Document:

Exhibit
10.1

 

MONTBLEU
LEASE AMENDMENT NO. 3

 

THIS MONTBLEU LEASE AMENDMENT NO. 3 is made
effective this 10th day of May, 2010 (the “Effective Date”),  by and between the
Edgewood Companies, a Nevada corporation formerly known as Park Cattle Co., (“Park”),  as Landlord, and Columbia
Properties Tahoe, LLC, a Nevada limited liability company (“CPT”).  Park, as Landlord, and CPT, as
Tenant, are sometimes referred to individually as a “Party” and collectively as the “Parties.” Terms not otherwise defined herein shall have the
meanings ascribed to them in the Original Lease (defined below).

 

WITNESSETH

 

WHEREAS, Park, as Landlord, and Desert Palace, Inc.,
as Tenant entered into that certain Amended and Restated Net Lease Agreement
dated January 1, 2000 (the “Original
Lease”),  involving the Douglas County,
Nevada real property described in the Original Lease.

 

WHEREAS, Desert Palace, Inc. assigned all of
its right, title, benefits, privileges, estate and interest in, to and under
the Original Lease to CPT pursuant to an Assignment and Assumption of Lease
dated June 10, 2005.

 

WHEREAS, Park and CPT entered into that certain
MontBleu Lease Amendment effective April 2, 2008 (such amendment, before
giving effect to this Amended and Restated amendment, the “Original Amendment”).

 

WHEREAS, Park and CPT entered into that certain
MontBleu Lease Amendment No. 2 (the “Amended
and Restated Amendment”) effective
June 12, 2009.

 

WHEREAS, Park and CPT have agreed to make certain
modifications to the Amended and Restated Amendment.

 

NOW, THEREFORE, in consideration of the mutual
promises contained herein and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, effective on the
Effective Date, the Parties hereto agree to amend the Amended and Restated
Amendment as follows:

 

I.              The Parties agree
that the terms and conditions set forth in the Original Lease, as amended by
the Amended and Restated Amendment and this MontBleu Lease Amendment No. 3
(collectively, the “Lease”) are all of the terms and conditions
for the lease of the Premises by Landlord to Tenant.

 

II.            Section 2.10
of the Amended and Restated Amendment is hereby amended and restated in its
entirety to read as follows:

 

Section 2.10 Effective
for the lease year 2009 and for every lease year thereafter, for purposes of
this Lease, the term “Gross Revenues”

 

1

 

means all amounts received whether by cash or credit, from the
operation of all of the facilities and businesses on the Premises and the
Enterprise now known as MontBleu and as currently reflected on the “CP Tahoe,
LP - MontBleu Income Statement” (the “Income
Statement”) under the
heading “Total Gross Revenue.” The
line items listed and amounts included in Total Gross Revenue on the Income
Statement constitute all revenues generated in 2009 from the operation of all
of the facilities and businesses on the Premises of MontBleu. The amounts
include, but are not limited to, revenues generated from the operation of hotel
rooms, bars, restaurants, concessions, gaming, and other revenues and shall be
measured by Lease Year. Any future revenue sources or new revenues generated
from the operation of the facilities and the businesses on the Premises shall
in future lease years be consistently reflected on the Income Statement as a
line item and included in Total Gross Revenue. A true, complete and accurate
copy of the Income Statement for the 2009 lease year, reflecting Total Gross
Revenue in the amount of $48,194,664, is attached hereto as Exhibit A.

 

(a)                   Total Gross Revenue as
reported on the Income Statement includes exclusions for “Contra Slot Revenues.”
Contra Slot Revenues are allowed exclusions from Gross Revenue and consist of (i) “Contra—Participation,”
which consists of amounts paid by MontBleu to (x) operators of statewide
slot machine progressive systems, and that represent MontBleu’s portion of the
progressive award, and (y) manufacturers or distributors of slot machines
with which MontBleu has entered into revenue sharing agreements and only in
cases where MontBleu is not able to purchase the slot machines outright on
commercially reasonable terms; (ii) “Contra—Progressive,” which represents
the jackpot amounts that MontBleu must reserve on its balance sheet for future,
potential slot machine progressive jackpot payouts; and (iii) “Contra—Free
Play,” which represents promotional, electronic credits that are given to
customers. The amounts for these three Contra Slot Revenues for the 2009 Lease
Year are $1,493,874, $16,287, and $2,524,456, respectively, as shown on Exhibit A.

 

(b)                  Gross Revenues shall also
expressly exclude: (i) proceeds from the sale, exchange or voluntary or
involuntary disposition of Owner’s property which had not been held for sale, (ii) such
amounts as may be received and held by Owner as security or in other special
deposits, (iii) applicable excise, sales, occupancy and use taxes, or
similar government taxes, duties, levies or charges collected directly from
patrons or guests, or as a part of the sales price of any goods, services, or
displays, including gross receipts, admission, cabaret, or similar or

 

2

 

equivalent taxes; (iv) receipts
from awards or sales in connection with any condemnation, from other transfers
in lieu of and under the threat of any condemnation; (v) proceeds of any
insurance, including the proceeds of any business interruption and/or
contingent business interruption insurance; (vi) discounts (including
rebates, credits or charge or credit card commissions); (vii) gratuities
and service charges collected for payment to employees; (viii) any credits
or refunds made to customers, guests or patrons; (ix) interest income, and
(x) any reserve for and/or uncollectible debts as determined in accordance
with generally accepted accounting principles consistently applied.

 

For illustration purposes, attached hereto as Exhibit B is the
format of the statement required under Section 2.6 of Gross Revenues for
the lease year 2009, together with an accounting of the percentage rent to
which the Landlord is entitled to for the lease year 2009.

 

Ill.            Except as
expressly modified herein, the Original Lease and Amended and Restated
Amendment shall remain in full force and effect and the Parties shall be bound
by all of the terms and conditions thereof and hereof.

 

IV.           This MontBleu Lease
Amendment No. 3 may be entered into in more than one counterpart, each of
which shall be deemed an original when executed, and which together shall
constitute but one and the same MontBleu Lease Amendment No. 3. Each Party
may rely on facsimile and PDF signature pages as if such facsimile and PDF
pages were originals.

 

Landlord and Tenant have duly executed this MontBleu Lease Amendment No. 3
as of the Effective Date.

 

	
  LANDLORD:

  	
   

  	
  TENANT:

  
	
   

  	
   

  	
   

  
	
  Edgewood Companies, a
  Nevada corporation

  	
   

  	
  Columbia Properties Tahoe, LLC, a

  
	
   

  	
   

  	
  Nevada limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Steve Johnson

  	
   

  	
  By

  	
  /s/ Lance J Millage

  
	
  Name:

  	
  Steve Johnson

  	
   

  	
  Name:

  	
  Lance J Millage

  
	
  Its:

  	
  Chairman

  	
   

  	
  Its:

  	
  SVP Finance and Treasurer

  

 

3

 

EXHIBIT A

 

COPY OF
MONTBLEU COMPANY LEVEL INTERNALLY

PREPARED PROFIT AND LOSS STATEMENT FOR THE

2009 LEASE YEAR

 

See attached

 

4

 

	
   

  	
  085 CP Tahoe, LP -
  Montbleu

  	
  Unaudited

  
	
   

  	
  Income Statement

  	
   

  
	
   

  	
  As of Thursday,
  December 31, 2009

  	
   

  

 

	
  Month-To-Date

  	
   

  	
   

  	
   

  	
  Year-To-Date

  	
   

  
	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  	
   

  	
   

  	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Gross Operating
  Revenue

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  599,363

  	
   

  	
  18.8

  	
   

  	
  595,961

  	
   

  	
  13.7

  	
   

  	
  103,401

  	
   

  	
  17.4

  	
   

  	
  Win-$.01

  	
   

  	
  10,772,222

  	
   

  	
  22.4

  	
   

  	
  9,179,911

  	
   

  	
  16.2

  	
   

  	
  1,592,311

  	
   

  	
  17.3

  	
   

  
	
  162,204

  	
   

  	
  4.4

  	
   

  	
  234,244

  	
   

  	
  5.4

  	
   

  	
  (72,040

  	
  )

  	
  (30.8

  	
  )

  	
  Win-$.05

  	
   

  	
  3,008,918

  	
   

  	
  6.2

  	
   

  	
  3,498,804

  	
   

  	
  6.2

  	
   

  	
  (489,886

  	
  )

  	
  (14.0

  	
  )

  
	
  196,097

  	
   

  	
  5.3

  	
   

  	
  209,271

  	
   

  	
  4.8

  	
   

  	
  (13,174

  	
  )

  	
  (6.3

  	
  )

  	
  Win-$.25

  	
   

  	
  2,723,395

  	
   

  	
  5.7

  	
   

  	
  3,190,902

  	
   

  	
  5.6

  	
   

  	
  (467,507

  	
  )

  	
  (14.7

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  12,251

  	
   

  	
  0.3

  	
   

  	
  (12,251

  	
  )

  	
  (100.0

  	
  )

  	
  Win-$.50

  	
   

  	
  20,292

  	
   

  	
  0.0

  	
   

  	
  206,627

  	
   

  	
  0.4

  	
   

  	
  (186,335

  	
  )

  	
  (90.2

  	
  )

  
	
  169,126

  	
   

  	
  4.5

  	
   

  	
  233,440

  	
   

  	
  5.4

  	
   

  	
  (64,313

  	
  )

  	
  (27.6

  	
  )

  	
  Win-$1

  	
   

  	
  2,067,237

  	
   

  	
  4.3

  	
   

  	
  1,949,507

  	
   

  	
  3.4

  	
   

  	
  117,730

  	
   

  	
  6.0

  	
   

  
	
  62,894

  	
   

  	
  1.7

  	
   

  	
  67,799

  	
   

  	
  1.6

  	
   

  	
  (4,905

  	
  )

  	
  (7.2

  	
  )

  	
  Win-$5

  	
   

  	
  563,073

  	
   

  	
  1.2

  	
   

  	
  660,884

  	
   

  	
  1.2

  	
   

  	
  (97,811

  	
  )

  	
  14.8

  	
   

  
	
  325

  	
   

  	
  0.0

  	
   

  	
  5,025

  	
   

  	
  0.1

  	
   

  	
  (5,700

  	
  )

  	
  (94.6

  	
  )

  	
  Win-$25

  	
   

  	
  (1,428

  	
  )

  	
  0.0

  	
   

  	
  283,572

  	
   

  	
  0.5

  	
   

  	
  (285,000

  	
  )

  	
  (100.5

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  2,900

  	
   

  	
  0.1

  	
   

  	
  (2,900

  	
  )

  	
  (100.0

  	
  )

  	
  Win-$100

  	
   

  	
  36,000

  	
   

  	
  0.1

  	
   

  	
  17,100

  	
   

  	
  0.0

  	
   

  	
  18,900

  	
   

  	
  110.5

  	
   

  
	
  116,271

  	
   

  	
  3.1

  	
   

  	
  179,459

  	
   

  	
  4.1

  	
   

  	
  (63,18?

  	
  )

  	
  (35.2

  	
  )

  	
  Free Play Revenue

  	
   

  	
  2,524,456

  	
   

  	
  5.2

  	
   

  	
  3,351,265

  	
   

  	
  5.9

  	
   

  	
  (826,809

  	
  )

  	
  (24.7

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Slot Revenue-Other

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  62,250

  	
   

  	
  0.1

  	
   

  	
  (62,150

  	
  )

  	
  (100.0

  	
  )

  
	
  1,406,280

  	
   

  	
  37.8

  	
   

  	
  1,541,350

  	
   

  	
  35.5

  	
   

  	
  (135,070

  	
  )

  	
  (8.8

  	
  )

  	
  Gross Slot
  Revenue

  	
   

  	
  21,714,165

  	
   

  	
  45.1

  	
   

  	
  22,400,822

  	
   

  	
  39.4

  	
   

  	
  [ILLEGIBLE]

  	
   

  	
  (3.1

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (96,415

  	
  )

  	
  (2.6

  	
  )

  	
  (105,592

  	
  )

  	
  (2.4

  	
  )

  	
  9,177

  	
   

  	
  8.7

  	
   

  	
  Contra-Participation

  	
   

  	
  (1,493,874

  	
  )

  	
  (3.1

  	
  )

  	
  (1,579,736

  	
  )

  	
  (2.8

  	
  )

  	
  85,862

  	
   

  	
  5.4

  	
   

  
	
  (228

  	
  )

  	
  0.0

  	
   

  	
  1,356

  	
   

  	
  0.0

  	
   

  	
  (1,585

  	
  )

  	
  (116.8

  	
  )

  	
  Contra-Progressive

  	
   

  	
  (16,287

  	
  )

  	
  0.0

  	
   

  	
  (18,600

  	
  )

  	
  0.0

  	
   

  	
  2,312

  	
   

  	
  12.4

  	
   

  
	
  (116,271

  	
  )

  	
  (3.1

  	
  )

  	
  (179,459

  	
  )

  	
  (4.1

  	
  )

  	
  63,188

  	
   

  	
  35.2

  	
   

  	
  Contra-Free Play

  	
   

  	
  (2,524,455

  	
  )

  	
  (5.2

  	
  )

  	
  (3,351,265

  	
  )

  	
  (5.9

  	
  )

  	
  826,809

  	
   

  	
  24.7

  	
   

  
	
  (212,914

  	
  )

  	
  (5.7

  	
  )

  	
  (283,695

  	
  )

  	
  (6.5

  	
  )

  	
  70,750

  	
   

  	
  24.9

  	
   

  	
  Contra Slot Revenue

  	
   

  	
  (4,0?4,617

  	
  )

  	
  (8.4

  	
  )

  	
  (4,9?9,601

  	
  )

  	
  (8.7

  	
  )

  	
  914,983

  	
   

  	
  18.5

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1,193,366

  	
   

  	
  32.1

  	
   

  	
  1,257,656

  	
   

  	
  29.0

  	
   

  	
  (64,290

  	
  )

  	
  (5.1

  	
  )

  	
  Slot Revenue

  	
   

  	
  17,679,548

  	
   

  	
  36.7

  	
   

  	
  [ILLEGIBLE]

  	
   

  	
  30.7

  	
   

  	
  228,326

  	
   

  	
  1.?

