Document:

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                                                                     EXHIBIT 4.7

                          FOURTH SUPPLEMENTAL INDENTURE

          FOURTH SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated
as of July 31, 2001, among Empress Casino Joliet Corporation (the "Guaranteeing
Subsidiary"), Argosy Gaming Company, a Delaware corporation (the "Company"),
Argosy of Iowa, an Iowa corporation, Centroplex Centre Convention Hotel, L.L.C.,
a Louisiana limited liability company, Alton Gaming Company, an Illinois
corporation, Argosy of Louisiana, Inc., a Louisiana corporation, Catfish Queen
Partnership in Commendam, a Louisiana partnership, The Indiana Gaming Company,
an Indiana corporation, Iowa Gaming Company, an Iowa corporation, Jazz
Enterprises, Inc., a Louisiana corporation and The Missouri Gaming Company, a
Missouri corporation, Belle of Sioux City, L.P., an Iowa limited partnership,
Indiana Gaming II, L.P., an Indiana limited partnership, Indiana Gaming Holding
Company, an Indiana corporation and Indiana Gaming Company, L.P., an Indiana
limited partnership (collectively, the "Subsidiary Guarantors") and Bank One
Trust Company, National Association, as trustee under the Indenture referred to
below (the "Trustee").

                                   WITNESSETH

          WHEREAS, the Company and the Subsidiary Guarantors have heretofore
executed and delivered to the Trustee an Indenture dated as of June 8, 1999 as
supplemented by a First Supplemental Indenture, dated as of February 8, 2001, as
further supplemented by a Second Supplemental Indenture, dated as of March 2,
2001, as further supplemented by a Third Supplemental Indenture, dated as of
March 12, 2001 (the "Indenture") providing for the issuance of an initial
principal amount of $350,000,000 of 10 3/4% Senior Subordinated Notes due 2009
(the "Notes");

          WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally
guarantee all of the Company's Obligations under the Notes and the Indenture on
the terms and conditions set forth herein (the "Subsidiary Guarantee"); and

          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

          NOW THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto do hereby mutually covenant and agree as follows:

          1.   CAPITALIZED TERMS. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

          2.   AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees
as follows:

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          (a)  Along with all Subsidiary Guarantors named in the Indenture, to
     jointly and severally Guarantee to each Holder of a Note authenticated and
     delivered by the Trustee and to the Trustee and its successors and assigns,
     the Notes or the obligations of the Company hereunder or thereunder, that:

              (i)  the principal of and interest on the Notes will be promptly
          paid in full when due, whether at maturity, by acceleration,
          redemption or otherwise, and interest on the overdue principal of and
          interest on the Notes, if any, if lawful, and all other obligations of
          the Company to the Holders or the Trustee hereunder or thereunder will
          be promptly paid in full or performed, all in accordance with the
          terms hereof and thereof; and

              (ii) in case of any extension of time of payment or renewal of any
          Notes or any of such other obligations, that same will be promptly
          paid in full when due or performed in accordance with the terms of the
          extension or renewal, whether at stated maturity, by acceleration or
          otherwise. Failing payment when due of any amount so guaranteed or any
          performance so guaranteed for whatever reason, the Subsidiary
          Guarantors shall be jointly and severally obligated to pay the same
          immediately.

          (b)  The obligations hereunder shall be unconditional, irrespective of
     the validity, regularity or enforceability of the Notes or the Indenture,
     the absence of any action to enforce the same, any waiver or consent by any
     Holder of the Notes with respect to any provisions hereof or thereof, the
     recovery of any judgment against the Company, any action to enforce the
     same or any other circumstance which might otherwise constitute a legal or
     equitable discharge or defense of a guarantor.

          (c)  The following is hereby waived: diligence, presentment, demand of
     payment, filing of claims with a court in the event of insolvency or
     bankruptcy of the Company, any right to require a proceeding first against
     the Company, protest, notice and all demands whatsoever.

          (d)  This Subsidiary Guarantee shall not be discharged except by
     complete performance of the obligations contained in the Notes and the
     Indenture, and the Guaranteeing Subsidiary accepts all obligations of a
     Subsidiary Guarantor under the Indenture.

          (e)  If any Holder or the Trustee is required by any court or
     otherwise to return to the Company, the Subsidiary Guarantors, or any
     Custodian, Trustee, liquidator or other similar official acting in relation
     to either the Company or the Subsidiary Guarantors, any amount paid by
     either to the Trustee or such Holder, this Subsidiary Guarantee, to the
     extent theretofore discharged, shall be reinstated in full force and
     effect.

          (f)  The Guaranteeing Subsidiary shall not be entitled to any right of
     subrogation in relation to the Holders in respect of any obligations
     guaranteed hereby until payment in full of all obligations guaranteed
     hereby.

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          (g)  As between the Subsidiary Guarantors, on the one hand, and the
     Holders and the Trustee, on the other hand, (x) the maturity of the
     obligations guaranteed hereby may be accelerated as provided in Article 6
     of the Indenture for the purposes of this Subsidiary Guarantee,
     notwithstanding any stay, injunction or other prohibition preventing such
     acceleration in respect of the obligations guaranteed hereby, and (y) in
     the event of any declaration of acceleration of such obligations as
     provided in Article 6 of the Indenture, such obligations (whether or not
     due and payable) shall forthwith become due and payable by the Subsidiary
     Guarantors for the purpose of this Subsidiary Guarantee.

          (h)  The Subsidiary Guarantors shall have the right to seek
     contribution from any non-paying Subsidiary Guarantor so long as the
     exercise of such right does not impair the rights of the Holders under the
     Guarantee.

          (i)  Pursuant to Section 11.03 of the Indenture, after giving effect
     to any maximum amount and any other contingent and fixed liabilities that
     are relevant under any applicable Bankruptcy or fraudulent conveyance laws,
     and after giving effect to any collections from, rights to receive
     contribution from or payments made by or on behalf of any other Subsidiary
     Guarantor in respect of the obligations of such other Subsidiary Guarantor
     under Article 11 of the Indenture, this new Subsidiary Guarantee shall be
     limited to the maximum amount permissible such that the obligations of such
     Subsidiary Guarantor under this Subsidiary Guarantee will not constitute a
     fraudulent transfer or conveyance.

          (j)  Pursuant to Section 11.02 of the Indenture, the obligations of
     each Subsidiary Guarantor under its Subsidiary Guarantee pursuant to
     Article II of the Indenture shall be junior and subordinated to the Senior
     Indebtedness of such Subsidiary Guarantor on the same basis as the Notes
     are junior and subordinated to the Senior Indebtedness of the Company.

          3.   EXECUTION AND DELIVERY. The Guaranteeing Subsidiary agrees that
the Subsidiary Guarantees shall remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of such Subsidiary Guarantee.

          4.   GUARANTEEING SUBSIDIARY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS.

          (a)  The Guaranteeing Subsidiary may not consolidate with or merge
with or into (whether or not such Subsidiary Guarantor is the surviving Person)
another corporation, Person or entity whether or not affiliated with such
Subsidiary Guarantor unless:

          (i)  subject to Sections 11.05 and 11.06 of the Indenture, the Person
     formed by or surviving any such consolidation or merger (if other than a
     Subsidiary Guarantor or the Company) unconditionally assumes all the
     obligations of such Subsidiary Guarantor, pursuant to a supplemental
     indenture in form and substance reasonably satisfactory to the Trustee,
     under the Notes, the Indenture and the Subsidiary Guarantee on the terms
     set forth herein or therein; and

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          (ii) immediately after giving effect to such transaction, no Default
     or Event of Default exists.

          (b)  In case of any such consolidation, merger, sale or conveyance and
upon the assumption by the successor corporation, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of the Indenture to be
performed by the Subsidiary Guarantor, such successor corporation shall succeed
to and be substituted for the Subsidiary Guarantor with the same effect as if it
had been named herein as a Subsidiary Guarantor. Such successor corporation
thereupon may cause to be signed any or all of the Subsidiary Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee. All the Subsidiary
Guarantees so issued shall in all respects have the same legal rank and benefit
under the Indenture as the Subsidiary Guarantees theretofore and thereafter
issued in accordance with the terms of the Indenture as though all of such
Subsidiary Guarantees had been issued at the date of the execution hereof.

          (c)  Except as set forth in Articles 4 and 5 and Section 11.05 of
Article 11 of the Indenture, and notwithstanding clauses (a) and (b) above,
nothing contained in the Indenture or in any of the Notes shall prevent any
consolidation or merger of a Subsidiary Guarantor with or into the Company or
another Subsidiary Guarantor, or shall prevent any sale or conveyance of the
property of a Subsidiary Guarantor as an entirety or substantially as an
entirety to the Company or another Subsidiary Guarantor.

          5.   RELEASES.

          (a)  In the event of a sale or other disposition of all of the assets
of any Subsidiary Guarantor, by way of merger, consolidation or otherwise, or a
sale or other disposition of all to the capital stock of any Subsidiary
Guarantor, in each case to a Person that is not (either before or after giving
effect to such transaction) a Restricted Subsidiary of the Company, then such
Subsidiary Guarantor (in the event of a sale or other disposition, by way of
merger, consolidation or otherwise, of all of the capital stock of such
Subsidiary Guarantor) or the corporation acquiring the property (in the event of
a sale or other disposition of all or substantially all of the assets of such
Subsidiary Guarantor) will be released and relieved of any obligations under its
Subsidiary Guarantee; PROVIDED that the Net Proceeds of such sale or other
disposition are applied in accordance with the applicable provisions of the
Indenture, including without limitation Section 4.15 of the Indenture. Upon
delivery by the Company to the Trustee of an Officers' Certificate and an
Opinion of Counsel to the effect that such sale or other disposition was made by
the Company in accordance with the provisions of the Indenture, including
without limitation Section 4.15 of the Indenture, the Trustee shall execute any
documents reasonably required in order to evidence the release of any Subsidiary
Guarantor from its obligations under its Subsidiary Guarantee.

          (b)  Any Subsidiary Guarantor not released from its obligations under
its Subsidiary Guarantee shall remain liable for the full amount of principal of
and interest on the Notes and for the other obligations of any Subsidiary
Guarantor under the Indenture as provided in Article 11 of the Indenture.

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          6.   NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the Company
or any Guaranteeing Subsidiary under the Notes, any Subsidiary Guarantees, the
Indenture or this Supplemental Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of the
Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. Such waiver may
not be effective to waive liabilities under the federal securities laws and it
is the view of the SEC that such a waiver is against public policy.

          7.   NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

          8.   COUNTERPARTS The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

          9.   EFFECT OF HEADINGS. The Section headings herein are for
convenience only and shall not affect the construction hereof.

          10.  THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiary and the Company.

                            (SIGNATURE PAGE FOLLOWS)

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          IN WITNESS WHEREOF, the parties hereto have caused this Third
Supplemental Indenture to be duly executed and attested, all as of the date
first above written.

Dated: July 31, 2001

                               EMPRESS CASINO JOLIET CORPORATION

                               By:   /s/ Dale R. Black
                                   ---------------------------------
                                     Dale R. Black
                                     Treasurer

                               ARGOSY GAMING COMPANY

                               By:   /s/ Dale R. Black
                                  ----------------------------------
                                     Dale R. Black
                                     Senior Vice President and Chief Financial
                                     Officer

                               ALTON GAMING COMPANY
                               ARGOSY OF IOWA, INC.
                               ARGOSY OF LOUISIANA, INC.
                               THE INDIANA GAMING COMPANY
                               INDIANA GAMING HOLDING COMPANY
                               IOWA GAMING COMPANY
                               JAZZ ENTERPRISES, INC.
                               THE MISSOURI GAMING COMPANY

                               By:   /s/ Dale R. Black
                                  ----------------------------------
                                     Dale R. Black
                                     Treasurer

                               BELLE OF SIOUX CITY, L.P.

                               By:     IOWA GAMING COMPANY,
                                       its General Partner

                               By:   /s/ Dale R. Black
                                  ----------------------------------
                                     Dale R. Black
                                     Treasurer

                                       S-1
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                               CATFISH QUEEN PARTNERSHIP IN
                               COMMENDAM

                               By:       ARGOSY OF LOUISIANA, INC.,
                                         its General Partner

                               By:   /s/ Dale R. Black
                                  ----------------------------------
                                     Dale R. Black
                                     Treasurer

                               CENTROPLEX CENTRE CONVENTION
                               HOTEL, L.L.C.

                               By:       ARGOSY GAMING COMPANY,
                                         its Manager

                               By:   /s/ Dale R. Black
                                  ----------------------------------
                                     Dale R. Black
                                     Treasurer

                               INDIANA GAMING COMPANY, L.P.

                               By:       THE INDIANA GAMING
                                         COMPANY,
                                         its General Partner

                               By:   /s/ Dale R. Black
                                  ----------------------------------
                                     Dale R. Black
                                     Treasurer

                                       S-2
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                               INDIANA GAMING II, L.P.

                               By:       INDIANA GAMING HOLDING
                                         COMPANY,
                                         its General Partner

                               By:   /s/ Dale R. Black
                                  ----------------------------------
                                     Dale R. Black
                                     Treasurer

                               BANK ONE TRUST COMPANY, NATIONAL
                               ASSOCIATION

                               By:   /s/ David Knox
                                   ----------------------------------

                                   ----------------------------------

                                   ----------------------------------

                                       S-1<Page>

================================================================================
                                                                     EXHIBIT 4.8

                              ARGOSY GAMING COMPANY
                                    AS ISSUER

                                       AND

                            THE SUBSIDIARY GUARANTORS
                                  NAMED HEREIN

                      9% SENIOR SUBORDINATED NOTES DUE 2011

                                 ---------------

                                    INDENTURE

                            DATED AS OF JULY 31, 2001

                                 ---------------

                                 ---------------

                  BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION

                                   AS TRUSTEE

                                 ---------------

================================================================================

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                                TABLE OF CONTENTS

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<Caption>
                                                                                                             PAGE
<S>              <C>                                                                                           <C>
ARTICLE 1  DEFINITIONS AND INCORPORATION BY REFERENCE...........................................................1

Section 1.01.    Definitions....................................................................................1
Section 1.02.    Other Definitions.............................................................................17
Section 1.03.    Incorporation by Reference of Trust Indenture Act.............................................17
Section 1.04.    Rules of Construction.........................................................................18

ARTICLE 2  THE NOTES...........................................................................................18

Section 2.01.    Form and Dating...............................................................................18
Section 2.02.    Execution and Authentication..................................................................19
Section 2.03.    Registrar and Paying Agent....................................................................19
Section 2.04.    Paying Agent to Hold Money in Trust...........................................................19
Section 2.05.    Holder Lists..................................................................................20
Section 2.06.    Transfer and Exchange.........................................................................20
Section 2.07.    Replacement Notes.............................................................................22
Section 2.08.    Outstanding Notes.............................................................................23
Section 2.09.    Treasury Notes................................................................................23
Section 2.10.    Temporary Notes...............................................................................23
Section 2.11.    Cancellation..................................................................................23
Section 2.12.    Defaulted Interest............................................................................24

ARTICLE 3  REDEMPTION AND PREPAYMENT...........................................................................24

Section 3.01.    Notices to Trustee............................................................................24
Section 3.02.    Selection of Notes to Be Redeemed.............................................................24
Section 3.03.    Notice of Redemption..........................................................................24
Section 3.04.    Effect of Notice of Redemption................................................................25
Section 3.05.    Deposit of Redemption Price...................................................................25
Section 3.06.    Notes Redeemed in Part........................................................................26
Section 3.07.    Optional Redemption...........................................................................26
Section 3.08.    Gaming Redemption.............................................................................26
Section 3.09.    Mandatory Redemption..........................................................................27

ARTICLE 4  COVENANTS...........................................................................................27

Section 4.01.    Payment of Notes..............................................................................27
Section 4.02.    Maintenance of Office or Agency...............................................................27
Section 4.03.    Commission Reports and Reports to Holders.....................................................28
Section 4.04.    Compliance Certificate........................................................................28
Section 4.05.    Taxes.........................................................................................29
Section 4.06.    Stay, Extension and Usury Laws................................................................29
Section 4.07.    Limitation on Indebtedness and Issuances of Preferred Stock...................................29
Section 4.08.    Limitation on Restricted Payments.............................................................31
Section 4.09.    Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.......33
Section 4.10.    Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries...............34
Section 4.11.    Additional Subsidiary Guarantees..............................................................34
Section 4.12.    Designation of Restricted and Unrestricted Subsidiaries.......................................34
Section 4.13.    Limitation on Transactions with Shareholders and Affiliates...................................35
Section 4.14.    Limitation on Liens...........................................................................35
</Table>

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<Table>
<Caption>
                                                                                                             PAGE
<S>              <C>                                                                                           <C>
Section 4.15.    Limitation on Asset Sales.....................................................................35
Section 4.16.    Limitation on Sale-Leaseback Transactions.....................................................37
Section 4.17.    Limitation on Senior Subordinated Indebtedness................................................37
Section 4.18.    Limitation on Business Activities.............................................................37
Section 4.19.    Limitation on Status as Investment Company....................................................37
Section 4.20.    Payments for Consent..........................................................................37
Section 4.21.    Offer to Repurchase Upon Change of Control....................................................38
Section 4.22.    Corporate Existence...........................................................................38

ARTICLE 5  SUCCESSORS..........................................................................................38

Section 5.01.    Merger, Consolidation, or Sale of Assets......................................................38
Section 5.02.    Successor Corporation Substituted.............................................................39

ARTICLE 6  DEFAULTS AND REMEDIES...............................................................................39

Section 6.01.    Events of Default.............................................................................39
Section 6.02.    Acceleration..................................................................................41
Section 6.03.    Other Remedies................................................................................41
Section 6.04.    Waiver of Past Defaults.......................................................................41
Section 6.05.    Control by Majority...........................................................................42
Section 6.06.    Limitation on Suits...........................................................................42
Section 6.07.    Rights of Holders of Notes to Receive Payment.................................................42
Section 6.08.    Collection Suit by Trustee....................................................................42
Section 6.09.    Trustee May File Proofs of Claim..............................................................43
Section 6.10.    Priorities....................................................................................43
Section 6.11.    Undertaking for Costs.........................................................................43

ARTICLE 7  TRUSTEE.............................................................................................44

Section 7.01.    Duties of Trustee.............................................................................44
Section 7.02.    Rights of Trustee.............................................................................45
Section 7.03.    Individual Rights of Trustee..................................................................45
Section 7.04.    Trustee's Disclaimer..........................................................................45
Section 7.05.    Notice of Defaults............................................................................46
Section 7.06.    Reports by Trustee to Holders of the Notes....................................................46
Section 7.07.    Compensation and Indemnity....................................................................46
Section 7.08.    Replacement of Trustee........................................................................47
Section 7.09.    Successor Trustee by Merger, etc..............................................................48
Section 7.10.    Eligibility; Disqualification.................................................................48
Section 7.11.    Preferential Collection of Claims Against Company.............................................48

ARTICLE 8  LEGAL DEFEASANCE AND COVENANT DEFEASANCE............................................................48

Section 8.01.    Option to Effect Legal Defeasance or Covenant Defeasance......................................48
Section 8.02.    Legal Defeasance and Discharge................................................................48
Section 8.03.    Covenant Defeasance...........................................................................49
Section 8.04.    Conditions to Legal or Covenant Defeasance....................................................49
Section 8.05.    Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.50
Section 8.06.    Repayment to Company..........................................................................51
Section 8.07.    Reinstatement.................................................................................51
</Table>

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<Table>
<Caption>
                                                                                                             PAGE
<S>              <C>                                                                                           <C>
ARTICLE 9  AMENDMENT, SUPPLEMENT AND WAIVER....................................................................52

Section 9.01.    Without Consent of Holders of Notes...........................................................52
Section 9.02.    With Consent of Holders of Notes..............................................................52
Section 9.03.    Compliance with Trust Indenture Act...........................................................54
Section 9.04.    Revocation and Effect of Consents.............................................................54
Section 9.05.    Notation on or Exchange of Notes..............................................................54
Section 9.06.    Trustee to Sign Amendments, etc...............................................................54

ARTICLE 10 SUBORDINATION.......................................................................................54

Section 10.01.   Agreement to Subordinate......................................................................54
Section 10.02.   Liquidation; Dissolution; Bankruptcy..........................................................55
Section 10.03.   Default on Designated Senior Indebtedness.....................................................55
Section 10.04.   Acceleration of Notes.........................................................................56
Section 10.05.   When Distribution Must Be Paid Over...........................................................56
Section 10.06.   Notice by Company.............................................................................56
Section 10.07.   Subrogation...................................................................................57
Section 10.08.   Relative Rights...............................................................................57
Section 10.09.   Subordination May Not Be Impaired by Company..................................................57
Section 10.10.   Distribution or Notice to Representative......................................................57
Section 10.11.   Rights of Trustee and Paying Agent............................................................58
Section 10.12.   Authorization to Effect Subordination.........................................................58
Section 10.13.   Amendments....................................................................................58

ARTICLE 11 SUBSIDIARY GUARANTEES...............................................................................58

Section 11.01.   Subsidiary Guarantee..........................................................................58
Section 11.02.   Subordination of Subsidiary Guarantee.........................................................59
Section 11.03.   Limitation on Subsidiary Guarantor Liability..................................................60
Section 11.04.   Execution and Delivery of Subsidiary Guarantee................................................60
Section 11.05.   Subsidiary Guarantors May Consolidate, etc., on Certain Terms.................................60
Section 11.06.   Releases Following Sale of Assets.............................................................61

ARTICLE 12 MISCELLANEOUS.......................................................................................62

Section 12.01.   Trust Indenture Act Controls..................................................................62
Section 12.02.   Notices.......................................................................................62
Section 12.03.   Communication by Holders of Notes with Other Holders of Notes.................................63
Section 12.04.   Certificate and Opinion as to Conditions Precedent............................................63
Section 12.05.   Statements Required in Certificate or Opinion.................................................63
Section 12.06.   Rules by Trustee and Agents...................................................................64
Section 12.07.   No Personal Liability of Directors, Officers, Employees and Stockholders......................64
Section 12.08.   Governing Law.................................................................................64
Section 12.09.   No Adverse Interpretation of Other Agreements.................................................64
Section 12.10.   Successors....................................................................................64
Section 12.12.   Severability..................................................................................64
Section 12.12.   Counterpart Originals.........................................................................64
Section 12.13.   Table of Contents, Headings, etc..............................................................65
</Table>

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<Table>
<Caption>
                                                                                                             PAGE
<S>              <C>                                                                                           <C>
                                    EXHIBITS

Exhibit A        FORM OF NOTE AND SUBSIDIARY GUARANTEE
Exhibit B        FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT SUBSIDIARY GUARANTORS
</Table>

                                       iv
<Page>

        INDENTURE dated as of July 31, 2001 among Argosy Gaming Company, a
Delaware corporation (the "Company"), the Subsidiary Guarantors listed on the
signature page hereto and Bank One Trust Company, National Association, a
national banking association, as trustee (the "Trustee").

        The Company and the Trustee agree as follows for the benefit of each
other and for the equal and ratable benefit of the Holders of the 9% Senior
Subordinated Notes due 2011 (the "Notes"):

                                    ARTICLE 1
                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

SECTION 1.01.  DEFINITIONS.

        "ACQUIRED INDEBTEDNESS" means Indebtedness of a Person existing at the
time such Person becomes a Restricted Subsidiary or assumed in connection with
an Asset Acquisition by a Restricted Subsidiary; PROVIDED that Indebtedness of
such Person which is redeemed, defeased, retired or otherwise repaid at the time
of or immediately upon consummation of the transactions by which such Person
becomes a Restricted Subsidiary or such Asset Acquisition shall not be Acquired
Indebtedness.

        "ADDITIONAL NOTES" means additional Notes (other than the Initial Notes)
issued under this Indenture in accordance with Section 2.02 and subject to
compliance with Article 4 hereof, as part of the same series as the Initial
Notes.

        "ADJUSTED CONSOLIDATED NET INCOME" means, for any period, the aggregate
net income (or loss) of the Company and its Restricted Subsidiaries for such
period determined in conformity with GAAP; PROVIDED that the following items
shall be excluded in computing Adjusted Consolidated Net Income (without
duplication): (i) the net income of any Person that is not a Restricted
Subsidiary, except to the extent of the amount of dividends or other
distributions actually paid to the Company or any of its Restricted Subsidiaries
by such Person during such period; (ii) the net income (or loss) of any Person
prior to the date it becomes a Restricted Subsidiary or is merged into or
consolidated with the Company or any of its Restricted Subsidiaries or all or
substantially all of the property and assets of such Person are acquired by the
Company or any of its Restricted Subsidiaries; (iii) the net income of any
Restricted Subsidiary to the extent that the declaration or payment of dividends
or similar distributions by such Restricted Subsidiary of such net income is not
at the time permitted by the operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to such Restricted Subsidiary; (iv) any gains or losses
(on an after-tax basis) attributable to Asset Sales; (v) solely for purposes of
calculating the amount of Restricted Payments that may be made pursuant to
clause (C) of the first paragraph of Section 4.08, any amount paid or accrued as
dividends on Preferred Stock of the Company owned by Persons other than the
Company and any of its Restricted Subsidiaries; (vi) all extraordinary gains and
extraordinary losses, including any premium, fees and expenses payable in
connection with the offering of the Notes, and the initial establishment of the
Credit Facility; (vii) any non cash impairment loss determined in accordance
with GAAP related to the carrying value of assets owned by the Company or its
Restricted Subsidiaries as of the date of the Indenture that are recorded in the
ordinary course of business and are being used by the Company or have been
replaced by other comparable assets of the Company or its Restricted
Subsidiaries; (viii) the cumulative effect of a change in accounting principles;
and (ix) upon the occurrence and during the continuance of a Trigger Event, the
net income of Empress Casino Corporation, except to the extent of the management
fee paid to the Company or a Restricted Subsidiary of the Company

<Page>

other than Empress Casino Corporation pursuant to the terms of the Management
Agreement during such period.

        "AFFILIATE" means, as applied to any Person, any other Person directly
or indirectly controlling, controlled by, or under direct or indirect common
control with, such Person. For purposes of this definition, "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with"), as applied to any Person, means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise.

        "AGENT" means any Registrar, Paying Agent or co-registrar.

        "APPLICABLE PROCEDURES" means, with respect to any transfer or exchange
of or for beneficial interests in any Global Note, the rules and procedures of
the Depositary that apply to such transfer or exchange.

        "ASSET ACQUISITION" means (i) an investment by the Company or any of its
Restricted Subsidiaries in any other Person pursuant to which such Person shall
become a Restricted Subsidiary or shall be merged into or consolidated with the
Company or any of its Restricted Subsidiaries, PROVIDED that such Person's
primary business is related, ancillary or complementary to the businesses of the
Company and its Restricted Subsidiaries on the date of such investment; (ii) an
acquisition by the Company or any of its Restricted Subsidiaries of the property
and assets of any Person other than the Company or any of its Restricted
Subsidiaries that constitute substantially all of a division or line of business
of such Person; PROVIDED that the property and assets acquired are related,
ancillary or complementary to the businesses of the Company and its Restricted
Subsidiaries on the date of such acquisition; or (iii) the occurrence of a
Reverse Trigger Event.

        "ASSET DISPOSITION" means the sale or other disposition by the Company
or any of its Restricted Subsidiaries (other than to the Company or another
Restricted Subsidiary) of (i) all or substantially all of the Capital Stock of
any Restricted Subsidiary; (ii) all or substantially all of the assets that
constitute a division or line of business of the Company or any of its
Restricted Subsidiaries; or (iii) the occurrence of a Trigger Event.

        "ASSET SALE" means any sale, transfer or other disposition (including by
way of merger, consolidation or sale-leaseback transaction) in one transaction
or a series of related transactions by the Company or any of its Restricted
Subsidiaries to any Person other than the Company or any of its Restricted
Subsidiaries of (i) all or any of the Capital Stock of any Restricted
Subsidiary, (ii) all or substantially all of the property and assets of an
operating unit or business of the Company or any of its Restricted Subsidiaries
or (iii) any other property and assets (other than the Capital Stock of or other
Investment in an Unrestricted Subsidiary) that is outside the ordinary course of
business of the Company or any of its Restricted Subsidiaries, in each case,
other than a sale of all or substantially all of the assets of the Company in
compliance with Article 5 hereof; PROVIDED that "Asset Sale" shall not include:
(a) sales or other dispositions of inventory, receivables and other current
assets in the ordinary course of business; (b) sales, transfers or other
dispositions of (1) assets constituting a Restricted Payment permitted to be
made under Section 4.08 or (2) Investments permitted pursuant to clause (vi) of
the definition of Permitted Investments; (c) sales or other dispositions of
assets for consideration at least equal to the fair market value of the assets
sold or disposed of, to the extent that the consideration received are invested
in accordance with clause (i)(B) of Section 4.15; (d) the occurrence of a
Trigger Event; (e) sales, transfers or other dispositions of assets with a Fair
Market Value not in excess of $10.0 million in any transaction or series of
related transactions; or (f) sales, transfers or other dispositions of
furniture, fixtures or equipment that has become

                                        2
<Page>

worn out, obsolete or damaged or otherwise unsuitable for use in connection with
the business of the Company or its Restricted Subsidiaries.

