Document:

Exhibit 10.15

                  HYATT GAMING PLEDGE AND ASSIGNMENT AGREEMENT

           THIS HYATT GAMING PLEDGE AND ASSIGNMENT AGREEMENT, dated as of March
14, 2000 (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the "Agreement"), is made by WINDSOR WOODMONT BLACK
HAWK RESORT CORP., a Colorado corporation, as pledgor ("Pledgor"), in favor of
HYATT GAMING MANAGEMENT, INC., a Nevada corporation (together with its
successors and assigns, "Lender").

                                    RECITALS

           WHEREAS, the Pledgor and SunTrust Bank, a Georgia banking
corporation, as trustee (in such capacity, together with its successors and
assigns, the "Indenture Trustee") are, contemporaneously with the execution and
delivery of this Agreement, entering into that certain Indenture of even date
herewith (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the "Indenture"), pursuant to which Pledgor (a) is
issuing its 13% Series A First Mortgage Notes due 2005 (such notes, together
with any notes issued in replacement thereof or in exchange therefor, the
"Series A Notes"), and (b) will issue its 13% Series B First Mortgage Notes due
2005 (such notes, together with any notes issued in replacement thereof or in
exchange therefor, the "Series B Notes" and together with the Series A Notes,
the "Initial Notes"), in the original aggregate principal amount of $100,000,000
and pursuant to which Pledgor may issue up to an additional $35,000,000
aggregate principal amount of notes in the same series as the Initial Notes
(such notes, together with any notes issued in replacement thereof or in
exchange therefor, the "Additional Notes" and, together with the Initial Notes,
the "Senior Notes").

           WHEREAS, it is a condition precedent to the purchase of the Senior
Notes that Pledgor shall have executed and delivered that certain Pledge and
Assignment Agreement, of even date herewith (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the "First
Pledge Agreement") to the Indenture Trustee for itself and the ratable benefit
of the holders from time to time of the Senior Notes to secure the payment and
performance of the Obligations (as defined in the First Pledge Agreement).

           WHEREAS, the Pledgor and Lender are, contemporaneously with the
execution and delivery of this Agreement, entering into that certain
Subordinated Loan Agreement of even date herewith (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the
"Subordinated Loan Agreement"), pursuant to which Lender is loaning Pledgor the
principal amount of $7,500,000 (the "Subordinated Loan") evidenced by that
certain Subordinated Promissory Note of even date herewith (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the
"Subordinated Note").

           WHEREAS, it is a condition precedent to the making of the
Subordinated Loan that Pledgor shall have executed and delivered this Agreement
to Lender to secure the payment and performance of the Obligations (as
hereinafter defined).

           WHEREAS, Pledgor, Lender and the Indenture Trustee have entered into
that certain Intercreditor Subordination and Collateral Agreement (as the same
may be amended, restated, supplemented or otherwise modified from time to time,

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the "Intercreditor Agreement") of even date herewith to establish the relative
priorities of the indebtedness owing by Pledgor and of the liens securing such
indebtedness.

           WHEREAS, the Pledgor, Indenture Trustee, Lender, Norwest Bank
Minnesota, N.A., a national association ("Norwest"), as disbursement agent for
Lender (in such capacity, the "Disbursement Agent"), First American Heritage
Title Company, as the construction escrow agent, and RE TECH+, Inc., as
independent construction consultant under the Indenture, are, contemporaneously
with the execution and delivery of this Agreement, entering into that certain
Cash Collateral and Disbursement Agreement of even date herewith (as the same
may be amended, restated, supplemented or otherwise modified from time to time,
the "Disbursement Agreement") pursuant to which the net proceeds of the Senior
Notes (the "Senior Notes Proceeds") and the Subordinated Note (the "Hyatt Gaming
Proceeds" which, together with the Senior Notes Proceeds shall be referred to
herein as the "Note Proceeds") will be administered and maintained, including
the investment of certain portions of such proceeds in Government Securities and
Investment Grade Securities in accordance with the Indenture and the
Disbursement Agreement and such other investments as provided in that certain
letter agreement regarding escrow closing instructions dated as of March 17,
2000 by and among Pledgor, Indenture Trustee, Lender and Disbursement Agent (as
the same may be amended, restated, supplemented or otherwise modified from time
to time, the "Closing Escrow Letter").

           WHEREAS, Pledgor is the legal and beneficial owner of the securities
listed in Schedule I hereto and will be the legal and beneficial owner of all
securities purchased by or on behalf of Pledgor from time to time with the Note
Proceeds and/or other amounts deposited or accruing in the Pledged Collateral
Accounts, as defined below (all of the foregoing securities, collectively, the
"Securities").

           NOW, THEREFORE, in consideration of the mutual covenants set forth
herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and in order to induce Lender to
make the Subordinated Loan, the parties hereto hereby agree as follows:

           Section 1. Definitions. Terms used but not otherwise defined herein
that are defined in the Uniform Commercial Code (as defined herein) shall have
the meanings given in the Uniform Commercial Code. Capitalized terms used but
not otherwise defined herein shall have the meanings given in the Subordinated
Loan Agreement. In addition the following terms shall have the following
meanings when used herein.

           "Advance Disbursement Account" shall have the meaning assigned to
such term under subsection 2(c).

           "Advance Disbursement Account Agreement" means that certain Advance
Disbursement Account Agreement dated as of even date herewith by and among
Pledgor, the Indenture Trustee, Lender, the Disbursement Agent and Norwest, as
Securities Intermediary.

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           "Book-Entry Securities" means securities issued by the United States
of America or any agency or instrumentality thereof maintained through
registration on the books of a Federal Reserve Bank pursuant to applicable
Federal book-entry regulations.

           "Completion Reserve Account" shall have the meaning assigned to such
term under subsection 2(c).

           "Construction Disbursement Account" shall have the meaning assigned
to such term under subsection 2(c).

           "Governmental Authority" means any federal, state, local or foreign
court, agency, authority, board, bureau, commission, department, office or
instrumentality of any nature whatsoever or any governmental or
quasi-governmental unit, whether now or hereafter in existence, or any officer
or official thereof.

           "Hyatt Gaming Account Agreement" means that certain Hyatt Gaming
Account Agreement dated as of even date herewith by and among Pledgor, Lender,
and Norwest, as Securities Intermediary (as amended, restated, supplemented or
otherwise modified from time to time).

           "Hyatt Gaming Accounts" means, collectively, the Hyatt Gaming
Completion Reserve Account, the Hyatt Construction Disbursement Account and the
Advance Disbursement Account.

           "Hyatt Gaming Completion Reserve Account" shall have the meaning
assigned to such term under subsection 2(c).

           "Hyatt Gaming Construction Disbursement Account" shall have the
meaning assigned to such term under subsection 2(c).

           "Interest Reserve Account" shall have the meaning assigned to such
term under subsection 2(c).

           "Interest Reserve Account Agreement" means that certain Interest
Reserve Account Agreement dated as of even date herewith by and among Pledgor,
the Indenture Trustee, the Disbursement Agent and Norwest, as Securities
Intermediary.

           "Interest Securities Intermediary" means SunTrust, together with its
successors and assigns, in its capacity as a "securities intermediary" within
the meaning of 31 C.F.R. Section 357.2 and Section 8-102 of the Uniform
Commercial Code.

           "Interim Interest Reserve Account" shall have the meaning assigned to
such term under subsection 2(c).

           "Interim Interest Reserve Account Agreement" means that certain
Interest Reserve Account Agreement dated as of even date herewith by and among
Pledgor, the Indenture Trustee and the Securities Intermediary.

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           "Liquor Laws" means the liquor laws of any jurisdiction or
jurisdictions to which the Pledgor or any of its Subsidiaries is, or may at any
time after the date of the Subordinated Loan Agreement, be subject.

           "Liquor License" means any license, permit, franchise or other
authorization from any Liquor Licensing Authority necessary or required on the
date of the Subordinated Loan Agreement or at any time thereafter to own, lease,
operate or otherwise conduct the lodging, retail, restaurant or other
entertainment facilities of the Pledgor, including all licenses granted under
the Liquor Laws.

           "Liquor Licensing Authority" means any agency, authority, board,
bureau, commission, department, office or instrumentality of any nature
whatsoever of the United States federal or a foreign government, any state,
province or any city or other political subdivision or otherwise, and whether
now or hereafter in existence, or any officer or official thereof, including the
Colorado Liquor Enforcement Division and the city of Black Hawk Liquor Licensing
Authority and any other applicable liquor licensing regulatory authority with
authority to regulate any liquor licensed operation (or proposed liquor licensed
operation) owned by the Pledgor or any of its Subsidiaries and managed or
operated by Hyatt Gaming Management, Inc. or any of its Subsidiaries.

           "Obligations" means all obligations of the Pledgor to the Lender
howsoever created, arising or evidenced, whether direct or indirect, absolute or
contingent, now or hereafter existing, or due or to become due, which arise out
of or in connection with the Subordinated Loan Agreement, the Subordinated Note,
this Agreement or any other Transaction Document.

           "Obligor" means any and all Persons obligated to pay money or to
perform some other act under or in respect of the Pledged Collateral.

           "Person" means any individual, corporation, limited liability
company, partnership, joint venture, estate, association, joint stock company,
trust, unincorporated organization, or government or any agency or political
subdivision thereof and any fiduciary acting in such capacity on behalf of any
of the foregoing.

           "Securities Intermediary" means Norwest, together with its successors
and assigns, in its capacity as a "securities intermediary" within the meaning
of 31 C.F.R. Section 357.2 and Section 8-102 of the Uniform Commercial Code.

