Document:

Exhibit 4.7

                                  A/B EXCHANGE
                          REGISTRATION RIGHTS AGREEMENT

                           Dated as of March 14, 2000
                                  by and among

                    Windsor Woodmont Black Hawk Resort Corp.

                                       and

           Each of the Purchasers Named on the Signature Pages Hereto

<PAGE>

          This Registration Rights Agreement (this "Agreement") is made and
entered into as of March 14, 2000, by and among Windsor Woodmont Black Hawk
Resort Corp., a Colorado corporation (the "Company"), and each of the Purchasers
named on the signature pages hereto (each a "Purchaser" and, collectively, the
"Purchasers"), each of whom has agreed to purchase the Company's 13% First
Mortgage Notes due 2005 (the "Series A Notes") pursuant to the Purchase
Agreement (as defined below).

          This Agreement is made pursuant to the Purchase Agreement, dated as of
March 14, 2000 (the "Purchase Agreement"), by and among the Company and the
Purchasers. In order to induce the Purchasers to purchase the Series A Notes,
the Company has agreed to provide the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the
obligations of the Purchasers set forth in Section 9 of the Purchase Agreement.
Capitalized terms used herein and not otherwise defined shall have the meaning
assigned to them in the Indenture, dated as of the date hereof (the
"Indenture"), by and between the Company and SunTrust Bank, as trustee (the
"Trustee"), relating to the Series A Notes and the Series B Notes (as defined
below).

          The parties hereby agree as follows:

SECTION 1. DEFINITIONS

          As used in this Agreement, the following capitalized terms shall have
the following meanings:

          Act: The Securities Act of 1933, as amended.

          Affiliate: As defined in Rule 144 of the Act.

          Broker-Dealer: Any broker or dealer registered under the Exchange Act.

          Certificated Securities: Definitive Notes, as defined in the
Indenture.

          Closing Date: The date hereof.

          Commission: The Securities and Exchange Commission.

          Consummate: An Exchange Offer shall be deemed "Consummated" for
purposes of this Agreement upon the occurrence of (a) the filing and
effectiveness under the Act of the Exchange Offer Registration Statement
relating to the Series B Notes to be issued in the Exchange Offer, (b) the
maintenance of such Exchange Offer Registration Statement continuously effective
and the keeping of the Exchange Offer open for a period not less than the period
required pursuant to Section 3(b) hereof and (c) the delivery by the Company to
the Registrar under the Indenture of Series B Notes in the same aggregate
principal amount as the aggregate principal amount of Series A Notes tendered by
Holders thereof pursuant to the Exchange Offer.

          Consummation Deadline: As defined in Section 3(b) hereof.

                                        1

<PAGE>

          Effectiveness Deadline: As defined in Section 3(a) and 4(a) hereof.

          Exchange Act: The Securities Exchange Act of 1934, as amended.

          Exchange Offer: The exchange and issuance by the Company of a
principal amount of Series B Notes (which shall be registered pursuant to the
Exchange Offer Registration Statement) equal to the outstanding principal amount
of Series A Notes that are tendered by such Holders in connection with such
exchange and issuance.

          Exchange Offer Registration Statement: The Registration Statement
relating to the Exchange Offer, including the related Prospectus.

          Exempt Resales: The transactions in which the Initial Purchasers
propose to sell the Series A Notes to certain "qualified institutional buyers,"
as such term is defined in Rule 144A under the Act, to certain "institutional
accredited investors," as such term is defined in Rule 501(a)(1), (2), (3) and
(7) of Regulation D under the Act and pursuant to Regulation S under the Act.

          Filing Deadline: As defined in Sections 3(a) and 4(a) hereof

          Holders: As defined in Section 2 hereof.

          Notes: Collectively, the Series A Notes and the Series B Notes.

          Prospectus: The prospectus included in a Registration Statement at the
time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all material incorporated by reference
into such Prospectus.

          Recommencement Date: As defined in Section 6(e) hereof.

          Registration Default: As defined in Section 5 hereof.

          Registration Statement: Any registration statement of the Company
relating to (a) an offering of Series B Notes pursuant to an Exchange Offer or
(b) the registration for resale of Transfer Restricted Securities pursuant to
the Shelf Registration Statement, in each case (i) that is filed pursuant to the
provisions of this Agreement and (ii) including the Prospectus included therein,
all amendments and supplements thereto (including post-effective amendments) and
all exhibits and material incorporated by reference therein.

          Regulation S: Regulation S promulgated under the Act.

          Rule 144: Rule 144 promulgated under the Act.

          Series B Notes: The Company's 13% Series B First Mortgage Notes due
2005 to be issued under the Indenture pursuant to this Agreement (i) in the
Exchange Offer or (ii) as contemplated by Section 4 hereof.

                                        2

<PAGE>

          Shelf Registration Statement: As defined in Section 4 hereof.

          Suspension Notice: As defined in Section 6(e) hereof.

          TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb)
as in effect on the date of the Indenture.

          Transfer Restricted Securities: (i) Each Series A Note until the
earliest to occur of (a) the date on which such Series A Note is exchanged in
the Exchange Offer for a Series B Note which is entitled to be resold to the
public by the Holder thereof without complying with the prospectus delivery
requirements of the Act, (b) the date on which such Series A Note has been
effectively registered under the Act in accordance with a Shelf Registration
Statement, or (c) the date on which such Series A Note is distributed to the
public pursuant to Rule 144 under the Act and (ii) each Series B Note acquired
by a Broker-Dealer in exchange for a Series A Note acquired for its own account
as a result of market making activities or other trading activities until the
date on which such Series B Note is disposed of by such Broker-Dealer pursuant
to the "Plan of Distribution" contemplated by the Exchange Offer Registration
Statement (including the delivery of the Prospectus contained therein).

SECTION 2. HOLDERS

          A Person is deemed to be a holder of Transfer Restricted Securities
(each, a "Holder") whenever such Person owns Transfer Restricted Securities.

SECTION 3. REGISTERED EXCHANGE OFFER

          (a) Unless the Exchange Offer shall not be permitted by applicable
federal law or interpretations thereof by the staff of the Commission (after the
procedures set forth in Section 6(a)(i) below have been complied with), the
Company shall (i) cause the Exchange Offer Registration Statement to be filed
with the Commission as soon as practicable after the Closing Date, but in no
event later than 120 days after the Closing Date (such 120th day being the
"Filing Deadline"), (ii) use its reasonable best efforts to cause such Exchange
Offer Registration Statement to become effective at the earliest possible time,
but in no event later than 210 days after the Closing Date (such 210th day being
the "Effectiveness Deadline"), (iii) in connection with the foregoing, (A) file
all pre-effective amendments to such Exchange Offer Registration Statement as
may be necessary in order to cause it to become effective, (B) file, if
applicable, a post-effective amendment to such Exchange Offer Registration
Statement pursuant to Rule 430A under the Act and (C) cause all necessary
filings, if any, in connection with the registration and qualification of the
Series B Notes to be made under the Blue Sky laws of such jurisdictions as are
necessary to permit Consummation of the Exchange Offer; provided, however, that
the Company shall not be required to register or qualify as a foreign
corporation where it is not now so qualified or to take any action that would
subject it to the service of process in suits or to taxation in any jurisdiction
where it is not now so subject; and (iv) upon the effectiveness of such Exchange
Offer Registration Statement, commence and Consummate the Exchange Offer. The
Exchange Offer shall be on the appropriate form permitting (i) registration of
the Series B Notes to be offered in exchange for the Series A Notes that are
Transfer Restricted Securities and (ii) resales of Series B Notes by

                                        3

<PAGE>

Broker-Dealers that tendered into the Exchange Offer Series A Notes that such
Broker-Dealer acquired for its own account as a result of market making
activities or other trading activities (other than Series A Notes acquired
directly from the Company or any of its Affiliates) as contemplated by Section
3(c) below.

          (b) The Company shall use its reasonable best efforts to cause the
Exchange Offer Registration Statement to be effective continuously, and shall
keep the Exchange Offer open for a period of not less than the minimum period
required under applicable federal and state securities laws to Consummate the
Exchange Offer; provided, however, that in no event shall such period be less
than 20 business days. The Company shall cause the Exchange Offer to comply with
all applicable federal and state securities laws. No securities other than the
Series B Notes shall be included in the Exchange Offer Registration Statement.
The Company shall use its reasonable best efforts to cause the Exchange Offer to
be Consummated on the earliest practicable date after the Exchange Offer
Registration Statement has become effective, but in no event later than 30
business days thereafter, or such longer period of time as may be required by
the federal securities laws, (such 30th business day, or such later date, if
required by the federal securities laws, being the "Consummation Deadline").

          (c) The Company shall include a "Plan of Distribution" section in the
Prospectus contained in the Exchange Offer Registration Statement and indicate
therein that any Broker-Dealer who holds Transfer Restricted Securities that
were acquired for the account of such Broker-Dealer as a result of market-making
activities or other trading activities (other than Series A Notes acquired
directly from the Company or any Affiliate of the Company), may exchange such
Transfer Restricted Securities pursuant to the Exchange Offer. Such "Plan of
Distribution" section shall also contain all other information with respect to
such sales by such Broker-Dealers that the Commission may require in order to
permit such sales pursuant thereto, but such "Plan of Distribution" shall not
name any such Broker-Dealer or disclose the amount of Transfer Restricted
Securities held by any such Broker-Dealer, except to the extent required by the
Commission.

          (d) Because such Broker-Dealer may be deemed to be an "underwriter"
within the meaning of the Act and must, therefore, deliver a prospectus meeting
the requirements of the Act in connection with its initial sale of any Series B
Notes received by such Broker-Dealer in the Exchange Offer, the Company shall
permit the use of the Prospectus contained in the Exchange Offer Registration
Statement by such Broker-Dealer to satisfy such prospectus delivery requirement.
To the extent necessary to ensure that the prospectus contained in the Exchange
Offer Registration Statement is available for sales of Series B Notes by
Broker-Dealers, the Company agrees to use its reasonable best efforts to keep
the Exchange Offer Registration Statement continuously effective, supplemented,
amended and current as required by and subject to the provisions of Section 6(a)
and (c) hereof and in conformity with the requirements of this Agreement, the
Act and the policies, rules and regulations of the Commission as announced from
time to time, for a period of one year from the date on which the Exchange Offer
is Consummated or such shorter period as will terminate when all Transfer
Restricted Securities covered by such Registration Statement have been sold
pursuant thereto or cease to be outstanding. The Company shall provide
sufficient copies of the latest version of such Prospectus to such
Broker-Dealers, promptly upon request, and in no event later than one business
day after such request, at any time during such period.

                                        4

<PAGE>

SECTION 4. SHELF REGISTRATION

          (a) Shelf Registration. If (i) the Exchange Offer is not permitted by
applicable federal law or interpretations thereof by the staff of the Commission
(after the Company has complied with the procedures set forth in Section 6(a)(i)
below) or (ii) if any Holder of Transfer Restricted Securities shall notify the
Company within 20 days following the Consummation of the Exchange Offer that (A)
such Holder was prohibited by law or Commission policy from participating in the
Exchange Offer or (B) such Holder may not resell the Series B Notes acquired by
it in the Exchange Offer to the public without delivering a prospectus and the
Prospectus contained in the Exchange Offer Registration Statement is not
appropriate or available for such resales by such Holder or (C) such Holder is a
Broker-Dealer and holds Series A Notes acquired directly from the Company or any
of its Affiliates, then the Company shall:

               (x) cause to be filed, on or prior to 90 days after the earlier
     of (i) the date on which the Company determines that the Exchange Offer
     Registration Statement cannot be filed as a result of clause (a)(i) above
     and (ii) the date on which the Company receives the notice specified in
     clause (a)(ii) above (such earlier date, the "Filing Deadline"), a shelf
     registration statement pursuant to Rule 415 under the Act (which may be an
     amendment to the Exchange Offer Registration Statement (the "Shelf
     Registration Statement")), relating to all Transfer Restricted Securities,
     and

               (y) shall use its reasonable best efforts to cause such Shelf
     Registration Statement to become effective on or prior to 150 days after
     the Filing Deadline for the Shelf Registration Statement (such 150th day
     the "Effectiveness Deadline").

          If, after the Company has filed an Exchange Offer Registration
Statement that satisfies the requirements of Section 3(a) above, the Company is
required to file and make effective a Shelf Registration Statement solely
because the Exchange Offer is not permitted under applicable federal law (i.e.,
clause (a)(i) above), then the filing of the Exchange Offer Registration
Statement shall be deemed to satisfy the requirements of clause (x) above;
provided that, in such event, the Company shall remain obligated to meet the
Effectiveness Deadline set forth in clause (y).

          To the extent necessary to ensure that the Shelf Registration
Statement is available for sales of Transfer Restricted Securities by the
Holders thereof entitled to the benefit of this Section 4(a) and the other
securities required to be registered therein pursuant to Section 6(b)(ii)
hereof, the Company shall use its reasonable best efforts to keep any Shelf
Registration Statement required by this Section 4(a) continuously effective,
supplemented, amended and current as required by and subject to the provisions
of Sections 6(b) and (c) hereof and in conformity with the requirements of this
Agreement, the Act and the policies, rules and regulations of the Commission as
announced from time to time, for a period of at least one year (as extended
pursuant to Section 6(c)(i)) following the Closing Date, or such shorter period
as will terminate when all Transfer Restricted Securities covered by such Shelf
Registration Statement have been sold pursuant thereto or cease to be
outstanding.

          (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Transfer Restricted Securities may

                                        5

<PAGE>

include any of its Transfer Restricted Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 15 days after receipt of a request therefor, the
information specified in Item 507 or 508, as applicable, of Regulation S-K of
the Act for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein. No Holder of Transfer
Restricted Securities shall be entitled to liquidated damages pursuant to
Section 5 hereof unless and until such Holder shall have provided all such
information. By its acceptance of Transfer Restricted Securities, each Holder
agrees to promptly furnish additional information required to be disclosed in
order to make the information previously furnished to the Company by such Holder
not materially misleading.