        "ATTRIBUTABLE DEBT" in respect of a sale and leaseback transaction
means, at the time of determination, the present value of the obligation of the
lessee for net rental payments during the remaining term of the lease included
in such sale and leaseback transaction including any period for which such lease
has been extended or may, at the option of the lessor, be extended. Such present
value shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with GAAP.

        "AVERAGE LIFE" means, at any date of determination with respect to any
debt security, the quotient obtained by dividing (i) the sum of the products of
(A) the number of years from such date of determination to the dates of each
successive scheduled principal payment of such debt security and (B) the amount
of such principal payment by (ii) the sum of all such principal payments.

        "BANKRUPTCY LAW" means Title 11, U.S. Code or any similar federal or
state law for the relief of debtors.

        "BOARD OF DIRECTORS" means the Board of Directors of the Company, or any
authorized committee of the Board of Directors.

        "BUSINESS DAY" means any day other than a Legal Holiday.

        "CAPITAL STOCK" means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated, whether
voting or non-voting) in equity of such Person, whether outstanding on the
Closing Date or issued thereafter, including, without limitation, all Common
Stock and Preferred Stock.

        "CAPITALIZED LEASE" means, as applied to any Person, any lease of any
property (whether real personal or mixed) of which the discounted present value
of the rental obligations of such Person as lessee, in conformity with GAAP, is
required to be capitalized on the balance sheet of such Person.

        "CAPITALIZED LEASE OBLIGATIONS" means the discounted present value of
the rental obligations under a Capitalized Lease.

        "CASH EQUIVALENTS" means (i) United States dollars, (ii) securities
issued or directly and fully guaranteed or insured by the full faith and credit
of the United States government or any agency or instrumentality thereof having
maturities of not more than six months from the date of acquisition, (iii)
certificates of deposit and eurodollar time deposits with maturities of six
months or less from the date of acquisition, bankers' acceptances with
maturities not exceeding six months and overnight bank deposits, in each case
with any domestic commercial bank having capital and surplus in excess of
$500,000,000 and a Thompson Bank Watch Rating of "B" or better, (iv) repurchase
obligations with a term of not more than seven days for underlying securities of
the types described in clauses (ii) and (iii) above entered into with any
financial institution meeting the qualifications specified in clause (iii) above
and (v) commercial paper having the highest rating obtainable from either
Moody's Investors Service, Inc. or Standard & Poor's Corporation and, in each
case, maturing within six months after the date of acquisition.

        "CHANGE OF CONTROL" means the occurrence of any of the following: (i) a
"person" or "group" (within the meaning of Sections 13(d) and 14(d)(2) of the
Exchange Act) other than a group comprised of

                                        3
<Page>

one or more Excluded Persons becomes the ultimate "beneficial owner" (as defined
in Rule 13d-3 under the Exchange Act) of more than 40% of the total voting power
of the Voting Stock of the Company on a fully diluted basis; (ii) individuals
who on the Closing Date constitute the Board of Directors (together with any new
directors whose election by the Board of Directors or whose nomination by the
Board of Directors for election by the Company's stockholders was approved by a
vote of at least two-thirds of the members of the Board of Directors then in
office who either were members of the Board of Directors on the Closing Date or
whose election or nomination for election was previously so approved) cease for
any reason to constitute a majority of the members of the Board of Directors
then in office; (iii) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets
of the Company and its Subsidiaries taken as a whole to any "person" (as that
term is used in Section 13(d)(3) of the Exchange Act); or (iv) the adoption of a
plan relating to the liquidation or dissolution of the Company.

        "CLOSING DATE" means the date on which the Notes are originally issued
under the Indenture.

        "COMPANY" means Argosy Gaming Company, a Delaware corporation.

        "CONSOLIDATED EBITDA" means, for any period, Adjusted Consolidated Net
Income for such period plus, to the extent such amount was deducted in
calculating such Adjusted Consolidated Net Income: (i) Consolidated Interest
Expense, (ii) income taxes (other than income taxes (either positive or
negative) attributable to extraordinary and non-recurring gains or losses or
sales of assets); (iii) depreciation expense; (iv) amortization expense; and (v)
all other non-cash items reducing Adjusted Consolidated Net Income (other than
items that will require cash payments and for which an accrual or reserve is, or
is required by GAAP to be, made), less all non-cash items increasing Adjusted
Consolidated Net Income (other than normal recurring accruals of revenue in the
ordinary course of business), all as determined on a consolidated basis for the
Company and its Restricted Subsidiaries in conformity with GAAP; PROVIDED that,
if any Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary,
Consolidated EBITDA shall be reduced (to the extent not otherwise reduced in
accordance with GAAP) by an amount equal to (A) the amount of the Adjusted
Consolidated Net Income attributable to such Restricted Subsidiary multiplied by
(B) the percentage ownership interest in the income of such Restricted
Subsidiary not owned on the last day of such period by the Company or any of its
Restricted Subsidiaries. Notwithstanding the preceding provisions, upon the
occurrence and during the continuance of a Trigger Event for purposes of
determining the Consolidated EBITDA attributable to Empress Casino Corporation
the Company shall (i) add to Adjusted Consolidated Net Income only the
Consolidated Interest Expense and income taxes of Empress Casino Corporation
that are permitted to be distributed to the Company pursuant to the Trust
Agreements and (ii) not add to Adjusted Consolidated Net Income any depreciation
and amortization expenses or other non cash items reducing Adjusted Consolidated
Net Income of Empress Casino Corporation.

        "CONSOLIDATED INTEREST EXPENSE" means, for any period, the aggregate
amount of: (i) interest in respect of Indebtedness of the Company and its
Consolidated Subsidiaries (including, without limitation, amortization of
original issue discount on any such Indebtedness, the interest portion of any
deferred payment obligation and imputed interest with respect to Attributable
Debt, calculated in accordance with the effective interest method of accounting;
all commissions, discounts and other fees and charges owed with respect to
letters of credit and bankers' acceptance financing; the net costs associated
with Interest Rate Agreements); (ii) all but the principal component of rentals
in respect of Capitalized Lease Obligations paid, accrued or scheduled to be
paid or to be accrued by the Company and its Restricted Subsidiaries during such
period; (iii) any interest expense on Indebtedness of another Person that is
Guaranteed by such Person or one of its Subsidiaries or secured by a Lien on
assets of such Person or one of its Subsidiaries, whether or not such Guarantee
or Lien is called upon; and (iv) the product of (a) all dividends, whether paid
or accrued and whether or not in cash, on any series of preferred stock of such
Person or any of its Restricted

                                        4
<Page>

Subsidiaries, other than dividends on Capital Stock payable solely in Capital
Stock of the Company (other than Disqualified Stock) or to the Company or a
Restricted Subsidiary of the Company, times (b) a fraction, the numerator of
which is one and the denominator of which is one minus the then current combined
federal, state and local statutory tax rate of such Person, expressed as a
decimal, in each case, on a consolidated basis and in accordance with GAAP;
EXCLUDING, HOWEVER, (A) any amount of such interest of any Restricted Subsidiary
if the net income of such Restricted Subsidiary is excluded in the calculation
of Adjusted Consolidated Net Income pursuant to clause (iii) of the definition
thereof (but only in the same proportion as the net income of such Restricted
Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income
pursuant to clause (iii) of the definition thereof) and (B) any premiums, fees
and expenses (and any amortization thereof) payable in connection with the
offering of the Notes, the amendment of the Credit Facility as of even date
herewith and any amortization of premiums, fees and expenses incurred prior to
the date hereof in connection with the initial establishment of the Credit
Facility and the offering of the Existing Notes, all as determined on a
consolidated basis (without taking into account Unrestricted Subsidiaries) in
conformity with GAAP.

        "CONSOLIDATED SUBSIDIARIES" means, for any Person, each Subsidiary of
such Person (whether existing on the date of the Indenture or created or
acquired thereafter) the financial statements of which are consolidated for
financial statement reporting purposes with the financial statements of such
Person in accordance with GAAP.

        "CORPORATE TRUST OFFICE OF THE TRUSTEE" shall be at the address of the
Trustee specified in Section 11.02 hereof or such other address as to which the
Trustee may give notice to the Company.

        "CREDIT FACILITY" means the Amended and Restated Credit Agreement as of
even date herewith, among the Company, the Subsidiary Guarantors, and Wells
Fargo Bank, N.A., as administrative agent bank and the lenders referred to
therein, together with any agreements, instruments and documents executed or
delivered pursuant to or in connection with such Credit Facility (including,
without limitation, any Guarantees and security documents), in each case as such
Credit Facility or such agreements, instruments or documents may be amended,
supplemented, extended, renewed, refinanced or otherwise modified from time to
time.

        "CURRENCY AGREEMENT" means any foreign exchange contract, currency swap
agreement or other similar agreement or arrangement.

        "CUSTODIAN" means the Trustee, as custodian with respect to the Notes in
global form, or any successor entity thereto.

        "DEFAULT" means any event that is, or after notice or passage of time or
both would be, an Event of Default.

        "DEFINITIVE NOTE" means a certificated Note registered in the name of
the Holder thereof and issued in accordance with Section 2.06 hereof,
substantially in the form of Exhibit A hereto except that such Note shall not
bear the Global Note Legend and shall not have the "Schedule of Exchanges of
Interests in the Global Note" attached thereto.

        "DEPOSITARY" means, with respect to the Notes issuable or issued in
whole or in part in global form, the Person specified in Section 2.03 hereof as
the Depositary with respect to the Notes, and any and all successors thereto
appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture.

                                        5
<Page>

        "DESIGNATED SENIOR INDEBTEDNESS" means (i) any Indebtedness outstanding
under the Credit Facility (except that any Indebtedness which represents a
partial refinancing of Indebtedness theretofore outstanding pursuant to the
Credit Facility, rather than a complete refinancing thereof, shall only
constitute Designated Senior Indebtedness if such partial refinancing meets the
requirements of clause (ii) below) and (ii) any other Senior Indebtedness that,
at the date of determination, has an aggregate principal amount outstanding of
at least $50.0 million and that had been specifically designated by the Company
as "Designated Senior Indebtedness."

        "DISQUALIFIED STOCK" means any class or series of Capital Stock of any
Person that by its terms or otherwise is (i) required to be redeemed prior to
the Stated Maturity of the Notes, (ii) redeemable at the option of the holder of
such class or series of Capital Stock at any time prior to the Stated Maturity
of the Notes or (iii) convertible into or exchangeable for Capital Stock
referred to in clause (i) or (ii) above or Indebtedness having a scheduled
maturity prior to the Stated Maturity of the Notes; PROVIDED that any Capital
Stock that would not constitute Disqualified Stock but for provisions thereof
giving holders thereof the right to require such Person to repurchase or redeem
such Capital Stock upon the occurrence of an "asset sale" or "change of control"
occurring prior to the Stated Maturity of the Notes shall not constitute
Disqualified Stock if the "asset sale" or "change of control" provisions
applicable to such Capital Stock are no more favorable to the holders of such
Capital Stock than the provisions contained in Sections 4.15 and 4.21 hereof and
such Capital Stock specifically provides that such Person will not repurchase or
redeem any such stock pursuant to such provision prior to the Company's
repurchase of such Notes as are required to be repurchased pursuant to Sections
4.15 and 4.21.

        "EMPRESS CASINO JOLIET" means the Empress Casino and Hotel located in
Joliet, Illinois or any successor casino or hotel/casino.

        "EMPRESS CASINO CORPORATION" means Empress Casino Joliet Corporation, an
Illinois corporation that owns and operates Empress Casino Joliet, or any
successor in interest thereto.

        "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

        "EXCLUDED PERSONS" means William F. Cellini, F. Lance Callis, Jimmy F.
Gallagher, James B. Perry, John B. Pratt, Sr. and Stephanie Pratt, each of such
person's immediate family or a trust or similar entity existing solely for the
benefit of such person or such person's immediate family.

        "EXISTING INDENTURE" means that certain Indenture, dated as of June 8,
1999 (as such Indenture may be amended or supplemented) among the Company, as
issuer, certain subsidiaries of the Company, as subsidiary guarantors, and Bank
One Trust Company, National Association, as trustee.

        "EXISTING NOTES" means the Company's 10 3/4% Senior Subordinated Notes
due 2009 issued pursuant to the Existing Indenture.

        "FAIR MARKET VALUE" means the price that would be paid in an
arm's-length transaction between an informed and willing seller under no
compulsion to sell and an informed and willing buyer under no compulsion to buy,
as determined in good faith by the Board of Directors, whose determination shall
be conclusive if evidenced by a resolution of the Board of Directors.

        "FF&E INDEBTEDNESS" means any Indebtedness of the Company or any of its
Restricted Subsidiaries that is Incurred to finance the acquisition or lease
after the date of the Indenture of furniture, fixtures or equipment ("FF&E")
used directly in the operation of any of the Company's casinos and secured

                                        6
<Page>

solely by a Lien on such FF&E, which Indebtedness has a principal amount not to
exceed 100% of the cost of the FF&E so purchased or leased.

        "GAAP" means generally accepted accounting principles in the United
States of America as in effect from time to time, including, without limitation,
those set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as approved by a significant segment of the
accounting profession. All ratios and computations contained or referred to in
the Indenture shall be computed in conformity with GAAP applied on a consistent
basis.

        "GAMING AUTHORITY" means any agency, authority, board, bureau,
commission, department, office or instrumentality of the United States or
foreign government, any state province or any city or other political
subdivision, or any officer of official thereof, including the Illinois Gaming
Board, the Indiana Gaming Commission, the Iowa Racing and Gaming Commission, the
Louisiana Gaming Control Board, the Missouri Gaming Commission and any other
agency with authority to regulate any gaming operation (or proposed gaming
operation) owned, managed or operated by the Company or any of its Subsidiaries.

        "GAMING LICENSE" means every license, franchise or other authorization
required to own, lease, operate or otherwise conduct the present and future
gaming activities of the Company and its Subsidiaries.

        "GLOBAL NOTES" means, individually and collectively, each of the Global
Notes, substantially in the form of Exhibit A hereto issued in accordance with
Section 2.01 hereof.

        "GLOBAL NOTE LEGEND" means the legend set forth in Section 2.06(g),
which is required to be placed on all Global Notes issued under this Indenture.

        "GOVERNMENT SECURITIES" means direct obligations of, or obligations
guaranteed by, the United States of America, and the payment for which the
United States pledges its full faith and credit.

        "GUARANTEE" means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness of any other Person and,
without limiting the generality of the foregoing, any obligation, direct or
indirect, contingent or otherwise, of such Person: (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness of
such other Person (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services
(unless such purchase arrangements are on arm's-length terms and are entered
into in the ordinary course of business), to take-or-pay, or to maintain
financial statement conditions or otherwise) or (ii) entered into for purposes
of assuring in any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or
in part); PROVIDED that the term "Guarantee" shall not include endorsements for
collection or deposit in the ordinary course of business. The term "Guarantee"
used as a verb has a corresponding meaning.

        "HOLDER" means a Person in whose name a Note is registered.

        "INCUR" means, with respect to any Indebtedness, to incur, create,
issue, assume, Guarantee or otherwise become liable for or with respect to, or
become responsible for, the payment of, contingently or otherwise, such
Indebtedness, including an "Incurrence" of Acquired Indebtedness; PROVIDED that
neither the accrual of interest nor the accretion of original issue discount
shall be considered an Incurrence of Indebtedness.

                                        7
<Page>

        "INDEBTEDNESS" means, with respect to any Person at any date of
determination (without duplication): (i) all indebtedness of such Person for
borrowed money; (ii) all obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments; (iii) all obligations of such
Person in respect of letters of credit or other similar instruments (including
reimbursement obligations with respect thereto, but excluding obligations with
respect to letters of credit (including trade letters of credit) securing
obligations (other than obligations described in this definition) entered into
in the ordinary course of business of such Person to the extent such letters of
credit are not drawn upon or, if drawn upon, to the extent such drawing is
reimbursed no later than the third Business Day following receipt by such Person
of a demand for reimbursement following payment on the letter of credit); (iv)
all obligations of such Person to pay the deferred and unpaid purchase price of
property or services, which purchase price is due more than six months after the
date of placing such property in service or taking delivery and title thereto or
the completion of such services, except Trade Payables; (v) all Capitalized
Lease Obligations; (vi) all Indebtedness of other Persons secured by a Lien on
any asset of such Person, whether or not such Indebtedness is assumed by such
Person; PROVIDED that the amount of such Indebtedness shall be the lesser of (A)
the Fair Market Value of such asset at such date of determination and (B) the
amount of such Indebtedness; (vii) all Indebtedness of other Persons Guaranteed
by such Person to the extent such Indebtedness is Guaranteed by such Person; and
(viii) to the extent not otherwise included in this definition, obligations
under Currency Agreements and Interest Rate Agreements. The amount of
Indebtedness of any Person at any date shall be the outstanding balance at such
date of all unconditional obligations as described above and, with respect to
contingent obligations, the maximum liability upon the occurrence of the
contingency giving rise to the obligation, PROVIDED (A) that the amount
outstanding at any time of any Indebtedness issued with original issue discount
is the face amount of such Indebtedness less the remaining unamortized portion
of the original issue discount of such Indebtedness at such time as determined
in conformity with GAAP, (B) that money borrowed and set aside at the time of
the Incurrence of any Indebtedness in order to prefund the payment of the
interest on such Indebtedness shall not be deemed to be "Indebtedness" so long
as such money is held to secure the payment of such interest and (C) that
Indebtedness shall not include any liability for federal, state, local or other
taxes.

        "INDENTURE" means this Indenture, as amended or supplemented from time
to time.

        "INDIRECT PARTICIPANT" means a Person who holds a beneficial interest in
a Global Note through a Participant.

        "INITIAL NOTES" means the initial $200.0 million aggregate principal
amount of Notes issued under this Indenture on the date hereof.

        "INTEREST COVERAGE RATIO" means, on any Transaction Date, the ratio of
(i) the aggregate amount of Consolidated EBITDA of the Company and its
Restricted Subsidiaries for the then most recent four fiscal quarters prior to
such Transaction Date for which reports have been filed with the SEC or provided
to the Trustee (the "Four Quarter Period") to (ii) the aggregate Consolidated
Interest Expense of the Company and its Restricted Subsidiaries during such Four
Quarter Period. In making the foregoing calculation: (A) PRO FORMA effect shall
be given to any Indebtedness Incurred or repaid during the period (the
"Reference Period") commencing on the first day of the Four Quarter Period and
ending on the Transaction Date (other than Indebtedness Incurred or repaid under
a revolving credit or similar arrangement to the extent of the commitment
thereunder (or under any predecessor revolving credit or similar arrangement) in
effect on the last day of such Four Quarter Period unless any portion of such
Indebtedness is projected, in the reasonable judgment of the senior management
of the Company, to remain outstanding for a period in excess of 12 months from
the date of the Incurrence thereof), in each case as if such Indebtedness had
been Incurred or repaid on the first day of such Reference Period (and PRO FORMA
effect shall be given to eliminate interest attributable to any Indebtedness
which has been defeased either pursuant to a "covenant defeasance" or

                                        8
<Page>

"legal defeasance" in accordance with the instrument under which it was
incurred); (B) Consolidated Interest Expense attributable to interest on any
Indebtedness (whether existing or being Incurred) computed on a PRO FORMA basis
and bearing a floating interest rate shall be computed as if the rate in effect
on the Transaction Date (taking into account any Interest Rate Agreement
applicable to such Indebtedness if such Interest Rate Agreement has a remaining
term in excess of 12 months or, if shorter, at least equal to the remaining term
of such Indebtedness) had been the applicable rate for the entire period; (C)
PRO FORMA effect shall be given to Asset Dispositions and Asset Acquisitions
(including giving PRO FORMA effect to the application of proceeds of any Asset
Disposition) that occur during such Reference Period as if they had occurred and
such proceeds had been applied on the first day of such Reference Period; and
(D) PRO FORMA effect shall be given to asset dispositions and asset acquisitions
(including giving PRO FORMA effect to the application of proceeds of any asset
disposition) that have been made by any Person that has become a Restricted
Subsidiary or has been merged with or into the Company or any Restricted
Subsidiary during such Reference Period and that would have constituted Asset
Dispositions or Asset Acquisitions had such transactions occurred when such
Person was a Restricted Subsidiary as if such asset dispositions or asset
acquisitions were Asset Dispositions or Asset Acquisitions that occurred on the
first day of such Reference Period; PROVIDED that to the extent that clause (C)
or (D) of this sentence requires that PRO FORMA effect be given to an Asset
Acquisition or Asset Disposition, such PRO FORMA calculation shall be based upon
the four full fiscal quarters immediately preceding the Transaction Date of the
Person, or division or line of business of the Person, that is acquired or
disposed for which financial information is available.

        "INTEREST RATE AGREEMENT" means any interest rate protection agreement,
interest rate future agreement, interest rate option agreement, interest rate
swap agreement, interest rate cap agreement, interest rate collar agreement,
interest rate hedge agreement, option or future contract or other similar
agreement or arrangement.

        "INVESTMENT" in any Person means any direct or indirect advance, loan or
other extension of credit (including, without limitation, by way of Guarantee or
similar arrangement; but excluding advances to customers, suppliers or
contractors in the ordinary course of business that are, in conformity with
GAAP, recorded as accounts receivable or prepaid items on the balance sheet of
the Company or its Restricted Subsidiaries) or capital contribution to (by means
of any transfer of cash or other property to others or any payment for property
or services for the account or use of others), or any purchase or acquisition of
Capital Stock, bonds, notes, debentures or other similar instruments issued by,
such Person and shall include: (i) the designation of a Restricted Subsidiary as
an Unrestricted Subsidiary and (ii) the retention of the Capital Stock (or any
other Investment) by the Company or any of its Restricted Subsidiaries, of (or
in) any Person that has ceased to be a Restricted Subsidiary, including without
limitation, by reason of any transaction permitted by clause (iii) of Section
4.10. For purposes of the definition of "Unrestricted Subsidiaries" and Section
4.08 hereof, the amount of or a reduction in an Investment shall be equal to the
fair market value thereof at the time such Investment is made or reduced.
"Investment" shall not include the occurrence of a Trigger Event.

        "LEGAL HOLIDAY" means a Saturday, a Sunday or a day on which banking
institutions in the City of New York or at a place of payment are authorized by
law, regulation or executive order to remain closed. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on
such payment for the intervening period.

        "LIEN" means any mortgage, pledge, security interest, encumbrance, lien
or charge of any kind (inducing, without limitation, any conditional sale or
other title retention agreement or lease in the nature thereof or any agreement
to give any security interest).

                                        9
<Page>

        "MANAGEMENT AGREEMENT" means the Management Agreement to be entered into
between Argosy Illinois Corporation and Empress Casino Corporation upon a
Trigger Event pursuant to the terms of the Trust Agreements.

        "MATERIAL CASINO" means any casino of the Company or its Restricted
Subsidiaries that represent in excess of 10% of Consolidated EBITDA of the
Company and its Restricted Subsidiaries.

        "MOODY'S" means Moody's Investors Service, Inc. and its successors.

        "NET CASH PROCEEDS" means: (i) with respect to any Asset Sale, the
proceeds of such Asset Sale in the form of cash or cash equivalents, including
payments in respect of deferred payment obligations (to the extent corresponding
to the principal, but not interest, component thereof) when received in the form
of cash or cash equivalents and proceeds from the conversion of other property
received when converted to cash or cash equivalents, net of (A) brokerage
commissions and other fees and expenses (including fees and expenses of counsel
and investment bankers) related to such Asset Sale, (B) provisions for all taxes
(whether or not such taxes will actually be paid or are payable) as a result of
such Asset Sale without regard to the consolidated results of operations of the
Company and its Restricted Subsidiaries, taken as a whole, (C) payments made to
repay Indebtedness or any other obligation outstanding at the time of such Asset
Sale that either (1) is secured by a Lien on the property or assets sold or (2)
is required to be paid as a result of such sale and (D) appropriate amounts to
be provided by the Company or any Restricted Subsidiary as a reserve against any
liabilities associated with such Asset Sale, including, without limitation,
pension and other post-employment benefit liabilities, liabilities related to
environmental matters and liabilities under any indemnification obligations
associated with such Asset Sale, all as determined in conformity with GAAP and
(ii) with respect to any issuance or sale of Capital Stock, the proceeds of such
issuance or sale in the form of cash or cash equivalents, including payments in
respect of deferred payment obligations (to the extent corresponding to the
principal, but not interest, component thereof) when received in the form of
cash or cash equivalents and proceeds from the conversion of other property
received when converted to cash or cash equivalents, net of attorney's fees,
accountants' fees, underwriters' or placement agents' fees, discounts or
commissions and brokerage, consultant and other fees incurred in connection with
such issuance or sale and net of taxes paid or payable as a result thereof.

        "NON-RECOURSE INDEBTEDNESS" means Indebtedness: (i) as to which neither
the Company nor any of its Restricted Subsidiaries (A) provides credit support
of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness) or (B) is directly or indirectly liable as a guarantor
or otherwise; (ii) no default with respect to which (including any rights that
the holders thereof may have to take enforcement action against an Unrestricted
Subsidiary) would permit upon notice, lapse of time or both any holder of any
other Indebtedness of the Company or any of its Restricted Subsidiaries to
declare a default on such other Indebtedness or cause the payment thereof to be
accelerated or payable prior to its stated maturity; and (iii) as to which the
lenders have been notified in writing that they will not have any recourse to
the stock or assets of the Company or any of its Restricted Subsidiaries.

        "NOTES" has the meaning assigned to it in the preamble to this
Indenture, and shall include the Initial Notes and the Additional Notes, which
shall be treated as a single class for all purposes under this Indenture.

        "OBLIGATIONS" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

        "OFFER TO PURCHASE" means an offer to purchase Notes by the Company from
the Holders commenced by mailing a notice to the Trustee and each Holder
stating: (i) the covenant pursuant to which

                                       10
<Page>

the offer is being made and that all Notes validly tendered will be accepted for
payment on a PRO RATA basis; (ii) the purchase price and the date of purchase
(which shall be a Business Day no earlier than 30 days nor later than 60 days
from the date such notice is mailed) (the "Payment Date"); (iii) that any Note
not tendered will continue to accrue interest pursuant to its terms; (iv) that,
unless the Company defaults in the payment of the purchase price, any Note
accepted for payment pursuant to the Offer to Purchase shall cease to accrue
interest on and after the Payment Date; (v) that Holders electing to have a Note
purchased pursuant to the Offer to Purchase will be required to surrender the
Note, together with the form entitled "Option of the Holder to Elect Purchase"
on the reverse side of the Note completed, to the Paying Agent at the address
specified in the notice prior to the close of business on the Business Day
immediately preceding the Payment Date; (vi) that Holders will be entitled to
withdraw their election if the Paying Agent receives, not later than the close
of business on the third Business Day immediately preceding the Payment Date, a
telegram, facsimile transmission or letter setting forth the name of such
Holder, the principal amount of Notes delivered for purchase and a statement
that such Holder is withdrawing his election to have such Notes purchased; and
(vii) that Holders whose Notes are being purchased only in part will be issued
new Notes equal in principal amount to the unpurchased portion of the Notes
surrendered; PROVIDED that each Note purchased and each new Note issued shall be
in a principal amount of $1,000 or integral multiples thereof. On the Payment
Date, the Company shall (i) accept for payment on a PRO RATA basis Notes or
portions thereof tendered pursuant to an Offer to Purchase; (ii) deposit with
the Paying Agent money sufficient to pay the purchase price of all Notes or
portions thereof so accepted; and (iii) deliver, or cause to be delivered, to
the Trustee all Notes or portions thereof so accepted together with an Officers'
Certificate specifying the Notes or portions thereof accepted for payment by the
Company. The Paying Agent shall promptly mail to the Holders of Notes so
accepted payment in an amount equal to the purchase price, and the Trustee shall
promptly authenticate and mail to such Holders a new Note equal in principal
amount to any unpurchased portion of the Note surrendered, PROVIDED that each
Note purchased and each new Note issued shall be in a principal amount of $1,000
or integral multiples thereof. The Company will publicly announce the results of
an Offer to Purchase as soon as practicable after the Payment Date. The Trustee
shall act as the Paying Agent for an Offer to Purchase. The Company will comply
with Rule 14e-l under the Exchange Act and any other securities laws and
regulations thereunder to the extent such laws and regulations are applicable,
in the event that the Company is required to repurchase Notes pursuant to an
Offer to Purchase.