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  231,824

  	
   

  	
  6.2

  	
   

  	
  229,928

  	
   

  	
  5.3

  	
   

  	
  1,896

  	
   

  	
  0.8

  	
   

  	
  Win-Blackjack

  	
   

  	
  3,040,076

  	
   

  	
  6.3

  	
   

  	
  3,809,907

  	
   

  	
  6.7

  	
   

  	
  (769,831

  	
  )

  	
  (20.2

  	
  )

  
	
  50,557

  	
   

  	
  1.4

  	
   

  	
  50,325

  	
   

  	
  1.2

  	
   

  	
  232

  	
   

  	
  0.5

  	
   

  	
  Win-Craps

  	
   

  	
  1,187,364

  	
   

  	
  2.5

  	
   

  	
  1,525,78?

  	
   

  	
  2.7

  	
   

  	
  (338,424

  	
  )

  	
  (22.2

  	
  )

  
	
  55,232

  	
   

  	
  1.5

  	
   

  	
  51,633

  	
   

  	
  1.2

  	
   

  	
  3,599

  	
   

  	
  7.0

  	
   

  	
  Win-Roulette

  	
   

  	
  861,332

  	
   

  	
  1.8

  	
   

  	
  957,210

  	
   

  	
  1.7

  	
   

  	
  (95,878

  	
  )

  	
  (10.0

  	
  )

  
	
  8,376

  	
   

  	
  0.2

  	
   

  	
  5,964

  	
   

  	
  0.1

  	
   

  	
  2,412

  	
   

  	
  40.4

  	
   

  	
  Win-Let it Ride

  	
   

  	
  96,025

  	
   

  	
  0.2

  	
   

  	
  153,559

  	
   

  	
  0.3

  	
   

  	
  (57,534

  	
  )

  	
  (37.5

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  6,383

  	
   

  	
  0.1

  	
   

  	
  (6,383

  	
  )

  	
  (100.0

  	
  )

  	
  win-Mini Baccarat

  	
   

  	
  22,347

  	
   

  	
  0.0

  	
   

  	
  194,412

  	
   

  	
  0.3

  	
   

  	
  (172,066

  	
  )

  	
  (88.5

  	
  )

  
	
  28,424

  	
   

  	
  0.8

  	
   

  	
  31,671

  	
   

  	
  0.7

  	
   

  	
  (3,247

  	
  )

  	
  (10.3

  	
  )

  	
  Win-3 Card Poker

  	
   

  	
  351,573

  	
   

  	
  0.7

  	
   

  	
  425,532

  	
   

  	
  0.7

  	
   

  	
  (73,959

  	
  )

  	
  (17.4

  	
  )

  
	
  20,355

  	
   

  	
  0.5

  	
   

  	
  19,249

  	
   

  	
  0.4

  	
   

  	
  1,106

  	
   

  	
  5.7

  	
   

  	
  Win-Paigow Poker

  	
   

  	
  202,183

  	
   

  	
  0.4

  	
   

  	
  234,865

  	
   

  	
  0.4

  	
   

  	
  (32,682

  	
  )

  	
  (13.9

  	
  )

  
	
  16,906

  	
   

  	
  0.5

  	
   

  	
  12,213

  	
   

  	
  0.3

  	
   

  	
  4,693

  	
   

  	
  38.4

  	
   

  	
  Win-Other Table
  Games

  	
   

  	
  149,588

  	
   

  	
  0.3

  	
   

  	
  210,010

  	
   

  	
  0.4

  	
   

  	
  (60,422

  	
  )

  	
  (28.8

  	
  )

  
	
  5,125

  	
   

  	
  0.1

  	
   

  	
  2,490

  	
   

  	
  0.1

  	
   

  	
  2,635

  	
   

  	
  105.8

  	
   

  	
  Contra-Promotional

  	
   

  	
  60,600

  	
   

  	
  0.1

  	
   

  	
  5,310

  	
   

  	
  0.0

  	
   

  	
  55,290

  	
   

  	
  1,041.2

  	
   

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Table
  Revenue-Other

  	
   

  	
  2,950

  	
   

  	
  0.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  2,950

  	
   

  	
  —

  	
   

  
	
  416,799

  	
   

  	
  11.2

  	
   

  	
  409,?56

  	
   

  	
  9.4

  	
   

  	
  6,943

  	
   

  	
  1.7

  	
   

  	
  Table Games  Revenue

  	
   

  	
  5,974,038

  	
   

  	
  12.4

  	
   

  	
  7,516,593

  	
   

  	
  13.2

  	
   

  	
  (1,542,555

  	
  )

  	
  (20.5

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17,964

  	
   

  	
  0.5

  	
   

  	
  23,272

  	
   

  	
  0.5

  	
   

  	
  (5,308

  	
  )

  	
  (22.8

  	
  )

  	
  Win-Poker

  	
   

  	
  246,228

  	
   

  	
  0.5

  	
   

  	
  356,098

  	
   

  	
  0.6

  	
   

  	
  (109,870

  	
  )

  	
  (30.9

  	
  )

  
	
  4,802

  	
   

  	
  0.1

  	
   

  	
  2,482

  	
   

  	
  0.1

  	
   

  	
  2,320

  	
   

  	
  93.5

  	
   

  	
  Win-Tournament

  	
   

  	
  88,641

  	
   

  	
  0.2

  	
   

  	
  109,169

  	
   

  	
  0.2

  	
   

  	
  (20,528

  	
  )

  	
  (18.8

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Poker Revenue-Other

  	
   

  	
  1,392

  	
   

  	
  0.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  1,392

  	
   

  	
  —

  	
   

  
	
  22,766

  	
   

  	
  0.6

  	
   

  	
  25,754

  	
   

  	
  0.6

  	
   

  	
  [ILLEGIBLE]

  	
   

  	
  (11.6

  	
  )

  	
  Poker Revenue

  	
   

  	
  336,261

  	
   

  	
  0.7

  	
   

  	
  465,267

  	
   

  	
  0.8

  	
   

  	
  (129,005

  	
  )

  	
  (27.7

  	
  )

  
	
  1,632,931

  	
   

  	
  43.9

  	
  %

  	
  1,693,266

  	
   

  	
  39.0

  	
  %

  	
  (60,3?3

  	
  )

  	
  (3.6

  	
  )%

  	
  Gaming Revenue

  	
   

  	
  23,989,846

  	
   

  	
  49.8

  	
  %

  	
  25,433,0?0

  	
   

  	
  44.8

  	
  %

  	
  (1,443,234

  	
  )

  	
  (5.7

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  746,784

  	
   

  	
  20.1

  	
   

  	
  958,360

  	
   

  	
  22.1

  	
   

  	
  (211,576

  	
  )

  	
  (22.1

  	
  )

  	
  Room Revenue-Cash

  	
   

  	
  8,141,106

  	
   

  	
  16.9

  	
   

  	
  11,564,187

  	
   

  	
  20.4

  	
   

  	
  (3,423,081

  	
  )

  	
  (29.6

  	
  )

  
	
  120,523

  	
   

  	
  3.2

  	
   

  	
  116,083

  	
   

  	
  2.7

  	
   

  	
  4,540

  	
   

  	
  3.9

  	
   

  	
  Hotel Revenue-Comp

  	
   

  	
  2,074,213

  	
   

  	
  4.3

  	
   

  	
  2,011,549

  	
   

  	
  3.5

  	
   

  	
  62,664

  	
   

  	
  3.1

  	
   

  
	
  40,251

  	
   

  	
  1.1

  	
   

  	
  79,166

  	
   

  	
  1.8

  	
   

  	
  (38,914

  	
  )

  	
  (49.2

  	
  )

  	
  Other Hotel
  Revenue

  	
   

  	
  641,960

  	
   

  	
  1.3

  	
   

  	
  1,138,070

  	
   

  	
  2.0

  	
   

  	
  (496,110

  	
  )

  	
  (43.6

  	
  )

  
	
  907,658

  	
   

  	
  24.4

  	
  %

  	
  1,153,609

  	
   

  	
  26.6

  	
  %

  	
  (245,951

  	
  )

  	
  (21.?

  	
  )%

  	
  Hotel Revenue

  	
   

  	
  10,857,279

  	
   

  	
  22.5

  	
  %

  	
  14,713,806

  	
   

  	
  25.9

  	
  %

  	
  (3,856,527

  	
  )

  	
  (26.2

  	
  )%

  

 

1

 

	
   

  	
   

  	
  085 CP Tahoe, LP - Montbleu

  	
   

  	
  Unaudited

  
	
   

  	
   

  	
  Income Statement

  	
   

  	
   

  
	
   

  	
   

  	
  As of Thursday,
  December 31, 2009

  	
   

  	
   

  

 

	
  Month-To-Date

  	
   

  	
   

  	
   

  	
  Year-To-Date

  	
   

  
	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  	
   

  	
   

  	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  
	
  364,314

  	
   

  	
  9.8

  	
   

  	
  464,693

  	
   

  	
  10.7

  	
   

  	
  (100,379

  	
  )

  	
  (21.6

  	
  )

  	
  Food Rev-Cash

  	
   

  	
  4,357,992

  	
   

  	
  9.0

  	
   

  	
  5,990,008

  	
   

  	
  10.5

  	
   

  	
  (1,632,016

  	
  )

  	
  (27.2

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Food Rev-Allowance

  	
   

  	
  (150

  	
  )

  	
  0.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  (150

  	
  )

  	
  —

  	
   

  
	
  104,776

  	
   

  	
  2.8

  	
   

  	
  107,563

  	
   

  	
  2.5

  	
   

  	
  (2,787

  	
  )

  	
  (2.6

  	
  )

  	
  Food Rev-Comp

  	
   

  	
  1,461,705

  	
   

  	
  3.0

  	
   

  	
  1,610,044

  	
   

  	
  2.8

  	
   

  	
  (148,339

  	
  )

  	
  (9.2

  	
  )

  
	
  469,090

  	
   

  	
  12.6

  	
   

  	
  572,256

  	
   

  	
  13.2

  	
   

  	
  (103,166

  	
  )

  	
  (18.0

  	
  )

  	
  Food Revenue

  	
   

  	
  5,?19,547

  	
   

  	
  12.1

  	
   

  	
  7,600,052

  	
   

  	
  13.4

  	
   

  	
  (1,780,505

  	
  )

  	
  (23.4

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  319,123

  	
   

  	
  8.6

  	
   

  	
  372,605

  	
   

  	
  8.6

  	
   

  	
  (53,482

  	
  )

  	
  (14.4

  	
  )

  	
  Beverage Rev-Cash

  	
   

  	
  3,292,747

  	
   

  	
  6.8

  	
   

  	
  3,606,066

  	
   

  	
  6.4

  	
   

  	
  (313.319

  	
  )

  	
  (8.7

  	
  )

  
	
  93,554

  	
   

  	
  2.5

  	
   

  	
  150,403

  	
   

  	
  3.5

  	
   

  	
  (56,849

  	
  )

  	
  (37.8

  	
  )

  	
  Beverage Rev-Comp

  	
   

  	
  1,503,537

  	
   

  	
  3.?

  	
   

  	
  1,782,565

  	
   

  	
  3.1

  	
   

  	
  (279,028

  	
  )

  	
  (15.7

  	
  )

  
	
  412,677

  	
   

  	
  11.1

  	
   

  	
  523,00?