           "Transaction Documents" means the Subordinated Loan Agreement, the
Subordinated Note, this Agreement and all other documents, instruments,
financing statements and other agreements executed in connection herewith and
therewith from time to time, as each of the same may be amended, restated,
supplemented or modified from time to time.

           "Uniform Commercial Code" means the Uniform Commercial Code as in
effect in the State of New York on the date of this Agreement; provided,
however, that if by reason of mandatory provisions of law, the perfection or
effect of perfection or non-perfection of the security interest granted
hereunder in any Pledged Collateral is governed by the Uniform Commercial Code
as in effect in a jurisdiction other than New York, Uniform Commercial Code

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shall mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such perfection or effect of
perfection or non-perfection.

           "Unmatured Surviving Obligation" means, as of any date, an Obligation
which is contingent and unliquidated and not due and owing on such date and
which, pursuant to provisions of any Transaction Document, survives termination
of such Transaction Document and the indefeasible payment in full of the
Subordinated Note.

           Section 2. Pledge. As collateral security for the due and punctual
payment and performance in full when due (whether at stated maturity, upon
redemption or required repurchase, by acceleration or otherwise) of the
Subordinated Note and all other Obligations, Pledgor hereby pledges, assigns,
transfers and grants to Lender, a continuing priority lien on all of the right,
title and interest of Pledgor in, to and under the following property, whether
now or hereafter existing, owned or acquired (collectively, the "Pledged
Collateral"):

               (a) the Securities and the certificates, if any, evidencing the
          Securities and any interest of Pledgor in the entries on the books of
          any securities intermediary pertaining to the Securities;

               (b) all Proceeds (as defined under the Uniform Commercial Code or
          to the extent not defined therein, under other relevant law) of the
          Securities, and in any event including, without limitation, any and
          all (i) proceeds of any insurance (except payment made to a Person
          which is not a party to this Agreement), indemnity, warranty or
          guarantee payable to Pledgor from time to time with respect to any of
          the Securities, (ii) payments (in any form whatsoever) made or due and
          payable to Pledgor from time to time in connection with any
          requisition, confiscation, condemnation, seizure or forfeiture of all
          or any part of the Securities by any Governmental Authority (or any
          person acting on behalf of a Governmental Authority), and (iii) other
          amounts from time to time paid or payable under or in connection with
          any of the Securities; and

               (c) any and all (i) funds and assets, including without
          limitation the Proceeds, now or hereafter deposited in Account Nos.:

           13645-102 (the "Construction Disbursement Account");

           13645-104 (the "Hyatt Gaming Construction Disbursement Account");

           13645-101 (the "Interim Interest Reserve Account");

           13645-103 (the "Completion Reserve Account");

           13645-105 (the "Hyatt Gaming Completion Reserve Account");

           0404017634 (the "Advance Disbursement Account");

           at the Disbursement Agent, and Account No. 6797500 (the "Interest
Reserve Account" at the Indenture Trustee, (each, a "Pledged Collateral Account"
and, collectively, the "Pledged Collateral Accounts"), including interest that

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accrues either before or after the commencement of any bankruptcy or insolvency
proceeding by or against Pledgor, (ii) present and future accounts, general
intangibles, chattel paper, contract rights, deposit accounts, instruments,
investment property, financial assets and documents now or hereafter relating or
arising with respect to the Pledged Collateral Accounts and/or the use thereof
and all securities entitlements with respect thereto, and (iii) cash and noncash
proceeds and products of the items described in subparagraphs (i) and (ii)
above; provided, however, that the Lien granted herein to the Construction
Disbursement Account, the Interest Reserve Account, the Interim Interest Reserve
Account and the Completion Reserve Account and any Proceeds thereof or other
amounts held in any such accounts shall be subordinated to the Lien of the
Indenture Trustee in such accounts to the extent, but only to the extent, set
forth in the Intercreditor Agreement; provided, further, that the lien granted
herein to the Advance Disbursement Account shall be subject to the provisions of
the Intercreditor Agreement.

           Section 3. No Release. Nothing set forth in this Agreement shall
relieve Pledgor from the performance of any term, covenant, condition or
agreement on Pledgor's part to be performed or observed under or in respect of
any of the Pledged Collateral or from any liability to any Person under or in
respect of any of the Pledged Collateral or shall impose any obligation on
Lender to perform or observe any such term, covenant, condition or agreement on
Pledgor's part to be so performed or observed or shall impose any liability on
Lender for any act or omission on the part of Pledgor relating thereto or for
any breach of any representation or warranty on the part of Pledgor contained in
this Agreement, under or in respect of the Pledged Collateral or made in
connection herewith or therewith. The provisions set forth in this Section 3
shall survive the termination of this Agreement and the discharge of Pledgor's
obligations under this Agreement or any other agreement constituting Pledged
Collateral.

           Section 4. Further Assurances. Pledgor agrees that, at any time and
from time to time, it will make, execute, endorse, acknowledge and file and
refile, or permit Lender to file and refile, such lists, descriptions and
designations of the Pledged Collateral, copies of documents of title, vouchers,
invoices, schedules, confirmatory assignments, supplements, additional security
agreements, conveyances, financing statements, amendments thereto, continuation
statements, transfer endorsements, powers of attorney and other documents
(including without limitation this Agreement), in form reasonably satisfactory
to Lender in such offices as Lender may deem necessary or appropriate, wherever
required or permitted by law in order to perfect, protect and preserve the
rights and interests granted to Lender hereunder. Pledgor hereby authorizes
Lender and appoints Lender as its attorney-in-fact to file such financing
statements, continuation statements, amendments thereto and other documents,
without the signature of Pledgor to the fullest extent permitted by applicable
law, and Pledgor agrees to do such further acts and things, and to execute and
deliver to Lender such additional assignments, agreements, powers and
instruments, in each case, as Lender may reasonably require to carry into effect
the purposes of this Agreement, to preserve or protect the lien on the Pledged
Collateral created by this Agreement or to assure and confirm unto Lender its
rights, powers and remedies hereunder. The foregoing grant of authority is a
power of attorney coupled with an interest and such appointment shall be
irrevocable for the term of this Agreement. All of the foregoing shall be at the
sole cost and expense of Pledgor.

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           Section 5. Representations, Warranties and Covenants. Pledgor
represents, warrants and covenants as follows:

               (a) Delivery; Perfection. Except for the certificates delivered
to the Indenture Trustee on the date hereof, to the extent that any of the
Pledged Collateral constitutes certificated securities, Pledgor has delivered to
Lender all certificates representing such Pledged Collateral relating to the
Securities identified on Schedule I hereto (and, upon satisfaction of the
Obligations as defined in the First Pledge Agreement, (i) will immediately
deliver to Lender all certificates representing such Pledged Collateral acquired
after the date hereof and (ii) hereby consents and agrees and instructs the
Indenture Trustee to transfer any certificates held by the Indenture Trustee
directly to Lender), accompanied in each case by undated bond powers duly
executed in blank, and has caused to be filed with the Secretary of State of the
State of Texas, the principal place of business of Pledgor, Uniform Commercial
Code financing statements evidencing the lien or pledge created by this
Agreement, and, together with the book entries described in Section 5(f) below
and the execution and delivery of this Agreement, the Interim Interest Reserve
Agreement, the Advance Disbursement Account Agreement, the Interest Reserve
Account Agreement and the Hyatt Gaming Account Agreement, such delivery, filing,
pledge, transfer and control of the Pledged Collateral pursuant to this
Agreement creates a valid and perfected first priority security interest in the
Pledged Collateral (except (i) to the extent subordinated to the Indenture
Trustee with respect to, but only with respect to, the Construction Disbursement
Account, the Interest Reserve Account, the Interim Interest Reserve Account and
the Completion Reserve Account and any Proceeds thereof or other amounts held in
any such accounts, and (ii) as set forth in the Intercreditor Agreement) and
pursuant to the Uniform Commercial Code securing the payment and performance in
full of the Obligations.

               (b) No Liens. Pledgor is as of the date hereof, and, as to
Pledged Collateral acquired by it from time to time after the date hereof,
Pledgor will be, the owner of all of the Pledged Collateral free and clear of
any lien (other than the Lien granted to Lender under this Agreement or any
other Transaction Document, the Liens granted to the Indenture Trustee in the
Construction Disbursement Account, the Interest Reserve Account, the Interim
Interest Reserve Account, the Completion Reserve Account and the Advance
Disbursement Account and any Proceeds thereof or other amounts held in any such
accounts and Permitted Liens specified in subclauses (iv), (vi), (viii) and (xv)
of the definition of Permitted Liens in the Subordinated Loan Agreement), and
Pledgor shall defend the Pledged Collateral against all claims and demands of
all Persons at any time claiming any interest therein adverse to Lender.

               (c) Other Financing Statements. There is no financing statement
(or similar statement or instrument of registration under the law of any
jurisdiction) covering or purporting to cover any interest of any kind in the
Pledged Collateral and, so long as any Obligations are outstanding, Pledgor
shall not execute or authorize to be filed in any public office any financing
statement (or similar statement or instrument of registration under the law of
any jurisdiction) or statements relating to the Pledged Collateral, except
financing statements filed or to be filed in respect of and covering the Lien
granted by Pledgor pursuant to this Agreement or any other Transaction Document

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and the Lien granted to the Indenture Trustee in the Construction Disbursement
Account, the Interest Reserve Account, the Interim Interest Reserve Account, the
Completion Reserve Account and the Advance Disbursement Account and any Proceeds
thereof or other amounts held in any such accounts.