SECTION 5. LIQUIDATED DAMAGES

          If (i) any Registration Statement required by this Agreement is not
filed with the Commission on or prior to the applicable Filing Deadline, (ii)
any such Registration Statement has not been declared effective by the
Commission on or prior to the applicable Effectiveness Deadline, (iii) the
Exchange Offer has not been Consummated on or prior to the Consummation Deadline
or (iv) any Registration Statement required by this Agreement is filed and
declared effective but shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded within two business days
by a post-effective amendment to such Registration Statement that cures such
failure and that is itself declared effective within five business days of
filing such post-effective amendment to such Registration Statement (each such
event referred to in clauses (i) through (iv), a "Registration Default"), then
the Company hereby agrees to pay to each Holder of Transfer Restricted
Securities affected thereby liquidated damages in an amount equal to $.05 per
week per $1,000 in principal amount of Transfer Restricted Securities held by
such Holder for each week or portion thereof that the Registration Default
continues for the first 90-day period immediately following the occurrence of
such Registration Default; provided, however, that upon the occurrence of an
event described in clause (iv) above with respect to the failure of a Shelf
Registration Statement to be effective or usable in connection with resales of
Transfer Restricted Securities, only those Holders whose Transfer Restricted
Securities were registered pursuant to such Shelf Registration Statement shall
be entitled to collect such liquidated damages. The amount of the liquidated
damages shall increase by an additional $.05 per week per $1,000 in principal
amount of Transfer Restricted Securities with respect to each subsequent 90-day
period until all Registration Defaults have been cured, up to a maximum amount
of liquidated damages of $.50 per week per $1,000 in principal amount of
Transfer Restricted Securities; provided that the Company shall in no event be
required to pay liquidated damages for more than one Registration Default at any
given time. Notwithstanding anything to the contrary set forth herein, (i) upon
filing of the Exchange Offer Registration Statement (and/or, if applicable, the
Shelf Registration Statement), in the case of (i) above, (2) upon the
effectiveness of the Exchange Offer Registration Statement (and/or, if
applicable, the Shelf Registration Statement), in the case of (ii) above, (3)
upon Consummation of the Exchange Offer, in the case of (iii) above, or (4) upon
the filing of a post-effective amendment to the Registration Statement or an
additional Registration Statement that causes the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement) to again be
declared effective or made usable in the case of (iv) above, the liquidated
damages payable with respect to the Transfer Restricted Securities as a result
of such clause (i), (ii), (iii) or (iv), as applicable, shall cease.

                                        6

<PAGE>

          All accrued liquidated damages shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest in the Indenture, on
each Interest Payment Date, as more fully set forth in the Indenture and the
Notes. Notwithstanding the fact that any securities for which liquidated damages
are due cease to be Transfer Restricted Securities, all obligations of the
Company to pay liquidated damages with respect to securities shall survive until
such time as such obligations with respect to such securities shall have been
satisfied in full.

SECTION 6. REGISTRATION PROCEDURES

          (a) Exchange Offer Registration Statement. In connection with the
Exchange Offer, the Company shall (x) comply with all applicable provisions of
Section 6(c) below, (y) use its reasonable best efforts to effect such exchange
and to permit the resale of Series B Notes by any Broker-Dealer that tendered
Series A Notes in the Exchange Offer that such Broker-Dealer acquired for its
own account as a result of its market making activities or other trading
activities (other than Series A Notes acquired directly from the Company or any
of its Affiliates) being sold in accordance with the intended method or methods
of distribution thereof, and (z) comply with all of the following provisions:

          (i) If, following the date hereof there has been announced a change in
     Commission policy with respect to exchange offers such as the Exchange
     Offer, that in the reasonable opinion of counsel to the Company raises a
     substantial question as to whether the Exchange Offer is permitted by
     applicable federal law, the Company hereby agrees to seek a no-action
     letter or other favorable decision from the Commission allowing the Company
     to Consummate an Exchange Offer for such Transfer Restricted Securities.
     The Company hereby agrees to pursue the issuance of such a decision to the
     Commission staff level. In connection with the foregoing, the Company
     hereby agrees to take all such other actions as may be requested by the
     Commission or otherwise required in connection with the issuance of such
     decision, including without limitation (A) participating in telephonic
     conferences with the Commission staff, (B) delivering to the Commission
     staff an analysis prepared by counsel to the Company setting forth the
     legal bases, if any, upon which such counsel has concluded that such an
     Exchange Offer should be permitted and (C) diligently pursuing a resolution
     (which need not be favorable) by the Commission staff.

          (ii) As a condition to its participation in the Exchange Offer, each
     Holder of Transfer Restricted Securities (including, without limitation,
     any Holder who is a Broker Dealer) shall furnish, upon the request of the
     Company, prior to the Consummation of the Exchange Offer, a written
     representation to the Company (which may be contained in the letter of
     transmittal contemplated by the Exchange Offer Registration Statement) to
     the effect that (A) it is not an Affiliate of the Company, (B) it is not
     engaged in, and does not intend to engage in, and has no arrangement or
     understanding with any person to participate in, a distribution of the
     Series B Notes to be issued in the Exchange Offer and (C) it is acquiring
     the Series B Notes in its ordinary course of business. Each Holder using
     the Exchange Offer to participate in a distribution of the Series B Notes
     will be required to acknowledge and agree that, if the resales are of
     Series B Notes obtained by such Holder in exchange for Series A Notes
     acquired directly from the Company or an Affiliate thereof, it (1) could

                                        7

<PAGE>

     not, under Commission policy as in effect on the date of this Agreement,
     rely on the position of the Commission enunciated in Morgan Stanley and
     Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation
     (available May 13, 1988), as interpreted in the Commission's letter to
     Shearman & Sterling dated July 2, 1993, and similar no-action letters
     (including, if applicable, any no-action letter obtained pursuant to clause
     (i) above), and (2) must comply with the registration and prospectus
     delivery requirements of the Act in connection with a secondary resale
     transaction and that such a secondary resale transaction must be covered by
     an effective registration statement containing the selling security holder
     information required by Item 507 or 508, as applicable, of Regulation S-K.

          (iii) Prior to effectiveness of the Exchange Offer Registration
     Statement, the Company shall provide a supplemental letter to the
     Commission (A) stating that the Company is registering the Exchange Offer
     in reliance on the position of the Commission enunciated in Exxon Capital
     Holdings Corporation (available May 13, 1988), Morgan Stanley and Co., Inc.
     (available June 5, 1991) as interpreted in the Commission's letter to
     Shearman & Sterling dated July 2, 1993, and, if applicable, any no-action
     letter obtained pursuant to clause (i) above, (B) including a
     representation that the Company has not entered into any arrangement or
     understanding with any Person to distribute the Series B Notes to be
     received in the Exchange Offer and that, to the best of the Company's
     information and belief, each Holder participating in the Exchange Offer is
     acquiring the Series B Notes in its ordinary course of business and has no
     arrangement or understanding with any Person to participate in the
     distribution of the Series B Notes received in the Exchange Offer and (C)
     any other undertaking or representation required by the Commission as set
     forth in any no-action letter obtained pursuant to clause (i) above, if
     applicable.

          (b) Shelf Registration Statement. In connection with the Shelf
Registration Statement, the Company shall:

          (i) comply with all the provisions of Section 6(c) and 6(d) below and
     use its reasonable best efforts to effect such registration to permit the
     sale of the Transfer Restricted Securities being sold in accordance with
     the intended method or methods of distribution thereof (as indicated in the
     information furnished to the Company pursuant to Section 4(b) hereof), and
     pursuant thereto the Company will prepare and file with the Commission a
     Registration Statement relating to the registration on any appropriate form
     under the Act, which form shall be available for the sale of the Transfer
     Restricted Securities in accordance with the intended method or methods of
     distribution thereof within the time periods and otherwise in accordance
     with the provisions hereof; and

          (ii) issue, upon the request of any Holder or purchaser of Series A
     Notes covered by any Shelf Registration Statement contemplated by this
     Agreement, Series B Notes having an aggregate principal amount equal to the
     aggregate principal amount of Series A Notes sold pursuant to the Shelf
     Registration Statement and surrendered to the Company for cancellation; the
     Company shall register Series B Notes on the Shelf Registration Statement
     for this purpose and issue the Series B Notes to the purchaser(s) of
     securities subject to the Shelf Registration Statement in the names as such
     purchaser(s) shall designate.

                                        8

<PAGE>

          (c) General Provisions. In connection with any Registration Statement
and any related Prospectus required by this Agreement, the Company shall:

          (i) use its reasonable best efforts to keep such Registration
     Statement continuously effective and provide all requisite financial
     statements for the period specified in Section 3 or 4 of this Agreement, as
     applicable. Upon the occurrence of any event that would cause any such
     Registration Statement or the Prospectus contained therein (A) to contain
     an untrue statement of material fact or omit to state any material fact
     necessary to make the statements therein not misleading or (B) not to be
     effective and usable for resale of Transfer Restricted Securities during
     the period required by this Agreement, the Company shall file promptly an
     appropriate amendment to such Registration Statement curing such defect,
     and, if Commission review is required, use its reasonable best efforts to
     cause such amendment to be declared effective as soon as practicable; if at
     any time the Commission shall issue any stop order suspending the
     effectiveness of any Registration Statement, or any state securities
     commission or other regulatory authority shall issue an order suspending
     the qualification or exemption from qualification of the Transfer
     Restricted Securities under state securities or Blue Sky laws, the Company
     shall use its reasonable best efforts to obtain the withdrawal or lifting
     of such order at the earliest possible time;

          (ii) prepare and file with the Commission such amendments and
     post-effective amendments to the applicable Registration Statement as may
     be necessary to keep such Registration Statement effective for the
     applicable period set forth in Section 3 or 4 hereof, as the case may be;
     cause the Prospectus to be supplemented by any required Prospectus
     supplement, and as so supplemented to be filed pursuant to Rule 424 under
     the Act, and to comply fully with Rules 424, 430A and 462, as applicable,
     under the Act in a timely manner; and comply with the provisions of the Act
     with respect to the disposition of all securities covered by such
     Registration Statement during the applicable period in accordance with the
     intended method or methods of distribution by the sellers thereof set forth
     in such Registration Statement or supplement to the Prospectus;

          (iii) in connection with any sale of Transfer Restricted Securities
     that will result in such securities no longer being Transfer Restricted
     Securities, cooperate with the Holders to facilitate the timely preparation
     and delivery of certificates representing Transfer Restricted Securities to
     be sold and not bearing any restrictive legends; and to register such
     Transfer Restricted Securities in such denominations and such names as the
     selling Holders may request at least two business days prior to such sale
     of Transfer Restricted Securities;

          (iv) use its reasonable best efforts to cause the disposition of the
     Transfer Restricted Securities covered by the Registration Statement to be
     registered with or approved by such other governmental agencies or
     authorities as may be necessary to enable the seller or sellers thereof to
     consummate the disposition of such Transfer Restricted Securities;
     provided, however, that the Company shall not be required to register or
     qualify as a foreign corporation where it is not now so qualified or to
     take any action that would subject it to the service of process in suits or
     to taxation in any jurisdiction where it is not now so subject;

                                        9

<PAGE>

          (v) provide a CUSIP number for all Transfer Restricted Securities not
     later than the effective date of a Registration Statement covering such
     Transfer Restricted Securities and provide the Trustee under the Indenture
     with certificates for the Transfer Restricted Securities which are in a
     form eligible for deposit with The Depository Trust Company, Euroclear
     System and Clearstream Banking, S.A.;

          (vi) otherwise use its reasonable best efforts to comply with all
     applicable rules and regulations of the Commission, and make generally
     available to its security holders with regard to any applicable
     Registration Statement, as soon as practicable, a consolidated earnings
     statement meeting the requirements of Rule 158 (which need not be audited)
     covering a twelve-month period beginning after the effective date of the
     Registration Statement (as such term is defined in paragraph (c) of Rule
     158 under the Act); and

          (vii) cause the Indenture to be qualified under the TIA not later than
     the effective date of the first Registration Statement required by this
     Agreement and, in connection therewith, cooperate with the Trustee and the
     Holders to effect such changes to the Indenture as may be required for such
     Indenture to be so qualified in accordance with the terms of the TIA; and
     execute, and use its reasonable best efforts to cause the Trustee to
     execute, all documents that may be required to effect such changes and all
     other forms and documents required to be filed with the Commission to
     enable such Indenture to be so qualified in a timely manner.

