Document:

<PAGE>
                                                                 EXHIBIT 10(w)

                         AMENDMENT NO. 1 TO AMENDED AND
                            RESTATED CREDIT AGREEMENT

     This Amendment No. 1 to the Amended and Restated Credit Agreement (this
"Amendment") dated as of July 13, 1998 is entered into with reference to the
Amended and Restated Credit Agreement dated as of November 24, 1997, among
CIRCUS AND ELDORADO JOINT VENTURE, a Nevada general partnership ("Borrower"),
the Lenders referred to therein ("Lenders"), and BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION, as Administrative Agent ("Agent") (as amended the
"Credit Agreement"). Terms defined in the Credit Agreement are used herein with
the same meanings. Borrower and the Agent, acting with the consent of the
Requisite Lenders in accordance with Section 10.6 of the Credit Agreement,
hereby amend the Credit Agreement as follows:

     1. REVISED LEVERAGE REQUIREMENTS. Section 7.6 (B) of the Credit
Agreement is hereby amended to read in full as follows:

        "7.6 (B) MAXIMUM LEVERAGE RATIO. Borrower shall not permit the Leverage
     Ratio as of the last day of any Fiscal Quarter ending during a period
     described below to exceed the ratio set forth opposite that period:

           Quarters Ending                      Maximum Leverage Ratio

           Closing Date through                        4.85:1.00
           December 31, 1997

           January 1, 1998 through
           June 30, 1998                               4.50:1.00

           September 30, 1998                          5.00:1.00
           and December 31, 1998

           March 31, 1999 and                          4.90:1.00
           June 30, 1999

           September 30, 1999 and                      4.80:1.00
           December 31, 1999

           March 31, 2000 through
           December 31, 2000                           4.50:1.00

                                      -1-
<PAGE>

           March 31, 2001 through
           December 31, 2001                     4.00:1.00

           March 31, 2002 through
           December 31, 2002                     3.50:1.00

           March 31, 2003 and
           Thereafter through Termination Date   3.25:1.00

     2. WAIVER OF LEVERAGE DEFAULTS. The Lenders hereby waive Borrower's
failure to comply with Section 7.2B as of the last day of the Fiscal Quarters
ended March 31, 1998 and June 30, 1998. This is a one-time waiver only, and
shall not imply an obligation to grant further waivers; Borrower shall fully
comply with this Section in the future.

     3. CONDITIONS PRECEDENT. The effectiveness of this Amendment shall be
conditioned upon the receipt by the Agent of the written consent to the
execution, delivery and performance hereof from the Requisite Lenders and from
Circus.

     4. REPRESENTATION AND WARRANTY. Borrower represents and warrants to the
Agent and the Lenders that no Default or Event of Default has occurred and
remains continuing.

                                      -2-

<PAGE>

     5. CONFIRMATION. In all other respects, the term of the Credit Agreement
and other Loan Documents are hereby confirmed.

     IN WITNESS WHEREOF, Borrower and Agent have executed this Amendment as of
the date first written above by their duly authorized representatives.

                      CIRCUS AND ELDORADO JOINT VENTURE, a
                      Nevada general partnership

                      By:   GALLEON, INC.
                      Its:  Managing Partner

                      By:     GLENN SCHAEFFER
                           -----------------------------
                      Title:  President
                            --------------------------

                      By:  ELDORADO LIMITED LIABILITY
                      COMPANY
                      Its:   General Partner

                      By:    ELDORADO RESORTS LLC
                      Its: Manager

                             By:    DONALD CARANO
                                ----------------------
                             Title: Chief Executive Officer
                                    ------------------------

                                      -3-

<PAGE>

                             By:  EXECUTIVE COMMITTEE

                             By:   GARY CARANO
                                   ----------------------
                             Title:
                                   ----------------------

                             By:   BRUCE SEXTON
                                   ----------------------
                             Title:
                                   ----------------------

                             BANK OF AMERICA NATIONAL TRUST AND
                             SAVINGS ASSOCIATION, as Administrative Agent

                             By:    JANICE HAMMOND
                                    ----------------------
                             Title: Vice President Agency Specialist

                                      -4-

<PAGE>

                                CONSENT OF LENDER

     This Consent of Lender is delivered with reference to the Amended and
Restated Credit Agreement dated as of November 24, 1997, among Circus and
Eldorado Joint Venture, a Nevada general partnership ("Borrower"), the Lenders
referred to therein, ("Lenders"), and Bank of America National Trust and Savings
Association, in its capacity as Administrative Agent for Lenders ("Agent").
Capitalized terms used but not defined herein are used with the meanings set
forth for those terms in the Credit Agreement.

     The undersigned Lender hereby consents to the execution, delivery and
performance of the proposed Amendment No. 1 to the Credit Agreement by the
Administrative Agent on behalf of the Lenders, substantially in the form
presented to the undersigned as a draft.