  	
   

  	
  12.1

  	
   

  	
  (110,331

  	
  )

  	
  (21.1

  	
  )

  	
  Beverage Revenue

  	
   

  	
  4,796,284

  	
   

  	
  10.0

  	
   

  	
  5,388,631

  	
   

  	
  9.5

  	
   

  	
  (592,347

  	
  )

  	
  (11.0

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1,500

  	
   

  	
  0.0

  	
   

  	
  2,700

  	
   

  	
  0.1

  	
   

  	
  (1,200

  	
  )

  	
  (44.4

  	
  )

  	
  Public
  Room Rental

  	
   

  	
  71,851

  	
   

  	
  0.1

  	
   

  	
  128,499

  	
   

  	
  0.2

  	
   

  	
  (56,649

  	
  )

  	
  (44.1

  	
  )

  
	
  2,306

  	
   

  	
  0.1

  	
   

  	
  3,409

  	
   

  	
  0.1

  	
   

  	
  (1,103

  	
  )

  	
  (32.3

  	
  )

  	
  Service Charges

  	
   

  	
  24,601

  	
   

  	
  0.1

  	
   

  	
  46,876

  	
   

  	
  0.1

  	
   

  	
  (22,275

  	
  )

  	
  (47.5

  	
  )

  
	
  155,685

  	
   

  	
  4.2

  	
   

  	
  126,205

  	
   

  	
  2.9

  	
   

  	
  29,480

  	
   

  	
  23.4

  	
   

  	
  Admission

  	
   

  	
  570,231

  	
   

  	
  1.2

  	
   

  	
  390,200

  	
   

  	
  0.7

  	
   

  	
  180,031

  	
   

  	
  46.1

  	
   

  
	
  11,865

  	
   

  	
  0.3

  	
   

  	
  37,758

  	
   

  	
  0.9

  	
   

  	
  (25,893

  	
  )

  	
  (68.6

  	
  )

  	
  F&B Rev-Other

  	
   

  	
  137,?56

  	
   

  	
  0.3

  	
   

  	
  [ILLEGIBLE] 

  	
   

  	
  0.6

  	
   

  	
  (204,439

  	
  )

  	
  (59.8

  	
  )

  
	
  171,356

  	
   

  	
  4.6

  	
   

  	
  170,072

  	
   

  	
  3.9

  	
   

  	
  1,284

  	
   

  	
  0.?

  	
   

  	
  Other F&B Revenue

  	
   

  	
  503,939

  	
   

  	
  1.7

  	
   

  	
  907,270

  	
   

  	
  1.6

  	
   

  	
  (103,331

  	
  )

  	
  (11.4

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1,053,123

  	
   

  	
  28.3

  	
  %

  	
  [ILLEGIBLE] 

  	
   

  	
  29.2

  	
  %

  	
  (21?,213

  	
  )

  	
  (16.?

  	
  )%

  	
  Food and Beverage Revenue

  	
   

  	
  11,419,770

  	
   

  	
  23.7

  	
  %

  	
  13,895,953

  	
   

  	
  24.5

  	
  %

  	
  (2,476,183

  	
  )

  	
  (17.8

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  38,407

  	
   

  	
  1.0

  	
   

  	
  62,136

  	
   

  	
  1.4

  	
   

  	
  (23,729

  	
  )

  	
  (38.2

  	
  )

  	
  Retail Rev-Cash

  	
   

  	
  592,111

  	
   

  	
  1.2

  	
   

  	
  728,232

  	
   

  	
  1.3

  	
   

  	
  (136,122

  	
  )

  	
  (18.7

  	
  )

  
	
  24,103

  	
   

  	
  0.6

  	
   

  	
  27,920

  	
   

  	
  0.6

  	
   

  	
  (3,817

  	
  )

  	
  (13.7

  	
  )

  	
  Retail Revenue-Comp

  	
   

  	
  363,054

  	
   

  	
  0.8

  	
   

  	
  293,596

  	
   

  	
  0.5

  	
   

  	
  69,458

  	
   

  	
  23.7

  	
   

  
	
  5,000

  	
   

  	
  [ILLEGIBLE] 

  	
   

  	
  5,769

  	
   

  	
  0.1

  	
   

  	
  (769

  	
  )

  	
  (13.3

  	
  )

  	
  Retail Rev-Rental

  	
   

  	
  [ILLEGIBLE] 

  	
   

  	
  0.1

  	
   

  	
  72,243

  	
   

  	
  0.1

  	
   

  	
  (3,575

  	
  )

  	
  (4.9

  	
  )

  
	
  67,510

  	
   

  	
  1.8

  	
  %

  	
  95,824

  	
   

  	
  2.2

  	
  %

  	
  (28,315

  	
  )

  	
  (29.5

  	
  )%

  	
  Retail Revenue

  	
   

  	
  1,023,832

  	
   

  	
  2.1

  	
  %

  	
  1,094,071

  	
   

  	
  1.9

  	
  %

  	
  (70,238

  	
  )

  	
  (6.4

  	
  )%

  
	
  10,532

  	
   

  	
  0.3

  	
   

  	
  81,521

  	
   

  	
  1.9

  	
   

  	
  (70,9?

  	
  )

  	
  (87.1

  	
  )

  	
  Entertainment
  Revenue-Cash

  	
   

  	
  153,290

  	
   

  	
  0.3

  	
   

  	
  870,155

  	
   

  	
  1.5

  	
   

  	
  (716,8?6

  	
  )

  	
  (82.4

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  4,248

  	
   

  	
  0.1

  	
   

  	
  (4,24?

  	
  )

  	
  (100.0

  	
  )

  	
  Entertainment
  Rev- Camp

  	
   

  	
  35,555

  	
   

  	
  0.1

  	
   

  	
  12,822

  	
   

  	
  0.0

  	
   

  	
  22,733

  	
   

  	
  177.3

  	
   

  
	
  10,532

  	
   

  	
  0.3

  	
  %

  	
  85,76?

  	
   

  	
  2.0

  	
  %

  	
  (75,236

  	
  )

  	
  (87.7

  	
  )%

  	
  Entertainment Revenue

  	
   

  	
  188,845

  	
   

  	
  0.4

  	
  %

  	
  882,977

  	
   

  	
  1.6

  	
  %

  	
  (694,133

  	
  )

  	
  (78.6

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7,218

  	
   

  	
  0.2

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  7,218

  	
   

  	
  —

  	
   

  	
  Wedding Chapel
  Rev

  	
   

  	
  27,298

  	
   

  	
  0.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  27,298

  	
   

  	
  —

  	
   

  
	
  7,218

  	
   

  	
  0.2

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  7,218

  	
   

  	
  —

  	
   

  	
  Other Operating Rev-Cash

  	
   

  	
  27,298

  	
   

  	
  0.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  27,298

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7,741

  	
   

  	
  0.2

  	
   

  	
  8,429

  	
   

  	
  0.2

  	
   

  	
  (6?8

  	
  )

  	
  (8.2

  	
  )

  	
  Vending

  	
   

  	
  109,725

  	
   

  	
  0.2

  	
   

  	
  119,999

  	
   

  	
  0.2

  	
   

  	
  (10,274

  	
  )

  	
  [ILLEGIBLE] 

  	
   

  
	
  18,422

  	
   

  	
  0.5

  	
   

  	
  17,449

  	
   

  	
  0.4

  	
   

  	
  973

  	
   

  	
  5.6

  	
   

  	
  Commission

  	
   

  	
  311,118

  	
   

  	
  0.6

  	
   

  	
  354,007

  	
   

  	
  0.6

  	
   

  	
  (42,889

  	
  )

  	
  (12.1

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Cash Discounts 

  	
   

  	
  379

  	
   

  	
  0.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  379

  	
   

  	
  —

  	
   

  
	
  11,683

  	
   

  	
  0.3

  	
   

  	
  18,833

  	
   

  	
  0.4

  	
   

  	
  (7,150

  	
  )

  	
  (38.0

  	
  )

  	
  Rental

  	
   

  	
  256,283

  	
   

  	
  0.5

  	
   

  	
  214,806

  	
   

  	
  0.4

  	
   

  	
  41,478

  	
  )

  	
  19.3

  	
   

  
	
  76

  	
   

  	
  0.0

  	
   

  	
  94

  	
   

  	
  0.0

  	
   

  	
  (18

  	
  )

  	
  (18.9

  	
  )

  	
  Currency Exchange

  	
   

  	
  1,858

  	
   

  	
  0.0

  	
   

  	
  2,76?

  	
   

  	
  0.0

  	
   

  	
  (907

  	
  )

  	
  (32.8

  	
  )

  
	
  1,985

  	
   

  	
  0.1

  	
   

  	
  515

  	
   

  	
  0.0

  	
   

  	
  1,470

  	
   

  	
  285.6

  	
   

  	
  Other

  	
   

  	
  8,430

  	
   

  	
  0.0

  	
   

  	
  74,141

  	
   

  	
  0.1

  	
   

  	
  (65,712

  	
  )

  	
  [ILLEGIBLE] 

  	
   

  
	
  39,907

  	
   

  	
  1.1

  	
   

  	
  45,319

  	
   

  	
  1.0

  	
   

  	
  (5,413

  	
  )

  	
  (11.9

  	
  )

  	
  Miscellaneous Income

  	
   

  	
  6?7,793

  	
   

  	
  1.4

  	
   

  	
  765,71?

  	
   

  	
  1.3

  	
   

  	
  (77,?25

  	
  )

  	
  (10.2

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  47,125

  	
   

  	
  1.3

  	
  %

  	
  45,3?9

  	
   

  	
  1.0

  	
  %

  	
  1,?05

  	
   

  	
  4.0

  	
  %

  	
  Other Operating Revenue

  	
   

  	
  715,09?

  	
   

  	
  1.5

  	
  %

  	
  765,718

  	
   

  	
  1.3

  	
   

  	
  (50,627

  	
  )

  	
  (6.6

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3,71?,879

  	
   

  	
  100.0

  	
  %

  	
  4,339,123

  	
   

  	
  100.0

  	
  %

  	
  (620,243

  	
  )

  	
  (14.3

  	
  )%

  	
  Total Gross
  Revenue

  	
   

  	
  [ILLEGIBLE] 

  	
   

  	
  100.0

  	
  %

  	
  56,7?5,606

  	
   

  	
  100.0

  	
  %

  	
  (8,590,942

  	
  )

  	
  (15.1

  	
  )%

  
	
  119,027

  	
   

  	
  3.2

  	
   

  	
  97,640

  	
   

  	
  2.3

  	
   

  	
  21,3?6

  	
   

  	
  21.9

  	
   

  	
  Comp Expense-Room

  	
   

  	
  1,993,497

  	
   

  	
  4.1

  	
   

  	
  1,773,647

  	
   

  	
  3.1

  	
   

  	
  219,?50

  	
   

  	
  12.4

  	
   

  
	
  105,004

  	
   

  	
  2.?

  	
   

  	
  105,788

  	
   

  	
  2.4

  	
   

  	
  (784

  	
  )

  	
  (0.7

  	
  )

  	
  Comp Expense-Food

  	
   

  	
  1,417,596

  	
   

  	
  2.9

  	
   

  	
  1,61?,089

  	
   

  	
  2.8

  	
   

  	
  (197,493

  	
  )

  	
  (12.2

  	
  )

  
	
  93,414

  	
   

  	
  2.5

  	
   

  	
  150,403

  	
   

  	
  3.5

  	
   

  	
  (56,989

  	
  )

  	
  (37.9

  	
  )

  	
  Comp Expense-Beverage

  	
   

  	
  1,509,976

  	
   

  	
  3.1

  	
   

  	
  1,762,998

  	
   

  	
  3.1

  	
   

  	
  (253,022

  	
  )

  	
  (14.4

  	
  )

  
	
  23,667

  	
   

  	
  0.6

  	
   

  	
  27,845

  	
   

  	
  0.6

  	
   

  	
  (4,17?

  	
  )

  	
  (15.0

  	
  )

  	
  Comp Expense-[ILLEGIBLE]

  	
   

  	
  361,342

  	
   

  	
  0.7

  	
   

  	
  290,61?

  	
   

  	
  0.5

  	
   

  	
  70,724

  	
   

  	
  24.3

  	
   

  
	
  18,096

  	
   

  	
  0.5

  	
   

  	
  22,781

  	
   

  	
  0.5

  	
   

  	
  (4,6?5

  	
  )

  	
  (20.6

  	
  )

  	
  Comp Expense-Other

  	
   

  	
  170,572

  	
   

  	
  0.4

  	
   

  	
  437,76?

  	
   

  	
  0.8

  	
   

  	
  (267,194

  	
  )

  	
  (61.0

  	
  )

  

 

2

 

	
   

  	
  085 CP Tahoe, LP -
  Montbleu

  	
  Unaudited

  
	
   

  	
  Income Statement

  	
   

  
	
   

  	
  As of Thursday,
  December 31, 2009

  	
   

  

 

	
  Month-To-Date

  	
   

  	
   

  	
   

  	
  Year-To-Date

  	
   

  
	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  	
   

  	
   

  	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  
	
  359,20?