          (d) Additional Provisions Applicable to Shelf Registration Statements.
In connection with each Shelf Registration Statement, the Company shall:

          (i) advise each Holder promptly and, if requested by such Holder,
     confirm such advice in writing, (A) when the related Prospectus or any
     Prospectus supplement or post- effective amendment has been filed, and,
     with respect to the Shelf Registration Statement or any post-effective
     amendment thereto, when the same has become effective, (B) of any request
     by the Commission for amendments to the Shelf Registration Statement or
     amendments or supplements to the related Prospectus or for additional
     information relating thereto, (C) of the issuance by the Commission of any
     stop order suspending the effectiveness of the Shelf Registration Statement
     under the Act or of the suspension by any state securities commission of
     the qualification of the Transfer Restricted Securities for offering or
     sale in any jurisdiction, or the initiation of any proceeding for any of
     the preceding purposes, (D) of the existence of any fact or the happening
     of any event that makes any statement of a material fact made in the Shelf
     Registration Statement, the related Prospectus, any amendment or supplement
     thereto or any document incorporated by reference therein untrue, or that
     requires the making of any additions to or changes in the Shelf
     Registration Statement in order to make the statements therein not
     misleading, or that requires the making of any additions to or changes in
     the related Prospectus in order to make the statements therein, in the
     light of the circumstances under which they were made, not misleading;

          (ii) if any fact or event contemplated by Section 6(d)(i)(D) above
     shall exist or have occurred, prepare a supplement or post-effective
     amendment to the Shelf Registration Statement or related Prospectus or any

                                       10

<PAGE>

     document incorporated therein by reference or file any other required
     document so that, as thereafter delivered to the purchasers of Transfer
     Restricted Securities, the Prospectus will not contain an untrue statement
     of a material fact or omit to state any material fact necessary to make the
     statements therein, in the light of the circumstances under which they were
     made, not misleading;

          (iii) furnish to each Holder in connection with such exchange or sale,
     if any, before filing with the Commission, copies of any Shelf Registration
     Statement or any Prospectus included therein or any amendments or
     supplements to any such Shelf Registration Statement or Prospectus
     (including all documents incorporated by reference after the initial filing
     of such Shelf Registration Statement), which documents will be subject to
     the review and comment of such Holders in connection with such sale, if
     any, for a period of at least five business days, and the Company will not
     file any such Shelf Registration Statement or Prospectus or any amendment
     or supplement to any such Shelf Registration Statement or Prospectus
     (including all such documents incorporated by reference) to which such
     Holders shall reasonably object within five business days after the receipt
     thereof. A Holder shall be deemed to have reasonably objected to such
     filing if such Shelf Registration Statement, amendment, Prospectus or
     supplement, as applicable, as proposed to be filed, contains an untrue
     statement of a material fact or omits to state any material fact necessary
     to make the statements therein not misleading or fails to comply with the
     applicable requirements of the Act;

          (iv) promptly prior to the filing of any document that is to be
     incorporated by reference into a Shelf Registration Statement or related
     Prospectus, provide copies of such document to each Holder in connection
     with such exchange or sale, if any, make the Company's representatives
     available for discussion of such document and other customary due diligence
     matters, and include such information in such document prior to the filing
     thereof as such Holders may reasonably request;

          (v) make available, at reasonable times, for inspection by each Holder
     and any attorney or accountant retained by such Holders, all financial and
     other records, pertinent corporate documents of the Company and cause the
     Company's officers, directors and employees to supply all information
     reasonably requested by any such Holder, attorney or accountant in
     connection with such Shelf Registration Statement or any post-effective
     amendment thereto subsequent to the filing thereof and prior to its
     effectiveness;

          (vi) if requested by any Holders in connection with such exchange or
     sale, promptly include in any Shelf Registration Statement or related
     Prospectus, pursuant to a supplement or post-effective amendment if
     necessary, such information as such Holders may reasonably request to have
     included therein, including, without limitation, information relating to
     the "Plan of Distribution" of the Transfer Restricted Securities; and make
     all required filings of such Prospectus supplement or post-effective
     amendment as soon as practicable after the Company is notified of the
     matters to be included in such Prospectus supplement or post- effective
     amendment;

                                       11

<PAGE>

          (vii) furnish to each Holder in connection with such exchange or sale
     without charge, at least one copy of the Shelf Registration Statement, as
     first filed with the Commission, and of each amendment thereto, including
     all documents incorporated by reference therein and all exhibits (including
     exhibits incorporated therein by reference);

          (viii) deliver to each Holder without charge, as many copies of the
     related Prospectus (including each preliminary prospectus) and any
     amendment or supplement thereto as such Persons reasonably may request; the
     Company hereby consents to the use (in accordance with law) of the
     Prospectus and any amendment or supplement thereto by each selling Holder
     in connection with the offering and the sale of the Transfer Restricted
     Securities covered by the Prospectus or any amendment or supplement
     thereto;

          (ix) upon the request of any Holder, enter into such agreements
     (including underwriting agreements) and make such representations and
     warranties and take all such other actions in connection therewith in order
     to expedite or facilitate the disposition of the Transfer Restricted
     Securities pursuant to any applicable Shelf Registration Statement
     contemplated by this Agreement as may be reasonably requested by any Holder
     in connection with any sale or resale pursuant to any applicable Shelf
     Registration Statement. In such connection, the Company shall:

               (A) upon request of any Holder, furnish (or in the case of
          paragraphs (2) and (3), use its reasonable best efforts to cause to be
          furnished) to each Holder, upon the effectiveness of the Shelf
          Registration Statement:

                    (1) a certificate, dated such date, signed on behalf of the
               Company by (x) the President or any Vice President and (y) a
               principal financial or accounting officer of the Company,
               confirming, as of the date thereof, the matters set forth in
               Sections 6(a), 9(a) and 9(b) of the Purchase Agreement and such
               other similar matters as such Holders may reasonably request;

                    (2) an opinion, dated the date of effectiveness of the Shelf
               Registration Statement, of counsel for the Company covering
               matters similar to those set forth in paragraphs (d), (e) and (f)
               of Section 9 of the Purchase Agreement and such other matters as
               such Holder may reasonably request, and in any event including a
               statement to the effect that such counsel has participated in
               conferences with officers and other representatives of the
               Company and representatives of the independent public accountants
               for the Company, and has considered the matters required to be
               stated therein and the statements contained therein, although
               such counsel has not independently verified the accuracy,
               completeness or fairness of such statements; and that such
               counsel advises that, on the basis of the foregoing, no facts
               came to such counsel's attention that caused such counsel to
               believe that the applicable Shelf Registration Statement, at the
               time such Shelf Registration Statement or any post-effective
               amendment thereto became effective, contained an untrue statement
               of a material fact or omitted to state a material fact required

                                       12

<PAGE>

               to be stated therein or necessary to make the statements therein
               not misleading, or that the Prospectus contained in such Shelf
               Registration Statement as of its date, contained an untrue
               statement of a material fact or omitted to state a material fact
               necessary in order to make the statements therein, in the light
               of the circumstances under which they were made, not misleading.
               Without limiting the foregoing, such counsel may state further
               that such counsel assumes no responsibility for, and has not
               independently verified, the accuracy, completeness or fairness of
               the financial statements, notes and schedules and other financial
               data included in any Shelf Registration Statement contemplated by
               this Agreement or the related Prospectus; and

                    (3) a customary comfort letter, dated the date of
               effectiveness of the Shelf Registration Statement, as the case
               may be, from the Company's independent accountants, in the
               customary form and covering matters of the type customarily
               covered in comfort letters to underwriters in connection with
               underwritten offerings; and

               (B) deliver such other documents and certificates as may be
          reasonably requested by the selling Holders to evidence compliance
          with the matters covered in clause (A) above and with any customary
          conditions contained in any agreement entered into by the Company
          pursuant to this clause (ix);

          (x) prior to any public offering of Transfer Restricted Securities,
     cooperate with the selling Holders and their counsel in connection with the
     registration and qualification of the Transfer Restricted Securities under
     the securities or Blue Sky laws of such jurisdictions as the selling
     Holders may request and do any and all other acts or things necessary or
     advisable to enable the disposition in such jurisdictions of the Transfer
     Restricted Securities covered by the applicable Registration Statement;
     provided, however, that the Company shall not be required to register or
     qualify as a foreign corporation where it is not now so qualified or to
     take any action that would subject it to the service of process in suits or
     to taxation, in any jurisdiction where it is not now so subject; and

          (xi) provide promptly to each Holder, upon request, each document
     filed with the Commission pursuant to the requirements of Section 13 or
     Section 15(d) of the Exchange Act.

          (e) Restrictions on Holders. Each Holder's acquisition of a Transfer
Restricted Security constitutes such Holder's agreement that, upon receipt of
the notice referred to in Section 6(d)(i)(C) hereof or any notice from the
Company of the existence of any fact of the kind described in Section 6(d)(i)(D)
hereof (in each case, a "Suspension Notice"), such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the
applicable Registration Statement until (i) such Holder has received copies of
the supplemented or amended Prospectus contemplated by Section 6(d)(ii) hereof,
or (ii) such Holder is advised in writing by the Company that the use of the
Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus (in
each case, the "Recommencement Date"). Each Holder receiving a Suspension Notice
shall be required to either

                                       13

<PAGE>

(i) destroy any  Prospectuses,  other than permanent  file copies,  then in such
Holder's  possession  which have been replaced by the Company with more recently
dated Prospectuses or (ii) deliver to the Company (at the Company's expense) all
copies,  other than permanent file copies,  then in such Holder's  possession of
the Prospectus covering such Transfer Restricted  Securities that was current at
the time of receipt of the  Suspension  Notice.  The time period  regarding  the
effectiveness of such Registration Statement set forth in Section 3 or 4 hereof,
as applicable, shall be extended by a number of days equal to the number of days
in the period from and including the date of delivery of the  Suspension  Notice
to the date of delivery of the Recommencement Date.

SECTION 7. REGISTRATION EXPENSES

          (a) All expenses incident to the Company's performance of or
compliance with this Agreement will be borne by the Company, regardless of
whether a Registration Statement becomes effective, including without
limitation: (i) all registration and filing fees and expenses; (ii) all fees and
expenses of compliance with federal securities and state Blue Sky or securities
laws; (iii) all expenses of printing (including certificates for the Series B
Notes to be issued in the Exchange Offer and printing of Prospectuses, messenger
and delivery services and telephone; (iv) all fees and disbursements of counsel
for the Company, one securities counsel and one local gaming counsel for the
Holders of Transfer Restricted Securities which shall be selected by a majority
of such Holders; (v) all application and filing fees in connection with listing
the Series B Notes on a national securities exchange or automated quotation
system pursuant to the requirements hereof; and (vi) all fees and disbursements
of independent certified public accountants of the Company (including the
expenses of any special audit and comfort letters required by or incident to
such performance).

          The Company will, in any event, bear its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit and the
fees and expenses of any Person, including special experts, retained by the
Company.

          (b) In connection with any Registration Statement required by this
Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Company will reimburse the
Holders of Transfer Restricted Securities who are tendering Series A Notes into
in the Exchange Offer and/or selling or reselling Series A Notes or Series B
Notes pursuant to the "Plan of Distribution" contained in the Shelf Registration
Statement, as applicable, for the reasonable fees and disbursements of one
securities counsel and one local gaming counsel, which shall be chosen by the
Holders of a majority in principal amount of the Transfer Restricted Securities
for whose benefit such Registration Statement is being prepared.

SECTION 8. INDEMNIFICATION

          (a) The Company agrees to indemnify and hold harmless each Holder, its
directors, officers and each Person, if any, who controls such Holder (within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from
and against any and all losses, claims, damages, liabilities, judgments,
(including without limitation, any legal or other expenses incurred in
connection with investigating or defending any matter, including any action that
could give rise to any such losses, claims, damages, liabilities or judgments)

                                       14

<PAGE>

caused by any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement, preliminary prospectus or Prospectus
(or any amendment or supplement thereto) provided by the Company to any Holder
or any prospective purchaser of Series B Notes or registered Series A Notes, or
caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such losses, claims, damages, liabilities or
judgments are caused by an untrue statement or omission or alleged untrue
statement or omission that is based upon information relating to any of the
Holders furnished in writing to the Company by any of the Holders.

          (b) By its acquisition of Transfer Restricted Securities, each Holder
of Transfer Restricted Securities agrees, severally and not jointly, to
indemnify and hold harmless the Company, and its directors and officers, and
each person, if any, who controls (within the meaning of Section 15 of the Act
or Section 20 of the Exchange Act) the Company to the same extent as the
foregoing indemnity from the Company set forth in section (a) above, but only
with reference to information relating to such Holder furnished in writing to
the Company by such Holder expressly for use in any Registration Statement. In
no event shall any Holder, its directors, officers or any Person who controls
such Holder be liable or responsible for any amount in excess of the amount by
which the total amount received by such Holder with respect to its sale of
Transfer Restricted Securities pursuant to a Registration Statement exceeds (i)
the amount paid by such Holder for such Transfer Restricted Securities and (ii)
the amount of any damages that such Holder, its directors, officers or any
Person who controls such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission.

          (c) In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the
"indemnified party"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "indemnifying party") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that
in the case of any action in respect of which indemnity may be sought pursuant
to both Sections 8(a) and 8(b), the indemnifying party shall not be required to
assume the defense of such action pursuant to this Section 8(c), but may employ
separate counsel and participate in the defense thereof, but the fees and
expenses of such counsel, except as provided below, shall be at the expense of
the indemnifying party). Any indemnified party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of the indemnified
party unless (i) the employment of such counsel shall have been specifically
authorized in writing by the indemnifying party, (ii) the indemnifying party
shall have failed to assume the defense of such action in a timely manner or
employ counsel reasonably satisfactory to the indemnified party or (iii) the
named parties to any such action (including any impleaded parties) include both
the indemnified party and the indemnifying party, and the indemnified party
shall have been advised by such counsel that there may be one or more legal
defenses available to it which are different from or additional to those
available to the indemnifying party (in which case the indemnifying party shall
not have the right to assume the defense of such action on behalf of the
indemnified party). In any such case, the indemnifying party shall not, in
connection with any one action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or

                                       15

<PAGE>

circumstances, be liable for the fees and expenses of more than one separate
firm of attorneys (in addition to one local counsel) for all indemnified parties
and all such fees and expenses shall be reimbursed as they are incurred. Such
firm shall be designated in writing by a majority of the Holders, in the case of
the parties indemnified pursuant to Section 8(a), and by the Company, in the
case of parties indemnified pursuant to Section 8(b). The indemnifying party
shall indemnify and hold harmless the indemnified party from and against any and
all losses, claims, damages, liabilities and judgments by reason of any
settlement of any action (i) effected with its written consent or (ii) effected
without its written consent if the settlement is entered into more than twenty
business days after the indemnifying party shall have received a request from
the indemnified party for reimbursement for the fees and expenses of counsel (in
any case where such fees and expenses are at the expense of the indemnifying
party) and, prior to the date of such settlement, the indemnifying party shall
have failed to comply with such reimbursement request. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any
settlement or compromise of, or consent to the entry of judgment with respect
to, any pending or threatened action in respect of which the indemnified party
is or could have been a party and indemnity or contribution may be or could have
been sought hereunder by the indemnified party, unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified
party from all liability on claims that are or could have been the subject
matter of such action and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of the
Indemnified party.