BANK OF AMERICA NT & SA
--------------------------
[Typed/Printed Name of Lender]

By: SCOTT L. FABER
   -----------------------

    Vice President
 -------------------------
[Typed/Printed Name and Title]

 Dated July 7 , 1998

   BANK OF SCOTLAND
------------------------------
[Typed/Printed Name of Lender]

By:  ANNIE CHIN TAT
   ---------------------------

   Senior Vice President
-------------------------------
[Typed/Printed Name and Title]

 Dated July 10 , 1998

                                      -5-
<PAGE>

CIBC OPPENHEIMER CORP., AS AGENT
----------------------------------
[Typed/Printed Name of Lender]

By: PAUL J. CHAKMAK
   -------------------

    Managing Director
  ---------------------
[Typed/Printed Name and Title]

  Dated July    , 1998

FIRST SECURITY BANK, N.A.
----------------------------
[Typed/Printed Name of Lender]

By: DAVID P. WILLIAMS

    Vice President
  -------------------------
[Typed/Printed Name and Title]

Dated July 8 , 1998

PNC BANK NATIONAL ASSOCIATION
-------------------------------
[Typed/Printed Name of Lender]

By: GARY W. FASSELA
   --------------------

    Vice President
-------------------------
[Typed/Printed Name and Title]

Dated July 13, 1998

SOCIETE GENERALE
----------------------------
[Typed/Printed Name of Lender]

By: ALEX KIM
   --------------------------

    Vice President
  ---------------------------
[Typed/Printed Name and Title]

Dated July 13 , 1998

                                      -6-

<PAGE>

U.S. BANK
-----------------------------
[Typed/Printed Name of Lender]

By:  MARK ESNOZ

    Assistant Vice President
 ------------------------------
 [Typed/Printed Name and Title]

    Dated July 7 , 1998

WELLS FARGO BANK, NATIONAL ASSOCIATION
----------------------------------------
[Typed/Printed Name of Lender]

By: SUE FULLER
    -------------------------

    Vice President
  -----------------------------
[Typed/Printed Name and Title]

Dated July     , 1998

                                      -7-<PAGE>

                                                                EXHIBIT 10(hhh)

                      FIRST AMENDMENT TO OPERATING AGREEMENT OF
                            DETROIT ENTERTAINMENT, L.L.C.
                         A MICHIGAN LIMITED LIABILITY COMPANY

THIS FIRST AMENDMENT TO OPERATING AGREEMENT (the "First Amendment") is made
and entered into as of the Closing Date, by and between CIRCUS CIRCUS
MICHIGAN, INC. a Michigan corporation ("Circus") and ATWATER CASINO GROUP,
L.L.C., a Michigan limited liability company ("ACG"), with reference to the
following:

A.     Pursuant to that certain Operating Agreement of Detroit Entertainment,
L.L.C., dated as of October 7, 1997 (the "Operating Agreement"), Circus and
ACG formed Detroit Entertainment, L.L.C., a Michigan limited liability
company (the "Company").

B .    Atwater Entertainment Associates, L.L.C. ("AEA") and ZRX, L.L.C.
("ZRX") are the constituent members of ACG.

C.     Circus is a subsidiary of Mandalay Resort Group (formerly known as
Circus Circus Enterprises, Inc.) ("Mandalay").

D.     In connection with the initial formation of the Company, Circus
acquired a 45% Membership Interest in the Company.

E.     As a consequence of the inability of certain members of AEA (the
"Disqualified Members") to obtain Michigan gaming licenses, ACG, AEA and ZRX
have requested that Circus purchase the membership interests of the
Disqualified Members, with such transaction being structured so that (i) the
ownership interest of AEA in ACG shall be appropriately reduced, (ii) the
Membership Interest of ACG in the Company shall be appropriately reduced and
(iii) the ownership interest of Circus in the Company shall be appropriately
increased.

F.     As a consequence of such transactions, it is anticipated that the
total Membership Interest of Circus in the Company will exceed 50%.  As a
consequence of the ownership by Circus by more than 50% of the total
Membership Interest in Company, the Company may, for certain purposes, be
deemed to be a subsidiary of Mandalay.

G.     Pursuant to certain bond indentures and/or other covenants and
agreements which may now or hereafter from time to time be binding upon
Mandalay and/or its affiliates or subsidiaries, Mandalay and its affiliates
or subsidiaries may be subject to certain restrictions affecting the ability
of such Persons to directly or indirectly enter into certain types of
financial or other transactions (the "Restrictive Covenants").

H.     As a material part of the inducement to Circus to purchase the
ownership interests of the Disqualified Members and to increase its
Membership Interest in the Company above 50%, Circus has required, and ACG,
AEA and ZRX have agreed, that the parties shall enter into this First
Amendment.

<PAGE>

NOW, THEREFORE, as a material inducement to Circus to purchase the
ownership interests of the Disqualified Members, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

1.     Notwithstanding anything to the Operating Agreement, ACG, AEA and ZRX
agree and acknowledge that Circus is acquiring the ownership interests
Disqualified Members as an accommodation to ACG, AEA and ZRX.