        "OFFERING" means the offering of the Notes by the Company.

        "OFFICER" means, with respect to any Person, the Chairman of the Board,
the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Treasurer, the Secretary or any Vice President of
such Person.

        "OFFICERS' CERTIFICATE" means a certificate signed on behalf of the
Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Company, that meets the requirements of
Section 12.05 hereof.

        "OPINION OF COUNSEL" means an opinion from legal counsel who is
reasonably acceptable to the Trustee, that meets the requirements of Section
12.05 hereof. The counsel may be an employee of or counsel to the Company, any
Subsidiary of the Company or the Trustee.

        "PARTICIPANT" means, with respect to the Depositary, a Person who has an
account with the Depositary.

                                       11
<Page>

        "PERMITTED ASSET SWAP" means an exchange of assets by the Company or any
of its Restricted Subsidiaries for (i) one or more Permitted Businesses; (ii) a
controlling equity interest in any Person whose assets consist primarily of one
or more Permitted Businesses; and/or (iii) long-term assets that are used in a
Permitted Business in a like-kind exchange pursuant to Section 1031 of the
Internal Revenue Code or any similar successor provision of the Internal Revenue
Code or a reverse like-kind exchange as described in Revenue Procedure 2000-37.

        "PERMITTED BUSINESS" means a casino or gaming business, businesses
ancillary, complimentary or reasonably related thereto and reasonable extensions
thereof.

        "PERMITTED INVESTMENTS" means: (i) an Investment in the Company or a
Restricted Subsidiary or a Person which will, upon the making of such
investment, become a Restricted Subsidiary or be merged or consolidated with or
into or transfer or convey all or substantially all its assets to, the Company
or a Restricted Subsidiary; PROVIDED that such person's primary business is
related, ancillary or complementary to the businesses of the Company and its
Restricted Subsidiaries on the date of such Investment; (ii) Temporary Cash
Investments; (iii) payroll, travel and similar advances to cover matters that
are expected at the time of such advances ultimately to be treated as expenses
in accordance with GAAP; (iv) stock, obligations or securities received in
satisfaction of judgments; (v) Interest Rate Agreements and Currency Agreements
designed solely to protect the Company or its Restricted Subsidiaries against
fluctuations in interest rates or foreign currency exchange rates; (vi)
Investments in any Person the primary business of which is related, ancillary or
complementary to the businesses of the Company and its Restricted Subsidiaries;
PROVIDED that at the time of such Investment the aggregate amount of such
Investments pursuant to this clause (vi) does not exceed $40.0 million; and
(vii) early retirement of Indebtedness outstanding on the date of the Indenture
owed to former shareholders of Jazz Enterprises Inc.

        "PERMITTED JUNIOR SECURITIES" means: (i) Equity Interests in the Company
or any Subsidiary Guarantor or (ii) debt securities that are subordinated to all
Senior Indebtedness and any debt securities issued in exchange for Senior
Indebtedness to substantially the same extent as, or to a greater extent than,
the Notes and the Subsidiary Guarantees are subordinated to Senior Indebtedness
under the Indenture.

        "PERMITTED LIENS" means (i) Liens securing obligations under Senior
Indebtedness that is permitted to be incurred pursuant to the Indenture
including, without limitation, the Credit Facility; (ii) Liens existing on the
Closing Date; (iii) Liens granted after the Closing Date on any assets or
Capital Stock of the Company or its Restricted Subsidiaries created in favor of
the Holders; (iv) Liens for taxes, assessments, governmental charges or claims
that are being contested in good faith by appropriate legal proceedings promptly
instituted and diligently conducted and for which a reserve or other appropriate
provision, if any, as shall be required in conformity with GAAP shall have been
made; (v) statutory and common law Liens of landlords and carriers,
warehousemen, mechanics, suppliers, materialmen, repairmen or other similar
Liens arising in the ordinary course of business and with respect to amounts not
yet delinquent or being contested in good faith by appropriate legal proceedings
promptly instituted and diligently conducted and for which a reserve or other
appropriate provision, if any, as shall be required in conformity with GAAP
shall have been made; (vi) Liens incurred or deposits made in the ordinary
course of business in connection with workers' compensation, unemployment
insurance and other types of social security; (vii) Liens incurred or deposits
made to secure the performance of tenders, bids, leases, statutory or regulatory
obligations, bankers' acceptances, surety and appeal bonds, government
contracts, performance and return-of-money bonds and other obligations of a
similar nature incurred in the ordinary course of business (exclusive of
obligations for the payment of borrowed money); (viii) easements, rights-of-way,
municipal and zoning ordinances and similar charges, encumbrances, title defects
or other irregularities that do not materially interfere with the ordinary
course of business of the Company or any of its Restricted Subsidiaries; (ix)
Liens (including extensions and renewals thereof) upon real or personal property
acquired after the Closing Date; PROVIDED

                                       12
<Page>

that (a) such Lien is created solely for the purpose of securing Indebtedness
Incurred, in accordance with Section 4.07 hereof, to finance the cost (including
the cost of improvement or construction) of the item of property or assets
subject thereto and such Lien is created prior to, at the time of or within six
months after the later of the acquisition, the completion of construction or the
commencement of full operation of such property (b) the principal amount of the
Indebtedness secured by such Lien does not exceed 100% of such cost and (c) any
such Lien shall not extend to or cover any property or assets other than such
item of property or assets and any improvements on such item; (x) leases or
subleases granted to others that do not materially interfere with the ordinary
course of business of the Company and its Restricted Subsidiaries, taken as a
whole; (xi) Liens encumbering property or assets under construction arising from
progress or partial payments by a customer of the Company or its Restricted
Subsidiaries relating to such property or assets; (xii) any interest or title of
a lessor in the property subject to any Capitalized Lease or operating lease;
(xiii) Liens arising from filing Uniform Commercial Code financing statements
regarding leases; (xiv) Liens on property of, or on shares of Capital Stock or
Indebtedness of, any Person existing at the time such Person becomes or becomes
a part of, any Restricted Subsidiary, PROVIDED that such Liens do not extend to
or cover any property or assets of the Company or any Restricted Subsidiary
other than the property or assets acquired; (xv) Liens in favor of the Company
or any Restricted Subsidiary, other than Liens securing intercompany
Indebtedness incurred under clause (3) of the second paragraph of Section 4.07
hereof; (xvi) Liens arising from the rendering of a final judgment or order
against the Company or any Restricted Subsidiary that does not give rise to an
Event of Default; (xvii) Liens securing reimbursement obligations with respect
to letters of credit that encumber documents and other property relating to such
letters of credit and the products and proceeds thereof; (xviii) Liens in favor
of customs and revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods; (xix) Liens
encumbering customary initial deposits and margin deposits, and other Liens that
are within the general parameters customary in the industry and incurred in the
ordinary course of business, in each case, securing Indebtedness under Interest
Rate Agreements and Currency Agreements and forward contracts, options, future
contracts, futures options or similar agreements or arrangements designed solely
to protect the Company or any of its Restricted Subsidiaries from fluctuations
in interest rates, currencies or the price of commodities; (xx) Liens arising
out of conditional sale, title retention, consignment or similar arrangements
for the sale of goods entered into by the Company or any of its Restricted
Subsidiaries in the ordinary course of business in accordance with the past
practices of the Company and its Restricted Subsidiaries prior to the Closing
Date; (xxi) Liens on or sales of receivables; (xxii) Liens securing obligations
under Currency Agreements and Interest Rate Agreements entered into in the
ordinary course of business; and (xxiii) Liens in addition to the foregoing
incurred in the ordinary course of business PROVIDED that the amount of the
obligations secured by such Liens does not exceed in the aggregate $10.0 million
at any one time outstanding and that (A) are not incurred in connection with the
borrowing of money or the obtaining of advances or credit (other than trade
credit in the ordinary course of business) and (B) do not in the aggregate
materially detract from the value of the property or materially impair the use
thereof in the operation of the business by the Company or any of its
Subsidiaries.

        "PERSON" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or agency or political subdivision thereof (including any subdivision
or ongoing business of any such entity or substantially all of the assets of any
such entity, subdivision or business).

        "PUBLIC EQUITY OFFERING" means an underwritten primary public offering
of Common Stock of the Company pursuant to an effective registration statement
under the Securities Act.

        "REPRESENTATIVE" means the indenture trustee or other trustee, agent or
representative for any Senior Indebtedness.

                                       13
<Page>

        "RESPONSIBLE OFFICER," when used with respect to the Trustee, means any
officer within the Global Corporate Trust Service Area of the Trustee (or any
successor group of the Trustee) or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject.

        "RESTRICTED INVESTMENT" means any Investment other than a Permitted
Investment.

        "RESTRICTED SUBSIDIARY" means any Subsidiary of the Company other than
an Unrestricted Subsidiary.

        "REVERSE TRIGGER EVENT" means after the occurrence of a Trigger Event,
the transfer of the shares of the capital stock of Empress Casino Corporation to
the Company or a Restricted Subsidiary of the Company pursuant to the terms of
the Trust Agreements.

        "S&P" means Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, and its successors.

        "SEC" means the Securities and Exchange Commission.

        "SECURITIES ACT" means the Securities Act of 1933, as amended.

        "SENIOR INDEBTEDNESS" means the following obligations of the Company or
a Subsidiary Guarantor, whether outstanding on the Closing Date or thereafter
Incurred: (i) all Indebtedness and all other monetary obligations (including,
without limitation, expenses, fees, principal, interest reimbursement
obligations under letters of credit and indemnities payable in connection
therewith) of the Company or a Subsidiary Guarantor under (or in respect of) the
Credit Facility or any Interest Rate Agreement or Currency Agreement relating to
the Indebtedness under the Credit Facility; provided, however, notwithstanding
anything to the contrary in this clause (i), Senior Indebtedness shall not
include any Indebtedness of the Company, to the extent not permitted by Section
4.07 or 4.17; and (ii) all other Indebtedness and all other monetary obligations
of the Company or a Subsidiary Guarantor (other than the Notes), including
principal and interest on such Indebtedness, unless such Indebtedness, by its
terms or by the terms of any agreement or instrument pursuant to which such
Indebtedness is issued, is on a parity with, or subordinated in right of payment
to, the Notes or any Subsidiary Guarantee; provided, however, notwithstanding
anything to the contrary in this clause (ii), Senior Indebtedness shall not
include: (a) any Indebtedness of the Company that, when Incurred, was without
recourse to the Company, (b) any Indebtedness of the Company to a Subsidiary of
the Company, or to a joint venture in which the Company has an interest, (c) any
Indebtedness of the Company, to the extent not permitted by Section 4.07 or 4.17
hereof, (d) any repurchase, redemption or other obligation in respect of
Disqualified Stock, (e) any Indebtedness to any employee of the Company or any
of its Subsidiaries, (f) any liability for taxes owed or owing by the Company or
any of its Subsidiaries or (g) any Trade Payables.

        "SENIOR SUBORDINATED OBLIGATIONS" means any principal of, premium, if
any, or interest on, or the redemption or the acquisition of, the Notes payable
pursuant to the terms of the Notes or the Subsidiary Guarantees or upon
acceleration, including any amounts received upon the exercise of rights of
rescission or other rights of action (including claims for damages) or
otherwise, to the extent relating to the redemption or purchase price of the
Notes and the Subsidiary Guarantees or amounts corresponding to such principal,
premium, if any, or interest on the Notes.

                                       14
<Page>

        "SIGNIFICANT SUBSIDIARY" means, at any date of determination, any
Subsidiary that, together with its Subsidiaries: (i) for the most recent fiscal
year of the Company, accounted for more than 10% of the consolidated revenues of
the Company and its Subsidiaries or (ii) as of the end of such fiscal year, was
the owner of more than 10% of the consolidated assets of the Company and its
Subsidiaries, all as set forth on the most recently available consolidated
financial statements of the Company for such fiscal year.

        "STATED MATURITY" means (i) with respect to any debt security, the date
specified in such debt security as the fixed date on which the final installment
of principal of such debt security is due and payable and (ii) with respect to
any scheduled installment of principal of or interest on any debt security, the
date specified in such debt security as the fixed date on which such installment
is due and payable.

        "SUBSIDIARY" means, with respect to any Person, any corporation,
association or other business entity of which more than 50% of the voting power
of the outstanding Voting Stock is owned, directly or indirectly, by such Person
and one or more other Subsidiaries of such Person and, notwithstanding the
occurrence of a Trigger Event, shall continue to include Empress Joliet
Corporation during the term of the Trust Agreements.

        "SUBSIDIARY GUARANTEE" means any Guarantee by each Subsidiary Guarantor
of the Company's payment obligations under this Indenture and on the Notes,
executed pursuant to the provisions of this Indenture.

        "SUBSIDIARY GUARANTOR" means (i) each Restricted Subsidiary of the
Company and (ii) any other Subsidiary of the Company that executes a Subsidiary
Guarantee pursuant Section 4.11.

        "TEMPORARY CASH INVESTMENT" means any of the following: (i) direct
obligations of the United States of America or any agency thereof or obligations
fully and unconditionally guaranteed by the United States of America or any
agency thereof; (ii) demand deposit accounts, time deposit accounts,
certificates of deposit and money market deposits maturing within 180 days of
the date of acquisition thereof issued by a bank or trust company which is
organized under the laws of the United States of America, any state thereof or
any foreign country recognized by the United States of America, and which bank
or trust company has capital, surplus and undivided profits aggregating in
excess of $100.0 million (or the foreign currency equivalent thereof and has
outstanding debt which is rated "A" (or such similar equivalent rating) or
higher by at least one nationally recognized statistical rating organization (as
defined in Rule 436 under the Securities Act) or any money-market fund sponsored
by a registered broker dealer or mutual fund distributor; (iii) repurchase
obligations with a term of not more than 30 days for underlying securities of
the types described in clause (i) above entered into with a bank or trust
company meeting the qualifications described in clause (ii) above; (iv)
commercial paper, maturing not more than one year after the date of acquisition,
issued by a corporation (other than an Affiliate of the Company) organized and
in existence under the laws of the United States of America, any state thereof
or any foreign country recognized by the United States of America with a rating
at the time as of which any investment therein is made of "P-2" (or higher)
according to Moody's or "A-2" (or higher) according to S&P ; (v) securities with
maturities of one year or less from the date of acquisition issued or fully and
conditionally guaranteed by any state, commonwealth or territory of the United
States of America, or by any political subdivision or taxing authority thereof,
and rated at least "A" by S&P or Moody's; and (vi) other dollar denominated
securities issued by any Person incorporated in the United States rated at least
"A" or the equivalent by S&P or at least "A2" or the equivalent by Moody's and
in each case either (A) maturing not more than one year after the date of
acquisition or (B) which are subject to a repricing arrangement (such as a Dutch
auction) not more than one year after the date of acquisition (and reprices at
least yearly thereafter) which the Person

                                       15
<Page>

making the investment believes in good faith will permit such Person to sell
such security at par in connection with such repricing mechanism.

        "TIA" means the Trust Indenture Act of 1939 (15 U.S.C. Sections
77aaa-77bbbb) as in effect on the date on which this Indenture is qualified
under the TIA.

        "TRADE PAYABLES" means, with respect to any Person, any accounts payable
or any other indebtedness or monetary obligation to trade creditors created,
assumed or Guaranteed by such Person or any of its Subsidiaries arising in the
ordinary course of business in connection with the acquisition of goods or
services.

        "TRANSACTION DATE" means, with respect to the Incurrence of any
Indebtedness by the Company or any of its Restricted Subsidiaries, the date such
Indebtedness is to be Incurred and, with respect to any Restricted Payment, the
date such Restricted Payment is to be made.

        "TRIGGER EVENT" means the transfer of shares of capital stock of Empress
Casino Corporation into trust pursuant to the terms of the Trust Agreements.

        "TRUST AGREEMENTS" means the Transfer of Ownership Agreement by and
among the Company, Empress Casino Corporation and the Illinois Gaming Board and
the Trust Agreement by and between the Company and LaSalle Bank National
Association, each dated as of July 24, 2001, together with any agreements,
instruments and documents executed or delivered pursuant to or in connection
with such agreements, in each case as such agreements, instruments or documents
may be amended, supplemented, extended, renewed or otherwise modified from time
to time.

        "TRUSTEE" means the party named as such above until a successor replaces
it in accordance with the applicable provisions of this Indenture and thereafter
means the successor serving hereunder.

        "UNRESTRICTED SUBSIDIARY" means: (i) any Subsidiary of the Company that
at the time of determination shall be designated an Unrestricted Subsidiary by
the Board of Directors in the manner provided below, and (ii) any Subsidiary of
an Unrestricted Subsidiary; PROVIDED that such Subsidiary: (a) has no
Indebtedness other than Non-Recourse Debt; (b) is not party to any agreement,
contract, arrangement or understanding with the Company or any Restricted
Subsidiary of the Company unless the terms of any such agreement, contract,
arrangement or understanding are no less favorable to the Company or such
Restricted Subsidiary than those that might be obtained at the time from Persons
who are not Affiliates of the Company; (c) is a Person with respect to which
neither the Company nor any of its Restricted Subsidiaries has any direct or
indirect obligation (1) to subscribe for additional Equity Interests or (2) to
maintain or preserve such Person's financial condition or to cause such Person
to achieve any specified levels of operating results; and (d) has not guaranteed
or otherwise directly or indirectly provided credit support for any Indebtedness
of the Company or any of its Restricted Subsidiaries. If, at any time, any
Unrestricted Subsidiary would fail to meet the preceding requirements as an
Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted
Subsidiary for purposes of the Indenture and any Indebtedness of such Subsidiary
shall be deemed to be incurred by a Restricted Subsidiary of the Company as of
such date and, if such Indebtedness is not permitted to be incurred as of such
date under the "Incurrence of Indebtedness and Issuance of Preferred Stock"
covenant described below, the Company shall be in default of such covenant.

        "U.S. GOVERNMENT OBLIGATIONS" means securities that are (i) direct
obligations of the United States of America for the payment of which its full
faith and credit is pledged or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of

                                       16
<Page>

America, which, in either case, are not callable or redeemable at the option of
pthe issuer thereof at any time prior to the Stated Maturity of the Notes, and
shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held
by such custodian for the account of the holder of a depository receipt;
PROVIDED that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U. S.
Government Obligation or the specific payment of interest on or principal of the
U.S. Governmental Obligation evidenced by such depository receipt.

        "VOTING STOCK" means with respect to any Person, Capital Stock of any
class or kind ordinarily having the power to vote for the election of directors,
managers or other voting members of the governing body of such Person.

        "WHOLLY OWNED" means, with respect to any Subsidiary of any Person, the
ownership of all of the outstanding Capital Stock of such Subsidiary (other than
any director's qualifying shares or Investments by foreign nationals mandated by
applicable law) by such Person or one or more Wholly Owned Subsidiaries of such
Person.

SECTION 1.02.   OTHER DEFINITIONS.

<Table>
<Caption>
                                                                Defined in
        Term                                                     Section
        ----                                                     -------
        <S>                                                       <C>
        "AUTHENTICATION ORDER"...............................      2.02
        "COVENANT DEFEASANCE"................................      8.03
        "EVENT OF DEFAULT"...................................      6.01
        "EXCESS PROCEEDS"....................................      4.15
        "LEGAL DEFEASANCE"...................................      8.02
        "PARI PASSU INDEBTEDNESS"............................      4.15
        "PAYING AGENT".......................................      2.03
        "PAYMENT BLOCKAGE NOTICE"............................     10.03
        "REGISTRAR"..........................................      2.03
        "RESTRICTED PAYMENTS"................................      4.08
</Table>

SECTION 1.03.   INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

        Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture.

        The following TIA terms used in this Indenture have the following
meanings:

        "INDENTURE SECURITIES" means the Notes;

        "INDENTURE SECURITY HOLDER" means a Holder of a Note;

        "INDENTURE TO BE QUALIFIED" means this Indenture;

        "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Trustee; and

                                       17
<Page>

        "OBLIGOR" on the Notes and the Subsidiary Guarantees means the Company
and the Subsidiary Guarantors, respectively, and any successor obligor upon the
Notes and the Subsidiary Guarantees, respectively.

        All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under the TIA
have the meanings so assigned to them.

SECTION 1.04.   RULES OF CONSTRUCTION.

        Unless the context otherwise requires:

        (a)     a term has the meaning assigned to it;

        (b)     an accounting term not otherwise defined has the meaning
assigned to it in accordance with GAAP;

        (c)     "or" is not exclusive;

        (d)     words in the singular include the plural, and in the plural
include the singular;

        (e)     provisions apply to successive events and transactions; and

        (f)     references to sections of or rules under the Securities Act
shall be deemed to include substitute, replacement of successor sections or
rules adopted by the SEC from time to time.

                                    ARTICLE 2
                                    THE NOTES

SECTION 2.01.   FORM AND DATING.

        (a)     GENERAL. The Notes and the Trustee's certificate of
authentication shall be substantially in the form of Exhibit A hereto. The Notes
may have notations, legends or endorsements required by law, stock exchange rule
or usage. Each Note shall be dated the date of its authentication. The Notes
shall be in denominations of $1,000 and integral multiples thereof.

        The terms and provisions contained in the Notes shall constitute, and
are hereby expressly made, a part of this Indenture and the Company, the
Subsidiary Guarantors and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be bound thereby.
However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and
be controlling.

        (b)     GLOBAL NOTES. Notes issued in global form shall be substantially
in the form of Exhibit A attached hereto (including the Global Note Legend
thereon and the "Schedule of Exchanges of Interests in the Global Note" attached
thereto). Notes issued in definitive form shall be substantially in the form of
Exhibit A attached hereto (but without the Global Note Legend thereon and
without the "Schedule of Exchanges of Interests in the Global Note" attached
thereto). Each Global Note shall represent such of the outstanding Notes as
shall be specified therein and each shall provide that it shall represent the
aggregate principal amount of outstanding Notes from time to time endorsed
thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note to

                                       18
<Page>

reflect the amount of any increase or decrease in the aggregate principal amount
of outstanding Notes represented thereby shall be made by the Trustee or the
Custodian, at the direction of the Trustee, in accordance with instructions
given by the Holder thereof as required by Section 2.06 hereof.

SECTION 2.02.   EXECUTION AND AUTHENTICATION.

        An Officer shall sign the Notes for the Company by manual or facsimile
signature. The Company's seal shall be reproduced on the Notes and may be in
facsimile form. If an Officer whose signature is on a Note no longer holds that
office at the time a Note is authenticated, the Note shall nevertheless be
valid. A Note shall not be valid until authenticated by the manual signature of
the Trustee. The signature shall be conclusive evidence that the Note has been
authenticated under this Indenture. The Trustee shall, upon a written order of
the Company signed by an Officer (an "Authentication Order"), authenticate Notes
for original issue up to the aggregate principal amount stated in paragraph 4 of
the Initial Notes plus the aggregate principal amount stated in paragraph 4 of
any Additional Notes permitted to be issued under this Indenture. The aggregate
principal amount of Notes outstanding at any time may not exceed such amount
except as provided in Section 2.07 hereof. The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Notes. An
authenticating agent may authenticate Notes whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an
Agent to deal with Holders or an Affiliate of the Company.

SECTION 2.03.   REGISTRAR AND PAYING AGENT.

        The Company shall maintain an office or agency where Notes may be
presented for registration of transfer or for exchange ("Registrar") and an
office or agency where Notes may be presented for payment ("Paying Agent"). The
Company may act as its own Registrar or Paying Agent. The Registrar shall keep a
register of the Notes and of their transfer and exchange. The Company may
appoint one or more co-registrars and one or more additional paying agents. The
term "Registrar" includes any co-registrar and the term "Paying Agent" includes
any additional paying agent. The Company may change any Paying Agent or
Registrar without notice to any Holder. The Company shall notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If
the Company fails to appoint or maintain another entity as Registrar or Paying
Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may
act as Paying Agent or Registrar.

        The Company initially appoints The Depository Trust Company ("DTC") to
act as Depositary with respect to the Global Notes.

        The Company initially appoints the Trustee to act as the Registrar and
Paying Agent and to act as Custodian with respect to the Global Notes.

SECTION 2.04.   PAYING AGENT TO HOLD MONEY IN TRUST.

        The Company shall require each Paying Agent other than the Trustee to
agree in writing that the Paying Agent will hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the payment of
principal, premium, if any, or interest on the Notes, and will notify the
Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the
Paying Agent (if other than the Company or a Subsidiary) shall have no further
liability for the money. If the Company or a Subsidiary acts as Paying Agent, it
shall segregate and hold in a separate

                                       19
<Page>

trust fund for the benefit of the Holders all money held by it as Paying Agent.
Upon any bankruptcy or reorganization proceedings relating to the Company, the
Trustee shall serve as Paying Agent for the Notes.

SECTION 2.05.   HOLDER LISTS.

        The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
all Holders and shall otherwise comply with TIA Section 312(a). If the Trustee
is not the Registrar, the Company shall furnish to the Trustee at least seven
Business Days before each interest payment date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of the Holders of
Notes and the Company shall otherwise comply with TIA Section 312(a). The
Trustee, the Registrar and the Company shall provide a current list of all
Holders to any Gaming Authority upon demand.

SECTION 2.06.   TRANSFER AND EXCHANGE.

        (a)     TRANSFER AND EXCHANGE OF GLOBAL NOTES. A Global Note may not be
transferred as a whole except by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if (i) the Company delivers to the Trustee
notice from the Depositary that it is unwilling or unable to continue to act as
Depositary or that it is no longer a clearing agency registered under the
Exchange Act and, in either case, a successor Depositary is not appointed by the
Company within 120 days after the date of such notice from the Depositary or
(ii) the Company in its sole discretion determines that the Global Notes (in
whole but not in part) should be exchanged for Definitive Notes and delivers a
written notice to such effect to the Trustee. Upon the occurrence of either of
the preceding events in (i) or (ii) above, Definitive Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu
of, a Global Note or any portion thereof, pursuant to this Section 2.06 or
Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form
of, and shall be, a Global Note. A Global Note may not be exchanged for another
Note other than as provided in this Section 2.06(a), however, beneficial
interests in a Global Note may be transferred and exchanged as provided in
Section 2.06(b) or (c) hereof.

        (b)     TRANSFER AND EXCHANGE OF BENEFICIAL INTERESTS IN THE GLOBAL
NOTES. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depositary, in accordance with the provisions of
this Indenture and the Applicable Procedures.

        (c)     TRANSFER OR EXCHANGE OF BENEFICIAL INTERESTS FOR DEFINITIVE
NOTES.

        If any holder of a beneficial interest in a Global Note proposes to
exchange such beneficial interest for a Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Note, then the Trustee shall cause the aggregate principal amount of
the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g)
hereof, and the Company shall execute and the Trustee shall authenticate and
deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a
beneficial interest shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions

                                       20
<Page>

from the Depositary and the Participant or Indirect Participant. The Trustee
shall deliver such Definitive Notes to the Persons in whose names such Notes are
so registered.

        (d)     TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR BENEFICIAL
INTERESTS.

        A Holder of a Definitive Note may exchange such Note for a beneficial
interest in a Global Note or transfer such Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in a Global Note at
any time. Upon receipt of a request for such an exchange or transfer, the
Trustee shall cancel the applicable Definitive Note and increase or cause to be
increased the aggregate principal amount of one of the Global Notes.

        (e)     TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR DEFINITIVE NOTES.
Upon request by a Holder of Definitive Notes and such Holder's compliance with
the provisions of this Section 2.06(e), the Registrar shall register the
transfer or exchange of Definitive Notes. Prior to such registration of transfer
or exchange, the requesting Holder shall present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. Upon receipt of a request to
register such a transfer, the Registrar shall register the Unrestricted
Definitive Notes pursuant to the instructions from the Holder thereof.

        (f)     LEGENDS. The following legends shall appear on the face of all
Global Notes and Definitive Notes issued under this Indenture.

"THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ARGOSY GAMING COMPANY."

        (g)     CANCELLATION AND/OR ADJUSTMENT OF GLOBAL NOTES. At such time as
all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or
canceled in whole and not in part, each such Global Note shall be returned to or
retained and canceled by the Trustee in accordance with Section 2.11 hereof. At
any time prior to such cancellation, if any beneficial interest in a Global Note
is exchanged for or transferred to a Person who will take delivery thereof in
the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note shall be
reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note shall be increased accordingly
and an endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase.

                                       21
<Page>

        (h)     GENERAL PROVISIONS RELATING TO TRANSFERS AND EXCHANGES.