  	
   

  	
  9.7

  	
   

  	
  404,457

  	
   

  	
  9.3

  	
   

  	
  (45,249

  	
  )

  	
  (11.2

  	
  )

  	
  Complimentary Expense

  	
   

  	
  5,452,982

  	
   

  	
  11.3

  	
   

  	
  5,880,118

  	
   

  	
  10.4

  	
   

  	
  (427,135

  	
  )

  	
  (7.3

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  46,109

  	
   

  	
  1.2

  	
   

  	
  105,839

  	
   

  	
  2.4

  	
   

  	
  (59,730

  	
  )

  	
  (56.4

  	
  )

  	
  Promotional-Redmptn Cash

  	
   

  	
  574,240

  	
   

  	
  1.2

  	
   

  	
  641,230

  	
   

  	
  1.1

  	
   

  	
  (66,990

  	
  )

  	
  (10.4

  	
  )

  
	
  (3,952

  	
  )

  	
  (0.1

  	
  )

  	
  36,921

  	
   

  	
  0.9

  	
   

  	
  (40,873

  	
  )

  	
  (110.7

  	
  )

  	
  Promotional-Redmptn Accrual

  	
   

  	
  (76,617

  	
  )

  	
  (0.2

  	
  )

  	
  (29,277

  	
  )

  	
  (0.1

  	
  )

  	
  (47,340

  	
  )

  	
  (161.7

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Promotional-Cash Incentive

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  231,160

  	
   

  	
  0.4

  	
   

  	
  (231,160

  	
  )

  	
  (100.0

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Promotional-Bus

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  (370

  	
  )

  	
  0.0

  	
   

  	
  370

  	
   

  	
  100.0

  	
   

  
	
  42,157

  	
   

  	
  1.1

  	
   

  	
  142,760

  	
   

  	
  3.3

  	
   

  	
  (100,603

  	
  )

  	
  (70.5

  	
  )

  	
  Promotional Allowances

  	
   

  	
  497,623

  	
   

  	
  1.0

  	
   

  	
  342,743

  	
   

  	
  1.5

  	
   

  	
  (345,120

  	
  )

  	
  (41.0

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (401,?65

  	
  )

  	
  (10.8

  	
  )%

  	
  (547,217

  	
  )

  	
  (12.6

  	
  )%

  	
  145,852

  	
   

  	
  26.7

  	
  %

  	
  Less Promotional Allowances

  	
   

  	
  (5,950,605

  	
  )

  	
  (12.3

  	
  )%

  	
  (6,722,860

  	
  )

  	
  (11.8

  	
  )%

  	
  772,255

  	
   

  	
  11.5

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3,317,514

  	
   

  	
  89.2

  	
  %

  	
  3,791,905

  	
   

  	
  87.4

  	
  %

  	
  (474,391

  	
  )

  	
  (12.5

  	
  )%

  	
  Total Net Revenue

  	
   

  	
  42,244,058

  	
   

  	
  87.7

  	
  %

  	
  50,062,745

  	
   

  	
  88.2

  	
  %

  	
  (7,818,687

  	
  )

  	
  (15.6

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  147,256

  	
   

  	
  4.0

  	
   

  	
  240,450

  	
   

  	
  5.5

  	
   

  	
  (93,195

  	
  )

  	
  (38.8

  	
  )

  	
  Cost Of Sales-Food

  	
   

  	
  2,084,620

  	
   

  	
  4.3

  	
   

  	
  2,850,808

  	
   

  	
  5.0

  	
   

  	
  (766,188

  	
  )

  	
  (26.9

  	
  )

  
	
  138,916

  	
   

  	
  3.7

  	
   

  	
  180,795

  	
   

  	
  4.2

  	
   

  	
  (41,880

  	
  )

  	
  (23.2

  	
  )

  	
  Cost Of Sales-Beverage

  	
   

  	
  1,275,807

  	
   

  	
  2.6

  	
   

  	
  1,458,390

  	
   

  	
  2.6

  	
   

  	
  (182,532

  	
  )

  	
  (12.5

  	
  )

  
	
  42,873

  	
   

  	
  1.2

  	
   

  	
  89,930

  	
   

  	
  2.1

  	
   

  	
  (47,058

  	
  )

  	
  (52.3

  	
  )

  	
  Cost Of Sales-Retail

  	
   

  	
  586,546

  	
   

  	
  1.2

  	
   

  	
  602,196

  	
   

  	
  1.1

  	
   

  	
  (15,650

  	
  )

  	
  (2.6

  	
  )

  
	
  6,038

  	
   

  	
  0.2

  	
   

  	
  8,753

  	
   

  	
  0.2

  	
   

  	
  (2,715

  	
  )

  	
  (31.0

  	
  )

  	
  Cost Of Sales-Telephone

  	
   

  	
  85,726

  	
   

  	
  0.2

  	
   

  	
  78,912

  	
   

  	
  0.1

  	
   

  	
  6,814

  	
   

  	
  8.6

  	
   

  
	
  1,693

  	
   

  	
  0.0

  	
   

  	
  13,736

  	
   

  	
  0.3

  	
   

  	
  (12,043

  	
  )

  	
  (87.7

  	
  )

  	
  Cost Of Sales-Other

  	
   

  	
  41,627

  	
   

  	
  0.1

  	
   

  	
  63,220

  	
   

  	
  0.1

  	
   

  	
  (21,592

  	
  )

  	
  (34.2

  	
  )

  
	
  336,775

  	
   

  	
  9.1

  	
  %

  	
  533,665

  	
   

  	
  12.3

  	
  %

  	
  (196,890

  	
  )

  	
  (36.9

  	
  )%

  	
  Cost Of Sales

  	
   

  	
  [ILLEGIBLE]

  	
   

  	
  8.5

  	
  %

  	
  5,053,526

  	
   

  	
  8.9

  	
  %

  	
  (979,199

  	
  )

  	
  (19.4

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2,980,739

  	
   

  	
  80.2

  	
  %

  	
  3,258,240

  	
   

  	
  75.1

  	
  %

  	
  (277,501

  	
  )

  	
  (8.5

  	
  )%

  	
  Gross Profit

  	
   

  	
  38,169,731

  	
   

  	
  79.2

  	
  %

  	
  45,009,219

  	
   

  	
  79.3

  	
  %

  	
  (6,839,4?8

  	
  )

  	
  (15.2

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  234,373

  	
   

  	
  6.3

  	
   

  	
  772,274

  	
   

  	
  17.8

  	
   

  	
  (537,?02

  	
  )

  	
  (69.7

  	
  )

  	
  Payroll Expense-Salaries

  	
   

  	
  3,568,317

  	
   

  	
  7.4

  	
   

  	
  9,504,336

  	
   

  	
  16.7

  	
   

  	
  (5,936,020

  	
  )

  	
  (62.5

  	
  )

  
	
  712,412

  	
   

  	
  19.2

  	
   

  	
  379,908

  	
   

  	
  8.8

  	
   

  	
  332,503

  	
   

  	
  87.5

  	
   

  	
  Payroll Expense-Wages

  	
   

  	
  ?,917,241

  	
   

  	
  18.5

  	
   

  	
  4,374,866

  	
   

  	
  7.7

  	
   

  	
  4,542,376

  	
   

  	
  [ILLEGIBLE]

  	
   

  
	
  11,126

  	
   

  	
  0.3

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  11,126

  	
   

  	
  —

  	
   

  	
  Payroll Expense-Overtime

  	
   

  	
  235,785

  	
   

  	
  0.5

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  235,785

  	
   

  	
  —

  	
   

  
	
  35,158

  	
   

  	
  0.9

  	
   

  	
  46,798

  	
   

  	
  11

  	
   

  	
  (11,640

  	
  )

  	
  (24.9

  	
  )

  	
  Payroll Expense-Holiday

  	
   

  	
  362,671

  	
   

  	
  0.8

  	
   

  	
  345,917

  	
   

  	
  0.6

  	
   

  	
  16,754

  	
   

  	
  4.8

  	
   

  
	
  6,565

  	
   

  	
  0.2

  	
   

  	
  6,824

  	
   

  	
  0.2

  	
   

  	
  (259

  	
  )

  	
  (3.8

  	
  )

  	
  Payroll Expense-Incentive

  	
   

  	
  96,899

  	
   

  	
  0.2

  	
   

  	
  134,745

  	
   

  	
  0.2

  	
   

  	
  [ILLEGIBLE]

  	
   

  	
  (28.1

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Payroll Expense-Jury Duty

  	
   

  	
  420

  	
   

  	
  0.0

  	
   

  	
  625

  	
   

  	
  0.0

  	
   

  	
  (205

  	
  )

  	
  (32.7

  	
  )

  
	
  15,270

  	
   

  	
  0.4

  	
   

  	
  28,711

  	
   

  	
  0.7

  	
   

  	
  (13,441

  	
  )

  	
  (46.8

  	
  )

  	
  Payroll Expense-Severance

  	
   

  	
  130,809

  	
   

  	
  0.3

  	
   

  	
  30,288

  	
   

  	
  0.1

  	
   

  	
  100,521

  	
   

  	
  331.9

  	
   

  
	
  1,014,902

  	
   

  	
  27.3

  	
   

  	
  1,234,515

  	
   

  	
  28.5

  	
   

  	
  (219,613

  	
  )

  	
  (17.8

  	
  )

  	
  Payroll Expense

  	
   

  	
  13,312,143

  	
   

  	
  27.6

  	
   

  	
  14,390,777

  	
   

  	
  25.3

  	
   

  	
  (1,078,634

  	
  )

  	
  (7.5

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  409,628

  	
   

  	
  11.0

  	
   

  	
  101,583

  	
   

  	
  2.3

  	
   

  	
  308,045

  	
   

  	
  308.2

  	
   

  	
  Benefit Expense

  	
   

  	
  3,962,468

  	
   

  	
  [ILLEGIBLE]

  	
   

  	
  2,210,490

  	
   

  	
  3.9

  	
   

  	
  1,751,978

  	
   

  	
  79.3

  	
   

  
	
  100,888

  	
   

  	
  2.7

  	
   

  	
  167,273

  	
   

  	
  3.9

  	
   

  	
  (66,390

  	
  )

  	
  (39.7

  	
  )

  	
  Payroll Taxes

  	
   

  	
  1,756,224

  	
   

  	
  [ILLEGIBLE]

  	
   

  	
  1,918,879

  	
   

  	
  3.4

  	
   

  	
  (162,655

  	
  )

  	
  [ILLEGIBLE]

  	
   

  
	
  510,516

  	
   

  	
  13.7

  	
   

  	
  268,8?1

  	
   

  	
  6.2

  	
   

  	
  241,655

  	
   

  	
  89.9

  	
   

  	
  Payroll Benefits & Taxes

  	
   

  	
  5,71?,692

  	
   

  	
  11.9

  	
   

  	
  4,129,369

  	
   

  	
  7.3

  	
   

  	
  1,589,323

  	
   

  	
  38.5

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1,525,418

  	
   

  	
  41.0

  	
  %

  	
  1,503,376

  	
   

  	
  34.6

  	
  %

  	
  22,042

  	
   

  	
  1.5

  	
  %

  	
  Payroll and Related

  	
   

  	
  19,030,835

  	
   

  	
  39.5

  	
  %

  	
  18,520,146

  	
   

  	
  32.6

  	
  %

  	
  510,689

  	
   

  	
  2.8

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  140,060

  	
   

  	
  3.8

  	
   

  	
  163,979

  	
   

  	
  3.8

  	
   

  	
  (23,918

  	
  )

  	
  (14.6

  	
  )

  	
  Taxes and Licenses

  	
   

  	
  1,690,003

  	
   

  	
  3.5

  	
   

  	
  1,758,527

  	
   

  	
  3.1

  	
   

  	
  (68,524

  	
  )

  	
  (3.9

  	
  )

  
	
  116,423

  	
   

  	
  3.1

  	
   

  	
  113,347

  	
   

  	
  2.6

  	
   

  	
  3,076

  	
   

  	
  2.7

  	
   

  	
  Gaming Taxes

  	
   

  	
  1,654,420

  	
   

  	
  3.4

  	
   

  	
  1,762,408

  	
   

  	
  3.1

  	
   

  	
  (107,988

  	
  )

  	
  (6.1

  	
  )

  
	
  256,483

  	
   

  	
  6.9

  	
   

  	
  277,326

  	
   

  	
  6.4

  	
   

  	
  (20,842

  	
  )

  	
  (7.5

  	
  )

  	
  Taxes and Licenses

  	
   

  	
  3,344,423

  	
   

  	
  6.9

  	
   

  	
  3,520,935

  	
   

  	
  6.2

  	
   

  	
  (176,512

  	
  )

  	
  (5.0

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  108,082

  	
   

  	
  2.9

  	
   