          (d) To the extent that the indemnification provided for in this
Section 8 is unavailable to an indemnified party in respect of any losses,
claims, damages, liabilities or judgments referred to therein, then each
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or judgments in such proportion as
is appropriate to reflect the relative fault of the Company, on the one hand,
and of the Holder, on the other hand, in connection with the statements or
omissions which resulted in such losses, claims, damages, liabilities or
judgments, as well as any other relevant equitable considerations. The relative
fault of the Company, on the one hand, and of the Holder, on the other hand,
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Company on the
one hand, or by the Holder, on the other hand, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the
losses, claims, damages, liabilities and judgments referred to above shall be
deemed to include, subject to the limitations set forth in the second paragraph
of Section 8(a), any legal or other fees or expenses reasonably incurred by such
party in connection with investigating or defending any action or claim.

          The Company and, by its acquisition of Transfer Restricted Securities,
each Holder agree that it would not be just and equitable if contribution
pursuant to this Section 8(d) were determined by pro rata allocation (even if
the Holders were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable
by an indemnified party as a result of the losses, claims, damages, liabilities
or judgments referred to in the immediately preceding paragraph shall be deemed

                                       16

<PAGE>

to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any matter, including any action that could have
given rise to such losses, claims, damages, liabilities or judgments.
Notwithstanding the provisions of this Section 8, no Holder, its directors, its
officers or any Person, if any, who controls such Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the
total received by such Holder with respect to the sale of Transfer Restricted
Securities pursuant to a Registration Statement exceeds (i) the amount paid by
such Holder for such Transfer Restricted Securities and (ii) the amount of any
damages which such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. The Holders' obligations to contribute
pursuant to this Section 8(d) are several in proportion to the respective
principal amount of Transfer Restricted Securities held by each Holder hereunder
and not joint.

SECTION 9. RULE 144A AND RULE 144

          The Company agrees with each Holder, for so long as any Transfer
Restricted Securities remain outstanding and during any period in which the
Company (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make
available, upon request of any Holder, to such Holder or beneficial owner of
Transfer Restricted Securities in connection with any sale thereof and any
prospective purchaser of such Transfer Restricted Securities designated by such
Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Act in order to permit resales of such Transfer Restricted Securities
pursuant to Rule 144A, and (ii) is subject to Section 13 or 15(d) of the
Exchange Act, to make all filings required thereby in a timely manner in order
to permit resales of such Transfer Restricted Securities pursuant to Rule 144.

SECTION 10. MISCELLANEOUS

          (a) Remedies. The Company acknowledges and agrees that any failure by
the Company to comply with its obligations under Sections 3 and 4 hereof may
result in material irreparable injury to the Holders for which there is no
adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of any such failure, any Holder may
obtain such relief as may be required to specifically enforce the Company's
obligations under Sections 3 and 4 hereof. The Company further agrees to waive
the defense in any action for specific performance that a remedy at law would be
adequate.

          (b) No Inconsistent Agreements. The Company will not, on or after the
date of this Agreement, enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. The Company has not previously
entered into any agreement granting any registration rights with respect to its
securities to any Person that would require such securities to be included in
any Registration Statement filed hereunder. The rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Company's securities under any agreement in
effect on the date hereof.

                                       17

<PAGE>

          (c) Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of Section 5
hereof and this Section 10(c)(i), the Company has obtained the written consent
of Holders of all outstanding Transfer Restricted Securities and (ii) in the
case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the
Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent
to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities are being tendered pursuant to
the Exchange Offer, and that does not affect directly or indirectly the rights
of other Holders whose Transfer Restricted Securities are not being tendered
pursuant to such Exchange Offer, may be given by the Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities subject to
such Exchange Offer.

          (d) Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the purchasers named on the signature pages hereto, on the other hand,
and shall have the right to enforce such agreements directly to the extent they
may deem such enforcement necessary or advisable to protect their rights
hereunder.

          (e) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air
courier guaranteeing overnight delivery:

          if to a Holder, at the address set forth on the records of the
Registrar under the Indenture, with a copy to the Registrar under the Indenture;
and

          if to the Company:

                    Windsor Woodmont Black Hawk Resort Corp.

                    Address:                  2231 Valdina Street
                                              Dallas, Texas  75207
                    Facsimile:                (214) 630-1261
                    Attention:                Daniel P. Robinowitz

                    with a copy to:

                    Paul, Hastings, Janofsky & Walker LLP

                    Address:                  399 Park Avenue
                                              New York, New York 10022-4697
                    Facsimile:                (212) 319-4090
                    Attention:                William F. Schwitter, Esq.

                                       18

<PAGE>

          All such notices and communications shall be deemed to have been duly
given at the time delivered by hand, when receipt acknowledged, if telecopied;
and on the next business day, if timely delivered to an air courier guaranteeing
overnight delivery.

          Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture.

          (f) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties,
including without limitation and without the need for an express assignment,
subsequent Holders; provided, that nothing herein shall be deemed to permit any
assignment, transfer or other disposition of Transfer Restricted Securities in
violation of the terms hereof or of the Purchase Agreement or the Indenture. If
any transferee of any Holder shall acquire Transfer Restricted Securities in any
manner, whether by operation of law or otherwise, such Transfer Restricted
Securities shall be held subject to all of the terms of this Agreement, and by
taking and holding such Transfer Restricted Securities such Person shall be
conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions of this Agreement, including the restrictions on resale set
forth in this Agreement and, if applicable, the Purchase Agreement, and such
Person shall be entitled to receive the benefits hereof.

          (g) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.

          (j) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

          (k) Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted with respect to the Transfer
Restricted Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                                       19

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this A/B Exchange
Registration Rights Agreement as of the date first written above.

                                       WINDSOR WOODMONT BLACK HAWK
                                       RESORT CORP.

                                       By: /s/  Daniel P. Robinowitz
                                           -------------------------------------
                                           Name:   Daniel P. Robinowitz
                                           Title:  President

                                       By: /s/  Mirhael L. Armstrong
                                           -------------------------------------
                                           Name:   Michael L. Armstrong
                                           Title:  Executive Vice President

                                       20

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                          ABELCO FINANCE LLC

                                          By: /s/  Kevin Genda
                                              ----------------------------------
                                              Name:   Kevin Genda
                                              Title:  Chief Credit Officer and
                                                      Senior Vice President

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                            MADELEINE L.L.C.

                                            By: /s/
                                                --------------------------------
                                                Name:
                                                Title:

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                            BAY HARBOUR MANAGEMENT LC

                                            By: /s/  Steven A. Van Dyke
                                                --------------------------------
                                                Name:   Steven A. Van Dyke
                                                Title:  Managing Principal

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                           CONTINENTAL CASUALTY COMPANY

                                           By: /s/  Richard W. Dubberke
                                               ---------------------------------
                                               Name:   Richard w. Dubberke
                                               Title:  Vice President

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                             PALESTRA PARTNERS

                                             By: /s/  Dan D. Bran
                                                 -------------------------------
                                                 Name:   Dan D. Bran
                                                 Title:  ?????????

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                        THE MAINSTAY FUNDS, ON BEHALF OF ITS
                                        HIGH YIELD CORPORATE BOND FUND SERIES

                                        By:  MacKay Shields LLC
                                        Its:   Investment Advisor

                                        By:  /s/  Robert A. Nisi
                                             -----------------------------------
                                             Name:   Robert A. Nisi
                                             Title:  General Counsel

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                          PURCHASER

                                          By:
                                                Name:
                                                Title:

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                          THE RAVICH REVOCABLE TRUST OF 1989

                                          By: /s/  Jess M. Ravich
                                              ----------------------------------
                                              Name:   Jess M. Ravich
                                              Title:  Trustee

<PAGE>

                [Signature Page to Registration Rights Agreement]

                                        THE MAINSTAY VP SERIES FUND, INC., ON
                                        BEHALF OF ITS HIGH YIELD CORPORATE BOND
                                        PORTFOLIO

                                        By:    MacKay Shields LLC
                                        Its:   Investment Advisor

                                        By: /s/  Robert A. Nisi
                                            ------------------------------------
                                            Robert A. Nisi
                                            General CounselExhibit 4.8

                      WARRANT REGISTRATION RIGHTS AGREEMENT

                                      among

                    WINDSOR WOODMONT BLACK HAWK RESORT CORP.

                                       and

                    THE UNIT PURCHASERS (AS DEFINED HEREIN),

                         HYATT GAMING MANAGEMENT, INC.,

               THE PREFERRED STOCK PURCHASERS (AS DEFINED HEREIN),
                                       AND

                               U.S. BANCORP LIBRA

                                   dated as of

                                 MARCH 14, 2000

<PAGE>

                                TABLE OF CONTENTS
                                                                            Page
                                                                            ----

SECTION 1.        Definitions.................................................1

SECTION 2.  Registration Rights...............................................6
         2.1      (a)      Warrant Shelf Registration Statement...............6
                  (b)      Blue Sky...........................................6
                  (c)      Accuracy of Disclosure.............................6
                  (d)      Liquidated Damages.................................7
                  (e)      Additional Acts. ..................................7
         2.2      (a)      Piggy-Back Registration............................7
                  (b)      Priority in Piggy-Back Registration................8
                  (c)      Restrictions on Sale by Holder.....................9
         2.3      Demand Registrations.......................................10
                  (a)      Requests for Registration.........................10
                  (b)      Preservation of Demand Registration...............10
                  (c)      Continued Effectiveness...........................10
                  (d)      Blue Sky..........................................11
                  (e)      Additional Acts...................................11
         2.4      Limitations, Conditions and Qualifications to Obligations
                  Under Registration Covenants...............................11
         2.5      Restrictions on Sale by the Company and Others.............12
         2.6      Rule 144 and Rule 144A.....................................12
         2.7      Underwritten Registrations.................................13

SECTION 3.  Registration Procedures..........................................13

SECTION 4.  (a)   Indemnification and Contribution...........................18

SECTION 5.  Miscellaneous....................................................21
         5.1      Remedies...................................................21
         5.2      No Inconsistent Agreement..................................22
         5.3      Amendments and Waivers.....................................22
         5.4      Notices....................................................22
         5.5      Successors and Assigns.....................................23
         5.6      Counterparts...............................................23
         5.7      Governing Law..............................................23
         5.8      Severability...............................................23
         5.9      Headings...................................................23
         5.10     Entire Agreement...........................................23
         5.11     Securities Held by the Company or Its Affiliates...........23

                                      -i-

<PAGE>

                      WARRANT REGISTRATION RIGHTS AGREEMENT

          This WARRANT REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made
and entered into as of March 14, 2000, among Windsor Woodmont Black Hawk Resort
Corp., a Colorado corporation (the "Company"), the Unit Purchasers (as defined
herein), Hyatt Gaming Management, Inc. ("Hyatt Gaming"), the Preferred Stock
Purchasers (as defined herein) and U.S. Bancorp Libra ("Libra" and, together
with Hyatt Gaming, the Preferred Stock Purchasers and the Unit Purchasers, the
"Purchasers").

          WHEREAS, the Company has entered into the First Warrant Agreement
dated as of March 14, 2000 (the "First Warrant Agreement") with SunTrust Bank,
as warrant agent (the "Warrant Agent"), in connection with (i) the issuance to
the purchasers of the Company's units (the "Unit Purchasers") consisting of 13%
First Mortgage Notes due 2005 (the "Notes") and warrants (each, a "Tranche A
Warrant" and collectively, the "Tranche A Warrants") for the purchase of 342,774
shares ("Tranche A Warrant Shares") of common stock, $0.01 par value ("Common
Stock"), of the Company, (ii) the issuance to Hyatt Gaming of Tranche A Warrants
to purchase 33,887 Tranche A Warrant Shares; and (iii) the issuance to Libra of
Tranche A Warrants to purchase 80,031 Warrant Shares; and

          WHEREAS, the Company has entered into the Second Warrant Agreement
dated as of March 14, 2000 (the "Second Warrant Agreement" and, together with
the First Warrant Agreement, the "Warrant Agreements" and each, a "Warrant
Agreement"), with the Warrant Agent in connection with the issuance to the
purchasers of the Company's Series B preferred stock, $.01 par value per share
(the "Preferred Stock Purchasers"), of warrants (each a "Tranche B Warrant" and
collectively, the "Tranche B Warrants" and, together with the Tranche A
Warrants, the "Warrants") to purchase 257,058 shares of Common Stock ("Tranche B
Warrant Shares" and together with the Tranche A Warrant Shares, the "Warrant
Shares").

          NOW, THEREFORE, in consideration of the foregoing and the premises and
the mutual agreements herein set forth, the parties hereto agree as follows:

          SECTION 1. Definitions. As used in this Agreement, the following
defined terms shall have the following meanings:

          "Advice" has the meaning ascribed to such term in Section 3 hereof.

          "Agreement" shall have the meaning ascribed to such term in the
preamble hereto.

          "Business Day" shall mean a day that is not a Legal Holiday.

          "Capital Stock" shall mean, with respect to any Person, any and all
shares, interests, partnership interests, participations, rights in or other
equivalents (however designated and whether voting or non-voting) of such
person's capital stock, and any rights (other than debt securities convertible
into capital stock), warrants or options exchangeable for or convertible into
such capital stock, whether outstanding on the Issue Date or issued after the
Issue Date.

<PAGE>

          "Change of Control" shall have the meaning ascribed to such term in
the Indenture.

          "Company" shall have the meaning ascribed to such term in the preamble
hereto and shall also include the Company's permitted successors and assigns.

          "Common Stock" shall have the meaning ascribed to such term in
         the preamble hereto.

          "Demand Registration Notice" shall have the meaning ascribed to such
term in Section 2.3(a) hereof.

