Document:

<PAGE>
                                                                     EXHIBIT 4.9

APN(s): 139-34-610-006,
139-34-610-008, 139-34-610-041,
139-34-210-065, 139-34-610-039,
139-34-610-038, 139-34-610-037

Prepared By and Upon
Recordation Return To:

THE BANK OF NEW YORK
101 Barclay Street - 21W
New York, New York 10286
Attention: Corporate Trust Administration

Mail Tax Statements To:
BARDEN NEVADA GAMING, LLC
163 Madison Avenue, Suite 2000
Detroit, Michigan  48226
Attention:  Don Barden

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

                      DEED OF TRUST, SECURITY AGREEMENT AND
                     FIXTURE FILING WITH ASSIGNMENT OF RENTS

                           BARDEN NEVADA GAMING, LLC,

                                   as Trustor

                 FIDELITY NATIONAL TITLE AGENCY OF NEVADA, INC.

                                   as Trustee

                              THE BANK OF NEW YORK,

                                 as Beneficiary

                          Dated as of December 6, 2001

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                      DEED OF TRUST, SECURITY AGREEMENT AND

                     FIXTURE FILING WITH ASSIGNMENT OF RENTS

       THIS DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING WITH ASSIGNMENT
OF RENTS (this "Deed of Trust") is made as of the 6th day of December, 2001 by
Barden Nevada Gaming, LLC, a Nevada limited liability company ("Trustor"), whose
principal place of business is located at 163 Madison Avenue, Suite 2000,
Detroit, Michigan 48226, in favor of Fidelity National Title Agency of Nevada,
Inc. ("Trustee"), whose principal place of business is located at 500 N. Rainbow
Blvd., Suite 100, Las Vegas, Nevada 89107, for the benefit of The Bank of New
York, a New York banking corporation, as Collateral Agent ("Beneficiary"), whose
principal place of business is located at 101 Barclay Street - 21W, New York,
New York 10286, in its capacity as trustee under the "Indenture" for the ratable
benefit of the "Holders" (as each such term is hereinafter defined).

THE MAXIMUM AMOUNT OF PRINCIPAL TO BE SECURED HEREBY IS $152,632,000 OF EACH OF
THE "SUBSIDIARY GUARANTEE OBLIGATIONS" (as hereinafter defined); PROVIDED THAT
IN NO EVENT SHALL THE AGGREGATE PRINCIPAL BALANCE SECURED HEREBY, EXCLUSIVE OF
INTEREST, FEES AND EXPENSES, FOR THE BENEFIT OF THE HOLDERS EXCEED $152,632,000.

                                 R E C I T A L S

       A. Pursuant to that certain Indenture, dated as of December 6, 2001 (as
supplemented and otherwise amended from time to time, the "Indenture"), by and
among Majestic Investor Holdings, LLC, a Delaware limited liability company (the
"Company"), Majestic Investor Capital Corp., a Delaware corporation ("Capital"
and, together with the Company, the "Issuers"), the Subsidiary Guarantors
(defined therein), and Beneficiary, as Trustee thereunder (in such capacity, the
"Indenture Trustee"), the Issuers will issue 11.653% Senior Secured Notes due on
or before 2007 in an aggregate principal amount of up to $152,632,000
(collectively, the "Notes"). Unless the context otherwise requires, all
capitalized terms used and not otherwise defined herein shall have the meanings
ascribed thereto in the Indenture. Attached hereto as Schedule 1.1 is a list of
certain definitions for which reference should be made to the Indenture.

       B. Pursuant to a guarantee executed and delivered pursuant to the
Indenture (as amended from time to time, the "Subsidiary Guarantee"), the
Subsidiary Guarantors (including Trustor) have guaranteed the obligations of the
Issuers under the Notes, the Indenture and the other Security Documents to which
the Issuers are parties.

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<PAGE>

       C. Pursuant to the Indenture, the Subsidiary Guarantee of Trustor is
required to be secured by, among other things, this Deed of Trust.

       D. The parties acknowledge that certain provisions of this Deed of Trust
may be subject to the laws, rules and regulations ("Applicable Gaming Laws") of
the Gaming Authority of the State of Nevada.

                              W I T N E S S E T H:

       IN CONSIDERATION OF THE FOREGOING PREMISES AND FOR OTHER GOOD AND
VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY
ACKNOWLEDGED, SUBJECT TO APPLICABLE GAMING LAWS, TRUSTOR DOES HEREBY IRREVOCABLY
GRANT, BARGAIN, SELL, TRANSFER, CONVEY AND ASSIGN to Trustee, its successors and
assigns, IN TRUST, WITH POWER OF SALE, for the benefit and security of
Beneficiary, as agent and representative for the equal and ratable benefit of
the Holders, but subject to Permitted Liens, the following (but excluding in
each and every case all Excluded Assets), whether now owned or hereafter
acquired:

                              GRANTING CLAUSE ONE

                                     [LAND]

       All of Trustor's right, title and interest in the real property, located
in the County of Clark, State of Nevada, described in Exhibit A attached hereto
and by this reference incorporated herein (the "Owned Land"), together with all
and singular the tenements, hereditament, rights, reversions, remainders,
development rights, privileges, benefits, easements (in gross or appurtenant),
rights-of-way, gores or strips of land, streets, ways, alleys, passages, sewer
rights, water courses, water rights and powers, and all appurtenances whatsoever
and claims or demands of Trustor at law or in equity, in any way belonging,
benefitting, relating or appertaining to the Land, the airspace over the Land,
the "Improvements" (as hereinafter defined), or both, or which hereinafter shall
in any way belong, relate or be appurtenant thereto;

To the fullest extent allowed by Applicable Law and each respective Ground Lease
(as defined below), all of Trustor's right, title and interest in the leasehold
estate created by those certain lease agreements described in Exhibit B-1 and
Exhibit C-1, attached hereto and by this reference incorporated herein (each a
"Ground Lease" and collectively, the "Ground Leases"), by and between Trustor,
as lessee, and those certain parties referenced on said Exhibits, as lessor
(each, a "Lessor" and collectively, the "Lessors"), as the same may be amended,
restated, renewed or extended from time to time, in that certain real property,
located in the County of Clark, State of Nevada described in Exhibit B-2 and
Exhibit C-2 (collectively, the "Leased Land"), together with all and singular
the tenements, hereditament, rights, reversions,

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remainders, development rights, privileges, benefits, easements (in gross or
appurtenant), rights-of-way, gores or strips of land, streets, ways, alleys,
passages, sewer rights, water courses, water rights and powers, and all
appurtenances whatsoever and claims or demands of Trustor at law or in equity,
in any way belonging, benefitting, relating or appertaining to the Leased Land,
the airspace over the Leased Land, the "Improvements" (as hereinafter defined),
or both, or which hereinafter shall in any way belong, relate or be appurtenant
thereto;

The Owned Land and the Leased Land shall collectively be referred to as the
"Land";

                               GRANTING CLAUSE TWO

                                 [IMPROVEMENTS]

       TOGETHER WITH, any and all structures, buildings, facilities and
improvements of every nature whatsoever now or hereafter erected on the Land,
including, but not limited to, the "Fixtures" (as hereinafter defined)
(collectively, the "Improvements") (the Land and Improvements are referred to
collectively as the "Property");

                              GRANTING CLAUSE THREE

                                  [RENTS, ETC.]

       TOGETHER WITH, all rents, income, security or similar deposits (to the
full extent allowed by Applicable Laws), including, without limitation,
receipts, issues, royalties, earnings, products or proceeds, profits,
maintenance, license and concession fees and other revenues to which Trustor may
now or hereafter be entitled, including, without limitation, all rights to
payment for hotel room occupancy by hotel guests, which includes any payment or
monies received or to be received in whole or in part, whether actual or deemed
to be, for the sale of services or products in connection therewith and/or in
connection with such occupancy, advance registration fees by hotel guests, tour
or junket proceeds and deposits for conventions and/or party reservations
(collectively, the "Rents"), subject to the revocable license hereinafter given
to Trustor to collect and apply such Rents;

                              GRANTING CLAUSE FOUR

                [LEASES, INCLUDING DEPOSITS AND ADVANCE RENTALS]

       TOGETHER WITH, (a) all estate, right, title and interest of Trustor in,
to and under any and all leases, subleases, lettings, licenses, concessions,
operating agreements, management agreement, franchise agreements and all other
agreements affecting or covering the Property or any portion thereof now or
hereafter

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existing or entered into, together with all amendments, extensions and renewals
of any of the foregoing, (b) all right, title, claim, estate and interest of
Trustor thereunder, including, without limitation, all claims of the lessor
thereunder, letters of credit, guarantees or security deposits (to the full
extent allowed by Applicable Laws), advance rentals, and any and all deposits or
payments of similar nature and (c) the right to enforce against any tenants
thereunder and otherwise any and all remedies under any of the foregoing,
including Trustor's right to evict from possession any tenant thereunder or to
retain, apply, use, draw upon, pursue, enforce or realize upon any guaranty
thereof; to terminate, modify, or amend any such agreement; to obtain possession
of, use, or occupy, any of the real or personal property subject to any such
agreement; and to enforce or exercise, whether at law or in equity or by any
other means, all provisions of any such agreement and all obligations of the
tenants thereunder based upon (i) any breach by such tenant thereunder
(including any claim that Trustor may have by reason of a termination,
rejection, or disaffirmance of such agreement pursuant to any Bankruptcy Law),
and (ii) the use and occupancy of the premises demised, whether or not pursuant
to the applicable agreement (including any claim for use and occupancy arising
under landlord-tenant law of the State of Nevada or any Bankruptcy Law);

                              GRANTING CLAUSE FIVE

                           [OPTIONS TO PURCHASE, ETC.]

       TOGETHER WITH, all right, title and interest of Trustor in and to all
options and other rights to purchase or lease the Property or any portion
thereof or interest therein, if any, and any greater estate in the Property
owned or hereafter acquired by Trustor;

                               GRANTING CLAUSE SIX

                                   [FIXTURES]

       TOGETHER WITH, all right, title and interest of Trustor in and to all
"Fixtures." Fixtures means any and all "fixtures" as such term is defined in
Article 9 of the Applicable UCC and to the fullest extent allowed by Applicable
Laws, fixtures and all other equipment and machinery now or at any time
hereafter owned by Trustor and located or included in or on or appurtenant to
the Property and used in connection therewith and which are or become so related
to the real property encumbered hereby that an interest arises in them under
real estate law, including, without limitation, all docks, piers, barges,
vessels, marinas and other structures to which boats and vessels may be moored;
machinery, equipment (including, without limitation, pipes, furnaces, conveyors,
drums, fire sprinklers and alarm systems, and air conditioning, heating,
refrigerating, electronic monitoring, stoves, ovens, ranges, dishwashers,
disposals, food storage, food processing (including restaurant fixtures), trash
and garbage removal and maintenance equipment), elevators, office equipment,

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all built-in tables, wall-beds, wall-safes, built-in furniture and installation,
doorstops, vaults, motors, dumb-waiters, computers, mirrors, screens, chairs,
chaise lounges, hot tubs, swimming pool heaters, beauty and barber equipment,
maintenance supplies used in connection with the Land, mantels, screens,
plumbing, bathtubs, sinks, basins, faucets, all laundry, kitchen, restaurant and
athletic equipment, washers, dryers, planters, desks, sofas, shelves, lockers
and cabinets, all safes, furnishings, appliances (including, without limitation,
food warming and holding equipment, iceboxes, refrigerators, fans, heaters,
water heaters and incinerators), rugs, carpets and other floor coverings,
draperies and drapery rods and brackets, awnings, window shades, venetian
blinds, curtains, lamps, chandeliers and other lighting fixtures, trade
fixtures, telephone, television and other communications equipment, visual and
electronic surveillance systems and transportation systems, all specifically
designed installations and furnishings, all furniture, furnishings and personal
property of every nature whatsoever, and equipment, appliances or other goods
for the exclusion of vermin or insects, or for the collection of dust, refuse or
garbage; provided, however, that Fixtures shall not include Excluded Assets;

                              GRANTING CLAUSE SEVEN

                           [CONDEMNATION AWARDS, ETC.)

       TOGETHER WITH, all the estate, interest, right, title and other claim or
demand, which Trustor now has or may hereafter acquire in any and all awards,
payments or other consideration made for the taking by eminent domain, or by any
proceeding or purchase in lieu thereof, of the whole or any part of the
Property, including, without limitation, any awards, payments or other
consideration resulting from a change of grade of streets and for severance
damages;

                              GRANTING CLAUSE EIGHT

                              [INSURANCE PROCEEDS]

       TOGETHER WITH, all the estate, interest, right, title and other claim or
demand which Trustor now has or may hereafter acquire with respect to the
proceeds of insurance in effect with respect to all or any part of the Property,
together with all interest thereon and the right to collect and receive the
same;

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                              GRANTING CLAUSE NINE

                           [CLAIMS FOR DAMAGES, ETC.]

       TOGETHER WITH, all the estate, interest, right, title and other claim or
demand which Trustor now has or may hereafter acquire against anyone with
respect to any damage to all or any part of the Property, including, without
limitation, damage arising from any defect in or with respect to the design or
construction of all or any part of the Improvements and damage resulting
therefrom;

                               GRANTING CLAUSE TEN

     [DEPOSITS, ADVANCE PAYMENTS AND REFUNDS OF INSURANCE, UTILITIES, ETC.]

       TOGETHER WITH, all deposits or other security or advance payments
including rental payments made by or on behalf of Trustor to others, and all
refunds made by others to Trustor, with respect to (i) insurance policies
relating to all or any part of the Property, (ii) utility service for all or any
part of the Property, (iii) cleaning, maintenance, repair, or similar services
for all or any part of the Property, (iv) refuse removal or sewer service for
all or any part of the Property, (v) rental of equipment, if any, used in the
operation, maintenance or repair by or on behalf of Trustor of all or any part
of the Property, (vi) parking or similar services or rights afforded to all or
any part of the Property and (vii) the Ground Leases;

                             GRANTING CLAUSE ELEVEN

                              [WATER RIGHTS, ETC.]

       TOGETHER WITH, all water rights, water stock, water permits and other
rights to the use of water that are now or that may be hereinafter used in
connection with the said Property, or any part thereof, or any improvements or
appurtenances thereto;

                             GRANTING CLAUSE TWELVE

                                [MINERALS, ETC.]

       TOGETHER WITH, all oil and gas and other mineral rights, if any, in or
pertaining to the Land and all royalty, leasehold and other rights of Trustor
pertaining thereto;

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<PAGE>

                            GRANTING CLAUSE THIRTEEN

                               [ACCESSIONS, ETC.]

       TOGETHER WITH, all extensions, improvements, betterments, renewals,
substitutes for and replacements of, and all additions, accessions, and
appurtenances to, any of the foregoing that Trustor may subsequently acquire,
and all conversions of any of the foregoing; Trustor agrees that all property
hereafter acquired by Trustor and required by the Indenture, this Deed of Trust
or any other Security Document to be subject to the Lien and/or security
interests created by this Deed of Trust shall forthwith upon the acquisition
thereof by Trustor be subject to the Lien and security interests of this Deed of
Trust as if such property were now owned by Trustor and were specifically
described in this Deed of Trust and granted hereby or pursuant hereto, and the
Beneficiary is hereby authorized to receive any and all such property as and for
additional security for the Subsidiary Guarantee Obligations (as hereinafter
defined);

       The entire estate, property and interest hereby conveyed to Trustee
pursuant to Granting Clauses One through Thirteen, inclusive (other than
Excluded Assets), may hereafter be referred to as the "Trust Estate."

                          FOR THE PURPOSE OF SECURING:

       A. the due and punctual payment and performance of any and all present
and future obligations and liabilities of Trustor of every type or description
to Beneficiary, arising under or in connection with the Subsidiary Guarantee,
whether for principal of, or premium, if any, or interest on the Notes,
expenses, indemnities or other amounts (including attorneys' fees and expenses)
(collectively, the "Subsidiary Guarantee Obligations"); and

       B. the due and punctual payment and performance of any and all present
and future obligations and liabilities of Trustor of every type or description
to Beneficiary, arising under or in connection with this Deed of Trust or any
other Security Document, including for reimbursement of amounts permitted to be
advanced or expended by Beneficiary (i) to satisfy amounts required to be paid
by Trustor under this Deed of Trust or any other Security Document, together
with interest thereon to the extent provided, or (ii) to protect the Trust
Estate, together with interest thereon to the extent provided; and

       C. any and all future advances pursuant to the Indenture or any other
Security Document, as future advances is defined by Nevada Revised Statutes
("NRS") 106.230. This Deed of Trust is intended to secure future advances, if
any. The maximum amount of principal to be secured is $152,632,000. This
instrument is to be governed by the provisions of NRS 106.300 et. seq.

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in each case whether due or not due, direct or indirect, joint and/or several,
absolute or contingent, voluntary or involuntary, liquidated or un1iquidated,
determined or undetermined, now or hereafter existing, renewed or restructured,
whether or not from time to time decreased or extinguished and later increased,
created or incurred, whether or not arising after the commencement of a
proceeding under the Bankruptcy Code (including post-petition interest) and
whether or not allowed or allowable as a claim in any such proceeding (all
obligations and liabilities described herein, including, without limitation, the
Subsidiary Guarantee Obligations, are collectively referred to herein as the
"Secured Obligations").

       TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR HEREBY COVENANTS
AND AGREES AS FOLLOWS:

                                   ARTICLE 1.

                         DEFINITIONS AND RELATED MATTERS

       SECTION 1.1. Certain Defined Terms. As used herein, the following terms
shall have the following meanings:

       "APPLICABLE GAMING LAWS" has the meaning set forth in Recital D.

       "APPLICABLE LAWS" has the meaning set forth in Section 3.7.

       "APPLICABLE UCC" means the Uniform Commercial Code (as amended from time
to time) of the State of Nevada.

       "BENEFICIARY" has the meaning set forth in the Preamble.

       "ENVIRONMENTAL CLAIM" shall mean any claim, action, cause of action,
investigation or notice (written or oral) by any person or entity alleging
potential liability (including, without limitation, potential liability for
investigatory costs, cleanup costs, governmental response costs, natural
resources damages, property damages, personal injuries, or penalties) arising
out of, based on or resulting from (a) the presence, or release into the
environment, of any Hazardous Material at any location, whether or not owned or
operated by Trustor or (b) circumstances forming the basis of any violation, or
alleged violation, of any Environmental Law.

       "ENVIRONMENTAL DAMAGES" means all claims, judgments, damages, losses,
penalties, fines, liabilities (including strict liability), encumbrances, liens,
costs and expenses of investigation and defense of any claim, whether or not
such is ultimately defeated, and of any settlement or judgment, of whatever kind
or nature, contingent or otherwise, matured or unmatured, foreseeable or
unforeseeable, including, without limitation, reasonable attorneys' fees,
charges and disbursements (including, without limitation, costs of appeal), and
consultants' fees, any of which

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are actually incurred at any time as a result of the existence or alleged
existence of Hazardous Materials (as hereinafter defined) upon, about or beneath
the Property or migrating or threatening to migrate to or from the Property, or
the existence or alleged existence of a violation of Environmental Laws (as
hereinafter defined) pertaining to the Property regardless of whether the
existence of such Hazardous Materials or the violation of Environmental Laws
arose prior to the present ownership or operation of the Property, and
including, without limitation:

              (i) damages for personal injury, or injury to property or natural
resources occurring upon or off of the Property, foreseeable or unforeseeable,
including, without limitation, lost profits, consequential damages, the cost of
demolition and rebuilding of any improvements on real property, interest and
penalties including, but not limited to, claims brought by or on behalf of
employees of Trustor, with respect to which Trustor waives, for the benefit of
Beneficiary only, any immunity to which it may be entitled under any industrial
or workers' compensation laws;

              (ii) reasonable fees actually incurred for the services of
attorneys, consultants, contractors, experts, laboratories and all other costs
incurred in connection with the investigation or remediation of such Hazardous
Materials or violation of Environmental Laws including, but not limited to, the
preparation of any feasibility studies or reports or the performance of any
cleanup, remedial, removal, abatement, containment, closure, restoration or
monitoring work required by any federal, state or local governmental agency or
political subdivision, or reasonably necessary to make full economic use of the
Property or any other property or otherwise expended in connection with such
conditions, and including, without limitation, any reasonable attorneys' fees,
charges and disbursements (including, without limitation, costs of appeal)
actually incurred in enforcing this Deed of Trust or collecting any sums due
hereunder; and

              (iii) liability to any Person to indemnify such Person for actual
costs incurred in good faith in connection with the items referenced in
subparagraphs (i) and (ii) hereof.

       "ENVIRONMENTAL LAWS" means the common law and all applicable present and
future statutes, regulations, rules, ordinances, codes, licenses, permits,
orders, approvals, plans, authorizations, concessions, franchises and similar
items, of all a governmental agencies, departments, commissions, boards, bureaus
or instrumentalities of the United States, states and political subdivisions
thereof and all applicable judicial and administrative and regulatory decrees,
injunctions, judgments and orders relating to the environment, including,
without limitation:

              (i) all requirements, including, but not limited to, those
relating or pertaining to (A) record keeping, reporting, disclosing, notifying,
licensing, permitting, investigation and remediation of emissions, discharges,
releases or

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threatened releases of Hazardous Materials or other chemical substances,
pollutants, contaminants or hazardous or toxic substances, materials or wastes
whether solid, liquid or gaseous in nature, into the environment (including,
without limitation, ambient air, surface water, groundwater or land surface or
subsurface strata), (B) the manufacture, processing, distribution, use,
generation, treatment, storage, disposal, transport or handling of chemical
substances, materials or wastes, whether solid, liquid or gaseous in nature,
including without limitation, Hazardous Materials or (C) underground storage
tanks and related piping, and emissions, discharges, releases or threatened
releases of Hazardous Materials or other chemical substances, pollutants,
contaminants or hazardous or toxic substances, materials or wastes whether
solid, liquid or gaseous in nature therefrom; and

              (ii) all other requirements pertaining to the preservation or
protection of the environment and the mitigation of adverse effects thereon and
the health and safety of employees or the public with respect to Hazardous
Materials.

       "FIXTURES" has the meaning set forth in Granting Clause Six.

       "HAZARDOUS MATERIALS" means chemicals, pollutants, contaminants, wastes,
toxic or hazardous materials, substances or wastes, petroleum and petroleum
products, asbestos or asbestos-containing materials, polychlorinated biphenyls
(PCBs), lead or lead-based paints or materials, or radon.

       "IMPOSITIONS" means any and all (i) real estate and personal property
taxes and other taxes and assessments, water and sewer rates and charges levied
or assessed upon or with respect to the Property, and any and all other
governmental charges (including any penalties and other charges imposed by any
Gaming Authority) and any interest or costs or penalties with respect thereto,
in each case whether general, special, ordinary or extraordinary, foreseen or
unforeseen, of any kind and nature whatsoever that at any time prior to or after
the execution hereof may be assessed, levied, imposed, or become a lien upon the
Property or the Rents, but excluding taxes on Trustor's income or operating
revenues; (ii) charges for any easement or agreement maintained for the benefit
of the Property and (iii) other charges, expenses, payments or assessments of
any nature, if any, which are or may be assessed, levied, imposed or become a
lien upon the Property or the Rents, including mechanics and other Liens
permitted by Section 4.12 of the Indenture.

       "IMPOUND ACCOUNT" means the account that Trustor may be required to
maintain pursuant to Section 4.6.2. of this Deed of Trust for the deposit of
amounts required to pay Impositions and insurance premiums.

       "IMPROVEMENTS" has the meaning set forth in Granting Clause Two.

       "INDEMNITEES" has the meaning set forth in Section 11.2.7.

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       "INSURANCE POLICIES" has the meaning set forth in Section 4.4.

       "INTANGIBLE PROPERTY" means any and all intangible personal property,
including, without limitation, (a) the rights to use all names and all
derivations thereof now or hereafter used by Trustor in connection with the Land
or the Improvements, including, without limitation, the name "Fitzgeralds Las
Vegas Casino" and any variations thereof, together with the goodwill associated
therewith, and all names, logos, and designs used by Trustor, or in connection
with the Land or the Improvements or in which Trustor has rights, with the
exclusive right to use such names, logos and designs wherever they are now or
hereafter used in connection with the Land or the Improvements, and any and all
other trade names, trademarks or service marks, whether or not registered, now
or hereafter used in the operation of the Land or the Improvements, including,
without limitation, any interest as a licensee or franchisee, and, in each case,
together with the goodwill associated therewith; (b) maps, plans,
specifications, surveys, studies, tests, reports, data and drawings relating to
the development of the Land, or the Improvements and the construction of the
Improvements, including, without limitation, all marketing plans, feasibility
studies, soils tests, design contracts and all contracts and agreements of
Trustor relating thereto and all architectural, structural, mechanical and
engineering plans and specifications, studies, data and drawings prepared for or
relating to the development of the Land or the Property or the construction,
renovation or restoration of any of the Improvements or the extraction of
minerals, sand, gravel or other valuable substances from the Land; (c) any and
all books, records, customer lists (including lists or information derived from
or related to the "player tracking system" described within the definition of
"Tangible Property"), concession agreements, supply or service contracts,
licenses, permits, governmental approvals (to the extent such licenses, permits
and approvals may be pledged under Applicable Laws), signs, goodwill, casino and
hotel credit and charge records, supplier lists, checking accounts, safe deposit
boxes (excluding the contents of such deposit boxes owned by Persons other than
Trustor and its Subsidiaries), cash, instruments, Chattel Papers, documents,
unearned premiums, deposits, refunds, including but not limited to income tax
refunds, prepaid expenses, rebates, tax and insurance escrow and impound
accounts, if any, actions and rights in action, and all other claims, and all
other contract rights and general intangibles resulting from or used in
connection with the operation of the Trust Estate and in which Trustor now or
hereafter has rights; (d) all of Trustor's documents, instruments, contract
rights, and general intangibles including, without limitation, all insurance
policies, permits, licenses, franchises and agreements required for the use,
occupancy or operation of the Land or any of the Improvements (to the extent
such licenses, permits and approvals are not prohibited from being pledged under
Applicable Laws); (e) general intangibles, vacation license resort agreements or
other time share license or right to use agreements with respect to the Land,
the Improvements and/or the business being conducted thereon, including, without
limitation, all rents, issues, profits, income and maintenance fees resulting
therefrom; whether any of the foregoing is now owned or hereafter acquired and
(f) to the extent permitted by Applicable Laws, any and all licenses, permits,

                                       12
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variances, special permits, franchises, certificates, rulings, certifications,
validations, exemptions, filings, registrations, authorizations, consents,
approvals, waivers, orders, rights and agreements (including options, option
rights and contract rights) now or hereafter obtained by Trustor from any
Governmental Authority having or claiming jurisdiction over the Land, the
Tangible Property, the Property or any other element of the Trust Estate or
providing access thereto, or the operation of any business on, at, or from the
Land, including, without limitation, any Gaming Licenses.

       "LAND" has the meaning set forth in Granting Clause One.

       "LEASES" means any and all leases, subleases, lettings, licenses,
concessions, operating agreements, management agreements and all other
agreements affecting or covering the Property or any portion thereof now or
hereafter existing or entered into, together with all amendments, extensions and
renewals of any of the foregoing, but excluding the Ground Leases.

       "PERSONALTY" means the Intangible Property and the Tangible Property.

       "PROPERTY" has the meaning set forth in Granting Clause Two.

       "PUBLIC WATERS" means any river, lake, stream, sea, ocean, gulf, bay or
other public body of water.

       "RECEIVER" means any trustee, receiver, custodian, fiscal agent,
liquidator or similar officer.

       "RENTS" has the meaning set forth in Granting Clause Three.

       "SUBSIDIARY GUARANTEE OBLIGATIONS" has the meaning set forth hereinabove.