                (i)   To permit registrations of transfers and exchanges, the
        Company shall execute and the Trustee shall authenticate Global Notes
        and Definitive Notes upon the Company's order or at the Registrar's
        request.

                (ii)  No service charge shall be made to a holder of a
        beneficial interest in a Global Note or to a Holder of a Definitive Note
        for any registration of transfer or exchange, but the Company may
        require payment of a sum sufficient to cover any transfer tax or similar
        governmental charge payable in connection therewith (other than any such
        transfer taxes or similar governmental charge payable upon exchange or
        transfer pursuant to Sections 2.10, 3.06, 4.15, 4.21 and 9.05 hereof).

                (iii) The Registrar shall not be required to register the
        transfer of or exchange any Note selected for redemption in whole or in
        part, except the unredeemed portion of any Note being redeemed in part
        or upon the order of any Gaming Authority.

                (iv)  All Global Notes and Definitive Notes issued upon any
        registration of transfer or exchange of Global Notes or Definitive Notes
        shall be the valid obligations of the Company, evidencing the same debt,
        and entitled to the same benefits under this Indenture, as the Global
        Notes or Definitive Notes surrendered upon such registration of transfer
        or exchange.

                (v)   The Company shall not be required (A) to issue, to
        register the transfer of or to exchange any Notes during a period
        beginning at the opening of business 15 days before the day of any
        selection of Notes for redemption under Section 3.02 hereof and ending
        at the close of business on the day of selection, (B) to register the
        transfer of or to exchange any Note so selected for redemption in whole
        or in part, except the unredeemed portion of any Note being redeemed in
        part or (C) to register the transfer of or to exchange a Note between a
        record date and the next succeeding Interest Payment Date.

                (vi)  Prior to due presentment for the registration of a
        transfer of any Note, the Trustee, any Agent and the Company may deem
        and treat the Person in whose name any Note is registered as the
        absolute owner of such Note for the purpose of receiving payment of
        principal of and interest on such Notes and for all other purposes, and
        none of the Trustee, any Agent or the Company shall be affected by
        notice to the contrary.

                (vii) The Trustee shall authenticate Global Notes and Definitive
        Notes in accordance with the provisions of Section 2.02 hereof.

SECTION 2.07.   REPLACEMENT NOTES.

        If any mutilated Note is surrendered to the Trustee or the Company and
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and the Trustee, upon receipt of an
Authentication Order, shall authenticate a replacement Note if the Trustee's
requirements are met. If required by the Trustee or the Company, an indemnity
bond must be supplied by the Holder that is sufficient in the judgment of the
Trustee and the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Company may charge for its expenses in replacing a Note.

                                       22
<Page>

        Every replacement Note is an additional obligation of the Company and
shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder.

SECTION 2.08.   OUTSTANDING NOTES.

        The Notes outstanding at any time are all the Notes authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section as
not outstanding. Except as set forth in Section 2.09 hereof, a Note does not
cease to be outstanding because the Company or an Affiliate of the Company holds
the Note. If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser. If the principal amount of any
Note is considered paid under Section 4.01 hereof, it ceases to be outstanding
and interest on it ceases to accrue. If the Paying Agent (other than the
Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption
date or maturity date, money sufficient to pay Notes payable on that date, then
on and after that date such Notes shall be deemed to be no longer outstanding
and shall cease to accrue interest.

SECTION 2.09.   TREASURY NOTES.

        In determining whether the Holders of the required principal amount of
Notes have concurred in any direction, amendment, supplement, waiver or consent,
Notes owned by the Company, or by any Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company,
shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, amendment, supplement, waiver or consent, only Notes that the Trustee
knows are so owned shall be so disregarded.

SECTION 2.10.   TEMPORARY NOTES.

        Until certificates representing Notes are ready for delivery, the
Company may prepare and the Trustee, upon receipt of an Authentication Order,
shall authenticate temporary Notes. Temporary Notes shall be substantially in
the form of certificated Notes but may have variations that the Company
considers appropriate for temporary Notes and as shall be reasonably acceptable
to the Trustee. Without unreasonable delay, the Company shall prepare and the
Trustee shall authenticate definitive Notes in exchange for temporary Notes.

        Holders of temporary Notes shall be entitled to all of the benefits of
this Indenture.

SECTION 2.11.   CANCELLATION.

        The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The
Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall destroy
canceled Notes (subject to the record retention requirement of the Exchange
Act). Certification of the destruction of all canceled Notes shall be delivered
to the Company. Subject to Section 2.07, the Company may not issue new Notes to
replace Notes that it has paid or that have been delivered to the Trustee for
cancellation.

                                       23
<Page>

SECTION 2.12.   DEFAULTED INTEREST.

        If the Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a
subsequent special record date, in each case at the rate provided in the Notes
and in Section 4.01 hereof. The Company shall notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date
of the proposed payment. The Company shall fix or cause to be fixed each such
special record date and payment date, PROVIDED that no such special record date
shall be less than 10 days prior to the related payment date for such defaulted
interest. At least 15 days before the special record date, the Company (or, upon
the written request of the Company, the Trustee in the name and at the expense
of the Company) shall mail or cause to be mailed to Holders a notice that states
the special record date, the related payment date and the amount of such
interest to be paid.

                                    ARTICLE 3
                            REDEMPTION AND PREPAYMENT

SECTION 3.01.   NOTICES TO TRUSTEE.

        If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee, a
reasonable time prior to the redemption notice period set forth in Section 3.03
below or such other time as shall be required by order of any applicable Gaming
Authority, an Officers' Certificate setting forth (i) the clause of this
Indenture pursuant to which the redemption shall occur, (ii) the redemption
date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption
price.

SECTION 3.02.   SELECTION OF NOTES TO BE REDEEMED.

        If less than all of the Notes are to be redeemed or purchased in an
Offer to Purchase at any time, the Trustee shall select the Notes to be redeemed
or purchased among the Holders of the Notes in compliance with the requirements
of the principal national securities exchange, if any, on which the Notes are
listed or, if the Notes are not so listed, on a PRO RATA basis, by lot or in
accordance with any other method the Trustee considers fair and appropriate. In
the event of partial redemption by lot, the particular Notes to be redeemed
shall be selected, unless otherwise provided herein, not less than 30 nor more
than 60 days prior to the redemption date by the Trustee from the outstanding
Notes not previously called for redemption.

        The Trustee shall promptly notify the Company in writing of the Notes
selected for redemption and, in the case of any Note selected for partial
redemption, the principal amount thereof to be redeemed. Notes and portions of
Notes selected shall be in amounts of $1,000 or whole multiples of $1,000;
except that if all of the Notes of a Holder are to be redeemed, the entire
outstanding amount of Notes held by such Holder, even if not a multiple of
$1,000, shall be redeemed. Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes called for redemption also
apply to portions of Notes called for redemption.

SECTION 3.03.   NOTICE OF REDEMPTION.

        Subject to the provisions of Section 4.15 hereof, at least 30 days but
not more than 60 days before a redemption date or such other time as shall be
required by order of any applicable Gaming

                                       24
<Page>

Authority, the Company shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its
registered address.

        The notice shall identify the Notes to be redeemed and shall state:

        (a)     the redemption date;

        (b)     the redemption price;

        (c)     if any Note is being redeemed in part, the portion of the
principal amount of such Note to be redeemed and that, after the redemption date
upon surrender of such Note, a new Note or Notes in principal amount equal to
the unredeemed portion shall be issued upon cancellation of the original Note;

        (d)     the name and address of the Paying Agent;

        (e)     that Notes called for redemption must be surrendered to the
Paying Agent to collect the redemption price;

        (f)     that, unless the Company defaults in making such redemption
payment, interest on Notes called for redemption ceases to accrue on and after
the redemption date;

        (g)     the paragraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and

        (h)     that no representation is made as to the correctness or accuracy
of the CUSIP number, if any, listed in such notice or printed on the Notes.

        At the Company's request, the Trustee shall give the notice of
redemption in the Company's name and at its expense; PROVIDED, HOWEVER, that the
Company shall have delivered to the Trustee pursuant to Section 3.01, an
Officers' Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding
paragraph.

SECTION 3.04.   EFFECT OF NOTICE OF REDEMPTION.

        Once notice of redemption is mailed in accordance with Section 3.03
hereof, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price. A notice of redemption may not be
conditional.

SECTION 3.05.   DEPOSIT OF REDEMPTION PRICE.

        One Business Day prior to the redemption date, the Company shall deposit
with the Trustee or with the Paying Agent money sufficient to pay the redemption
price of and accrued interest on all Notes to be redeemed on that date. The
Trustee or the Paying Agent shall promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption price of, and accrued interest on, all
Notes to be redeemed.

        If the Company complies with the provisions of the preceding paragraph,
on and after the redemption date, interest shall cease to accrue on the Notes or
the portions of Notes called for redemption. If a Note is redeemed on or after
an interest record date but on or prior to the related interest payment date,
then any accrued and unpaid interest shall be paid to the Person in whose name
such Note was registered at the close of business on such record date. If any
Note called for redemption shall not be

                                       25
<Page>

so paid upon surrender for redemption because of the failure of the Company to
comply with the preceding paragraph, interest shall be paid on the unpaid
principal, from the redemption date until such principal is paid, and to the
extent lawful on any interest not paid on such unpaid principal, in each case at
the rate provided in the Notes and in Section 4.01 hereof.

SECTION 3.06.   NOTES REDEEMED IN PART.

        Upon surrender of a Note that is redeemed in part, the Company shall
issue and, upon the Company's written request, the Trustee shall authenticate
for the Holder at the expense of the Company a new Note equal in principal
amount to the unredeemed portion of the Note surrendered.

SECTION 3.07.   OPTIONAL REDEMPTION.

        (a)     Except as set forth in clause (b) of this Section 3.07, the
Company shall not have the option to redeem the Notes pursuant to this
Section 3.07 prior to September 1, 2006. Thereafter, the Company shall have the
option to redeem the Notes, in whole or in part, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued and
unpaid interest to the applicable redemption date, if redeemed during the
twelve-month period beginning on September 1 of the years indicated below:

<Table>
<Caption>
        Year                                                 Percentage
        ----                                                 ----------
        <S>                                                     <C>
        2006...............................................     104.500%
        2007...............................................     103.000%
        2008...............................................     101.500%
        2009 and thereafter................................     100.000%
</Table>

        (b)     Notwithstanding the provisions of clause (a) of this Section
3.07, at any time prior to September 1, 2004, the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of Notes with the
net proceeds of a Public Equity Offering at a redemption price equal to 109% of
the aggregate principal amount thereof plus accrued and unpaid interest thereon,
if any; PROVIDED that at least 65% in aggregate principal amount of the Notes
originally issued remain outstanding immediately after the occurrence of such
redemption and that such redemption occurs within 60 days of the date of the
closing of such Public Equity Offering.

        (c)     Any redemption pursuant to this Section 3.07 shall be made
pursuant to the provisions of Section 3.01 through 3.06 hereof.

Section 3.08.   GAMING REDEMPTION

        (a)     Notwithstanding any other provision of this Indenture, if any
Gaming Authority: (1) requests or requires a holder or beneficial owner of Notes
to appear before, submit to the jurisdiction of or provide information to, such
Gaming Authority and such holder or beneficial owner either refuses to do so or
otherwise fails to comply with such request or requirement within a reasonable
period of time; or (2) determines that any holder or beneficial owner of Notes
is not suitable or qualified with respect to beneficial ownership of the Notes,
then the Company may: (1) require that such holder or beneficial owner dispose
of its Notes within 30 days (or such earlier date as required by the Gaming
Authority) of (A) termination of the 30-day period described above for the
holder or beneficial owner to apply for a license, qualification or finding of
suitability or (B) the receipt of the notice from the Gaming Authority that the
holder or beneficial owner will not be licensed, qualified or found suitable; or
(2) redeem the Notes of such holder or beneficial owner at a price equal to the
lesser of (A) the price at which such

                                       26
<Page>

holder or beneficial owner acquired such Notes or (B) the Fair Market Value of
such Notes or, if the Notes are listed on a national securities exchange, the
last reported sale price on the date the Company notifies such holder or
beneficial owner of the redemption.

        (b)     Immediately upon a determination that a holder or beneficial
owner will not be licensed, qualified or found suitable, the holder or
beneficial owner will have no further rights (1) to exercise any right conferred
by the Notes, directly or indirectly, through any trustee, nominee or any other
Person or entity, or (2) to receive any interest or other distribution or
payment with respect to the Notes or any remuneration in any form from the
Company for services rendered or otherwise, except the redemption price of the
Notes. The holder or beneficial owner applying for a licenses, qualification or
finding of suitability must pay all costs of the licensure or investigation for
such qualification or finding of suitability.

SECTION 3.09.   MANDATORY REDEMPTION.

        The Company shall not be required to make mandatory redemption payments
with respect to the Notes.

                                    ARTICLE 4
                                    COVENANTS

SECTION 4.01.   PAYMENT OF NOTES.

        The Company shall pay or cause to be paid the principal of, premium, if
any, and interest on the Notes on the dates and in the manner provided in the
Notes. Principal, premium, if any, and interest shall be considered paid on the
date due if the Paying Agent, if other than the Company or a Subsidiary thereof,
holds as of 10:00 a.m. Eastern Time on the due date money deposited by the
Company in immediately available funds and designated for and sufficient to pay
all principal, premium, if any, and interest then due.

        The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
the then applicable interest rate on the Notes to the extent lawful.

SECTION 4.02.   MAINTENANCE OF OFFICE OR AGENCY.

        The Company shall maintain in the Borough of Manhattan, the City of New
York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served. The
Company shall give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee.

        The Company may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; PROVIDED,
HOWEVER, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the

                                       27
<Page>

City of New York for such purposes. The Company shall give prompt written notice
to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency.

        The Company hereby designates the Corporate Trust Office of the Trustee
as one such office or agency of the Company in accordance with Section 2.03.

SECTION 4.03.   COMMISSION REPORTS AND REPORTS TO HOLDERS.

        Whether or not required by the rules and regulations of the SEC, so long
as any Notes are outstanding, the Company shall furnish to the Holders of Notes
(i) all quarterly and annual financial information that would be required to be
contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were
required to file such forms, including a "Management's Discussion and Analysis
of Financial Condition and Results of Operations" and, with respect to the
annual information only, a report thereon by the Company's certified independent
accountants and (ii) all current reports that would be required to be filed with
the SEC on Form 8-K if the Company were required to file such reports, in each
case, within the time periods specified in the SEC's rules and regulations. In
addition, whether or not required by the rules and regulations of the SEC, the
Company shall file a copy of all such information and reports with the SEC for
public availability within the time periods specified in the SEC's rules and
regulations (unless the SEC will not accept such a filing) and make such
information available to securities analysts and prospective investors upon
request. The Company shall at all times comply with TIA Section 314(a).

SECTION 4.04.   COMPLIANCE CERTIFICATE.

        (a)     The Company shall deliver to the Trustee, within 90 days after
the end of each fiscal year, an Officers' Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his or her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in
this Indenture and is not in default in the performance or observance of any of
the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge and what action the Company is
taking or proposes to take with respect thereto) and that to the best of his or
her knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Notes is
prohibited or if such event has occurred, a description of the event and what
action the Company is taking or proposes to take with respect thereto.

        (b)     So long as not contrary to the then current recommendations of
the American Institute of Certified Public Accountants, the year-end financial
statements delivered pursuant to Section 4.03(a) above shall be accompanied by a
written statement of the Company's independent public accountants (who shall be
a firm of established national reputation) that in making the examination
necessary for certification of such financial statements, nothing has come to
their attention that would lead them to believe that the Company has violated
any provisions of Article 4 or Article 5 hereof or, if any such violation has
occurred, specifying the nature and period of existence thereof, it being
understood that such accountants shall not be liable directly or indirectly to
any Person for any failure to obtain knowledge of any such violation.

        (c)     The Company shall, so long as any of the Notes are outstanding,
deliver to the Trustee, forthwith upon any Officer becoming aware of any Default
or Event of Default, an Officers' Certificate

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<Page>

specifying such Default or Event of Default and what action the Company is
taking or proposes to take with respect thereto.

SECTION 4.05.   TAXES.

        The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or
where the failure to effect such payment is not adverse in any material respect
to the Holders of the Notes.

SECTION 4.06.   STAY, EXTENSION AND USURY LAWS.

        The Company covenants (to the extent that it may lawfully do so) that it
shall not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, that may affect the covenants or
the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it shall not, by resort to any such law, hinder, delay
or impede the execution of any power herein granted to the Trustee, but shall
suffer and permit the execution of every such power as though no such law has
been enacted.

SECTION 4.07.   LIMITATION ON INDEBTEDNESS AND ISSUANCES OF PREFERRED STOCK

        (a)     The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, Incur any Indebtedness (other than the Notes and any
guarantees thereof issued on the Closing Date and other Indebtedness existing on
the Closing Date) and the Company shall not issue any Disqualified Stock and
shall not permit any of its Restricted Subsidiaries to issue any shares of
preferred stock; PROVIDED that the Company may Incur Indebtedness or issue
Disqualified Stock and the Company's Restricted Subsidiaries may Incur
Indebtedness or issue Disqualified Stock or preferred stock if, after giving
effect to the Incurrence of such Indebtedness or the issuance of such
Disqualified Stock or preferred stock and the receipt and application of the
proceeds therefrom, the Interest Coverage Ratio would be greater than 2:0:1.

        Notwithstanding the foregoing, the Company and any Restricted Subsidiary
(except as specified below) may Incur each and all of the following:

        (i)     Indebtedness and letters of credit under the Credit Facility in
                an aggregate principal amount at any one time outstanding under
                this clause (1) (with letters of credit being deemed to have a
                principal amount equal to the maximum potential liability of the
                Company and its Subsidiaries thereunder) not to exceed $675.0
                million less any amount of such Indebtedness permanently repaid
                as provided in Section 4.15 hereof;

        (ii)    Indebtedness owed to the Company evidenced by a promissory note
                or to any Restricted Subsidiary; PROVIDED that: (A) if the
                Company or any Subsidiary Guarantor is the obligor on such
                Indebtedness and the payee is not the Company or a Subsidiary
                Guarantor, such Indebtedness must be expressly subordinated to
                the prior payment in full in cash of all Senior Subordinated
                Obligations with respect to the Notes, in the case of the
                Company, or the Subsidiary Guarantee, in the case of a
                Subsidiary Guarantor and (B) any event which results in any such
                Restricted Subsidiary ceasing to be a Restricted Subsidiary or
                any subsequent transfer of such Indebtedness (other than to the
                Company or another Restricted

                                       29
<Page>

                Subsidiary) shall be deemed, in each case, to constitute an
                Incurrence of such Indebtedness not permitted by this clause
                (ii);

        (iii)   Indebtedness issued in exchange for, or the net proceeds of
                which are used to refinance or refund, then outstanding
                Indebtedness Incurred under the first paragraph of this covenant
                or clauses (v), (vi), (viii), (ix) and (x) of this paragraph,
                and any refinancings thereof in an amount not to exceed the
                amount so refinanced or refunded (plus premiums, accrued
                interest, fees and expenses); PROVIDED that Indebtedness the
                proceeds of which are used to refinance or refund the Notes or
                Indebtedness that is PARI PASSU with, or subordinated in right
                of payment to, the Notes shall only be permitted under this
                clause (iii) if: (A) in case the Notes are refinanced in part or
                the Indebtedness to be refinanced is PARI PASSU with the Notes,
                such new Indebtedness, by its terms or by the terms of any
                agreement or instrument pursuant to which such new Indebtedness
                is outstanding, is expressly made PARI PASSU with, or
                subordinate in right of payment to, the remaining Notes, (B) in
                case the Indebtedness to be refinanced is subordinated in right
                of payment to the Notes, such new Indebtedness, by its terms or
                by the terms of any agreement or instrument pursuant to which
                such new Indebtedness is issued or remains outstanding, is
                expressly made subordinate in right of payment to the Notes at
                least to the extent that the Indebtedness to be refinanced is
                subordinated to the Notes and (C) such new Indebtedness,
                determined as of the date of Incurrence of such new
                Indebtedness, does not mature prior to the Stated Maturity of
                the Indebtedness to be refinanced or refunded, and the Average
                Life of such new Indebtedness is at least equal to the remaining
                Average Life of the Indebtedness to be refinanced or refunded;
                and PROVIDED FURTHER that in no event may Indebtedness of the
                Company that is PARI PASSU or subordinated in right of payment
                to the Notes be refinanced by means of any Indebtedness of any
                Restricted Subsidiary pursuant to this clause (iii);

        (iv)    Indebtedness (A) in respect of performance, surety or appeal
                bonds provided in the ordinary course of business, (B) under
                Currency Agreements and Interest Rate Agreements; PROVIDED that
                such agreements (1) are designed solely to protect the Company
                or its Restricted Subsidiaries against fluctuations in foreign
                currency exchange rates or interest rates and (2) do not
                increase the Indebtedness of the obligor outstanding at any time
                other than as a result of fluctuations in foreign currency
                exchange rates or interest rates or by reason of fees,
                indemnities and compensation payable thereunder; and (C) arising
                from agreements providing for indemnification, adjustment of
                purchase price or similar obligations, or from Guarantees or
                letters of credit, surety bonds or performance bonds securing
                any obligations of the Company or any of its Restricted
                Subsidiaries pursuant to such agreements, in any case Incurred
                in connection with the disposition of any business, assets or
                Restricted Subsidiary (other than Guarantees of Indebtedness
                Incurred by any Person acquiring all or any portion of such
                business, assets or Restricted Subsidiary for the purpose of
                financing such acquisition), in a principal amount not to exceed
                the gross proceeds actually received by the Company or any
                Restricted Subsidiary in connection with such disposition;

        (v)     the incurrence by the Company and the Subsidiary Guarantors of
                Indebtedness represented by the Notes and the related Subsidiary
                Guarantees to be issued on the date of the Indenture;

        (vi)    Indebtedness of the Company, to the extent the net proceeds
                thereof are promptly (A) used to purchase Notes tendered in an
                Offer to Purchase made as a result of a Change in Control or (B)
                deposited to defease the Notes pursuant to Article 8;

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<Page>

        (vii)   Guarantees of Indebtedness of the Company or a Restricted
                Subsidiary by the Company or any of the Subsidiary Guarantors
                that was permitted to be incurred by another provision of this
                covenant;

        (viii)  Indebtedness of the Company or a Restricted Subsidiary that is
                (A) Incurred in connection with the construction of any new
                facilities related to the gaming business or any related
                business of the Company or any Restricted Subsidiary or in
                connection with the expansion by the Company or any Restricted
                Subsidiary of any of its existing facilities or (B) FF&E
                Indebtedness, provided that the amount of such Indebtedness in
                the aggregate outstanding at any time, including all
                refinancings, replacements and refundings thereof, shall not
                exceed $75.0 million;

        (ix)    Indebtedness evidenced by the Existing Notes, including any
                notes issued in exchange therefor pursuant to Section 2.06(f) of
                the Existing Indenture; and

        (x)     Indebtedness of the Company (in addition to Indebtedness
                permitted under clauses (i) through (ix) above) in an aggregate
                principal amount outstanding at any time (together with
                refinancings thereof) not to exceed $25.0 million.

        (b)     Notwithstanding any other provision of this Section 4.07, the
maximum amount of Indebtedness that the Company or a Restricted Subsidiary may
Incur pursuant to this Section 4.07 shall not be deemed to be exceeded, with
respect to any outstanding Indebtedness, due solely to the result of
fluctuations in the exchange rates of currencies.

        (c)     For purposes of determining any particular amount of
Indebtedness under this Section 4.07, (1) Indebtedness incurred under the Credit
Facility on or prior to the Closing Date shall be treated as Incurred pursuant
to clause (i) of the second paragraph of this Section 4.07, (2) Guarantees,
Liens or obligations with respect to letters of credit supporting Indebtedness
which is included in the determination of such particular amount shall not be
included and (3) any Liens granted pursuant to the equal and ratable provisions
referred to in Section 4.14 hereof shall not be treated as Indebtedness.

        (d)     For purposes of determining compliance with this Section 4.07,
in the event that an item of Indebtedness meets the criteria of more than one of
the types of Indebtedness described in the above clauses (other than
Indebtedness referred to in clause (1) of the preceding sentence), the Company,
in its sole discretion, shall classify, and from time to time may reclassify,
such item of Indebtedness and only be required to include the amount and type of
such Indebtedness in one of such clauses.

SECTION 4.08   LIMITATION ON RESTRICTED PAYMENTS

        The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly: (i) declare or pay any dividend or make any
distribution on or with respect to the Company's or any Restricted Subsidiary's
Capital Stock (other than dividends or distributions payable solely in shares of
its Capital Stock (other than Disqualified Stock) or in options, warrants or
other rights to acquire shares of such Capital Stock) held by Persons other than
the Company or any of its Restricted Subsidiaries; (ii) purchase, redeem, retire
or otherwise acquire for value any shares of Capital Stock of the Company or any
Subsidiary of the Company (including options, warrants or other rights to
acquire such shares of Capital Stock) held by any Person; (iii) make any
voluntary or optional principal payment, or voluntary or optional redemption,
repurchase, defeasance, or other acquisition or retirement for value, of
Indebtedness of the Company or a Subsidiary Guarantor that is subordinated in
right of payment to the Notes or any Subsidiary Guarantee, as the case may be;
or (iv) make any Investment, other than a Permitted Investment, in any Person
(such

                                       31
<Page>

payments or any other actions described in clauses (i) through (iv) above being
collectively "Restricted Payments"); if, at the time of, and after giving effect
to, the proposed Restricted Payment: (A) a Default or Event of Default shall
have occurred and be continuing, (B) the Company could not Incur at least $1.00
of Indebtedness under the first paragraph of Section 4.07 hereof or (C) the
aggregate amount of all Restricted Payments, together with the amount of any
Investment that was made pursuant to clause 6 of the definition of "Permitted
Investments" (the amount of any Restricted Payment with a Fair Market Value in
excess of $1.0 million, if other than in cash, to be determined in good faith by
the Board of Directors, whose determination shall be conclusive and evidenced by
a resolution of the Board of Directors), made after the Closing Date shall
exceed the sum of: (1) 50% of the aggregate amount of the Adjusted Consolidated
Net Income (or, if the Adjusted Consolidated Net Income is a loss, minus 100% of
the amount of such loss) (determined by excluding income resulting from
transfers of assets by the Company or a Restricted Subsidiary to an Unrestricted
Subsidiary) accrued on a cumulative basis during the period (taken as one
accounting period) beginning on July 1, 1999 and ending on the last day of the
last fiscal quarter preceding the Transaction Date for which reports have been
filed with the SEC or provided to the Trustee; PLUS (2) the aggregate Net Cash
Proceeds received by the Company after June 8, 1999 from the issuance and sale
permitted by the Indenture (or in the case of an issuance or sale occurring
prior to the date of the Indenture, permitted by the Existing Indenture) of its
Capital Stock (other than Disqualified Stock) to a Person who is not a
Subsidiary of the Company, including an issuance or sale permitted by the
Indenture (or in the case of an issuance or sale occurring prior to the date of
the Indenture, permitted by the Existing Indenture) of Indebtedness of the
Company for cash after June 8, 1999 upon the conversion of such Indebtedness
into Capital Stock (other than Disqualified Stock) of the Company, or from the
issuance after June 8, 1999 to a Person who is not a Subsidiary of the Company
of any options, warrants or other rights to acquire Capital Stock of the Company
(in each case, exclusive of any Disqualified Stock or any options, warrants or
other rights that are redeemable at the option of the holder, or are required to
be redeemed, prior to the Stated Maturity of the Notes); PLUS (3) an amount
equal to the net reduction in Investments treated as Restricted Payments under
the Indenture or the Existing Indenture in any Person resulting from payments of
interest on Indebtedness, dividends, repayments of loans or advances, or other
transfers of assets, in each case to the Company or any Restricted Subsidiary or
from the Net Cash Proceeds from the sale of any such Investment (except, in each
case, to the extent any such payment or proceeds are included in the calculation
of Adjusted Consolidated Net Income and except, in each case, for any such sale
that is not included in the definition of "Asset Sales"), or from redesignations
after June 8, 1999 of Unrestricted Subsidiaries as Restricted Subsidiaries
(valued in each case as provided in the definition of "Investments"), not to
exceed, in each case, the amount of Investments previously made by the Company
or any Restricted Subsidiary in such Person or Unrestricted Subsidiary.