          "Demand Registration Request" shall have the meaning ascribed to such
term in Section 2.3(a) hereof.

          "Demand Registration Statement" shall have the meaning ascribed to
such term in Section 2.3(a) hereof.

          "Demand Right" shall have the meaning ascribed to such term in Section
2.3(a) hereof.

          "DTC" shall have the meaning ascribed to such term in Section 3(i)
hereof.

          "Effectiveness Period" shall mean the respective periods for which the
Company is obligated to keep a Registration Statement effective pursuant to
Sections 2.1(a), 2.2(a) and 2.3(c) hereof.

          "Equity Offering" means a public offering (other than a public
offering registered on Form S-8 under the Securities Act) or private placement
of Common Stock of the Company that results in gross proceeds of at least $25.0
million to the Company.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

          "Exercise Date" shall mean the date of issuance of the Warrants.

          "First Warrant Agreement" shall have the meaning ascribed to such term
in the preamble hereto.

          "Holder" shall mean each holder of any Registrable Securities, and
each of their successors, assigns and direct and indirect transferees who become
registered owners of such Registrable Securities.

          "Hyatt Gaming" shall have the meaning ascribed to such term in the
preamble hereto.

                                       -2-

<PAGE>

          "indemnified party" and "indemnifying party" shall have the respective
meanings ascribed to such terms in Section 4(c).

          "Indenture" shall mean the Indenture, dated as of the date hereof,
between the Company and SunTrust Bank, as Trustee, pursuant to which the Notes
are issued.

          "Inspectors" shall have the meaning ascribed to such term in Section
4(m) hereof.

          "Issue Date" shall mean the date of initial issuance of the Warrants.

          "Legal Holiday" shall mean a Saturday, a Sunday or a day on which (i)
banking institutions in the City of New York are required or authorized by law
or other government action to be closed and (ii) the principal U.S. securities
exchange or market, if any, on which any Common Stock is listed or admitted to
trading and the principal U.S. securities exchange or market, if any, on which
the Warrants are listed or admitted to trading are closed for business.

          "Liquidated Damages" shall have the meaning ascribed to such term in
Section 2.1(d) hereof.

          "Notes" shall have the meaning ascribed to such term in the preamble
hereto.

          "Other Registration Rights" shall have the meaning ascribed to such
term in Section 2.3(a) hereof.

          "Person" shall mean any individual, corporation, limited liability
company, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof or any other entity, including any predecessor of any such entity.

          "Piggy-Back Registration" shall have the meaning ascribed to such term
in Section 2.2(a) hereof.

          "Piggy-Back Registration Statement" shall have the meaning ascribed to
such term in Section 2.2(c) hereof.

          "Preferred Stock Purchasers" has the meaning ascribed to such term in
the preamble hereto.

          "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon
Rule 430A promulgated under the Securities Act), as amended or supplemented by
any prospectus supplement, and all other amendments and supplements to the

                                       -3-

<PAGE>

Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

          "Purchase Agreements" shall mean the Preferred Stock Purchase
Agreement and the Unit Purchase Agreement.

          "Preferred Stock Purchase Agreement" shall mean the Purchase
Agreement, dated as of the date hereof, among the Company and the Preferred
Stock Purchasers.

          "Registrable Securities" shall mean any of (i) the Warrants, (ii) the
Warrant Shares and (iii) any other securities issued or issuable with respect to
the Warrants or Warrant Shares by way of stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization or otherwise. As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when (a) a
registration statement with respect to the offering of such securities by the
holder thereof shall have been declared effective under the Securities Act and
such securities shall have been disposed of by such holder pursuant to such
registration statement, (b) such securities have been sold to the public
pursuant to, or are eligible for sale to the public without volume or manner of
sale restrictions under, Rule 144(k) (or any similar provision then in force,
but not Rule 144A) promulgated under the Securities Act, (c) such securities
shall have been otherwise transferred and new certificates for such securities
not bearing a legend restricting further transfer shall have been delivered by
the Company or its transfer agent and subsequent disposition of such securities
shall not require registration or qualification under the Securities Act or any
similar state law then in force, or (d) such securities shall have ceased to be
outstanding.

          "Registration Expenses" shall mean all expenses incident to the
Company's performance of or compliance with this Agreement, including, without
limitation, all SEC and stock exchange or National Association of Securities
Dealers, Inc. registration and filing fees and expenses, fees and expenses of
compliance with securities or blue sky laws (including, without limitation,
reasonable fees and disbursements of counsel for the underwriters in connection
with blue sky qualifications of the Registrable Securities), printing expenses,
messenger, telephone and delivery expenses, fees and disbursements of counsel
for the Company, the fees and expenses of underwriters customarily paid by
issuers or sellers of securities (but not including any underwriting discounts
or commissions or transfer taxes, if any, attributable to the sale of
Registrable Securities by Holders of such Registrable Securities), and all
independent certified public accountants, and other reasonable out-of-pocket
expenses of Holders (including the fees and expenses of one counsel for the
Holders to be selected by a majority of such Holders).

          "Registration Notice" shall have the meaning ascribed to such term in
Section 2.3(a) hereof.

          "Registration Statement" shall mean any appropriate registration
statement of the Company filed with the SEC pursuant to the Securities Act which

                                       -4-

<PAGE>

covers any of the Warrants, the Warrant Shares and any other Registrable
Securities pursuant to the provisions of this Agreement and all amendments and
supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein.

          "Requesting Holder" shall have the meaning ascribed to such term in
Section 2.3(a) hereof.

          "Rule 144" shall mean Rule 144 promulgated under the Securities Act,
as such Rule may be amended from tune to time, or any similar rule (other than
Rule 144A) or regulation hereafter adopted by the SEC providing for offers and
sales of securities made in compliance therewith resulting in offers and sales
by subsequent holders that are not affiliates of an issuer of such securities
being free of the registration and prospectus delivery requirements of the
Securities Act.

          "Rule 144A" shall mean Rule 144A promulgated under the Securities Act,
as such Rule may be amended from time to time, or any similar rule (other than
Rule 144) or regulation hereafter adopted by the SEC.

          "SEC" shall mean the Securities and Exchange Commission.

          "Second Warrant Agreement" has the meaning ascribed to such term in
the preamble hereto.

          "Securities Act" shall mean the Securities Act of 1933, as amended
from time to time.

          "Selling Holder" shall mean a Holder who is selling Registrable
Securities in accordance with the provisions of Section 2.2 hereof.

          "Shelf Registration Default" shall have the meaning ascribed to such
term in Section 2.1(d) hereof.

          "Suspension Period" shall have the meaning ascribed to such term in
Section 2.4(a) hereof.

          "Tranche A Warrant" and "Tranche A Warrants" shall each have the
meanings ascribed to such terms in the preamble hereto.

          "Tranche B Warrant" and "Tranche B Warrants" shall each have the
meanings ascribed to such terms in the preamble hereto.

          "Unit Purchase Agreement" shall mean the Purchase Agreement, dated as
of the date hereof, among the Company and the Unit Purchasers.

          "Unit Purchasers" has the meaning ascribed to such term in the
preamble hereto.

                                       -5-

<PAGE>

          "Warrant Agent" shall have the meaning ascribed to such term in the
preamble hereto.

          "Warrant Agreement" and "Warrant Agreements" shall have the meanings
ascribed to such terms in the preamble hereto, as amended or supplemented from
time to time in accordance with their respective terms.

          "Warrant Shares" shall have the meaning ascribed to such term in the
preamble hereo.

          "Warrant Shelf Registration Statement" shall mean the Registration
Statement filed with the SEC pursuant to Section 2.1(a) hereof.

          "Warrants" shall have the meaning ascribed to such term in the
preamble hereto.

          Capitalized terms used herein but not defined shall have the meaning
ascribed thereto in the Warrant Agreement.

          SECTION 2. Registration Rights.
                     -------------------

          2.1 (a) Warrant Shelf Registration Statement. The Company shall cause
to be filed pursuant to Rule 415 (or any successor provision) of the Securities
Act a shelf registration statement covering the issuance of Warrant Shares to
the Holders upon exercise of the Warrants by the Holders thereof (to the extent
necessary) and the resale of the Warrants (the "Warrant Shelf Registration
Statement") and shall use its reasonable best efforts to cause the Warrant Shelf
Registration Statement to be declared effective under the Securities Act on or
before March 15, 2005. Subject to Section 2.4(a) hereof, the Company shall use
reasonable efforts to maintain the effectiveness of the Warrant Shelf
Registration Statement until such time as all Warrants have been exercised and
the Warrant Shares resold. The Company will pay all Registration Expenses in
connection with the resale of Warrants and Warrant Shares.

          (b) Blue Sky. The Company shall use its reasonable efforts to register
or qualify the Warrant Shares under all applicable securities laws, blue sky
laws or similar laws of all jurisdictions in the United States in which any
Holder may or may be deemed to purchase Warrant Shares upon the exercise of
Warrants and shall use its reasonable efforts to maintain such registration or
qualification through such time as all Warrants have been exercised and Warrant
Shares have been resold; provided, however, that the Company shall not be
required to qualify generally to do business in any jurisdiction where it would
not otherwise be required to qua1ify but for this Section 2.1(b) or to take any
action which would subject it to general service of process or to taxation in
any such jurisdiction where it is not then so subject.

          (c) Accuracy of Disclosure. The Company represents and warrants to
each Holder and agrees for the benefit of each Holder that (i) the Warrant Shelf
Registration Statement and any amendment thereto will not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements contained therein not
misleading; and (ii) each of the prospectuses furnished to such Holder for

                                       -6-

<PAGE>

delivery in connection with the exercise of Warrants or in connection with the
sale of Warrant Shares, as the case may be, and the documents incorporated by
reference therein will not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make
the statements contained therein, in light of the circumstances under which they
were made, not misleading; provided, however, that the Company shall have no
liability under clause (i) or (ii) of this Section 2.1(c) with respect to any
such untrue statement or omission made in the Warrant Shelf Registration
Statement in reliance upon and in conformity with information furnished to the
Company by or on behalf of the Holders specifically for inclusion therein.

          (d) Liquidated Damages. In the event that (i) the Warrant Shelf
Registration Statement is not declared effective by the SEC on or prior to March
15, 2005 or (ii) following the date such Warrant Shelf Registration Statement is
declared effective but thereafter ceases to be effective or usable without being
restored to effectiveness by amendment or otherwise, except during such time
periods indicated in Section 2.4(a) (each of the events referred to in clauses
(i) and (ii) above, a "Shelf Registration Default"), then the Company shall pay
liquidated damages ("Liquidated Damages") to each Holder of Warrants or Warrant
Shares in an amount initially equal to $0.05 per week per Warrant or Warrant
Share for each week that the Shelf Registration Default continues for the first
90-day period following such Shelf Registration Default. The Liquidated Damages
shall be increased by an additional $0.05 per week per Warrant or Warrant Share
with respect to each subsequent 90-day period until such Shelf Registration
Default has been cured, up to a maximum amount of Liquidated Damages of $0.25
per week per Warrant or Warrant Share.

          (e) Additional Acts. If the issuance or sale of any Warrant Shares or
other securities issuable upon the exercise of the Warrants requires
registration or approval of any gaming authority before such securities may be
validly offered or sold in compliance with such laws, then the Company covenants
that it will, in good faith and as expeditiously as reasonably possible, use all
reasonable efforts to secure and maintain such registration or approval or to
take such other action, as the case may be.

          2.2 (a) Piggy-Back Registration. If at any time the Company proposes
to file a Registration Statement under the Securities Act with respect to an
offering by the Company of Common Stock for its own account or for the account
of any of its securityholders (other than (i) a Registration Statement on Form
S-4 or S-8 (or any substitute form that may be adopted by the SEC) or any other
publicly registered offering pursuant to the Securities Act pertaining to the
issuance of shares of Common Stock or securities exercisable therefor under any
benefit plan, employee compensation plan, or employee or director stock purchase
plan, or (ii) a registration statement filed in connection with an offer of
securities solely to the Company's existing securityholders), then the Company
shall give written notice of such proposed filing to the Holders of Registrable
Securities as soon as practicable (but in no event fewer than 15 days before the
anticipated filing date or 10 days if the Company is subject to filing reports
under the Exchange Act and able to use Form S-3 under the Securities Act), and
such notice shall offer such Holders the opportunity to register such number of
shares of Registrable Securities as each such Holder may request in writing at
least five days prior to the anticipated filing date of the Registration
Statement after receipt of such written notice from the Company (which request
shall specify the Registrable Securities intended to be disposed of by such
Selling Holder and the intended method of distribution thereof) (a "Piggy-Back

                                       -7-

<PAGE>

Registration"). The Company shall use its reasonable best efforts to keep such
Piggy-Back Registration continuously effective under the Securities Act in the
qualifying jurisdictions until at least the earlier of (A) 60 days after the
effective date thereof or (B) the consummation of the distribution by the
Holders of all of the Registrable Securities covered thereby. The Company shall
use its reasonable best efforts to cause the managing underwriter or
underwriters, if any, of such proposed offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration to be included
on the same terms and conditions as any similar securities of the Company or any
other securityholder included therein and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended
method of distribution thereof. Any Selling Holder shall have the right to
withdraw its request for inclusion of its Registrable Securities in any
Registration Statement pursuant to this Section 2.2 by giving written notice to
the Company of its request to withdraw. The Company may withdraw a Piggy-Back
Registration at any time prior to the time it becomes effective or the Company
may elect to delay the registration; provided, however, that the Company shall
give prompt written notice thereof to participating Selling Holders. The Company
will pay all Registration Expenses in connection with each registration of
Registrable Securities requested pursuant to this Section 2.2, and each Holder
of Registrable Securities shall pay all underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of such Holder's
Registrable Securities pursuant to a Registration Statement effected pursuant to
this Section 2.2.