       "TANGIBLE PROPERTY" means any and all tangible personal property,
including, without limitation, all goods, equipment, supplies, building and
other materials of every nature whatsoever and all other tangible personal
property constituting a part or portion of the Property and/or used in the
operation of any hotel, casino, restaurant, store, parking facility, special
events arena, theme park, and any other commercial operations on the Property,
including but not limited to Inventory, communication systems, visual and
electronic surveillance systems and transportation systems and not constituting
a part of the real property subject to the real property lien of this Deed of
Trust and including all property and materials stored on all or any portion of
the Property in which Trustor has an interest and all tools, utensils, food and
beverage, liquor, uniforms, linens, housekeeping and

                                       13
<PAGE>

maintenance supplies, vehicles, fuel, advertising and promotional material,
blueprints, surveys, plans and other documents relating to the Land or the
Improvements, and all construction materials and all Fixtures, including, but
not limited to, all gaming equipment and devices which are used in connection
with the operation of the Property and those items of Fixtures which are
purchased or leased by Trustor, machinery and any other item of personal
property in which Trustor now or hereafter owns or acquires an interest or
right, and which are used or useful in the construction, operation, use and
occupancy of the Property; to the extent permitted by the applicable contract or
Applicable Laws, all financial equipment, computer equipment, player tracking
systems (including all computer hardware, operating software programs and all
right, title and interest in and to any applicable license therefore),
calculators, adding machines, video game and slot machines, and any other
electronic equipment of every nature used or located on any part of the
Property, and all present and future right, title and interest of Trustor in and
to any casino operator's agreement, license agreement or sublease agreement used
in connection with the Property.

       "TITLE POLICY" means the title insurance policy or policies in favor of
Beneficiary insuring the Lien of this Deed of Trust.

       "TRUST ESTATE" has the meaning set forth hereinabove.

       SECTION 1.2. RELATED MATTERS.

       1.2.1. INTENTIONALLY DELETED.

       1.2.2. CONSTRUCTION. Unless the context of this Deed of Trust clearly
requires otherwise, references to the plural include the singular, the singular
includes the plural, the part includes the whole, and "including" is not
limiting. The words "hereof," "herein," "hereby," "hereunder" and similar terms
in this Deed of Trust refer to this Deed of Trust as a whole (including the
Preamble, the Recitals and all Schedules and Exhibits, but subject to Section
1.2.5.) and not to any particular provision of this Deed of Trust. Article,
section, subsection, exhibit, recital, preamble and schedule references in this
Deed of Trust are to this Deed of Trust unless otherwise specified. References
in this Deed of Trust to any agreement, other document or law "as amended" or
"as may be amended from time to time," or to amendments of any document or law,
shall include any amendments, supplements, replacements, renewals or other
modifications.

       1.2.3. DETERMINATIONS. Any determination or calculation contemplated by
this Deed of Trust that is made by Beneficiary shall be final and conclusive and
binding upon the Trustor and the Issuers, in the absence of manifest error.
References in this Deed of Trust to "determination" by Beneficiary include good
faith estimates (in the case of quantitative determinations) and good faith
beliefs (in the case of qualitative determinations). All references herein to
"discretion" of Beneficiary (or terms of similar import) shall mean "absolute
and sole discretion." All

                                       14
<PAGE>

consents and other actions of Beneficiary contemplated by this Deed of Trust may
be given, taken, withheld or not taken in Beneficiary's discretion (whether or
not so expressed), except as otherwise expressly provided herein. No approval or
consent of Beneficiary shall be effective unless the express written approval or
consent of Beneficiary is received by Trustor.

       1.2.4. GOVERNING LAW. This Deed of Trust shall be governed by, and
construed in accordance with, the laws of the State of New York, including,
without limitation, Section 5-1401 and 5-1402 of the New York General
Obligations Law, except that the provisions for the creation, perfection and
enforcement of the lien and security interest created pursuant to this Deed of
Trust shall be governed by the laws of the State of Nevada.

       1.2.5. HEADINGS. The Article and Section headings used in this Deed of
Trust are for convenience of reference only and shall not affect the
construction hereof.

       1.2.6. SEVERABILITY. If any provision of this Deed of Trust or any Lien
or other right hereunder shall be held to be invalid, illegal or unenforceable
under Applicable Law in any jurisdiction, such provision, Lien or other right
shall be ineffective only to the extent of such invalidity, illegality or
unenforceability, which shall not affect any other provisions herein or any
other Lien or right granted hereby or the validity, legality or enforceability
of such provision, Lien or right in any other jurisdiction.

       1.2.7. EXHIBITS AND SCHEDULES. All of the exhibits and schedules attached
to this Deed of Trust shall be deemed incorporated herein by reference.

                                   ARTICLE 2.

                                   [RESERVED]

                                   ARTICLE 3.

                         REPRESENTATIONS AND WARRANTIES

       Trustor hereby represents and warrants to Beneficiary and Trustee that,
as of the date hereof:

       SECTION 3.1. CORPORATE EXISTENCE. Trustor (a) is a limited liability
company duly formed, validly existing and in good standing under the laws of the
jurisdiction in which it is incorporated, and (b) has the limited liability
company power and authority to own its property and assets and to transact the
business in which it is engaged or presently proposes to engage, and (c) is duly
qualified and is authorized to do business and is in good standing as a foreign
limited liability

                                       15
<PAGE>

company in every jurisdiction in which it owns or leases real property or in
which the nature of its business requires it to be so qualified.

       SECTION 3.2. AUTHORIZATION; APPROVALS. The execution, delivery and
performance by Trustor of this Deed of Trust are within Trustor's limited
liability company powers and authority, have been duly authorized by all
necessary limited liability company action, and do not contravene (a) Trustor's
certificate of formation, operating agreement or limited liability company
agreement or (b) any law or any contractual restriction binding on or affecting
Trustor or the Property. All authorizations or approvals or other actions by, or
notice to or filing with, any Governmental Authority required for the due
execution, delivery and performance by Trustor of this Deed of Trust have been
duly obtained and are in full force and effect.

       SECTION 3.3. ENFORCEABILITY. This Deed of Trust has been duly executed
and delivered by Trustor and is the legal, valid and binding obligation of
Trustor, enforceable against Trustor in accordance with its terms, subject to
applicable bankruptcy, insolvency, moratorium, reorganization or other similar
laws affecting creditors' rights generally and general principles of equity.

       SECTION 3.4. VALIDITY AND PERFECTION OF SECURITY INTERESTS. The liens and
security interests in the Trust Estate created in accordance with the terms
hereof and pursuant to the terms of the other Security Documents executed by
Trustor constitute valid security interests and upon recordation of this Deed of
Trust in the appropriate office in Clark County, Nevada, the security interests
granted to Beneficiary hereunder will constitute perfected security interests
therein superior and prior to all Liens, rights or claims of all other Persons
other than Permitted Liens.

       SECTION 3.5. TITLE TO AND RIGHT TO USE ASSETS. Trustor has good and
marketable fee simple title in the Owned Land, holds valid leasehold title to
the Leased Land and the "Excluded Leased Land" (as defined below) and enjoys
peaceful and undisturbed possession of such Leased Land and Excluded Leased
Land, and is the legal and beneficial owner of the remainder of the Trust Estate
(and as to the Trust Estate whether now existing or hereafter acquired, Trustor
will continue to own each item thereof except to the extent Trustor disposes of
the same pursuant to the Indenture), free and clear of all Liens except
Permitted Liens. Trustor has the right to hold, occupy and enjoy its interest in
the Trust Estate subject to the terms of the Gaming Licenses and subject to the
Permitted Liens, and has valid right, full power and legal authority, subject to
Applicable Gaming Laws, to mortgage and pledge the same as provided herein, and
Trustor shall defend the Trust Estate against all claims and demands of all
Persons at any time claiming the same or any interest therein adverse to
Beneficiary (except for Permitted Liens) and Beneficiary may, subject to
Applicable Gaming Laws, at all times peaceably and quietly enter upon, hold,
occupy and enjoy the entire Trust Estate in accordance with the terms hereof.

                                       16
<PAGE>

       SECTION 3.6. NON-CONTRAVENTION. Neither the execution, delivery or
performance of this Deed of Trust by the Trustor nor the consummation of the
transactions herein contemplated nor the fulfillment of the terms hereof (i)
violate the terms of or constitute a default under any agreement, indenture,
mortgage, deed of trust, equipment lease, instrument or other document to which
the Trustor is a party or by which it or any of its property or assets is bound
or to which it may be subject, (ii) conflict with any law, order, rule or
regulation applicable to the Trustor of any court or any Governmental Authority,
or (iii) result in or require the creation or imposition of (or the obligation
to create or impose) any Lien (other than Permitted Liens and the Lien
contemplated hereby or by any other Security Document), upon or with respect to
any of the property or assets now owned or hereafter acquired by Trustor.

       SECTION 3.7. CONTRACTS. Each contract the absence of which would prevent
Trustor from operating the Trust Estate in a manner substantially similar to the
manner in which the Trust Estate is operated as of the date hereof (each, a
"Contract"), (i) is the genuine, legal, valid, and binding obligation of
Trustor, (ii) is enforceable against Trustor in accordance with its terms, (iii)
is in full force and effect and is, to Trustor's best knowledge, not subject to
any setoffs, defenses, overdue taxes, counterclaims or other claims, nor have
any of the foregoing been asserted or alleged as to any Contract, and (iv) is,
in all material respects, in compliance with all applicable laws, whether
federal, state, local or foreign, including, without limitation, Applicable
Gaming Laws ("Applicable Laws"). Neither Trustor nor, to the best knowledge of
Trustor, any other party to any Contract is in material default in the
performance or observance of any of the terms thereof. No party to any Contract
is the United States government or an instrumentality thereof.

       SECTION 3.8. OCCUPANCY AGREEMENTS. Trustor has delivered to Beneficiary
true, correct and complete copies of all leases, subleases, occupancy agreements
and other agreements granting possessory rights in the Property or any portion
thereof, including all amendments thereof and modifications thereto (each, an
"Occupancy Agreement"). Each Occupancy Agreement (i) is the genuine, legal,
valid and binding obligation of Trustor, (ii) is enforceable against Trustor
and, to the best knowledge of Trustor, the other party thereto, in accordance
with its terms, (iii) to the best knowledge of Trustor is in full force and
effect and is not subject to any setoffs, defenses, taxes, counterclaims or
other claims, nor have any of the foregoing been asserted or alleged as to any
Occupancy Agreement, and (iv) to the best knowledge of Trustor is in compliance
with all Applicable Laws in all material respects.

       SECTION 3.9. NO OTHER PROPERTY, The Trust Estate, together with the other
property upon which a Security Interest is being granted to Beneficiary pursuant
to the terms of the Security Documents and "Excluded Leased Land" (as defined
below) constitutes all of the property (whether owned, leased or otherwise)
currently used by Trustor in connection with the operation of the Fitzgeralds
Las

                                       17
<PAGE>

Vegas Casino located on the Land, other than the Excluded Assets and the
property upon which the granting of the security interest or lien is not allowed
by Applicable Laws. "Excluded Leased Land" shall mean the land ground leased by
Trustor pursuant to the following leases: (i) Lease dated March 4, 1976, by and
between A. W. Ham, Jr., Trustee under the Wills of A. W. Ham and Alta M. Ham,
deceased, as lessor, and Nevada Building Company, a partnership comprised of
Frederic N. Richman and Allen D. Sachs, as lessee, a general form of said lease
was recorded on March 10, 1976, Instrument No. 561142, Book 602, in the Official
Records of the County of Clark, State of Nevada, as amended and assigned; and
(ii) Lease, dated September 1, 1978, by and between Jewel French Nolan and Julie
La Moyne Nolan, David Kramer, and Betty Bennett and Richard James Tinkler, as
lessor, and M. B. Dalitz, as lessee, and recorded on June 1979, Instrument No.
1031691, Book 1072 of the Official Records of the County of Clark, State of
Nevada, as amended and assigned.

       SECTION 3.10. COMPLIANCE WITH LAWS. To the best knowledge of Trustor,
except as otherwise disclosed in writing to Beneficiary, the Trust Estate and
the proposed and actual use thereof comply in all material respects with all
Applicable Laws, and there is no proceeding pending or, to the best knowledge of
Trustor, threatened before any court, quasi-judicial body, Governmental
Authority relating to the validity of the Security Documents or the proposed or
actual use of the Trust Estate.

       SECTION 3.11. PROPERTY USE; MECHANICS' LIENS. The Property is not used
principally or primarily for agricultural or grazing purposes. All costs for
labor and material for the removal, construction and renovation of the
Improvements (including, without limitation, any additions and alterations
thereto) have been paid in full or will be paid in accordance with Section 4.15.

       SECTION 3.12. CONDEMNATION. There are no pending or, to the best
knowledge of Trustor, threatened condemnation or eminent domain proceedings
against the Trust Estate or any part thereof.

       SECTION 3.13. LITIGATION. Except as disclosed in writing to Beneficiary
prior to the date hereof, there are no pending or, to the best knowledge of
Trustor, threatened, actions, claims, proceedings, investigations, suits or
proceedings before any court, Governmental Authority or arbitrator against
Trustor, the Trust Estate or any part thereof.

       SECTION 3.14. CONSTRUCTION OF IMPROVEMENTS. All Improvements have been
and will be constructed in all material respects in accordance with Applicable
Laws and all requirements of Governmental Authorities and governmental
approvals. Except as disclosed in writing to Beneficiary prior to the date
hereof, to the best knowledge of Trustor, the Improvements (a) are free from
latent and patent

                                       18
<PAGE>

defects that would have a material adverse effect on the value of the
Improvements or materially and adversely affect Trustor's use or operation of
the Improvements or Property, and (b) do not require any material repairs,
reconstruction or replacement on the date hereof.

                                   ARTICLE 4.

                              AFFIRMATIVE COVENANTS

       Trustor hereby covenants to and agrees with Beneficiary as follows:

       SECTION 4.1. SECURED OBLIGATIONS OF TRUSTOR. Trustor will perform,
observe and comply with its Secured Obligations arising under this Deed of Trust
and shall continue to be liable for the performance of its Secured Obligations
arising under this Deed of Trust until discharged in full, notwithstanding any
actions of partial foreclosure that may be brought hereunder to recover any
amount or amounts expended by Beneficiary on behalf of Trustor in order to cure
any of Trustor's defaults or to satisfy any of Trustor's obligations or
covenants under any agreement relating to the Trust Estate and to which Trustor
is a party or by which the Trust Estate is bound.

       SECTION 4.2. COMPLIANCE WITH LAW; MAINTENANCE OF APPROVALS. Except as
expressly permitted by the Indenture, Trustor shall (i) comply in all material
respects with all requirements of law applicable to the ownership, operation,
use and occupancy of all or any portion of the Trust Estate, whether or not such
compliance requires work or remedial measures that are ordinary or
extraordinary, foreseen or unforeseen, or structural or nonstructural, and (ii)
maintain in full force and effect all authorizations, approvals or other
actions, including, without limitation, Gaming Licenses and liquor licenses and
permits, which are necessary for the performance of Trustor's obligations
pursuant to this Deed of Trust or for the business conducted by Trustor on the
Property.

       SECTION 4.3. OTHER REPORTS. Trustor shall provide from time to time such
additional information regarding Trustor or the Trust Estate as are required
under the Indenture or as Beneficiary may reasonably request.

       SECTION 4.4. INSURANCE. Trustor, at its sole cost and expense, will
provide, maintain and keep in force the insurance required by Section 4.16 of
the Indenture ("Insurance Policies").

       SECTION 4.5. WASTE AND REPAIR. Except as expressly permitted by Section
4.15 of the Indenture, Trustor shall at all times cause the Trust Estate to be
maintained in normal working order and condition (reasonable wear and tear
excepted). Trustor shall not suffer any waste of the Property or do or permit to
be done thereon anything not otherwise permitted in the Indenture that may in
any way

                                       19
<PAGE>

impair the security of this Deed of Trust. Trustor shall not abandon the
Property nor leave the Property unprotected or deserted.

       SECTION 4.6. IMPOSITIONS; IMPOUNDS; TAXES; CAPITAL COSTS.

       4.6.1. IMPOSITIONS AFFECTING THE PROPERTY. Trustor shall pay when due all
Impositions (or currently payable installments thereof) that are or that may
become a lien on the Property or are assessed against the Property or the Rents;
provided, however, that Trustor may, at its sole cost and expense, contest the
amount or validity or application of any such Impositions by appropriate legal
proceedings promptly initiated and conducted in good faith and with due
diligence; provided that (i) neither the Property nor any part thereof will be
in danger of being sold, forfeited, terminated, canceled, or lost as a result of
such contest, and (ii) except in the case of a Lien junior to the Lien of this
Deed of Trust, Trustor shall have posted such bond or furnished such other
security as may be reasonably required by Beneficiary or as required by
Applicable Laws to release such Lien.

       4.6.2. IMPOUNDS; IMPOUND ACCOUNT. Upon the occurrence and during the
continuance of an Event of Default and at the request of Beneficiary, Trustor
will pay to Beneficiary monthly an amount equal to one-twelfth (1/12th) of the
annual cost (or such greater amount as may be reasonably necessary for
Beneficiary to have on hand sufficient funds to pay the next installment prior
to delinquency) of Impositions on the Property (but only those Impositions
defined in clause (i) of the definition of "Impositions"), together with an
amount equal to the premium for hazard and other required insurance in order to
accumulate with Beneficiary sufficient funds to pay such Impositions and
premiums at least 30 days prior to their respective due dates. Such funds shall
be held by Beneficiary on a commingled basis and shall not bear interest. Said
accumulated funds shall be paid and applied by Beneficiary with respect to such
Impositions and insurance premiums as and when due. Notwithstanding the
foregoing, if Trustor is paying Impositions and premiums for hazard and other
required insurance to Foothill Capital Corporation ("Foothill") pursuant to the
terms of that certain Deed of Trust, Security Agreement, and Fixture Filing with
Financing Statement and Assignment of Rents, dated as of the date hereof (the
"Foothill Deed of Trust"), made by Trustor, to Trustee, for the benefit of
Foothill, then Trustor's requirements under this Section 4.6.2 shall be
satisfied. If Beneficiary is entitled to request Trustor to comply with the
terms of this Section 4.6.2 and such payments are not being required by or made
to Foothill for any reason, Trustor shall promptly comply with the terms of this
Section 4.6.2.

       SECTION 4.7. FURTHER ASSURANCES. Trustor shall, at its own expense,
perform such acts as may be necessary, or that Beneficiary may request at any
time, to execute, acknowledge and deliver all such additional papers and
instruments (including, without limitation, a declaration of no setoff) and all
such further assurances of title and will do or cause to be done all further
acts and things as may be proper or reasonably necessary to carry out the
purpose hereof and to subject to the

                                       20
<PAGE>

Liens hereof any property intended by the terms hereof to be covered thereby and
any renewals, additions, substitutions, replacements or betterments thereto.

       SECTION 4.8. REIMBURSEMENT: WAIVER OF OFFSETS.

       4.8.1. In the event any tax, stamp tax, assessment, water rate, sewer
rate, insurance premium, repair, rent charge, debt, claim, inspection,
Imposition or lien having priority over the Lien of this Deed of Trust, or in
the event any other amount required to be paid by Trustor hereunder shall remain
unpaid and Trustor is not contesting such amount pursuant to the terms hereof or
the Indenture, Beneficiary shall have the right to pay such amount and shall
have the right to declare immediately due and payable any such amount so paid.
Any amount so paid by Beneficiary shall bear interest at the default interest
rate specified in Section 4.1 of the Indenture ("Default Rate") from the date of
payment by Beneficiary, shall constitute an additional Secured Obligation
secured hereby, prior to any right, title or interest in or claim upon the Trust
Estate attaching or accruing subsequent to the Lien of this Deed of Trust, shall
be secured by this Deed of Trust and shall be payable by Trustor to Beneficiary
within thirty (30) days after receipt by Trustor of written demand.

       4.8.2. Except as otherwise provided herein, in the Indenture or in the
other Security Documents, all sums payable by Trustor hereunder or under the
other Security Documents shall be paid without notice, demand, counterclaim,
setoff, deduction or defense and without abatement, suspension, deferment,
diminution or reduction, and the obligations and liabilities of Trustor
hereunder shall in no way be released, discharged or otherwise affected by
reason of: (i) any damage to or destruction of or any condemnation or similar
taking of the Trust Estate or any part thereof; (ii) any restriction or
prevention of or interference with any use of the Trust Estate or any part
thereof; (iii) any title defect or encumbrance or any eviction from the Property
or the Improvements or any part thereof by title paramount or otherwise; (iv)
any bankruptcy, insolvency, reorganization, composition, adjustment,
dissolution, liquidation or other like proceeding relating to Beneficiary, or
any action taken with respect to this Deed of Trust by any trustee or receiver
of Beneficiary, or by any court, in any such proceeding; (v) any claim which
Trustor has or might have against Beneficiary; (vi) any default or failure on
the part of Beneficiary to perform or comply with any of the terms hereof or of
any other agreement with Trustor or (vii) any other occurrence whatsoever,
whether similar or dissimilar to the foregoing; whether or not Trustor shall
have notice or knowledge of any of the foregoing. Trustor waives all rights now
or hereafter conferred by statute or otherwise to any abatement, suspension,
deferment, diminution or reduction of any sum secured hereby and payable by
Trustor.

       SECTION 4.9. LITIGATION. Trustor will, promptly upon obtaining actual
knowledge thereof, give notice in writing to Beneficiary of any litigation
commenced that is likely to have a material adverse effect on the Property or
the Liens created

                                       21
<PAGE>

hereby other than unlawful detainer proceedings brought by Trustor in connection
with the Leases.

       SECTION 4.10. CERTAIN REPORTS. Trustor will, promptly and in any event
within fifteen days after actual receipt by Trustor thereof, deliver to
Beneficiary a copy of any written notice or citation concerning any actual,
alleged or suspected violation of any Environmental Law or liability of Trustor
for Environmental Damages in connection with the Property or past or present
activities of any Person thereon.

       SECTION 4.11. TAX RECEIPTS. Subject to the provisions of Section 4.6
hereof, Trustor shall provide to Beneficiary, within 30 days after demand made
therefor, bills (which shall be receipted from and after the date receipted
bills are obtainable) showing the payment to the extent then due of all taxes,
assessments (including those payable in periodic installments), water rates,
sewer rates, and/or any other Imposition that have become a lien (other than an
inchoate lien) upon the Trust Estate.

       SECTION 4.12. FIRPTA AFFIDAVIT. Trustor hereby represents and warrants to
Beneficiary under penalty of perjury that:

       (i) Trustor's U.S. Taxpayer Identification Number is 88-0453840;

       (ii) Trustor's business address is set forth in the preamble hereto; and

       (iii) Trustor is not a "foreign person" within the meaning of Sections
1445 and 7701 of the Code (i.e., Trustor is not a nonresident alien, foreign
corporation, foreign partnership, foreign trust or foreign estate as those terms
are defined in the Code and regulations promulgated thereunder). Trustor agrees
to indemnify, defend, protect and hold Beneficiary and Beneficiary's agents
harmless of, from and against any and all loss, liability, costs, damages,
claims or causes of action including reasonable attorneys' fees, costs and
expenses which may be actually incurred by Beneficiary or Beneficiary's agents
by reason of any failure of any representation or warranty made by Trustor in
this Section 4.12 to be true and correct in all respects, including, but not
limited to, any liability for failure to withhold any amount required under Code
Section 1445 in the event of foreclosure or other transfer of the Property.

       SECTION 4.13. PRESERVATION OF CONTRACTUAL RIGHTS. Except as otherwise
expressly permitted by the Indenture or as would not have a Material Adverse
Effect, Trustor shall, prior to delinquency, default or forfeiture, perform all
obligations and satisfy all material conditions required on its part to be
satisfied to preserve its rights and privileges under any contract, lease,
license, permit or other authorization (a) under which it holds any Tangible
Property, or (b) which constitutes part of the Intangible Property.

                                       22
<PAGE>

       SECTION 4.14. TAX SERVICE CONTRACT. At any time after the occurrence of
an Event of Default (whether or not such Event of Default is cured), at the
request of Beneficiary and at Trustor's and/or its permitted successor's sole
cost and expense, Beneficiary shall be furnished a tax service contract in form
satisfactory to Beneficiary issued by a tax reporting agency satisfactory to
Beneficiary, which contract shall remain in force until indefeasible discharge
in full of the Secured Obligations.

       SECTION 4.15. LIENS. Trustor shall pay and promptly discharge, at
Trustor's sole cost and expense, all Liens upon the Trust Estate, or any part
thereof or interest therein other than the Permitted Liens. Trustor shall have
the right to contest in good faith the validity of any such Lien, provided
Trustor shall first post such bond or furnish such other security as may be
reasonably required by Beneficiary or as required by Applicable Law to release
such Lien, and provided further that Trustor shall thereafter diligently proceed
to cause such Lien to be removed and discharged. If Trustor shall fail to so
diligently proceed or to discharge any such Lien, then upon the occurrence and
continuance of an Event of Default (unless the Property is in danger of being
sold, forfeited, terminated, canceled, or lost as a result of such contest, in
which case, Beneficiary may act in the absence of an Event of Default), then, in
addition to any other right or remedy of Beneficiary, Beneficiary may, but shall
not be obligated to, discharge the same, either by paying the amount claimed to
be due, or by procuring the discharge of such Lien by depositing in court a bond
for the amount claimed or otherwise giving security for such Lien, or in such
manner as is or may be prescribed by law. Any amount so paid by Beneficiary
shall bear interest at the Default Rate from the date of payment by Beneficiary,
shall constitute an additional Secured Obligation secured hereby, prior to any
right, title or interest in or claim upon the Trust Estate attaching or accruing
subsequent to the Lien of this Deed of Trust, shall be secured by this Deed of
Trust and shall be payable by Trustor to Beneficiary upon demand.

       SECTION 4.16. INSPECTION. Trustor shall permit Beneficiary, upon 24
hours' prior notice, to enter upon and inspect, during normal business hours,
the Property and the construction and operation thereof, for such purposes
reasonably deemed necessary by Beneficiary; provided, however, that no such
prior notice shall be necessary and such inspection may occur at any time if (i)
Beneficiary reasonably believes that an emergency exists or is imminent or (ii)
the giving or delivery of such notice is prohibited or stayed by Applicable
Laws.

                                   ARTICLE 5.

                              LEASEHOLD PROVISIONS

       SECTION 5.1. COVENANTS REGARDING GROUND LEASES. Trustor covenants and
agrees as follows:

                                       23
<PAGE>

       5.1.1. Trustor shall keep and perform, in all material respects, the
covenants, agreements and obligations of the lessee set forth in the Ground
Leases, and not to commit, suffer or permit any material breach thereof. If
Trustor shall default under any of the Ground Leases, Beneficiary shall have the
right, but not the obligation, to take any action necessary or desirable to cure
any default by Trustor in the performance of any of the terms, covenants and
conditions of the Ground Leases, Beneficiary being authorized to enter upon the
Land for such purposes. Any default by the Trustor as lessee under any of the
Ground Leases or breach of an obligation thereunder shall be an Event of Default
hereunder, provided that such shall not constitute an Event of Default hereunder
until the expiration of any applicable lessee notice and grace period under the
Ground Leases and the failure of Trustor to cure such default or breach under
the Ground Leases within such grace period.

       5.1.2. Trustor shall give prompt notice to Beneficiary of the actual
receipt by it of written notice of default served on Trustor from any Lessor,
and to promptly furnish to Beneficiary all information that it may reasonably
request concerning the performance by Trustor of the covenants of the Ground
Leases, including, without limitation, evidence of payment of ground rent,
taxes, insurance premiums and operating expenses.