        The foregoing provision shall not be violated by reason of: (i) the
payment of any dividend within 60 days after the date of declaration thereof if,
at said date of declaration, such payment would comply with the foregoing
paragraph; (ii) the redemption, repurchase, defeasance or other acquisition or
retirement for value of Indebtedness that is subordinated in right of payment to
the Notes including premium, if any, and accrued and unpaid interest, with the
proceeds of, or in exchange for, Indebtedness Incurred under clause (iv) of the
second paragraph of Section 4.07; (iii) the repurchase, redemption or other
acquisition of Capital Stock of the Company or an Unrestricted Subsidiary (or
options, warrants or other rights to acquire such Capital Stock) in exchange
for, or out of the proceeds of a substantially concurrent offering of, shares of
Capital Stock (other than Disqualified Stock) of the Company (or options,
warrants or other rights to acquire such Capital Stock); (iv) the making of any
principal payment or the repurchase, redemption, retirement, defeasance or other
acquisition for value of Indebtedness of the Company which is subordinated in
right of payment to the Notes in exchange for, or out of the proceeds of, a
substantially concurrent offering of, shares of the Capital Stock (other than
Disqualified Stock) of the Company (or options, warrants or other rights to
acquire such Capital Stock); (v) payments or distributions, to dissenting
stockholders pursuant to applicable law, pursuant to or in connection with a
consolidation, merger or transfer of assets

                                       32
<Page>

that complies with the provisions of the Indenture applicable to mergers,
consolidations and transfers of all or substantially all of the property and
assets of the Company; (vi) PRO RATA dividends or distributions on Common Stock
of Restricted Subsidiaries held by minority stockholders; (vii) the redemption
or repurchase of any debt or equity securities of the Company or any Restricted
Subsidiary required by, and in accordance with any order of any Gaming
Authority, PROVIDED, that the Company has used its reasonable best efforts to
effect a disposition of such securities to a third party and has been unable to
do so; or (viii) other Restricted Payments in an aggregate amount not to exceed
$30.0 million PROVIDED that, except in the case of clauses (i) and (iii), no
Default or Event of Default shall have occurred and be continuing or occur as a
consequence of the actions or payments set forth therein.

        Each Restricted Payment permitted pursuant to the preceding paragraph
(other than the Restricted Payment referred to in clause (ii) thereof, an
exchange of Capital Stock for Capital Stock or Indebtedness referred to in
clause (iii) or (iv) thereof), the Net Cash Proceeds from any issuance of
Capital Stock referred to in clauses (iii) and (iv), and any Investment that is
made pursuant to clause 6 of the definition of Permitted Investments shall be
included in calculating whether the conditions of clause (C) of the first
paragraph of this Section 4.08 have been met with respect to any subsequent
Restricted Payments. In the event the proceeds of an issuance of Capital Stock
of the Company are used for the redemption, repurchase or other acquisition of
the Notes, or Indebtedness that is PARI PASSU with the Notes, then the Net Cash
Proceeds of such issuance shall be included in clause (C) of the first paragraph
of this Section 4.08 only to the extent such proceeds are not used for such
redemption, repurchase or other acquisition of Indebtedness.

SECTION 4.09.   LIMITATION ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING
                RESTRICTED SUBSIDIARIES

        The Company shall not, and shall not permit any Restricted Subsidiary
to, create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of any
Restricted Subsidiary to: (i) pay dividends or make any other distributions
permitted by applicable law on any Capital Stock of such Restricted Subsidiary
owned by the Company or any other Restricted Subsidiary; (ii) pay any
Indebtedness owed to the Company or any other Restricted Subsidiary; (iii) make
loans or advances to the Company or any other Restricted Subsidiary; or (iv)
transfer any of its property or assets to the Company or any other Restricted
Subsidiary.

        The foregoing provisions shall not restrict any encumbrances or
restrictions: (i) existing on the Closing Date in the Credit Facility, the
Indenture or any other agreements in effect on the Closing Date, and any
extensions, refinancings, renewals or replacements of such agreements; PROVIDED
that the encumbrances and restrictions in any such extensions, refinancings,
renewals or replacements are no less favorable in any material respect to the
Holders than those encumbrances or restrictions that are then in effect and that
are being extended, refinanced, renewed or replaced; (ii) existing under or by
reason of applicable law or by order of any Gaming Authority; (iii) imposed
pursuant to the Trust Agreements upon the occurrence of a Trigger Event; (iv)
existing with respect to any Person or the property or assets of such Person
acquired by the Company or any Restricted Subsidiary, existing at the time of
such acquisition and not incurred in contemplation thereof, which encumbrances
or restrictions are not applicable to any Person or the property or assets of
any Person other than such Person or the property or assets of such Person so
acquired; (v) in the case of clause (iv) of the first paragraph of this Section
4.09, (A) that restrict in a customary manner the subletting, assignment or
transfer of any property or asset that is a lease, license, conveyance or
contract or similar property or asset, (B) existing by virtue of any transfer
of, agreement to transfer, option or right with respect to, or Lien on, any
property or assets of the Company or any Restricted Subsidiary not otherwise
prohibited by the Indenture or (C) arising or agreed to in the ordinary course
of business, not relating to any Indebtedness, and that do not, individually or
in the aggregate, detract from the value of property or assets of the Company or
any Restricted Subsidiary in any manner material to the Company or any
Restricted

                                       33
<Page>

Subsidiary; (vi) with respect to a Restricted Subsidiary and imposed pursuant to
an agreement that has been entered into for the sale or disposition of all or
substantially all of the Capital Stock of, or property and assets of, such
Restricted Subsidiary; or (vii) contained in the terms of any Indebtedness or
any agreement pursuant to which such Indebtedness was issued if (A) the
encumbrance or restriction applies only in the event of a payment default or a
default with respect to a financial covenant contained in such Indebtedness or
agreement, (B) the encumbrance or restriction is not materially more
disadvantageous to the Holders of the Notes than is customary in comparable
financings (as determined by the Company) and (C) the Company determines that
any such encumbrance or restriction will not materially affect the Company's
ability to make principal or interest payments on the Notes).

        Nothing contained in this Section 4.09 shall prevent the Company or any
Restricted Subsidiary from (1) creating, incurring, assuming or suffering to
exist any Liens otherwise permitted in Section 4.14 or (2) restricting the sale
or other disposition of property or assets of the Company or any of its
Restricted Subsidiaries that secure Indebtedness of the Company or any of its
Restricted Subsidiaries.

SECTION 4.10.   LIMITATION ON THE ISSUANCE AND SALE OF CAPITAL STOCK OF
                RESTRICTED SUBSIDIARIES

        The Company shall not sell, and shall not permit any Restricted
Subsidiary, directly or indirectly, to issue or sell, any shares of Capital
Stock of a Restricted Subsidiary (including options, warrants or other rights to
purchase shares of such Capital Stock) except: (i) to the Company or a Wholly
Owned Restricted Subsidiary; (ii) issuances of director's qualifying shares or
sales to foreign nationals of shares of Capital Stock of foreign Restricted
Subsidiaries, to the extent required by applicable law; or (iii) if, (A) such
issuance or sale is of all the Capital Stock of such Restricted Subsidiary and
(B) the Net Cash Proceeds of any such issuance or sale are applied in accordance
with clause (i)(A) or (i)(B) of Section 4.15.

SECTION 4.11.   ADDITIONAL SUBSIDIARY GUARANTEES

        If (i) a Restricted Subsidiary acquired or created after the date of the
Indenture has at any time a Fair Market Value of more than $1.0 million or (ii)
any Subsidiary of the Company becomes a borrower or a guarantor under the Credit
Facility, then that Subsidiary must execute a Subsidiary Guarantee and deliver
an opinion of counsel, in accordance with the terms of the Indenture pursuant to
which such Subsidiary will become a Subsidiary Guarantor, on a senior
subordinated basis (pursuant to the subordination provisions described below
under Article 10 hereof), of the Company's payment obligations under the Notes
and the Indenture; PROVIDED that the aggregate Fair Market Value of Restricted
Subsidiaries of the Company that are not Subsidiary Guarantors will not at any
time exceed $5.0 million.

SECTION 4.12.   DESIGNATION OF RESTRICTED AND UNRESTRICTED SUBSIDIARIES

        The Board of Directors may designate any Restricted Subsidiary
(including any newly acquired or newly formed Subsidiary of the Company) to be
an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or
owns or holds any Lien on any property of, the Company or any Restricted
Subsidiary; PROVIDED that: (i) the value of all outstanding Investments owned by
the Company and its Restricted Subsidiaries in the Restricted Subsidiary being
so designated will be deemed to be an Investment made by the Company or such
Restricted Subsidiary as of the time of such designation; (ii) the Investment
referred to in clause (i) of this Section 4.12 would be permitted under Section
4.08 hereof; and (iii) such Restricted Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary.

        The Board of Directors may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; PROVIDED that: (i) no Default or Event of Default shall
have occurred and be continuing at the time of or

                                       34
<Page>

after giving effect to such designation and (ii) all Liens and Indebtedness of
such Unrestricted Subsidiary outstanding immediately after such designation
would, if incurred at such time, have been permitted to be Incurred (and shall
be deemed to have been Incurred) for all purposes of the Indenture.

        Any such designation by the Board of Directors shall be evidenced to the
Trustee by promptly filing with the Trustee a copy of the resolution of the
Board of Directors giving effect to such designation and an Officers'
Certificate certifying that such designation complied with the foregoing
provisions.

SECTION 4.13.   LIMITATION ON TRANSACTIONS WITH SHAREHOLDERS AND AFFILIATES

        The Company shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly, enter into, renew or extend any transaction
(including, without limitation, the purchase, sale, lease or exchange of
property or assets, or the rendering of any service) with any holder (or any
Affiliate of such holder) of 10% or more of any class of Capital Stock of the
Company or with any Affiliate of the Company or any Restricted Subsidiary,
unless: (i) such Affiliate transaction is on fair and reasonable terms that are
no less favorable to the Company or the relevant Restricted Subsidiary than
those that would have been obtained, at the time of such transaction or, if such
transaction is pursuant to a written agreement, at the time of execution of the
agreement providing therefor, in a comparable transaction by the Company or such
Subsidiary with a Person that is not such a holder or an Affiliate; and (ii) the
Company delivers to the Trustee: (a) with respect to any transaction or series
of related transactions the aggregate amount of which exceeds $5.0 million in
value, a resolution of the Board of Directors set forth in an Officers'
Certificate certifying that such Affiliate transaction complies with this
covenant and that such Affiliate transaction has been approved by a majority of
the disinterested members of the Board of Directors; and (b) with respect to any
Affiliate transaction or series of related Affiliate transactions involving
aggregate consideration in excess of $15.0 million, an opinion as to the
fairness to the Holders of such Affiliate transaction from a financial point of
view issued by an accounting, appraisal or investment banking firm of national
standing

        The foregoing limitation does not limit, and shall not apply to: (i) any
transaction solely between the Company and any of its Wholly Owned Restricted
Subsidiaries or solely between Wholly Owned Restricted Subsidiaries; (ii) the
payment of reasonable and customary regular fees and indemnities to directors of
the Company who are not employees of the Company; (iii) any payments or other
transactions pursuant to any tax-sharing agreement between the Company and any
other Person with which the Company files a consolidated tax return or with
which the Company is part of a consolidated group for tax purposes; (4) any sale
of shares of Capital Stock (other than Disqualified Stock) of the Company; or
(5) any Restricted Payments not prohibited by Section 4.08 hereof.

SECTION 4.14.   LIMITATION ON LIENS

        The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, assume or suffer to
exist any Lien of any kind securing Indebtedness, Attributable Debt or trade
payables on any asset now owned or hereafter acquired, except Permitted Liens.

SECTION 4.15.   LIMITATION ON ASSET SALES

        The Company shall not, and shall not permit any Restricted Subsidiary
to, consummate any Asset Sale, unless (i) the consideration received by the
Company or such Restricted Subsidiary is at least equal to the fair market value
of the assets sold or disposed of and (ii) at least 75% of the consideration
received consists of cash or Temporary Cash Investments or the assumption of
Indebtedness of the Company or any Restricted Subsidiary (other than
Indebtedness to the Company or any Restricted Subsidiary), PROVIDED that

                                       35
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the Company or such Restricted Subsidiary is irrevocably and unconditionally
released from all liability under such Indebtedness.

        Notwithstanding the immediately preceding paragraph, the Company and its
Restricted Subsidiaries will be permitted to consummate a Permitted Asset Swap
without complying with such paragraph if (i) immediately after giving effect to
such Permitted Asset Swap, the Company could Incur least $1.00 of additional
Indebtedness pursuant to Section 4.07 hereof and (ii) the Company or the
applicable Restricted Subsidiary, as the case may be, receives assets at the
time of such Permitted Asset Swap of a value at least equal to the fair market
value of the assets or other property sold or otherwise disposed of (as
evidenced by a resolution of the Company's Board of Directors set forth in an
Officers' Certificate delivered to the Trustee, or, in the event that the fair
market value of such Permitted Asset Swap exceeds $100.0 million, such fair
market value has been determined by a written opinion of an investment banking
firm of national standing or other recognized independent expert with experience
appraising the terms and conditions of the type of transaction contemplated
thereby).

        Within twelve months after the receipt of any Net Cash Proceeds from one
or more Asset Sales occurring on or after the Closing Date, the Company shall or
shall cause the relevant Restricted Subsidiary to: (i) (A) apply an amount equal
to such Net Cash Proceeds to permanently repay Senior Indebtedness of the
Company or any Subsidiary Guarantor or Indebtedness of any other Restricted
Subsidiary, in each case owing to a Person other than the Company or any of its
Restricted Subsidiaries; or (B) invest an equal amount, or the amount not so
applied pursuant to clause (A) (or enter into a definitive agreement committing
to so invest within 12 months after the date of such agreement), in property or
assets (other than current assets) of a nature or type or that are used in a
business (or in a company having property and assets of a nature or type, or
engaged in a business) similar or related to the nature or type of the property
and assets of, or the business of, the Company and its Restricted Subsidiaries
existing on the date of such investment and (ii) apply (no later than the end of
the 12-month period referred to in clause (i)(B)) such excess Net Cash Proceeds
(to the extent not applied pursuant to clause (i)) as provided in the following
paragraph of this Section 4.15. The amount of such excess Net Cash Proceeds
required to be applied (or to be committed to be applied) during such 12-month
period as set forth in clause (i) of the preceding sentence and not applied as
so required by the end of such period shall constitute "Excess Proceeds."

        If, as of the first day of any calendar month, the aggregate amount of
Excess Proceeds not theretofore subject to an Offer to Purchase pursuant to this
Section 4.15 totals at least $10.0 million (or at least $25.0 million in the
event that at such time there is no Indebtedness of the Company or its
Restricted Subsidiaries outstanding that is PARI PASSU with or subordinated in
right of payment to the Notes with a comparable limitation of less than $25.0
million), the Company must commence, not later than the fifteenth Business Day
of such month, and consummate an Offer to Purchase from the Holders (and if
required by the terms of any Indebtedness that is PARI PASSU with the Notes
("Pari Passu Indebtedness"), from the holders of such Pari Passu Indebtedness)
on a PRO RATA basis an aggregate principal amount of Notes (and Pari Passu
Indebtedness) equal to the Excess Proceeds on such date, at a purchase price
equal to 100% of the principal amount thereof, plus, in each case, accrued
interest and Additional or Special Interest, if any, to the Payment Date. If the
aggregate principal amount of Notes and any such Pari Passu Indebtedness
tendered by holders thereof exceeds the amount of Excess Proceeds, the Notes and
Pari Passu Indebtedness shall be purchased on a PRO RATA basis. Upon the
completion of any such Offers to Purchase, regardless of the amount of Notes
validly tendered, the amount of Excess Proceeds shall be reset to zero.

                                       36
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SECTION 4.16.   LIMITATION ON SALE-LEASEBACK TRANSACTIONS

        The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, enter into any sale and leaseback transaction; PROVIDED that
the Company or any Restricted Subsidiary may enter into a sale and leaseback
transaction if: (i) the Company or such Restricted Subsidiary, as applicable,
could have incurred Indebtedness in an amount equal to the Attributable Debt
relating to such sale and leaseback transaction under (i) the Interest Coverage
Ratio test in the first paragraph of Section 4.07 hereof or (ii) clause (ix) of
the second paragraph of Section 4.07 hereof; (ii) the gross cash proceeds of
that sale and leaseback transaction are at least equal to the fair market value,
as determined in good faith by the Board of Directors and set forth in an
Officers' Certificate delivered to the Trustee, of the property that is the
subject of that sale and leaseback transaction; and (iii) the transfer of assets
in that sale and leaseback transaction is permitted by, and the Company applies
the proceeds of such transaction in compliance with Section 4.15.

SECTION 4.17.  LIMITATION ON SENIOR SUBORDINATED INDEBTEDNESS

        The Company shall not Incur any Indebtedness that is subordinate in
right of payment to any Senior Indebtedness unless such Indebtedness is PARI
PASSU with, or subordinated in right of payment to, the Notes; PROVIDED that the
foregoing limitation shall not apply to distinctions between categories of
Senior Indebtedness of the Company that exist by reason of any Liens or
Guarantees arising or created in respect of some but not all such Senior
Indebtedness.

SECTION 4.18.  LIMITATION ON BUSINESS ACTIVITIES

        The Company shall not, and shall not permit any Restricted Subsidiary
to, engage in any business other than the gaming, resort or hotel businesses and
such business activities as related, ancillary or complementary to, supportive
of, connected with or arising out of the gaming, resort or hotel businesses
(including, without limitation, developing and operating dining, amusement,
sports or entertainment facilities, transportation services or other related
activities or enterprises and any additions or improvements thereto), except to
such extent as would not be material to the Company and its Restricted
Subsidiaries taken as a whole.

SECTION 4.19.   LIMITATION ON STATUS AS INVESTMENT COMPANY

        The Company shall not, and shall not permit any Subsidiary Guarantor to
take any action that may require either the Company or any Subsidiary Guarantor
to register as an "investment company" (as that term is defined in the
Investment Company Act of 1940, as amended) or from otherwise becoming subject
to regulation under the Investment Company Act.

SECTION 4.20.   PAYMENTS FOR CONSENT

        The Company shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly, pay or cause to be paid any consideration to or for the
benefit of any Holder of Notes for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of the Indenture or the Notes unless
such consideration is offered to be paid and is paid to all Holders of the Notes
that consent, waive or agree to amend in the time frame set forth in the
solicitation documents relating to such consent, waiver or agreement.

                                       37
<Page>

SECTION 4.21.   OFFER TO REPURCHASE UPON CHANGE OF CONTROL.

        Within 30 days of the occurrence of a Change of Control, the Company
shall commence and consummate an Offer to Purchase all Notes then outstanding,
at a purchase price equal to 101% of the principal amount thereof, plus accrued
interest to the Payment Date.

SECTION 4.22.   CORPORATE EXISTENCE.

        Subject to Article 5 hereof, the Company shall do or cause to be done
all things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership or other existence of each
of its Subsidiaries, in accordance with the respective organizational documents
(as the same may be amended from time to time) of the Company or any such
Subsidiary and (ii) the rights (charter and statutory), licenses and franchises
of the Company and its Subsidiaries; PROVIDED, HOWEVER, that the Company shall
not be required to preserve any such right, license or franchise, or the
corporate, partnership or other existence of any of its Subsidiaries, if the
Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries,
taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders of the Notes.

                                    ARTICLE 5
                                   SUCCESSORS

SECTION 5.01.   MERGER, CONSOLIDATION, OR SALE OF ASSETS.

        The Company will not consolidate with, merge with or into, or sell,
convey, transfer, lease or otherwise dispose of all or substantially all of its
property and assets (as an entirety or substantially an entirety in one
transaction or a series of related transactions) to any Person or permit any
Person to merge with or into the Company unless: (i) the Company shall be the
continuing Person, or the Person (if other than the Company) formed by such
consolidation or into which the Company is merged or that acquired or leased
such property and assets of the Company shall be a corporation organized and
validly existing under the laws of the United States of America or any
jurisdiction thereof and shall expressly assume, by a supplemental indenture,
executed and delivered to the Trustee, all of the obligations of the Company on
all of the Notes and under the Indenture; (ii) immediately after giving effect
to such transaction, no Default or Event of Default shall have occurred and be
continuing; (iii) immediately after giving effect to such transaction on a PRO
FORMA basis the Company, or any Person becoming the successor obligor of the
Notes, as the case may be, could Incur at least $1.00 of Indebtedness under the
first paragraph of Section 4.07; PROVIDED that this clause (iii) shall not apply
to a consolidation, merger or sale of all (but not less than all) of the assets
of the Company if all Liens and Indebtedness of the Company or any Person
becoming the successor obligor on the Notes, as the case may be, and its
Restricted Subsidiaries outstanding immediately after such transaction would
have been permitted (and all such Liens and Indebtedness, other than Liens and
Indebtedness of the Company and its Restricted Subsidiaries outstanding
immediately prior to the transaction, shall be deemed to have been Incurred) for
all purposes of the Indenture; and (iv) the Company delivers to the Trustee an
Officers' Certificate (attaching the arithmetic computations to demonstrate
compliance with clause (iii)) and opinion of counsel, in each case stating that
such consolidation, merger or transfer and such supplemental indenture complies
with this provision and that all conditions precedent provided for herein
relating to such transaction have been compiled with; PROVIDED, HOWEVER, that
clause (iii) above will not apply if, in the good faith determination of the
Board of Directors of the Company, whose determination shall be evidenced by a
resolution of the Board of Directors, the principal purpose of

                                       38
<Page>

such transaction is to change the state of incorporation of the Company and any
such transaction shall not have as one of its purposes the evasion of the
foregoing limitations.

        In addition, the Company may not, directly or indirectly, lease all or
substantially all of its properties or assets, in one or more related
transactions, to any other Person. This Section 5.01 shall not apply to a sale,
assignment, transfer, conveyance or other disposition of assets between or among
the Company and any of the Subsidiary Guarantors.

SECTION 5.02.   SUCCESSOR CORPORATION SUBSTITUTED.

        Upon any consolidation or merger, or any sale, assignment, transfer,
lease, conveyance or other disposition of all or substantially all of the assets
of the Company in accordance with Section 5.01 hereof, the successor corporation
formed by such consolidation or into or with which the Company is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is
made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Indenture referring to the "Company" shall refer instead to
the successor corporation and not to the Company), and may exercise every right
and power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; PROVIDED, HOWEVER, that
the predecessor Company shall not be relieved from the obligation to pay the
principal of and interest on the Notes except in the case of a sale of all of
the Company's assets that meets the requirements of Section 5.01 hereof.

                                    ARTICLE 6
                              DEFAULTS AND REMEDIES

SECTION 6.01.  EVENTS OF DEFAULT

        Each of the following constitutes an Event of Default:

        (a)     default in the payment of principal of or premium, if any, on
any Note when the same becomes due and payable at maturity, upon acceleration,
redemption or otherwise whether or not such payment is prohibited by Article 10;

        (b)     default in the payment of interest on any Note when the same
becomes due and payable, or Additional or Special Interest, if any, and such
default continues for a period of 30 days whether or not such payment is
prohibited by Article 10;

        (c)     failure by the Company or any of its Subsidiaries to comply with
any of the provisions of Sections 4.21 or 5.01 hereof of the failure to make or
consummate an Offer to Purchase in accordance with the terms of Section 4.15
hereof;

        (d)     failure by the Company or any of its Restricted Subsidiaries to
observe or perform any covenant or agreement in this Indenture or the Notes
(other than a default under clause (a), (b), or (c) of this Section 6.01) for 30
days after notice to the Company by the Trustee or the Holders of at least 25%
in aggregate principal amount of the Notes (including Additional Notes, if any)
then outstanding voting as a single class;

        (e)     the occurrence with respect to any issue or issues of
Indebtedness of the Company or any Significant Subsidiary having an outstanding
principal amount of $20.0 million or more in the aggregate

                                       39
<Page>

for all such issues of all such Persons, whether such Indebtedness now exists
or shall hereafter be created, (i) an event of default that has caused the
holder thereof to declare such Indebtedness to be due and payable prior to its
Stated Maturity and such Indebtedness has not been discharged in full or such
acceleration has not been rescinded or annulled within 30 days of such
acceleration and/or (ii) the failure to make a principal payment at the final
(but not any interim) fixed maturity and such defaulted payment shall not have
been made, waived or extended within 30 days of such payment default;

        (f)     any final judgment or order (not covered by insurance) for the
payment of money in excess of $20.0 million in the aggregate for all such final
judgments or orders against all such Persons (treating any deductibles,
self-insurance or retention as not so covered) shall be rendered against the
Company or any Significant Subsidiary and shall not be paid or discharged, and
there shall be any period of 60 consecutive days following entry of the final
judgment or order that causes the aggregate amount for all such final judgments
or orders outstanding and not paid or discharged against all such Persons to
exceed $20.0 million during which a stay of enforcement of such final judgment
or order, by reason of a pending appeal or otherwise, shall not be in effect;

        (g)     a court having jurisdiction in the premises enters a decree or
order for (A) relief in respect of the Company or any Significant Subsidiary in
an involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, (B) appointment of a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Company or
any Significant Subsidiary or for all or substantially all of the property and
assets of the Company or any Significant Subsidiary or (C) the winding up or
liquidation of the affairs of the Company or any Significant Subsidiary and, in
each case, such decree or order shall remain unstayed and in effect for a period
of 30 consecutive days;

        (h)     the Company or any Significant Subsidiary (A) commences a
voluntary case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or consents to the entry of an order for relief in
an involuntary case under any such law, (B) consents to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Company or any Significant Subsidiary or
for all or substantially all of the property and assets of the Company or any
Significant Subsidiary or (C) effects any general assignment for the benefit of
creditors;

        (i)     except as permitted by the Indenture, any Subsidiary Guarantee
shall be held in any judicial proceeding to be unenforceable or invalid or shall
cease for any reason to be in full force and effect or any Guarantor, or any
Person acting on behalf of any Guarantor, shall deny or disaffirm its
obligations under its Subsidiary Guarantee;

        (j)     the revocation, termination, suspension or other cessation of
effectiveness for a period or more than 90 consecutive days of any Gaming
License that results in the cessation or suspension of gaming operations at any
Material Casino; PROVIDED that any voluntary relinquishment of or failure to
renew after revocation a Gaming License of a Material Casino if such
relinquishment or failure to renew is, in the reasonable, good faith judgment of
the Board of Directors of the Company, evidenced by a resolution of such Board,
both desirable in the conduct of the business of the Company and its
Subsidiaries, taken as a whole, and not disadvantageous in any material respect
to the holders of the Notes shall not constitute an Event of Default;

        (k)     there occurs with respect to any issue or issues of Indebtedness
of the Company or any Significant Subsidiary having an outstanding principal
amount of $20.0 million or more in the aggregate for all such issues of all such
Persons, whether such Indebtedness now exists or shall hereafter be created, an
event of default that arises out of or is related to the occurrence of a Trigger
Event; or

                                       40
<Page>

        (l)     after the occurrence of a Trigger Event, the revocation,
termination, suspension or other cessation of effectiveness of the gaming
license with respect to the Empress Casino Joliet pursuant to the terms of the
Trust Agreements.

SECTION 6.02.   ACCELERATION

        If an Event of Default (other than an Event of Default specified in
clause (g) or (h) of Section 6.01 that occurs with respect to the Company)
occurs and is continuing under the Indenture, the Trustee or the Holders of at
least 25% in aggregate principal amount of the Notes, then outstanding, by
written notice to the Company (and to the Trustee if such notice is given by the
Holders), may, and the Trustee at the request of such Holders shall, declare the
principal of, premium, if any, and accrued interest on the Notes to be
immediately due and payable. Upon a declaration of acceleration, such principal
of, premium, if any, and accrued interest shall be immediately due and payable.
In the event of a declaration of acceleration because an Event of Default set
forth in clause (e) of Section 6.01 has occurred and is continuing, such
declaration of acceleration shall be automatically rescinded and annulled if the
event of default triggering such Event of Default pursuant to clause (e) of
Section 6.01 shall be remedied or cured by the Company or the relevant
Significant Subsidiary or waived by the holders of the relevant Indebtedness
within 60 days after the declaration of acceleration with respect thereto. If an
Event of Default specified in clause (g) or (h) of Section 6.01 occurs with
respect to the Company, the principal of, premium, if any, and accrued interest
on the Notes then outstanding shall IPSO FACTO become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder. The Holders of at least a majority in principal amount of the
outstanding Notes by written notice to the Company and to the Trustee, may waive
all past defaults and rescind and annul a declaration of acceleration and its
consequences if (i) all existing Events of Default, other than the nonpayment of
the principal of, premium, if any, and accrued interest on the Notes that have
become due solely by such declaration of acceleration, have been cured or waived
and (ii) the rescission would not conflict with any judgment or decree of a
court of competent jurisdiction.