          No registration effected under this Section 2.2, and no failure to
effect a registration under this Section 2.2, shall relieve the Company of its
obligation to effect a registration pursuant to Section 2.1 or 2.3 hereof, and
no failure to effect a registration under this Section 2.2 and to complete the
sale of securities registered thereunder in connection therewith shall relieve
the Company of any other obligation under this Agreement.

          (b) Priority in Piggy-Back Registration. In a registration pursuant to
this Section 2.2 involving an underwritten offering, if the managing underwriter
or underwriters of such underwritten offering have informed, in writing, the
Company and the Selling Holders requesting inclusion in such offering that in
such underwriter's or underwriters' reasonable opinion the total number of
securities which the Company, the Selling Holders and any other persons desiring
to participate in such registration intend to include in such offering is such
as to materially and adversely affect the success of such offering, including
the price at which such securities can be sold, then the Company will be
required to include in such registration only the amount of securities which it
is so advised should be included in such registration. In such event: (x) in
cases only involving the registration for sale of Common Stock for the Company's
own account (which may include securities included pursuant to the exercise of
piggy-back rights herein and in other contractual commitments of the Company),
securities shall be registered in such offering in the following order of
priority: (i) first, the Common Stock which the Company proposes to register,
(ii) second, provided that no Common Stock sought to be included by the Company
have been excluded from such registration, the shares of Common Stock which have
been requested to be included in such registration by the Holders of Registrable
Securities pursuant to this Agreement (such securities for the account of the
Holders to be allocated among the Holders pro rata based on the amount of
securities sought to be registered by the Holder) and (iii) third, provided that
no Common Stock sought to be included by the Company or the Holders have been

                                       -8-

<PAGE>

excluded from such registration, the securities of other Persons entitled to
exercise "piggy-back" registration rights pursuant to contractual commitments of
the Company (pro rata based on the amount of securities sought to be registered
by such Persons); and (y) in cases not involving the registration for sale of
Common Stock for the Company's own account only, securities shall be registered
in such offering in the following order of priority: (i) first, Common Stock to
be sold for the account of the Company and the securities of any Person whose
exercise of a "demand" registration right pursuant to a contractual commitment
of the Company is the basis for the registration (provided that if such Person
is a Holder of Registrable Securities, as among Holders of Registrable
Securities there shall be no priority and Registrable Securities sought to be
included by Holders of Registrable Securities shall be included pro rata based
on the amount of securities sought to be registered by such Persons), (ii)
second, provided that no securities of the Company or such Person referred to in
the immediately preceding clause (i) have been excluded from such registration,
the securities requested to be included in such registration by the Holders of
Registrable Securities pursuant to this Agreement (such securities for the
account of the Holders to be allocated among the Holders pro rata based on the
total amount of securities sought to be registered by the Holders) and (iii)
third, provided that no securities of such Person referred to in the immediately
preceding clause (i) or of the Holders have been excluded from such
registration, securities of other Persons entitled to exercise "piggy- back"
registration rights pursuant to contractual commitments (pro rata based on the
amount of securities sought to be registered by such Persons).

          If, as a result of the provisions of this Section 2.2(b), any Selling
Holder shall not be entitled to include all Registrable Securities in a
Piggy-Back Registration that such Selling Holder has requested to be included,
such Selling Holder may elect to withdraw his request to include Registrable
Securities in such registration.

          (c) Restrictions on Sale by Holder. Each Holder of Registrable
Securities whose Registrable Securities are covered by a Registration Statement
filed pursuant to this Section 2.2 (a "Piggy-Back Registration Statement") and
are to be sold thereunder agrees, if and to the extent reasonably requested by
the managing underwriter or underwriters in an underwritten public offering, not
to effect any sale or distribution or otherwise dispose of Registrable
Securities or of securities of the Company of the same class as any securities
included in such Piggy-Back Registration Statement, including a sale pursuant to
Rule 144 (except as part of such underwritten offering), during a period not to
exceed 180 days or such fewer number of days agreed to with officers, directors,
or significant shareholders of the Company, after consummation of such
underwritten public offering.

          The foregoing provisions of Section 2.2(c) shall not apply to any
Holders of Registrable Securities if such Holder is prevented by applicable
statute or regulation from entering into any such agreement; provided, however,
that any such Holder shall undertake, in its request to participate in any such
underwritten offering, not to effect any sale or distribution or otherwise
dispose of any Registrable Securities commencing on the date of sale of such
Registrable Securities unless it has provided 45 days' prior written notice of
such sale or distribution to the managing underwriter or underwriters.

                                       -9-

<PAGE>

          2.3 Demand Registrations.
              --------------------

          (a) Requests for Registration. From and after 180 days following the
closing of the Company's first Equity Offering, the Holders of a majority of the
Registrable Securities shall have the right (the "Demand Right") to request
registration under the Securities Act of all or any portion of the Registrable
Securities held by such requesting Holders (referred to herein as the
"Requesting Holders") by delivering a written notice to the principal business
office of the Company, which notice identifies the Requesting Holders and
specifies the number of Registrable Securities to be included in such
registration (the "Demand Registration Request"). The Holders shall collectively
have only one Demand Right pursuant to this Section 2.3. Subject to the
restrictions set forth in Section 2.4, the Company will give prompt written
notice of such Registration Request (the "Demand Registration Notice") to all
other Holders and will thereupon use its reasonable best efforts to file within
90 days of receipt of the Demand Registration Request a registration statement
on whichever form is available for use by the Company (the "Demand Registration
Statement") with the SEC in order to effect the registration under the
Securities Act of:

          (i)  The Registrable Securities requested to be registered by the
               Requesting Holders;

          (ii) all other Registrable Securities which the Company has received a
               written request to register within 15 days after the Demand
               Registration Notice is given and any securities of the Company
               proposed to be included in such registration by the Company for
               its own account; and

          (iii) any Common Stock of the Company proposed to be included in such
               registration by the holders of registration rights granted other
               than pursuant to this Agreement ("Other Registration Rights").

The Company shall use its reasonable best efforts to cause the Demand
Registration Statement to be declared effective by the SEC within 120 days
following the receipt by the Company Demand Registration Notice.

          (b) Preservation of Demand Registration. A registration undertaken by
the Company at the request of the Requesting Holders will not count as the
permitted Demand Registration for purposes of this Section 2.3 if the Requesting
Holder withdraws a Demand Registration Request upon the determination of the
Board of Directors of the Company to postpone the filing or effectiveness of a
Registration Statement pursuant to Section 2.4 or if the Company does not
otherwise comply, in all material respects, with its obligations under this
Section 2.3.

          (c) Continued Effectiveness. Subject to Section 2.4(a) hereof, the
Company shall use reasonable efforts to maintain the effectiveness of the Demand
Registration Statement until such time as all Warrants covered by such Demand
Registration Statement have been exercised and the Warrant Shares covered by

                                      -10-

<PAGE>

such Demand Registration Statement resold. The Company will pay all Registration
Expenses in connection with the resale of Warrants and Warrant Shares pursuant
to the Demand Registration Statement.

          (d) Blue Sky. The Company shall use its reasonable efforts to register
or qualify the Warrant Shares covered by such Demand Registration Statement
under all applicable securities laws, blue sky laws or similar laws of all
jurisdictions in the United States in which any Holder may or may be deemed to
purchase Warrant Shares upon the exercise of Warrants and shall use its
reasonable efforts to maintain such registration or qualification through such
time as all Warrants have been exercised and Warrant Shares have been resold
pursuant to such Demand Registration Statement; provided, however, that the
Company shall not be required to qualify generally to do business in any
jurisdiction where it would not otherwise be required to qua1ify but for this
Section 2.3(d) or to take any action which would subject it to general service
of process or to taxation in any such jurisdiction where it is not then so
subject.

          (e) Additional Acts. If the issuance or sale of any Warrant Shares
requires registration or approval of any gaming authority before such securities
may be validly offered or sold in compliance with such laws, then the Company
covenants that it will, in good faith and as expeditiously as reasonably
possible, use all reasonable efforts to secure and maintain such registration or
approval or to take such other action, as the case may be.

          2.4 Limitations, Conditions and Qualifications to Obligations Under
Registration Covenants. The obligations of the Company set forth in Sections
2.1, 2.2, 2.3 and 2.7 hereof are subject to each of the following limitations,
conditions and qualifications:

          (a) Subject to the next sentence of this paragraph, the Company shall
be entitled to postpone, for a reasonable period of time, the filing of, or
suspend the effectiveness of, any registration statement or amendment thereto,
or suspend the use of any prospectus and shall not be required to amend or
supplement the registration statement, any related prospectus or any document
incorporated therein by reference (other than an effective registration
statement being used for an underwritten offering); provided that the duration
of such postponement or suspension (a "Suspension Period") may not exceed up to
two 30 consecutive-day periods in any 365-day period while the Warrants are
exercisable and provided further, the Suspension Period may not occur during the
30-consecutive-day period immediately after the Exercise Date and during the
30-consecutive- day period immediately prior to March 15, 2010. Such Suspension
Period may be effected only if (i) the Company's Board determines in its good
faith that there is a valid business purpose for such suspension and (ii)
provides notice that such determination was made by the Company's Board to the
Holders of the Warrants; provided, however, that the Effectiveness Period shall
be extended by the number of days in any Suspension Period. If the Company shall
so postpone the filing of a Registration Statement it shall, as promptly as
possible, deliver a certificate signed by the Chief Executive Officer of the
Company to the Selling Holders as to such determination, and the Selling Holders
shall (1) have the right, in the case of a postponement of the filing or
effectiveness of a Registration Statement, upon the affirmative vote of the
Holders of not less than a majority of the Registrable Securities to be included
in such Registration Statement, to withdraw the request for registration by
giving written notice to the Company within 10 days after receipt of such notice

                                      -11-

<PAGE>

or (2) in the case of a suspension of the right to make sales, receive an
extension of the registration period equal to the number of days of the
suspension.

          (b) The Company's obligations shall be subject to the obligations of
the Selling Holders, which the Selling Holders acknowledge, to furnish all
information and materials and to take any and all actions as may be required
under applicable federal and state securities laws and regulations to permit the
Company to comply with all applicable requirements of the SEC, if applicable,
and to obtain any acceleration of the effective date of such Registration
Statement.

          (c) The Company shall not be obligated to cause any special audit to
be undertaken in connection with any registration pursuant to this Agreement
unless such audit is required by the SEC or requested by the underwriters with
respect to such registration.

          2.5 Restrictions on Sale by the Company and Others. The Company
covenants and agrees that (i) it shall not, and that it shall not cause or
permit any of its subsidiaries to, effect any public sale or distribution of any
securities of the same class as any of the Registrable Securities or any
securities convertible into or exchangeable or exercisable for such securities
(or any option or other right for such securities), other than any Common Stock
and/or options, warrants or other Common Stock purchase rights and the Common
Stock issued pursuant to such options, warrants or other rights to employees,
officers or directors of, or consultants or advisers to, the Company or any
subsidiary, pursuant to stock purchase or stock option plans or other
arrangements that are approved by the Board of Directors of the Company, during
the 7-day period prior to, and during the 90-day period beginning on, the
commencement of any underwritten offering of Registrable Securities pursuant to
a Piggy-Back Registration which has been scheduled, prior to the Company or any
of its subsidiaries publicly announcing its intention to effect any such public
sale or distribution; (ii) the Company will not, and the Company will not cause
or permit any subsidiary of the Company to, after the date hereof, enter into
any agreement or contract that conflicts with or limits or prohibits the full
and timely exercise by the Holders of Registrable Securities of the rights
herein to join in any Piggy-Back Registration subject to the other terms and
provisions hereof; and (iii) upon request of the Holders of not less than a
majority of the Registrable Securities to be included in such Registration
Statement or any underwriter, it shall use its reasonable best efforts to secure
the written agreement of each of its officers and directors to not effect any
public sale or distribution of any securities of the same class as the
Registrable Securities (or any securities convertible into or exchangeable or
exercisable for an such securities), or any option or right for such securities
during the period described in clause (i) of this Section 2.5.

          2.6 Rule 144 and Rule 144A. The Company covenants that it will file
the reports required to be filed by it under the Securities Act and the Exchange
Act and the rules and regulations adopted by the SEC thereunder in a timely
manner and, if at any time the Company is not required to file such reports, it
will, upon the request of any Holder or beneficial owner of Registrable
Securities, make available such information necessary to permit sales pursuant
to Rule 144A under the Securities Act. The Company further covenants that it
will take such further action as any Holder of Registrable Securities may
reasonably request, all to the extent required from time to time, to enable such
Holder to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by (a) Rule 144(k) and Rule

                                      -12-

<PAGE>

144A under the Securities Act, as such Rules may be amended from time to time,
or (b) any similar rule or regulation hereafter adopted by the SEC (it being
expressly understood that the foregoing shall not create any obligation on the
part of the Company to file periodic reports or other reports under the Exchange
Act at any time that it is not then required to file such reports pursuant to
the Exchange Act). Upon the request of any Holder of Registrable Securities, the
Company will in a timely manner deliver to such Holder a written statement as to
whether it has complied with such information requirements.

          2.7 Underwritten Registrations. No Holder of Registrable Securities
may participate in any underwritten registration pursuant to a Registration
Statement filed under this Agreement unless such Holder (a) agrees to (i) sell
such Holder's Registrable Securities on the basis provided in and in compliance
with customary underwriting arrangements and (ii) comply with Rules 101, 102 and
104 of Regulation M under the Exchange Act and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements.

          2.8 Listing of Warrant Shares. The Company shall use its reasonable
best efforts to register the Warrant Shares for trading on the Nasdaq National
Market or any other national securities exchange, to the extent the Company is
eligible to register for such trading, on or prior to the earlier of (i) the
effective date of the Demand Registration Statement and (ii) the effective date
of the Warrant Shelf Registration Statement.