       5.1.3. So long as this Deed of Trust is in effect, there shall be no
merger of any or all of the Ground Leases or any interest therein nor of the
leasehold estate created thereby with the fee estate in the Leased Land or any
portion thereof by reason of the fact that the Ground Leases or such interest
therein or such leasehold estate may be held directly or indirectly by or for
the account of any person who shall hold the fee estate in the Leased Land or
any portion thereof or any interest of any Lessor. In case Trustor acquires the
fee title or any other estate, title or interest in the Leased Land covered by
any of the Ground Leases, this Deed of Trust shall attach to and cover and be a
lien upon the fee title or such other estate so acquired, and such fee title or
other estate shall, without further assignment, mortgage or conveyance, become
and be subject to the Lien of and covered by this Deed of Trust. Trustor shall
promptly notify Beneficiary of any such acquisition by Trustor and, on written
request by Beneficiary, shall at its own expense cause to be executed and
recorded all such other and further assurances or other instruments in writing
as may in the opinion of Beneficiary be required to carry out the intent and
meaning hereof.

       5.1.4. Trustor shall not surrender any Ground Lease (except a surrender
upon the expiration of the term of the applicable Ground Lease or upon the
termination by the applicable Lessor thereunder pursuant to the provisions
thereof) to the Lessor thereunder, or any portion thereof or of any interest
therein, and no termination of any Ground Lease, by Trustor as lessee
thereunder, shall be valid or effective, and no Ground Lease shall be
surrendered, canceled or amended (other than in immaterial respects), or
subordinated to any fee mortgage, to any lease, or to any other interest, either
orally or in writing, without the prior written consent of Beneficiary so long
as this Deed of Trust is in effect. Any attempted surrender,

                                       24
<PAGE>

amendment (except in immaterial respects), cancellation, termination or
subordination of any Ground Lease by Trustor without obtaining the prior written
consent of Beneficiary shall be null and void and without force and effect on
such Ground Lease, and such attempt shall constitute an Event of Default
hereunder.

       5.1.5. If and to the extent required by the terms of any applicable
Ground Lease, Trustor shall, promptly after the execution and delivery of this
Deed of Trust or of any instrument or agreement supplemental thereto, notify
each Lessor in writing of the execution and delivery thereof and deliver to each
such Lessor a copy of each such Deed of Trust, instrument or agreement, as the
case may be.

       5.1.6. If any Ground Lease is terminated prior to the natural expiration
of its term by reason of default of Trustor, and if, pursuant to any provision
of the Ground Lease, or otherwise, Beneficiary or its designee shall acquire
from the Lessor thereunder a new lease of the Leased Land, or of any part of the
Leased Land, Trustor shall have no right, title or interest in or to such new
lease or the leasehold estate created thereby.

       5.1.7. Trustor hereby warrants the quiet and peaceful possession of the
Property by Trustee for the benefit of Beneficiary for so long as the Deed of
Trust is in effect and further warrants and agrees to defend the leasehold
estate created under each Ground Lease for the remainder of the term set forth
therein against each and every person claiming the same or any part thereof.

       5.1.8. In the event of the termination, rejection, or disaffirmance by
the Lessor (or by any receiver, trustee, custodian, or other party that succeeds
to the rights of any Lessor) pursuant to any Bankruptcy Law, Trustor hereby
presently, absolutely, and irrevocably grants and assigns to Beneficiary the
sole and exclusive right to make or refrain from making any election available
to lessees under any Bankruptcy Law (including, without limitation, the election
available pursuant to Section 365(h) of the Bankruptcy Code, 11 U.S.C. ss.
365(h), and any successor provision), and Trustor agrees that any such election,
if made by Trustor without the prior written consent of Beneficiary (which
Beneficiary would not anticipate granting due to the importance of the Ground
Lease as security), shall be void and of no force or effect.

       5.1.9. In the event there is a termination, rejection, or disaffirmance
by any Lessor (or by any receiver, trustee, custodian, or other party that
succeeds to the rights of any Lessor) as described in Section 5.2.8 above and
Beneficiary elects to have Trustor remain in possession under any legal right
Trustor may have to occupy the Leased Land pursuant to any Ground Lease then (i)
Trustor shall remain in such possession and shall perform all acts necessary for
Trustor to retain its right to remain in such possession, whether such acts are
required under the then existing terms and provisions of the Ground Lease or
otherwise, (ii) all of the terms and provisions of this Deed of Trust and the
Lien created hereby shall remain in full force

                                       25
<PAGE>

and effect and shall be extended automatically to such possession, occupancy,
and interest of the Trustor, to all rights of Trustor to such possession,
occupancy, and interest, and to all of Trustor's rights and remedies against the
Lessor under the Bankruptcy Laws, and (iii) Trustor hereby agrees with
Beneficiary that if Trustor shall seek to offset against the rent reserved in
the Ground Lease any damages or other amounts pursuant to any right of offset
available to lessees under any Bankruptcy Laws for any damages sustained by
reason of the failure by the applicable Lessors to perform their obligations,
then not less than 30 days prior to effecting any such offset, Trustor shall
give written notice to Beneficiary of the amount of the proposed offset and the
basis therefor, and if Beneficiary objects, within 30 days after receipt of such
notice, to the offset on the basis that it may constitute a breach of the Ground
Lease, then Trustor shall not effect the offset of any amounts so objected to by
Beneficiary and Trustor agrees that any such election, if made by Trustor
without the prior written consent of Beneficiary, shall be void and of no force
or effect.

       5.1.10. Trustor shall use its commercially reasonable efforts (not
including the payment of any money or other consideration to any third party) to
obtain from time to time, promptly after request by Beneficiary, from the
Lessor(s) and deliver to Beneficiary, at no cost to Beneficiary, a lessor's
estoppel certificate thereunder in such form as may reasonably be requested by
Beneficiary. Notwithstanding the foregoing, Trustor's failure to obtain an
estoppel certificate from any Lessor shall not be deemed an Event of Default
hereunder provided Trustor has used its commercially reasonable efforts (as
modified above).

       5.1.11. If at any time Trustor fails to comply in any material respect
with any of Trustor's obligations under any Ground Lease and the Lessor
thereunder notifies Beneficiary thereof, then Beneficiary or Trustee may, but
without obligation to do so and after providing reasonable notice to Trustor
(provided that no notice shall be required in the event of an emergency or if
the Ground Lease is in danger of being terminated) and without releasing Trustor
from any obligation hereunder or removing or waiving any default or Event of
Default hereunder, perform on behalf of Trustor any such obligations, and any
and all costs and expenses (including, without limitation, attorneys' fees)
incurred by Beneficiary or Trustee in connection therewith shall be repayable
upon demand by Trustor, with interest thereon at the Default Rate, and shall be
secured hereby; provided that the foregoing shall not be construed to require
Beneficiary or Trustee to incur any expense or take any action with respect to
Trustor's failure to comply with any of Trustor' s obligations under any Ground
Lease.

       5.1.12. Trustor, promptly upon receiving written notice of a breach by
any Lessor (or by any receiver, trustee, custodian, or other party that succeeds
the rights of such Lessor) or of any inability of any Lessor to perform the
terms and provisions of any Ground Lease (including, without limitation, by
reason of a termination, rejection, or disaffirmance by such Lessor pursuant to
any Bankruptcy Laws), which would materially impair the value of any Ground
Lease or materially and adversely affect the operation and/or use of the Trust
Estate, will notify Benefi-

                                       26
<PAGE>

ciary in writing of any such breach or inability. Trustor hereby assigns to
Beneficiary the proceeds of any claims that Trustor may have against such Lessor
for any such breach or inability by such Lessor. So long as no Event of Default
has occurred and is continuing, Trustor shall have the sole right to proceed
against such Lessor on Trustor's and Beneficiary's behalf and to receive and
retain all proceeds of such claims except as otherwise provided in the
Indenture; during the continuance of an Event of Default, Beneficiary shall have
the sole right to proceed against Lessor, and Trustor shall cooperate with
Beneficiary in such endeavor. Trustor shall, at its expense, diligently
prosecute any such proceedings, shall deliver to Beneficiary copies of all
papers served in connection therewith, and shall consult and cooperate with
Beneficiary and its attorneys and agents, in the carrying on and defense of any
such proceedings.

       5.1.13. Notwithstanding anything to the contrary in this Article 5, if
there is an Event of Default which remains uncured, then Beneficiary shall have
the right, but not the obligation, to conduct and control, through counsel of
Beneficiary's choosing, all litigation and other proceedings under the
Bankruptcy Laws relating to the Lessor; and any expenses incurred by Beneficiary
in such litigation and proceedings will be additional indebtedness of Trustor
secured by this Deed of Trust, will bear interest at the Default Rate and will
be payable by Trustor upon demand. No settlement of any such proceeding shall be
made by Trustor without Beneficiary's prior written consent.

       5.1.14. In addition to any and all other assignments contained in this
Deed of Trust, Trustor hereby absolutely, presently and unconditionally assigns,
transfers, and sets over to Beneficiary all of Trustor's claims and rights to
the payment of damages, and any other remedies available to Trustor, arising
from any rejection of any Ground Lease by the Lessor thereunder pursuant to any
Bankruptcy Law. This assignment constitutes a present, absolute, irrevocable,
and unconditional assignment of the foregoing claims, rights and remedies, and
shall continue in effect until all the indebtedness and obligations secured by
this Deed of Trust shall have been satisfied and discharged in full.

                                   ARTICLE 6.

                               NEGATIVE COVENANTS

       Trustor hereby covenants to and agrees with Beneficiary as follows:

       SECTION 6.2. RESTRICTIVE USES. Trustor covenants not to suffer any Liens
against the Trust Estate (other than Permitted Liens).

       SECTION 6.3. TRANSFERABILITY. Trustor shall not make any Asset Sale
unless the proceeds of such Asset Sale are applied as required by Section 4.10
of the Indenture. Except as set forth in the Indenture, Trustor shall not sell,
assign, pledge, encumber, convey, hypothecate or otherwise transfer any direct
or indirect interest in

                                       27
<PAGE>

Trustor (or permit any of the foregoing), either voluntarily or involuntarily,
by operation of law or otherwise.

       SECTION 6.4. NO COOPERATIVE OR CONDOMINIUM. Trustor shall not operate or
permit the Property to be operated as a cooperative or condominium building or
buildings in which the tenants or occupants participate in the ownership,
control or management of the Property or any part thereof, as tenant
stockholders or otherwise.

                                   ARTICLE 7.

                           CASUALTIES AND CONDEMNATION

       SECTION 7.5. CASUALTIES.

       7.5.1. Trustor will notify Beneficiary in writing promptly after loss or
damage caused by fire, wind or other casualty to the Property (a) that is in
excess of $20,000, or (b) that would individually, or in the aggregate, have a
material adverse effect on the value of the Improvements or Property or
materially and adversely affect Trustor's use or operation of the Improvements
or Property ("Casualty").

       7.5.2. Any and all Net Proceeds from Insurance Policies shall be treated
in accordance with Section 4.10 of the Indenture and shall be released to
Trustor or applied to the discharge of the Secured Obligations as set forth in
the Indenture.

       7.5.3. If Trustor elects to apply Net Proceeds of insurance to
restoration, Trustor agrees promptly and without delay (a) to enter into, and
deliver to Beneficiary a certified copy of, one or more architect and building
contracts providing for the restoration and reconstruction of the Property to as
good or better condition as existed prior to the Casualty and (b) to begin to
restore and reconstruct the Property and, thereafter, to proceed diligently
therewith in accordance with plans, specifications, architectural standards and
design reasonably determined by Trustor.

       7.5.4. Notwithstanding anything to the contrary contained herein, in the
event of any uninsured Casualty, Trustor shall promptly within a reasonable
time, at its sole cost and expense, restore and reconstruct the Property to as
good or better condition as existed prior to the Casualty. Trustor shall have
the sole right to settle any and all losses and claims unless an Event of
Default then exists.

       SECTION 7.6. CONDEMNATION. Trustor, immediately upon obtaining knowledge
of the institution of any proceedings for the condemnation of the entire
Property or any material portion thereof, will notify Trustee and Beneficiary of
the pendency of such proceedings. Trustee and Beneficiary may participate in any
such proceedings and Trustor from time to time will deliver to Beneficiary all
instruments

                                       28
<PAGE>

requested by Beneficiary to permit such participation; provided, however, that
Trustor shall have the sole right to participate in and settle any and all such
proceedings unless an Event of Default then exists. In any such condemnation
proceedings Beneficiary may be represented by counsel selected by Beneficiary at
the sole cost and expense of Trustor. Trustor shall cause the Net Proceeds of
any award or compensation or payment in lieu or settlement thereof, to be
applied as set forth in Section 4.10 of the Indenture.

                                   ARTICLE 8.

                           REMEDIES OF BENEFICIARY

       SECTION 8.7. EVENT OF DEFAULT. Subject to any applicable cure period
provided for in the Indenture or in this Deed of Trust, any of the following
shall be deemed to be an "Event of Default" hereunder if not cured within such
applicable cure period:

       8.7.1. The occurrence of one or more "Events of Default" (as defined in
Section 6.1 of the Indenture) shall constitute an Event of Default under this
Deed of Trust (including, without limitation, by reason of any cross-default
provision in Section 6.1 of the Indenture).

       8.7.2. Failure of Trustor to perform any of the terms, covenants and
conditions in this Deed of Trust or in that certain Agreement Regarding Ground
Leases, dated as of the date hereof, by and between Trustor and Beneficiary;
provided, however, it shall not be an Event of Default hereunder if such failure
is curable, Trustor commences to cure such failure within thirty (30) days of
notice from Beneficiary, and Trustor diligently prosecutes such cure to
completion within sixty (60) days after notice of such failure, but in no event
beyond the maturity date of the Notes; and provided that, with respect to the
environmental covenants contained in Section 11.2 hereof, no Event of Default
shall be deemed to have occurred unless any such covenant is breached in any
material respect.

       8.7.3. Any statement, representation or warranty given by Trustor to
Trustee or Beneficiary in any of the Security Documents, in connection with the
Indenture or in any other document provided by Trustor, including this Deed of
Trust, is found to be materially false or misleading and such statement,
representation or warranty continues to be materially false or misleading within
sixty (60) days after notice from Beneficiary of such statement, representation
or warranty was made, but in no event beyond the maturity date of the Notes.

       8.7.4. Any transfer of the Property or any portion thereof in violation
of Section 6.2 hereof.

                                       29
<PAGE>

       SECTION 8.8. REMEDIES. At any time after and during the continuance of an
Event of Default, subject to any restrictions contained in any Intercreditor
Agreement and subject to compliance with Applicable Gaming Laws, Beneficiary
may:

       8.8.1. In person, by agent, or by a receiver, and without regard to the
adequacy of security, the solvency of Trustor or any other matter, (i) enter
upon and take possession of the Property, or any part thereof, in its own name
or in the name of Trustee, (ii) inspect the Property for the purpose of
determining the existence, location, nature and magnitude of any past or present
release of Hazardous Materials into, onto, beneath or from the Property, (iii)
negotiate with Governmental Authorities with respect to compliance with
Environmental Laws and remedial measures, (iv) take any action necessary to
ensure compliance with Environmental Laws, including, but not limited to,
spending Rents in connection with any cleanup, remediation or other response
action with respect to Hazardous Materials or (v) sue for or otherwise collect
the Rents, issues and profits thereof and apply the same, less costs and
expenses of operation and collection, including reasonable attorneys' fees
actually incurred, to the Secured Obligations, all in such order as Beneficiary
may determine. The entering upon and taking possession of said Property, the
collection of such Rents, issues and profits and the application thereof as
aforesaid shall not cure or waive any default or notice of default hereunder or
invalidate any act done pursuant to such notice, or deprive Beneficiary of the
benefits of any indemnity set forth herein;

       8.8.2. Commence an action to foreclose this Deed of Trust in the manner
provided by Applicable Laws for the foreclosure of mortgages or deeds of trust
of real property;

       8.8.3. Seek a judgment that Trustor has breached its covenants,
representations and/or warranties set forth in this Deed of Trust, or any other
Security Document regarding Environmental Laws and/or Hazardous Materials, by
commencing, maintaining and concluding, and enforcing a judgment arising from,
an action for breach of contract, without regard to whether Beneficiary has
commenced an action to foreclose this Deed of Trust, and to seek injunctive or
other appropriate equitable relief and/or the recovery of any and all
Environmental Damages, it being conclusively presumed between Trustor and
Beneficiary that any reasonable costs advanced or expenses actually incurred by
Beneficiary relating to the cleanup, remediation or other response action with
respect to the Property were made or incurred by Beneficiary in good faith;

       8.8.4. Intentionally Deleted.

       8.8.5. If the Secured Obligations become or are declared immediately due
and payable pursuant to Section 6.2 of the Indenture and Trustor fails to make
such payment as and when due, then Beneficiary may waive its Liens against any
parcel of the Property or all or any portion of the Fixtures or Personalty
attached to the Property, to the extent such property is determined to be
environmentally impaired, and to exercise any and all rights of an unsecured
creditor against Trustor and all of Trustor's assets for the

                                       30
<PAGE>

recovery of any deficiency, including, but not limited to, seeking an attachment
order. TRUSTOR ACKNOWLEDGES AND AGREES THAT NOTWITHSTANDING ANYTHING TO THE
CONTRARY, EXPRESS OR IMPLIED, IN THIS DEED OF TRUST OR IN ANY OF THE OTHER
SECURITY DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY NONRECOURSE OR
EXCULPATORY LANGUAGE, IF ANY), TRUSTOR SHALL BE PERSONALLY LIABLE FOR ANY
RECOVERY DESCRIBED IN THIS PARAGRAPH 8.2.5. AND SUCH LIABILITY SHALL NOT BE
LIMITED TO THE AMOUNT OF THE NOTES;

       8.8.6. With respect to any Personalty, proceed as to both the real and
personal property in accordance with Beneficiary's rights and remedies in
respect of the Property, or proceed to sell said Personalty separately and
without regard to the Property in accordance with Beneficiary's rights and
remedies; and/or

       8.8.7. Pursue any and all other remedies it may have, at law or in
equity, or under any other document or instrument, except as otherwise provided
in the Indenture.

       SECTION 8.9. POWER OF SALE. Should Beneficiary elect to foreclose by
exercise of the power of sale herein contained, Beneficiary shall notify Trustee
and shall deposit with Trustee this Deed of Trust and such receipts and evidence
of expenditures made and secured hereby as Trustee may require.

       8.9.1. Upon receipt of such notice from Beneficiary, Trustee shall cause
to be recorded, published and delivered to Trustor notices of default and sale
to be given in accordance with the provisions of Applicable Laws, including NRS
Chapter 107. Trustee shall, without demand on Trustor, after lapse of such time
as may then be required by Applicable Laws and after recordation of such notice
of default and after notice of sale having been given as required by law, sell
the Trust Estate at the time and place of sale fixed by it in said notice of
sale, either as a whole, or in separate lots or parcels or items as Trustee
shall deem expedient, and in such order as it may determine, at public auction
to the highest bidder for cash in lawful money of the United States payable at
the time of sale. Trustee shall deliver to such purchaser or purchasers thereof
its good and sufficient deed or deeds conveying the property so sold, but
without any covenant or warranty, express or implied. The recitals in such deed
of any matters or facts shall be conclusive proof of the truthfulness thereof.
Any Person, including, without limitation, Trustor or Beneficiary, may purchase
at such sale and Trustor hereby covenants to warrant and defend the title of
such purchaser or purchasers against the claims of all Persons, including,
without limitation, those Persons claiming by, through or under Trustor. If
allowed by Applicable Law, Beneficiary, if it is the purchaser, may apply the
amount of the Secured Obligations then due and payable toward payment of the
purchase price. Trustor hereby waives its right, if any, to require that the
Property be sold as separate tracts or units in the event of foreclosure.

                                       31
<PAGE>

       8.9.2. Trustee, upon such sale, shall make (without any covenant or
warranty, express or implied), execute and, after due payment made, deliver to
purchaser or purchasers, or his or their heirs or assigns, a deed or deeds, or
other record or records of interest, as the case may be, in and to the Trust
Estate so sold that shall convey to the purchaser all the title and interest of
Trustor in the Trust Estate (or the portion thereof sold), and after deducting
all costs, fees and expenses of Trustee and of this Deed of Trust, including
costs of evidence of title in connection with sale, shall apply the proceeds of
sale to payment of (i) all sums expended under the terms hereof, not then
repaid, with accrued interest at the Default Rate and (ii) all other sums then
secured hereby and the remainder, if any, to the Person or Persons legally
entitled thereto.

       8.9.3. Trustee may postpone sale of all or any portion of the Trust
Estate by public announcement at such time and place of sale, or as otherwise
permitted by Applicable Laws, and from time to time thereafter may postpone such
sale by public announcement at the time fixed by the preceding postponement or
subsequently noticed sale, and without further notice make such sale at the time
fixed by the last postponement, or may, in its discretion, give a new notice of
sale. Beneficiary may rescind any notice of default at any time before Trustee's
sale by executing a notice of rescission and recording the same. The recordation
of such notice of rescission shall constitute a cancellation of any prior
declaration of default and demand for sale. The exercise by Beneficiary of the
right of rescission shall not constitute a waiver of any default then existing
or subsequently occurring, or impair the right of Beneficiary to execute other
declarations of default and demand for sale, or notices of default and of
election to cause the Property to be sold nor otherwise affect the Security
Documents or this Deed of Trust, or any of the rights, obligations or remedies
of Beneficiary or Trustee hereunder.

       SECTION 8.10. PROOF OF DEFAULT. In the event of a sale of the Property,
or any part thereof, and the execution of a deed or deeds therefor, the recital
therein of default, and of recording notice of breach and election of sale, and
of the elapsing of the required time (if any) between the foregoing recording
and the following notice, and of the giving of notice of sale, and of a demand
by Beneficiary, or its successors or assigns, that such sale should be made, to
the extent permitted by Applicable Laws, as between Trustor and any purchaser at
such sale shall be conclusive proof of such default, recording, election,
elapsing of time, and of the due giving of such notice, and that the sale was
regularly and validly made on due and proper demand by Beneficiary, its
successors or assigns; and any such deed or deeds with such recitals therein
shall be effectual and conclusive as to any such purchaser against Trustor, its
successors and assigns, and all other Persons; and the receipt for the purchase
money recited or contained in any deed executed to the purchaser as aforesaid
shall be sufficient discharge to such purchaser from all obligations to see to
the proper application of the purchase money.

       SECTION 8.11. PROTECTION OF SECURITY. If an Event of Default shall have
occurred and be continuing, then upon at least 15 days prior written notice to
Trustor and without releasing Trustor from any obligations or defaults
hereunder, Beneficiary or Trustee shall have the right, but not the obligation,
to: (i) make payment or otherwise

                                       32
<PAGE>

perform such obligations of Trustor upon which such Event of Default is based in
such manner and to such extent as either may reasonably deem necessary to
protect the security hereof, Beneficiary and Trustee being authorized to enter
upon the Property for such purpose; (ii) appear in and defend any action or
proceeding purporting to affect, in any manner whatsoever, the Secured
Obligations, the security hereof or the rights or powers of Beneficiary or
Trustee; (iii) pay, purchase or compromise any encumbrance, charge or lien
(other than Permitted Liens); (iv) advance any and all costs and expenses
reasonably necessary to cure or pay Environmental Damages or otherwise to comply
with Environmental Laws; and (v) in exercising any such powers, pay necessary
expenses, employ counsel and pay attorneys' fees. Trustor hereby agrees to repay
within thirty (30) days after receipt of written demand all reasonable sums
actually expended by Trustee or Beneficiary pursuant to this Section 8.5. with
interest at the Default Rate from the date of expenditure by Beneficiary, and
such sums, with interest, shall be secured hereby.

       SECTION 8.12. RECEIVER. If an Event of Default shall have occurred and be
continuing, Beneficiary, as a matter of strict right and without regard to the
then value of the Property, shall have the right to apply to any court having
jurisdiction to appoint a Receiver or Receivers of the Property, subject to
Applicable Gaming Laws. Any such Receiver or Receivers shall have all the powers
and duties of receivers under Applicable Laws in like or similar cases and all
the powers and duties of Beneficiary in case of entry as provided in this Deed
of Trust, and shall continue as such and exercise all such powers until the date
of confirmation of sale, unless such receivership is sooner terminated.

       SECTION 8.13. CURING OF DEFAULTS.

       8.13.1. If Trustor shall at any time fail to perform or comply with any
of the terms, covenants and conditions required on Trustor's part to be
performed and complied with under this Deed of Trust or any other Security
Document relating to the Trust Estate (after the lapse of any cure period
provided therein), then Beneficiary shall have the right, but not the
obligation, upon the occurrence and during the continuance of an Event of
Default, without waiving or releasing any of the Secured Obligations, to:

              8.13.1.1. make any payments thereunder payable by Trustor and take
out, pay for and maintain any of the insurance policies provided for therein,
and/or

              8.13.1.2. after the expiration of any applicable grace period and
subject to Trustor's rights to contest certain obligations specifically granted
hereby, perform any such other acts thereunder on the part of Trustor to be
performed and enter upon the Property and incur reasonable attorneys' fees and
expenses for such purpose.

       8.13.2. The making by Beneficiary of such payment out of Beneficiary's
own funds shall not, however, be deemed to cure such default by Trustor, and the
same shall not be so cured unless and until Trustor shall have reimbursed
Beneficiary within the applicable cure period for such payment including
interest at the Default Rate from the date of such expenditure. All sums so paid
and all reasonable costs and expenses

                                       33
<PAGE>

actually incurred and paid by Beneficiary in connection with the performance of
any such act, together with interest on unpaid balances thereof at the Default
Rate from the respective dates of Beneficiary's making of each such payment,
shall be secured by the lien of this Deed of Trust, prior to any right, title or
interest in or claim upon the Property attaching or accruing subsequent to the
lien of this Deed of Trust, and shall be payable by Trustor to Beneficiary
within thirty (30) days after receipt of written demand.

       SECTION 8.14. REMEDIES CUMULATIVE. All remedies of Beneficiary provided
for herein are cumulative and shall be in addition to any and all other rights
and remedies provided in the other Security Documents or provided by Applicable
Law, including any banker's lien and right of offset. The exercise of any right
or remedy by Beneficiary hereunder shall not in any way constitute a cure or
waiver of default hereunder or under the Security Documents, or invalidate any
act done pursuant to any notice of default, or prejudice Beneficiary in the
exercise of any of its rights hereunder or under the Security Documents unless,
in the exercise of said rights, all Secured Obligations are fully discharged.

                                   ARTICLE 9.

                                 FIXTURE FILING

       SECTION 9.15. FIXTURE FILING.

       9.15.1. This Deed of Trust shall be effective as a Financing Statement
filed as a fixture filing from the date of the recording hereof in accordance
with NRS Section 104.9402. In connection therewith, the addresses of Trustor as
debtor ("Debtor") and Beneficiary as secured party ("Secured Party") are set
forth on Schedule 13.9. The address of Beneficiary, as the Secured Party, is
also the address from which information concerning the security interest may be
obtained by any interested party.

              9.15.1.1. The property subject to this fixture filing is described
in Granting Clause Six.

              9.15.1.2. Portions of the property subject to this fixture filing
as identified in Section 9.1.1.1. above are or are to become fixtures related to
the real estate described on Exhibit A, Exhibit B-2, and Exhibit C-2 to this
Deed of Trust.

              9.15.1.3.

              Secured Party is: The Bank of New York, as Collateral Agent.

              9.15.1.4.

              Debtor is: Barden Nevada Gaming, LLC, a Nevada limited liability
              company

              9.15.1.5.

              The record owner or lessee of the Property is:

                                       34
<PAGE>

              Barden Nevada Gaming, LLC, a Nevada limited liability company

       9.15.2. In the event Trustor shall fail, beyond any applicable notice and
grace periods, to make any payment or perform any covenant related to any
security interest in favor of any Person other than Beneficiary, Beneficiary
may, at its option, within 15 days after notice to Trustor or if Beneficiary's
immediate action is reasonably necessary to protect the lien hereof or its
security for the Secured Obligations, at any time without prior notice to
Trustor, pay the amount secured by such security interest, and the amount so
paid shall be (i) secured by this Deed of Trust and shall be a lien on the
Property enjoying the same priorities vis-a-vis the estates and interests
encumbered hereby as this Deed of Trust, (ii) added to the amount of the Secured
Obligations, and (iii) payable within 30 days after receipt of written demand
with interest at the Default Rate from the time of such payment; or, upon and
during the continuance of an Event of Default, Beneficiary shall have the
privilege of acquiring by assignment from the holder of such security interest
any and all contract rights, accounts receivable, chattel paper, negotiable or
non-negotiable instruments and other evidence of Trustor's indebtedness secured
by such fixtures, and, upon acquiring such interest by assignment, shall have
the right to enforce the security interest as assignee thereof, in accordance
with the terms and provisions of Applicable Laws.