               (d) Chief Executive Office; Records. The chief executive office
of Pledgor is located at 2231 Valdina Street, Dallas, Texas 75207, and has been
located there for at least four (4) months preceding the date hereof. In
addition, Pledgor's name has not been changed in the four (4) months preceding
the date hereof. Pledgor shall not establish a new location for such office nor
shall it change its name unless (i) it shall have given Lender not less than
thirty (30) days' prior written notice of its intention so to do, clearly
describing such new location or locations or name and providing such other
information in connection therewith as Lender may request, and (ii) with respect
to such new location or name, Pledgor shall have taken all action satisfactory
to Lender to maintain the perfection, priority and validity of the lien of
Lender in the Pledged Collateral intended to be granted by this Agreement.

               (e) Authorization; Enforceability; Consents and No Breach. The
execution and delivery of this Agreement and the performance by Pledgor of its
obligations hereunder are within Pledgor's corporate powers, have been duly
authorized by all necessary corporate action, have received all necessary
governmental approvals (if any shall be required), and do not and will not
contravene or conflict with any provision of law or of the charter or by-laws of
Pledgor or of any agreement, instrument or order binding upon Pledgor.

               (f) Book-Entry Securities. With respect to the Book-Entry
Securities identified in Schedule I hereto and the Book-Entry Securities
acquired by or on behalf of Pledgor from time to time with the Note Proceeds
and/or other amounts deposited or accruing in the Hyatt Gaming Construction
Disbursement Account and the Hyatt Gaming Completion Account, Pledgor shall
promptly request Norwest as Securities Intermediary to:

               (i) cause such Book-Entry Securities to be credited to the
          Securities Intermediary's trust/custody account maintained at the
          Federal Reserve Bank at which such Securities Intermediary maintains a
          Participant's Securities Account (as such term is defined in 31 C.F.R.
          ss 357.2) (and to be identified on the records of such Federal Reserve
          Bank as being held for the sole and exclusive account of such
          Securities Intermediary),

               (ii) credit by book-entry and its books and records such
          Book-Entry Securities as being held for the account of Lender and for
          the benefit of Lender (subject to the lien of the Indenture Trustee in
          the Construction Disbursement Account, the Interest Reserve Account,
          the Interim Interest Reserve Account, the Completion Reserve Account
          and the Advance Disbursement Account and any Proceeds thereof or other
          amounts held in such accounts, as applicable), and

               (iii) send a confirmation to Lender that such Securities
          Intermediary is holding such Book-Entry Securities for the account of
          Lender and for the benefit of Lender (subject to the lien of the

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          Indenture Trustee in the Construction Disbursement Account, the
          Interest Reserve Account, the Interim Interest Reserve Account, the
          Completion Reserve Account and the Advance Disbursement Account and
          any Proceeds thereof or other amounts held in such accounts, as
          applicable and in each case the Securities Intermediary shall act upon
          the instructions of the Disbursement Agent).

With respect to the Pledged Collateral, Pledgor and Lender hereby acknowledge
and agree that Norwest is the Securities Intermediary at which the securities
accounts for the Pledged Collateral is maintained, and Norwest hereby agrees to
maintain each of the Pledged Collateral Accounts as a "securities account"
within the meaning of Article 8 of the Uniform Commercial Code. Norwest hereby
acknowledges that, and Pledgor hereby agrees, subject to the lien of the
Indenture Trustee in the Construction Disbursement Account, the Interest Reserve
Account, the Interim Interest Reserve Account, the Completion Reserve Account
and the Advance Disbursement Account and any Proceeds thereof or other amounts
held in such accounts, as applicable (i) it has by book-entry credited the
Book-Entry Securities to Lender and Lender is the entitlement holder with
respect to the security entitlements therein, (ii) it shall, as Securities
Intermediary, comply with all written entitlement orders originated by Lender
without the need for further consent by Pledgor or further direction from the
Disbursement Agent acting on the direction of any Party, and (iii) Lender shall
have control over the Book-Entry Securities and the security entitlements and
securities accounts relating thereto.

Norwest as Securities Intermediary hereby agrees that each item of property
(whether investment property, financial asset, security, instrument or cash)
credited to the Pledged Collateral Accounts shall be treated as a "financial
asset" with the meaning of Section 8-102(a)(a) of the Uniform Commercial Code.

               (g) Pledged Collateral. All information set forth herein
(including the exhibits hereto) relating to the Pledged Collateral is accurate
and complete in all material respects.

           Section 6. Provisions Concerning the Pledged Collateral.

               (a) Protection of Lender's Security. Pledgor shall not take any
          action that impairs the rights of Lender in the Pledged Collateral.

               (b) Payments. So long as no Event of Default shall have occurred
          and be continuing, all distributions, cash, interest, return of
          capital or other payments made in respect of the Pledged Collateral
          shall be deposited in the applicable Pledged Collateral Account and
          utilized in accordance with the provisions of the Subordinated Loan
          Agreement and the Disbursement Agreement. Upon the occurrence and
          during the continuation of an Event of Default, Lender shall be
          entitled to exercise its rights and remedies as set forth in Section 8
          hereof.

           Section 7. Transfers and Other Liens. Pledgor shall not (i) sell,
convey, assign or otherwise dispose of, or grant any option, right or warrant
with respect to, any of the Pledged Collateral except as permitted under the

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Subordinated Loan Agreement, the Disbursement Agreement and this Agreement, or
(ii) create or permit to exist any Lien upon or with respect to any Pledged
Collateral, except for the lien of this Agreement and the other Transaction
Documents and Permitted Liens described in Section 5(b) hereof.

           Section 8. Remedies Upon Default; Obtaining the Pledged Collateral
Upon Event of Default.

               (a) If an Event of Default shall have occurred and be continuing,
          subject to compliance with the Gaming Laws and the Liquor Laws, then
          and in every such case, Lender may:

                         (i) instruct the obligor or obligors on any agreement,
                    instrument or other obligation constituting Pledged
                    Collateral to make any payment required by the terms of such
                    instrument or agreement directly to or as directed by
                    Lender; provided, however, that in the event that any such
                    payments are made directly to Pledgor prior to receipt by
                    any such obligor of such instruction or notwithstanding such
                    instruction, Pledgor shall hold such amounts as agent and
                    trustee for Lender, segregate all amounts received pursuant
                    thereto in a separate account and pay such amounts promptly
                    to or as directed by Lender; and

                         (ii) proceed to exercise all rights, privileges and
                    remedies of Pledgor under the Pledged Collateral, and may
                    exercise such rights and remedies either in the name of
                    Lender or in the name of Pledgor for the use and benefit of
                    Lender to the fullest extent permitted by applicable law.

               (b) Upon the occurrence and during the continuance of an Event of
          Default, Lender may from time to time exercise in respect of the
          Pledged Collateral, in addition to the other rights and remedies
          provided herein or otherwise available to it, all the rights and
          remedies of a Lender under the Uniform Commercial Code. The proceeds
          of the exercise by Lender of any remedy hereunder shall be paid to and
          applied as follows:

           First: to payment of all of the reasonable costs and expenses of
           Lender, including (i) the expenses of such sale, (ii) the
           out-of-pocket costs and expenses of Lender and the fees and
           out-of-pocket costs and expenses of counsel employed by Lender, (iii)
           the payment of all advances made by Lender for the account of Pledgor
           hereunder, and (iv) the payment of all costs and expenses incurred by
           Lender in connection with the administration and enforcement of this
           Agreement, to the extent that such advances, costs and expenses shall
           not have been reimbursed to Lender;

           Second: to the payment in full of the Obligations under and as
           defined in this Agreement in accordance with Section 3 of the
           Intercreditor Agreement;

           Third: the balance, if any, of such proceeds shall be paid to
           Pledgor, its successors and assigns, or to whomever may be lawfully
           entitled to receive the same.

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               (c) Upon the occurrence and during the continuance of an Event of
          Default, subject to compliance with the Gaming Laws and the Liquor
          Laws, Lender may, upon ten (10) business days' prior written notice to
          Pledgor of the time and place, with respect to the Pledged Collateral
          or any part thereof that shall then be or shall thereafter come into
          the possession, custody or control of Lender or any of its agents,
          sell, lease, assign or otherwise dispose of all or any part of the
          Pledged Collateral, at such place or places as Lender deems best, and
          for cash or for credit or for future delivery, at public or private
          sale, without demand of performance or notice of intention to effect
          any such disposition or of the time or place thereof (except such
          notice as is required above or by applicable statute and cannot be
          waived), and Lender or anyone else may be the purchaser, lessee,
          assignee or recipient of any or all of the Pledged Collateral so
          disposed of at any public sale (or, to the extent permitted by law, at
          any private sale) and thereafter hold the same absolutely, free from
          any claim or right of whatsoever kind, including any right or equity
          of redemption (statutory or otherwise), of Pledgor, any such demand,
          notice (other than the notice specified above) and right or equity
          being hereby expressly waived and released. Lender may, without notice
          or publication, adjourn any public or private sale or cause the same
          to be adjourned from time to time by announcement at the time and
          place fixed for the sale, and such sale may be made at any time or
          place to which the sale may be so adjourned. Notwithstanding the first
          sentence of this Section 8(c) to the contrary, with respect to that
          portion of the Pledged Collateral consisting of Book-Entry Securities,
          the parties acknowledge and agree that such Pledged Collateral is sold
          on a recognized market and, accordingly, Lender need not furnish
          Pledgor with notice of its intention to sell such Pledged Collateral.
          The proceeds of each collection, sale or other disposition under this
          Section 8(c) shall be applied in accordance with Section 8(b) hereof.