  	
  115,010

  	
   

  	
  2.7

  	
   

  	
  (5,928

  	
  )

  	
  (6.0

  	
  )

  	
  Supplies-General

  	
   

  	
  1,146,073

  	
   

  	
  2.4

  	
   

  	
  1,195,152

  	
   

  	
  2.1

  	
   

  	
  (49,079

  	
  )

  	
  (4.1

  	
  )

  
	
  14,261

  	
   

  	
  0.4

  	
   

  	
  5,176

  	
   

  	
  0.1

  	
   

  	
  9,084

  	
   

  	
  175.5

  	
   

  	
  Supplies-Gaming

  	
   

  	
  89,735

  	
   

  	
  0.2

  	
   

  	
  96,432

  	
   

  	
  0.2

  	
   

  	
  (6,697

  	
  )

  	
  (6.9

  	
  )

  
	
  21,942

  	
   

  	
  0.6

  	
   

  	
  22,929

  	
   

  	
  0.5

  	
   

  	
  (985

  	
  )

  	
  (4.3

  	
  )

  	
  Supplies-Food and Beverage

  	
   

  	
  310,853

  	
   

  	
  0.6

  	
   

  	
  407,703

  	
   

  	
  0.7

  	
   

  	
  (96,850

  	
  )

  	
  (23.8

  	
  )

  
	
  144,285

  	
   

  	
  3.9

  	
   

  	
  143,115

  	
   

  	
  3.3

  	
   

  	
  1,170

  	
   

  	
  0.8

  	
   

  	
  Supplies

  	
   

  	
  1,546,662

  	
   

  	
  3.2

  	
   

  	
  1,699,287

  	
   

  	
  0.3

  	
   

  	
  (152,625

  	
  )

  	
  (9.0

  	
  )

  

 

3

 

 

	
   

  	
  085 CP Tahoe, LP -
  Montbleu

  Income Statement

  As of Thursday, December 31, 2009

  	
  Unaudited

  

 

	
  Month-To-Date

  	
   

  	
   

  	
   

  	
  Year-To-Date

  	
   

  
	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  	
   

  	
   

  	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  113,335

  	
   

  	
  3.0

  	
   

  	
  253,954

  	
   

  	
  5.9

  	
   

  	
  (140,619

  	
  )

  	
  (55.4

  	
  )

  	
  Repairs and
  Maintenance

  	
   

  	
  647,798

  	
   

  	
  1.3

  	
   

  	
  917,091

  	
   

  	
  1.6

  	
   

  	
  (269,293

  	
  )

  	
  (29.4

  	
  )

  
	
  15,357

  	
   

  	
  0.4

  	
   

  	
  35,236

  	
   

  	
  0.8

  	
   

  	
  (19,880

  	
  )

  	
  (56.4

  	
  )

  	
  Maintenance
  Contracts

  	
   

  	
  196,896

  	
   

  	
  0.4

  	
   

  	
  193,845

  	
   

  	
  0.3

  	
   

  	
  3,051

  	
   

  	
  1.6

  	
   

  
	
  128,692

  	
   

  	
  3.5

  	
   

  	
  289,191

  	
   

  	
  6.7

  	
   

  	
  (160,499

  	
  )

  	
  (55.5

  	
  )

  	
  Repairs and Maintenance

  	
   

  	
  844,694

  	
   

  	
  1.8

  	
   

  	
  1,110,936

  	
   

  	
  2.0

  	
   

  	
  (266,242

  	
  )

  	
  (24.0

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  68,630

  	
   

  	
  1.8

  	
   

  	
  47,050

  	
   

  	
  1.1

  	
   

  	
  21,580

  	
   

  	
  45.9

  	
   

  	
  Equipment Rental

  	
   

  	
  624,494

  	
   

  	
  1.3

  	
   

  	
  441,267

  	
   

  	
  0.8

  	
   

  	
  183,227

  	
   

  	
  41.5

  	
   

  
	
  336,983

  	
   

  	
  9.1

  	
   

  	
  495,495

  	
   

  	
  11.4

  	
   

  	
  (158,511

  	
  )

  	
  (32.0

  	
  )

  	
  Rent

  	
   

  	
  4,652,295

  	
   

  	
  9.7

  	
   

  	
  5,945,961

  	
   

  	
  10.5

  	
   

  	
  (1,293,666

  	
  )

  	
  (21.8

  	
  )

  
	
  405,613

  	
   

  	
  10.9

  	
   

  	
  542,545

  	
   

  	
  12.5

  	
   

  	
  (136,931

  	
  )

  	
  (25.2

  	
  )

  	
  Equipment & Iand Rental

  	
   

  	
  5,276,790

  	
   

  	
  10.9

  	
   

  	
  6,387,229

  	
   

  	
  11.2

  	
   

  	
  (1,110,439

  	
  )

  	
  (17.4

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (15,827

  	
  )

  	
  (0.4

  	
  )

  	
  73,638

  	
   

  	
  1.7

  	
   

  	
  (89,466

  	
  )

  	
  (121.5

  	
  )

  	
  Outside Services

  	
   

  	
  400,974

  	
   

  	
  0.8

  	
   

  	
  631,300

  	
   

  	
  1.1

  	
   

  	
  (230,326

  	
  )

  	
  (36.5

  	
  )

  
	
  2,852

  	
   

  	
  0.1

  	
   

  	
  140,725

  	
   

  	
  3.2

  	
   

  	
  (137,873

  	
  )

  	
  (98.0

  	
  )

  	
  Entertainers Fees

  	
   

  	
  350,297

  	
   

  	
  0.7

  	
   

  	
  1,159,870

  	
   

  	
  2.0

  	
   

  	
  (809,573

  	
  )

  	
  (69.8

  	
  )

  
	
  (12,976

  	
  )

  	
  (0.3

  	
  )

  	
  214,363

  	
   

  	
  4.9

  	
   

  	
  (227,339

  	
  )

  	
  (106.1

  	
  )

  	
  Outside Services

  	
   

  	
  751,271

  	
   

  	
  1.6

  	
   

  	
  1,791,170

  	
   

  	
  3.2

  	
   

  	
  (1,089,900

  	
  )

  	
  (58.1

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  59,620

  	
   

  	
  1.6

  	
   

  	
  146,928

  	
   

  	
  3.4

  	
   

  	
  (87,309

  	
  )

  	
  (59.4

  	
  )

  	
  Advertising-Media

  	
   

  	
  1,051,931

  	
   

  	
  2.2

  	
   

  	
  1,726,166

  	
   

  	
  3.0

  	
   

  	
  (674,235

  	
  )

  	
  (39.1

  	
  )

  
	
  59,620

  	
   

  	
  1.6

  	
   

  	
  146,928

  	
   

  	
  3.4

  	
   

  	
  (87,309

  	
  )

  	
  (59.4

  	
  )

  	
  Advertising

  	
   

  	
  1,051,931

  	
   

  	
  2.2

  	
   

  	
  1,726,166

  	
   

  	
  3.0

  	
   

  	
  (674,235

  	
  )

  	
  (39.1

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  38,683

  	
   

  	
  1.0

  	
   

  	
  49,335

  	
   

  	
  1.1

  	
   

  	
  (10,652

  	
  )

  	
  (21.6

  	
  )

  	
  Special Events

  	
   

  	
  281,706

  	
   

  	
  0.6

  	
   

  	
  406,756

  	
   

  	
  0.7

  	
   

  	
  (125,050

  	
  )

  	
  (30.7

  	
  )

  
	
  1,906

  	
   

  	
  0.1

  	
   

  	
  5,697

  	
   

  	
  0.1

  	
   

  	
  (3,791

  	
  )

  	
  (66.5

  	
  )

  	
  Promotional
  Expense

  	
   

  	
  14,493

  	
   

  	
  0.0

  	
   

  	
  62,701

  	
   

  	
  0.1

  	
   

  	
  (48,208

  	
  )

  	
  (76.9

  	
  )

  
	
  12,310

  	
   

  	
  0.3

  	
   

  	
  7,030

  	
   

  	
  0.2

  	
   

  	
  5,280

  	
   

  	
  75.1

  	
   

  	
  Promotional
  Expense-Gaming

  	
   

  	
  98,257

  	
   

  	
  0.2

  	
   

  	
  96,291

  	
   

  	
  0.2

  	
   

  	
  1,966

  	
   

  	
  2.0

  	
   

  
	
  52,899

  	
   

  	
  1.4

  	
   

  	
  62,063

  	
   

  	
  1.4

  	
   

  	
  (9,163

  	
  )

  	
  (14.8

  	
  )

  	
  Promotional

  	
   

  	
  394,456

  	
   

  	
  0.8

  	
   

  	
  565,748

  	
   

  	
  1.0

  	
   

  	
  (171,291

  	
  )

  	
  (30.3

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16,794

  	
   

  	
  0.5

  	
   

  	
  (8,734

  	
  )

  	
  (0.2

  	
  )

  	
  25,523

  	
   

  	
  292.3

  	
   

  	
  Utilities-Disposal

  	
   

  	
  234,932

  	
   

  	
  0.5

  	
   

  	
  196,406

  	
   

  	
  0.3

  	
   

  	
  33,526

  	
   

  	
  19.6

  	
   

  
	
  196,887

  	
   

  	
  5.3

  	
   

  	
  307,774

  	
   

  	
  7.1

  	
   

  	
  (110,837

  	
  )

  	
  (36.0

  	
  )

  	
  Utilities-Gas
  & Electric

  	
   

  	
  2,184,565

  	
   

  	
  4.5

  	
   

  	
  2,811,338

  	
   

  	
  5.0

  	
   

  	
  (626,773

  	
  )

  	
  (22.3

  	
  )

  
	
  19,567

  	
   

  	
  0.5

  	
   

  	
  (9,008

  	
  )

  	
  (0.2

  	
  )

  	
  28,575

  	
   

  	
  317.2

  	
   

  	
  Utilities-Water
  & Sanitation

  	
   

  	
  199,319

  	
   

  	
  0.4

  	
   

  	
  134,671

  	
   

  	
  0.2

  	
   

  	
  64,648

  	
   

  	
  48.0

  	
   

  
	
  233,248

  	
   

  	
  6.3

  	
   

  	
  290,031

  	
   

  	
  6.7

  	
   

  	
  (56,734

  	
  )

  	
  (19.6

  	
  )

  	
  Utilities

  	
   

  	
  2,618,815

  	
   

  	
  5.4

  	
   

  	
  3,142,415

  	
   

  	
  5.5

  	
   

  	
  (523,599

  	
  )

  	
  (16.7

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  42,547

  	
   

  	
  1.1?

  	
   

  	
  ?0,663

  	
   

  	
  1.9

  	
   

  	
  (38,117

  	
  )

  	
  (47.3

  	
  )

  	
  Insurance

  	
   

  	
  491,097

  	
   

  	
  1.0

  	
   

  	
  272,896

  	
   

  	
  0.5

  	
   

  	
  218,201

  	
   

  	
  80.0

  	
   

  
	
  (642,907

  	
  )

  	
  (17.3

  	
  )

  	
  91,725

  	
   

  	
  2.1

  	
   

  	
  (734,632

  	
  )

  	
  (800.9

  	
  )

  	
  Insurance-Gnrl Liab/Wrk [ILLEGIBLE]

  	
   

  	
  (162,907

  	
  )

  	
  (0.3

  	
  )

  	
  546,901

  	
   

  	
  1.0

  	
   

  	
  (709,808

  	
  )

  	
  (129.8

  	
  )

  
	
  (600,360

  	
  )

  	
  (16.1

  	
  )

  	
  172,389

  	
   

  	
  4.0

  	
   

  	
  (772,749

  	
  )

  	
  (443.3

  	
  )

  	
  Insurance

  	
   

  	
  328,190

  	
   

  	
  0.7

  	
   

  	
  819,797

  	
   

  	
  1.4

  	
   

  	
  (491,607

  	
  )

  	
  (60.0

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  400

  	
   

  	
  0.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  400

  	
   

  	
  —

  	
   

  	
  Employee Relation-[ILLEGIBLE]

  	
   

  	
  84,639

  	
   

  	
  0.2

  	
   

  	
  2,517

  	
   

  	
  0.0

  	
   

  	
  82,122

  	
   

  	
  3,262.5

  	
   

  
	
  2,076

  	
   

  	
  0.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  2,076

  	
   

  	
  —

  	
   

  	
  Employee Relation-Goodwill

  	
   

  	
  14,043

  	
   

  	
  0.0

  	
   

  	
  34,879

  	
   

  	
  0.1

  	
   

  	
  (20,836

  	
  )

  	
  (59.7

  	
  )

  
	
  2,476

  	
   

  	
  0.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  2,476

  	
   

  	
  —

  	
   

  	
  Employee Relation

  	
   

  	
  98,682

  	
   

  	
  0.2

  	
   

  	
  37,396

  	
   