                                       35
<PAGE>

                                   ARTICLE 10.

                               ASSIGNMENT OF RENTS

       SECTION 10.16. Assignment of Rents. Subject to Section 10.2. and to
Applicable Gaming Laws, Trustor hereby absolutely and unconditionally assigns
and transfers to Beneficiary all of the Rents, whether now due, past due or to
become due, and hereby gives to and confers upon Beneficiary the right, power
and authority to collect such Rents and apply the same to the Secured
Obligations secured hereby. Trustor irrevocably appoints Beneficiary its true
and lawful attorney, at the option of Beneficiary at any time while an Event of
Default exists, to demand, receive and enforce payment, to give receipts,
releases and satisfactions, and to sue, either in the name of Trustor or in the
name of Beneficiary, for all such Rents and apply the same to the Secured
Obligations secured hereby. It is hereby recognized that the power of attorney
herein granted is coupled with an interest and shall not be revocable. It is
understood and agreed that neither the foregoing assignment of Rents to
Beneficiary nor the exercise by Beneficiary or any of its rights or remedies
under this Deed of Trust shall be deemed to make Beneficiary a
"mortgagee-in-possession" or otherwise responsible or liable in any manner with
respect to the Property or the use, occupancy, enjoyment or operation of all or
any portion thereof, unless and until Beneficiary, in person or by its own
agent, assumes actual possession thereof, nor shall appointment of a Receiver
for the Property by any court at the request of Beneficiary or by agreement with
Trustor or the entering into possession of the Property or any part thereof by
such Receiver be deemed to make Beneficiary a "mortgagee-in-possession" or
otherwise responsible or liable in any manner with respect to the Property or
the use, occupancy, enjoyment or operation of all or any portion thereof.

       SECTION 10.17. Collection of Rents. Notwithstanding anything to the
contrary contained herein, so long as no Event of Default shall occur and be
continuing, Trustor shall have a license, revocable upon the occurrence and
during the continuance of an Event of Default, to collect all Rents from the
Property and to retain, use and enjoy the same and to otherwise exercise all
rights with respect thereto, subject to the terms hereof. Upon the occurrence
and during the continuance of an Event of Default, the license hereinabove
granted to Trustor shall, without the requirement of the giving of notice or
taking of any action by any party, be revoked, and Beneficiary shall have the
complete right and authority to exercise and enforce any and all of its rights
and remedies provided herein or by Applicable Laws.

                                   ARTICLE 11.

                              ENVIRONMENTAL MATTERS

                                       36
<PAGE>

       SECTION 11.18. Representations and Warranties. Except as specifically
disclosed in Schedule 11.1, Trustor represents and warrants as of the date
hereof as follows:

       11.18.1. Trustor (i) has obtained all material permits, licenses and
other authorizations that are required with respect to the operation of its
business, property and assets under the Environmental Laws and is in substantial
compliance with all terms and conditions thereof, and (ii) is in substantial
compliance with all Environmental Laws (including, without limitation,
compliance with standards, schedules and timetables therein);

       11.18.2. No portion of the Trust Estate is listed or proposed for listing
on the National Priorities List or the Comprehensive Environmental Response,
Compensation, and Liability Information System, both promulgated under the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended ("CERCLA"), or on any other state or local list established pursuant to
any Environmental Law, and Trustor has not received any notification of
potential or actual liability or request for information under CERCLA or any
comparable state or local law;

       11.18.3. To the knowledge of the Company, no underground storage tank or
other underground storage receptacle, or related piping, is located on the
Property;

       11.18.4. To the knowledge of the Company, there have been no releases
(i.e., any past or present releasing, spilling, leaking, pumping, pouring,
emitting, emptying, discharging, injecting, escaping, leaching, disposing or
dumping, on-site or, to the knowledge of the Trustor after due inquiry,
off-site) of Hazardous Materials at, on, under, from or into the Property;

       11.18.5. There is no written, or to the knowledge of the Company, oral
Environmental Claim pending or, to the knowledge of the Company, threatened
against any of them, and to the knowledge of the Company, neither Trustor nor
any person or entity whose liability Trustor has retained or assumed either
contractually or by operation of law has any liability, absolute or contingent,
under any Environmental Law; and

       11.18.6. To the knowledge of the Company, there are no events,
activities, practices, incidents or actions or conditions, circumstances or
plans that may interfere with or prevent compliance by Trustor with any
Environmental Law, or that may give rise to any Environmental Claim or liability
under any Environmental Laws.

       11.18.7. Trustor has not received any communication (written or, to the
knowledge of the Company, oral), whether from a governmental authority, citizens
group, employee or otherwise, that alleges that Trustor or the Property is not
in substantial compliance with any Environmental Law, and there are no known
circumstances that may prevent or interfere with such substantial compliance in
the future.

                                       37
<PAGE>

       11.18.8. Trustor has provided or made available to the Issuers all
assessments, reports, data, results of investigations or audits, and other
information that is in the possession of or reasonably available to Trustor
regarding environmental matters pertaining to, or the environmental condition
of, the Land and the business of Trustor, or the compliance (or noncompliance)
of the Land and Trustor with any Environmental Laws.

       11.18.9. Trustor is not required by virtue of the transactions set forth
herein and contemplated hereby, or as a condition to the effectiveness of any
transactions contemplated hereby, (i) to perform a site assessment for Hazardous
Materials, (ii) to remove or remediate Hazardous Materials, (iii) to give notice
to or receive approval from any Governmental Authority under Environmental Laws,
or (iv) to record or deliver to any person or entity any disclosure document or
statement pertaining to environmental matters.

       11.18.10. The above representations and warranties contained in this
Section 11.1 shall survive the termination, release and/or reconveyance of this
Deed of Trust and the discharge of Trustor's other obligations hereunder.

       SECTION 11.19. Environmental Covenants. Trustor shall at all times comply
with the following requirements; provided, however, that in connection with the
non-compliance with any of the provisions contained in Sections 11.2.1 through
11.2.4, inclusive, no breach shall be deemed to have occurred if Trustor
complies with the requirements of Section 11.2.5 with respect thereto:

       11.19.1. Trustor shall not cause or permit any Hazardous Material to be
brought upon, treated, kept, stored, disposed of, discharged, released,
produced, manufactured, generated, refined or used upon, within or beneath the
Property or any portion thereof by Trustor, its agents, employees, contractors,
or invitees, or any other Person, except in compliance with all Environmental
Laws and only in the course of such Person's legitimate business operations at
the Property (which shall not include any business for treatment, storage,
disposal, discharge, release, production, manufacture, generation, refinement or
use of Hazardous Materials).

       11.19.2. Trustor shall not cause or permit the existence or the
commission by Trustor, its agents, employees, contractors or invitees, or by any
other Person of a violation of any Environmental Laws upon, within or beneath
the Property or any portion thereof.

       11.19.3. Trustor shall not dispose of, discharge or release or cause or
permit the disposal, discharge or release of any Hazardous Materials from the
Property into any Public Waters in violation of any Environmental Laws.

       11.19.4. Trustor shall not create or suffer to exist with respect to the
Property or permit any of its agents to create or suffer to exist any
environmental lien,

                                       38
<PAGE>

security interest or other charge or encumbrance of any kind (other than a
Permitted Lien) arising under any Environmental Law.

       11.19.5. Trustor shall, at its sole cost and expense, promptly take any
and all actions required by any federal, state or local governmental agency or
political subdivision (as hereinafter provided) to mitigate Environmental
Damages, which requirements or necessity arise from the presence upon, about or
beneath the Property, of Hazardous Materials or a violation of Environmental Law
or the disposal, discharge or release of Hazardous Materials from the Property
("Environmental Action"). Such actions shall include, but not be limited to, the
investigation of the environmental condition of the Property, the preparation of
any feasibility studies, reports or remedial plans, and the performance of any
cleanup, remediation, containment, operation, maintenance, monitoring or
restoration work, whether on or off of the Property. Trustor shall take all
actions as are reasonably necessary under Environmental Laws to allow
unrestricted activities and operations on the Property. Trustor shall proceed
diligently with such investigatory and remedial actions, and in all cases such
actions shall be in accordance with Applicable Laws. Any such actions shall be
performed in a good, safe and workmanlike manner and shall minimize any impact
on the business conducted at the Property. Trustor shall pay all Environmental
Damages in connection with such investigatory and remedial activities,
including, but not limited to, all power and utility costs, and any and all
taxes or fees that may be applicable to such activities. Trustor shall promptly
provide to Beneficiary copies of testing results and reports that are generated
in connection with the above activities. Promptly upon completion of such
investigation and remediation, Trustor shall permanently seal or cap all
monitoring wells and test holes to industrial standards in compliance with
Applicable Laws and regulations, remove all associated equipment, and restore
the Property to the extent reasonably possible, which shall include, without
limitation, the repair of any surface damage, including paving, caused by such
investigation or remediation hereunder. Upon reasonable notice and at reasonable
times (except in cases of emergency or imminent threat of harm to human health
or the environment), the Indemnitees (as defined in Section 11.2.7 of this Deed
of Trust) shall have the right but not the obligation to enter upon the Property
to assess any and all aspects of the environmental condition of the Property and
its use, including conducting environmental assessments, audit and sampling
(including, but not limited to soil and groundwater sampling if Trustor has a
reasonable belief that such soil or groundwater may be contaminated) not more
than once a year, except where Trustor has a reasonable belief that a release of
Hazardous Materials or a violation of Environmental Laws has occurred or is
likely to occur, all at the expense of Trustor. Trustor and Trustee shall
cooperate in choosing Consultants to conduct such work and Trustor shall provide
access to the Indemnities and their agents, representatives, consultants and
employees (together, the "Indemnitees" for purposes of this Section 11.2.5) in
connection with such investigations. In the event that Trustor fails to fulfill
its obligations under this Deed of Trust relating to environmental matters,
including this Section 11.2.5, following the expiration of 30 days written
notice by Beneficiary of its intent to invoke its rights under this section,
unless Beneficiary has a reasonable belief that a more immediate response is
required under Environmental Laws, Beneficiary shall have the right to undertake

                                       39
<PAGE>

any action necessary or prudent under Environmental Laws, and shall have the
right to pursue any and all legal theories and remedies provided by law or
contract to enforce the covenants in this Section 11.2 and the other provisions
of this Article 11. Nothing in this Deed of Trust shall be deemed to create, or
construed as creating, any liability of the Indemnitees under Environmental Laws
for environmental conditions relating to the Property.

       11.19.6. If Trustor shall become aware of or receive notice or other
communication concerning any actual, alleged, suspected or threatened violation
of any Environmental Law, or Environmental Claim or liability of Trustor for
Environmental Damages in connection with the Property or past or present
activities of any Person thereon, including, but not limited to, notice or other
communication concerning any actual or threatened investigation, inquiry,
lawsuit, claim, citation, directive, summons, proceedings, complaint, notice,
order, writ or injunction, relating to same, then Trustor shall deliver to
Beneficiary, within seven (7) days of the receipt of such notice or
communication by Trustor, a written description of said violation, liability, or
actual or threatened event or condition, together with copies of any documents
evidencing same. Receipt of such notice shall not be deemed to create any
obligation on the part of Beneficiary to defend or otherwise respond to any such
notification.

       11.19.7. Trustor agrees to indemnify, reimburse, defend, exonerate, pay
and hold harmless Beneficiary, its successors and assigns, the Holders, and
their respective directors, officers, shareholders, employees, agents,
contractors, subcontractors, experts, licensees, affiliates, lessees, trustees,
and invitees (collectively, the "Indemnitees") from and against any and all
Environmental Claims and Environmental Damages arising in any manner whatsoever
out of Environmental Laws pertaining to the Trustor's operations and activities
and the Land and the activities thereon, whether foreseeable or unforeseeable,
and regardless of when such Environmental Claims arose and Environmental Damages
occurred, except to the extent directly caused by the gross negligence or
willful misconduct of Indemnitees. The indemnity obligations of Trustor
contained in this Section 11.2.7. shall survive the termination, release and/or
reconveyance of this Deed of Trust and the discharge of Trustor's other
obligations hereunder.

                                   ARTICLE 12.

                                     RELEASE

       SECTION 12.1. RELEASE. In the event that Trustor is released and
discharged from all of the Secured Obligations pursuant to Section 10.14 of the
Indenture, Beneficiary hereby agrees to reconvey, without warranty, the lien of
this Deed of Trust.

                                   ARTICLE 13.

                                  MISCELLANEOUS

                                       40
<PAGE>

       SECTION 13.1. BENEFICIARY'S EXPENSES, INCLUDING ATTORNEY'S FEES.
Regardless of the occurrence of a Default or Event of Default, Trustor agrees to
pay to Beneficiary any and all advances, charges, costs and expenses, including,
without limitation, the reasonable fees and expenses of counsel and any experts
or agents, that Beneficiary may reasonably incur in connection with (i) the
administration of this Deed of Trust, including any amendment thereto or any
workout or restructuring, (ii) the creation, perfection or continuation of the
Lien of this Deed of Trust or protection of its priority or the Trust Estate,
including the discharging of any prior or junior Lien or adverse claim against
the Trust Estate or any part thereof that is not permitted hereby or by the
Indenture, (iii) the custody, preservation or sale of, collection from, or other
realization upon, any of the Trust Estate, (iv) the exercise or enforcement of
any of the rights, powers or remedies of Beneficiary under this Deed of Trust or
under Applicable Laws (including attorneys' fees and expenses incurred by
Beneficiary in connection with the operation, maintenance or foreclosure of the
Lien of this Deed of Trust) or any bankruptcy proceeding or (v) the failure by
Trustor to perform or observe any of the provisions hereof. All such amounts and
all other amounts payable hereunder shall be payable on demand, together with
interest at the Default Rate.

       SECTION 13.2. INDEMNITY. Trustor hereby agrees to indemnify and hold
harmless the Indemnitees against (i) any and all transfer taxes, documentary
taxes, assessments or charges made by any Governmental Authority by reason of
the execution and delivery of this Deed of Trust and the other Security
Documents, and (ii) any and all claims, actions, liabilities, costs and expenses
of any kind or nature whatsoever (including reasonable fees and disbursements of
counsel) that may be imposed on, incurred by, or asserted against any of them,
in any way relating to or arising out of this Deed of Trust or any action taken
or omitted by them hereunder, except to the extent that they resulted from the
gross negligence or willful misconduct of any such Indemnitee.

       SECTION 13.3. WAIVERS; MODIFICATIONS IN WRITING. No amendment of any
provision of this Deed of Trust (including a waiver thereof or consent relating
thereto) shall be effective unless the same shall be in writing and signed by
Beneficiary and Trustor. Any waiver or consent relating to any provision of this
Deed of Trust shall be effective only in the specific instance and for the
specific purpose for which given. No notice to or demand on Trustor in any case
shall entitle Trustor to any other or further notice or demand in similar
circumstances, except as otherwise provided herein or as required by law.

       SECTION 13.4. CUMULATIVE REMEDIES; FAILURE OR DELAY. The rights and
remedies provided for under this Deed of Trust are cumulative and are not
exclusive of any rights and remedies that may be available to Beneficiary under
Applicable Laws, the other Security Documents or otherwise. No failure or delay
on the part of Beneficiary in the exercise of any power, right or remedy under
this Deed of Trust shall impair such power, right or remedy or shall operate as
a waiver thereof, nor shall any single or partial exercise of any such power,
right or remedy preclude other or further exercise of such or any other power,
right or remedy.

                                       41
<PAGE>

       SECTION 13.5. SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon and, subject to the next sentence, inure to the benefit of Trustor and
Beneficiary and their respective successors and assigns. Except as expressly
permitted under the Indenture, Trustor shall not assign or transfer any of its
rights or obligations hereunder without the prior written consent of
Beneficiary. The benefits of this Deed of Trust shall pass automatically with
any assignment of the Secured Obligations (or any portion thereof), to the
extent of such assignment.

       SECTION 13.6. INDEPENDENCE OF COVENANTS. All covenants under this Deed of
Trust shall each be given independent effect so that, if a particular action or
condition is not permitted by any such covenant, the fact that it would be
permitted by another covenant or by an exception thereto shall not avoid the
occurrence of a Default or an Event of Default if such action is taken or
condition exists.

       SECTION 13.7. CHANGE OF LAW. In the event of the passage, after the date
of this Deed of Trust, of any law changing in any way the laws now in force for
the taxation of mortgages, deeds of trust, or debts secured by mortgages or
deeds of trust (other than laws imposing taxes on income), or the manner of the
collection of any such taxes, so as to affect adversely the rights of
Beneficiary under this Deed of Trust, then an Event of Default shall be deemed
to have occurred under Section 6.1 of the Indenture; provided, however, that no
Event of Default shall be deemed to have occurred (i) if Trustor, within thirty
(30) days after the passage of such law, shall assume the payment of any tax or
other charge so imposed upon Beneficiary for the period remaining until
discharge in full of the Secured Obligations; provided, however, that such
assumption is permitted by Applicable Laws, (ii) if the adverse effect upon
Beneficiary of such tax or other charge is not material, or (iii) if and so long
as Trustor, at its expense, shall contest the amount or validity or application
of any such tax or other charge by appropriate legal proceedings promptly
initiated and conducted in good faith and with due diligence; provided that (A)
neither the Property nor any part thereof the absence of which would have a
material adverse effect on the value of the Property or would have a material
and adverse effect on Trustor's operation or use of the Property will be in
danger of being sold, forfeited, terminated, canceled, or lost as a result of
such contest and (B) Trustor shall have posted such bond or furnished such other
security as may be required by law to release such tax or charge.

       SECTION 13.8. NO WAIVER. No waiver by Beneficiary of any Default or
breach by Trustor hereunder shall be implied from any omission by Beneficiary to
take action on account of such Default if such Default persists or is repeated,
no express waiver shall affect any Default other than the Default in the waiver,
and such waiver shall be operative only for the time and to the extent therein
stated. Waivers of any covenant, term or condition contained herein shall not be
construed as a waiver of any subsequent breach of the same covenant, term or
condition. The consent or approval by Beneficiary to or of any act by Trustor
requiring further consent or approval shall not be deemed to waive or render
unnecessary the consent or approval to or of any subsequent similar act.

                                       42
<PAGE>

       SECTION 13.9. NOTICES. All notices and other communications under this
Deed of Trust shall be in writing and shall be personally delivered or sent by
prepaid courier, by overnight, registered or certified mail (postage prepaid) or
by prepaid telex, facsimile or telegram, and shall be deemed given when received
by the intended recipient thereof. Unless otherwise specified in a notice given
in accordance with the foregoing provisions of this Section 13.9, notices and
other communications shall be given to the parties hereto at their respective
addresses (or to their respective telex or facsimile numbers) indicated in
Section 11.2 of the Indenture or, in the case of the Trustee, Schedule 13.9
hereto.

       SECTION 13.10. REFERENCES TO FORECLOSURE. References hereto to
"foreclosure"' and related phrases shall be deemed references to the appropriate
procedure in connection with Trustee's private power of sale, any judicial
foreclosure proceeding, and any deed given in lieu of any such Trustee's sale or
judicial foreclosure.

       SECTION 13.11. JOINDER OF FORECLOSURE. Should Beneficiary hold any other
or additional security for the payment and performance of any Secured
Obligation, its sale or foreclosure, upon any default in such payment or
performance, in the sole discretion of Beneficiary, may be prior to, subsequent
to, or joined or otherwise contemporaneous with any sale or foreclosure
hereunder. Except as otherwise provided in the Indenture, in addition to the
rights herein specifically conferred, Beneficiary, at any time and from time to
time, may exercise any right or remedy now or hereafter given by Applicable Laws
to beneficiaries under deeds of trust generally, or to the holders of any
obligations of the kind hereby secured.

       SECTION 13.12. RIGHTS AND OBLIGATIONS OF BENEFICIARY AND TRUSTEE. At any
time or from time to time, without liability therefor and without notice, and
without releasing or otherwise affecting the liability of any Person for payment
of any Secured Obligations, Beneficiary at its sole discretion and only in
writing may subordinate the Liens or either of them, or charge hereof to the
extent not prohibited by the Indenture. Beneficiary and Trustee shall, however,
promptly upon Trustor's request from time to time, join in the following actions
(including the execution and delivery of documents) as Trustor determines are
reasonably necessary for the development, use and operation of the Trust Estate:
(i) the making of any map or plat of the Property, (ii) the granting, creating,
amending and modifying of any customary easements, covenants, conditions and
restrictions with respect to the Property and (iii) the application for and
prosecution of any development, building, use and similar permits and land use
and utility approvals and installations regarding the Property; provided,
however, that Beneficiary and Trustee shall not be required to join in or take
any such action (a) while an Event of Default exists, (b) to the extent such
action would impair the Liens of this Deed of Trust or the first priority
thereof or (c) to the extent prohibited by the Indenture. Any such request shall
be accompanied by an Officers' Certificate (as defined in the Indenture). Upon
written request of Beneficiary and surrender of this Deed of Trust to Trustee
for cancella-

                                       43
<PAGE>

tion, and upon payment to Trustee of its reasonable fees and expenses actually
incurred, Trustee shall cancel and reconvey this Deed of Trust.

       SECTION 13.13. COPIES. Trustor will promptly give to Beneficiary copies
of all notices of violations relating to the Property that Trustor receives from
any Governmental Authority.

       SECTION 13.14. SUBORDINATION. At the option of Beneficiary, this Deed of
Trust shall become subject and subordinate in whole or in part (but not with
respect to priority of entitlement to any insurance proceeds, damages, awards,
or compensation resulting from damage to the Property or condemnation or
exercise of power of eminent domain), to any and all easements, contracts of
sale and/or any and all leases of all or any part of the Property upon the
execution by Beneficiary and recording thereof in the official records of Clark
County, Nevada of a unilateral declaration to that effect. Beneficiary may
require the issuance of such title insurance endorsements to the Title Policy in
connection with any such subordination as Beneficiary, in its judgment, shall
determine are appropriate, and Trustor shall be obligated to pay any cost or
expense incurred in connection with the issuance thereof.

       SECTION 13.15. SECURITY INSTRUMENTS. Trustor covenants and agrees that if
Beneficiary at any time holds additional security for any Secured Obligations
secured hereby, it may enforce the terms thereof or otherwise realize upon the
same, at its option, either before or concurrently herewith or after a sale is
made hereunder, and may apply the proceeds upon the Secured Obligations without
affecting the status or of waiving any right to exhaust all or any other
security, including the security hereunder, and without waiving any breach or
Default or any right or power whether exercised hereunder or contained herein or
in any such other security.

       SECTION 13.16. SUITS TO PROTECT PROPERTY. Trustor covenants and agrees to
appear in and defend any action or proceeding the consequence of which, if
successful, would be that the Liens, or either of them, of this Deed of Trust
would not satisfy the requirements as to extent, perfection or priority set
forth in the Indenture; and to pay all reasonable costs and expenses actually
incurred by Trustee and Beneficiary, including cost of evidence of title and
attorneys' fees in a reasonable sum, in any such action or proceeding in which
Beneficiary and/or Trustee may appear or be made a party.

       SECTION 13.17. TRUSTOR WAIVER OF RIGHTS. Trustor waives the benefit of
all laws now existing or that hereafter may be enacted providing for (i) any
appraisement before sale of any portion of the Trust Estate, and (ii) the
benefit of all laws that may be hereafter enacted in any way extending the time
for the enforcement of the Secured Obligations or creating or extending a period
of redemption from any sale made in collecting said debt. To the full extent
Trustor may do so, Trustor agrees that Trustor will not at any time insist upon,
plead, claim or take the benefit or advantage of any law now or hereafter in
force providing for any appraisement, valuation, stay, extension or redemption,
and Trustor, for Trustor, Trustor's heirs, devisees, representatives, successors

                                       44
<PAGE>

and assigns, and for any and all Persons ever claiming any interest in the Trust
Estate, to the extent permitted by Applicable Laws, hereby waives and releases
all rights of redemption, valuation, appraisement, stay of execution, and
marshaling in the event of foreclosure of the liens hereby created. If any law
referred to in this Section 13.17. and now in force, of which Trustor, Trustor's
heirs, devisees, representatives, successors and assigns or other Person might
take advantage despite this Section 13.17, shall hereafter be repealed or cease
to be in force, such law shall not thereafter be deemed to preclude the
application of this Section 13.17. To the extent permitted by Applicable Laws,
Trustor expressly waives and relinquishes any and all rights and remedies which
Trustor may have or be able to assert by reason of the laws of the State of
Nevada pertaining to the rights and remedies of sureties.

       SECTION 13.18. CHARGES FOR STATEMENTS. Trustor agrees to pay
Beneficiary's customary charge, to the maximum amount permitted by Applicable
Laws, for any statement regarding the Secured Obligations requested by Trustor
or in its behalf.

       SECTION 13.19. COMPLETE AGREEMENT. This Deed of Trust, together with the
exhibits and schedules hereto, and the other Security Documents, is intended by
the parties as a final expression of their agreement regarding the subject
matter hereof and is intended as a complete and exclusive statement of the terms
and conditions of such agreement.

       SECTION 13.20. PAYMENTS SET ASIDE. Notwithstanding anything to the
contrary herein contained, this Deed of Trust, the Secured Obligations and the
Lien and Security Interest of this Deed of Trust shall continue to be effective
or be reinstated, as the case may be, if at any time any payment, or any part
thereof, of any or all of the Secured Obligations is rescinded, invalidated,
declared to be fraudulent or preferential or otherwise required to be restored
or returned by Beneficiary in connection with any bankruptcy, reorganization or
similar proceeding involving Trustor, any other party liable with respect to the
Secured Obligations or otherwise, if the proceeds of the Trust Estate are
required to be returned by Beneficiary under any such circumstances, or if
Beneficiary reasonably elects to return any such payment or proceeds or any part
thereof in its discretion, all as though such payment had not been made or such
proceeds not been received. Without limiting the generality of the foregoing, if
prior to any such rescission, invalidation, declaration, restoration or return,
this Deed of Trust shall have been terminated, released and/or reconveyed and
the Lien and Security Interest or any of the Trust Estate shall have been
released or terminated in connection with such termination, release and/or
reconveyance, this Deed of Trust and the Lien and Security Interest and such
portion of the Trust Estate shall be reinstated in full force and effect, and
such prior termination, release and/or reconveyance shall not diminish,
discharge or otherwise affect the obligations of Trustor in respect of the
amount of the affected payment or application of proceeds, the Lien, the
Security Interest or such portion of the Trust Estate.

       SECTION 13.21. SUBSTITUTION. Beneficiary may at any time, without giving
notice to Trustor or the original or successor Trustee, and without regard to
the

                                       45
<PAGE>

willingness or inability of any original or successor Trustee to execute this
trust, appoint another Person or succession of Persons to act as Trustee, and
such appointee in the execution of this trust shall have all the powers vested
in and obligations imposed upon Trustee. Should Beneficiary be a corporation or
unincorporated association, then any officer thereof may make such appointment.

       SECTION 13.22. CHOICE OF FORUM. All actions or proceedings arising in
connection with this Deed of Trust shall be tried and litigated in state or
Federal courts located in Clark County, State of Nevada, unless such actions or
proceedings are required to be brought in another court to obtain subject matter
jurisdiction over the matter in controversy. TRUSTOR WAIVES ANY RIGHT IT MAY
HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS, TO ASSERT THAT IT IS NOT
SUBJECT TO THE JURISDICTION OF SUCH COURTS OR TO OBJECT TO VENUE TO THE EXTENT
ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 13.22. SERVICE OF
PROCESS, SUFFICIENT FOR PERSONAL JURISDICTION IN ANY ACTION AGAINST TRUSTOR, MAY
BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO ITS
ADDRESS INDICATED IN SECTION 13.9 HEREOF.