          SECTION 3. Registration Procedures. In connection with the obligations
of the Company with respect to any Registration Statement pursuant to Sections
2.1, 2.2, 2.3 and 2.7 hereof, the Company shall, except as otherwise provided:

          (a) At least five days prior to the initial filing of a Registration
Statement or Prospectus and at least two days prior to the filing of any
amendment or supplement thereto (including any document that would be
incorporated or deemed to be incorporated therein by reference), furnish to the
Warrant Agent, the Holders and the managing underwriters, if any, copies of all
such documents proposed to be filed, which documents (other than those
incorporated or deemed to be incorporated by reference) shall be subject to the
review of such Holders, and such underwriters, if any, and cause the officers
and directors of the Company, counsel to the Company and independent certified
public accountants to the Company to respond to such reasonable inquiries as
shall be necessary, in the opinion of counsel to such underwriters, to conduct a
reasonable investigation within the meaning of the Securities Act. The Company
shall not file any such Registration Statement or related Prospectus or any
amendments or supplements thereto which the Holders of a majority of the
Registrable Securities included in such Registration Statement shall reasonably
object on a timely basis.

          (b) Prepare and file with the SEC such amendments, including post-
effective amendments to each Registration Statement as may be necessary to keep
such Registration Statement continuously effective for the applicable time
period required hereunder; cause the related Prospectus to be supplemented by
any required Prospectus supplement, and as so supplemented to be filed pursuant
to Rule 424 (or any similar provisions then in force) promulgated under the
Securities Act; and comply with the provisions of the Securities Act and the

                                      -13-

<PAGE>

Exchange Act with respect to the disposition of all securities covered by such
Registration Statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such Registration
Statement as so amended or in such Prospectus as so supplemented.

          (c) Notify the Warrant Agent, the Holders of Registrable Securities to
be sold and the managing underwriters, if any, promptly, and (if requested by
any such person) confirm such notice in writing, (i)(A) when a Prospectus or any
Prospectus supplement or post-effective amendment is proposed to be filed, and
(B) with respect to a Registration Statement or any post- effective amendment
when the same has become effective, (ii) of any request by the SEC or any other
Federal or state governmental authority for amendments or supplements to a
Registration Statement or related Prospectus or for additional information,
(iii) of the issuance by the SEC, any state securities commission, any other
governmental agency or any court of any stop order suspending the effectiveness
of such Registration Statement or of any order or injunction suspending or
enjoining the use of a Prospectus or the effectiveness of a Registration
Statement or the initiation of any proceedings for that purpose, (iv) of the
receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any
proceeding for such purpose, and (v) of the happening of any event, or the
existence of any information becoming known, that makes any statement made in a
Registration Statement or related Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect or
omit to state any material fact required to be stated therein or necessary to
make the statements therein, not misleading, and that in the case of the
Prospectus, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were
made, not misleading.

          (d) Use its reasonable best efforts to avoid the issuance of or, if
issued, obtain the withdrawal of any order enjoining or suspending the
effectiveness of the Registration Statement or the use of a Prospectus or the
lifting of any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities covered thereby for sale in any
jurisdiction described in Section 3(h) at the earliest practicable moment.

          (e) If requested by the managing underwriters, if any, or if none, by
the Holders of a majority of the Registrable Securities being sold pursuant to
such Registration Statement, (i) promptly incorporate in a Prospectus supplement
or post-effective amendment such information as the managing underwriters, if
any, or if none, such Holders reasonably believe should be included therein, and
(ii) make all required filings of such Prospectus supplement or such post-
effective amendment under the Securities Act as soon as practicable after the
Company has received notification of the matters to be incorporated in such
prospectus supplement or post-effective amendment; provided, however, that the
Company shall not be required to take any action pursuant to this Section 3(e)
that would in the opinion of counsel for the Company, violate applicable law.

          (f) Upon written request to the Company, furnish to each Holder of
Registrable Securities to be sold pursuant to a Registration Statement and each
managing underwriter, if any, without charge, at least one conformed copy of the

                                      -14-

<PAGE>

Registration Statement and each amendment thereto, including financial
statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference, and all exhibits to the extent requested
(including those previously furnished or incorporated by reference) as soon as
practicable after the filing of such documents with the SEC.

          (g) Deliver to each Holder of Registrable Securities to be sold
pursuant to a Registration Statement and each managing underwriter, if any,
without charge, as many copies of each Prospectus (including each form of
prospectus) and each amendment or supplement thereto as such Persons may
reasonably request; and, subject to the second to last paragraph of this Section
3, the Company hereby consents to use of such Prospectus and each amendment or
supplement thereto and each document supplemental thereto by each of the selling
Holders of Registrable Securities and the underwriters or agents, if any, in
connection with the offering and sale of the Registrable Securities covered by
such Prospectus and any amendment or supplement thereto.

          (h) Prior to any offering of Registrable Securities, use its
reasonable best efforts to register or qualify or cooperate with the Holders of
Registrable Securities to be sold, the managing underwriter or underwriters, if
any, and their respective counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky laws
of such jurisdictions as any such Holder or underwriter reasonably requests in
writing; keep each such registration or qualification (or exemption therefrom)
effective during the period such Registration Statement is required to be kept
effective hereunder and do any and all other acts or things necessary or
advisable to enable the disposition in such jurisdictions of the Registrable
Securities covered by the applicable Registration Statement; provided, however,
that the Company shall not be required to (i) qualify generally to do business
in any jurisdiction where it is not then so qualified or (ii) take any action
that would subject it to general service of process in any such jurisdiction
where it is not then so subject or to taxation in any jurisdiction where it is
not so subject.

          (i) In connection with any sale or transfer of Registrable Securities
that will result in such securities no longer being Registrable Securities,
cooperate with the Holders of Registrable Securities and the managing
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold, which certificates
shall not bear any restrictive legends whatsoever and shall be in a form
eligible for deposit with The Depository Trust Company ("DTC"); and to enable
such Registrable Securities to be in such denominations and registered in such
names as the underwriter or underwriters, if any, or such Holders may reasonably
request at least two Business Days prior to any sale of Registrable Securities.

          (j) Upon the occurrence of any event contemplated by Section 3(c)(v)
above, as promptly as practicable prepare a supplement or amendment, including
if appropriate a post-effective amendment to each Registration Statement or a
supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, and file any other required document so
that, as thereafter delivered, such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.

                                      -15-

<PAGE>

          (k) Prior to the effective date of a Registration Statement, (i)
provide the registrar for the Warrants and Registrable Securities with
certificates for such securities in a form eligible for deposit with DTC and
(ii) provide CUSIP numbers for such securities.

          (l) Enter into such agreement (including an underwriting agreement in
such form, scope and substance as is customary in underwritten offerings) and
take all such other reasonable actions in connection therewith (including those
reasonably requested by the managing underwriters, if any, or the Holders of a
majority of the Registrable Securities being sold) in order to expedite or
facilitate the disposition of such Registrable Securities, and, whether or not
an underwriting agreement is entered into and whether or not the registration is
an underwritten registration, (i) make such representations and warranties to
the Holders of such Registrable Securities and the underwriter or underwriters,
if any, with respect to the business of the Company and the subsidiaries of the
Company (including with respect to businesses or assets acquired or to be
acquired by any of them), and the Registration Statement, Prospectus and
documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, in form, substance and scope as are customarily made by
issuers to underwriters in underwritten offerings, and confirm the same if any
when requested; (ii) use its reasonable best efforts to obtain opinions of
counsel to the Company and updates thereof (which counsel and opinions (in form,
scope and substance) shall be reasonably satisfactory to the managing
underwriters, if any, addressed to each Selling Holder of Registrable Securities
and each of the underwriters, if any), covering the matters customarily covered
in opinions requested in underwritten offerings and such other matters as may be
reasonably requested by such underwriters; (iii) use its reasonable best efforts
to obtain customary "cold comfort" letters and updates thereof from the
independent certified public accountants of the Company (and, if necessary, any
other independent certified public accountants of any subsidiary of the Company
or of any business acquired by the Company for which financial statements and
financial data are, or are required to be, included in the Registration
Statement), addressed (where reasonably possible) to each Selling Holder of
Registrable Securities and each of the underwriters, if any, such letters to be
in customary form and covering matters of the type customarily covered in "cold
comfort" letters in connection with underwritten offerings; (iv) if an
underwriting agreement is entered into, the same shall contain customary
indemnification provisions and procedures no less favorable to the Selling
Holders and the underwriters, if any, than those set forth in Section 4 hereof
(or such other provisions and procedures acceptable to Holders of a majority of
Registrable Securities covered by such Registration Statement and the managing
underwriter, if any); and (v) deliver such documents and certificates as may be
reasonably requested by the Holders of a majority of the Registrable Securities
being sold and the managing underwriters or underwriters to evidence the
continued validity of the representations and warranties made pursuant to clause
(i) above and evidence compliance with any customary conditions contained in the
underwriting agreement or other agreements entered into by the Company.

          (m) Make available for inspection by a representative of the Selling
Holders of Registrable Securities, any underwriter participating in any such
disposition of Registrable Securities, if any, and any attorney, consultant or
accountant retained by such representative of the Selling Holders of Registrable
Securities or underwriter (collectively, the "Inspectors"), at the offices where
normally kept, during the reasonable business hours, all financial and other
records, pertinent corporate documents and properties of the Company and the
subsidiaries

                                      -16-

<PAGE>

subsidiaries of the Company (including with respect to businesses and assets
acquired or to be acquired to the extent that such information is available to
the Company), and cause the officers, directors, agents and employees of the
Company and its subsidiaries of the Company (including with respect to
businesses and assets acquired or to be acquired to the extent that such
information is available to the Company) to supply all information in each case
reasonably requested by any such Inspector in connection with such Registration
Statement; provided, however, that all such information shall be kept
confidential by such Inspector and shall not be used for any purpose other than
as contemplated hereby, unless (i) disclosure of such information is required by
court of competent jurisdiction or administrative order or is necessary to
respond to inquiries of regulatory authorities; provided, however, that prior
notice is given to the Company, and the Company's legal counsel and such
Inspectors' legal counsel concur that disclosure is required; (ii) disclosure of
such information is required by law (including any disclosure requirements
pursuant to U.S. securities laws in connection with the filing of the
Registration Statement or the use of any Prospectus); provided, however, that
prior notice is given to the Company, and the Company's legal counsel and such
Inspector's legal counsel concur that disclosure is required; (iii) such
information becomes generally available to the public other than as a result of
a disclosure or failure to safeguard such information by such person or (iv)
such information becomes available to such person from a source other than the
Company and its subsidiaries and such source is not bound by a confidentiality
agreement.

          (n) Comply with all applicable rules, regulations and policies of the
SEC and make generally available to its securityholders earnings statements
satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder no later than 60 days after the end of any 12-month period (or 135
days after the end of any 12-month period if such period is a fiscal year) (i)
commencing at the end of any fiscal quarter in which Registrable Securities are
sold to an underwriter or to underwriters in a firm commitment or best efforts
underwritten offering and (ii) if not sold to an underwriter or to underwriters
in such an offering, commencing on the first day of the first fiscal quarter of
the Company after the effective date of the relevant Registration Statement,
which statements shall cover said such period, consistent with the requirements
of Rule 158 under the Securities Act.

          (o) Use its reasonable best efforts to cause the Warrant Shares
relating to such Registration Statement to be listed on each securities
exchange, if any, on which similar securities issued by the Company are then
listed, or, to the extent eligible, to procure an original listing as
contemplated by Sections 2.1(f) and 2.3(f).

          (p) Cooperate with the Selling Holders of Registrable Securities to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends and
registered in such names as the Selling Holders may reasonably request at least
two Business Days prior to the closing of any sale of Registrable Securities.

          (q) Cooperate with the Selling Holders of Registrable Securities
covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Warrants or Registrable Securities and
its respective counsel in connection with any filings required to be made with
the National Association of Securities Dealers, Inc.

                                      -17-

<PAGE>

          The Company may require a Holder of Registrable Securities to be
included in a Registration Statement to furnish to the Company such information
regarding (i) the intended method of distribution of such Registrable Securities
(ii) such Holder and (iii) the Registrable Securities held by such Holder as is
required by law to be disclosed in such Registrable Statement and the Company
may exclude from such Registration Statement the Registrable Securities of any
Holder who fails to furnish such information within a reasonable time after
receiving such request.

          If any such Registration Statement refers to any Holder by name or
otherwise as the Holder of any securities of the Company, then such Holder shall
have the right to require, in the event that such reference to such Holder by
name or otherwise is not required by the Securities Act, the deletion of the
reference to such Holder in such amendment or supplement to the Registration
Statement filed or prepared subsequent to the time that such reference ceases to
be required.

          Each Holder of Registrable Securities agrees by acquisition of such
Registrable Securities that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3(c)(ii), 3(c)(iv) or
3(c)(v) hereof, such Holder will forthwith discontinue disposition of such
Registrable Securities covered by the Registration Statement or Prospectus until
such Holder's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 3(j) hereof, or until it is advised in writing (the
"Advice") by the Company that the use of the applicable Prospectus may be
resumed, and in either case has received copies of any additional or
supplemental filings that are incorporated or deemed to be incorporated by
reference in such Prospectus, and, if so directed by the Company, such Holder
will deliver to the Company all copies that are in such Holder's possession of
the Prospectus covering such Registrable Securities current at the time of
receipt of such notice. If the Company shall give any such notice, the
Effectiveness Period shall be extended by the number of days during such periods
from and including the date of the giving of such notice to and including the
date when each seller of Registrable Securities covered by such Registration
Statement shall have received (x) the copies of the supplemented or amended
Prospectus contemplated by Section 3(j) hereof or (y) the Advice, and, in either
case, has received copies of any additional or supplemental filings that are
incorporated or deemed to be incorporated by reference in such Prospectus.