SECTION 6.03.   OTHER REMEDIES.

        If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture.

        The Trustee may maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy
accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

SECTION 6.04.   WAIVER OF PAST DEFAULTS.

        Holders of not less than a majority in aggregate principal amount of the
then outstanding Notes by notice to the Trustee may on behalf of the Holders of
all of the Notes waive an existing Default or Event of Default and its
consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium, or interest on, the Notes (including in
connection with an offer to purchase) (PROVIDED, HOWEVER, that the Holders of a
majority in aggregate principal amount of the then outstanding Notes may rescind
an acceleration and its consequences, including any related payment default that
resulted from such acceleration). Upon any such waiver, such Default shall cease
to exist,

                                       41
<Page>

and any Event of Default arising therefrom shall be deemed to have been cured
for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.

SECTION 6.05.   CONTROL BY MAJORITY.

        Holders of a majority in principal amount of the then outstanding Notes
may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power
conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes or that may involve the
Trustee in personal liability.

SECTION 6.06.   LIMITATION ON SUITS.

        A Holder of a Note may pursue a remedy with respect to this Indenture or
the Notes only if:

        (a)     the Holder of a Note gives to the Trustee written notice of a
continuing Event of Default;

        (b)     the Holders of at least 25% in principal amount of the then
outstanding Notes make a written request to the Trustee to pursue the remedy;

        (c)     such Holder of a Note or Holders of Notes offer and, if
requested, provide to the Trustee indemnity satisfactory to the Trustee against
any loss, liability or expense;

        (d)     the Trustee does not comply with the request within 60 days
after receipt of the request and the offer and, if requested, the provision of
indemnity; and

        (e)     during such 60-day period the Holders of a majority in principal
amount of the then outstanding Notes do not give the Trustee a direction
inconsistent with the request.

        A Holder of a Note may not use this Indenture to prejudice the rights of
another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.

SECTION 6.07.   RIGHTS OF HOLDERS OF NOTES TO RECEIVE PAYMENT.

        Notwithstanding any other provision of this Indenture, but subject to
Article 10 hereof, the right of any Holder of a Note to receive payment of
principal, premium, if any, and interest on the Note, on or after the respective
due dates expressed in the Note (including in connection with an offer to
purchase), or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of
such Holder.

SECTION 6.08.   COLLECTION SUIT BY TRUSTEE.

        If an Event of Default specified in Section 6.01(a) or (b) occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of
principal of, premium, if any, and interest remaining unpaid on the Notes and
interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

                                       42
<Page>

SECTION 6.09.   TRUSTEE MAY FILE PROOFS OF CLAIM.

        The Trustee is authorized to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Notes allowed in any judicial proceedings relative to the Company
(or any other obligor upon the Notes), its creditors or its property and shall
be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07 hereof out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be
entitled to receive in such proceeding whether in liquidation or under any plan
of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.

SECTION 6.10.   PRIORITIES.

        If the Trustee collects any money pursuant to this Article, it shall pay
out the money in the following order:

                First: to the Trustee, its agents and attorneys for amounts due
        under Sections 6.08 and 7.07 hereof, including payment of all
        compensation, expense and liabilities incurred, and all advances made,
        by the Trustee and the costs and expenses of collection;

                Second: to Holders of Notes for amounts due and unpaid on the
        Notes for principal, premium, if any, and interest, ratably, without
        preference or priority of any kind, according to the amounts due and
        payable on the Notes for principal, premium, if any and interest,
        respectively; and

                Third: to the Company or to such party as a court of competent
        jurisdiction shall direct.

        The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10.

SECTION 6.11.   UNDERTAKING FOR COSTS.

        In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as a Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section does not apply to a suit by the Trustee, a suit by a Holder of a
Note pursuant to

                                       43
<Page>

Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount
of the then outstanding Notes.

                                    ARTICLE 7
                                     TRUSTEE

SECTION 7.01.   DUTIES OF TRUSTEE.

        (a)     If an Event of Default has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
such person's own affairs.

        (b)     Except during the continuance of an Event of Default:

                (i)   the duties of the Trustee shall be determined solely by
        the express provisions of this Indenture and the Trustee need perform
        only those duties that are specifically set forth in this Indenture and
        no others, and no implied covenants or obligations shall be read into
        this Indenture against the Trustee; and

                (ii)  in the absence of bad faith on its part, the Trustee may
        conclusively rely, as to the truth of the statements and the correctness
        of the opinions expressed therein, upon certificates or opinions
        furnished to the Trustee and conforming to the requirements of this
        Indenture. However, the Trustee shall examine the certificates and
        opinions to determine whether or not they appear on their face to
        conform to the requirements of this Indenture.

        (c)     The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

                (i)   this paragraph does not limit the effect of paragraph (b)
        of this Section;

                (ii)  the Trustee shall not be liable for any error of judgment
        made in good faith by a Responsible Officer, unless it is proved that
        the Trustee was negligent in ascertaining the pertinent facts; and

                (iii) the Trustee shall not be liable with respect to any action
        it takes or omits to take in good faith in accordance with a direction
        received by it pursuant to Section 6.05 hereof.

        (d)     Whether or not therein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section.

        (e)     No provision of this Indenture shall require the Trustee to
expend or risk its own funds or incur any liability. The Trustee shall be under
no obligation to exercise any of its rights and powers under this Indenture at
the request of any Holders, unless such Holder shall have offered to the Trustee
security and indemnity satisfactory to it against any loss, liability or
expense.

        (f)     The Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds
except to the extent required by law.

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SECTION 7.02.   RIGHTS OF TRUSTEE.

        (a)     The Trustee may conclusively rely upon any document believed by
it to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document.

        (b)     Before the Trustee acts or refrains from acting, it may require
an Officers' Certificate or an Opinion of Counsel or both. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the written advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection from liability in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.

        (c)     The Trustee may act through its attorneys and agents and shall
not be responsible for the misconduct or negligence of any agent appointed with
due care.

        (d)     The Trustee shall not be liable for any action it takes or omits
to take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture.

        (e)     Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company shall be sufficient if
signed by an Officer of the Company.

        (f)     The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of
any of the Holders unless such Holders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities
that might be incurred by it in compliance with such request or direction.

SECTION 7.03.   INDIVIDUAL RIGHTS OF TRUSTEE.

        The Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Company or any Affiliate of
the Company with the same rights it would have if it were not Trustee. However,
in the event that the Trustee has or acquires any conflicting interest within
the meaning of the TIA and the Notes are in default, it must eliminate such
conflict within 90 days if the default to which such conflicting interest
relates has not been cured or duly waived or otherwise eliminated before the end
of such 90-day period, apply to the SEC for permission to continue as trustee or
resign. Any Agent may do the same with like rights and duties. The Trustee is
also subject to Sections 7.10 and 7.11 hereof.

SECTION 7.04.   TRUSTEE'S DISCLAIMER.

        The Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company's use of the proceeds from the Notes or any money
paid to the Company or upon the Company's direction under any provision of this
Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be
responsible for any statement or recital herein or any statement in the Notes or
any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

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SECTION 7.05.   NOTICE OF DEFAULTS.

        If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee, the Trustee shall mail to Holders of Notes and the agent
bank under the Credit Facility (the "Agent Bank"), a notice of the Default or
Event of Default within 90 days after it occurs. Except in the case of a Default
or Event of Default in payment of principal of, premium, if any, or interest on
any Note, the Trustee may withhold the notice if and so long as a committee of
its Responsible Officers in good faith determines that withholding the notice is
in the interests of the Holders of the Notes. The name and address of the Agent
Bank for purposes of this Section 7.05 is Wells Fargo Bank, N.A., One East First
Street, Reno, Nevada 89501, Attention: Casey Potter. Any change in the identity
or address of the Agent Bank shall be effective only if the Trustee receives
written notice of the change, specifically providing that the change is
effective for any notices to the Agent Bank under the Indenture. If payment of
the Notes is accelerated because of an Event of Default, the Trustee shall
promptly notify the Agent Bank in accordance with this Section of such
acceleration.

SECTION 7.06.   REPORTS BY TRUSTEE TO HOLDERS OF THE NOTES.

        Within 60 days after each May 15 beginning with the May 15 following the
date of this Indenture, and for so long as Notes remain outstanding, the Trustee
shall mail to the Holders of the Notes a brief report dated as of such reporting
date that complies with TIA Section 313(a) (but if no event described in TIA
Section 313(a) has occurred within the twelve months preceding the reporting
date, no report need be transmitted). The Trustee also shall comply with TIA
Section 313(b)(2). The Trustee shall also transmit by mail all reports as
required by TIA Section 313(c).

        A copy of each report at the time of its mailing to the Holders of Notes
shall be mailed to the Company and filed with the SEC and each stock exchange on
which the Notes are listed in accordance with TIA Section 313(d). The Company
shall promptly notify the Trustee when the Notes are listed on any stock
exchange.

SECTION 7.07.   COMPENSATION AND INDEMNITY.

        The Company shall pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder or as
agreed to in writing from time to time. The Trustee's compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Company
shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the
compensation for its services. Such expenses shall include the reasonable
compensation for ordinary and extraordinary services, disbursements and expenses
of the Trustee's agents and counsel.

        The Company shall indemnify the Trustee against any and all losses,
liabilities or expenses incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, including the
costs and expenses of enforcing this Indenture against the Company (including
this Section 7.07) and defending itself against any claim (whether asserted by
the Company or any Holder or any other person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder, except to
the extent any such loss, liability or expense may be attributable to its
negligence or bad faith. The Trustee shall notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the
Company shall not relieve the Company of its obligations hereunder. The Company
shall defend the claim and the Trustee shall cooperate in the defense. The
Trustee may have separate counsel and the Company shall pay the reasonable fees
and expenses of such counsel. The Company need not pay for any settlement made
without its consent;

                                       46
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PROVIDED that the Company will not be required to pay such fees and expenses if
it assumes the Trustee's defense and there is no conflict of interest between
the Company and the Trustee in connection with such defense. The Company need
not reimburse any expense or indemnify any loss or liability to the extent
incurred by the Trustee through its gross negligence, bad faith or willful
misconduct.

        The obligations of the Company under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture.

        To secure the Company's payment obligations in this Section, the Trustee
shall have a Lien prior to the Notes on all money or property held or collected
by the Trustee, except that held in trust to pay principal and interest on
particular Notes. Such Lien shall survive the satisfaction and discharge of this
Indenture.

        When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(g) or (h) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and
counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

        The Trustee shall comply with the provisions of TIA Section 313(b)(2) to
the extent applicable.

SECTION 7.08.  REPLACEMENT OF TRUSTEE.

        A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee's acceptance of
appointment as provided in this Section.

        The Trustee may resign in writing at any time and be discharged from the
trust hereby created by so notifying the Company. The Holders of a majority in
principal amount of the then outstanding Notes may remove the Trustee by so
notifying the Trustee and the Company in writing. The Company may remove the
Trustee if:

        (a)     the Trustee fails to comply with Section 7.10 hereof;

        (b)     the Trustee is adjudged a bankrupt or an insolvent or an order
for relief is entered with respect to the Trustee under any Bankruptcy Law;

        (c)     a custodian or public officer takes charge of the Trustee or its
property; or

        (d)     the Trustee becomes incapable of acting.

        If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Company shall promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in principal amount of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Company.

        If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company, or
the Holders of at least 10% in principal amount of the then outstanding Notes
may petition any court of competent jurisdiction for the appointment of a
successor Trustee.

                                       47
<Page>

        If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.10, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

        A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, PROVIDED all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section
7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section
7.08, the Company's obligations under Section 7.07 hereof shall continue for the
benefit of the retiring Trustee.

SECTION 7.09.   SUCCESSOR TRUSTEE BY MERGER, ETC.

        If the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act shall be the successor
Trustee.

SECTION 7.10.   ELIGIBILITY; DISQUALIFICATION.

        There shall at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $100 million
as set forth in its most recent published annual report of condition.

        This Indenture shall always have a Trustee who satisfies the
requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to
TIA Section 310(b).

SECTION 7.11.   PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

        The Trustee is subject to TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated therein.

                                    ARTICLE 8
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

SECTION 8.01.   OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

        The Company may, at the option of its Board of Directors evidenced by a
resolution set forth in an Officers' Certificate, at any time, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article 8.

SECTION 8.02.   LEGAL DEFEASANCE AND DISCHARGE.

        Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from its obligations with respect to all outstanding Notes on the
date the

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<Page>

conditions set forth below are satisfied (hereinafter, "Legal Defeasance"). For
this purpose, Legal Defeasance means that the Company shall be deemed to have
paid and discharged the entire Indebtedness represented by the outstanding
Notes, which shall thereafter be deemed to be "outstanding" only for the
purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all its other
obligations under such Notes and this Indenture (and the Trustee, on demand of
and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive
until otherwise terminated or discharged hereunder: (a) the rights of Holders of
outstanding Notes to receive solely from the trust fund described in
Section 8.04 hereof, and as more fully set forth in such Section, payments in
respect of the principal of, interest and premium, if any, on such Notes when
such payments are due, (b) the Company's obligations with respect to such Notes
under Article 2 and Section 4.02 hereof, (c) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and the Company's and the Subsidiary
Guarantors' obligations in connection therewith and (d) this Article 8. Subject
to compliance with this Article 8, the Company may exercise its option under
this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03 hereof.

SECTION 8.03.   COVENANT DEFEASANCE.

        Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from its
obligations under the covenants contained in Sections 4.03(a), 4.04, 4.07, 4.08,
4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18, 4.19, 4.20 and 4.21
hereof and clause (iii) of Section 5.01 hereof with respect to the outstanding
Notes on and after the date the conditions set forth in Section 8.04 are
satisfied (hereinafter, "Covenant Defeasance"), and the Notes shall thereafter
be deemed not "outstanding" for the purposes of any direction, amendment,
waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed
"outstanding" for all other purposes hereunder (it being understood that such
Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 6.01 hereof, but,
except as specified above, the remainder of this Indenture and such Notes shall
be unaffected thereby. In addition, upon the Company's exercise under Section
8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6.01(c) through 6.01(f) hereof shall not constitute Events of Default.

SECTION 8.04.   CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.

        The following shall be the conditions to the application of either
Section 8.02 or 8.03 hereof to the outstanding Notes:

        In order to exercise either Legal Defeasance or Covenant Defeasance:

        (a)     the Company must irrevocably deposit with the Trustee, in trust,
for the benefit of the Holders, cash in United States dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be
sufficient, in the opinion of a nationally recognized firm of independent public
accountants, to pay the principal of, premium, if any, and interest on the
outstanding Notes on the stated date for payment thereof or on the applicable
redemption date, as the case may be;

                                       49
<Page>

        (b)     in the case of an election under Section 8.02 hereof, the
Company shall have delivered to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that (A) the Company has
received from, or there has been published by, the Internal Revenue Service a
ruling or (B) since the date of this Indenture, there has been a change in the
applicable federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the
outstanding Notes will not recognize income, gain or loss for federal income tax
purposes as a result of such Legal Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred;

        (c)     in the case of an election under Section 8.03 hereof, the
Company shall have delivered to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that the Holders of the
outstanding Notes will not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Covenant Defeasance had not occurred;

        (d)     no Default or Event of Default shall have occurred and be
continuing on the date of such deposit (other than a Default or Event of Default
resulting from the incurrence of Indebtedness all or a portion of the proceeds
of which will be used to defease the Notes pursuant to this Article 8
concurrently with such incurrence) or insofar as Sections 6.01(g) or 6.01(h)
hereof is concerned, at any time in the period ending on the 91st day after the
date of deposit;

        (e)     such Legal Defeasance or Covenant Defeasance shall not result in
a breach or violation of, or constitute a default under, any material agreement
or instrument (other than this Indenture) to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound;

        (f)     the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that, assuming no intervening bankruptcy of the Company or
any Subsidiary between the date of deposit and the 91st day following the
deposit and assuming that no Holder is an "insider" of the Company under
applicable bankruptcy law, after the 91st day following the deposit, the trust
funds will not be subject to the effect of any applicable bankruptcy,
insolvency, reorganization or similar laws affecting creditors' rights
generally;

        (g)     the Company shall have delivered to the Trustee an Officers'
Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders over any other creditors of the Company or with
the intent of defeating, hindering, delaying or defrauding any other creditors
of the Company or others; and

        (h)     the Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant
Defeasance have been complied with.

SECTION 8.05.   DEPOSITED MONEY AND GOVERNMENT SECURITIES TO BE HELD IN TRUST;
                OTHER MISCELLANEOUS PROVISIONS.

        Subject to Section 8.06 hereof, all money and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the
"Trustee") pursuant to Section 8.04 hereof in respect of the outstanding Notes
shall be

                                       50
<Page>

held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law.

        The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

        Anything in this Article 8 to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities held by it as provided
in Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section
8.04(a) hereof), are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

SECTION 8.06.   REPAYMENT TO COMPANY.

        Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of, premium, if any,
or interest on any Note and remaining unclaimed for two years after such
principal, and premium, if any, or interest has become due and payable shall be
paid to the Company on its request or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Note shall thereafter look
only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; PROVIDED, HOWEVER, that the
Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in the New York
Times and The Wall Street Journal (national edition), notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such notification or publication, any
unclaimed balance of such money then remaining will be repaid to the Company.

SECTION 8.07.   REINSTATEMENT.

        If the Trustee or Paying Agent is unable to apply any United States
dollars or non-callable Government Securities in accordance with Section 8.02 or
8.03 hereof, as the case may be, by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.02 or 8.03
hereof, as the case may be; PROVIDED, HOWEVER, that, if the Company makes any
payment of principal of, premium, if any, or interest on any Note following the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money held by the
Trustee or Paying Agent.

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                                    ARTICLE 9
                        AMENDMENT, SUPPLEMENT AND WAIVER

SECTION 9.01.   WITHOUT CONSENT OF HOLDERS OF NOTES.

        Notwithstanding Section 9.02 of this Indenture, the Company, the
Subsidiary Guarantors and the Trustee may amend or supplement this Indenture,
the Subsidiary Guarantees or the Notes without the consent of any Holder of a
Note to:

        (a)     cure any ambiguity, defect or inconsistency in the Indenture;
PROVIDED that such amendments do not adversely affect the interests of the
Holders in any material respect;

        (b)     comply with the provisions of Article 5 hereof;

        (c)     comply with any requirements of the SEC in connection with the
qualification of the Indenture under the Trust Indenture Act;

        (d)     evidence and provide for the acceptance of appointment by a
successor Trustee;

        (e)     make any change that, in the good faith opinion of the Board of
Directors, does not materially and adversely affect the rights of any Holder;

        (f)     provide for uncertificated Notes in addition to or in place of
certificated Notes or to alter the provisions of Article 2 hereof (including the
related definitions) in a manner that does not materially and adversely affect
the rights of any Holder;

        (g)     provide for the issuance of Additional Notes in accordance with
the limitations set forth in this Indenture as of the date hereof; or

        (h)     allow any Subsidiary Guarantor to execute a supplemental
indenture and/or a Subsidiary Guarantee with respect to the Notes.

        Upon the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon receipt by the Trustee of the documents described in Section
7.02 hereof, the Trustee shall join with the Company and the Subsidiary
Guarantors in the execution of any amended or supplemental Indenture authorized
or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall
not be obligated to enter into such amended or supplemental Indenture that
affects its own rights, duties or immunities under this Indenture or otherwise.

SECTION 9.02.   WITH CONSENT OF HOLDERS OF NOTES.

        Except as provided below in this Section 9.02, the Company, the
Subsidiary Guarantors and the Trustee may amend or supplement this Indenture
(including Section 4.15 and 4.21 hereof), the Subsidiary Guarantees and the
Notes with the consent of the Holders of at least a majority in principal amount
of the Notes then outstanding voting as a single class (including consents
obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing
Default or Event of Default (other than a Default or Event of Default in the
payment of the principal of, premium, if any, or interest on the Notes, except a
payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of this Indenture, the Subsidiary

                                       52
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Guarantees or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes voting as a single
class (including consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which
Notes are considered to be "outstanding" for purposes of this Section 9.02.

        Upon the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon the filing with the Trustee of evidence satisfactory to the
Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by
the Trustee of the documents described in Section 7.02 hereof, the Trustee shall
join with the Company in the execution of such amended or supplemental Indenture
unless such amended or supplemental Indenture directly affects the Trustee's own
rights, duties or immunities under this Indenture or otherwise, in which case
the Trustee may in its discretion, but shall not be obligated to, enter into
such amended or supplemental Indenture.

        It shall not be necessary for the consent of the Holders of Notes under
this Section 9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.

        After an amendment, supplement or waiver under this Section becomes
effective, the Company shall mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of
the Company to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such amended or supplemental
Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes then outstanding voting as a
single class may waive compliance in a particular instance by the Company with
any provision of this Indenture or the Notes. However, without the consent of
each Holder affected, an amendment or waiver under this Section 9.02 may not
(with respect to any Notes held by a non-consenting Holder):

        (a)     change the Stated Maturity of the principal of, or any
installment of interest on, any Note;

        (b)     reduce the principal amount of, or premium, if any, or interest
on, any Note;

        (c)     change the place or currency of payment of principal of, or
premium, if any, or interest on, any Note;

        (d)     impair Holders' right to institute suit for the enforcement of
any payment on or after the Stated Maturity (or, in the case of a redemption, on
or after the Redemption Date) of any Note;

        (e)     waive a Default or Event of Default in the payment of principal
of or premium, interest or Additional or Special Interest, if any, on the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes (including
Additional Notes, if any) and a waiver of the payment default that resulted from
such acceleration);

        (f)     modify Article 10 in any manner adverse to the Holders; or

        (g)     reduce the principal amount or percentage of Notes whose Holders
must consent to an amendment, supplement or waiver hereunder.

                                       53
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SECTION 9.03.   COMPLIANCE WITH TRUST INDENTURE ACT.

        Every amendment or supplement to this Indenture or the Notes shall be
set forth in a amended or supplemental Indenture that complies with the TIA as
then in effect.

SECTION 9.04.   REVOCATION AND EFFECT OF CONSENTS.

        Until an amendment, supplement or waiver becomes effective, a consent to
it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same
debt as the consenting Holder's Note, even if notation of the consent is not
made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

SECTION 9.05.   NOTATION ON OR EXCHANGE OF NOTES.

        The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

        Failure to make the appropriate notation or issue a new Note shall not
affect the validity and effect of such amendment, supplement or waiver.

SECTION 9.06.   TRUSTEE TO SIGN AMENDMENTS, ETC.

        The Trustee shall sign any amended or supplemental Indenture authorized
pursuant to this Article Nine if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company
may not sign an amendment or supplemental Indenture until the Board of Directors
approves it. In executing any amended or supplemental indenture, the Trustee
shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully
protected in relying upon, in addition to the documents required by Section
12.04 hereof, an Officer's Certificate and an Opinion of Counsel stating that
the execution of such amended or supplemental indenture is authorized or
permitted by this Indenture.

                                   ARTICLE 10
                                  SUBORDINATION

SECTION 10.01.  AGREEMENT TO SUBORDINATE.

        The Company agrees, and each Holder by accepting a Note agrees, that the
payment of the Senior Subordinated Obligations will, to the extent set forth
herein, be subordinated in right of payment to the prior payment in full, in
cash or cash equivalents, of all Obligations due in respect of existing and
future Senior Indebtedness (whether outstanding on the date hereof or hereafter
created, incurred, assumed or guaranteed), and that the subordination is for the
benefit of the holders of Senior Indebtedness.

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SECTION 10.02.  LIQUIDATION; DISSOLUTION; BANKRUPTCY.

        Upon any distribution to creditors of the Company in a liquidation or
dissolution of the Company or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Company or its property, in
an assignment for the benefit of creditors or any marshaling of the Company's
assets and liabilities:

                (i)   holders of Senior Indebtedness will be entitled to receive
        payment in full in cash or cash equivalents of all Obligations due in
        respect of Senior Indebtedness (including, with respect to Designated
        Senior Indebtedness, any interest accruing after the commencement of any
        proceeding described below at the rate specified in the applicable
        Designated Senior Indebtedness whether or not interest is an allowed
        claim enforceable against the Company in such proceeding) before the
        Holders of Notes will be entitled to receive any payment on account of
        Senior Subordinated Obligations or any payment to acquire any of the
        Notes for cash, property or securities, or any distribution with respect
        to the Notes of any cash, property or securities (except that Holders of
        Notes may receive and retain (A) Permitted Junior Securities and (B)
        payments made from the trust described in Article 8 hereof), in the
        event of any distribution to creditors of the Company: (1) in a
        liquidation or dissolution of the Company; (2) in a bankruptcy,
        reorganization, insolvency, receivership or similar proceeding relating
        to the Company or its property; (3) in an assignment for the benefit of
        creditors; or (4) in any marshaling of the Company's assets and
        liabilities.

                (ii)  until all Obligations due with respect to Senior
        Indebtedness (including, with respect to Designated Senior Indebtedness,
        any interest accruing after the commencement of any proceeding described
        before at the rate specified in the applicable Designated Senior
        Indebtedness whether or not interest is an allowed claim enforceable
        against the Company in such proceeding) are paid in full in cash or cash
        equivalents, any such distribution to which Holders would be entitled
        shall be made to the holders of Senior Indebtedness (except that Holders
        may receive and retain (A) Permitted Junior Securities and (B) payments
        made from the trust described in Article 8 hereof).

SECTION 10.03.  DEFAULT ON DESIGNATED SENIOR INDEBTEDNESS.

        (a)     The Company and the Subsidiary Guarantors may not make any
payment in respect of any Senior Subordinated Obligations (except in (A)
Permitted Junior Securities or (B) from the trust described in Article 8 hereof)
nor may any amounts be set aside or deposited pursuant to Article 8 if:

                (i)   a payment default on Designated Senior Indebtedness occurs
        and is continuing beyond any applicable grace period; or

                (ii)  any other default occurs and is continuing on any series
        of Designated Senior Indebtedness that permits holders of that series of
        Designated Senior Indebtedness to accelerate its maturity and the
        Trustee receives a notice of such default (a "Payment Blockage Notice")
        from the trustee or other representative for the holders of any
        Designated Senior Indebtedness, or the holders of at least a majority of
        the outstanding principal amount of such Designated Senior Indebtedness.
        No new Payment Blockage Notice may be delivered unless and until: (A)
        360 days have elapsed since the delivery of the immediately prior
        Payment Blockage Notice; and (B) all scheduled payments of principal,
        interest and premium and Additional or Special Interest, if any, on the
        Notes that have come due have been paid in full in cash. No nonpayment

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        default that existed or was continuing on the date of delivery of any
        Payment Blockage Notice to the Trustee shall be, or be made, the basis
        for a subsequent Payment Blockage Notice.

        (b)     Payments on the Notes and the Subsidiary Guarantees may and
shall be resumed:

                (i)   in the case of a payment default, upon the date on which
        such default is cured or waived; and

                (ii)  in case of a nonpayment default, the earlier of the date
        on which such nonpayment default is cured or waived or 179 days after
        the date on which the applicable Payment Blockage Notice is received.

        (c)     Notwithstanding the foregoing, the Company will be permitted to
redeem any Notes to the extent required to do so by any Gaming Authority as
described in Section 3.08 hereof.

SECTION 10.04.  ACCELERATION OF NOTES.

        If payment of the Notes is accelerated because of an Event of Default,
the Company shall promptly notify holders of Senior Indebtedness of the
acceleration.

SECTION 10.05.  WHEN DISTRIBUTION MUST BE PAID OVER.

        In the event that the Trustee or any Holder receives any payment of any
Senior Subordinated Obligations with respect to the Notes at a time when the
Trustee or such Holder, as applicable, has actual knowledge that such payment is
prohibited by Section 10.03 hereof, such payment shall be held by the Trustee or
such Holder, in trust for the benefit of, and shall be paid forthwith over and
delivered, upon written request, to, the holders of Senior Indebtedness as their
interests may appear or their Representative under the indenture or other
agreement (if any) pursuant to which Senior Indebtedness may have been issued,
as their respective interests may appear, for application to the payment of all
Obligations with respect to Senior Indebtedness remaining unpaid to the extent
necessary to pay such Obligations in full in accordance with their terms, after
giving effect to any concurrent payment or distribution to or for the holders of
Senior Indebtedness.

        With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform only such obligations on the part of the Trustee as are
specifically set forth in this Article 10, and no implied covenants or
obligations with respect to the holders of Senior Indebtedness shall be read
into this Indenture against the Trustee. The Trustee shall not be deemed to owe
any fiduciary duty to the holders of Senior Indebtedness, and shall not be
liable to any such holders if the Trustee shall pay over or distribute to or on
behalf of Holders or the Company or any other Person money or assets to which
any holders of Senior Indebtedness shall be entitled by virtue of this Article
10, except if such payment is made as a result of the willful misconduct or
gross negligence of the Trustee.