               (d) Private Sale. Lender shall incur no liability as a result of
          the sale of the Pledged Collateral, or any part thereof, at any
          private sale pursuant to Section 8(c) hereof conducted in a
          commercially reasonably manner. Pledgor hereby waives any claims
          against Lender arising by reason of the fact that the price at which
          the Pledged Collateral may have been sold at such private sale was
          less than the price that might have been obtained at a public sale or
          was less than the aggregate amount owed by Pledgor under the
          Transaction Documents, even if Lender accepts, the first offer
          received and does not offer the Pledged Collateral to more than one
          offeree. Notwithstanding anything to the contrary in this Section
          8(d), with respect to that portion of the Pledged Collateral
          consisting of Book-Entry Securities, the parties acknowledge and agree
          that such Pledged Collateral is sold on a recognized market and,
          accordingly, such Pledged Collateral is excluded from this Section
          8(d).

           Section 9. Lender May Perform; Lender Appointed Attorney-In-Fact. If
Pledgor fails to do any act or thing that it has covenanted to do hereunder or
if any warranty on the part of Pledgor contained herein shall be breached,
Lender may (but shall not be obligated to), upon notice to Pledgor specifying
the action to be taken, do the same or cause it to be done or remedy any such
breach, and may expend funds for such purpose. Any and all amounts so expended
by Lender (including, but not limited to, reasonable legal expenses and
disbursements) shall be paid by Pledgor promptly upon demand therefor, with
interest at the Interest Rate, as defined in the Subordinated Note, plus 2%

                                       11

<PAGE>

during the period from the date on which such payment is made to and including
the date of repayment. Pledgor hereby authorizes Lender and appoints Lender its
attorney-in-fact, with full authority in the place and stead of Pledgor and in
the name of Pledgor, or otherwise, from time to time in Lender's reasonable
discretion to take any action and to execute any instrument which is consistent
and in accordance with the terms of this Agreement and the Transaction Documents
and which Lender may deem reasonably necessary or advisable to accomplish the
purposes of this Agreement. The foregoing grant of authority is a power of
attorney coupled with an interest and such appointment shall be irrevocable for
the term of this Agreement. Pledgor hereby ratifies all actions that such
attorney shall lawfully take or cause to be taken in accordance with this
Section 9.

           Section 10. Notices. All notices, requests, demands and other
communication shall be given in the manner set forth in Section 7.13 of the
Subordinated Loan Agreement and shall be given or delivered at the following
respective addresses and facsimile and telephone numbers and to the attention of
the following individuals or departments: (i) if to Pledgor, at its address
specified pursuant to the Subordinated Loan Agreement; (ii) if to Lender, at its
address specified pursuant to the Subordinated Loan Agreement; (iii) if to the
Securities Intermediary or the Interest Securities Intermediary, at their
respective addresses specified on the signature page hereto; and (iv) as to any
such party, at such other address, facsimile or telephone number, or to the
attention of such other individual or department, as the party to which such
information pertains may hereafter specify for the purpose in a notice to the
other specifically captioned "Notice of Change of Address." A copy of any notice
provided pursuant to this Agreement shall be provided to Hyatt Gaming
Management, Inc. at its address set forth in the Management Agreement.

           Section 11. GOVERNING LAW; TERMS; SEVERABILITY. THIS AGREEMENT SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION
AND ENFORCEMENT OF THE SECURITY INTERESTS HEREUNDER IN RESPECT OF ANY PARTICULAR
PLEDGED COLLATERAL ARE GOVERNED BY THE LAWS OF ANOTHER JURISDICTION, AND EACH OF
THE PARTIES HERETO, TOGETHER WITH THE SECURITIES INTERMEDIARY AND THE INTEREST
SECURITIES INTERMEDIARY, EXPRESSLY AGREES THAT FOR PURPOSES OF SECTION 8-110 OF
THE UNIFORM COMMERCIAL CODE, THE SECURITIES INTERMEDIARY'S AND THE INTEREST
SECURITIES INTERMEDIARY'S JURISDICTION IS NEW YORK. THE PARTIES HERETO
IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL
COURT SITTING IN THE CITY OF NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT.

           If any term or provision of this Agreement is held to be or rendered
invalid or unenforceable at any time in any jurisdiction, such term or provision
shall not affect the validity or enforceability of any other terms or provisions
at any other time or in any other jurisdiction.

           Section 12. Facsimile; Counterparts. Each party hereto may deliver an
executed signature page to this Agreement by facsimile transmission to each
other party, which facsimile copy shall be deemed to be an original executed
signature page; provided, however, that such party shall deliver an original

                                       12

<PAGE>

signature page to each other party promptly thereafter. This Agreement may be
executed in any number of counterparts, each of which shall be deemed an
original and all of which counterparts together shall constitute one agreement
with the same effect as if the parties had signed the same signature page.

           Section 13. Headings. The Section headings used in this Agreement are
for convenience of reference only and shall not affect the construction of this
Agreement.

           Section 14. Entire Agreement; Amendments. This Agreement, together
with those other agreements referenced herein, constitutes the entire agreement
and understanding of Pledgor and Lender, and shall supersede any other
agreements and understandings (written or oral) between Pledgor and Lender on or
prior to the date of this Agreement with respect to the transaction contemplated
in this Agreement. No amendment or modification to any terms of this Agreement,
or cancellation of this Agreement, shall be valid unless in writing and executed
and delivered by both Pledgor and Lender.

           Section 15. Limitation on Duty of Lender in Respect of Pledged
Collateral. Beyond the exercise of reasonable care in the custody thereof,
Lender shall have no duty as to any Pledged Collateral in its possession or
control or in the possession or control of any agent or bailee or any income
thereon or as to the preservation of rights against prior parties or any other
rights pertaining thereto. Lender shall be deemed to have exercised reasonable
care in the custody and preservation of the Pledged Collateral in its possession
if such Pledged Collateral is accorded treatment substantially equal to that
which Lender accords its own property, and shall not be liable or responsible
for any loss or damage to any of the Pledged Collateral, or for any diminution
in the value thereof, by reason of the act or omission of any agent or bailee
selected by Lender in good faith.

           Section 16. No Waiver. No delay on the part of Lender in the exercise
of any right or remedy shall operate as a waiver thereof, and no single or
partial exercise by Lender of any right or remedy shall preclude other or
further exercise thereof or the exercise of any other right or remedy.

           Section 17. Binding Agreement; Assignment. This Agreement shall be
binding upon Pledgor and Lender and their respective successors and assigns, and
shall inure to the benefit of Pledgor and Lender and the respective successors
and assigns of Lender.

           Section 18. Indemnification. Pledgor agrees to indemnify Lender and
hold Lender harmless from and against any and all liabilities, losses, damages,
costs and expenses of any kind or nature whatsoever, including without
limitation the reasonable fees and disbursements of counsel, which may be
incurred by Lender in connection with its actions hereunder or in connection
with any investigative, administrative or judicial proceeding (whether or not
Lender shall be designated a party thereto) relating to or arising out of this
Agreement or the Pledged Collateral (including without limitation any such
proceeding by Pledgor against Lender or Lender against Pledgor); provided that
Lender shall not have the right to be indemnified hereunder for its own gross
negligence or willful misconduct as determined by a court of competent
jurisdiction.

                                       13

<PAGE>

           Section 19. Waiver of Right to Jury Trial. EACH OF THE PARTIES HERETO
HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDINGS INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY
ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP
ESTABLISHED HEREUNDER.

           Section 20. Limitations of Gaming Laws and Liquor Laws. Lender
acknowledges that: (i) its grant of a security interest in, and its rights and
remedies with respect to the Pledged Collateral are subject to the limitations
and restrictions of the Gaming Laws and/or the Liquor Laws, which may, among
other things, require Lender to obtain the prior approval of the Gaming
Authority or Liquor License Authority, as applicable, enforcing such laws before
taking any action hereunder and to be licensed by such authorities before
exercising certain rights and remedies hereunder and (ii) the Gaming Laws and
Liquor Laws currently prohibit any pledge, hypothecation or transfer of any
Gaming License or Liquor License or any interests therein or attachment of any
security interest in such licenses.

           Section 21. Conflicts with Subordinated Loan Agreement. In the event
of any conflict between the provisions of this Agreement and those of the
Subordinated Loan Agreement, including, without limitation, any conflicts or
inconsistencies in any definitions herein or therein, the applicable provisions
or definitions in the Subordinated Loan Agreement shall govern.

           Section 22. Termination. Upon the indefeasible payment in full of all
Obligations (other than Unmatured Surviving Obligations) of the Pledgor under
the Subordinated Loan Agreement, the Subordinated Note, this Agreement, the
other Transaction Documents and any other document or other agreement executed
in connection herewith or therewith, or upon Legal Defeasance or Covenant
Defeasance, Lender shall, at the request of Pledgor, deliver a certificate to
Pledgor stating that such Obligations have been paid in full, the security
interest granted herein shall terminate and all rights to the Pledged Collateral
shall revert to Pledgor. Upon any such termination Lender shall, at Pledgor's
expense, execute and deliver to Pledgor such Uniform Commercial Code termination
statements and such other documents as Pledgor shall reasonably request to
effect or evidence the termination and release of such security interest in the
Pledged Collateral

           Section 23. Intercreditor Arrangements. The rights and obligations of
Pledgor and Lender under this Agreement are made subject to all terms and
conditions of the Intercreditor Agreement.

                  [remainder of page intentionally left blank;
                             signature page follows]

                                       14

<PAGE>

           IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed and delivered by its duly authorized officer as of the
date first above written.