          Holders of the Registrable Securities shall be obligated to keep
confidential the existence of a Suspension Period or any confidential
information communicated by the Company to the Holder with respect thereto.

          SECTION 4. (a) Indemnification and Contribution. The Company agrees to
indemnify and hold harmless each Holder and each underwriter, if any, who
participates in an offering of Registrable Securities, their respective
affiliates, and their respective directors, officers, employees, agents and each
Person, if any, who controls any of such parties within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act as follows:

               (i) against any and all loss, liability, claim, damage and
          expense whatsoever, as incurred, arising out of any untrue statement
          or alleged untrue statement of a material fact contained in any
          Registration Statement (or any amendment thereto) pursuant to which
          Registrable Securities were registered under the Securities Act,

                                      -18-

<PAGE>

          including all documents incorporated therein by reference, or the
          omission or alleged omission therefrom of a material fact required to
          be stated therein or necessary to make the statements therein, in the
          light of the circumstances under which they were made, not misleading
          or arising out of any untrue statement or alleged untrue statement of
          a material fact contained in any Prospectus (or any amendment or
          supplement thereto) or the omission or alleged omission therefrom of a
          material fact necessary in order to make the statements therein, in
          the light of the circumstances under which they were made, not
          misleading;

provided, however, that this indemnity agreement does not apply to any loss,
liability, claim, damage or expense to the extent (i) arising out of an untrue
statement or omission or alleged untrue statement or omission (A) made in or
omitted from a preliminary Prospectus or Registration Statement and corrected or
included in a subsequent Prospectus or Registration Statement or any amendment
or supplement thereto, (B) made in reliance upon and in conformity with written
information furnished to the Company by such Holder expressly for use in the
Registration Statement (or any amendment thereto) or the Prospectus (or any
amendment or supplement thereto) or (C) resulting from the use of the Prospectus
during a period when the use of the Prospectus has been suspended for sales
thereunder in accordance with Sections 2.1(b), 2.1(c), 2.2(c), 2.4, 2.5 or 2.7
hereof, provided, in each case, that such Holder or such underwriter, as
applicable, received prior notice of such suspension or other unavailability.

          (b) Each Holder agrees, severally and not jointly, to indemnify and
hold harmless the Company, and each underwriter, if any, who participates in an
offering of Registrable Securities and the other Selling Holders and each of
their respective affiliates, and their respective directors, officers (including
each officer of the Company who signed the Registration Statement), employees,
agents and each Person, if any, who controls any of such parties within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
against any and all loss, liability, claim, damage and expense described in the
indemnity contained in Section 5(a) hereof, as incurred, but only with respect
to untrue statements or omissions, or alleged untrue statements or omissions,
made in the Registration Statement (or any amendment thereto) or the Prospectus
(or any amendment or supplement thereto) in reliance upon and in conformity with
written information furnished to the Company by such Holder expressly for use in
the Registration Statement (or any amendment thereto), or the Prospectus (or any
amendment or supplement thereto); provided, however, that no such Holder shall
be liable for any claim hereunder in excess of the amount of net proceeds
received by such Holder from the sale of Warrants and Registrable Securities
pursuant to such Registration Statement.

          (c) In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 4(a) or 4(b) (the
"indemnified party"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "indemnifying party") in writing
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that
in the case of any action in respect of which indemnity may be sought pursuant
to both Section 4(a) and 4(b), the indemnifying party, shall not be required to
assume the defense of such action pursuant to this Section 4(c), but may employ
separate counsel and participate in the defense thereof, but the fees and

                                      -19-

<PAGE>

expenses of such counsel, except as provided below, shall be at the expense of
the indemnifying party). Any indemnified party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of the indemnified
party unless (i) the employment of such counsel shall have been specifically
authorized in writing by the indemnifying party, (ii) the indemnifying party
shall have failed to assume the defense of such action or employ counsel
reasonably satisfactory to the indemnified party or (iii) the named parties to
any such action (including any impleaded parties) include both the indemnified
party and the indemnifying party, and the indemnified party shall have been
advised by such counsel in writing that there may be one or more legal defenses
available to it which are different from or additional to those available to the
indemnifying party (in which case the indemnifying party shall not have the
right to assume the defense of such action on behalf of the indemnified party).
In any such case, the indemnifying party shall not, in connection with any one
action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the fees and expenses of more than one separate firm of attorneys (in
addition to one local counsel) for all indemnified parties and all such fees and
expenses shall be reimbursed as they are incurred. Such firm shall be designated
in writing by a majority of the Holders, in the case of the parties indemnified
pursuant to Section 4(a), and by the Company, in the case of parties indemnified
pursuant to Section 4(b). The indemnifying party shall indemnify and hold
harmless the indemnified party from and against any and all losses, claims,
damages, liabilities and judgments by reason of any settlement of any action (i)
effected with its written consent or (ii) effected without its written consent
if the settlement is entered into more than twenty Business Days after the
indemnifying party shall have received a request from the indemnified party for
reimbursement for the fees and expenses of counsel (in any case where such fees
and expenses are at the expense of the indemnifying party) and, prior to the
date of such settlement, the indemnifying party shall have failed to comply with
such reimbursement request. No indemnifying party shall, without the prior
written consent of the indemnified party, effect any settlement or compromise
of, or consent to the entry of judgment with respect to, any pending or
threatened action in respect of which the indemnified party is or could have
been a party and indemnity or contribution may be or could have been sought
hereunder by the indemnified party, unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all
liability on claims that are or could have been the subject matter of such
action and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of the indemnified party.

          (d) To the extent the indemnification provided for in this Section 4
is unavailable to an indemnified party or insufficient in respect of any losses,
claims, damages, liabilities or judgments referred to therein, then each
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities and judgments in such proportion as
is appropriate to reflect the relative fault of the Company, on the one hand,
and of the Holder, on the other hand, in connection with the statements or
omissions which resulted in such losses, claims, damages, liabilities or
judgments, as well as any other equitable considerations appropriate in the
circumstances. The relative fault of the Company, on the one hand, and of the
Holder, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information

                                      -20-

<PAGE>

supplied by the Company on the one hand, or by the Holder, on the other hand,
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this paragraph (d),
each person, if any, who controls a Purchaser within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, shall have the same
rights to contribution as the Purchaser, and each director of the Company, each
officer of the Company, and each person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, shall have the same rights to contribution as the Company.

          (e) The Company and the Purchasers agree that it would not be just and
equitable if contribution pursuant to Section 4(d) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
The amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities or judgments referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses incurred by such indemnified party in
connection with investigating or defending any matter, including any action,
that could have given rise to such losses, claims, damages, liabilities or
judgments. Notwithstanding the provisions of this Section 4, no Holder, its
directors, its officers or any Person, if any, who controls such Holder shall be
required to contribute, in the aggregate, any amount in excess of the amount by
which the total received by such Holder with respect to the sale of Transfer
Restricted Securities pursuant to a Registration Statement exceeds (i) the
amount paid by such Holder for such Transfer Restricted Securities and (ii) the
amount of any damages which such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Holders'
obligations to contribute pursuant to this Section 4(d) are several in
proportion to the respective principal amount of Transfer Restricted Securities
held by each Holder hereunder and not joint.

          (f) The remedies provided for in this Section 4 are not exclusive and
shall not limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity.

          SECTION 5. Miscellaneous.
                     -------------

          5.1 Remedies. In the event of a breach by the Company of any of its
obligations under this Agreement, each Holder, in addition to being entitled to
exercise all rights provided herein, in the Purchase Agreements or granted by
law, including recovery of damages, will be entitled to specific performance of
its rights under this Agreement. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it
of any of the provisions of this Agreement.

                                      -21-

<PAGE>

          5.2 No Inconsistent Agreement. The Company will not enter into any
agreement which is inconsistent with the rights granted to the Holders of
Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of
the Company's other issued and outstanding securities, if any, under any such
agreements.

          5.3 Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, otherwise than with the prior written consent of the Company
and a majority of the Holders and; provided, however, that, for the purposes of
this Agreement, Warrants and Registrable Securities that are owned, directly or
indirectly, by the Company or any of its affiliates are not deemed outstanding.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of one or
more Holders and that does not directly or indirectly affect the rights of other
Holders may be given by a majority of the Holders so affected; provided,
however, that the provisions of this sentence may not be amended, modified or
supplemented except in accordance with the provisions of the immediately
preceding sentence. Notwithstanding the foregoing, no amendment, modification,
supplement, waiver or consent with respect to Section 4 and this Section 5.3
shall be made or given otherwise than with the prior written consent of each
Person affected thereby.

          5.4 Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, facsimile, or any courier guaranteeing overnight delivery (i)
if to a Holder, at the most current address of such Holder as set forth in the
register for the Registrable Securities, which address initially is, with
respect to each Unit Purchaser, the address set forth with respect to such Unit
Purchaser in the Unit Purchase Agreement, and with respect to each Preferred
Stock Purchaser, the address set forth with respect to such Preferred Stock
Purchaser in the Preferred Stock Purchase Agreement; (ii) if to Hyatt Gaming,
Hyatt Gaming Management, Inc., Madison Plaza, 39th Floor, 200 West Madison
Street, Chicago, IL 60606, Attention: General Counsel and (iii) if to the
Company, initially to Windsor Woodmont Black Hawk Resort Corp., 2231 Valdina
Street, Dallas, Texas 75207, Attention: Daniel P. Robinowitz, facsimile no.:
(214) 630-1261, and thereafter at such other address, notice of which is given
in accordance with the provisions of this Section 6(e), with a copy to Paul,
Hastings, Janofsky & Walker, LLP, 399 Park Avenue, 31st Floor, New York, New
York 10022, Attention: William F. Schwitter, facsimile no.: (212) 319-4090, and
thereafter at such other address notice of which is given in accordance with the
provisions of this Section 6(e).

          All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt is acknowledged, if telecopied; and on
the next Business Day, if timely delivered to an air courier guaranteeing
overnight delivery.

                                      -22-

<PAGE>

          5.5 Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and permitted assigns of each of the
parties and shall inure to the benefit of each Holder. If any transferee of any
Holder shall acquire Registrable Securities, in any manner, whether by operation
of law or otherwise, such Registrable Securities shall be held subject to all of
the terms of this Agreement, and by taking and holding such Registrable
Securities such Person shall be conclusively deemed to have agreed to be bound
by and to perform all of the terms and provisions of this Agreement and such
Person shall be entitled to receive the benefits hereof. The Company may not
assign any of its rights or obligations hereunder without the prior written
consent of each Holder of Registrable Securities. Notwithstanding the foregoing,
no successor or assignee of the Company shall have any rights granted under the
Agreement until such person shall acknowledge its rights and obligations
hereunder by a signed written statement of such person's acceptance of such
rights and obligations.

          5.6 Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and a of which taken together
shall constitute one and the same Agreement.

          5.7 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICT OF LAW PROVISIONS THEREOF.

          5.8 Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

          5.9 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          5.10 Entire Agreement. This Agreement, together with the Purchase
Agreements and the Warrant Agreements, is intended by the parties as a final
expression of their agreement, and is intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein and therein. This Agreement, the Purchase
Agreements and the Warrant Agreements supersede all prior agreements and
understandings between the parties with respect to such subject matter.

          5.11 Securities Held by the Company or Its Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or
by any of its affiliates (as such term is defined in Rule 405 under the

                                      -23-

<PAGE>

Securities Act) shall not be counted (in either the numerator or the
denominator) in determining whether such consent or approval was given by the
Holders of such required percentage.

                            [Signature Pages Follow]

                                      -24-

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                         WINDSOR WOODMONT BLACK HAWK
                                         RESORT CORP.

                                         By /s/  Michael Armstrong
                                            ------------------------------------
                                            Name:
                                            Title:

Confirmed and accepted as of the date first above written:

         US. BANCORP LIBRA

         By:
             --------------------------------------
             Name:
             Title:

         HYATT GAMING MANAGEMENT, INC.,
         a Nevada corporation

         By:
             --------------------------------------
             Name:
             Title:

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                          ABLECO HOLDING LLC

                                          By: /s/  Kevin Genda
                                              ----------------------------------
                                              Name:   Kevin Genda
                                              Title:  Vice President

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                          MADELEINE L.L.C

                                          By: /s/  Kevin Genda
                                              ----------------------------------
                                              Name:   Kevin Genda
                                              Title:  Vice President

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                          BAY HARBOUR MANAGEMENT LC

                                          By:
                                              ----------------------------------
                                              Name:
                                              Title:

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                          CONTINENTAL CASUALTY COMPANY

                                          By: /s/  Richard W. Dubberke
                                              ----------------------------------
                                              Name:   Richard W. Dubberka
                                              Title:  Vice President

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                          PALESTRA PARTNERS

                                          By: /s/  David Bra?????
                                              ----------------------------------
                                              Name:   David B
                                              Title:  ?????????

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                          THE MAINSTAY FUNDS, ON BEHALF OF ITS
                                          HIGH YIELD CORPORATE BOND FUND SERIES

                                          By:    MacKay Shields LLC
                                          Its:   Investment Advisor

                                          By:  /s/  Robert A. Nisi
                                               ---------------------------------
                                               Name:   Robert A. Nisi
                                               Title:  General Counsel

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                          PURCHASER:

                                          By:
                                              ----------------------------------
                                              Name:
                                              Title:

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                          THE RAVICH REVOCABLE TRUST OF 1989

                                          By: /s/  Jess M. Ravich
                                              ----------------------------------
                                              Name:   Jess M. Ravich
                                              Title:  Trustee

<PAGE>

            [Signature Page to Warrant Registration Rights Agreement]

                                         THE MAINSTAY VP SERIES FUND, INC., ON
                                         BEHALF OF ITS HIGH YIELD CORPORATE BOND
                                         PORTFOLIO

                                         By:  MacKay Shields LLC
                                         Its:   Investment Advisor

                                         By:
                                             ----------------------------------
                                             Robert A. Nisi
                                             General Counsel

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}]]