       SECTION 13.23. REGULATORY MATTERS. Whenever in this Deed of Trust a right
is given to Beneficiary, which right is affected by Applicable Gaming Laws or
Liquor Laws or the enforcement of which is subject to Applicable Gaming Laws or
Liquor Laws, the enforcement of any such right shall be subject to Applicable
Gaming Laws and Liquor Laws and approval, if so required, of the applicable
Gaming Authorities or authorities enforcing the Liquor Laws.

       SECTION 13.24. GUARANTOR WAIVERS. If and to the extent that Trustor (for
the purposes of this Section 13.24, "Guarantor") would be deemed or construed to
be a guarantor or surety under Applicable Law with respect to its obligations
hereunder, Guarantor hereby agrees as follows:

       13.24.1. Guarantor expressly agrees that until each and every term,
covenant and condition of this Deed of Trust is fully performed, Guarantor shall
not be released by any act or event which, except for this provision of this
Deed of Trust might be deemed a legal or equitable discharge or exoneration of a
surety, or because of any waiver, extension, modification, forbearance or delay
or other act or omission of Beneficiary or its failure to proceed promptly or
otherwise as against any Issuer or any other Guarantor, as the case may be
(individually and collectively, in its or their capacity as the entity or
entities the obligations of which are guaranteed hereunder by Guarantor, the
"Principal") or Guarantor, or because of any action taken or omitted or
circumstance which might vary the risk or affect the rights or remedies of
Guarantor as against the Principal, or because of any further dealings between
the Principal and Beneficiary, whether relating to this Deed of Trust or
otherwise. Guarantor hereby expressly waives and surrenders any defense to
Guarantor's liability under this Deed of Trust based upon any of the foregoing
acts, omissions, things, agreements, waivers or any of them. It is the

                                       46
<PAGE>

purpose and intent of this Deed of Trust that the obligations of Guarantor under
it shall be absolute and unconditional under any and all circumstances, subject
to and in accordance with the terms and conditions of this Deed of Trust.

       13.24.2. Without in any way limiting the provisions of Section 13.24.1,
to the extent provided under NRS Section 40.495(2), Guarantor waives the
applicable provisions of NRS Section 40.430, and Guarantor further waives:

              13.24.2.1. all statutes of limitations as a defense to any action
or proceeding brought against Guarantor by Beneficiary, to the fullest extent
permitted by Applicable Laws;

              13.24.2.2. any right it may have to require Beneficiary to proceed
against the Principal or pursue any other remedy in Beneficiary's power to
pursue, it being acknowledged and agreed that the obligations of Guarantor
hereunder are independent of the obligations of the Principal hereunder, and
Beneficiary shall not be required to make any demand upon, exercise any right to
declare a default by, or proceed against, the Principal prior to proceeding
against Guarantor to the full extent of Guarantor's obligations hereunder;

              13.24.2.3. any defense based on any legal disability of the
Principal and any discharge, release or limitation of the liability of the
Principal to Beneficiary, whether consensual or arising by operation of law or
any bankruptcy, reorganization, receivership, insolvency, or debtor-relief
proceeding, or from any other cause, or any claim that Guarantor's obligations
exceed or are more burdensome than those of the Principal;

              13.24.2.4. except as specifically provided herein or in the
Indenture or any Security Document, all presentments, demands for performance,
notices of nonperformance, protests, notices of protest, notices of dishonor,
notices of acceptance of this Deed of Trust and of the existence, creation, or
incurring of new or additional indebtedness, and demands and notices of every
kind;

              13.24.2.5. any defense based on or arising out of any defense that
the Principal may have to the payment or performance of any obligation set forth
in this Deed of Trust (other than payment or performance in full); and

              13.24.2.6. until all obligations under this Deed of Trust have
been paid and performed in full, all rights of subrogation and all rights to
enforce any remedy that Guarantor may have against the Principal, all regardless
of whether Guarantor may have made any payments to Beneficiary.

       13.24.3. Guarantor assumes full responsibility for keeping informed of
the financial condition and business operations of the Principal and all other
circumstances affecting the Principal's ability to pay for and perform its
obligations, and agrees

                                       47
<PAGE>

that Beneficiary shall have no duty to disclose to Guarantor any information
which Beneficiary may receive about the Principal's financial condition,
business operations, or any other circumstances bearing on its ability to
perform.

       13.24.4. Notwithstanding anything to the contrary provided elsewhere
herein, in no event shall Guarantor have any liability under this Deed of Trust
beyond its interest in the portion of the Property that is owned by Guarantor,
and in no event shall Guarantor's obligations hereunder be enforced against any
property of Guarantor other than its interest in such portion of the Property.

       SECTION 13.25. WAIVER OF TRIAL BY JURY. TRUSTOR AND BENEFICIARY WAIVE THE
RIGHT TO A TRIAL BY JURY IN ANY ACTION UNDER THIS DEED OF TRUST OR ANY OTHER
SECURITY DOCUMENT OR ANY OTHER ACTION ARISING OUT OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION
OR ACTIONS.

                  [Remainder of page intentionally left blank]

                                       48
<PAGE>

       IN WITNESS WHEREOF, Trustor has caused this Deed of Trust to be executed
as of the day and year first above written.

BARDEN NEVADA GAMING, LLC,
a Nevada limited liability company

By:  /s/ Don H. Barden
   -------------------------------
Name:  Don H. Barden
Title: President

                                       49
<PAGE>

                                 ACKNOWLEDGMENT

State of Illinois   )
                    ) ss.
County of Cook      )

       This instrument was acknowledged before me on December 6, 2001
by Don Barden as President of Barden Nevada Gaming, LLC.

                                               /s/ Janis I. Rohrer
                                               ---------------------------------
                                               (Signature of notarial officer)

                                               [SEAL]<PAGE>

                                                                    Exhibit 4.10

Prepared By and Upon
Recordation Return To:

THE BANK OF NEW YORK
101 Barclay Street - 21W
New York, New York  10286
Attention: Corporate Trust Administration
Phone: (212) 896-7223

                      DEED OF TRUST, SECURITY AGREEMENT AND
                     FIXTURE FILING WITH ASSIGNMENT OF RENTS

                          BARDEN COLORADO GAMING, LLC,

                                   as Trustor

                   THE PUBLIC TRUSTEE OF THE COUNTY OF GILPIN,
                                STATE OF COLORADO

                                   as Trustee
                              THE BANK OF NEW YORK,
                                 as Beneficiary

                          Dated as of December 6, 2001
<PAGE>
                      DEED OF TRUST, SECURITY AGREEMENT AND
                     FIXTURE FILING WITH ASSIGNMENT OF RENTS

                        THIS DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE
            FILING WITH ASSIGNMENT OF RENTS (this "Deed of Trust") is made as of
            the 6th day of December, 2001 by Barden Colorado Gaming, LLC, a
            Colorado limited liability company ("Trustor"), whose principal
            place of business is located at 101 Main Street, Black Hawk,
            Colorado 80422, in favor of The Public Trustee of the County of
            Gilpin, State of Colorado ("Trustee"), for the benefit of The Bank
            of New York, a New York banking corporation, as Collateral Agent
            ("Beneficiary"), whose principal place of business is located at 101
            Barclay Street - 21W, New York, New York 10286, in its capacity as
            trustee under the "Indenture" for the ratable benefit of the
            "Holders" (as each such term is hereinafter defined).

            THE MAXIMUM AMOUNT OF PRINCIPAL TO BE SECURED HEREBY IS $152,632,000
            OF EACH OF THE "SUBSIDIARY GUARANTEE OBLIGATIONS" (as hereinafter
            defined); PROVIDED THAT IN NO EVENT SHALL THE AGGREGATE PRINCIPAL
            BALANCE SECURED HEREBY, EXCLUSIVE OF INTEREST, FEES AND EXPENSES,
            FOR THE BENEFIT OF THE HOLDERS EXCEED $152,632,000.

                                 R E C I T A L S

                        A. Pursuant to that certain Indenture, dated as of
            December 6, 2001 (as supplemented and otherwise amended from time to
            time, the "Indenture"), by and among Majestic Investor Holdings,
            LLC, a Delaware limited liability company (the "Company"), Majestic
            Investor Capital Corp., a Delaware corporation ("Capital" and,
            together with the Company, the "Issuers"), the Subsidiary Guarantors
            (defined therein), and Beneficiary, as Trustee thereunder (in such
            capacity, the "Indenture Trustee"), the Issuers will issue 11.653%
            Senior Secured Notes due on or before 2007 in an aggregate principal
            amount of up to $152,632,000 (collectively, the "Notes"). Unless the
            context otherwise requires, all capitalized terms used and not
            otherwise defined herein shall have the meanings ascribed thereto in
            the Indenture. Attached hereto as Schedule 1.1 is a list of certain
            definitions for which reference should be made to the Indenture.

                        B. Pursuant to a guarantee executed and delivered
            pursuant to the Indenture (as amended from time to time, the
            "Subsidiary Guarantee"), the Subsidiary Guarantors (including
            Trustor) have guaranteed the obligations of the Issuers under the
            Notes, the Indenture and the other Security Documents to which the
            Issuers are parties.

                        C. Pursuant to the Indenture, the Subsidiary Guarantee
            of Trustor is required to be secured by, among other things, this
            Deed of Trust.

                                       2
<PAGE>
                        D. The parties acknowledge that certain provisions of
            this Deed of Trust may be subject to the laws, rules and regulations
            ("Applicable Gaming Laws") of the Gaming Authority of the State of
            Colorado.

                              W I T N E S S E T H:

                        IN CONSIDERATION OF THE FOREGOING PREMISES AND FOR OTHER
            GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF
            WHICH ARE HEREBY ACKNOWLEDGED, SUBJECT TO APPLICABLE GAMING LAWS,
            TRUSTOR DOES HEREBY IRREVOCABLY GRANT, BARGAIN, SELL, TRANSFER,
            CONVEY AND ASSIGN to Trustee, its successors and assigns, IN TRUST,
            WITH POWER OF SALE, for the benefit and security of Beneficiary, as
            agent and representative for the equal and ratable benefit of the
            Holders, but subject to Permitted Liens, the following (but
            excluding in each and every case all Excluded Assets), whether now
            owned or hereafter acquired:

                               GRANTING CLAUSE ONE

                                     [LAND]

                        All of Trustor's right, title and interest in the real
            property, located in the County of Gilpin, State of Colorado,
            described in Exhibit A attached hereto and by this reference
            incorporated herein (the "Land"), together with all and singular the
            tenements, hereditament, rights, reversions, remainders, development
            rights, privileges, benefits, easements (in gross or appurtenant),
            rights-of-way, gores or strips of land, streets, ways, alleys,
            passages, sewer rights, water courses, water rights and powers, and
            all appurtenances whatsoever and claims or demands of Trustor at law
            or in equity, in any way belonging, benefitting, relating or
            appertaining to the Land, the airspace over the Land, the
            "Improvements" (as hereinafter defined), or both, or which
            hereinafter shall in any way belong, relate or be appurtenant
            thereto;

                               GRANTING CLAUSE TWO

                                 [IMPROVEMENTS]

                        TOGETHER WITH, any and all structures, buildings,
            facilities and improvements of every nature whatsoever now or
            hereafter erected on the Land, including, but not limited to, the
            "Fixtures" (as hereinafter defined) (collectively, the
            "Improvements") (the Land and Improvements are referred to
            collectively as the "Property");

                              GRANTING CLAUSE THREE
                                  [RENTS, ETC.]

                                       3
<PAGE>
                        TOGETHER WITH, all rents, income, security or similar
            deposits (to the full extent allowed by Applicable Laws), including,
            without limitation, receipts, issues, royalties, earnings, products
            or proceeds, profits, maintenance, license and concession fees and
            other revenues to which Trustor may now or hereafter be entitled,
            including, without limitation, all rights to payment for hotel room
            occupancy by hotel guests, which includes any payment or monies
            received or to be received in whole or in part, whether actual or
            deemed to be, for the sale of services or products in connection
            therewith and/or in connection with such occupancy, advance
            registration fees by hotel guests, tour or junket proceeds and
            deposits for conventions and/or party reservations (collectively,
            the "Rents"), subject to the revocable license hereinafter given to
            Trustor to collect and apply such Rents;

                              GRANTING CLAUSE FOUR

                [LEASES, INCLUDING DEPOSITS AND ADVANCE RENTALS]

                        TOGETHER WITH, (a) all estate, right, title and interest
            of Trustor in, to and under any and all leases, subleases, lettings,
            licenses, concessions, operating agreements, management agreement,
            franchise agreements and all other agreements affecting or covering
            the Property or any portion thereof now or hereafter existing or
            entered into, together with all amendments, extensions and renewals
            of any of the foregoing, (b) all right, title, claim, estate and
            interest of Trustor thereunder, including, without limitation, all
            claims of the lessor thereunder, letters of credit, guarantees or
            security deposits (to the full extent allowed by Applicable Laws),
            advance rentals, and any and all deposits or payments of similar
            nature and (c) the right to enforce against any tenants thereunder
            and otherwise any and all remedies under any of the foregoing,
            including Trustor's right to evict from possession any tenant
            thereunder or to retain, apply, use, draw upon, pursue, enforce or
            realize upon any guaranty thereof; to terminate, modify, or amend
            any such agreement; to obtain possession of, use, or occupy, any of
            the real or personal property subject to any such agreement; and to
            enforce or exercise, whether at law or in equity or by any other
            means, all provisions of any such agreement and all obligations of
            the tenants thereunder based upon (i) any breach by such tenant
            thereunder (including any claim that Trustor may have by reason of a
            termination, rejection, or disaffirmance of such agreement pursuant
            to any Bankruptcy Law), and (ii) the use and occupancy of the
            premises demised, whether or not pursuant to the applicable
            agreement (including any claim for use and occupancy arising under
            landlord-tenant law of the State of Colorado or any Bankruptcy Law);

                                       4
<PAGE>
                              GRANTING CLAUSE FIVE

                           [OPTIONS TO PURCHASE, ETC.]

                        TOGETHER WITH, all right, title and interest of Trustor
            in and to all options and other rights to purchase or lease the
            Property or any portion thereof or interest therein, if any, and any
            greater estate in the Property owned or hereafter acquired by
            Trustor;

                               GRANTING CLAUSE SIX

                                   [FIXTURES]

                        TOGETHER WITH, all right, title and interest of Trustor
            in and to all "Fixtures." Fixtures means any and all "fixtures" as
            such term is defined in Article 9 of the Applicable UCC and to the
            fullest extent allowed by Applicable Laws, fixtures and all other
            equipment and machinery now or at any time hereafter owned by
            Trustor and located or included in or on or appurtenant to the
            Property and used in connection therewith and which are or become so
            related to the real property encumbered hereby that an interest
            arises in them under real estate law; machinery, equipment
            (including, without limitation, pipes, furnaces, conveyors, drums,
            fire sprinklers and alarm systems, and air conditioning, heating,
            refrigerating, electronic monitoring, stoves, ovens, ranges,
            dishwashers, disposals, food storage, food processing (including
            restaurant fixtures), trash and garbage removal and maintenance
            equipment), elevators, office equipment, all built-in tables,
            wall-beds, wall-safes, built-in furniture and installation,
            doorstops, vaults, motors, dumb-waiters, computers, mirrors,
            screens, chairs, chaise lounges, hot tubs, swimming pool heaters,
            beauty and barber equipment, maintenance supplies used in connection
            with the Land, mantels, screens, plumbing, bathtubs, sinks, basins,
            faucets, all laundry, kitchen, restaurant and athletic equipment,
            washers, dryers, planters, desks, sofas, shelves, lockers and
            cabinets, all safes, furnishings, appliances (including, without
            limitation, food warming and holding equipment, iceboxes,
            refrigerators, fans, heaters, water heaters and incinerators), rugs,
            carpets and other floor coverings, draperies and drapery rods and
            brackets, awnings, window shades, venetian blinds, curtains, lamps,
            chandeliers and other lighting fixtures, trade fixtures, telephone,
            television and other communications equipment, visual and electronic
            surveillance systems and transportation systems, all specifically
            designed installations and furnishings, all furniture, furnishings
            and personal property of every nature whatsoever, and equipment,
            appliances or other goods for the exclusion of vermin or insects, or
            for the collection of dust, refuse or garbage; provided, however,
            that Fixtures shall not include Excluded Assets;

                                       5
<PAGE>
                              GRANTING CLAUSE SEVEN

                           [CONDEMNATION AWARDS, ETC.)

                        TOGETHER WITH, all the estate, interest, right, title
            and other claim or demand, which Trustor now has or may hereafter
            acquire in any and all awards, payments or other consideration made
            for the taking by eminent domain, or by any proceeding or purchase
            in lieu thereof, of the whole or any part of the Property,
            including, without limitation, any awards, payments or other
            consideration resulting from a change of grade of streets and for
            severance damages;

                              GRANTING CLAUSE EIGHT

                              [INSURANCE PROCEEDS]

                        TOGETHER WITH, all the estate, interest, right, title
            and other claim or demand which Trustor now has or may hereafter
            acquire with respect to the proceeds of insurance in effect with
            respect to all or any part of the Property, together with all
            interest thereon and the right to collect and receive the same;

                              GRANTING CLAUSE NINE

                           [CLAIMS FOR DAMAGES, ETC.]

                        TOGETHER WITH, all the estate, interest, right, title
            and other claim or demand which Trustor now has or may hereafter
            acquire against anyone with respect to any damage to all or any part
            of the Property, including, without limitation, damage arising from
            any defect in or with respect to the design or construction of all
            or any part of the Improvements and damage resulting therefrom;

                               GRANTING CLAUSE TEN

     [DEPOSITS, ADVANCE PAYMENTS AND REFUNDS OF INSURANCE, UTILITIES, ETC.]

                        TOGETHER WITH, all deposits or other security or advance
            payments including rental payments made by or on behalf of Trustor
            to others, and all refunds made by others to Trustor, with respect
            to (i) insurance policies relating to all or any part of the
            Property, (ii) utility service for all or any part of the Property,
            (iii) cleaning, maintenance, repair, or similar services for all or
            any part of the Property, (iv) refuse removal or sewer service for
            all or any part of the Property, (v) rental of equipment, if any,
            used in the operation, maintenance or repair by or on behalf of
            Trustor of all or any part of the Property and (vi) parking or
            similar services or rights afforded to all or any part of the
            Property;

                                      -6-
<PAGE>
                             GRANTING CLAUSE ELEVEN

                              [WATER RIGHTS, ETC.]

                        TOGETHER WITH, all water rights, water stock, water
            permits and other rights to the use of water that are now or that
            may be hereinafter used in connection with the said Property, or any
            part thereof, or any improvements or appurtenances thereto;

                             GRANTING CLAUSE TWELVE

                                [MINERALS, ETC.]

                        TOGETHER WITH, all oil and gas and other mineral rights,
            if any, in or pertaining to the Land and all royalty, leasehold and
            other rights of Trustor pertaining thereto;

                            GRANTING CLAUSE THIRTEEN

                               [ACCESSIONS, ETC.]

                        TOGETHER WITH, all extensions, improvements,
            betterments, renewals, substitutes for and replacements of, and all
            additions, accessions, and appurtenances to, any of the foregoing
            that Trustor may subsequently acquire, and all conversions of any of
            the foregoing; Trustor agrees that all property hereafter acquired
            by Trustor and required by the Indenture, this Deed of Trust or any
            other Security Document to be subject to the Lien and/or security
            interests created by this Deed of Trust shall forthwith upon the
            acquisition thereof by Trustor be subject to the Lien and security
            interests of this Deed of Trust as if such property were now owned
            by Trustor and were specifically described in this Deed of Trust and
            granted hereby or pursuant hereto, and the Beneficiary is hereby
            authorized to receive any and all such property as and for
            additional security for the Subsidiary Guarantee Obligations (as
            hereinafter defined);

                        The entire estate, property and interest hereby conveyed
            to Trustee pursuant to Granting Clauses One through Thirteen,
            inclusive (other than Excluded Assets), may hereafter be referred to
            as the "Trust Estate."

                          FOR THE PURPOSE OF SECURING:

                        A. the due and punctual payment and performance of any
            and all present and future obligations and liabilities of Trustor of
            every type or description to Beneficiary, arising under or in
            connection with the Subsidiary Guarantee, whether for principal of,
            or premium, if any, or interest on the Notes, expenses, indemnities
            or other amounts (including attorneys' fees and expenses)
            (collectively, the "Subsidiary Guarantee Obligations"); and

                                       7
<PAGE>
                        B. the due and punctual payment and performance of any
            and all present and future obligations and liabilities of Trustor of
            every type or description to Beneficiary, arising under or in
            connection with this Deed of Trust or any other Security Document,
            including for reimbursement of amounts permitted to be advanced or
            expended by Beneficiary (i) to satisfy amounts required to be paid
            by Trustor under this Deed of Trust or any other Security Document,
            together with interest thereon to the extent provided, or (ii) to
            protect the Trust Estate, together with interest thereon to the
            extent provided; and

                        C. all future advances pursuant to the Indenture or any
            other Security Document,

            in each case whether due or not due, direct or indirect, joint
            and/or several, absolute or contingent, voluntary or involuntary,
            liquidated or un1iquidated, determined or undetermined, now or
            hereafter existing, renewed or restructured, whether or not from
            time to time decreased or extinguished and later increased, created
            or incurred, whether or not arising after the commencement of a
            proceeding under the Bankruptcy Code (including post-petition
            interest) and whether or not allowed or allowable as a claim in any
            such proceeding (all obligations and liabilities described herein,
            including, without limitation, the Subsidiary Guarantee Obligations,
            are collectively referred to herein as the "Secured Obligations").

                        TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR
            HEREBY COVENANTS AND AGREES AS FOLLOWS:

                                   ARTICLE 1.

                         DEFINITIONS AND RELATED MATTERS

                        SECTION 1.1. Certain Defined Terms. As used herein, the
            following terms shall have the following meanings:

                        "APPLICABLE GAMING LAWS" has the meaning set forth in
            Recital D.

                        "APPLICABLE LAWS" has the meaning set forth in Section
            3.7.

                        "APPLICABLE UCC" means the Uniform Commercial Code (as
            amended from time to time) of the State of Colorado.

                        "BENEFICIARY" has the meaning set forth in the Preamble.

                        "ENVIRONMENTAL CLAIM" shall mean any claim, action,
            cause of action, investigation or notice (written or oral) by any
            person or entity alleging

                                       8
<PAGE>
            potential liability (including, without limitation, potential
            liability for investigatory costs, cleanup costs, governmental
            response costs, natural resources damages, property damages,
            personal injuries, or penalties) arising out of, based on or
            resulting from (a) the presence, or release into the environment, of
            any Hazardous Material at any location, whether or not owned or
            operated by Trustor or (b) circumstances forming the basis of any
            violation, or alleged violation, of any Environmental Law.

                        "ENVIRONMENTAL DAMAGES" means all claims, judgments,
            damages, losses, penalties, fines, liabilities (including strict
            liability), encumbrances, liens, costs and expenses of investigation
            and defense of any claim, whether or not such is ultimately
            defeated, and of any settlement or judgment, of whatever kind or
            nature, contingent or otherwise, matured or unmatured, foreseeable
            or unforeseeable, including, without limitation, reasonable
            attorneys' fees, charges and disbursements (including, without
            limitation, costs of appeal), and consultants' fees, any of which
            are actually incurred at any time as a result of the existence or
            alleged existence of Hazardous Materials (as hereinafter defined)
            upon, about or beneath the Property or migrating or threatening to
            migrate to or from the Property, or the existence or alleged
            existence of a violation of Environmental Laws (as hereinafter
            defined) pertaining to the Property regardless of whether the
            existence of such Hazardous Materials or the violation of
            Environmental Laws arose prior to the present ownership or operation
            of the Property, and including, without limitation:

                                    (i) damages for personal injury, or injury
                  to property or natural resources occurring upon or off of the
                  Property, foreseeable or unforeseeable, including, without
                  limitation, lost profits, consequential damages, the cost of
                  demolition and rebuilding of any improvements on real
                  property, interest and penalties including, but not limited
                  to, claims brought by or on behalf of employees of Trustor,
                  with respect to which Trustor waives, for the benefit of
                  Beneficiary only, any immunity to which it may be entitled
                  under any industrial or workers' compensation laws;

                                    (ii) reasonable fees actually incurred for
                  the services of attorneys, consultants, contractors, experts,
                  laboratories and all other costs incurred in connection with
                  the investigation or remediation of such Hazardous Materials
                  or violation of Environmental Laws including, but not limited
                  to, the preparation of any feasibility studies or reports or
                  the performance of any cleanup, remedial, removal, abatement,
                  containment, closure, restoration or monitoring work required
                  by any federal, state or local governmental agency or
                  political subdivision, or reasonably necessary to make full
                  economic use of the Property or any other property or
                  otherwise expended in connection with such conditions, and
                  including, without limitation, any reasonable attorneys' fees,
                  charges and disbursements (including, without limitation,
                  costs of appeal) actually incurred in enforcing this Deed of
                  Trust or collecting any sums due hereunder; and

                                       9
<PAGE>
                                    (iii) liability to any Person to indemnify
                  such Person for actual costs incurred in good faith in
                  connection with the items referenced in subparagraphs (i) and
                  (ii) hereof.

                        "ENVIRONMENTAL LAWS" means the common law and all
            applicable present and future statutes, regulations, rules,
            ordinances, codes, licenses, permits, orders, approvals, plans,
            authorizations, concessions, franchises and similar items, of all a
            governmental agencies, departments, commissions, boards, bureaus or
            instrumentalities of the United States, states and political
            subdivisions thereof and all applicable judicial and administrative
            and regulatory decrees, injunctions, judgments and orders relating
            to the environment, including, without limitation:

                                    (i) all requirements, including, but not
                  limited to, those relating or pertaining to (A) record
                  keeping, reporting, disclosing, notifying, licensing,
                  permitting, investigation and remediation of emissions,
                  discharges, releases or threatened releases of Hazardous
                  Materials or other chemical substances, pollutants,
                  contaminants or hazardous or toxic substances, materials or
                  wastes whether solid, liquid or gaseous in nature, into the
                  environment (including, without limitation, ambient air,
                  surface water, groundwater or land surface or subsurface
                  strata), (B) the manufacture, processing, distribution, use,
                  generation, treatment, storage, disposal, transport or
                  handling of chemical substances, materials or wastes, whether
                  solid, liquid or gaseous in nature, including without
                  limitation, Hazardous Materials or (C) underground storage
                  tanks and related piping, and emissions, discharges, releases
                  or threatened releases of Hazardous Materials or other
                  chemical substances, pollutants, contaminants or hazardous or
                  toxic substances, materials or wastes whether solid, liquid or
                  gaseous in nature therefrom; and

                                    (ii) all other requirements pertaining to
                  the preservation or protection of the environment and the
                  mitigation of adverse effects thereon and the health and
                  safety of employees or the public with respect to Hazardous
                  Materials.

                        "FIXTURES" has the meaning set forth in Granting Clause
            Six.

                        "HAZARDOUS MATERIALS" means chemicals, pollutants,
            contaminants, wastes, toxic or hazardous materials, substances or
            wastes, petroleum and petroleum products, asbestos or
            asbestos-containing materials, polychlorinated biphenyls (PCBs),
            lead or lead-based paints or materials, or radon.