SECTION 10.06.  NOTICE BY COMPANY.

        The Company shall promptly notify the Trustee, holders of Senior
Indebtedness and the Paying Agent of any facts known to the Company that would
cause a payment of any Senior Subordinated Obligations with respect to the Notes
to violate this Article 10, but failure to give such notice shall not affect the
subordination of the Notes to the Senior Indebtedness as provided in this
Article 10.

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SECTION 10.07.  SUBROGATION.

        Subject to the payment in full, in cash or cash equivalents, of all
Senior Indebtedness, the Holders of Notes shall be subrogated to the rights of
the holders of Senior Indebtedness to receive payments or distributions of
assets of the Company applicable to the Senior Indebtedness until all amounts
owing on the Notes shall be paid in full, in cash or cash equivalents, and for
the purpose of such subrogation no payments or distributions to the holders of
Senior Indebtedness by or on behalf of the Holders by virtue of this Article 10,
which otherwise would have been made to the Holders, shall, as between the
Company and the Holders, be deemed to be payment by the Company to holders or on
account of the Senior Indebtedness, it being understood that the provisions of
this Article 10 are and are intended solely for the purpose of defining the
relative rights of the Holders, on the one hand, and the holders of Senior
Indebtedness, on the other hand.

        If any payment or distribution to which the Holders would otherwise have
been entitled but for the provisions of this Article 10 shall have been applied,
pursuant to the provisions of this Article 10, to the payment of all amounts
payable under the Senior Indebtedness, then the Holders shall be entitled to
receive from the holders of such Senior Indebtedness any payments or
distributions received by such holders of Senior Indebtedness in excess of the
amount sufficient to pay all amounts payable under or in respect of the Senior
Indebtedness in full, in cash or cash equivalents.

SECTION 10.08.  RELATIVE RIGHTS.

        This Article 10 defines the relative rights of Holders of Notes and
holders of Senior Indebtedness. Nothing in this Indenture shall:

                (i)   impair, as between the Company and Holders of Notes, the
        obligation of the Company, which is absolute and unconditional, to pay
        principal of and interest on the Notes in accordance with their terms;

                (ii)  affect the relative rights of Holders of Notes and
        creditors of the Company other than their rights in relation to holders
        of Senior Indebtedness; or

                (iii) prevent the Trustee or any Holder of Notes from exercising
        its available remedies upon a Default or Event of Default, subject to
        the rights of holders and owners of Senior Indebtedness to receive
        distributions and payments otherwise payable to Holders of Notes.

        If the Company fails because of this Article 10 to pay principal of or
interest on a Note on the due date, the failure is still a Default or Event of
Default.

SECTION 10.09.  SUBORDINATION MAY NOT BE IMPAIRED BY COMPANY.

        No right of any holder of Senior Indebtedness to enforce the
subordination of the Indebtedness evidenced by the Notes shall be impaired by
any act or failure to act by the Company or any Holder or by the failure of the
Company or any Holder to comply with this Indenture.

SECTION 10.10.  DISTRIBUTION OR NOTICE TO REPRESENTATIVE.

        Whenever a distribution is to be made or a notice given to holders of
Senior Indebtedness, the distribution may be made and the notice given to their
Representative.

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        Upon any payment or distribution of assets of the Company referred to in
this Article 10, the Trustee and the Holders of Notes shall be entitled to rely
upon any order or decree made by any court of competent jurisdiction or upon any
certificate of such Representative or of the liquidating trustee or agent or
other Person making any distribution to the Trustee or to the Holders of Notes
for the purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Indebtedness and other Indebtedness of
the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article
10.

SECTION 10.11.  RIGHTS OF TRUSTEE AND PAYING AGENT.

        Notwithstanding the provisions of this Article 10 or any other provision
of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment or
distribution by the Trustee, and the Trustee and the Paying Agent may continue
to make payments on the Notes, unless the Trustee shall have received at its
Corporate Trust Office at least two Business Days prior to the date of such
payment written notice of facts that would cause the payment of any Senior
Subordinated Obligations with respect to the Notes to violate this Article 10.
Only the Company or a Representative may give the notice. Nothing in this
Article 10 shall impair the claims of, or payments to, the Trustee under or
pursuant to Section 7.07 hereof.

        The Trustee in its individual or any other capacity may hold Senior
Indebtedness with the same rights it would have if it were not Trustee. Any
Agent may do the same with like rights.

SECTION 10.12.  AUTHORIZATION TO EFFECT SUBORDINATION.

        Each Holder of Notes, by the Holder's acceptance thereof, authorizes and
directs the Trustee on such Holder's behalf to take such action as may be
necessary or appropriate to effectuate the subordination as provided in this
Article 10, and appoints the Trustee to act as such Holder's attorney-in-fact
for any and all such purposes. If the Trustee does not file a proper proof of
claim or proof of debt in the form required in any proceeding referred to in
Section 6.09 hereof at least 30 days before the expiration of the time to file
such claim, the Representatives are hereby authorized to file an appropriate
claim for and on behalf of the Holders of the Notes.

SECTION 10.13.  AMENDMENTS.

        The provisions of this Article 10 shall not be amended or modified
without the written consent of the holders of all Senior Indebtedness.

                                   ARTICLE 11
                              SUBSIDIARY GUARANTEES

SECTION 11.01.  SUBSIDIARY GUARANTEE.

        Subject to this Article 11, each of the Subsidiary Guarantors hereby,
jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of this Indenture,
the Notes or the obligations of the Company hereunder or thereunder, that: (a)
the principal of and interest on the Notes will be promptly paid in full when
due, whether at maturity, by acceleration, redemption or otherwise, and interest
on the overdue principal of and interest on the Notes, if any, if lawful, and
all other obligations of the Company to the Holders or the Trustee hereunder or
thereunder

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<Page>

will be promptly paid in full or performed, all in accordance with the terms
hereof and thereof; and (b) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so
guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and
severally obligated to pay the same immediately. Each Subsidiary Guarantor
agrees that this is a guarantee of payment and not a guarantee of collection.

        The Subsidiary Guarantors hereby agree that their obligations hereunder
shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect
to any provisions hereof or thereof, the recovery of any judgment against the
Company, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a Subsidiary
Guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the
Company, protest, notice and all demands whatsoever and covenant that this
Subsidiary Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture.

        If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Subsidiary Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or
the Subsidiary Guarantors, any amount paid by either to the Trustee or such
Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall
be reinstated in full force and effect.

        Each Subsidiary Guarantor agrees that it shall not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.
Each Subsidiary Guarantor further agrees that, as between the Subsidiary
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 hereof for the purposes of this Subsidiary Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the
event of any declaration of acceleration of such obligations as provided in
Article 6 hereof, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Subsidiary Guarantors for the purpose of
this Subsidiary Guarantee. The Subsidiary Guarantors shall have the right to
seek contribution from any non-paying Subsidiary Guarantor so long as the
exercise of such right does not impair the rights of the Holders under the
Guarantee.

SECTION 11.02.  SUBORDINATION OF SUBSIDIARY GUARANTEE.

        The Obligations of each Subsidiary Guarantor under its Subsidiary
Guarantee pursuant to this Article 11 shall be junior and subordinated to the
Senior Indebtedness of such Subsidiary Guarantor on the same basis as the Notes
are junior and subordinated to Senior Indebtedness of the Company, as if and to
the same extent the same provisions were set out in this Article 11. For the
purposes of the foregoing sentence, but without limiting the generality thereof,
the Trustee and the Holders shall have the right to receive and/or retain
payments by any of the Subsidiary Guarantors only at such times as they may
receive and/or retain payments in respect of the Notes pursuant to this
Indenture, including Article 10 hereof, and are subject to the same turnover
provisions.

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SECTION 11.03.  LIMITATION ON SUBSIDIARY GUARANTOR LIABILITY.

        Each Subsidiary Guarantor, and by its acceptance of Notes, each Holder,
hereby confirms that it is the intention of all such parties that the Subsidiary
Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to
the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Subsidiary Guarantors hereby
irrevocably agree that the obligations of such Subsidiary Guarantor will, after
giving effect to such maximum amount and all other contingent and fixed
liabilities of such Subsidiary Guarantor that are relevant under such laws, and
after giving effect to any collections from, rights to receive contribution from
or payments made by or on behalf of any other Subsidiary Guarantor in respect of
the obligations of such other Subsidiary Guarantor under this Article 11, result
in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee
not constituting a fraudulent transfer or conveyance.

SECTION 11.04.  EXECUTION AND DELIVERY OF SUBSIDIARY GUARANTEE.

        To evidence its Subsidiary Guarantee set forth in Section 11.01, each
Subsidiary Guarantor hereby agrees that a notation of such Subsidiary Guarantee
substantially in the form included in Exhibit B shall be endorsed by an Officer
of such Subsidiary Guarantor on each Note authenticated and delivered by the
Trustee and that this Indenture shall be executed on behalf of such Subsidiary
Guarantor by an Officer thereof.

        Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantee
set forth in Section 11.01 shall remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of such Subsidiary Guarantee.

        If an Officer whose signature is on this Indenture or on the Subsidiary
Guarantee no longer holds that office at the time the Trustee authenticates the
Note on which a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee shall
be valid nevertheless.

        The delivery of any Note by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set
forth in this Indenture on behalf of the Subsidiary Guarantors.

        In the event that the Company creates or acquires any new Subsidiaries
subsequent to the date of this Indenture, if required by Section 4.11 hereof,
the Company shall cause such Subsidiaries to execute supplemental indentures to
this Indenture and Subsidiary Guarantees in accordance with Section 4.11 hereof
and this Article 11, to the extent applicable.

SECTION 11.05.  SUBSIDIARY GUARANTORS MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.

        Except as otherwise provided in Section 11.06, no Subsidiary Guarantor
may consolidate with or merge with or into (whether or not such Subsidiary
Guarantor is the surviving Person) another Person whether or not affiliated with
such Subsidiary Guarantor unless:

        (a)     subject to Section 11.06 hereof, the Person formed by or
surviving any such consolidation or merger (if other than a Subsidiary Guarantor
or the Company) unconditionally assumes all the obligations of such Subsidiary
Guarantor, pursuant to a supplemental indenture in form and

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substance reasonably satisfactory to the Trustee, under the Notes, the Indenture
and the Subsidiary Guarantee on the terms set forth herein or therein; and

        (b)     immediately after giving effect to such transaction, no Default
or Event of Default exists.

        In case of any such consolidation, merger, sale or conveyance and upon
the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the
Subsidiary Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be
performed by the Subsidiary Guarantor, such successor Person shall succeed to
and be substituted for the Subsidiary Guarantor with the same effect as if it
had been named herein as a Subsidiary Guarantor. Such successor Person thereupon
may cause to be signed any or all of the Subsidiary Guarantees to be endorsed
upon all of the Notes issuable hereunder which theretofore shall not have been
signed by the Company and delivered to the Trustee. All the Subsidiary
Guarantees so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Subsidiary Guarantees theretofore and thereafter
issued in accordance with the terms of this Indenture as though all of such
Subsidiary Guarantees had been issued at the date of the execution hereof.

        Except as set forth in Articles 4 and 5 hereof, and notwithstanding
clauses (a) and (b) above, nothing contained in this Indenture or in any of the
Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with
or into the Company or another Subsidiary Guarantor, or shall prevent any sale
or conveyance of the property of a Subsidiary Guarantor as an entirety or
substantially as an entirety to the Company or another Subsidiary Guarantor.

SECTION 11.06.  RELEASES FOLLOWING SALE OF ASSETS.

        In the event of a sale or other disposition of all of the assets of any
Subsidiary Guarantor, by way of merger, consolidation or otherwise, or a sale or
other disposition of all to the capital stock of any Subsidiary Guarantor, in
each case to a Person that is not (either before or after giving effect to such
transactions) a Restricted Subsidiary of the Company, then such Subsidiary
Guarantor (in the event of a sale or other disposition, by way of merger,
consolidation or otherwise, of all of the capital stock of such Subsidiary
Guarantor) or the corporation acquiring the property (in the event of a sale or
other disposition of all or substantially all of the assets of such Subsidiary
Guarantor) will be released and relieved of any obligations under its Subsidiary
Guarantee; PROVIDED that the Net Proceeds of such sale or other disposition are
applied in accordance with the applicable provisions of this Indenture,
including without limitation Section 4.15 hereof. Upon delivery by the Company
to the Trustee of an Officers' Certificate and an Opinion of Counsel to the
effect that such sale or other disposition was made by the Company in accordance
with the provisions of this Indenture, including without limitation Section 4.15
hereof, the Trustee shall execute any documents reasonably required in order to
evidence the release of any Subsidiary Guarantor from its obligations under its
Subsidiary Guarantee. Notwithstanding the foregoing provisions, the Subsidiary
Guarantee of Empress Casino Corporation will not be released upon the occurrence
of a Trigger Event.

        Any Subsidiary Guarantor not released from its obligations under its
Subsidiary Guarantee shall remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of any Subsidiary Guarantor
under this Indenture as provided in this Article 11.

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                                   ARTICLE 12
                                  MISCELLANEOUS

SECTION 12.01. TRUST INDENTURE ACT CONTROLS.

        If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by TIA Section 318(c), the imposed duties shall control.

SECTION 12.02. NOTICES.

        Any notice or communication by the Company, any Subsidiary Guarantor or
the Trustee to the others is duly given if in writing and delivered in Person or
mailed by first class mail (registered or certified, return receipt requested),
telex, telecopier or overnight air courier guaranteeing next day delivery, to
the others' address:

        If to the Company and/or any Subsidiary Guarantor:

        Argosy Gaming Company
        219 Piasa Street
        Alton, IL 62002-6232
        Telecopier No.: (618) 474-7420
        Attention: General Counsel

        With a copy to:

        Winston & Strawn
        35 West Wacker Drive
        Chicago, IL 60601
        Telecopier No.: (312) 558-5700
        Attention: Joseph A. Walsh, Jr.

        If to the Trustee:

        Bank One Trust Company, National Association
        1 Bank One Plaza
        Mail Suite, ILI-0823
        Chicago, IL 60670-0823
        Telecopier No.: (312) 336-8840
        Attention: Global Corporate Trust Services, Joseph Morand

        The Company, any Subsidiary Guarantor or the Trustee, by notice to the
others may designate additional or different addresses for subsequent notices or
communications.

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

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        Any notice or communication to a Holder shall be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Registrar. Any notice or communication shall also be so mailed to any
Person described in TIA Section 313(c), to the extent required by the TIA.
Failure to mail a notice or communication to a Holder or any defect in it shall
not affect its sufficiency with respect to other Holders.

        If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it.

        If the Company mails a notice or communication to Holders, it shall mail
a copy to the Trustee and each Agent at the same time.

SECTION 12.03.  COMMUNICATION BY HOLDERS OF NOTES WITH OTHER HOLDERS OF NOTES.

        Holders may communicate pursuant to TIA Section 312(b) with other
Holders with respect to their rights under this Indenture or the Notes. The
Company, the Trustee, the Registrar and anyone else shall have the protection of
TIA Section 312(c).

SECTION 12.04.  CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

        Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

        (a)     an Officers' Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and

        (b)     an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied.

SECTION 12.05.  STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

        Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA
Section 314(e) and shall include:

        (a)     a statement that the Person making such certificate or opinion
has read such covenant or condition;

        (b)     a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

        (c)     a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such covenant or condition has been
satisfied; and

        (d)     a statement as to whether or not, in the opinion of such Person,
such condition or covenant has been satisfied.

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SECTION 12.06.  RULES BY TRUSTEE AND AGENTS.

        The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

SECTION 12.07.  NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
                STOCKHOLDERS.

        No past, present or future director, officer, employee, incorporator or
stockholder of the Company or any Subsidiary Guarantor, as such, shall have any
liability for any obligations of the Company or such Subsidiary Guarantor under
the Notes, the Subsidiary Guarantees, this Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder
by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes.

SECTION 12.08.  GOVERNING LAW.

        THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

SECTION 12.09.  NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

        This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this
Indenture.

SECTION 12.10.  SUCCESSORS.

        All agreements of the Company in this Indenture and the Notes shall bind
its successors. All agreements of the Trustee in this Indenture shall bind its
successors. All agreements of each Subsidiary Guarantor in this Indenture shall
bind its successors, except as otherwise provided in Section 11.05.

SECTION 12.12.  SEVERABILITY.

        In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 12.12.  COUNTERPART ORIGINALS.

        The parties may sign any number of copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same
agreement.

                                       64
<Page>

SECTION 12.13.  TABLE OF CONTENTS, HEADINGS, ETC.

     The Table of Contents, Cross-Reference Table and Headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and shall in no way
modify or restrict any of the terms or provisions hereof.

                         [Signatures on following page]

                                       65
<Page>

                                  SIGNATURES

Dated as of July 31, 2001         ARGOSY GAMING COMPANY

                                  By:   /s/ Dale R. Black
                                     -------------------------------------------
                                       Dale R. Black
                                       Senior Vice President and Chief Financial
                                       Officer

                                  ALTON GAMING COMPANY
                                  ARGOSY OF IOWA, INC.
                                  ARGOSY OF LOUISIANA, INC.
                                  THE INDIANA GAMING COMPANY
                                  INDIANA GAMING HOLDING COMPANY
                                  IOWA GAMING COMPANY
                                  JAZZ ENTERPRISES, INC.
                                  THE MISSOURI GAMING COMPANY

                                  By:   /s/ Dale R. Black
                                     -------------------------------------------
                                       Dale R. Black
                                       Treasurer

                                  BELLE OF SIOUX CITY, L.P.

                                  By:    IOWA GAMING COMPANY,
                                         its General Partner

                                  By:   /s/ Dale R. Black
                                     -------------------------------------------
                                       Dale R. Black
                                       Treasurer

                                  CATFISH QUEEN PARTNERSHIP IN
                                  COMMENDAM

                                  By:    ARGOSY OF LOUISIANA, INC.,
                                         its General Partner

                                  By:   /s/ Dale R. Black
                                     ------------------------------------------
                                       Dale R. Black
                                       Treasurer

                                      S-1
<Page>

                                  CENTROPLEX CENTRE CONVENTION
                                  HOTEL, L.L.C.

                                  By:    ARGOSY GAMING COMPANY,
                                         its Manager

                                  By:   /s/ Dale R. Black
                                     ------------------------------------------
                                       Dale R. Black
                                       Treasurer

                                   INDIANA GAMING COMPANY, L.P.

                                   By:   THE INDIANA GAMING COMPANY,
                                         its General Partner

                                   By:   /s/ Dale R. Black
                                      ------------------------------------------
                                       Dale R. Black
                                       Treasurer

                                   INDIANA GAMING II, L.P.

                                   By:   INDIANA GAMING HOLDING COMPANY,
                                         its General Partner

                                   By:   /s/ Dale R. Black
                                      ------------------------------------------
                                       Dale R. Black
                                       Treasurer

                                   BANK ONE TRUST COMPANY, NATIONAL
                                   ASSOCIATION

                                   By:   /s/ David Knox
                                      -----------------------------------------
                                      --------------
                                      --------------

                                      S-2
<Page>

                                                                       EXHIBIT A

                                 [Face of Note]
--------------------------------------------------------------------------------

                                                         CUSIP/CINS 0 40228 AJ 7

                     9% Senior Subordinated Notes due 2011

No. ___ $

                             ARGOSY GAMING COMPANY

promises to pay to _____________________________________________________________

or registered assigns,

the principal sum of ___________________________________________________________

Dollars on September 1, 2011.

Interest Payment Dates:  March 1 and September 1

Record Dates:  February 15 and August 15

Dated: July 31, 2001

                                       ARGOSY GAMING COMPANY

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

This is one of the Global Notes referred to in
the within-mentioned Indenture:

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION
  as Trustee

By:
   --------------------------------
         Authorized Signatory

--------------------------------------------------------------------------------

                                      A-1
<Page>

                                 [Back of Note]
                     9% Senior Subordinated Notes due 2011

[THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ARGOSY GAMING
COMPANY.](1)

     Capitalized terms used herein shall have the meanings assigned to them in
the Indenture referred to below unless otherwise indicated.

     1.     INTEREST. Argosy Gaming Company, a Delaware corporation (the
"Company"), promises to pay interest on the principal amount of this Note at 9%
per annum from July 31, 2001 until maturity. The Company will pay interest
semi-annually in arrears on March 1 and September 1 of each year, or if any such
day is not a Business Day, on the next succeeding Business Day (each an
"Interest Payment Date"). Interest on the Notes will accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from the
date of issuance; PROVIDED that if there is no existing Default in the payment
of interest, and if this Note is authenticated between a record date referred to
on the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; PROVIDED, FURTHER, that
the first Interest Payment Date shall be March 1, 2002. The Company shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on
demand at a rate that is equal to the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest and Additional or Special Interest, if any,
(without regard to any applicable grace periods) from time to time on demand at
the same rate to the extent lawful. Interest will be computed on the basis of a
360-day year of twelve 30-day months.

     2.     METHOD OF PAYMENT. The Company will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business on the February 15 or August 15 next preceding the
Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12
of the Indenture with respect to defaulted interest. The Notes will be payable
as to principal, premium, if any, and interest at the office or agency of the
Company maintained for such purpose within or without the City and State of New
York, or, at the option of the Company, payment of interest may be made by check
mailed to the Holders at their addresses set forth in the register of Holders,
and PROVIDED that payment by wire transfer of immediately available funds will
be required with respect to principal of and interest, premium on, all Global
Notes and all other Notes the Holders of which shall have provided wire transfer
instructions to the Company or the Paying Agent. Such payment shall be in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.

----------
(1)  This legend should be included on the Global Notes and omitted from
     Definitive Notes.

                                      A-2
<Page>

     3.     PAYING AGENT AND REGISTRAR. Initially, Bank One Trust Company,
National Association, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Company may change any Paying Agent or Registrar without
notice to any Holder. The Company or any of its Subsidiaries may act in any such
capacity.

     4.     INDENTURE. The Company issued the Notes under an Indenture dated as
of July 31, 2001 ("Indenture") between the Company and the Trustee. The terms of
the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code Sections 77aaa-77bbbb). The Notes are subject to all such terms, and
Holders are referred to the Indenture and such Act for a statement of such
terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the indenture shall govern and be
controlling. The Initial Notes are obligations of the Company limited to $200.0
million in aggregate principal amount.

     5.     OPTIONAL REDEMPTION.

     (a)    Except as set forth in subparagraph (b) of this paragraph 5, the
Company shall not have the option to redeem the Notes pursuant to this paragraph
5 prior to September 1, 2006. Thereafter, the Company shall have the option to
redeem the Notes, in whole or in part, at the redemption prices (expressed as
percentages of principal amount) set forth below plus accrued and unpaid
interest and Additional or Special Interest thereon, if any, to the applicable
redemption date, if redeemed during the twelve-month period beginning on
September 1 of the years indicated below:

<Table>
<Caption>
        YEAR                                                PERCENTAGE
        ----                                                ----------
        <S>                                                    <C>
        2006..............................................     104.500%
        2007..............................................     103.000%
        2008..............................................     101.500%
        2009 and thereafter...............................     100.000%
</Table>

     (b)    Notwithstanding the provisions of subparagraph (a) of this paragraph
5,at any time prior to September 1, 2004, the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of Notes with the
net proceeds of a Public Equity Offering at a redemption price equal to 109% of
the aggregate principal amount thereof plus accrued and unpaid Additional or
Special Interest thereon, if any; PROVIDED that at least 65% in aggregate
principal amount of the Notes originally issued remain outstanding immediately
after the occurrence of such redemption and that such redemption occurs within
60 days of the date of the closing of such Public Equity Offering.

     (c)    Any redemption pursuant to this paragraph 5 shall be made pursuant
to the provisions of Article 3 of the Indenture.

     6.     GAMING REDEMPTION

     (a)    Notwithstanding any other provision of this Indenture, if any Gaming
Authority: (i) requests or requires a holder or beneficial owner of Notes to
appear before, submit to the jurisdiction of or provide information to, such
Gaming Authority and such holder or beneficial owner either refuses to do so or
otherwise fails to comply with such request or requirement within a reasonable
period of time; or (ii) determines that any holder or beneficial owner of Notes
is not suitable or qualified with respect to beneficial ownership of the Notes,
then the Company may: (1) require that such holder or beneficial owner dispose
of its Notes within 30 days (or such earlier date as required by the Gaming
Authority) of (A) termination of the 30-day period described above for the
holder or beneficial owner to apply for a

                                      A-3
<Page>

license, qualification or finding of suitability or (B) the receipt of the
notice from the Gaming Authority that the holder or beneficial owner will not be
licensed, qualified or found suitable; or (2) redeem the Notes of such holder or
beneficial owner at a price equal to the lesser of (A) the price at which such
holder or beneficial owner acquired such Notes or (B) the Fair Market Value of
such Notes or, if the Notes are listed on a national securities exchange, the
last reported sale price on the date the Company notifies such holder or
beneficial owner of the redemption.

     (b)    Immediately upon a determination that a holder or beneficial owner
will not be licensed, qualified or found suitable, the holder or beneficial
owner will have no further rights (i) to exercise any right conferred by the
Notes, directly or indirectly, through any trustee, nominee or any other Person
or entity, or (ii) to receive any interest or other distribution or payment with
respect to the Notes or any remuneration in any form from the Company for
services rendered or otherwise, except the redemption price of the Notes. The
holder or beneficial owner applying for a licenses, qualification or finding of
suitability must pay all costs of the licensure or investigation for such
qualification or finding of suitability.

     7.     MANDATORY REDEMPTION.

     Except as set forth in paragraph 8 below, the Company shall not be required
to make mandatory redemption payments with respect to the Notes.

     8.     OFFERS TO PURCHASE.

     (a)    CHANGE OF CONTROL. Within 30 days of the occurrence of a Change of
Control, the Company shall commence and consummate an Offer to Purchase for all
Notes then outstanding, at a purchase price equal to 101% of the principal
amount thereof, plus accrued interest to the Payment Date.

     (b)    ASSET SALE. The Company shall not, and shall not permit any
Restricted Subsidiary to, consummate any Asset Sale, unless (i) the
consideration received by the Company or such Restricted Subsidiary is at least
equal to the fair market value of the assets sold or disposed of and (ii) at
least 75% of the consideration received consists of cash or Temporary Cash
Investments or the assumption of Indebtedness of the Company or any Restricted
Subsidiary (other than Indebtedness to the Company or any Restricted
Subsidiary), PROVIDED that the Company or such Restricted Subsidiary is
irrevocably and unconditionally released from all liability under such
Indebtedness.

     Notwithstanding the immediately preceding paragraph, the Company and its
Restricted Subsidiaries will be permitted to consummate a Permitted Asset Swap
without complying with such paragraph if (i) immediately after giving effect to
such Permitted Asset Swap, the Company could Incur least $1.00 of additional
Indebtedness pursuant Section 4.07 of the Indenture and (ii) the Company or the
applicable Restricted Subsidiary, as the case may be, receives assets at the
time of such Permitted Asset Swap of a value at least equal to the fair market
value of the assets or other property sold or otherwise disposed of (as
evidenced by a resolution of the Company's Board of Directors set forth in an
Officers' Certificate delivered to the Trustee, or, in the event that the fair
market value of such Permitted Asset Swap exceeds $100.0 million, such fair
market value has been determined by a written opinion of an investment banking
firm of national standing or other recognized independent expert with experience
appraising the terms and conditions of the type of transaction contemplated
thereby).

     Within twelve months after the receipt of any Net Cash Proceeds from one or
more Asset Sales occurring on or after the Closing Date, the Company shall or
shall cause the relevant Restricted Subsidiary to: (i) (A) apply an amount equal
to such Net Cash Proceeds to permanently repay Senior

                                      A-4
<Page>

Indebtedness of the Company or any Subsidiary Guarantor or Indebtedness of any
other Restricted Subsidiary, in each case owing to a Person other than the
Company or any of its Restricted Subsidiaries; or (B) invest an equal amount, or
the amount not so applied pursuant to clause (A) (or enter into a definitive
agreement committing to so invest within 12 months after the date of such
agreement), in property or assets (other than current assets) of a nature or
type or that are used in a business (or in a company having property and assets
of a nature or type, or engaged in a business) similar or related to the nature
or type of the property and assets of, or the business of, the Company and its
Restricted Subsidiaries existing on the date of such investment and (ii) apply
(no later than the end of the 12-month period referred to in clause (i)(B)) such
excess Net Cash Proceeds (to the extent not applied pursuant to clause (i)) as
provided in the following paragraph of this paragraph 8(b). The amount of such
excess Net Cash Proceeds required to be applied (or to be committed to be
applied) during such 12-month period as set forth in clause (i) of the preceding
sentence and not applied as so required by the end of such period shall
constitute "Excess Proceeds."