  	
  0.1

  	
   

  	
  61,236

  	
   

  	
  163.9

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  24,935

  	
   

  	
  0.7

  	
   

  	
  37,334

  	
   

  	
  0.9

  	
   

  	
  (12,399

  	
  )

  	
  (33.2

  	
  )

  	
  Commissions

  	
   

  	
  366,163

  	
   

  	
  0.8

  	
   

  	
  512,521

  	
   

  	
  0.9

  	
   

  	
  (146,358

  	
  )

  	
  (28.6

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Contribution/Sponsorships

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  2,100

  	
   

  	
  0.0

  	
   

  	
  (2,100

  	
  )

  	
  (100.0

  	
  )

  
	
  5,646

  	
   

  	
  0.2

  	
   

  	
  8,480

  	
   

  	
  0.2

  	
   

  	
  (2,834

  	
  )

  	
  (33.4

  	
  )

  	
  Communication
  Expense

  	
   

  	
  54,912

  	
   

  	
  0.1

  	
   

  	
  65,951

  	
   

  	
  0.1

  	
   

  	
  (11,040

  	
  )

  	
  (16.7

  	
  )

  
	
  4,112

  	
   

  	
  0.1

  	
   

  	
  3,233

  	
   

  	
  0.1

  	
   

  	
  879

  	
   

  	
  27.2

  	
   

  	
  Travel and
  Entertainment

  	
   

  	
  50,079

  	
   

  	
  0.1

  	
   

  	
  57,137

  	
   

  	
  0.1

  	
   

  	
  (7,058

  	
  )

  	
  (12.4

  	
  )

  
	
  1,292

  	
   

  	
  0.0

  	
   

  	
  [ILLEGIBLE]

  	
   

  	
  0.1

  	
   

  	
  (2,524

  	
  )

  	
  (66.2

  	
  )

  	
  Uniforms and
  Laundry Expense

  	
   

  	
  43,580

  	
   

  	
  0.1

  	
   

  	
  93,624

  	
   

  	
  0.2

  	
   

  	
  (50,044

  	
  )

  	
  (53.5

  	
  )

  
	
  52,657

  	
   

  	
  2.4

  	
   

  	
  44,767

  	
   

  	
  1.0

  	
   

  	
  7,890

  	
   

  	
  17.6

  	
   

  	
  Other Expenses

  	
   

  	
  311,124

  	
   

  	
  0.6

  	
   

  	
  858,485

  	
   

  	
  1.5

  	
   

  	
  (547,361

  	
  )

  	
  (63.8

  	
  )

  
	
  88,642

  	
   

  	
  2.4

  	
   

  	
  97,630

  	
   

  	
  2.2

  	
   

  	
  (8,988

  	
  )

  	
  (9.2

  	
  )

  	
  Other Operating Expenses

  	
   

  	
  825,857

  	
   

  	
  1.7

  	
   

  	
  1,589,818

  	
   

  	
  2.8

  	
   

  	
  (763,960

  	
  )

  	
  (48.1

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  758,621

  	
   

  	
  20.4

  	
  %

  	
  2,235,530

  	
   

  	
  51.5

  	
  %

  	
  (1,476,959

  	
  )

  	
  (66.1

  	
  )%

  	
  Total Operating Expense

  	
   

  	
  17,081,770

  	
   

  	
  35.4

  	
  %

  	
  22,390,896

  	
   

  	
  39.4

  	
  %

  	
  (5,309,125

  	
  )

  	
  (23.7

  	
  )%

  

 

4

 

	
   

  	
  085 CP Tahoe, LP -
  Montbleu

  	
  Unaudited

  
	
   

  	
  Income Statement

  	
   

  
	
   

  	
  As of Thursday,
  December 31, 2009

  	
   

  

 

	
  Month-To-Date

  	
   

  	
   

  	
   

  	
  Year-To-Date

  	
   

  
	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  	
   

  	
   

  	
  December-2009

  	
   

  	
  % of Rev

  	
   

  	
  December-2008

  	
   

  	
  % of Rev

  	
   

  	
  2009/2008

  Variance

  	
   

  	
  Var %

  	
   

  
	
  696,700

  	
   

  	
  18.7

  	
  %

  	
  (480,716

  	
  )

  	
  (11.1

  	
  )%

  	
  1,177,416

  	
   

  	
  244.9

  	
  %

  	
  EBITDA

  	
   

  	
  2,057,126

  	
   

  	
  4.3

  	
  %

  	
  4,098,178

  	
   

  	
  7.2

  	
  %

  	
  (2,041,052

  	
  )

  	
  (49.8

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  402,431

  	
   

  	
  10.8

  	
  %

  	
  675,739

  	
   

  	
  15.6

  	
  %

  	
  (273,308

  	
  )

  	
  (40.4

  	
  )%

  	
  Depreciation and Amortization

  	
   

  	
  4,802,408

  	
   

  	
  10.0

  	
  %

  	
  5,806,497

  	
   

  	
  10.2

  	
  %

  	
  (1,004,090

  	
  )

  	
  (17.3

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  294,269

  	
   

  	
  7.9

  	
  %

  	
  (1,156,455

  	
  )

  	
  (26.7

  	
  )%

  	
  1,450,724

  	
   

  	
  125.4

  	
  %

  	
  Operating Income (loss)

  	
   

  	
  (2,745,282

  	
  )

  	
  (5.7

  	
  )%

  	
  [ILLEGIBLE] 

  	
   

  	
  (3.0

  	
  )%

  	
  (1,036,962

  	
  )

  	
  (60.7

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Other Income

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  9,750

  	
   

  	
  0.0

  	
   

  	
  (9,750

  	
  )

  	
  (100.0

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  462

  	
   

  	
  0.0

  	
   

  	
  (462

  	
  )

  	
  (100.0

  	
  )

  	
  Interest Income

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  2,020

  	
   

  	
  0.0

  	
   

  	
  (2,020

  	
  )

  	
  (100.0

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  462

  	
   

  	
  0.0

  	
  %

  	
  (462

  	
  )

  	
  (100.0

  	
  )%

  	
  Total Non-Operating revenue

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  11,770

  	
   

  	
  0.0

  	
  %

  	
  (11,770

  	
  )

  	
  (100.0

  	
  )%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  —

  	
   

  	
  —

  	
   

  	
  22,788,723

  	
   

  	
  640.4

  	
   

  	
  (27,788,723

  	
  )

  	
  (100.0

  	
  )

  	
  Write Down/Impairment

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  27,788,723

  	
   

  	
  48.9

  	
   

  	
  (27,788,723

  	
  )

  	
  (100.0

  	
  )

  
	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  Interest Expense

  	
   

  	
  126

  	
   

  	
  0.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  126

  	
   

  	
  —

  	
   

  
	
  4,334

  	
   

  	
  0.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  4,334

  	
   

  	
  —

  	
   

  	
  Other Non-Operating Expense

  	
   

  	
  65.000

  	
   

  	
  0.1

  	
   

  	
  26,000

  	
   

  	
  0.0

  	
   

  	
  39,000

  	
   

  	
  150.0

  	
   

  
	
  (4,334

  	
  )

  	
  (0.1

  	
  )%

  	
  [ILLEGIBLE] 

  	
   

  	
  (640.4

  	
  )%

  	
  [ILLEGIBLE] 

  	
   

  	
  100.0

  	
  %

  	
  Total Non-Operating expanse

  	
   

  	
  (65,126

  	
  )

  	
  (0.1

  	
  )%

  	
  (27,814,723

  	
  )

  	
  (49.0

  	
  )%

  	
  27,749,597

  	
   

  	
  99.3

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  287,601

  	
   

  	
  7.7

  	
  %

  	
  (23,969,538

  	
  )

  	
  (667.6

  	
  )%

  	
  29,257,139

  	
   

  	
  101.0

  	
  %

  	
  Net Income

  	
   

  	
  (2,812,742

  	
  )

  	
  (5.8

  	
  )%

  	
  (29,536,095

  	
  )

  	
  (52.0

  	
  )%

  	
  [ILLEGIBLE] 

  	
   

  	
  90.5

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  696,700

  	
   

  	
  18.7

  	
  %

  	
  (480,716

  	
  )

  	
  (11.1

  	
  )%

  	
  1,177,416

  	
   

  	
  244.9

  	
  %

  	
  EBITDA

  	
   

  	
  2,057,126

  	
   

  	
  4.3

  	
  %

  	
  4,098,178

  	
   

  	
  7.2

  	
  %

  	
  (2,041,052

  	
  )

  	
  (49.8

  	
  )%

  

 

5

 

 

EXHIBIT B

STATEMENT OF GROSS REVENUES AND

PERCENTAGE RENT CALCULATION

LEASE YEAR 2009

 

Amounts reflected on CP Tahoe, LP - MontBleu Income Statement:

 

	
  Total Gross Revenues as
  defined in Section 2.10

  	
   

  	
  $

  	
  48,194,664

  	
   

  

 

	
  Less:

  	
  Exclusions from Gross Revenues

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (i)

  	
  Proceeds from sale of property

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (ii)

  	
  Security Deposits

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (iii)

  	
  Taxes

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (iv)

  	
  Condemnations

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (v)

  	
  Insurance Proceeds

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (vi)

  	
  Credit Card Commissions

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (vii)

  	
  Contract Tips/Commissions

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (viii)

  	
  Credits/Refunds

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (ix)

  	
  Interest Income

  	
   

  	
  (

  	
  )

  	
   

  
	
   

  	
  (x)

  	
  Reserve for Uncollectable Accounts

  	
   

  	
  (

  	
  )

  	
   

  

 

	
  Gross Revenues for 2009
  lease year subject to annual percentage rent calculation

  	
   

  	
  $

  	
  48,194,664

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gross Revenue threshold
  for each lease year pursuant to Section 2.4

  	
   

  	
  (50,000,000

  	
  )

  
	
   

  	
   

  	
   

  	
   

  
	
  Gross Revenues in excess
  of the $50,000,000 lease year annual threshold

  	
   

  	
  0

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Percentage Rent Factor

  	
   

  	
  x

  	
  10

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Percentage Rent due for
  lease year 2009

  	
   

  	
  $

  	
  0

  	
   

  
						

 

5Exhibit
10.2

 

LEASE AGREEMENT

 

THIS LEASE AGREEMENT (this “Lease”)
is entered into as of the 25th day of June, 2010, by and between the CITY OF
GREENVILLE, MISSISSIPPI, a municipal corporation (“Lessor”), and JMBS CASINO
LLC, a Mississippi limited liability company (“JMBS”).  The performance by JMBS of its obligations
under this Lease is guaranteed by Tropicana Entertainment Inc., a Delaware
corporation (“Tropicana”), in accordance with the terms and conditions set
forth in the Guarantee attached hereto as Exhibit “A” and
incorporated herein by reference.

 

RECITALS

 

WHEREAS, Lessor is a
municipality in which there is situated a harbor that is a port of entry.  Lessor owns the land described hereinbelow,
and said land is situated within reasonable and practical proximity to said
harbor and/or port.  Lessor has
determined that the lease of said land to JMBS, upon the terms and conditions
and with the safeguards herein stated, is needful for the convenient use of
said land in the aid of commerce and for industrial use, and that said terms,
conditions and safeguards are such as will best promote and protect the public
interest.  The terms and conditions, and
the monetary rental herein stated, have been found by Lessor to be adequate and
have been approved by Lessor in a Resolution authorizing same.  A copy of this Lease is attached to said
Resolution and is incorporated into said Resolution by reference.

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and adequacy of which is hereby
acknowledged, Lessor and JMBS hereby agree as follows:

 

AGREEMENT

 

1.             PREMISES.           For and in consideration of
the rent described below and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Lessor hereby leases and lets
to JMBS and JMBS hereby rents from Lessor the premises identified as Tract A,
Tract B, and Tract C and described in Exhibit “B” attached hereto
and incorporated herein by reference, together with all easements, rights of
way and appurtenances in connection therewith or thereunto belonging and the
improvements constructed or to be constructed thereon (all of which are
hereinafter referred to as the “Premises”). 
The parties acknowledge and agree that any vessel to be docked adjoining
to the Premises and all improvements and equipment therein shall not constitute
part of the Premises nor shall it constitute a fixture or improvement on the
Premises.  Lessor also hereby
acknowledges that during any term of this Lease, the patrons, employees,
contractors, agents, and invitees of JMBS shall have the right in common with
the rest of the public to park in Lessor’s waterfront parking lot adjacent to
the Premises (the “Parking Lot”).

 

2.             TERM.

 

2.1           The initial term of this
Lease (the “Initial Term”) shall be for ten (10) years, commencing on September 1,
2010 (“Commencement Date”) and expiring at midnight on the 31st day of August,
2020, unless extended by exercise of an option to renew as set forth
hereinbelow.