                        "IMPOSITIONS" means any and all (i) real estate and
            personal property taxes and other taxes and assessments, water and
            sewer rates and charges levied or assessed upon or with respect to
            the Property, and any and all other governmental charges (including
            any penalties and other charges imposed by any Gaming Authority) and
            any interest or costs or penalties with respect thereto, in each
            case whether general, special, ordinary or extraordinary, foreseen
            or unforeseen, of any kind and nature whatsoever that at any time
            prior to or after the execution hereof may be

                                       10
<PAGE>
            assessed, levied, imposed, or become a lien upon the Property or the
            Rents, but excluding taxes on Trustor's income or operating
            revenues; (ii) charges for any easement or agreement maintained for
            the benefit of the Property and (iii) other charges, expenses,
            payments or assessments of any nature, if any, which are or may be
            assessed, levied, imposed or become a lien upon the Property or the
            Rents, including mechanics and other Liens permitted by Section 4.12
            of the Indenture.

                        "IMPOUND ACCOUNT" means the account that Trustor may be
            required to maintain pursuant to Section 4.6.2. of this Deed of
            Trust for the deposit of amounts required to pay Impositions and
            insurance premiums.

                        "IMPROVEMENTS" has the meaning set forth in Granting
            Clause Two.

                        "INDEMNITEES" has the meaning set forth in Section
            11.2.7.

                        "INSURANCE POLICIES" has the meaning set forth in
            Section 4.4.

                        "INTANGIBLE PROPERTY" means any and all intangible
            personal property, including, without limitation, (a) the rights to
            use all names and all derivations thereof now or hereafter used by
            Trustor in connection with the Land or the Improvements, including,
            without limitation, the name "Fitzgeralds Black Hawk Casino/Hotel"
            and any variations thereof, together with the goodwill associated
            therewith, and all names, logos, and designs used by Trustor, or in
            connection with the Land or the Improvements or in which Trustor has
            rights, with the exclusive right to use such names, logos and
            designs wherever they are now or hereafter used in connection with
            the Land or the Improvements, and any and all other trade names,
            trademarks or service marks, whether or not registered, now or
            hereafter used in the operation of the Land or the Improvements,
            including, without limitation, any interest as a licensee or
            franchisee, and, in each case, together with the goodwill associated
            therewith; (b) maps, plans, specifications, surveys, studies, tests,
            reports, data and drawings relating to the development of the Land,
            or the Improvements and the construction of the Improvements,
            including, without limitation, all marketing plans, feasibility
            studies, soils tests, design contracts and all contracts and
            agreements of Trustor relating thereto and all architectural,
            structural, mechanical and engineering plans and specifications,
            studies, data and drawings prepared for or relating to the
            development of the Land or the Property or the construction,
            renovation or restoration of any of the Improvements or the
            extraction of minerals, sand, gravel or other valuable substances
            from the Land; (c) any and all books, records, customer lists
            (including lists or information derived from or related to the
            "player tracking system" described within the definition of
            "Tangible Property"), concession agreements, supply or service
            contracts, licenses, permits, governmental approvals (to the extent
            such licenses, permits and approvals may be pledged under Applicable
            Laws), signs, goodwill, casino and hotel credit and charge records,
            supplier lists, checking accounts, safe deposit boxes (excluding the
            contents of such deposit boxes owned by Persons other than Trustor
            and its Subsidiaries), cash, instruments, Chattel Papers,

                                       11
<PAGE>
            documents, unearned premiums, deposits, refunds, including but not
            limited to income tax refunds, prepaid expenses, rebates, tax and
            insurance escrow and impound accounts, if any, actions and rights in
            action, and all other claims, and all other contract rights and
            general intangibles resulting from or used in connection with the
            operation of the Trust Estate and in which Trustor now or hereafter
            has rights; (d) all of Trustor's documents, instruments, contract
            rights, and general intangibles including, without limitation, all
            insurance policies, permits, licenses, franchises and agreements
            required for the use, occupancy or operation of the Land or any of
            the Improvements (to the extent such licenses, permits and approvals
            are not prohibited from being pledged under Applicable Laws); (e)
            general intangibles, vacation license resort agreements or other
            time share license or right to use agreements with respect to the
            Land, the Improvements and/or the business being conducted thereon,
            including, without limitation, all rents, issues, profits, income
            and maintenance fees resulting therefrom; whether any of the
            foregoing is now owned or hereafter acquired and (f) to the extent
            permitted by Applicable Laws, any and all licenses, permits,
            variances, special permits, franchises, certificates, rulings,
            certifications, validations, exemptions, filings, registrations,
            authorizations, consents, approvals, waivers, orders, rights and
            agreements (including options, option rights and contract rights)
            now or hereafter obtained by Trustor from any Governmental Authority
            having or claiming jurisdiction over the Land, the Tangible
            Property, the Property or any other element of the Trust Estate or
            providing access thereto, or the operation of any business on, at,
            or from the Land, including, without limitation, any Gaming
            Licenses.

                        "LAND" has the meaning set forth in Granting Clause One.

                        "LEASES" means any and all leases, subleases, lettings,
            licenses, concessions, operating agreements, management agreements
            and all other agreements affecting or covering the Property or any
            portion thereof now or hereafter existing or entered into, together
            with all amendments, extensions and renewals of any of the
            foregoing.

                        "PERSONALTY" means the Intangible Property and the
            Tangible Property.

                        "PROPERTY" has the meaning set forth in Granting Clause
            Two.

                        "PUBLIC WATERS" means any river, lake, stream, sea,
            ocean, gulf, bay or other public body of water.

                        "RECEIVER" means any trustee, receiver, custodian,
            fiscal agent, liquidator or similar officer.

                        "RENTS" has the meaning set forth in Granting Clause
            Three.

                                       12
<PAGE>
                        "SUBSIDIARY GUARANTEE OBLIGATIONS" has the meaning set
            forth hereinabove.

                        "TANGIBLE PROPERTY" means any and all tangible personal
            property, including, without limitation, all goods, equipment,
            supplies, building and other materials of every nature whatsoever
            and all other tangible personal property constituting a part or
            portion of the Property and/or used in the operation of any hotel,
            casino, restaurant, store, parking facility, special events arena,
            theme park, and any other commercial operations on the Property,
            including but not limited to Inventory, communication systems,
            visual and electronic surveillance systems and transportation
            systems and not constituting a part of the real property subject to
            the real property lien of this Deed of Trust and including all
            property and materials stored on all or any portion of the Property
            in which Trustor has an interest and all tools, utensils, food and
            beverage, liquor, uniforms, linens, housekeeping and maintenance
            supplies, vehicles, fuel, advertising and promotional material,
            blueprints, surveys, plans and other documents relating to the Land
            or the Improvements, and all construction materials and all
            Fixtures, including, but not limited to, all gaming equipment and
            devices which are used in connection with the operation of the
            Property and those items of Fixtures which are purchased or leased
            by Trustor, machinery and any other item of personal property in
            which Trustor now or hereafter owns or acquires an interest or
            right, and which are used or useful in the construction, operation,
            use and occupancy of the Property; to the extent permitted by the
            applicable contract or Applicable Laws, all financial equipment,
            computer equipment, player tracking systems (including all computer
            hardware, operating software programs and all right, title and
            interest in and to any applicable license therefore), calculators,
            adding machines, video game and slot machines, and any other
            electronic equipment of every nature used or located on any part of
            the Property, and all present and future right, title and interest
            of Trustor in and to any casino operator's agreement, license
            agreement or sublease agreement used in connection with the
            Property.

                        "TITLE POLICY" means the title insurance policy or
            policies in favor of Beneficiary insuring the Lien of this Deed of
            Trust.

                        "TRUST ESTATE" has the meaning set forth hereinabove.

                        SECTION 1.2. RELATED MATTERS.

                        1.2.1. INTENTIONALLY DELETED.

                        1.2.2. CONSTRUCTION. Unless the context of this Deed of
            Trust clearly requires otherwise, references to the plural include
            the singular, the singular includes the plural, the part includes
            the whole, and "including" is not limiting. The words "hereof,"
            "herein," "hereby," "hereunder" and similar terms in this Deed of
            Trust refer to this Deed of Trust as a whole (including the
            Preamble, the Recitals and all

                                       13
<PAGE>
            Schedules and Exhibits, but subject to Section 1.2.5.) and not to
            any particular provision of this Deed of Trust. Article, section,
            subsection, exhibit, recital, preamble and schedule references in
            this Deed of Trust are to this Deed of Trust unless otherwise
            specified. References in this Deed of Trust to any agreement, other
            document or law "as amended" or "as may be amended from time to
            time," or to amendments of any document or law, shall include any
            amendments, supplements, replacements, renewals or other
            modifications.

                        1.2.3. DETERMINATIONS. Any determination or calculation
            contemplated by this Deed of Trust that is made by Beneficiary shall
            be final and conclusive and binding upon the Trustor and the
            Issuers, in the absence of manifest error. References in this Deed
            of Trust to "determination" by Beneficiary include good faith
            estimates (in the case of quantitative determinations) and good
            faith beliefs (in the case of qualitative determinations). All
            references herein to "discretion" of Beneficiary (or terms of
            similar import) shall mean "absolute and sole discretion." All
            consents and other actions of Beneficiary contemplated by this Deed
            of Trust may be given, taken, withheld or not taken in Beneficiary's
            discretion (whether or not so expressed), except as otherwise
            expressly provided herein. No approval or consent of Beneficiary
            shall be effective unless the express written approval or consent of
            Beneficiary is received by Trustor.

                        1.2.4. GOVERNING LAW. This Deed of Trust shall be
            governed by, and construed in accordance with, the laws of the State
            of New York, including, without limitation, Section 5-1401 and
            5-1402 of the New York General Obligations Law, except that the
            provisions for the creation, perfection and enforcement of the lien
            and security interest created pursuant to this Deed of Trust shall
            be governed by the laws of the State of Colorado.

                        1.2.5. HEADINGS. The Article and Section headings used
            in this Deed of Trust are for convenience of reference only and
            shall not affect the construction hereof.

                        1.2.6. SEVERABILITY. If any provision of this Deed of
            Trust or any Lien or other right hereunder shall be held to be
            invalid, illegal or unenforceable under Applicable Law in any
            jurisdiction, such provision, Lien or other right shall be
            ineffective only to the extent of such invalidity, illegality or
            unenforceability, which shall not affect any other provisions herein
            or any other Lien or right granted hereby or the validity, legality
            or enforceability of such provision, Lien or right in any other
            jurisdiction.

                        1.2.7. EXHIBITS AND SCHEDULES. All of the exhibits and
            schedules attached to this Deed of Trust shall be deemed
            incorporated herein by reference.

                                       14
<PAGE>
                                   ARTICLE 2.

                                   [RESERVED]

                                   ARTICLE 3.

                         REPRESENTATIONS AND WARRANTIES

                        Trustor hereby represents and warrants to Beneficiary
            and Trustee that, as of the date hereof:

                        SECTION 3.1. CORPORATE EXISTENCE. Trustor (a) is a
            limited liability company duly formed, validly existing and in good
            standing under the laws of the jurisdiction in which it is
            incorporated, and (b) has the limited liability company power and
            authority to own its property and assets and to transact the
            business in which it is engaged or presently proposes to engage, and
            (c) is duly qualified and is authorized to do business and is in
            good standing as a foreign limited liability company in every
            jurisdiction in which it owns or leases real property or in which
            the nature of its business requires it to be so qualified.

                        SECTION 3.2. AUTHORIZATION; APPROVALS. The execution,
            delivery and performance by Trustor of this Deed of Trust are within
            Trustor's limited liability company powers and authority, have been
            duly authorized by all necessary limited liability company action,
            and do not contravene (a) Trustor's certificate of formation,
            operating agreement or limited liability company agreement or (b)
            any law or any contractual restriction binding on or affecting
            Trustor or the Property. All authorizations or approvals or other
            actions by, or notice to or filing with, any Governmental Authority
            required for the due execution, delivery and performance by Trustor
            of this Deed of Trust have been duly obtained and are in full force
            and effect.

                        SECTION 3.3. ENFORCEABILITY. This Deed of Trust has been
            duly executed and delivered by Trustor and is the legal, valid and
            binding obligation of Trustor, enforceable against Trustor in
            accordance with its terms, subject to applicable bankruptcy,
            insolvency, moratorium, reorganization or other similar laws
            affecting creditors' rights generally and general principles of
            equity.

                        SECTION 3.4. VALIDITY AND PERFECTION OF SECURITY
            INTERESTS. The liens and security interests in the Trust Estate
            created in accordance with the terms hereof and pursuant to the
            terms of the other Security Documents executed by Trustor constitute
            valid security interests and upon recordation of this Deed of Trust
            in the appropriate office in Gilpin County, Colorado, the security
            interests granted to Beneficiary hereunder will constitute perfected
            security interests therein superior and prior to all Liens, rights
            or claims of all other Persons other than Permitted Liens.

                        SECTION 3.5. TITLE TO AND RIGHT TO USE ASSETS. Trustor
            has good and marketable fee simple title in the Land, and is the
            legal and beneficial owner of the remainder of the Trust Estate (and
            as to the Trust Estate whether now existing or hereafter acquired,
            Trustor will continue to own each item thereof except to the

                                       15
<PAGE>
            extent Trustor disposes of the same pursuant to the Indenture), free
            and clear of all Liens except Permitted Liens. Trustor has the right
            to hold, occupy and enjoy its interest in the Trust Estate subject
            to the terms of the Gaming Licenses and subject to the Permitted
            Liens, and has valid right, full power and legal authority, subject
            to Applicable Gaming Laws, to mortgage and pledge the same as
            provided herein, and Trustor shall defend the Trust Estate against
            all claims and demands of all Persons at any time claiming the same
            or any interest therein adverse to Beneficiary (except for Permitted
            Liens) and Beneficiary may, subject to Applicable Gaming Laws, at
            all times peaceably and quietly enter upon, hold, occupy and enjoy
            the entire Trust Estate in accordance with the terms hereof.

                        SECTION 3.6. NON-CONTRAVENTION. Neither the execution,
            delivery or performance of this Deed of Trust by the Trustor nor the
            consummation of the transactions herein contemplated nor the
            fulfillment of the terms hereof (i) violate the terms of or
            constitute a default under any agreement, indenture, mortgage, deed
            of trust, equipment lease, instrument or other document to which the
            Trustor is a party or by which it or any of its property or assets
            is bound or to which it may be subject, (ii) conflict with any law,
            order, rule or regulation applicable to the Trustor of any court or
            any Governmental Authority, or (iii) result in or require the
            creation or imposition of (or the obligation to create or impose)
            any Lien (other than Permitted Liens and the Lien contemplated
            hereby or by any other Security Document), upon or with respect to
            any of the property or assets now owned or hereafter acquired by
            Trustor.

                        SECTION 3.7. CONTRACTS. Each contract the absence of
            which would prevent Trustor from operating the Trust Estate in a
            manner substantially similar to the manner in which the Trust Estate
            is operated as of the date hereof (each, a "Contract"), (i) is the
            genuine, legal, valid, and binding obligation of Trustor, (ii) is
            enforceable against Trustor in accordance with its terms, (iii) is
            in full force and effect and is, to Trustor's best knowledge, not
            subject to any setoffs, defenses, overdue taxes, counterclaims or
            other claims, nor have any of the foregoing been asserted or alleged
            as to any Contract, and (iv) is, in all material respects, in
            compliance with all applicable laws, whether federal, state, local
            or foreign, including, without limitation, Applicable Gaming Laws
            ("Applicable Laws"). Neither Trustor nor, to the best knowledge of
            Trustor, any other party to any Contract is in material default in
            the performance or observance of any of the terms thereof. No party
            to any Contract is the United States government or an
            instrumentality thereof.

                        SECTION 3.8. OCCUPANCY AGREEMENTS. Trustor has delivered
            to Beneficiary true, correct and complete copies of all leases,
            subleases, occupancy agreements and other agreements granting
            possessory rights in the Property or any portion thereof, including
            all amendments thereof and modifications thereto (each, an
            "Occupancy Agreement"). Each Occupancy Agreement (i) is the genuine,
            legal, valid and binding obligation of Trustor, (ii) is enforceable
            against Trustor and, to the best knowledge of Trustor, the other
            party thereto, in accordance with its terms, (iii)

                                       16
<PAGE>
            to the best knowledge of Trustor is in full force and effect and is
            not subject to any setoffs, defenses, taxes, counterclaims or other
            claims, nor have any of the foregoing been asserted or alleged as to
            any Occupancy Agreement, and (iv) to the best knowledge of Trustor
            is in compliance with all Applicable Laws in all material respects.

                        SECTION 3.9. NO OTHER PROPERTY, The Trust Estate,
            together with the other property upon which a Security Interest is
            being granted to Beneficiary pursuant to the terms of the Security
            Documents, constitutes all of the property (whether owned, leased or
            otherwise) currently used by Trustor in connection with the
            operation of the Fitzgeralds Black Hawk Casino/Hotel located on the
            Land, other than the Excluded Assets and the property upon which the
            granting of the security interest or lien is not allowed by
            Applicable Laws.

                        SECTION 3.10. COMPLIANCE WITH LAWS. To the best
            knowledge of Trustor, except as otherwise disclosed in writing to
            Beneficiary, the Trust Estate and the proposed and actual use
            thereof comply in all material respects with all Applicable Laws,
            and there is no proceeding pending or, to the best knowledge of
            Trustor, threatened before any court, quasi-judicial body,
            Governmental Authority relating to the validity of the Security
            Documents or the proposed or actual use of the Trust Estate.

                        SECTION 3.11. PROPERTY USE; MECHANICS' LIENS. The
            Property is not used principally or primarily for agricultural or
            grazing purposes. All costs for labor and material for the removal,
            construction and renovation of the Improvements (including, without
            limitation, any additions and alterations thereto) have been paid in
            full or will be paid in accordance with Section 4.15.

                        SECTION 3.12. CONDEMNATION. There are no pending or, to
            the best knowledge of Trustor, threatened condemnation or eminent
            domain proceedings against the Trust Estate or any part thereof.

                        SECTION 3.13. LITIGATION. Except as disclosed in writing
            to Beneficiary prior to the date hereof, there are no pending or, to
            the best knowledge of Trustor, threatened, actions, claims,
            proceedings, investigations, suits or proceedings before any court,
            Governmental Authority or arbitrator against Trustor, the Trust
            Estate or any part thereof.

                        SECTION 3.14. CONSTRUCTION OF IMPROVEMENTS. All
            Improvements have been and will be constructed in all material
            respects in accordance with Applicable Laws and all requirements of
            Governmental Authorities and governmental approvals. Except as
            disclosed in writing to Beneficiary prior to the date hereof, to the
            best knowledge of Trustor, the Improvements (a) are free from latent
            and patent defects that would have a material adverse effect on the
            value of the Improvements

                                       17
<PAGE>
            or materially and adversely affect Trustor's use or operation of the
            Improvements or Property, and (b) do not require any material
            repairs, reconstruction or replacement on the date hereof.

                                   ARTICLE 4.

                              AFFIRMATIVE COVENANTS

                        Trustor hereby covenants to and agrees with Beneficiary
            as follows:

                        SECTION 4.1. SECURED OBLIGATIONS OF TRUSTOR. Trustor
            will perform, observe and comply with its Secured Obligations
            arising under this Deed of Trust and shall continue to be liable for
            the performance of its Secured Obligations arising under this Deed
            of Trust until discharged in full, notwithstanding any actions of
            partial foreclosure that may be brought hereunder to recover any
            amount or amounts expended by Beneficiary on behalf of Trustor in
            order to cure any of Trustor's defaults or to satisfy any of
            Trustor's obligations or covenants under any agreement relating to
            the Trust Estate and to which Trustor is a party or by which the
            Trust Estate is bound.

                        SECTION 4.2. COMPLIANCE WITH LAW; MAINTENANCE OF
            APPROVALS. Except as expressly permitted by the Indenture, Trustor
            shall (i) comply in all material respects with all requirements of
            law applicable to the ownership, operation, use and occupancy of all
            or any portion of the Trust Estate, whether or not such compliance
            requires work or remedial measures that are ordinary or
            extraordinary, foreseen or unforeseen, or structural or
            nonstructural, and (ii) maintain in full force and effect all
            authorizations, approvals or other actions, including, without
            limitation, Gaming Licenses and liquor licenses and permits, which
            are necessary for the performance of Trustor's obligations pursuant
            to this Deed of Trust or for the business conducted by Trustor on
            the Property.

                        SECTION 4.3. OTHER REPORTS. Trustor shall provide from
            time to time such additional information regarding Trustor or the
            Trust Estate as are required under the Indenture or as Beneficiary
            may reasonably request.

                        SECTION 4.4. INSURANCE. Trustor, at its sole cost and
            expense, will provide, maintain and keep in force the insurance
            required by Section 4.16 of the Indenture ("Insurance Policies").

                        SECTION 4.5. WASTE AND REPAIR. Except as expressly
            permitted by Section 4.15 of the Indenture, Trustor shall at all
            times cause the Trust Estate to be maintained in normal working
            order and condition (reasonable wear and tear excepted). Trustor
            shall not suffer any waste of the Property or do or permit to be
            done thereon anything not otherwise permitted in the Indenture that
            may in any way impair the security of this Deed of Trust. Trustor
            shall not abandon the Property nor

                                       18
<PAGE>
            leave the Property unprotected or deserted.

                        SECTION 4.6. IMPOSITIONS; IMPOUNDS; TAXES; CAPITAL
            COSTS.

                        4.6.1. IMPOSITIONS AFFECTING THE PROPERTY. Trustor shall
            pay when due all Impositions (or currently payable installments
            thereof) that are or that may become a lien on the Property or are
            assessed against the Property or the Rents; provided, however, that
            Trustor may, at its sole cost and expense, contest the amount or
            validity or application of any such Impositions by appropriate legal
            proceedings promptly initiated and conducted in good faith and with
            due diligence; provided that (i) neither the Property nor any part
            thereof will be in danger of being sold, forfeited, terminated,
            canceled, or lost as a result of such contest, and (ii) except in
            the case of a Lien junior to the Lien of this Deed of Trust, Trustor
            shall have posted such bond or furnished such other security as may
            be reasonably required by Beneficiary or as required by Applicable
            Laws to release such Lien.

                        4.6.2. IMPOUNDS; IMPOUND ACCOUNT. Upon the occurrence
            and during the continuance of an Event of Default and at the request
            of Beneficiary, Trustor will pay to Beneficiary monthly an amount
            equal to one-twelfth (1/12th) of the annual cost (or such greater
            amount as may be reasonably necessary for Beneficiary to have on
            hand sufficient funds to pay the next installment prior to
            delinquency) of Impositions on the Property (but only those
            Impositions defined in clause (i) of the definition of
            "Impositions"), together with an amount equal to the premium for
            hazard and other required insurance in order to accumulate with
            Beneficiary sufficient funds to pay such Impositions and premiums at
            least 30 days prior to their respective due dates. Such funds shall
            be held by Beneficiary on a commingled basis and shall not bear
            interest. Said accumulated funds shall be paid and applied by
            Beneficiary with respect to such Impositions and insurance premiums
            as and when due. Notwithstanding the foregoing, if Trustor is paying
            Impositions and premiums for hazard and other required insurance to
            Foothill Capital Corporation ("Foothill") pursuant to the terms of
            that certain Deed of Trust, Security Agreement, and Fixture Filing
            with Financing Statement and Assignment of Rents, dated as of the
            date hereof (the "Foothill Deed of Trust"), made by Trustor, to
            Trustee, for the benefit of Foothill, then Trustor's requirements
            under this Section 4.6.2 shall be satisfied. If Beneficiary is
            entitled to request Trustor to comply with the terms of this Section
            4.6.2 and such payments are not being required by or made to
            Foothill for any reason, Trustor shall promptly comply with the
            terms of this Section 4.6.2.

                        SECTION 4.7. FURTHER ASSURANCES. Trustor shall, at its
            own expense, perform such acts as may be necessary, or that
            Beneficiary may request at any time, to execute, acknowledge and
            deliver all such additional papers and instruments (including,
            without limitation, a declaration of no setoff) and all such further
            assurances of title and will do or cause to be done all further acts
            and things as may be proper or reasonably necessary to carry out the
            purpose hereof and to subject to the

                                       19
<PAGE>
            Liens hereof any property intended by the terms hereof to be covered
            thereby and any renewals, additions, substitutions, replacements or
            betterments thereto.

                        SECTION 4.8. REIMBURSEMENT: WAIVER OF OFFSETS.

                        4.8.1. In the event any tax, stamp tax, assessment,
            water rate, sewer rate, insurance premium, repair, rent charge,
            debt, claim, inspection, Imposition or lien having priority over the
            Lien of this Deed of Trust, or in the event any other amount
            required to be paid by Trustor hereunder shall remain unpaid and
            Trustor is not contesting such amount pursuant to the terms hereof
            or the Indenture, Beneficiary shall have the right to pay such
            amount and shall have the right to declare immediately due and
            payable any such amount so paid. Any amount so paid by Beneficiary
            shall bear interest at the default interest rate specified in
            Section 4.1 of the Indenture ("Default Rate") from the date of
            payment by Beneficiary, shall constitute an additional Secured
            Obligation secured hereby, prior to any right, title or interest in
            or claim upon the Trust Estate attaching or accruing subsequent to
            the Lien of this Deed of Trust, shall be secured by this Deed of
            Trust and shall be payable by Trustor to Beneficiary within thirty
            (30) days after receipt by Trustor of written demand.

                        4.8.2. Except as otherwise provided herein, in the
            Indenture or in the other Security Documents, all sums payable by
            Trustor hereunder or under the other Security Documents shall be
            paid without notice, demand, counterclaim, setoff, deduction or
            defense and without abatement, suspension, deferment, diminution or
            reduction, and the obligations and liabilities of Trustor hereunder
            shall in no way be released, discharged or otherwise affected by
            reason of: (i) any damage to or destruction of or any condemnation
            or similar taking of the Trust Estate or any part thereof; (ii) any
            restriction or prevention of or interference with any use of the
            Trust Estate or any part thereof; (iii) any title defect or
            encumbrance or any eviction from the Property or the Improvements or
            any part thereof by title paramount or otherwise; (iv) any
            bankruptcy, insolvency, reorganization, composition, adjustment,
            dissolution, liquidation or other like proceeding relating to
            Beneficiary, or any action taken with respect to this Deed of Trust
            by any trustee or receiver of Beneficiary, or by any court, in any
            such proceeding; (v) any claim which Trustor has or might have
            against Beneficiary; (vi) any default or failure on the part of
            Beneficiary to perform or comply with any of the terms hereof or of
            any other agreement with Trustor or (vii) any other occurrence
            whatsoever, whether similar or dissimilar to the foregoing; whether
            or not Trustor shall have notice or knowledge of any of the
            foregoing. Trustor waives all rights now or hereafter conferred by
            statute or otherwise to any abatement, suspension, deferment,
            diminution or reduction of any sum secured hereby and payable by
            Trustor.

                        SECTION 4.9. LITIGATION. Trustor will, promptly upon
            obtaining actual knowledge thereof, give notice in writing to
            Beneficiary of any litigation commenced that is likely to have a
            material adverse effect on the Property or the Liens created

                                       20
<PAGE>
            hereby other than unlawful detainer proceedings brought by Trustor
            in connection with the Leases.

                        SECTION 4.10. CERTAIN REPORTS. Trustor will, promptly
            and in any event within fifteen days after actual receipt by Trustor
            thereof, deliver to Beneficiary a copy of any written notice or
            citation concerning any actual, alleged or suspected violation of
            any Environmental Law or liability of Trustor for Environmental
            Damages in connection with the Property or past or present
            activities of any Person thereon.

                        SECTION 4.11. TAX RECEIPTS. Subject to the provisions of
            Section 4.6 hereof, Trustor shall provide to Beneficiary, within 30
            days after demand made therefor, bills (which shall be receipted
            from and after the date receipted bills are obtainable) showing the
            payment to the extent then due of all taxes, assessments (including
            those payable in periodic installments), water rates, sewer rates,
            and/or any other Imposition that have become a lien (other than an
            inchoate lien) upon the Trust Estate.