     If, as of the first day of any calendar month, the aggregate amount of
Excess Proceeds not theretofore subject to an Offer to Purchase pursuant to this
paragraph 8(b) totals at least $10.0 million (or at least $25 million in the
event that at such time there is no Indebtedness of the Company or its
Restricted Subsidiaries outstanding that is PARI PASSU with or subordinated in
right of payment to the Notes with a comparable limitation of less than $25
million), the Company must commence, not later than the fifteenth Business Day
of such month, and consummate an Offer to Purchase from the Holders (and if
required by the terms of any Pari Passu Indebtedness, from the holders of such
Pari Passu Indebtedness) on a PRO RATA basis an aggregate principal amount of
Notes (and Pari Passu Indebtedness) equal to the Excess Proceeds on such date,
at a purchase price equal to 100% of the principal amount thereof, PLUS, in each
case, accrued interest and Additional or Special Interest, if any, to the
Payment Date. If the aggregate principal amount of Notes and any such Pari Passu
Indebtedness tendered by holders thereof exceeds the amount of Excess Proceeds,
the Notes and Pari Passu Indebtedness shall be purchased on a PRO RATA basis.
Upon the completion of any such Offers to Purchase, regardless of the amount of
Notes validly tendered, the amount of Excess Proceeds shall be reset to zero.

     9.     NOTICE OF REDEMPTION. Notice of redemption will be mailed at least
30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed at its registered address. Notes in denominations
larger than $1,000 may be redeemed in part but only in whole multiples of
$1,000, unless all of the Notes held by a Holder are to be redeemed. On and
after the redemption date interest ceases to accrue on Notes or portions thereof
called for redemption.

     10.    DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered
form without coupons in denominations of $1,000 and integral multiples of
$1,000. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and the Company may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part. Also, the Company
need not exchange or register the transfer of any Notes for a period of 15 days
before a selection of Notes to be redeemed or during the period between a record
date and the corresponding Interest Payment Date.

     11.    PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes.

                                      A-5
<Page>

     12.    AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the
Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented
with the consent of the Holders of at least a majority in principal amount of
the then outstanding Notes and Additional Notes, if any, voting as a single
class, and any existing default or compliance with any provision of the
Indenture, the Subsidiary Guarantees or the Notes may be waived with the consent
of the Holders of a majority in principal amount of the then outstanding Notes
and Additional Notes, if any, voting as a single class. Without the consent of
any Holder of a Note, the Indenture, the Subsidiary Guarantees or the Notes may
be amended or supplemented to cure any ambiguity, defect or inconsistency, to
provide for uncertificated Notes in addition to or in place of certificated
Notes, to provide for the assumption of the Company's or Subsidiary Guarantor's
obligations to Holders of the Notes in case of a merger or consolidation, to
make any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any such Holder, to comply with the requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the Trust
Indenture Act, to provide for the Issuance of Additional Notes in accordance
with the limitations set forth in the Indenture, or to allow any Guarantor to
execute a supplemental indenture to the Indenture and/or a Subsidiary Guarantee
with respect to the Notes.

     13.    DEFAULTS AND REMEDIES. Each of the following constitutes an Event of
Default: (a) default in the payment of principal of or premium, if any, on any
Note when the same becomes due and payable at maturity, upon acceleration,
redemption or otherwise whether or not such payment is prohibited by Article 10
of the Indenture; (b) default in the payment of interest on any Note when the
same becomes due and payable, or Additional or Special Interest, if any, and
such default continues for a period of 30 days whether or not such payment is
prohibited by Article 10 of the Indenture; (c) failure by the Company or any of
its Subsidiaries to comply with any of the provisions of Sections 4.21 or 5.01
of the Indenture or the failure to make or consummate an Offer to Purchase in
accordance with the terms of Section 4.15 of the Indenture; (d) failure by the
Company or any of its Restricted Subsidiaries to observe or perform any covenant
or agreement in the Indenture or this Note (other than a default under clause
(a), (b), or (c) of this paragraph 14) for 30 days after notice to the Company
by the Trustee or the Holders of at least 25% in aggregate principal amount of
the Notes (including Additional Notes, if any) then outstanding voting as a
single class; (e) the occurrence with respect to any issue or issues of
Indebtedness of the Company or any Significant Subsidiary having an outstanding
principal amount of $20.0 million or more in the aggregate for all such issues
of all such Persons, whether such Indebtedness now exists or shall hereafter be
created, (i) an event of default that has caused the holder thereof to declare
such Indebtedness to be due and payable prior to its Stated Maturity and such
Indebtedness has not been discharged in full or such acceleration has not been
rescinded or annulled within 30 days of such acceleration and/or (ii) the
failure to make a principal payment at the final (but not any interim) fixed
maturity and such defaulted payment shall not have been made, waived or extended
within 30 days of such payment default; (f) any final judgment or order (not
covered by insurance) for the payment of money in excess of $20.0 million in the
aggregate for all such final judgments or orders against all such Persons
(treating any deductibles, self-insurance or retention as not so covered) shall
be rendered against the Company or any Significant Subsidiary and shall not be
paid or discharged, and there shall be any period of 60 consecutive days
following entry of the final judgment or order that causes the aggregate amount
for all such final judgments or orders outstanding and not paid or discharged
against all such Persons to exceed $20.0 million during which a stay of
enforcement of such final judgment or order, by reason of a pending appeal or
otherwise, shall not be in effect; (g) a court having jurisdiction in the
premises enters a decree or order for (A) relief in respect of the Company or
any Significant Subsidiary in an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, (B)
appointment of a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Company or any Significant Subsidiary or
for all or substantially all of the property and assets of the Company or any
Significant Subsidiary or (C) the winding up or liquidation of the affairs of

                                      A-6
<Page>

the Company or any Significant Subsidiary and, in each case, such decree or
order shall remain unstayed and in effect for a period of 30 consecutive days;
(h) the Company or any Significant Subsidiary (A) commences a voluntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or consents to the entry of an order for relief in an
involuntary case under any such law, (B) consents to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Company or any Significant Subsidiary or
for all or substantially all of the property and assets of the Company or any
Significant Subsidiary or (C) effects any general assignment for the benefit of
creditors; (i) except as permitted by the Indenture, any Subsidiary Guarantee
shall be held in any judicial proceeding to be unenforceable or invalid or shall
cease for any reason to be in full force and effect or any Guarantor, or any
Person acting on behalf of any Guarantor, shall deny or disaffirm its
obligations under its Subsidiary Guarantee; or (j) the revocation, termination,
suspension or other cessation of effectiveness for a period or more than 90
consecutive days of any Gaming License that results in the cessation or
suspension of gaming operations at any Material Casino; PROVIDED that any
voluntary relinquishment of or failure to renew after revocation a Gaming
License of a Material Casino if such relinquishment or failure to renew is, in
the reasonable, good faith judgment of the Board of Directors of the Company,
evidenced by a resolution of such Board, both desirable in the conduct of the
business of the Company and its Subsidiaries, taken as a whole, and not
disadvantageous in any material respect to the holders of the Notes shall not
constitute an Event of Default. If an Event of Default (other than an Event of
Default specified in clause (g) or (h) above that occurs with respect to the
Company) occurs and is continuing under the Indenture, the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes, then
outstanding, by written notice to the Company (and to the Trustee if such notice
is given by the Holders), may, and the Trustee at the request of such Holders
shall, declare the principal of, premium, if any, and accrued interest, if any,
on the Notes to be immediately due and payable. Upon a declaration of
acceleration, such principal of, premium, if any, and accrued interest shall be
immediately due and payable. In the event of a declaration of acceleration
because an Event of Default set forth in clause (e) above has occurred and is
continuing, such declaration of acceleration shall be automatically rescinded
and annulled if the event of default triggering such Event of Default pursuant
to clause (e) above shall be remedied or cured by the Company or the relevant
Significant Subsidiary or waived by the holders of the relevant Indebtedness
within 60 days after the declaration of acceleration with respect thereto. If an
Event of Default specified in clause (g) or (h) above occurs with respect to the
Company, the principal of, premium, if any, and accrued interest on the Notes
then outstanding shall IPSO FACTO become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder.
The Holders of at least a majority in principal amount of the outstanding Notes
by written notice to the Company and to the Trustee, may waive all past defaults
and rescind and annul a declaration of acceleration and its consequences if (i)
all existing Events of Default, other than the nonpayment of the principal of,
premium, if any, and accrued interest on the Notes that have become due solely
by such declaration of acceleration, have been cured or waived and (ii) the
rescission would not conflict with any judgment or decree of a court of
competent jurisdiction. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal,
premium, if any, and interest on the Notes or to enforce the performance of any
provision of this Note or the Indenture. The Trustee may maintain a proceeding
even if it does not possess any of the Notes or does not produce any of them in
the proceeding. A delay or omission by the Trustee or any Holder of a Note in
exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. All remedies are cumulative to the extent permitted by law.

     14.    TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or
its Affiliates, as if it were not the Trustee.

                                      A-7
<Page>

     15.    NO RECOURSE AGAINST OTHERS. A director, officer, employee,
incorporator or stockholder, of the Company, as such, shall not have any
liability for any obligations of the Company under the Notes or the Indenture or
for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance
of the Notes.

     16.    AUTHENTICATION. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

     17.    ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

     18.    CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

     The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement.
Requests may be made to:

Argosy Gaming Company
219 Piasa Street
Alton, IL  62002-6232
Attention: Director of Investor Relations

                                       A-8
<Page>

                              SUBSIDIARY GUARANTEE

     For value received, each Subsidiary Guarantor (which term includes any
successor Person under the Indenture) has irrevocably and unconditionally
guaranteed (i) the due and punctual payment of the principal of, premium, if
any, and interest on the 9% Senior Subordinated Notes due 2011 (the "Notes") of
Argosy Gaming Company, a Delaware corporation (the "Company"), whether at stated
maturity, by acceleration or otherwise, the due and punctual payment of interest
on the overdue principal and premium, if any, and (to the extent permitted by
law) interest on any interest on the Notes, and the due and punctual performance
of all other obligations of the Company, to the Holders or the Trustee all in
accordance with the terms set forth in Article 11 of the Indenture and (ii) in
case of any extension of time of payment or renewal of any Notes or any such
other obligations, that the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise.

     The obligations of each Subsidiary Guarantor to the Holders and to the
Trustee pursuant to this Subsidiary Guarantee and the Indenture are expressly
set forth in Article 11 of the Indenture and reference is hereby made to such
Indenture for the precise terms of this Subsidiary Guarantee.

     The obligations of each Subsidiary Guarantor to the Holders and to the
Trustee pursuant to this Subsidiary Guarantee and the Indenture are expressly
subordinated to Senior Indebtedness of the Subsidiary Guarantors as set forth in
Section 11.2 and Article 10 of the Indenture and reference is hereby made to
such Section and Article for the precise terms of such subordination.

     No stockholder, employee, officer, director or incorporator, as such, past,
present or future of each Subsidiary Guarantor shall have any liability under
this Subsidiary Guarantee by reason of his or its status as such stockholder,
employee, officer, director or incorporator.

     This is a continuing Subsidiary Guarantee and shall remain in full force
and effect and shall be binding upon each Subsidiary Guarantor and its
successors and assigns until full and final payment of all of the Company's
obligations under the Notes and Indenture or until released or has no further
force or effect in accordance with the Indenture and shall inure to the benefit
of the successors and assigns of the Trustee and the Holders, and, in the event
of any transfer or assignment of rights by any Holder or the Trustee, the rights
and privileges herein conferred upon that party shall automatically extend to
and be vested in such transferee or assignee, all subject to the terms and
conditions hereof. This is a Subsidiary Guarantee of payment and not of
collectibility.

     This Subsidiary Guarantee shall not be valid or obligatory for any purpose
until the certificate of authentication on the Note upon which this Subsidiary
Guarantee is noted shall have been executed by the Trustee under the Indenture
by the manual signature of one of its authorized officers.

     The Obligations of each Subsidiary Guarantor under its Subsidiary Guarantee
shall be limited to the extent necessary to insure that it does not constitute a
fraudulent conveyance under applicable law.

     THE TERMS OF ARTICLE 11 OF THE INDENTURE ARE INCORPORATED HEREIN BY
REFERENCE.

     This Subsidiary Guarantee shall be governed by the laws of the state of New
York.

Capitalized terms used herein have the same meanings given in the Indenture
unless otherwise indicated.

                                      A-9
<Page>

Dated as of July 31, 2001         ARGOSY GAMING COMPANY

                                  By:
                                     --------------------------------------
                                       Dale R. Black
                                       Senior Vice President and Chief Financial
                                       Officer

                                  ALTON GAMING COMPANY
                                  ARGOSY OF IOWA, INC.
                                  ARGOSY OF LOUISIANA, INC.
                                  THE INDIANA GAMING COMPANY
                                  INDIANA GAMING HOLDING COMPANY
                                  IOWA GAMING COMPANY
                                  JAZZ ENTERPRISES, INC.
                                  THE MISSOURI GAMING COMPANY

                                  By:
                                     --------------------------------------
                                       Dale R. Black
                                       Treasurer

                                  BELLE OF SIOUX CITY, L.P.

                                  By:     IOWA GAMING COMPANY,
                                          its General Partner

                                  By:
                                     --------------------------------------
                                       Dale R. Black
                                       Treasurer

                                  CATFISH QUEEN PARTNERSHIP IN
                                  COMMENDAM

                                  By:     ARGOSY OF LOUISIANA, INC.,
                                          its General Partner

                                  By:
                                     --------------------------------------
                                       Dale R. Black
                                       Treasurer

                                      A-10
<Page>

                                  CENTROPLEX CENTRE CONVENTION
                                  HOTEL, L.L.C.

                                  By:     ARGOSY GAMING COMPANY,
                                          its Manager

                                  By:
                                     --------------------------------------
                                       Dale R. Black
                                       Treasurer

                                  INDIANA GAMING COMPANY, L.P.

                                  By:     THE INDIANA GAMING COMPANY,
                                          its General Partner

                                  By:
                                     --------------------------------------
                                       Dale R. Black
                                       Treasurer

                                  INDIANA GAMING II, L.P.

                                  By:     INDIANA GAMING HOLDING COMPANY,
                                          its General Partner

                                  By:
                                     --------------------------------------
                                       Dale R. Black
                                       Treasurer

                                      A-11
<Page>

                                ASSIGNMENT FORM

     To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:
                                             -----------------------------------
                                               (Insert assignee's legal name)

--------------------------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. no.)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
              (Print or type assignee's name, address and zip code)

and irrevocably appoint
                       ---------------------------------------------------------
to transfer this Note on the books of the Company. The agent may substitute
another to act for him.

Date:
      --------------------------

                        Your Signature:
                                       -----------------------------------------
                                       (Sign exactly as your name appears on the
                                        face of this Note)

Signature Guarantee*:
                     ------------------------------

* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

                                      A-12
<Page>

                       OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to
Section 4.15 or 4.21 of the Indenture, check the appropriate box below:

                   / / Section 4.15            / / Section 4.21

     If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.15 or Section 4.21 of the Indenture, state the amount you
elect to have purchased:

                                 $
                                  -----------------------

Date:
      --------------------------

                         Your Signature:
                                        ----------------------------------------
                                        (Sign exactly as your name appears on
                                         the face of this Note)

                         Tax Identification No.:
                                                --------------------------------

Signature Guarantee*:
                     ---------------------------------

* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

                                      A-13
<Page>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been
made:

<Table>
<Caption>
                                                                                 Principal Amount             Signature of
                       Amount of decrease in     Amount of increase in         of this Global Note        authorized officer of
                         Principal Amount          Principal Amount          following such decrease         Trustee or Note
  Date of Exchange      of this Global Note       of this Global Note             (or increase)                 Custodian
  ----------------      -------------------       -------------------             -------------                 ---------
  <S>                  <C>                       <C>                         <C>                          <C>

</Table>

                                      A-14
<Page>

                                                                       EXHIBIT B

                         FORM OF SUPPLEMENTAL INDENTURE
                    TO BE DELIVERED BY SUBSEQUENT GUARANTORS

     SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of
________________, among __________________ (the "Guaranteeing Subsidiary"), a
subsidiary of Argosy Gaming Company (or its permitted successor), a Delaware
corporation (the "Company"), the Company, the other Subsidiary Guarantors (as
defined in the Indenture referred to herein) and Bank One Trust Company,
National Association, as trustee under the indenture referred to below (the
"Trustee").

                                   WITNESSETH

     WHEREAS, the Company has heretofore executed and delivered to the Trustee
an indenture (the "Indenture"), dated as of July 31, 2001 providing for the
issuance of an initial aggregate principal amount of $200,000,000 of 9% Senior
Subordinated Notes due 2011 (the "Notes");

     WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally
guarantee all of the Company's Obligations under the Notes and the Indenture on
the terms and conditions set forth herein (the "Subsidiary Guarantee"); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

     NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

     1.   CAPITALIZED TERMS. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

     2.   AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees as
follows:

          (a)   Along with all Subsidiary Guarantors named in the Indenture, to
     jointly and severally Guarantee to each Holder of a Note authenticated and
     delivered by the Trustee and to the Trustee and its successors and assigns,
     the Notes or the obligations of the Company hereunder or thereunder, that:

               (i)  the principal of and interest on the Notes will be promptly
          paid in full when due, whether at maturity, by acceleration,
          redemption or otherwise, and interest on the overdue principal of and
          interest on the Notes, if any, if lawful, and all other obligations of
          the Company to the Holders or the Trustee hereunder or thereunder will
          be promptly paid in full or performed, all in accordance with the
          terms hereof and thereof; and

               (ii) in case of any extension of time of payment or renewal of
          any Notes or any of such other obligations, that same will be promptly
          paid in full when due or performed in accordance with the terms of the
          extension or renewal, whether at stated maturity, by acceleration or
          otherwise. Failing payment when due of any amount so guaranteed or any
          performance so guaranteed for whatever reason, the Subsidiary
          Guarantors shall be jointly and severally obligated to pay the same
          immediately.

                                      B-1
<Page>

          (b)   The obligations hereunder shall be unconditional, irrespective
     of the validity, regularity or enforceability of the Notes or the
     Indenture, the absence of any action to enforce the same, any waiver or
     consent by any Holder of the Notes with respect to any provisions hereof or
     thereof, the recovery of any judgment against the Company, any action to
     enforce the same or any other circumstance which might otherwise constitute
     a legal or equitable discharge or defense of a guarantor.

          (c)   The following is hereby waived: diligence presentment, demand of
     payment, filing of claims with a court in the event of insolvency or
     bankruptcy of the Company, any right to require a proceeding first against
     the Company, protest, notice and all demands whatsoever.

          (d)   This Subsidiary Guarantee shall not be discharged except by
     complete performance of the obligations contained in the Notes and the
     Indenture, and the Guaranteeing Subsidiary accepts all obligations of a
     Subsidiary Guarantor under the Indenture.

          (e)   If any Holder or the Trustee is required by any court or
     otherwise to return to the Company, the Subsidiary Guarantors, or any
     Custodian, Trustee, liquidator or other similar official acting in relation
     to either the Company or the Subsidiary Guarantors, any amount paid by
     either to the Trustee or such Holder, this Subsidiary Guarantee, to the
     extent theretofore discharged, shall be reinstated in full force and
     effect.

          (f)   The Guaranteeing Subsidiary shall not be entitled to any right
     of subrogation in relation to the Holders in respect of any obligations
     guaranteed hereby until payment in full of all obligations guaranteed
     hereby.

          (g)   As between the Subsidiary Guarantors, on the one hand, and the
     Holders and the Trustee, on the other hand, (x) the maturity of the
     obligations guaranteed hereby may be accelerated as provided in Article 6
     of the Indenture for the purposes of this Subsidiary Guarantee,
     notwithstanding any stay, injunction or other prohibition preventing such
     acceleration in respect of the obligations guaranteed hereby, and (y) in
     the event of any declaration of acceleration of such obligations as
     provided in Article 6 of the Indenture, such obligations (whether or not
     due and payable) shall forthwith become due and payable by the Subsidiary
     Guarantors for the purpose of this Subsidiary Guarantee.

          (h)   The Subsidiary Guarantors shall have the right to seek
     contribution from any non-paying Subsidiary Guarantor so long as the
     exercise of such right does not impair the rights of the Holders under the
     Guarantee.

          (i)   Pursuant to Section 11.03 of the Indenture, after giving effect
     to any maximum amount and any other contingent and fixed liabilities that
     are relevant under any applicable Bankruptcy Law or fraudulent conveyance
     laws, and after giving effect to any collections from, rights to receive
     contribution from or payments made by or on behalf of any other Subsidiary
     Guarantor in respect of the obligations of such other Subsidiary Guarantor
     under Article 11 of the Indenture, this new Subsidiary Guarantee shall be
     limited to the maximum amount permissible such that the obligations of such
     Subsidiary Guarantor under this Subsidiary Guarantee will not constitute a
     fraudulent transfer or conveyance.

          (j)   Pursuant to Section 11.02 of the Indenture, the Obligations of
     the Guaranteeing Subsidiary under the Subsidiary Guarantee shall be junior
     and subordinated to the Senior Indebtedness of the Guaranteeing Subsidiary
     on the same basis as the Notes are junior and

                                      B-2
<Page>

     subordinated to Senior Indebtedness of the Company, as if and to the same
     extent the same provisions were set out in this Section 2.

     3.   EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary agrees that the
Subsidiary Guarantees shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Subsidiary Guarantee.

     4.   GUARANTEEING SUBSIDIARY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS.

     (a)  The Guaranteeing Subsidiary may not consolidate with or merge with
or into (whether or not such Subsidiary Guarantor is the surviving Person)
another corporation, Person or entity whether or not affiliated with such
Subsidiary Guarantor unless:

          (i)   subject to Sections 11.05 and 11.06 of the Indenture, the
     Person formed by or surviving any such consolidation or merger (if other
     than a Subsidiary Guarantor or the Company) unconditionally assumes all the
     obligations of such Subsidiary Guarantor, pursuant to a supplemental
     indenture in form and substance reasonably satisfactory to the Trustee,
     under the Notes, the Indenture and the Subsidiary Guarantee on the terms
     set forth herein or therein; and

          (ii)  immediately after giving effect to such transaction, no
     Default or Event of Default exists.

     (b)  In case of any such consolidation, merger, sale or conveyance and
upon the assumption by the successor corporation, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of the Indenture to be
performed by the Subsidiary Guarantor, such successor corporation shall succeed
to and be substituted for the Subsidiary Guarantor with the same effect as if it
had been named herein as a Subsidiary Guarantor. Such successor corporation
thereupon may cause to be signed any or all of the Subsidiary Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee. All the Subsidiary
Guarantees so issued shall in all respects have the same legal rank and benefit
under the Indenture as the Subsidiary Guarantees theretofore and thereafter
issued in accordance with the terms of the Indenture as though all of such
Subsidiary Guarantees had been issued at the date of the execution hereof.

     (c)  Except as set forth in Articles 4 and 5 and Section 11.05 of
Article 11 of the Indenture, and notwithstanding clauses (a) and (b) above,
nothing contained in the Indenture or in any of the Notes shall prevent any
consolidation or merger of a Subsidiary Guarantor with or into the Company or
another Subsidiary Guarantor, or shall prevent any sale or conveyance of the
property of a Subsidiary Guarantor as an entirety or substantially as an
entirety to the Company or another Subsidiary Guarantor.

     5.   RELEASES.

     (a)  In the event of a sale or other disposition of all of the assets of
any Subsidiary Guarantor, by way of merger, consolidation or otherwise, or a
sale or other disposition of all to the capital stock of any Subsidiary
Guarantor, in each case to a Person that is not (either before or after giving
effect to such transaction) a Restricted Subsidiary of the Company, then such
Subsidiary Guarantor (in the event of a sale or other disposition, by way of
merger, consolidation or otherwise, of all of the capital stock of such
Subsidiary Guarantor) or the corporation acquiring the property (in the event of
a sale or other disposition of all or substantially all of the assets of such
Subsidiary Guarantor) will be released and

                                      B-3
<Page>

relieved of any obligations under its Subsidiary Guarantee; PROVIDED that the
Net Proceeds of such sale or other disposition are applied in accordance with
the applicable provisions of the Indenture, including without limitation Section
4.15 of the Indenture. Upon delivery by the Company to the Trustee of an
Officers' Certificate and an Opinion of Counsel to the effect that such sale or
other disposition was made by the Company in accordance with the provisions of
the Indenture, including without limitation Section 4.15 of the Indenture, the
Trustee shall execute any documents reasonably required in order to evidence the
release of any Subsidiary Guarantor from its obligations under its Subsidiary
Guarantee.

     (b)  Any Subsidiary Guarantor not released from its obligations under its
Subsidiary Guarantee shall remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of any Subsidiary Guarantor
under the Indenture as provided in Article 11 of the Indenture.

     6.   NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the Company
or any Guaranteeing Subsidiary under the Notes, any Subsidiary Guarantees, the
Indenture or this Supplemental Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of the
Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. Such waiver may
not be effective to waive liabilities under the federal securities laws and it
is the view of the SEC that such a waiver is against public policy.

     7.   NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     8.   COUNTERPARTS The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

     9.   EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof.

     10.  THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiary and the Company.

                                      B-4
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date first above
written.

Dated:  _______________, ____

                                  [GUARANTEEING SUBSIDIARY]

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

                                  ARGOSY GAMING COMPANY

                                  By:
                                     --------------------------------------
                                       Dale R. Black
                                       Senior Vice President and Chief Financial
                                       Officer

                                  ALTON GAMING COMPANY
                                  ARGOSY OF IOWA, INC.
                                  ARGOSY OF LOUISIANA, INC.
                                  THE INDIANA GAMING COMPANY
                                  INDIANA GAMING HOLDING COMPANY
                                  IOWA GAMING COMPANY
                                  JAZZ ENTERPRISES, INC.
                                  THE MISSOURI GAMING COMPANY

                                  By:
                                     -------------------------------------------
                                       Dale R. Black
                                       Treasurer

                                  BELLE OF SIOUX CITY, L.P.

                                  By:     IOWA GAMING COMPANY,
                                          its General Partner

                                  By:
                                     -------------------------------------------
                                       Dale R. Black
                                       Treasurer

                                      B-5
<Page>

                                  CATFISH QUEEN PARTNERSHIP IN
                                  COMMENDAM

                                  By:     ARGOSY OF LOUISIANA, INC.,
                                          its General Partner

                                  By:
                                     -------------------------------
                                       Dale R. Black
                                       Treasurer

                                  CENTROPLEX CENTRE CONVENTION
                                  HOTEL, L.L.C.

                                  By:     ARGOSY GAMING COMPANY,
                                          its Manager

                                  By:
                                     ------------------------------
                                       Dale R. Black
                                       Treasurer

                                      B-6
<Page>

                                  INDIANA GAMING COMPANY, L.P.

                                  By:     THE INDIANA GAMING
                                          COMPANY,
                                          its General Partner

                                  By:
                                     ----------------------------
                                       Dale R. Black
                                       Treasurer

                                  INDIANA GAMING II, L.P.

                                  By:     INDIANA GAMING HOLDING
                                          COMPANY,
                                          its General Partner

                                  By:
                                     ----------------------------
                                       Dale R. Black
                                       Treasurer

                                  BANK ONE TRUST COMPANY, NATIONAL
                                  ASSOCIATION

                                  By:
                                     ----------------------------
                                     -----------------
                                     -----------------

                                      B-7
<Page>

                                   SCHEDULE I
                        SCHEDULE OF SUBSIDIARY GUARANTORS

     The following schedule lists each Subsidiary Guarantor under the Indenture
     as of the Issue Date:

     Alton Gaming Company, an Illinois corporation

     Argosy of Iowa, Inc., an Iowa corporation

     Argosy of Louisiana, Inc., a Louisiana corporation

     Catfish Queen Partnership in Commendam, a Louisiana limited partnership

     Centroplex Centre Convention Hotel, L.L.C., a Louisiana limited liability
     company

     The Indiana Gaming Company, an Indiana corporation

     Indiana Gaming Holding Company, an Indiana corporation

     Indiana Gaming Company, L.P., an Indiana limited partnership

     Indiana Gaming II, L.P., an Indiana limited partnership

     Iowa Gaming Company, an Iowa corporation

     Bell of Sioux City, L.P., an Iowa limited partnership

     Jazz Enterprises, Inc., a Louisiana corporation

     The Missouri Gaming Company, a Missouri corporation

                                      B-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]