                                            PLEDGOR:

                                            WINDSOR WOODMONT BLACK HAWK,
                                            a Colorado corporation

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

                                            LENDER:

                                            HYATT GAMING MANAGEMENT, INC.,
                                            a Nevada corporation

                                            By: /s/ Richard L. Schulze
                                               --------------------------------
                                            Name:   Richard L/ Schulze
                                                 ------------------------------
                                            Title:  Authorized Signatory

Norwest Bank Minnesota, N.A., a national association, acting in its capacity as
Securities Intermediary, hereby (i) agrees to act as Securities Intermediary and
(ii) acknowledges its agreement to be bound by the provisions of subsections
5(f) and 11 set forth in this Agreement.

NORWEST BANK MINNESOTA, N.A., a
a national association

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

Midwest Plaza West Tower
801 Nicollet Mall, Suite 700
Minneapolis, MN 55479-0065
Attention: Kristy M. Perez
Facsimile: (702) 765-3531

        [Signature Page To Hyatt Gaming Pledge and Assignment Agreement]

<PAGE>
        IN WITNESS WHEREOF, each of the parties hereto has caused this
aggreement to be executed and delivered by its duly authorized officer as of
the above date first above written.

                                    PLEDGOR:

                                    WINDSOR WOODMART BLACK HAWK,
                                    a Colorado corporation

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

                                    LENDER:

                                    HYATT GAMING MANAGEMENT, INC.
                                    a Nevada corporation

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

Norwest Bank Minnesota, N.A. a national association, as Securities Intermediary,
hereby (i) agrees to act as Securities Intermediary and (ii) acknowledges to be
bound by the provisions of subsection 5(1) and 11 set forth in this Agreement.

NORWEST BANK MINNESOTA, N.A., a
a national association

By:  /s/Kristy M. Perez
     -----------------------------
Name:   Kristy M. Perez
     -----------------------------
Title:  Vice President
     -----------------------------

3300 W. Sahara, 1st Floor
Las Vegas, NV  89102
Attion:  Kristy M. Perez
Facsimile:  (702) 765-3531

        [Signature Page To Hyatt Gaming Pledge and Assignment Agreement]

<PAGE>

                                                                      Schedule I
                                                                      ----------
                               LIST OF SECURITIESExhibit 10.16

                       HYATT GAMING COLLATERAL ASSIGNMENT
                       ----------------------------------

     THIS HYATT GAMING COLLATERAL ASSIGNMENT (as amended, supplemented or
otherwise modified from time to time, this "Hyatt Gaming Collateral Assignment")
is made as of March 14, 2000 by and between WINDSOR WOODMONT BLACK HAWK RESORT
CORP., a Colorado corporation, (the "Company"), in favor of HYATT GAMING
MANAGEMENT, INC., a Nevada corporation, together with its successors and
assigns, the "Lender").

                                    RECITALS
                                    --------

     WHEREAS, the Company and SunTrust Bank, a Georgia banking corporation, as
trustee (herein, together with its successors in such capacity called the
"Indenture Trustee"), are, contemporaneously with the execution and delivery of
this Hyatt Gaming Collateral Assignment, entering into that certain Indenture
dated as of March 14, 2000 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the "Indenture") pursuant to which the
Company (i) is issuing its 13% Series A First Mortgage Notes due 2005 (such
notes, together with any notes issued in replacement thereof or in exchange
therefor, the "Series A Notes"), and (ii) will issue its 13% Series B First
Mortgage Notes due 2005 (such notes, together with any notes issued in
replacement thereof or in exchange therefor, the "Series B Notes", and together
with the Series A Notes, the "Original Notes"), in the original aggregate
principal amount of $100,000,000 and pursuant to which the Company may issue
additional notes up to an aggregate principal amount of $35,000,000 in the same
series as the Original Notes (such notes, together with any notes issued in
replacement thereof or exchange therefor, the "Additional Notes", and together
with the Original Notes, the "Notes"). All initial capitalized terms used, but
not defined, herein shall have the meaning set forth in the Subordinated Loan
Agreement;

     WHEREAS, it is a condition precedent to the purchase of the Notes that the
Company shall have executed and delivered that certain Collateral Assignment, of
even date herewith (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "First Collateral Assignment") to the
Indenture Trustee for itself and the ratable benefit of the holders from time to
time of the Notes to secure the payment and performance of the Obligations (as
defined in the First Collateral Assignment);

     WHEREAS, the Company and Lender are, contemporaneously with the execution
and delivery of this Hyatt Gaming Collateral Assignment, entering into that
certain Subordinated Loan Agreement dated as of March 14, 2000 (as the same may
be amended, restated, supplemented or otherwise modified from time to time, the
"Subordinated Loan Agreement") pursuant to which Lender is loaning the Company
the principal amount of $7,500,000 (the "Subordinated Loan"). To evidence the
Subordinated Loan, the Company has executed and delivered to Lender that certain
Subordinated Promissory Note of even date herewith (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the
"Subordinated Note"). All initial capitalized terms used, but not defined,
herein shall have the meaning set forth in the Subordinated Loan Agreement;

<PAGE>

     WHEREAS, it is a condition precedent to Lender's making of the Subordinated
Loan that the Company shall have executed and delivered this Hyatt Gaming
Collateral Assignment to Lender to secure the payment and performance of the
Obligations (as hereinafter defined); and

     WHEREAS, Lender, the Company and the Indenture Trustee have entered into
that certain Intercreditor Subordination and Collateral Agreement, (as the same
may be amended, restated, supplemented or otherwise modified from time to time,
the "Intercreditor Agreement") of even date herewith to establish the relative
priorities of the indebtedness owing by the Company and each of the liens
securing such indebtedness.

     NOW, THEREFORE, in consideration of the mutual covenants set forth herein
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, and in order to induce the Lender to enter into
the Subordinated Loan Agreement, the Company agrees as follows:

     1. Assignment. As security for the due and punctual payment and performance
of all indebtedness and obligations of the Company, now or hereafter due under
the Subordinated Loan Agreement, the Subordinated Note, the Collateral Documents
and all other documents, agreements and instruments (in each case, as amended,
supplemented or otherwise modified from time to time), now or hereafter executed
and delivered in connection with the Subordinated Loan Agreement, collectively,
the "Transaction Documents"), whether or not arising after the commencement of a
proceeding under Bankruptcy Law (including post-petition interest) and whether
or not recovery of any such obligation or liability may be barred by a statute
of limitations or prescriptive period or such obligation or liability may
otherwise be unenforceable (collectively, the "Obligations"), the Company hereby
assigns and transfers to the Lender, and hereby grants to Lender, a security
interest in all of the Company's right, title and interest, to the extent
assignable and transferable, whether now existing or hereafter arising and
whether now owned or hereafter acquired, wherever located, in, to and under the
following (collectively, the "Assigned Collateral"):

     (a)  all contracts (including, without limitation, the Excavation Contract,
          Construction Contract, Architect Contract and all other construction
          contracts and architectural design, engineering and development
          contracts and agreements, subcontracts, service agreements, supply
          agreements and other such contracts and agreements) between the
          Company and other persons, and all amendments, modifications,
          additions and changes thereto, in each case relating to the Project;

     (b)  all plans, specifications, engineering reports, soil and environmental
          reports, site plans, surveys, working drawings, shop drawings, other
          reports, drawings and plans and other such documents, and all
          amendments, modifications, supplements, general conditions, addenda,
          additions and changes thereto, in each case relating to the Project;

     (c)  all other contracts, agreements, documents and instruments now
          existing or hereafter arising relating to the Project, including,
          without limitation, any and all construction, architectural and
          engineering contracts, plans and specifications, drawings, and
          surveys, bonds, permits, licenses and other governmental approvals and
          all other Plans (all of the foregoing in subsections (a) through (c),
          collectively, the "Contracts and Documents"); and

                                       2

<PAGE>

     (d)  all proceeds of the foregoing, including, without limitation, (i)
          whatever is now or hereafter receivable or received upon the sale,
          exchange, collection or other disposition of any of the Contracts and
          Documents, whether voluntary or involuntary, (ii) any such items which
          are now or hereafter acquired with any proceeds of Contracts and
          Documents, and (iii) any insurance or payments under any indemnity,
          warranty or guaranty now or hereafter payable by reason of loss or
          damage or otherwise with respect to any Contracts and Documents or any
          proceeds thereof.

     Notwithstanding the foregoing, the Assigned Collateral shall not include
any of the following (collectively, the "Excluded Assets"): (i) Gaming Licenses,
(ii) Liquor Licenses, (iii) all gaming devices, other licenses or permits and
any interest in such gaming devices, licenses or permits to the extent (but only
to the extent) that the Gaming Laws or Liquor Laws, as applicable, prohibit, as
of the date hereof, the Debtor from granting a security interest therein without
the approval of the relevant Gaming Authority or Liquor License Authority (but
only to the extent such approval has not been obtained), (iv) FF&E to the extent
that (1) the purchase or lease of such FF&E is not financed with the proceeds of
the Notes but with the proceeds of an FF&E Financing and (2) the Debtor is
permitted to enter into such FF&E Financing for such FF&E under the Indenture
and (v) the Hyatt Intellectual Property, the Protected Marks and the Protected
Name; provided, further, that (x) any such Excluded Asset now owned or hereafter
acquired by the Debtor shall automatically become part of the Collateral when
and to the extent it may subsequently be made subject to such a lien and/or such
approval of the Gaming Authority or Liquor License Authority, as applicable, is
obtained and/or such FF&E Financing has been repaid, satisfied or terminated and
(y) all proceeds of any Excluded Assets shall be subject to the continuing
security interest granted hereunder to the full extent permitted under
applicable Gaming Laws or Liquor Laws or the terms of the FF&E Financing;
provided, still further, that the security interest granted herein in the Cash
Collateral Accounts shall be subordinated to the lien of the Indenture Trustee
in such accounts to the extent, but only to the extent, set forth in the
Intercreditor Agreement.