 

2.2           Lessor also hereby grants
unto JMBS two options to renew this lease for additional terms of five (5) years
each (each an “Additional Term”).  JMBS
may exercise either option to renew by giving Lessor written notice of its
intent to do so at least six (6) months prior to the termination date of
the term then in effect.

 

1

 

2.3           The obligations of JMBS
under Section 9 hereinbelow shall commence immediately upon the date on
which this Lease has been fully executed by both parties.

 

3.             RENT.    JMBS agrees to pay Lessor
rent (the “Rent”) as follows:

 

3.1           Four Hundred Twenty Thousand
Dollars ($420,000.00) per year, payable at the rate of Thirty-Five Thousand
Dollars ($35,000.00) per month in advance, due and payable on the first day of
each and every month for the Initial Term, and

 

3.2           In the event JMBS exercises
its option for an Additional Term, the annual rent shall be adjusted at the
commencement of such Additional Term based on the Consumer Price Index (All
Items) for the United States, published by the United States Department of
Labor, Bureau of Labor Statistics (“Index”), which is published for the month
immediately preceding the date of the commencement of such Additional Term (“Renewal
Index”).  If the Renewal Index has
increased over the Index published for the month immediately preceding the date
the immediately preceding term commenced (“Commencement Index”), the annual
rent during the applicable Additional Term shall be set by multiplying the
annual rent for the immediately preceding term by a fraction, the numerator of
which is the Renewal Index and the denominator of which is the Commencement
Index.  If the Renewal Index has
decreased below the Commencement Index, however, the monthly rent shall remain
the same as that of the immediately preceding term.  If the Index is discontinued or revised
during the any term of this Lease, such other government index or computation
with which it is replaced shall be used in order to obtain substantially the
same result as would be obtained if the Index had not been discontinued or
revised.

 

4.             USE: QUIET
ENJOYMENT.

 

4.1           JMBS may use the Premises
for any lawful purpose, including but not limited to the placement and/or
operation of a gaming vessel on the Premises. 
Notwithstanding any use contemplated herein, JMBS shall have no
affirmative obligation to place or maintain a gaming vessel on the Premises or
to conduct gaming operations or any other specific type of business on the
Premises.  However, JMBS shall have the
affirmative obligation to maintain the vessel, should one be located on the
Premises, or other improvements placed on the Premises in a condition that
equals or exceeds the condition of the vessel on the Premises at the date of
execution of this Lease, and, in the event JMBS ceases operations on the
Premises, the vessel shall remain on the Premises no longer than twelve (12)
months from the date of cessation of operations.

 

4.2           Lessor further grants to
JMBS the right and permission to construct, attach and maintain one or more
suitable ingress and egress bridges or ramps and utility lines and facilities
between JMBS’ floating facilities and the Greenville City waterfront, as well
as the right to construct, install and maintain mooring dolphins.  Further, JMBS may construct, attach and/or
maintain any item that would be ancillary to the use of its floating
facilities.

 

4.3           JMBS acknowledges that the
use and occupancy of the Premises must conform to any existing rules,
regulations, restrictions or ordinances of Lessor, the Greenville Port
Commission, the Board of Mississippi Levee Commissioners and/or the United
States Army Corps of Engineers (collectively, the “Regulations”) as well as any
amendments or additions to such Regulations applicable to this Lease by
Mississippi law.  Nothing contained
herein, however, shall prevent JMBS from exercising any right of appeal, or any
other recourse it may possess under applicable law with regard to the
Regulations or any amendment or addition thereto.  JMBS further agrees that no illegal activity
will be conducted or permitted in or upon the Premises or the facilities
located thereon.  So long as no event of
default has occurred and is continuing hereunder, Lessor and

 

2

 

anyone claiming by, through
or under Lessor, warrant that they shall not interfere with the peaceful and
quiet occupation and enjoyment of the Premises by JMBS.

 

4.4           JMBS agrees and acknowledges
that, so long as it leases any portion of Lessor’s property, JMBS will not
discriminate against any person or persons on the basis of race, color,
religion, sec, or national origin. 
Lessor acknowledges that JMBS shall have the right to enforce its own
non-discriminatory rules and regulations relating to the business of JMBS,
including but not limited to “self exclusion” rules and any and all rules necessary
for the safe and reasonable operation of the business of JMBS.

 

5.             TITLE AND
CONDITION OF THE PREMISES AND PARKING LOT.  Lessor hereby represents and warrants that (a) Lessor
is the sole owner of fee simple title to the Premises, subject to (i) any
encumbrances of record, (ii) any rights of way or easements in, on, and
over the Premises in favor of the Board of Mississippi Levee Commissioners, and
(iii) the Regulations; (b) Lessor and the officials executing this
Lease on behalf of Lessor have the legal right and have obtained all necessary
authorizations Lessor must have to execute this Lease; (c) Lessor is the
sole owner of fee simple title to the Parking Lot, subject to any encumbrances
of record and the Regulations; (d) the Premises are not subject to any
mortgage, deed of trust, or similar lien; (e) the Premises are not
currently and shall not at any time during any term of this Lease be subject to
real property or ad valorem taxes; and (f) to the best of Lessor’s knowledge,
information and belief, the Premises is free from any hazardous materials.  Lessor’s representations and warranties shall
survive termination or expiration of this Lease.  The Premises are leased to JMBS in their
present physical condition without representation or warranty by Lessor, except
as provided herein.  JMBS has inspected
and examined the Premises and the Parking Lot has found the same satisfactory.

 

6.             UTILITIES.  JMBS shall arrange for the connection of any
utility services it requires for its use of the Premises and shall pay all
charges for any gas, power, telephone and other utilities used on the Premises
by JMBS.

 

7.             MAINTENANCE.  JMBS agrees it will, at its expense, (i) keep
and maintain the Premises, including the improvements thereon, in a neat and
orderly condition and in good repair, except for ordinary wear and tear, and (ii) will
comply with and cause the Premises to comply with the Regulations.

 

8.             ALTERATIONS.  No alterations to the existing improvements
on the Premises, other than those expressly authorized elsewhere herein, shall
be made without Lessor’s prior written consent, which shall not be unreasonably
withheld, conditioned or delayed.  Before
such consent is given, the JMBS must provide to Lessor a copy of any and all plans
and specifications pertaining to the alterations and copies of any and all
construction agreements.

 

9.             INDEMNIFICATION
AND INSURANCE

 

9.1           Indemnification.  As of the date of the execution of this Lease
and as a material part of the consideration for this Lease, JMBS hereby agrees
as follows:

 

(a)           JMBS waives all claims it
may have against Lessor for damages to goods, equipment or merchandise or other
items of personal property upon or about the Premises or the Parking Lot and
for injuries, including death, to persons upon or about the Premises or the
Parking Lot from any cause arising at any time, except as is caused by the
active or gross negligence or wanton and willful misconduct of Lessor;

 

3

 

(b)           JMBS agrees to hold Lessor
exempt and harmless from any loss, damage, expense or injury, including death,
to any person, or to the goods, equipment, merchandise or property of any
person or persons arising from the use of the Premises or the Parking Lot by JMBS,
unless caused by the active or gross negligence or wanton or willful misconduct
of Lessor; and

 

(c)           JMBS agrees that, except as
caused by the active or gross negligence and wanton or willful misconduct of
Lessor, JMBS shall defend and indemnify Lessor from any and all claims of any
nature whatsoever made by patrons, whether arriving at or leaving the Premises,
arising out of any condition of the Premises or the Parking Lot.

 

These agreements and
indemnities shall include all claims which may exist as of the date of
execution of this Lease related to the use and occupation of the Premises by
JMBS under any previous lease (“Existing Claims”), including but not limited to
that certain lawsuit styled Huey Barnett v. City of Greenville and JMBS
Casino, LLC, Cause No. CI 2007-235 in the Circuit Court of Washington
County, Mississippi, provided, however, that the amount of indemnity JMBS shall
provide to Lessor for Existing Claims shall not exceed, in the aggregate,
$100,000.00, from the date of execution of the Lease.

 

9.2                   Insurance.  From the date of execution of this Lease,
JMBS agrees to carry and maintain, at all times at its own expense, public
liability insurance insuring its interests and the agreements and indemnities
in favor of Lessor set forth hereinabove, against claims for bodily injury,
death and property damage occurring on, in or about the Premises or the Parking
Lot with limits of not less than $1,000,000.00 or the maximum exposure to
Lessor under the Mississippi Tort Claims Act, whichever sum may be greater,
with Lessor named as an additional insured on the policy.  Certificates of such insurance shall be
provided to Lessor for each policy or renewal period.  Any insurance required to be provided under
this Article may be in the form of blanket liability coverage so long as
the blanket policy does not reduce the limits nor diminish the coverage
required herein.  Lessor agrees to
promptly notify JMBS of any asserted claim with respect to which Lessor is or
may be indemnified against hereunder and shall deliver to such party copies of
process and pleadings.

 

10.           ASSIGNMENT AND
SUBLETTING.  JMBS shall
only sublet or assign this Lease or a portion thereof provided JMBS is not in
default of any of the terms and conditions of the Lease and Lessor gives it
written consent to the proposed sublease or assignment, which consent shall not
be unreasonably withheld, conditioned, or delayed.  No such consent shall be required for (a) a
sublease or assignment to an affiliate, subsidiary or any entity under the common
control of JMBS or to any party purchasing all or substantially all of the
assets or membership interests/stock of JMBS or (b) an assignment or other
transfer of the leasehold interest of JMBS in the Premises to an institutional
lender or an institutional trustee on behalf of one or more lenders or note
holders (a “Lender”) in connection with financing for JMBS, Tropicana, or the
subsidiaries or affiliates of Tropicana. 
JMBS agrees to notify Lessor of any such transfer for which no consent
is required within thirty (30) days of same. 
Lessor agrees to permit a Lender to cure any default of JMBS under this
Lease if the Lender so chooses.

 

11.           DAMAGE OR
DESTRUCTION.  If the
Premises are damaged or destroyed by fire or other casualty to the extent that
JMBS is, in its reasonable opinion, unable to operate its business from the
Premises, JMBS may terminate this Lease by giving notice thereof to Lessor
within thirty (30) days of such damage or destruction, such termination to be
effective as of the date of destruction and all rents shall abate from the date
of destruction for the unexpired Term.

 

4

 

If the Lease is not
terminated as provided for above, then this Lease shall continue in full force
and effect and JMBS shall repair any damage to the Premises so as to restore
such Premises (as nearly as practicable) to the condition thereof immediately
prior to such occurrence.  In the event
that such restoration is not substantially completed within six (6) months
from the date of damage or destruction, Lessor may at any time after the
expiration of said six (6) month period elect to terminate the lease by
giving written notice to JMBS, in which event the Lease shall terminate as of
the date of such notice and all rents shall abate from the date of such notice
for the unexpired Term of the Lease.  In
the event written notice of termination is not received by JMBS, the Lease
shall continue in full force and effect without abatement of rents.

 

12.           CONDEMNATION.  If the Premises or a substantial portion of
the Premises is taken under the power of eminent domain for any public or
quasi-public use, then JMBS may terminate and cancel this Lease, such
termination to be effective upon the earlier of the date JMBS thereafter vacates
the Premises or the date that the condemning authority takes possession of the
condemned property and thereupon both parties will be relieved of any further
obligation under this Lease, except that the parties will fulfill all of their
obligations hereunder to be performed to the date of such termination or with
respect to claims arising prior to such termination.  In such event, Lessor shall be entitled to
the entire condemnation proceeds.  If
less than a substantial portion of the Premises is so taken, or if a
substantial portion is taken but this Lease is not terminated and canceled as
above provided, then Lessor and JMBS shall share the condemnation proceeds
equitably in accordance with their relative interests, and rent shall continue
unabated.

 

13.           SURRENDER OF
PREMISES.  Upon the
expiration of any term of this Lease or upon any earlier termination hereof,
JMBS shall quit and surrender possession of the Premises to Lessor in as good
order and condition as the Premises are now or hereafter may be improved by
Lessor or JMBS, reasonable wear and tear and casualty which is not to be
restored by JMBS pursuant to this Lease excepted, and shall, without expense to
Lessor, remove or cause to be removed from the Premises, all debris and
rubbish, all vessels, equipment, business and trade fixtures, and other
articles of personal property owned by JMBS or installed or placed by JMBS on
the Premises, and JMBS shall repair all material damage to the Premises
resulting from such removal.  Lessor
shall have the option to have any improvements to the Premises that have become
permanent (non-trade) fixtures remain on the Premises and become the sole
property of Lessor or be removed by and at the expense of JMBS.

 

14.           DEFAULTS AND
REMEDIES.

 

14.1         Defaults by
JMBS.  The occurrence of any of the
following shall constitute a material default and breach of this Lease by JMBS:

 

(a)           The failure by JMBS to pay
the rent hereunder as and when due where such failure continues for thirty (30)
days after notice thereof by Lessor to JMBS; provided, however, that such
notice shall be in lieu of and not in addition to any notice required under
Mississippi law.