                        SECTION 4.12. FIRPTA AFFIDAVIT. Trustor hereby
            represents and warrants to Beneficiary under penalty of perjury
            that:

                        (i) Trustor's U.S. Taxpayer Identification Number is
            91-2118674;

                        (ii) Trustor's business address is set forth in the
            preamble hereto; and

                        (iii) Trustor is not a "foreign person" within the
            meaning of Sections 1445 and 7701 of the Code (i.e., Trustor is not
            a nonresident alien, foreign corporation, foreign partnership,
            foreign trust or foreign estate as those terms are defined in the
            Code and regulations promulgated thereunder). Trustor agrees to
            indemnify, defend, protect and hold Beneficiary and Beneficiary's
            agents harmless of, from and against any and all loss, liability,
            costs, damages, claims or causes of action including reasonable
            attorneys' fees, costs and expenses which may be actually incurred
            by Beneficiary or Beneficiary's agents by reason of any failure of
            any representation or warranty made by Trustor in this Section 4.12
            to be true and correct in all respects, including, but not limited
            to, any liability for failure to withhold any amount required under
            Code Section 1445 in the event of foreclosure or other transfer of
            the Property.

                        SECTION 4.13. PRESERVATION OF CONTRACTUAL RIGHTS. Except
            as otherwise expressly permitted by the Indenture or as would not
            have a Material Adverse Effect, Trustor shall, prior to delinquency,
            default or forfeiture, perform all material obligations and satisfy
            all material conditions required on its part to be satisfied to
            preserve its rights and privileges under any contract, lease,
            license, permit

                                       21
<PAGE>
            or other authorization (a) under which it holds any Tangible
            Property, or (b) which constitutes part of the Intangible Property.

                        SECTION 4.14. TAX SERVICE CONTRACT. At any time after
            the occurrence of an Event of Default (whether or not such Event of
            Default is cured), at the request of Beneficiary and at Trustor's
            and/or its permitted successor's sole cost and expense, Beneficiary
            shall be furnished a tax service contract in form satisfactory to
            Beneficiary issued by a tax reporting agency satisfactory to
            Beneficiary, which contract shall remain in force until indefeasible
            discharge in full of the Secured Obligations.

                        SECTION 4.15. LIENS. Trustor shall pay and promptly
            discharge, at Trustor's sole cost and expense, all Liens upon the
            Trust Estate, or any part thereof or interest therein other than the
            Permitted Liens. Trustor shall have the right to contest in good
            faith the validity of any such Lien, provided Trustor shall first
            post such bond or furnish such other security as may be reasonably
            required by Beneficiary or as required by Applicable Law to release
            such Lien, and provided further that Trustor shall thereafter
            diligently proceed to cause such Lien to be removed and discharged.
            If Trustor shall fail to so diligently proceed or to discharge any
            such Lien, then upon the occurrence and continuance of an Event of
            Default (unless the Property is in danger of being sold, forfeited,
            terminated, canceled, or lost as a result of such contest, in which
            case, Beneficiary may act in the absence of an Event of Default),
            then, in addition to any other right or remedy of Beneficiary,
            Beneficiary may, but shall not be obligated to, discharge the same,
            either by paying the amount claimed to be due, or by procuring the
            discharge of such Lien by depositing in court a bond for the amount
            claimed or otherwise giving security for such Lien, or in such
            manner as is or may be prescribed by law. Any amount so paid by
            Beneficiary shall bear interest at the Default Rate from the date of
            payment by Beneficiary, shall constitute an additional Secured
            Obligation secured hereby, prior to any right, title or interest in
            or claim upon the Trust Estate attaching or accruing subsequent to
            the Lien of this Deed of Trust, shall be secured by this Deed of
            Trust and shall be payable by Trustor to Beneficiary upon demand.

                        SECTION 4.16. INSPECTION. Trustor shall permit
            Beneficiary, upon 24 hours' prior notice, to enter upon and inspect,
            during normal business hours, the Property and the construction and
            operation thereof, for such purposes reasonably deemed necessary by
            Beneficiary; provided, however, that no such prior notice shall be
            necessary and such inspection may occur at any time if (i)
            Beneficiary reasonably believes that an emergency exists or is
            imminent or (ii) the giving or delivery of such notice is prohibited
            or stayed by Applicable Laws.

                                       22
<PAGE>
                                   ARTICLE 5.

                                   [RESERVED]

                                   ARTICLE 6.

                               NEGATIVE COVENANTS

                        Trustor hereby covenants to and agrees with Beneficiary
            as follows:

                        SECTION 6.1. RESTRICTIVE USES. Trustor covenants not to
            suffer any Liens against the Trust Estate (other than Permitted
            Liens).

                        SECTION 6.2. TRANSFERABILITY. Trustor shall not make any
            Asset Sale unless the proceeds of such Asset Sale are applied as
            required by Section 4.10 of the Indenture. Except as set forth in
            the Indenture, Trustor shall not sell, assign, pledge, encumber,
            convey, hypothecate or otherwise transfer any direct or indirect
            interest in Trustor (or permit any of the foregoing), either
            voluntarily or involuntarily, by operation of law or otherwise.

                        SECTION 6.3. NO COOPERATIVE OR CONDOMINIUM. Trustor
            shall not operate or permit the Property to be operated as a
            cooperative or condominium building or buildings in which the
            tenants or occupants participate in the ownership, control or
            management of the Property or any part thereof, as tenant
            stockholders or otherwise.

                                   ARTICLE 7.

                           CASUALTIES AND CONDEMNATION

                        SECTION 7.1. CASUALTIES.

                        7.1.1. Trustor will notify Beneficiary in writing
            promptly after loss or damage caused by fire, wind or other casualty
            to the Property (a) that is in excess of $20,000, or (b) that would
            individually, or in the aggregate, have a material adverse effect on
            the value of the Improvements or Property or materially and
            adversely affect Trustor's use or operation of the Improvements or
            Property ("Casualty").

                        7.1.2. Any and all Net Proceeds from Insurance Policies
            shall be treated in accordance with Section 4.10 of the Indenture
            and shall be released to Trustor or applied to the discharge of the
            Secured Obligations as set forth in the Indenture.

                        7.1.3. If Trustor elects to apply Net Proceeds of
            insurance to restoration, Trustor agrees promptly and without delay
            (a) to enter into, and deliver to Beneficiary a certified copy of,
            one or more architect and building contracts providing for the
            restoration and reconstruction of the Property to as good or better
            condition as existed prior to the Casualty and (b) to begin to
            restore and reconstruct the

                                       23
<PAGE>
            Property and, thereafter, to proceed diligently therewith in
            accordance with plans, specifications, architectural standards and
            design reasonably determined by Trustor.

                        7.1.4. Notwithstanding anything to the contrary
            contained herein, in the event of any uninsured Casualty, Trustor
            shall promptly within a reasonable time, at its sole cost and
            expense, restore and reconstruct the Property to as good or better
            condition as existed prior to the Casualty. Trustor shall have the
            sole right to settle any and all losses and claims unless an Event
            of Default then exists.

                        SECTION 7.2. CONDEMNATION. Trustor, immediately upon
            obtaining knowledge of the institution of any proceedings for the
            condemnation of the entire Property or any material portion thereof,
            will notify Trustee and Beneficiary of the pendency of such
            proceedings. Trustee and Beneficiary may participate in any such
            proceedings and Trustor from time to time will deliver to
            Beneficiary all instruments requested by Beneficiary to permit such
            participation; provided, however, that Trustor shall have the sole
            right to participate in and settle any and all such proceedings
            unless an Event of Default then exists. In any such condemnation
            proceedings Beneficiary may be represented by counsel selected by
            Beneficiary at the sole cost and expense of Trustor. Trustor shall
            cause the Net Proceeds of any award or compensation or payment in
            lieu or settlement thereof, to be applied as set forth in Section
            4.10 of the Indenture.

                                   ARTICLE 8.

                             REMEDIES OF BENEFICIARY

                        SECTION 8.1. EVENT OF DEFAULT. Subject to any applicable
            cure period provided for in the Indenture or in this Deed of Trust,
            any of the following shall be deemed to be an "Event of Default"
            hereunder if not cured within such applicable cure period:

                        8.1.1. The occurrence of one or more "Events of Default"
            (as defined in Section 6.1 of the Indenture) shall constitute an
            Event of Default under this Deed of Trust (including, without
            limitation, by reason of any cross-default provision in Section 6.1
            of the Indenture).

                        8.1.2. Failure of Trustor to perform any of the terms,
            covenants and conditions in this Deed of Trust; provided, however,
            it shall not be an Event of Default hereunder if such failure is
            curable, Trustor commences to cure such failure within thirty (30)
            days of notice from Beneficiary, and Trustor diligently prosecutes
            such cure to completion within sixty (60) days after notice of such
            failure, but in no event beyond the maturity date of the Notes; and
            provided that, with respect to the environmental covenants contained
            in Section 11.2 hereof, no Event of Default shall be deemed to have
            occurred unless any such covenant is breached in any material
            respect.

                                       24

<PAGE>
                  8.1.3. Any statement, representation or warranty given by
Trustor to Trustee or Beneficiary in any of the Security Documents, in
connection with the Indenture or in any other document provided by Trustor,
including this Deed of Trust, is found to be materially false or misleading and
such statement, representation or warranty continues to be materially false or
misleading within sixty (60) days after notice from Beneficiary of such
statement, representation or warranty was made, but in no event beyond the
maturity date of the Notes.

                  8.1.4. Any transfer of the Property or any portion thereof in
violation of Section 6.2 hereof.

                  SECTION 8.2. REMEDIES. At any time after and during the
continuance of an Event of Default, subject to any restrictions contained in any
Intercreditor Agreement and subject to compliance with Applicable Gaming Laws,
Beneficiary may:

                  8.2.1. In person, by agent, or by a receiver, and without
regard to the adequacy of security, the solvency of Trustor or any other matter,
(i) enter upon and take possession of the Property, or any part thereof, in its
own name or in the name of Trustee, (ii) inspect the Property for the purpose of
determining the existence, location, nature and magnitude of any past or present
release of Hazardous Materials into, onto, beneath or from the Property, (iii)
negotiate with Governmental Authorities with respect to compliance with
Environmental Laws and remedial measures, (iv) take any action necessary to
ensure compliance with Environmental Laws, including, but not limited to,
spending Rents in connection with any cleanup, remediation or other response
action with respect to Hazardous Materials or (v) sue for or otherwise collect
the Rents, issues and profits thereof and apply the same, less costs and
expenses of operation and collection, including reasonable attorneys' fees
actually incurred, to the Secured Obligations, all in such order as Beneficiary
may determine. The entering upon and taking possession of said Property, the
collection of such Rents, issues and profits and the application thereof as
aforesaid shall not cure or waive any default or notice of default hereunder or
invalidate any act done pursuant to such notice, or deprive Beneficiary of the
benefits of any indemnity set forth herein;

                  8.2.2. Commence an action to foreclose this Deed of Trust in
the manner provided by Applicable Laws for the foreclosure of mortgages or deeds
of trust of real property;

                  8.2.3. Seek a judgment that Trustor has breached its
covenants, representations and/or warranties set forth in this Deed of Trust, or
any other Security Document regarding Environmental Laws and/or Hazardous
Materials, by commencing, maintaining and concluding, and enforcing a judgment
arising from, an action for breach of contract, without regard to whether
Beneficiary has commenced an action to foreclose this Deed of Trust, and to seek
injunctive or other appropriate equitable relief and/or the recovery of any and
all Environmental Damages, it being conclusively presumed between Trustor and
Beneficiary that any reasonable costs advanced or expenses actually incurred

                                       25
<PAGE>
by Beneficiary relating to the cleanup, remediation or other response action
with respect to the Property were made or incurred by Beneficiary in good faith;

                  8.2.4.   Intentionally Deleted;

                  8.2.5. If the Secured Obligations become or are declared
immediately due and payable pursuant to Section 6.2 of the Indenture and Trustor
fails to make such payment as and when due, then Beneficiary may waive its Liens
against any parcel of the Property or all or any portion of the Fixtures or
Personalty attached to the Property, to the extent such property is determined
to be environmentally impaired, and to exercise any and all rights of an
unsecured creditor against Trustor and all of Trustor's assets for the recovery
of any deficiency, including, but not limited to, seeking an attachment order.
TRUSTOR ACKNOWLEDGES AND AGREES THAT NOTWITHSTANDING ANYTHING TO THE CONTRARY,
EXPRESS OR IMPLIED, IN THIS DEED OF TRUST OR IN ANY OF THE OTHER SECURITY
DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY NONRECOURSE OR EXCULPATORY
LANGUAGE, IF ANY), TRUSTOR SHALL BE PERSONALLY LIABLE FOR ANY RECOVERY DESCRIBED
IN THIS PARAGRAPH 8.2.5. AND SUCH LIABILITY SHALL NOT BE LIMITED TO THE AMOUNT
OF THE NOTES;

                  8.2.6. With respect to any Personalty, proceed as to both the
real and personal property in accordance with Beneficiary's rights and remedies
in respect of the Property, or proceed to sell said Personalty separately and
without regard to the Property in accordance with Beneficiary's rights and
remedies; and/or

                  8.2.7. Pursue any and all other remedies it may have, at law
or in equity, or under any other document or instrument, except as otherwise
provided in the Indenture.

                  SECTION 8.3. POWER OF SALE. If Trustor shall be in default as
provided in Section 8.1 hereof, then, in that event, the entire Subsidiary
Guarantee Obligations, together with all interest accrued thereon, shall, at the
option of Beneficiary, be and become at once due and payable without notice to
Trustor, and Trustee shall, at the request of Beneficiary, but subject to
Applicable Gaming Laws, invoke the power of sale and any other remedies
permitted by Applicable Law. If Beneficiary directs Trustee to invoke the power
of sale, Beneficiary shall give written notice to Trustee of the occurrence of
an Event of Default and of Beneficiary's election to cause the Trust Estate to
be sold. Trustee shall record a copy of such notice in the county in which the
Trust Estate is located. Trustee shall publish a notice of sale for the time and
in the manner provided by Applicable Law and shall mail copies of such notice of
sale in the manner prescribed by Applicable Law to Trustor and to the other
persons prescribed by Applicable Law. After the lapse of such time as may be
required by Applicable Law, Trustee, without demand on Trustor, shall sell the
Trust Estate at public auction to the highest bidder for cash at the time and
place and under the terms designated in the notice of sale in one or more
parcels and in such order as Trustee may determine. Trustee may postpone the
sale of all or any

                                       26
<PAGE>
parcel of the Trust Estate by public announcement at the time and place of any
previously scheduled sale. Trustee shall deliver to the purchaser Trustee's
certificate describing the Trust Estate and the time when the purchaser will be
entitled to Trustee's deed thereto. The recitals in Trustee's deed shall be
prima facie evidence of the truth of the statements made therein. Any Person,
including, without limitation, Trustor or Beneficiary, may purchase at such sale
and Trustor hereby covenants to warrant and defend the title of such purchaser
or purchasers against the claims of all Persons claiming by, through or under
Trustor. If allowed by Applicable Law, Beneficiary, if it is the purchaser, may
apply the amount of the Secured Obligations then due and payable toward payment
of the purchase price. Trustor hereby waives its right to require that the Trust
Estate be sold as separate tracts or units in the event of foreclosure. Trustee,
upon such sale and after expiration of the applicable redemption periods, to the
extent permitted by Applicable Laws, shall make (without any covenant or
warranty, express or implied), execute and, after due payment made, deliver to
purchaser or purchasers, or his or their heirs or assigns, a deed or deeds, or
other record or records of interest, as the case may be, in and to the Trust
Estate so sold that shall convey to the purchaser all the title and interest of
Trustor in the Trust Estate (or the portion thereof sold), but without any
warranty, express or implied, and after deducting all costs, fees and expenses
of Trustee and of this Deed of Trust, including costs of evidence of title in
connection with such sale, shall apply the proceeds of sale to payment of (a)
all sums expended under the terms hereof, not then repaid, with accrued interest
at the Default Rate and (b) all other sums then secured hereby and the
remainder, if any, to the Person or Persons legally entitled thereto.

                  SECTION  8.4.   INTENTIONALLY DELETED.

                  SECTION 8.5. PROTECTION OF SECURITY. If an Event of Default
shall have occurred and be continuing, then upon at least 15 days prior written
notice to Trustor and without releasing Trustor from any obligations or defaults
hereunder, Beneficiary or Trustee shall have the right, but not the obligation,
to: (i) make payment or otherwise perform such obligations of Trustor upon which
such Event of Default is based in such manner and to such extent as either may
reasonably deem necessary to protect the security hereof, Beneficiary and
Trustee being authorized to enter upon the Property for such purpose; (ii)
appear in and defend any action or proceeding purporting to affect, in any
manner whatsoever, the Secured Obligations, the security hereof or the rights or
powers of Beneficiary or Trustee; (iii) pay, purchase or compromise any
encumbrance, charge or lien (other than Permitted Liens); (iv) advance any and
all costs and expenses reasonably necessary to cure or pay Environmental Damages
or otherwise to comply with Environmental Laws; and (v) in exercising any such
powers, pay necessary expenses, employ counsel and pay attorneys' fees. Trustor
hereby agrees to repay within thirty (30) days after receipt of written demand
all reasonable sums actually expended by Trustee or Beneficiary pursuant to this
Section 8.5. with interest at the Default Rate from the date of expenditure by
Beneficiary, and such sums, with interest, shall be secured hereby.

                  SECTION 8.6. RECEIVER. If an Event of Default shall have
occurred and be continuing, Beneficiary, as a matter of strict right and without
regard to the then value of

                                       27
<PAGE>
the Property, shall have the right to apply, ex parte or otherwise, to any court
having jurisdiction to appoint a Receiver or Receivers of the Property, subject
to Applicable Gaming Laws. Any such Receiver or Receivers shall have all the
powers and duties of receivers under Applicable Laws in like or similar cases
and all the powers and duties of Beneficiary in case of entry as provided in
this Deed of Trust, and shall continue as such and exercise all such powers
until the date of confirmation of sale, unless such receivership is sooner
terminated.

                  SECTION  8.7.  CURING OF DEFAULTS.

                  8.7.1. If Trustor shall at any time fail to perform or comply
with any of the terms, covenants and conditions required on Trustor's part to be
performed and complied with under this Deed of Trust or any other Security
Document relating to the Trust Estate (after the lapse of any cure period
provided therein), then Beneficiary shall have the right, but not the
obligation, upon the occurrence and during the continuance of an Event of
Default, without waiving or releasing any of the Secured Obligations, to:

                           8.7.1.1. make any payments thereunder payable by
Trustor and take out, pay for and maintain any of the insurance policies
provided for therein, and/or

                           8.7.1.2. after the expiration of any applicable grace
period and subject to Trustor's rights to contest certain obligations
specifically granted hereby, perform any such other acts thereunder on the part
of Trustor to be performed and enter upon the Property and incur reasonable
attorneys' fees and expenses for such purpose.

                  8.7.2. The making by Beneficiary of such payment out of
Beneficiary's own funds shall not, however, be deemed to cure such default by
Trustor, and the same shall not be so cured unless and until Trustor shall have
reimbursed Beneficiary within the applicable cure period for such payment
including interest at the Default Rate from the date of such expenditure. All
sums so paid and all reasonable costs and expenses actually incurred and paid by
Beneficiary in connection with the performance of any such act, together with
interest on unpaid balances thereof at the Default Rate from the respective
dates of Beneficiary's making of each such payment, shall be secured by the lien
of this Deed of Trust, prior to any right, title or interest in or claim upon
the Property attaching or accruing subsequent to the lien of this Deed of Trust,
and shall be payable by Trustor to Beneficiary within thirty (30) days after
receipt of written demand.

                  SECTION 8.8. REMEDIES CUMULATIVE. All remedies of Beneficiary
provided for herein are cumulative and shall be in addition to any and all other
rights and remedies provided in the other Security Documents or provided by
Applicable Law, including any banker's lien and right of offset. The exercise of
any right or remedy by Beneficiary hereunder shall not in any way constitute a
cure or waiver of default hereunder or under the

                                       28
<PAGE>
Security Documents, or invalidate any act done pursuant to any notice of
default, or prejudice Beneficiary in the exercise of any of its rights hereunder
or under the Security Documents unless, in the exercise of said rights, all
Secured Obligations are fully discharged.

                                    ARTICLE 9

                                 FIXTURE FILING

                  SECTION  9.9.  FIXTURE FILING.

                  9.9.1. This Deed of Trust shall be effective as a Financing
Statement filed as a fixture filing from the date of the recording hereof in
accordance with the Uniform Commercial Code. In connection therewith, the
addresses of Trustor as debtor ("Debtor") and Beneficiary as secured party
("Secured Party") are set forth on Schedule 13.9. The address of Beneficiary, as
the Secured Party, is also the address from which information concerning the
security interest may be obtained by any interested party.

                           9.9.1.1. The property subject to this fixture filing
is described in Granting Clause Six.

                           9.9.1.2. Portions of the property subject to this
fixture filing as identified in Section 9.1.1.1. above are or are to become
fixtures related to the real estate described on Exhibit A to this Deed of
Trust.

                           9.9.1.3.

                           Secured Party is: The Bank of New York, as Collateral
Agent.

                           9.9.1.4.

                           Debtor is: Barden Colorado Gaming, LLC, a Colorado
limited liability company

                           9.9.1.5.

                           The record owner or lessee of the Property is: Barden
Colorado Gaming, LLC, a Colorado limited liability company

                  9.9.2. In the event Trustor shall fail, beyond any applicable
notice and grace periods, to make any payment or perform any covenant related to
any security interest in favor of any Person other than Beneficiary, Beneficiary
may, at its option, within 15 days after notice to Trustor or if Beneficiary's
immediate action is reasonably necessary to protect the lien hereof or its
security for the Secured Obligations, at any time without prior notice to
Trustor, pay the amount secured by such security interest, and the amount so
paid shall be (i) secured by this Deed of Trust and shall be a lien on the
Property enjoying the same priorities vis-a-vis the estates and interests
encumbered hereby as this Deed of Trust, (ii) added to the amount of the Secured
Obligations, and (iii) payable within 30 days after receipt of written demand
with interest at the Default Rate

                                       29
<PAGE>
from the time of such payment; or, upon and during the continuance of an Event
of Default, Beneficiary shall have the privilege of acquiring by assignment from
the holder of such security interest any and all contract rights, accounts
receivable, chattel paper, negotiable or non-negotiable instruments and other
evidence of Trustor's indebtedness secured by such fixtures, and, upon acquiring
such interest by assignment, shall have the right to enforce the security
interest as assignee thereof, in accordance with the terms and provisions of
Applicable Laws.

                                   ARTICLE 10

                               ASSIGNMENT OF RENTS

                  SECTION 10.10. Assignment of Rents. Subject to Section 10.2.
and to Applicable Gaming Laws, Trustor hereby absolutely and unconditionally
assigns and transfers to Beneficiary all of the Rents, whether now due, past due
or to become due, and hereby gives to and confers upon Beneficiary the right,
power and authority to collect such Rents and apply the same to the Secured
Obligations secured hereby. Trustor irrevocably appoints Beneficiary its true
and lawful attorney, at the option of Beneficiary at any time while an Event of
Default exists, to demand, receive and enforce payment, to give receipts,
releases and satisfactions, and to sue, either in the name of Trustor or in the
name of Beneficiary, for all such Rents and apply the same to the Secured
Obligations secured hereby. It is understood and agreed that neither the
foregoing assignment of Rents to Beneficiary nor the exercise by Beneficiary or
any of its rights or remedies under this Deed of Trust shall be deemed to make
Beneficiary a "mortgagee-in-possession" or otherwise responsible or liable in
any manner with respect to the Property or the use, occupancy, enjoyment or
operation of all or any portion thereof, unless and until Beneficiary, in person
or by its own agent, assumes actual possession thereof, nor shall appointment of
a Receiver for the Property by any court at the request of Beneficiary or by
agreement with Trustor or the entering into possession of the Property or any
part thereof by such Receiver be deemed to make Beneficiary a
"mortgagee-in-possession" or otherwise responsible or liable in any manner with
respect to the Property or the use, occupancy, enjoyment or operation of all or
any portion thereof.

                  SECTION 10.11. Collection of Rents. Notwithstanding anything
to the contrary contained herein, so long as no Event of Default shall occur and
be continuing, Trustor shall have a license, revocable upon the occurrence and
during the continuance of an Event of Default, to collect all Rents from the
Property and to retain, use and enjoy the same and to otherwise exercise all
rights with respect thereto, subject to the terms hereof. Upon the occurrence
and during the continuance of an Event of Default, the license hereinabove
granted to Trustor shall, without the requirement of the giving of notice or
taking of any action by any party, be revoked, and Beneficiary shall have the
complete right and authority to exercise and enforce any and all of its rights
and remedies provided herein or by Applicable Laws.

                                       30
<PAGE>
                                   ARTICLE 11.

                              ENVIRONMENTAL MATTERS

                  SECTION 11.12. Representations and Warranties. Except as
specifically disclosed in Schedule 11.1, Trustor represents and warrants as of
the date hereof as follows:

                  11.12.1. Trustor (i) has obtained all material permits,
licenses and other authorizations that are required with respect to the
operation of its business, property and assets under the Environmental Laws and
is in substantial compliance with all terms and conditions thereof, and (ii) is
in substantial compliance with all Environmental Laws (including, without
limitation, compliance with standards, schedules and timetables therein);

                  11.12.2. No portion of the Trust Estate is listed or proposed
for listing on the National Priorities List or the Comprehensive Environmental
Response, Compensation, and Liability Information System, both promulgated under
the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended ("CERCLA"), or on any other state or local list established
pursuant to any Environmental Law, and Trustor has not received any notification
of potential or actual liability or request for information under CERCLA or any
comparable state or local law;

                  11.12.3. To the knowledge of the Company, no underground
storage tank or other underground storage receptacle, or related piping, is
located on the Property;

                  11.12.4. To the knowledge of the Company, there have been no
releases (i.e., any past or present releasing, spilling, leaking, pumping,
pouring, emitting, emptying, discharging, injecting, escaping, leaching,
disposing or dumping, on-site or, to the knowledge of the Trustor after due
inquiry, off-site) of Hazardous Materials at, on, under, from or into the
Property;

                  11.12.5. There is no written, or to the knowledge of the
Company, oral Environmental Claim pending or, to the knowledge of the Company,
threatened against any of them, and to the knowledge of the Company, neither
Trustor nor any person or entity whose liability Trustor has retained or assumed
either contractually or by operation of law has any liability, absolute or
contingent, under any Environmental Law; and

                  11.12.6. To the knowledge of the Company, there are no events,
activities, practices, incidents or actions or conditions, circumstances or
plans that may interfere with or prevent compliance by Trustor with any
Environmental Law, or that may give rise to any Environmental Claim or liability
under any Environmental Laws.

                  11.12.7. Trustor has not received any communication (written
or, to the knowledge of the Company, oral), whether from a governmental
authority, citizens group,

                                       31
<PAGE>
employee or otherwise, that alleges that Trustor or the Property is not in
substantial compliance with any Environmental Law, and there are no known
circumstances that may prevent or interfere with such substantial compliance in
the future.

                  11.12.8. Trustor has provided or made available to the Issuers
all assessments, reports, data, results of investigations or audits, and other
information that is in the possession of or reasonably available to Trustor
regarding environmental matters pertaining to, or the environmental condition
of, the Land and the business of Trustor, or the compliance (or noncompliance)
of the Land and Trustor with any Environmental Laws.

                  11.12.9. Trustor is not required by virtue of the transactions
set forth herein and contemplated hereby, or as a condition to the effectiveness
of any transactions contemplated hereby, (i) to perform a site assessment for
Hazardous Materials, (ii) to remove or remediate Hazardous Materials, (iii) to
give notice to or receive approval from any Governmental Authority under
Environmental Laws, or (iv) to record or deliver to any person or entity any
disclosure document or statement pertaining to environmental matters.