     The Assigned Collateral includes, without limitation, those certain
contracts and agreements set forth in Exhibit A attached hereto and made a part
hereof.

     The Company shall obtain from each other party to the Contracts and
Documents a Consent to Assignment in the form Exhibit B attached hereto and made
a part hereof.

     2. Rights of the Company. This Hyatt Gaming Collateral Assignment is an
assignment for security purposes only. Accordingly, notwithstanding anything to
the contrary set forth herein, the Company shall retain all rights with respect
to the Contracts and Documents, including, without limitation, the right to
enforce all rights of such Company thereunder, except during a period when an
Event of Default has occurred and is continuing.

     3. Representations and Warranties of the Company. The Company represents
and warrants to Lender as of the date hereof that (a) the Company has provided
to Lender true and complete copies of all Contract and Documents executed as of

                                       3

<PAGE>

the date hereof, and that none of the Contracts and Documents has been amended
or modified, except as set forth herein or as previously disclosed in writing to
Lender, (b) except for Permitted Liens, the Company has not assigned or granted
a security interest in any of the Contracts and Documents or the proceeds
thereof to anyone other than Lender and the Indenture Trustee under the First
Collateral Assignment Agreement, and (c) the Company is not in default, and no
event has occurred that with notice or lapse of time or both would constitute a
default by the Company, or to the Company's knowledge, any other party under any
of the Contracts and Documents.

     4. Covenants of the Company. The Company agrees that (a) the Company will
not further assign, encumber or permit the assignment, transfer or encumbrance
of any of the Contracts and Documents or the proceeds thereof without the prior
written consent of (i) Lender, except as otherwise permitted under the
Subordinated Loan Agreement, and (ii) any surety or guarantor under any
performance or completion bond to the extent that failure to obtain such consent
would affect the validity or coverage provided by such bond; (b) the Company
will perform and discharge each material obligation, covenant and agreement to
be performed by the Company under each Contract and Document, at no cost or
expense to Lender; (c) the Company will use its commercially reasonable best
efforts to enforce or secure the performance of each material obligation,
covenant or agreement of the other parties to each Contract and Document; and
(d) the Company will not modify, amend, supplement or in any way join in the
release of any rights of the Company under any of the Contracts and Documents or
modify, amend, supplement or in any way join in the discharge of any obligations
of any counterparty under any Contract or Document, without the prior written
consent of (i) Lender to the extent that such modification, amendment,
supplement, release or discharge would be in any material way adverse to Lender,
and (ii) any surety or guarantor under any performance or completion bond to the
extent that failure to obtain such consent would affect the validity or coverage
provided by such bond except in each case with the Lender's prior written
consent.

     5. Limitation of Lender's Obligations. Nothing in this Assignment shall
constitute an assumption of any obligation by Lender under the Contracts and
Documents. The Company shall continue to be liable for all obligations
thereunder and hereby agrees to perform all such obligations, to comply with all
terms and conditions of the Contracts and Documents, and to take such steps as
may be necessary or appropriate to secure performance by all other parties
thereto. The Company shall defend, indemnify and hold Lender harmless from and
against all liabilities, damages, losses, costs, and expenses, including,
without limitation, attorneys' fees, arising from or related to any failure by
the Company to perform any obligation of the Company under any of the Contracts
and Documents, which indemnity and hold harmless agreement shall survive the
payment and performance of the Obligations.

     6. Cure by Lender. At any time upon and during the continuation of an Event
of Default, Lender shall have the right, but shall have no obligation, to take
all actions that Lender may determine to be necessary or appropriate to cure any
breach or default under any of the Contracts and Documents and to protect the
rights of the Company or Lender thereunder, and may do so in Lender's name, in
the name of the Company or otherwise. If any such action taken by Lender shall
prove to be inadequate or invalid in whole or in part, Lender shall not incur
any liability on account thereof, and the Company hereby agrees to defend,
indemnify and hold Lender harmless from and against all liabilities, damages,

                                       4

<PAGE>

losses, costs, and expenses, including, without limitation, reasonable
attorneys' fees, which Lender may incur or to which it may become subject in
exercising any of its rights under this Hyatt Gaming Collateral Assignment,
except for those arising from the gross negligence or willful misconduct of
Lender, which indemnity and hold harmless agreement shall survive the payment
and performance of the Obligations.

     7. Rights and Remedies. Upon the occurrence of an Event of Default under
the Subordinated Loan Agreement, irrespective of whether a notice of default has
been given with respect to such Event of Default (unless required by the
Subordinated Loan Agreement), and with or without bringing any action or
proceeding, Lender may, at its option, succeed to and proceed to enforce all of
the rights, interests and remedies of the Company under the Contracts and
Documents, amend, modify, cancel, terminate or replace the same, reassign the
Company's right, title and interest therein to any other person, and exercise
any and all other rights of the Company under the Contracts and Documents,
either in person or through an agent, receiver or keeper, without further notice
to or consent by the Company, and without regard to the adequacy of security for
the Obligations or the availability of any other remedies. The exercise of any
of the foregoing rights or remedies shall not cure or waive any Default under
the Subordinated Loan Agreement or any other Transaction Document, or waive,
modify or affect any notice of default thereunder, or invalidate any act done
pursuant to any such notice. In addition to the rights and remedies of Lender as
set forth in this Hyatt Gaming Collateral Assignment, Lender shall be entitled
to the benefit of all other rights and remedies set forth in the Subordinated
Loan Agreement and the other Transaction Document, at law or in equity. Without
limiting the foregoing, the Company hereby irrevocably constitutes and appoints
Lender, upon the occurrence and during the continuance of an Event of Default,
as its attorney-in-fact to demand, receive and enforce the Company's rights with
respect to the Contracts and Documents, to give appropriate receipts, releases
and satisfactions for and on behalf of the Company, and to do any and all acts
in the name of the Company with the same force and effect as the Company could
do if this Assignment had not been made. Such appointment is irrevocable and
coupled with an interest until payment in full and complete performance of all
the Obligations. Lender may appoint a substitute attorney-in-fact. The Company
ratifies all actions taken by the attorney-in-fact but, nevertheless, if Lender
requests, the Company will specifically ratify any action taken by the
attorney-in-fact by executing and delivering to the attorney-in-fact or to any
entity designated by the attorney-in-fact all documents necessary to effect such
ratification.

     8. Additional Instruments. With respect to both existing and future
Contracts and Documents, the Company hereby agrees to execute and deliver, at
its sole cost and expense, such additional assignments and other documents as
Lender may reasonably request in order to implement the provisions of this
Assignment.

     9. Gaming Laws and Regulations. The Company acknowledges that, to the
extent required under applicable law, the consummation of the transactions
contemplated hereby and the exercise of remedies hereunder may be subject to the
Colorado Limited Gaming Act and the regulations promulgated pursuant to each
such law, all as amended from time to time. The parties hereto further
acknowledge that the Gaming License held by the Company is not part of the
collateral of this Assignment and that, under the above described legislation
and rules promulgated thereunder, Lender may be precluded from or otherwise

                                       5

<PAGE>

limited in taking possession of or in selling the collateral of this Assignment
under the rights and remedies provisions of this Hyatt Gaming Collateral
Assignment and the other Transaction Documents. The parties hereto also
acknowledge that due to various legal restrictions, including, without
limitation, licensing of operators of gaming facilities and prior approval of
the sale or disposition of assets of a licensed gaming operation, the sale of
collateral may be denied by Gaming Authorities or delayed pending approval of
Gaming Authorities.

     10. Conflicts with Subordinated Loan Agreement. In the event of any
conflict between the provisions of this Hyatt Gaming Collateral Assignment and
those of the Subordinated Loan Agreement, including, without limitation, any
conflicts or inconsistencies in any definitions herein or therein, the
applicable provisions or definitions of the Subordinated Loan Agreement shall
govern.

     11. Notice. All notices, requests and other communications provided for
hereunder shall be given in accordance with Section 7.13 of the Subordinated
Loan Agreement. A copy of any notice provided pursuant to this Hyatt Gaming
Collateral Assignment shall be provided to Hyatt Gaming Management, Inc. at its
address as set forth in the Management Agreement.

     12. Successors and Assigns; Third Party Beneficiaries. This Assignment
shall be binding upon and inure to the benefit of the parties, and their
respective permitted successors and permitted assigns. This Assignment shall not
confer any rights or remedies upon any third party.

     13. No Waiver. No delay on the part of Lender in the exercise of any right
or remedy shall operate as a waiver thereof, and no single or partial exercise
by Lender of any right or remedy shall preclude other or further exercise
thereof or the exercise of any other right or remedy.

     14. Termination and Release. Upon the indefeasible payment in full of all
Obligations (other than Unmatured Surviving Obligations) of the Company under
the Subordinated Loan Agreement, the Subordinated Note, this Hyatt Gaming
Collateral Assignment, the other Collateral Documents and any other document or
other agreement executed in connection herewith or therewith, or upon Legal
Defeasance or Covenant Defeasance, Lender shall, at the request of the Company,
deliver a certificate to the Debtor stating that such Obligations have been paid
in full, the security interest granted herein shall terminate and all rights to
the Collateral shall revert to the Company. Upon any such termination Lender
shall, at the Company's cost and expense, execute and deliver to the Company
such termination statements and such other documents as the Company shall
reasonably request to effect or evidence the termination and release of such
security interest in Collateral. For the purposes hereof, the term "Unmatured
Surviving Obligation" means, as of any date, an Obligation which is contingent
and unliquidated and not due and owing on such date and which, pursuant to
provisions of the Subordinated Loan Agreement, the Subordinated Note, this Hyatt
Gaming Collateral Agreement, the other Collateral Documents and any other
document or agreement executed in connection herewith or therewith, survives
termination of such documents or agreements and the indefeasible payment in full
of the Senior Notes.