2.     Notwithstanding anything to the contrary contained in the Operating
Agreement (including, without limitation, the provisions of Sections 3.1, 3.11,
and 4.04(d) thereof) and notwithstanding anything to the contrary which may now
or hereafter be provided at law or in equity, in no event shall Circus or any
Management Committee members appointed by Circus be obligated to agree or
consent to any action, or to take or permit-to be taken, any action in
connection with the management of the affairs of the Company (including without
limitation, the ownership, operation, financing, refinancing and/or disposition
of any assets of the Company) if, in the opinion of Circus, in its sole
discretion, such action would constitute a violation of any Restrictive Covenant
to which Mandalay or any of its subsidiaries or affiliates are parties, or by
which they are bound, even though such proposed action might otherwise be deemed
beneficial to the Company and/or to the other Member and/or its constituent
members. By way of example and not by way of limitation, if Circus and the
Committee Members appointed by Circus withhold their approval of a proposed
refinancing pursuant to Section 4.04(d) of the Operating Agreement because
Circus has determined that such refinancing would constitute a violation of a
Restrictive Covenant to which Mandalay and/or its subsidiaries are bound, such
disapproval shall not constitute a breach of any express or implied obligation
of Circus (and/or its Affiliates or subsidiaries) to the Company or to the other
Member, its constituent members and/or their constituent members.

3.     Except as otherwise expressly set forth herein, any defined term used in
this First Amendment shall have the same meaning as set forth in the Operating
Agreement.

4.     Except as amended or modified hereby, the Operating Agreement shall
remain unmodified and in full force and effect.

                                     2

<PAGE>

IN WITNESS WHEREOF, the undersigned have executed this First Amendment as the
date first set forth above.

DETROIT ENTERTAINMENT, L.L.C. MANAGEMENT COMMITTEE:

                     By:      THOMAS CELANI
                        ------------------------------------------------
                              Thomas Celani, appointee of Z.R.X., L.L.C.

                     By:      MARIAN ILITCH
                        ------------------------------------------------
                              Marian Ilitch, appointee of Z.R.X., L.L.C.

                     By:    Z.L.M. Corporation, appointee of Z.R.X., L.L.C.

                            By:    MARIAN ILITCH
                               ---------------------------------------------
                                   Marian Ilitch, Secretary and Treasurer
                                   Z.L.M. Corporation

                     By:    HERB J. STRATHER
                        --------------------------------------------
                            Herb J. Strather, appointee of
                            Atwater Entertainment Associates, L.L.C.

                     By:    DR. NELLIE VARNER
                        --------------------------------------------
                            Dr. Nellie Varner, appointee of
                            Atwater Entertainment Associates, L.L.C.

                     By:    LAURENCE P. DOSS
                        --------------------------------------------
                            Laurence P. Doss, appointee of
                            Atwater Entertainment Associates, L.L.C.

                     By:    PETER A. SIMON
                        --------------------------------------------
                            Peter A. Simon, appointee of
                            Circus Circus Michigan, Inc.

                     By:    DONALD R. GIVENS
                        --------------------------------------------
                            Donald R. Givens, appointee of
                            Circus Circus Michigan, Inc.

                                     3

<PAGE>

                            By:    YVETTE E. LANDAU
                               --------------------------------------------
                                   Yvette E. Landau, appointee of
                                   Circus Circus Michigan, Inc.

                            By:    GREGG H. SOLOMON
                               --------------------------------------------
                                   Gregg H. Solomon, appointee of
                                   Circus Circus Michigan, Inc.

                            By:    DAVID R. BELDING
                               --------------------------------------------
                                   David R. Belding, appointee of
                                   Circus Circus Michigan, Inc.

                            By:    GLENN W. SCHAEFFER
                               --------------------------------------------
                                   Glenn W. Schaeffer, appointee of
                                   Circus Circus Michigan, Inc.

                               JOINDER
                               -------

ATWATER ENTERTAINMENT ASSOCIATES, L.L.C., a Michigan limited liability company
and ZRX, L.L.C., a Michigan limited liability company, hereby join in the
execution of the foregoing First Amendment, solely for the purposes of
acknowledging that they have read, understand and agree to be bound by, the
terms, covenants and provisions of the foregoing First Amendment.

ATWATER ENTERTAINMENT ASSOCIATES,         ENTERTAINMENT ZRX, L.L.C.,
L.L.C., a Michigan limited liability      a Michigan limited liability company
company

By:   HERBET J. STRATHER                      By:   THOMAS CELANI
   -------------------------------               ---------------------------
      Herbert J. Strather, Chairman                 Thomas Celani, President

By:   NELLIE M. VARNER                        By:   MICHAEL MALIK
   -------------------------------               ---------------------------
      Nellie M. Varner, Manager                     Michael Malik, Member

By:   LAWRENCE P. DOSS                        By:   MARIAN ILITCH
   -------------------------------               ---------------------------
      Lawrence P. Doss, Manager                     Marian Ilitch, Member

                                              By:   THOMAS CELANI
                                                 ---------------------------
                                                    Thomas Celani, Member

                                     4

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