand-delivered or mailed, certified mail, 
return receipt requested, addressed to:

     TO EMPLOYER:             Santa Fe Gaming Corporation
                              4949 N. Rancho Drive
                              Las Vegas, NV 89130
                              Attention: Paul W. Lowden, President

     With copy to:            William Raggio
                              JONES VARGAS
                              201 West Liberty Street
                              PO Box 281
                              Reno, NV 89504-0281

     TO EMPLOYEE:             Thomas K. Land
                              8308 Emerald Isle Avenue
                              Las Vegas, NV 89128

All notices hand-delivered shall be deemed delivered as of the date actually 
delivered.  All notices mailed shall be deemed delivered as of three (3) 
business days after the date postmarked.  Any changes in any of the addresses 
listed herein shall be amended by notice as provided in this Paragraph 17.

     17.  INTERPRETATION.  The preamble recitals to this Agreement are 
incorporated into and made a part of this Agreement; titles of paragraphs are 
for convenience only and are not to be considered a part of this Agreement.

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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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     18.  SEVERABILITY.  In the event any one or more provisions of this 
Agreement is declared judicially void or otherwise unenforceable, the 
remainder of this Agreement shall survive and such provision(s) shall be 
deemed modified or amended so as to fulfill the intent of the parties hereto.

     19.  DISPUTE RESOLUTION.  Except for equitable actions seeking to 
enforce the provisions of Paragraphs 10 and 11 of this Agreement which may be 
brought by the Employer or Employer's Affiliates in any court of competent 
jurisdiction in the state of Nevada, any and all claims, disputes, or 
controversies arising between the parties hereto regarding any of the terms 
of this Agreement or the breach thereof, on the written demand of either of 
the parties hereto, shall be submitted to and be determined by final and 
binding arbitration held in Las Vegas, Nevada, in accordance with the 
Commercial Arbitration Rules of the American Arbitration Association.  This 
agreement to arbitrate shall be specifically enforceable in any state of 
federal court of competent jurisdiction in the state of Nevada.

     20.  WAIVER.  None of the terms of this Agreement, including this 
Paragraph 21, or any term, right or remedy hereunder shall be deemed waived 
unless such waiver is in writing and signed by the party to be charged 
therewith and in no event by reason of any failure to assert or delay in 
asserting any such term, right or remedy or similar term, right or remedy 
hereunder.

     21.  PAROL.  This Agreement constitutes the entire agreement between 
Employer and Employee with respect to the subject matter hereto and this 
Agreement supersedes any prior understandings, agreements or undertakings by 
and between Employer and Employee with respect to the subject matter hereof.

     22.  GENERAL PROVISIONS.
          (a)  Time is of the essence.
          (b)  This Agreement has been carefully and fully examined by Employee
          and Employee represents that the legal and factual contents hereof are
          fully appreciated and comprehended by Employee.  Further, Employee has
          had ample opportunity to review this Agreement with legal and/or such
          other counsel as deemed appropriate, if any.  Employee has decided to
          execute this Agreement having considered the various advantages and
          possible detriments associated therewith.  Although this Agreement has
          been prepared by Employer, it is the product of discussions and
          negotiations and should be construed fairly accordingly to its terms
          and not against one party as the drafter thereof.
          (c)  In the event an action is filed in relation to this Agreement,
          the unsuccessful party in the action shall pay to the successful
          party, in addition to all sums that the party may be order to pay, a
          reasonable sum for the successful party's attorney fees.

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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land

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IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND THEREBY, the parties 
hereto have executed and delivered this Agreement as of the year and date 
first above written.

EMPLOYER
Santa Fe Gaming Corporation, a
Nevada Corporation

By:  /s/
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      Paul W. Lowden
      President


EMPLOYEE

          /s/
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Thomas K. Land
Senior Vice President and
Chief Financial Officer


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Employment Agreement by and between Santa Fe Gaming Corp. and Thomas K. Land