     15. Waiver of Trial By Jury. LENDER AND THE COMPANY HEREBY WAIVE TRIAL BY
JURY IN ANY JUDICIAL PROCEEDINGS INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER,
(WHETHER IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO,
OR CONNECTED WITH THIS HYATT GAMING COLLATERAL ASSIGNMENT OR THE RELATIONSHIP
ESTABLISHED HEREUNDER.

                                       6

<PAGE>

     16. Governing Law; Severability. THIS ASSIGNMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW) WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.
If any term or provision of this Assignment is held to be or rendered invalid or
unenforceable at any time in any jurisdiction, such term or provision shall not
affect the validity or enforceability of any other terms or provisions of this
Assignment, or the validity or enforceability of such affected terms or
provisions at any other time or in any other jurisdiction.

     17. Conflicts with Subordinated Loan Agreement and Other Collateral
Documents. Notwithstanding any other provision of this Agreement, the terms and
provisions of this Agreement shall be subject and subordinate to the terms of
the Subordinated Loan Agreement. To the extent that the Subordinated Loan
Agreement provides Pledgor with a particular cure or notice period, or
establishes any limitations or conditions on the lender's actions with regard to
a particular set of facts, Pledgor shall be entitled to the same cure periods
and notice periods, and Lender shall be subject to the same limitations and
conditions in place of the cure periods, notice periods, limitations and
conditions provided for under the Subordinated Loan Agreement; provided,
however, that such cure periods, notice periods, limitations and conditions
shall not be cumulative as between the Subordinated Loan Agreement and this
Agreement. In the event of any conflict between the provisions of this Hyatt
Gaming Collateral Assignment and those of the Subordinated Loan Agreement,
including, without limitation, any conflicts or inconsistencies in any
definitions herein or therein, the applicable provisions or definitions in the
Subordinated Loan Agreement shall govern.

     18. Entire Agreement; Amendments to Agreement. This Hyatt Gaming Collateral
Assignment sets forth the entire understanding and agreement of the parties
hereto, and shall supersede any other agreements and understandings (written or
oral) between the parties hereto on or prior to the date of this Hyatt Gaming
Collateral Assignment with respect to the transaction contemplated in this Hyatt
Gaming Collateral Assignment. No amendment or modification to any terms of this
Hyatt Gaming Collateral Assignment, or cancellation of this Hyatt Gaming
Collateral Assignment, shall be valid unless in writing and executed and
delivered by both the parties hereto.

     19. Facsimile; Counterparts. Either party may deliver an executed signature
page to this Hyatt Gaming Collateral Assignment by facsimile transmission to the
other party, which facsimile copy shall be deemed to be an original executed
signature page; provided, however, that such party shall deliver an original
signature page to the other party promptly thereafter. This Hyatt Gaming
Collateral Assignment may be executed in any number of counterparts, each of
which shall be deemed an original and all of which counterparts together shall
constitute one agreement with the same effect as if the parties hereto had
signed the same signature page.

     20. Intercreditor Agreement. This Hyatt Gaming Collateral Assignment is
made subject to all terms and conditions of the Intercreditor Agreement.

                                       7

<PAGE>

                  [Remainder of page intentionally left blank;
                          Signatures on following page]

                                       8
<PAGE>

     IN WITNESS WHEREOF, the Company has executed this Hyatt Gaming Collateral
Assignment as of the date first above written.

                                   Windsor Woodmont Black Hawk Resort Corp.,
                                   a Colorado corporation

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

             [Signature Page to Hyatt Gaming Collateral Assignment]

<PAGE>

                                    EXHIBIT A

                         LIST OF CONTRACTS AND DOCUMENTS
                         -------------------------------

1.   Standard Form of Agreement Between Owner and Architect with Standard Form
     of Architect's Services (AIA Document B141-1997, 1997 Edition Electronic
     Format), dated January 31, 2000, by and between Windsor Woodmont, L.L.C.,
     as owner ("WWLLC"), and Paul Steelman, Ltd., as architect ("Architect").

     Settlement Agreement, dated as of even date herewith, by and among, inter
     alia, WWLLC and Architect.

     General Assignment, dated as of even date herewith, from WWLLC to Company.

2.   Standard Form of Agreement Between Owner and Contractor (AIA Document
     A101/CMa), dated May 14, 1998, by and between WWLLC, as owner, and D. H.
     Blattner & Sons, Inc., as contractor ("Contractor").

     Supplement to AIA Document A101/CMa Standard Form of Agreement Between
     Owner and Contractor, dated May 14, 1998, by and between WWLLC and
     Contractor.

     Amendment, dated June 15, 1998, by and between WWLLC and Contractor.

     Second Amendment to Standard Form of Agreement Between Owner and
     Contractor, dated December 31, 1999, by and between WWLLC and Contractor.

     General Assignment, dated as of even date herewith, from WWLLC to Company.

3.   Standard Form of Agreement Between Owner and Contractor, dated January 25,
     2000, by and between WWLLC, as owner, and PCL Construction Services, Inc.,
     as contractor.

     General Assignment, dated as of even date herewith, from WWLLC to Company.

                                      A-1
<PAGE>

                                    EXHIBIT B

        FORM OF CONSENT TO HYATT GAMING COLLATERAL ASSIGNMENT OF CONTRACT
        -----------------------------------------------------------------

     THIS CONSENT TO HYATT GAMING COLLATERAL ASSIGNMENT OF CONTRACT (this
"Consent") is made as of _______________, 2000, by ____________________, a
___________________________ ("Contracting Party"), for Hyatt Gaming Management,
Inc., a Nevada corporation (the "Lender").

                                    RECITALS
                                    --------

     WHEREAS, Windsor Woodmont Black Hawk Resort Corp., a Colorado corporation
(the "Company") and Lender have entered into that certain Subordinated Loan
Agreement dated as of March 14, 2000 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the "Subordinated Loan
Agreement") pursuant to which Lender loaned the Company the principal amount of
$7,500,000 (the "Subordinated Loan"). To evidence the Subordinated Loan, the
Company executed and delivered to Lender that certain Subordinated Promissory
Note dated as of March 14, 2000 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the "Subordinated Note").
All initial capitalized terms used, but not defined, herein shall have the
meanings set forth in the Subordinated Loan Agreement;

     WHEREAS, the portion of the proceeds of the Notes have been deposited into
an escrow account pursuant to a Cash Collateral and Disbursement Agreement (the
"Disbursement Agreement") as of March 14, 2000 among Norwest Bank Minnesota,
N.A., a national association, as disbursement agent (the "Disbursement Agent"),
Suntrust Bank, a Georgia banking association, as trustee, Lender, First American
Heritage Title Company, a Colorado corporation, as escrow agent, and RE TECH+,
Inc., a Colorado corporation, as independent construction consultant (the
"Independent Construction Consultant"), and the Company;

     WHEREAS, the Company must use the proceeds of the Subordinated Note for the
construction of the Project (as defined in the Disbursement Agreement). The
Contracting Party and the Company are parties to that certain
_____________________________________ [name of contract] dated as of
_______________ (the "Contract") relating to the design, construction and/or
operation of the Project. The Company has executed a Hyatt Gaming Collateral
Assignment dated of even date with the Subordinated Loan Agreement (as amended,
restated, supplemented or otherwise modified from time to time, the "Hyatt
Gaming Collateral Assignment"), in favor of Lender, collaterally assigning all
of the Company's right, title and interest in and to, among other things, the
Contract, in order to secure the obligations of the Company under, among other
documents, the Subordinated Loan Agreement and the Subordinated Note (the
"Obligations"); and

     WHEREAS, pursuant to the Contract, the Company and Lender require the
consent of Contracting Party with respect to the Hyatt Gaming Collateral
Assignment and the matters related thereto as set forth herein.

                                      B-1

<PAGE>

     NOW THEREFORE, for good and valuable consideration, receipt of which is
hereby acknowledged, Contracting Party agrees as follows:

          1. Consent to Assignment. Pursuant to the Contract, the Contracting
Party has performed or supplied, or agreed to perform or supply, certain
services, materials or documents in connection with the Project in accordance
with the terms of the Contract. The Contracting Party hereby consents to the
assignment of the Contract by the Company to Lender as provided in the Hyatt
Gaming Collateral Assignment and this Consent.

          2. The Company's Default under Contract. If the Company defaults under
the Contract, before exercising any remedy, the Contracting Party shall deliver
to Lender at the address and in the manner set forth in Section 16 hereof (or
such other address provided thereby in writing to the Company), written notice
of such default, specifying the nature of the default and the steps necessary to
cure the same, and clearly marked as a notice of default pursuant to this
Paragraph 2. If the Company fails to cure the default within the time permitted
under the Contract, then Lender shall have an additional thirty (30) days after
the expiration of the time permitted under the Contract (but in no event less
than an additional thirty (30) days after the receipt by Lender of said notice
from Contracting Party) within which Lender shall have the right, but not the
obligation, to cure such default; provided, however, that, with respect to
payment defaults only, Lender shall have thirty (30) days from receipt of notice
of such default within which Lender shall have the right, but not the
obligation, to cure such default. The Contracting Party's delivery of such a
notice of default to Lender and Lender's failure to cure the same within the
said additional period shall be conditions precedent to the exercise of any
right or remedy of Contracting Party arising by reason of such default, except
that the Contracting Party shall not be required to continue performance under
the Contract for the said additional period, unless and until Lender agrees to
pay the Contracting Party for that portion of the work, labor and materials
rendered during the said additional period.