                  11.12.10. The above representations and warranties contained
in this Section 11.1 shall survive the termination, release and/or reconveyance
of this Deed of Trust and the discharge of Trustor's other obligations
hereunder.

                  SECTION 11.13. Environmental Covenants. Trustor shall at all
times comply with the following requirements; provided, however, that in
connection with the non-compliance with any of the provisions contained in
Sections 11.2.1 through 11.2.4, inclusive, no breach shall be deemed to have
occurred if Trustor complies with the requirements of Section 11.2.5 with
respect thereto:

                  11.13.1. Trustor shall not cause or permit any Hazardous
Material to be brought upon, treated, kept, stored, disposed of, discharged,
released, produced, manufactured, generated, refined or used upon, within or
beneath the Property or any portion thereof by Trustor, its agents, employees,
contractors, or invitees, or any other Person, except in compliance with all
Environmental Laws and only in the course of such Person's legitimate business
operations at the Property (which shall not include any business for treatment,
storage, disposal, discharge, release, production, manufacture, generation,
refinement or use of Hazardous Materials).

                  11.13.2. Trustor shall not cause or permit the existence or
the commission by Trustor, its agents, employees, contractors or invitees, or by
any other Person of a violation of any Environmental Laws upon, within or
beneath the Property or any portion thereof.

                                       32
<PAGE>
                  11.13.3. Trustor shall not dispose of, discharge or release or
cause or permit the disposal, discharge or release of any Hazardous Materials
from the Property into any Public Waters in violation of any Environmental Laws.

                  11.13.4. Trustor shall not create or suffer to exist with
respect to the Property or permit any of its agents to create or suffer to exist
any environmental lien, security interest or other charge or encumbrance of any
kind (other than a Permitted Lien) arising under any Environmental Law.

                  11.13.5. Trustor shall, at its sole cost and expense, promptly
take any and all actions required by any federal, state or local governmental
agency or political subdivision (as hereinafter provided) to mitigate
Environmental Damages, which requirements or necessity arise from the presence
upon, about or beneath the Property, of Hazardous Materials or a violation of
Environmental Law or the disposal, discharge or release of Hazardous Materials
from the Property ("Environmental Action"). Such actions shall include, but not
be limited to, the investigation of the environmental condition of the Property,
the preparation of any feasibility studies, reports or remedial plans, and the
performance of any cleanup, remediation, containment, operation, maintenance,
monitoring or restoration work, whether on or off of the Property. Trustor shall
take all actions as are reasonably necessary under Environmental Laws to allow
unrestricted activities and operations on the Property. Trustor shall proceed
diligently with such investigatory and remedial actions, and in all cases such
actions shall be in accordance with Applicable Laws. Any such actions shall be
performed in a good, safe and workmanlike manner and shall minimize any impact
on the business conducted at the Property. Trustor shall pay all Environmental
Damages in connection with such investigatory and remedial activities,
including, but not limited to, all power and utility costs, and any and all
taxes or fees that may be applicable to such activities. Trustor shall promptly
provide to Beneficiary copies of testing results and reports that are generated
in connection with the above activities. Promptly upon completion of such
investigation and remediation, Trustor shall permanently seal or cap all
monitoring wells and test holes to industrial standards in compliance with
Applicable Laws and regulations, remove all associated equipment, and restore
the Property to the extent reasonably possible, which shall include, without
limitation, the repair of any surface damage, including paving, caused by such
investigation or remediation hereunder. Upon reasonable notice and at reasonable
times (except in cases of emergency or imminent threat of harm to human health
or the environment), the Indemnitees (as defined in Section 11.2.7 of this Deed
of Trust) shall have the right but not the obligation to enter upon the Property
to assess any and all aspects of the environmental condition of the Property and
its use, including conducting environmental assessments, audit and sampling
(including, but not limited to soil and groundwater sampling if Trustor has a
reasonable belief that such soil or groundwater may be contaminated) not more
than once a year, except where Trustor has a reasonable belief that a release of
Hazardous Materials or a violation of Environmental Laws has occurred or is
likely to occur, all at the expense of Trustor. Trustor and Trustee shall
cooperate in choosing Consultants to conduct such work and Trustor shall provide
access to the Indemnities and their agents, representatives, consultants and
employees

                                       33
<PAGE>
(together, the "Indemnitees" for purposes of this Section 11.2.5) in connection
with such investigations. In the event that Trustor fails to fulfill its
obligations under this Deed of Trust relating to environmental matters,
including this Section 11.2.5, following the expiration of 30 days written
notice by Beneficiary of its intent to invoke its rights under this section,
unless Beneficiary has a reasonable belief that a more immediate response is
required under Environmental Laws, Beneficiary shall have the right to undertake
any action necessary or prudent under Environmental Laws, and shall have the
right to pursue any and all legal theories and remedies provided by law or
contract to enforce the covenants in this Section 11.2 and the other provisions
of this Article 11. Nothing in this Deed of Trust shall be deemed to create, or
construed as creating, any liability of the Indemnitees under Environmental Laws
for environmental conditions relating to the Property.

                  11.13.6. If Trustor shall become aware of or receive notice or
other communication concerning any actual, alleged, suspected or threatened
violation of any Environmental Law, or Environmental Claim or liability of
Trustor for Environmental Damages in connection with the Property or past or
present activities of any Person thereon, including, but not limited to, notice
or other communication concerning any actual or threatened investigation,
inquiry, lawsuit, claim, citation, directive, summons, proceedings, complaint,
notice, order, writ or injunction, relating to same, then Trustor shall deliver
to Beneficiary, within seven (7) days of the receipt of such notice or
communication by Trustor, a written description of said violation, liability, or
actual or threatened event or condition, together with copies of any documents
evidencing same. Receipt of such notice shall not be deemed to create any
obligation on the part of Beneficiary to defend or otherwise respond to any such
notification.

                  11.13.7. Trustor agrees to indemnify, reimburse, defend,
exonerate, pay and hold harmless Beneficiary, its successors and assigns, the
Holders, and their respective directors, officers, shareholders, employees,
agents, contractors, subcontractors, experts, licensees, affiliates, lessees,
trustees, and invitees (collectively, the "Indemnitees") from and against any
and all Environmental Claims and Environmental Damages arising in any manner
whatsoever out of Environmental Laws pertaining to the Trustor's operations and
activities and the Land and the activities thereon, whether foreseeable or
unforeseeable, and regardless of when such Environmental Claims arose and
Environmental Damages occurred, except to the extent directly caused by the
gross negligence or willful misconduct of Indemnitees. The indemnity obligations
of Trustor contained in this Section 11.2.7. shall survive the termination,
release and/or reconveyance of this Deed of Trust and the discharge of Trustor's
other obligations hereunder.

                                   ARTICLE 12.

                                     RELEASE

                                       34
<PAGE>
                  SECTION 12.14. RELEASE. In the event that Trustor is released
and discharged from all of the Secured Obligations pursuant to Section 10.14 of
the Indenture, Beneficiary hereby agrees to reconvey, without warranty, the lien
of this Deed of Trust.

                                   ARTICLE 13

                                  MISCELLANEOUS

                  SECTION 13.15. BENEFICIARY'S EXPENSES, INCLUDING ATTORNEY'S
FEES. Regardless of the occurrence of a Default or Event of Default, Trustor
agrees to pay to Beneficiary any and all advances, charges, costs and expenses,
including, without limitation, the reasonable fees and expenses of counsel and
any experts or agents, that Beneficiary may reasonably incur in connection with
(i) the administration of this Deed of Trust, including any amendment thereto or
any workout or restructuring, (ii) the creation, perfection or continuation of
the Lien of this Deed of Trust or protection of its priority or the Trust
Estate, including the discharging of any prior or junior Lien or adverse claim
against the Trust Estate or any part thereof that is not permitted hereby or by
the Indenture, (iii) the custody, preservation or sale of, collection from, or
other realization upon, any of the Trust Estate, (iv) the exercise or
enforcement of any of the rights, powers or remedies of Beneficiary under this
Deed of Trust or under Applicable Laws (including attorneys' fees and expenses
incurred by Beneficiary in connection with the operation, maintenance or
foreclosure of the Lien of this Deed of Trust) or any bankruptcy proceeding or
(v) the failure by Trustor to perform or observe any of the provisions hereof.
All such amounts and all other amounts payable hereunder shall be payable on
demand, together with interest at the Default Rate.

                  SECTION 13.16. INDEMNITY. Trustor hereby agrees to indemnify
and hold harmless the Indemnitees against (i) any and all transfer taxes,
documentary taxes, assessments or charges made by any Governmental Authority by
reason of the execution and delivery of this Deed of Trust and the other
Security Documents, and (ii) any and all claims, actions, liabilities, costs and
expenses of any kind or nature whatsoever (including reasonable fees and
disbursements of counsel) that may be imposed on, incurred by, or asserted
against any of them, in any way relating to or arising out of this Deed of Trust
or any action taken or omitted by them hereunder, except to the extent that they
resulted from the gross negligence or willful misconduct of any such Indemnitee.

                  SECTION 13.17. WAIVERS; MODIFICATIONS IN WRITING. No amendment
of any provision of this Deed of Trust (including a waiver thereof or consent
relating thereto) shall be effective unless the same shall be in writing and
signed by Beneficiary and Trustor. Any waiver or consent relating to any
provision of this Deed of Trust shall be effective only in the specific instance
and for the specific purpose for which given. No notice to or demand on Trustor
in any case shall entitle Trustor to any other or further notice or demand in
similar circumstances, except as otherwise provided herein or as required by
law.

                                       35
<PAGE>
                  SECTION 13.18. CUMULATIVE REMEDIES; FAILURE OR DELAY. The
rights and remedies provided for under this Deed of Trust are cumulative and are
not exclusive of any rights and remedies that may be available to Beneficiary
under Applicable Laws, the other Security Documents or otherwise. No failure or
delay on the part of Beneficiary in the exercise of any power, right or remedy
under this Deed of Trust shall impair such power, right or remedy or shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such power, right or remedy preclude other or further exercise of such or any
other power, right or remedy.

                  SECTION 13.19. SUCCESSORS AND ASSIGNS. This Agreement shall be
binding upon and, subject to the next sentence, inure to the benefit of Trustor
and Beneficiary and their respective successors and assigns. Except as expressly
permitted under the Indenture, Trustor shall not assign or transfer any of its
rights or obligations hereunder without the prior written consent of
Beneficiary. The benefits of this Deed of Trust shall pass automatically with
any assignment of the Secured Obligations (or any portion thereof), to the
extent of such assignment.

                  SECTION 13.20. INDEPENDENCE OF COVENANTS. All covenants under
this Deed of Trust shall each be given independent effect so that, if a
particular action or condition is not permitted by any such covenant, the fact
that it would be permitted by another covenant or by an exception thereto shall
not avoid the occurrence of a Default or an Event of Default if such action is
taken or condition exists.

                  SECTION 13.21. CHANGE OF LAW. In the event of the passage,
after the date of this Deed of Trust, of any law changing in any way the laws
now in force for the taxation of mortgages, deeds of trust, or debts secured by
mortgages or deeds of trust (other than laws imposing taxes on income), or the
manner of the collection of any such taxes, so as to affect adversely the rights
of Beneficiary under this Deed of Trust, then an Event of Default shall be
deemed to have occurred under Section 6.1 of the Indenture; provided, however,
that no Event of Default shall be deemed to have occurred (i) if Trustor, within
thirty (30) days after the passage of such law, shall assume the payment of any
tax or other charge so imposed upon Beneficiary for the period remaining until
discharge in full of the Secured Obligations; provided, however, that such
assumption is permitted by Applicable Laws, (ii) if the adverse effect upon
Beneficiary of such tax or other charge is not material, or (iii) if and so long
as Trustor, at its expense, shall contest the amount or validity or application
of any such tax or other charge by appropriate legal proceedings promptly
initiated and conducted in good faith and with due diligence; provided that (A)
neither the Property nor any part thereof the absence of which would have a
material adverse effect on the value of the Property or would have a material
and adverse effect on Trustor's operation or use of the Property will be in
danger of being sold, forfeited, terminated, canceled, or lost as a result of
such contest and (B) Trustor shall have posted such bond or furnished such other
security as may be required by law to release such tax or charge.

                                       36
<PAGE>
                  SECTION 13.22. NO WAIVER. No waiver by Beneficiary of any
Default or breach by Trustor hereunder shall be implied from any omission by
Beneficiary to take action on account of such Default if such Default persists
or is repeated, no express waiver shall affect any Default other than the
Default in the waiver, and such waiver shall be operative only for the time and
to the extent therein stated. Waivers of any covenant, term or condition
contained herein shall not be construed as a waiver of any subsequent breach of
the same covenant, term or condition. The consent or approval by Beneficiary to
or of any act by Trustor requiring further consent or approval shall not be
deemed to waive or render unnecessary the consent or approval to or of any
subsequent similar act.

                  SECTION 13.23. NOTICES. All notices and other communications
under this Deed of Trust shall be in writing and shall be personally delivered
or sent by prepaid courier, by overnight, registered or certified mail (postage
prepaid) or by prepaid telex, facsimile or telegram, and shall be deemed given
when received by the intended recipient thereof. Unless otherwise specified in a
notice given in accordance with the foregoing provisions of this Section 13.9,
notices and other communications shall be given to the parties hereto at their
respective addresses (or to their respective telex or facsimile numbers)
indicated in Section 11.2 of the Indenture or, in the case of the Trustee,
Schedule 13.9 hereto.

                  SECTION 13.24. REFERENCES TO FORECLOSURE. References hereto to
"foreclosure"' and related phrases shall be deemed references to the appropriate
procedure in connection with Trustee's private power of sale, any judicial
foreclosure proceeding, and any deed given in lieu of any such Trustee's sale or
judicial foreclosure.

                  SECTION 13.25. JOINDER OF FORECLOSURE. Should Beneficiary hold
any other or additional security for the payment and performance of any Secured
Obligation, its sale or foreclosure, upon any default in such payment or
performance, in the sole discretion of Beneficiary, may be prior to, subsequent
to, or joined or otherwise contemporaneous with any sale or foreclosure
hereunder. Except as otherwise provided in the Indenture, in addition to the
rights herein specifically conferred, Beneficiary, at any time and from time to
time, may exercise any right or remedy now or hereafter given by Applicable Laws
to beneficiaries under deeds of trust generally, or to the holders of any
obligations of the kind hereby secured.

                  SECTION 13.26. RIGHTS AND OBLIGATIONS OF BENEFICIARY AND
TRUSTEE. At any time or from time to time, without liability therefor and
without notice, and without releasing or otherwise affecting the liability of
any Person for payment of any Secured Obligations, Beneficiary at its sole
discretion and only in writing may subordinate the Liens or either of them, or
charge hereof to the extent not prohibited by the Indenture. Beneficiary and
Trustee shall, however, promptly upon Trustor's request from time to time, join
in the following actions (including the execution and delivery of documents) as
Trustor determines are reasonably necessary for the development, use and
operation of the Trust Estate: (i) the making of any map or plat of the
Property, (ii) the granting, creating, amending and modifying of any customary
easements, covenants, conditions

                                       37
<PAGE>
and restrictions with respect to the Property and (iii) the application for and
prosecution of any development, building, use and similar permits and land use
and utility approvals and installations regarding the Property; provided,
however, that Beneficiary and Trustee shall not be required to join in or take
any such action (a) while an Event of Default exists, (b) to the extent such
action would impair the Liens of this Deed of Trust or the first priority
thereof or (c) to the extent prohibited by the Indenture. Any such request shall
be accompanied by an Officers' Certificate (as defined in the Indenture). Upon
written request of Beneficiary and surrender of this Deed of Trust to Trustee
for cancellation, and upon payment to Trustee of its reasonable fees and
expenses actually incurred, Trustee shall cancel and reconvey this Deed of
Trust.

                  SECTION 13.27. COPIES. Trustor will promptly give to
Beneficiary copies of all notices of violations relating to the Property that
Trustor receives from any Governmental Authority.

                  SECTION 13.28. SUBORDINATION. At the option of Beneficiary,
this Deed of Trust shall become subject and subordinate in whole or in part (but
not with respect to priority of entitlement to any insurance proceeds, damages,
awards, or compensation resulting from damage to the Property or condemnation or
exercise of power of eminent domain), to any and all easements, contracts of
sale and/or any and all leases of all or any part of the Property upon the
execution by Beneficiary and recording thereof in the official records of Gilpin
County, Colorado of a unilateral declaration to that effect. Beneficiary may
require the issuance of such title insurance endorsements to the Title Policy in
connection with any such subordination as Beneficiary, in its judgment, shall
determine are appropriate, and Trustor shall be obligated to pay any cost or
expense incurred in connection with the issuance thereof.

                  SECTION 13.29. SECURITY INSTRUMENTS. Trustor covenants and
agrees that if Beneficiary at any time holds additional security for any Secured
Obligations secured hereby, it may enforce the terms thereof or otherwise
realize upon the same, at its option, either before or concurrently herewith or
after a sale is made hereunder, and may apply the proceeds upon the Secured
Obligations without affecting the status or of waiving any right to exhaust all
or any other security, including the security hereunder, and without waiving any
breach or Default or any right or power whether exercised hereunder or contained
herein or in any such other security.

                  SECTION 13.30. SUITS TO PROTECT PROPERTY. Trustor covenants
and agrees to appear in and defend any action or proceeding the consequence of
which, if successful, would be that the Liens, or either of them, of this Deed
of Trust would not satisfy the requirements as to extent, perfection or priority
set forth in the Indenture; and to pay all reasonable costs and expenses
actually incurred by Trustee and Beneficiary, including cost of evidence of
title and attorneys' fees in a reasonable sum, in any such action or proceeding
in which Beneficiary and/or Trustee may appear or be made a party.

                                       38
<PAGE>
                  SECTION 13.31. TRUSTOR WAIVER OF RIGHTS. Trustor waives the
benefit of all laws now existing or that hereafter may be enacted providing for
(i) any appraisement before sale of any portion of the Trust Estate, and (ii)
the benefit of all laws that may be hereafter enacted in any way extending the
time for the enforcement of the Secured Obligations or creating or extending a
period of redemption from any sale made in collecting said debt. To the full
extent Trustor may do so, Trustor agrees that Trustor will not at any time
insist upon, plead, claim or take the benefit or advantage of any law now or
hereafter in force providing for any appraisement, valuation, stay, extension or
redemption, and Trustor, for Trustor, Trustor's heirs, devisees,
representatives, successors and assigns, and for any and all Persons ever
claiming any interest in the Trust Estate, to the extent permitted by Applicable
Laws, hereby waives and releases all rights of redemption, valuation,
appraisement, stay of execution, and marshaling in the event of foreclosure of
the liens hereby created. If any law referred to in this Section 13.17. and now
in force, of which Trustor, Trustor's heirs, devisees, representatives,
successors and assigns or other Person might take advantage despite this Section
13.17, shall hereafter be repealed or cease to be in force, such law shall not
thereafter be deemed to preclude the application of this Section 13.17. To the
extent permitted by Applicable Laws, Trustor expressly waives and relinquishes
any and all rights and remedies which Trustor may have or be able to assert by
reason of the laws of the State of Colorado pertaining to the rights and
remedies of sureties.

                  SECTION 13.32. CHARGES FOR STATEMENTS. Trustor agrees to pay
Beneficiary's customary charge, to the maximum amount permitted by Applicable
Laws, for any statement regarding the Secured Obligations requested by Trustor
or in its behalf.

                  SECTION 13.33. COMPLETE AGREEMENT. This Deed of Trust,
together with the exhibits and schedules hereto, and the other Security
Documents, is intended by the parties as a final expression of their agreement
regarding the subject matter hereof and is intended as a complete and exclusive
statement of the terms and conditions of such agreement.

                  SECTION 13.34. PAYMENTS SET ASIDE. Notwithstanding anything to
the contrary herein contained, this Deed of Trust, the Secured Obligations and
the Lien and Security Interest of this Deed of Trust shall continue to be
effective or be reinstated, as the case may be, if at any time any payment, or
any part thereof, of any or all of the Secured Obligations is rescinded,
invalidated, declared to be fraudulent or preferential or otherwise required to
be restored or returned by Beneficiary in connection with any bankruptcy,
reorganization or similar proceeding involving Trustor, any other party liable
with respect to the Secured Obligations or otherwise, if the proceeds of the
Trust Estate are required to be returned by Beneficiary under any such
circumstances, or if Beneficiary reasonably elects to return any such payment or
proceeds or any part thereof in its discretion, all as though such payment had
not been made or such proceeds not been received. Without limiting the
generality of the foregoing, if prior to any such rescission, invalidation,
declaration, restoration or return, this Deed of Trust shall have been
terminated, released and/or reconveyed and the Lien and Security Interest or any
of the

                                       39
<PAGE>
Trust Estate shall have been released or terminated in connection with such
termination, release and/or reconveyance, this Deed of Trust and the Lien and
Security Interest and such portion of the Trust Estate shall be reinstated in
full force and effect, and such prior termination, release and/or reconveyance
shall not diminish, discharge or otherwise affect the obligations of Trustor in
respect of the amount of the affected payment or application of proceeds, the
Lien, the Security Interest or such portion of the Trust Estate.

                  SECTION 13.35. SUBSTITUTION. Beneficiary may at any time,
without giving notice to Trustor or the original or successor Trustee, and
without regard to the willingness or inability of any original or successor
Trustee to execute this trust, appoint another Person or succession of Persons
to act as Trustee, and such appointee in the execution of this trust shall have
all the powers vested in and obligations imposed upon Trustee. Should
Beneficiary be a corporation or unincorporated association, then any officer
thereof may make such appointment.

                  SECTION 13.36. CHOICE OF FORUM. All actions or proceedings
arising in connection with this Deed of Trust shall be tried and litigated in
state or Federal courts located in Gilpin County, State of Colorado, unless such
actions or proceedings are required to be brought in another court to obtain
subject matter jurisdiction over the matter in controversy. TRUSTOR WAIVES ANY
RIGHT IT MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS, TO ASSERT THAT
IT IS NOT SUBJECT TO THE JURISDICTION OF SUCH COURTS OR TO OBJECT TO VENUE TO
THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 13.22.
SERVICE OF PROCESS, SUFFICIENT FOR PERSONAL JURISDICTION IN ANY ACTION AGAINST
TRUSTOR, MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
TO ITS ADDRESS INDICATED IN SECTION 13.9 HEREOF.

                  SECTION 13.37. REGULATORY MATTERS. Whenever in this Deed of
Trust a right is given to Beneficiary, which right is affected by Applicable
Gaming Laws or Liquor Laws or the enforcement of which is subject to Applicable
Gaming Laws or Liquor Laws, the enforcement of any such right shall be subject
to Applicable Gaming Laws and Liquor Laws and approval, if so required, of the
applicable Gaming Authorities or authorities enforcing the Liquor Laws.

                  SECTION 13.38. GUARANTOR WAIVERS. If and to the extent that
Trustor (for the purposes of this Section 13.24, "Guarantor") would be deemed or
construed to be a guarantor or surety under Applicable Law with respect to its
obligations hereunder, Guarantor hereby agrees as follows:

                  13.38.1. Guarantor expressly agrees that until each and every
term, covenant and condition of this Deed of Trust is fully performed, Guarantor
shall not be released by any act or event which, except for this provision of
this Deed of Trust might

                                       40
<PAGE>
be deemed a legal or equitable discharge or exoneration of a surety, or because
of any waiver, extension, modification, forbearance or delay or other act or
omission of Beneficiary or its failure to proceed promptly or otherwise as
against any Issuer or any other Guarantor, as the case may be (individually and
collectively, in its or their capacity as the entity or entities the obligations
of which are guaranteed hereunder by Guarantor, the "Principal") or Guarantor,
or because of any action taken or omitted or circumstance which might vary the
risk or affect the rights or remedies of Guarantor as against the Principal, or
because of any further dealings between the Principal and Beneficiary, whether
relating to this Deed of Trust or otherwise. Guarantor hereby expressly waives
and surrenders any defense to Guarantor's liability under this Deed of Trust
based upon any of the foregoing acts, omissions, things, agreements, waivers or
any of them. It is the purpose and intent of this Deed of Trust that the
obligations of Guarantor under it shall be absolute and unconditional under any
and all circumstances, subject to and in accordance with the terms and
conditions of this Deed of Trust.

                  13.38.2. Without in any way limiting the provisions of Section
13.24.1, Guarantor waives:

                           13.38.2.1. all statutes of limitations as a defense
to any action or proceeding brought against Guarantor by Beneficiary, to the
fullest extent permitted by Applicable Laws;

                           13.38.2.2. any right it may have to require
Beneficiary to proceed against the Principal or pursue any other remedy in
Beneficiary's power to pursue, it being acknowledged and agreed that the
obligations of Guarantor hereunder are independent of the obligations of the
Principal hereunder, and Beneficiary shall not be required to make any demand
upon, exercise any right to declare a default by, or proceed against, the
Principal prior to proceeding against Guarantor to the full extent of
Guarantor's obligations hereunder;

                           13.38.2.3. any defense based on any legal disability
of the Principal and any discharge, release or limitation of the liability of
the Principal to Beneficiary, whether consensual or arising by operation of law
or any bankruptcy, reorganization, receivership, insolvency, or debtor-relief
proceeding, or from any other cause, or any claim that Guarantor's obligations
exceed or are more burdensome than those of the Principal;

                           13.38.2.4. except as specifically provided herein or
in the Indenture or any Security Document, all presentments, demands for
performance, notices of nonperformance, protests, notices of protest, notices of
dishonor, notices of acceptance of this Deed of Trust and of the existence,
creation, or incurring of new or additional indebtedness, and demands and
notices of every kind;

                                       41
<PAGE>
                           13.38.2.5. any defense based on or arising out of any
defense that the Principal may have to the payment or performance of any
obligation set forth in this Deed of Trust (other than payment or performance in
full); and

                           13.38.2.6. until all obligations under this Deed of
Trust have been paid and performed in full, all rights of subrogation and all
rights to enforce any remedy that Guarantor may have against the Principal, all
regardless of whether Guarantor may have made any payments to Beneficiary.

                  13.38.3. Guarantor assumes full responsibility for keeping
informed of the financial condition and business operations of the Principal and
all other circumstances affecting the Principal's ability to pay for and perform
its obligations, and agrees that Beneficiary shall have no duty to disclose to
Guarantor any information which Beneficiary may receive about the Principal's
financial condition, business operations, or any other circumstances bearing on
its ability to perform.

                  13.38.4. Notwithstanding anything to the contrary provided
elsewhere herein, in no event shall Guarantor have any liability under this Deed
of Trust beyond its interest in the portion of the Property that is owned by
Guarantor, and in no event shall Guarantor's obligations hereunder be enforced
against any property of Guarantor other than its interest in such portion of the
Property.

                  SECTION 13.39. WAIVER OF TRIAL BY JURY. TRUSTOR AND
BENEFICIARY WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION UNDER THIS DEED OF
TRUST OR ANY OTHER SECURITY DOCUMENT OR ANY OTHER ACTION ARISING OUT OF THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, REGARDLESS OF WHICH PARTY INITIATES
SUCH ACTION OR ACTIONS.

                  [Remainder of page intentionally left blank]

                                       42
<PAGE>
                  IN WITNESS WHEREOF, Trustor has caused this Deed of Trust to
be executed as of the day and year first above written.

BARDEN COLORADO GAMING, LLC,
a Colorado limited liability company

By:  /s/ Don H. Barden
     ---------------------------------------
Name:  Don H. Barden
       -------------------------------------
Title:  Manager
        ------------------------------------

                                       43
<PAGE>
                                 ACKNOWLEDGMENT

STATE OF ILLINOIS                   )
                                    )       ss.
COUNTY OF COOK                      )

         The foregoing instrument was acknowledged before me this 6th day of
December, 2001 by Don H. Barden, as individual.

         Witness my hand and official seal.

                                                     Janis I . Rohrer
                                                     ---------------------------
                                                     Notary Public

         My commission expires:
                         [SEAL]

                                       44

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