 

(b)           The failure by JMBS to
observe or perform any other provision of this Lease where such failure
continues for thirty (30) days after notice thereof by Lessor to JMBS;
provided, however, that if the nature of such default is such that the same
cannot reasonably be cured within such thirty (30) days period, JMBS shall not
be deemed to be in default if JMBS shall within such period commence such cure
and thereafter diligently prosecute the same to completion.

 

5

 

(c)           JMBS’s failure to vacate and
surrender the Premises as required by this Lease upon the expiration of any
term or earlier termination of this Lease.

 

14.2         Remedies.  In the event of any such default by JMBS or
any breach of a provision of this Lease by Lessor, the non-defaulting party
shall be entitled to all equitable and legal remedies, including but not
limited to injunctive relief and compensatory damages, attorney’s fees,
expenses and costs of court.

 

15.           NOTICES.  All notices, consents, approvals, requests,
demands and other communications (collectively “Notices”) which Lessor or JMBS
are required or desire to serve upon, or deliver to, the other shall be in
writing and mailed postage prepaid by certified or registered mail, return
receipt requested, or by personal delivery, or given by a nationally recognized
overnight delivery service (such as Federal Express) with all fees prepaid, to
the appropriate address indicated below, or at such other place or places as
either Lessor or JMBS may, from time to time, designate in a written notice
given to the other.  Notices shall be
deemed sufficiently served or given at the time of delivery; provided that
refusal to accept delivery of a notice shall constitute successful and
effective delivery thereof.  Notices
shall be addressed as follows, as appropriate:

 

If to JMBS:

 

JMBS Casino LLC

Attn:  Legal Dept.

3930
Howard Hughes Parkway

Fourth
Floor

Las
Vegas, NV 89169

 

and

 

Tropicana
Entertainment Inc.

Attn:  Legal Dept.

3930
Howard Hughes Parkway, Fourth Floor

Las
Vegas, NV  89169

 

If to Lessor:

 

City
of Greenville, Mississippi

Attn:  Mayor

P.O. Box
897

Greenville,
MS  38702-089

 

16.           GENERAL
PROVISIONS.

 

16.1         Entire
Agreement.  This
instrument along with any exhibits and attachments or other documents affixed
hereto, or referred to herein, constitutes the entire and exclusive agreement
between Lessor and JMBS with respect to the Premises and the estate and
interest leased to JMBS hereunder.  This
instrument and said exhibits and attachments and other documents may be
altered, amended, modified or revoked only by an instrument in writing signed by
both Lessor and JMBS.  Lessor and JMBS
hereby agree that all prior or contemporaneous oral understandings, agreements
or negotiations relative to the leasing of the Premises are merged into and
revoked by this instrument.

 

6

 

16.2         Successors and Assigns.  Subject to the provisions of Section 10
relating to Assignment and Subletting, this Lease is intended to and does bind
the heirs, executors, administrators, successors and assigns of any and all of
the parties hereto.

 

16.3         Severability.  If any term or provision of this Lease, the
deletion of which would not adversely affect the receipt of any material
benefit by either party hereunder, shall be held invalid or unenforceable to
any extent, the remaining terms, conditions and covenants of this Lease shall
not be affected thereby and each of said terms covenants and conditions shall
be valid and enforceable to the fullest extent permitted by law.

 

16.4         Time of Essence.  Time is of the essence of this Lease and each
provision hereof in which time of performance is established.

 

16.5         Governing Law.  This Lease shall be governed by, interpreted
and construed in accordance with the laws of the State of Mississippi.

 

16.6         Memorandum of
Lease.  Lessor and JMBS agree not to
record this Lease, but rather agree to execute a Memorandum of Lease in a
mutually agreeable form, including a description of the Premises, the length of
the Initial Term, and the options for Additional Terms.

 

16.7         Estoppel Certificates.  Within
ten (10) days after a request by either party, the non-requesting party
agrees to deliver in recordable form a certificate to any proposed lender,
purchaser, or other interested party, certifying that this Lease is in full
force and effect, that there have been no amendments or defaults, and such other
matters as are reasonably and customarily requested in such certificates and/or
setting forth in relevant detail any exceptions to such statements.

 

16.8         Counterparts.  Lessor and JMBS agree that this Lease may be
executed in one or more counterparts, each of which shall be deemed an
original, but all of which shall constitute one document.

 

7

 

IN WITNESS WHEREOF, Lessor
and JMBS have executed this Lease on the dates set forth hereinbelow but
effective as of the date set forth in the first paragraph above.

 

 

	
   

  	
  LESSOR:

  
	
   

  	
   

  
	
   

  	
  CITY OF GREENVILLE,
  MISSISSIPPI

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Heather McTeer Hudson, Mayor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ATTEST:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Amelia D. Wicks, City
  Clerk

  
				

 

 

	
  STATE OF

  	
   

  
	
  COUNTY OF

  	
   

  

 

Personally appeared before
me, the undersigned authority in and for the said county and state, on this the        day
of                     ,
2010, within my jurisdiction, the within named Heather McTeer Hudson and Amelia
D. Wicks, who acknowledged that they are the Mayor and City Clerk,
respectively, of the City of Greenville, Mississippi, a municipal corporation,
and that for and on behalf of the said municipal corporation, and as its act
and deed, he/she executed the above and foregoing instrument, after first
having been duly authorized by said municipal corporation so to do.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NOTARY PUBLIC

  
	
  My Commission Expires:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [S
  E A L]

  

 

8

 

	
   

  	
  JMBS:

  
	
   

  	
   

  
	
   

  	
  JMBS CASINO LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott Butera 

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  President & CEO 

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
        6/25/10

  

 

 

	
  STATE
  OF Nevada

  
	
  COUNTY
  OF Clark

  

 

Personally
appeared before me, the undersigned authority in and for the said county and
state, on this the 25th day of June, 2010, within my jurisdiction, the within
named Scott Butera, who acknowledged that he/she is the President &
CEO of JMBS Casino LLC, a Mississippi limited liability company, and that for
and on behalf of the said company, and as its act and deed, he/she executed the
above and foregoing instrument, after first having been duly authorized by said
company so to do.

 

	
   

  	
               /s/
  Norine Ziemski

  
	
   

  	
  NOTARY PUBLIC

  
	
  My Commission Expires:

  	
   

  
	
   

  	
   

  
	
                 May 12,
  2013

  	
  [S
  E A L]

  

 

9

 

EXHIBIT A

LEASE GUARANTEE

 

Tropicana Entertainment
Inc., a Delaware corporation (“Guarantor”), whose address is 3930 Howard Hughes
Parkway, Fourth Floor, Las Vegas, Nevada, 89169, as material inducement to and
in consideration of the City of Greenville, Mississippi, (“Lessor”) entering
into a written lease (“Lease”) with JMBS Casino LLC, a Mississippi limited
liability company (“JMBS”),
dated                       ,
2010, including any amendments thereto, pursuant to which Lessor leased to
JMBS, and JMBS leased from Lessor, premises located in the City of Greenville,
State of Mississippi, identified as Tract A, Tract B, and Tract C in said Lease
and more particularly described therein, unconditionally and absolutely
guarantees and promises, to and for the benefit of Lessor, its successors and
assigns, that JMBS shall perform the provisions of the Lease that JMBS is to
perform, including, but not limited to, payment of rent and any and all other
sums, charges, costs and expenses payable by JMBS, its successors and assigns,
under the Lease and the full performance and observance of all of the
covenants, terms, conditions and agreements therein provided to be performed
and observed by JMBS, its successors and assigns.

 

If
JMBS defaults under the Lease, Lessor can proceed immediately against Guarantor
or JMBS, or both parties collectively, without prior notice to Guarantor, and
Lessor can enforce against Guarantor or JMBS, or both parties collectively, any
rights that it has under the Lease or pursuant to applicable laws.  If the Lease terminates and Lessor has any
rights it can enforce against JMBS after termination, Lessor can enforce those
rights against Guarantor without giving previous notice to JMBS or Guarantor,
or without making any demand on either of them. 
This Guarantee is a guarantee of payment and not of collection.

 

Guarantor
waives all presentments, demands for performance, notices of nonperformance,
protests, notices of protest, notices of dishonor and notices of acceptance of
this Guarantee.

 

This
Guarantee shall continue to be effective, or be reinstated, as the case may be,
if at any time any whole or partial payment or performance of any obligation
under the Lease is or is sought to be rescinded or must otherwise be restored
or returned by Lessor upon the insolvency, bankruptcy, dissolution, liquidation
or reorganization of JMBS, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for JMBS
or any substantial part of JMBS’s property, or otherwise, all as though such
payments and performance had not been made.

 

If
Lessor is required to enforce Guarantor’s obligations by legal proceedings,
Guarantor shall pay to Lessor all costs incurred, including, without
limitation, reasonable attorneys’ fees.

 

No
waiver by Lessor of any provision or right hereunder shall be implied from any
omission by Lessor to take any action on account of Lessor’s right under such
provision.  Any express waiver by Lessor
of any provision or right hereunder shall not act as a waiver of any provision
or right elsewhere contained herein, and shall only act as a waiver as
specifically expressed in said waiver, and only for the time and to the extent
therein stated.  One or more waivers by
Lessor shall not be construed as a waiver of a subsequent breach of the same
provision or right.

 

All
the terms, provisions and agreements of this Guarantee shall inure to the
benefit of and be enforceable by Lessor, its successors and assigns, and shall
be binding upon Guarantor, and its successors and assigns.

 

A-1

 

This
Guarantee shall be governed by, and construed in accordance with the laws of
the State of Mississippi.

 

IN WITNESS WHEREOF,
Guarantor has executed this Guarantee on this the                   day
of                            ,
2010.

 

	
   

  	
  GUARANTOR:

  
	
   

  	
  TROPICANA ENTERTAINMENT
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
       /s/
  Scott Butera

  
	
   

  	
   

  	
         Scott
  Butera

  	
  (Print
  Name)

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
             President &
  CEO

  

 

 

	
  STATE
  OF Nevada

  
	
   

  
	
  COUNTY
  OF Clark

  

 

Personally appeared before
me, the undersigned authority in and for the said county and state, on this the
25th day of June, 2010, within my jurisdiction, the within named Scott Butera,
who acknowledged that he/she is the President & CEO of Tropicana
Entertainment Inc., a Delaware corporation, and that for and on behalf of the
said company, and as its act and deed, he/she executed the above and foregoing
instrument, after first having been duly authorized by said company so to do.

 

	
   

  	
               Norine
  Ziemski

  
	
   

  	
  NOTARY PUBLIC

  
	
  My Commission Expires:

  	
   

  
	
   

  	
   

  
	
                 May
  12, 2013

  	
  [S
  E A L]

  

 

A-2

 

EXHIBIT B

LEGAL DESCRIPTION OF PREMISES

 

That certain property
located in Greenville, Washington County, Mississippi, as more fully described
as follows:

 

Tract A

 

Moorage, dockage and berthing rights upon a strip of 560.0 feet in
width as described thusly:

 

Commencing at the Northeast corner of the Reserve Addition as the same
appears of record in Deed Book “Y” Page 574 of the Land Records of
Washington County, Mississippi, which corner is also the Southwest corner of
the intersection of Walnut and Main Streets; thence along the south
right-of-way line of Main Street Extended, North 55 degrees 30 minutes West
528.00 feet to the point of beginning, said point being the south end of the
property herein leased; thence North 34 degrees 30 East 560.0 feet to the north
end of the property herein leased. This 560.0 feet strip shall extend in a
westerly direction into Lake Ferguson for an adequate distance from the water’s
edge as it rises and falls to properly moor, dock and/or berth the JMBS Casino
facilities and support vessels.

 

Tract B

 

Moorage, dockage and berthing rights upon a strip 85 feet in width on
Lake Ferguson fronting on the Greenville City waterfront; the north line of
said strip being contiguous with the south line of the present lease granted by
the City of Greenville to the Greenville Yacht Club; the east line being the
water’s edge of Lake Ferguson as it rises and falls; the south line being 85
feet south of and parallel to the aforementioned Greenville Yacht Club south
lease line; and said strip shall extend in a westerly direction into Lake
Ferguson for an adequate distance from the water’s edge of Lake Ferguson, as it
rises and falls, to properly moor, dock and/or berth the JMBS Casino’s gaming casino
ship, support vessels and facilities.

 

Tract C

 

A tract of land 210 feet wide, the south line of which shall be the
north edge of the paved City waterfront; the east line of which is the west
edge of the access concrete sidewalk into Schelben Park, the north line of
which is 210 feet north of and parallel to the north edge of the concrete City
waterfront, and the west line of which is the water’s edge of Lake Ferguson, as
it rises and falls, said tract of land being shown as “Area 2” on the map or
plat attached hereto and made a part hereof by reference as if fully set out
herein.

 

B-1

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