          3. Certificate of Default Status. Upon the written request of Lender
at any time and from time to time, the Contracting Party shall furnish to
Lender, within five (5) business days of receipt of such request, a certificate
stating whether, as of such request receipt date, the Company is in default on
the Contract and, if so, the nature of the default and the steps necessary to
cure the same. Such certificate shall not constitute a written notice of default
pursuant to Paragraph 2 unless clearly marked as such.

          4. Company's Default under Obligations. If Lender gives written notice
to the Contracting Party that the Company has defaulted under the Obligations
and requests that the Contracting Party continue its performance under the
Contract, the Contracting Party thereafter shall perform for Lender under the
Contract in accordance with its terms, so long as the Contracting Party shall be
paid pursuant to the Contract for all work, labor and materials rendered or
supplied thereunder, including payment of any amounts due to Contracting Party
for work performed or materials supplied up to and including the date of the
Company's default.

          5. Performance for Lender. If Lender (a) cures any default by the
Company pursuant to Paragraph 2, (b) gives written notice to the Contracting
Party that the Company has defaulted under the Collateral Documents pursuant to
Paragraph 4, (c) becomes the owner of the Project, (d) undertakes to complete

                                      B-2

<PAGE>

the construction of the Project pursuant to its rights under the Collateral
Documents, or (e) following a Default or an Event of Default under either the
Disbursement Agreement or the Subordinated Loan Agreement, or otherwise requires
the performance of the Contracting Party's obligations under the Contract or the
use of any plans and specifications, drawings, surveys or other materials or
documents previously prepared or provided by the Contracting Party pursuant to
the Contract, then in any such event, so long as Contracting Party has received
and continues to receive the compensation required under the Contract related
thereto, Lender shall have the right to obtain performance from the Contracting
Party of all of its obligations under the Contract, and to use all such plans
and specifications, drawings, surveys and other materials and documents, and the
ideas, designs and concepts contained therein, in connection with the completion
of the Project, without the payment of any additional fees or charges to
Contracting Party.

          6. Amendments and Change Orders. The Contracting Party agrees that it
will not (a) modify, amend, supplement or in any way join in the release or
discharge of the Contracting Party's obligations under the Contract, or (b)
perform any work pursuant to any change order or directive unless the same is
issued and executed in accordance with the foregoing and the terms and
conditions of the Contract, unless (i) such change is commercially reasonable,
and (ii) the Independent Construction Consultant consents to such change in
writing, or such change is otherwise expressly permitted by the Disbursement
Agreement.

          7. List of Subcontracting Parties. Upon the written request of Lender
at any time and from time to time, the Contracting Party shall furnish to Lender
a current list of all Persons with whom the Contracting Party has entered into
subcontracts or other agreements related to the rendering of work, labor or
materials under the Contract, together with a statement as to the status of each
such subcontract or agreement, and the respective amounts, if any, owed by the
Contracting Party with respect thereto.

          8. Compliance with Laws. The Contracting Party shall comply with, and
shall report to Lender any failure known to the Contracting Party of the
Company, the Project or any Person or entity furnishing materials or services in
connection with the construction of the Project to comply with all applicable
laws, ordinances, regulations and other legal requirements relating to the
construction of the Project.

          9. Contracting Party's Records. At Lender's request, the Contracting
Party shall promptly submit to Lender such payroll vouchers, receipts, lien
releases and waivers, progress surveys, inspection reports and other documents
and papers relating to construction of the Project as Lender may require to
protect the priority of the Hyatt Gaming Deed of Trust in favor of Lender on the
real property constituting the Project or to verify compliance with the
provisions of this Consent and the Disbursement Agreement.

          10. Lender Inspections. Lender, the Independent Construction
Consultant and their respective officers, employees, agents and representatives
(the "Inspecting Parties") shall have the right at any time to enter the site of
the Project and inspect the work of construction and all materials, plans,
specifications and other matters relating to the Project or the construction
thereof. From time to time, at the Contracting Party's place of business during

                                      B-3

<PAGE>

customary business hours and upon reasonable prior notice, the Inspecting
Parties shall also have the right to examine, copy and audit the books, records
and accounting data and other documents of the Contracting Party relating to the
Project. Any inspection of the Project by Lender or any examination, acceptance
or approval by Lender of documents relating to the Project, including, but not
limited to, plans, specifications, books, records and vouchers, is for the sole
purpose of protecting Lender's rights under the Disbursement Agreement and the
other Collateral Documents and its security for the Obligations. The Contracting
Party shall not rely on any such inspection, examination, acceptance or approval
by Lender. In no event shall the Inspecting Parties be obligated to disclose to
the Contracting Party or to the Company the results of any such inspection or
examination.

          11. Security of Property and Equipment. The Contracting Party agrees
to cooperate with the Company and Lender in preserving their respective
ownership and security interests in all personal property relating to the
Project, including without limitation building materials, machinery and
appliances acquired by the Contracting Party with the proceeds of the
Subordinated Note and held or stockpiled on or off the site of the Project for
incorporation into or use in connection with the Project.

          12. Representations and Warranties. The Contracting Party represents
and warrants to Lender that (a) it is duly licensed to conduct its business in
the jurisdiction contemplated by the Contract, and will at all times maintain
its license in full force and effect throughout the term thereof, (b) the
Contract has not been amended, modified or supplemented except as set forth
therein, (c) the Contract constitutes a valid and binding obligation of
Contracting Party and is enforceable against Contracting Party in accordance
with its terms, (d) there have been no prior assignments of, or any other
conveyance of any interest in, the Contract other than to the Indenture Trustee
under the First Collateral Assignment, and (e) all obligations of the Company
and the Contracting Party under the Contract have been performed as required
therein as of the date hereof.

          13. Application of Funds. Nothing herein imposes or shall be construed
to impose upon Lender any duty to direct the application of any proceeds of the
Subordinated Note, and Contracting Party acknowledges that Lender is not
obligated to Contracting Party or any of its subcontracting Parties,
materialmen, suppliers or laborers.

          14. Acknowledgment of Inducement. The Contracting Party understands
that the execution and delivery of this Consent is a condition precedent to the
execution of the Subordinated Loan Agreement and the making of the Subordinated
Loan, and that the Contracting Party is executing this Consent to induce Lender
to enter into the Subordinated Loan Agreement and make the Subordinated Loan.

          15. Irrevocability. The provisions hereof shall be irrevocable and
remain in full force and effect until the Company has fully paid and performed
all of the Obligations.

          16. Notices. All notices, requests, demands and other communications
(each, a "Notice") required to be provided to the Contracting Party or Lender
pursuant to this Consent shall be in writing and shall be delivered (i) in
person, (ii) by certified U.S. mail, with postage prepaid and return receipt
requested, or (iii) by overnight courier service at the following address:

                                      B-4

<PAGE>

                  If to Lender:

                  Hyatt Gaming Management, Inc.
                  Madison Plaza - 39th Floor
                  200 West Madison Street
                  Chicago, Illinois 60606
                  Attn:  General Counsel
                  Facsimile No.:  (312) 750-8084

                  If to the Contracting Party:

                  Attn:
                  Facsimile No.:

          All Notices sent by Lender or the Contracting Party shall be deemed to
have been received by the party to whom such Notice is sent upon (i) delivery to
the address of the recipient party, provided that such delivery is made prior to
5:00 p.m. (local time for the recipient party) on a Business Day, otherwise the
following Business Day, or (ii) the attempted delivery of such Notice if (A)
such recipient party refuses delivery of such Notice, or (B) such recipient
party is no longer at such address, and such recipient party failed to provide
the sending party with its current address pursuant to this Section 16. The
Contracting Party and Lender shall have the right to change their respective
address for the purposes of this Section 16 by providing a Notice of such change
in address as required under this Section 16.

          17. No Waiver. No delay on the part of Lender in the exercise of any
right or remedy shall operate as a waiver thereof, and no single or partial
exercise by Lender of any right or remedy shall preclude other or further
exercise thereof in the exercise of any other right or remedy

          18. Governing Law; Severability. This Consent shall be governed by,
and construed and enforced in accordance with, the laws of the state of New York
(including, without limitation, Section 5-1401 of the New York General
Obligations Law) without regard to the principles of conflicts of laws thereof.
If any term or provision of this Consent is held to be or rendered invalid or
unenforceable at any time in any jurisdiction, such term or provision shall not
affect the validity or enforceability of any other terms or provisions of this
Assignment, or the validity or enforceability of such affected terms or
provisions at any other time or in any other jurisdiction.

          19. Entire Agreement; Amendments to Agreement. This Consent sets forth
the entire understanding and agreement of the Contracting Party and Lender, and
shall supersede any other agreements and understandings (written or oral)
between the Contracting Party and Lender on or prior to the date of this Consent

                                      B-5

<PAGE>

with respect to the transaction contemplated in this Assignment. No amendment or
modification to any terms of this Consent, or cancellation of this Consent,
shall be valid unless in writing and executed and delivered by both the
Contracting Party and Lender.

          20. Facsimile. The Contracting Party may deliver an executed signature
page to this Consent by facsimile transmission to Lender, which facsimile copy
shall be deemed to be an original executed signature page; provided, however,
that the Contracting Party shall deliver an original signature page to Lender
promptly thereafter.

   [Remainder of page intentionally left blank; Signatures on following page]

                                      B-6
<PAGE>

          IN WITNESS WHEREOF, the Contracting Party has executed this Consent as
of the date first above written.

                  [Contracting Party],
                  a ____________________

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

                                      B-7

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