Document:

<PAGE>

                                                           EXHIBIT 4.2(g)

                       FIFTH AMENDMENT TO CREDIT AGREEMENT

                  FIFTH AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated
as of February 27, 2004, among AMERISTAR CASINOS, INC., a Nevada corporation
(the "Borrower"), the various lenders party to the Credit Agreement referred to
below (the "Lenders") and DEUTSCHE BANK TRUST COMPANY AMERICAS (f/k/a Bankers
Trust Company), as Administrative Agent (all capitalized terms used herein and
not otherwise defined herein shall have the respective meanings provided such
terms in the Credit Agreement as defined below).

                              W I T N E S S E T H:

                  WHEREAS, the Borrower, the Lenders, the Administrative Agent
and the other agents party thereto are party to a Credit Agreement, dated as of
December 20, 2000, as subsequently amended, modified or supplemented by the
First Amendment thereto dated as of January 30, 2001, the Second Amendment
thereto dated as of May 31, 2002, the Third Amendment thereto dated as of
November 22, 2002 and the Fourth Amendment thereto dated as of December 19, 2003
(the "Credit Agreement");

                  WHEREAS, the Borrower has requested that the Lenders agree to
certain amendments to the Credit Agreement; and

                  WHEREAS, the Borrower and the Lenders wish to amend the Credit
Agreement as provided herein;

                  NOW, THEREFORE, it is agreed:

         I.       Amendments to Credit Agreement.

                  1.       Section 1.01 of the Credit Agreement is hereby
amended by inserting the following new text at the end of said Section:

                           "(i)     (A)     On the Fifth Amendment Effective
Date, all outstanding B Term Loans of each Lender that has theretofore executed
and delivered a counterpart of the Fifth Amendment to the Administrative Agent
in accordance with the terms thereof (each such Lender, a "Consenting Lender"
and, collectively, the "Consenting Lenders") shall be automatically converted
(the "B Term Loan Conversion") into new term loans hereunder (each such term
loan, a "Converted B-1 Term Loan" and, collectively, the "Converted B-1 Term
Loans"). On or after the Fifth Amendment Effective Date, each Consenting Lender
which holds a B Term Note shall be entitled to surrender such B Term Note to the
Borrower against delivery of a B-1 Term Note completed in conformity with
Section 1.05; provided that if any such B Term Note is not so surrendered then
from and after the Fifth Amendment Effective Date, such B Term Note shall be
deemed to evidence the Converted B-1 Term Loans into which the B Term Loans
theretofore evidenced by such B Term Note have been converted. Subject to and
upon the terms and conditions set forth herein, each Lender with a B-1 Term Loan
Commitment severally agrees to make a term loan or term loans (each, an
"Additional B-1 Term Loan" and, collectively, the "Additional B-1 Term Loans",
and, together with the Converted B-1

<PAGE>

         Term Loans, the "B-1 Term Loans") to the Borrower, which Additional B-1
         Term Loans shall be incurred pursuant to a single drawing on the Fifth
         Amendment Effective Date. All B-1 Term Loans (i) shall be denominated
         in Dollars, (ii) except as hereinafter provided, shall, at the option
         of the Borrower, be incurred and maintained as, and/or converted into,
         Base Rate Loans or Eurodollar Loans, provided that except as otherwise
         specifically provided in Section 1.10(b), all B-1 Term Loans comprising
         the same Borrowing shall at all times be of the same Type, and (iii)
         shall be made by each such Lender in that aggregate principal amount
         which equals the B-1 Term Loan Commitment of such Lender on the Fifth
         Amendment Effective Date. Once repaid, B-1 Term Loans may not be
         reborrowed. Notwithstanding anything to the contrary contained in this
         Agreement (including, without limitation, in Section 4.02), the
         proceeds of the Additional B-1 Term Loans shall be immediately applied
         by the Borrower to repay all outstanding B Term Loans of Non-Consenting
         Lenders (if any) and all outstanding A Term Loans and RTL Loans on the
         Fifth Amendment Effective Date.

                  (B)(i)   Each Borrowing of B Term Loans existing on the Fifth
         Amendment Effective Date immediately prior to the B Term Loan
         Conversion and maintained as Eurodollar Loans (each, an "Existing B
         Term Loan Borrowing") shall, upon the occurrence of the B Term Loan
         Conversion, be deemed to be a new Borrowing of B-1 Term Loans for all
         purposes of this Agreement, (ii) each such newly-deemed Borrowing of
         B-1 Term Loans shall be subject to the same Interest Period (and
         Eurodollar Rate) as the Existing B Term Loan Borrowing to which it
         relates, (iii) Additional B-1 Term Loans shall be initially incurred
         pursuant to a single Borrowing of Eurodollar Loans which shall be added
         to (and thereafter be deemed to constitute a part of) each such
         newly-deemed Borrowing of B-1 Term Loans on a pro rata basis (based on
         the relative sizes of the various such newly-deemed Borrowings of B-1
         Term Loans) and (iv) in connection with the B Term Loan Conversion and
         the incurrence of Additional B-1 Term Loans pursuant to Section
         1.01(i), the Administrative Agent shall (and is hereby authorized to)
         take all appropriate actions to ensure that all Lenders with
         outstanding B-1 Term Loans (after giving effect to the B Term Loan
         Conversion and the incurrence of Additional B-1 Term Loans pursuant to
         Section 1.01(i)(A)) participate in each newly-deemed Borrowing of B-1
         Term Loans on a pro rata basis.

                  (C)      In connection with the B Term Loan Conversion and the
         incurrence of Additional B-1 Term Loans pursuant to Section 1.01(i)(A),
         the Lenders and the Borrower hereby agree that, notwithstanding
         anything to the contrary contained in this Agreement, (i) if requested
         by any Lender making Additional B-1 Term Loans which "match funds", the
         Borrower shall pay to such Lender such amounts necessary, as reasonably
         determined by such Lender, to compensate such Lender for making such
         Additional B-1 Term Loans in the middle of an existing Interest Period
         (rather than at the beginning of the respective Interest Period, based
         upon the rates then applicable thereto) and (ii) the Borrower shall be
         obligated to pay to the respective Lenders breakage or other costs of
         the type referred to in Section 1.11 (if any) incurred in connection
         with the B Term Loan Conversion and/or the actions taken pursuant to
         preceding clause (B) of this Section 1.01(i)."

                  2.       Section 1.05(a) of the Credit Agreement is hereby
amended by (i) deleting the text "and, together with the A Term Notes and the B
Term Notes, the "Term Notes" appearing in the parenthetical appearing in clause
(iii) of said Section, (ii) deleting the word

                                      -2-

<PAGE>

"and" appearing at the end of clause (v) of said Section and inserting a comma
in lieu thereof and (iii) inserting the following text immediately before the
period appearing at the end of said Section:

                           "and (vii) if B-1 Term Loans, by a promissory note
         duly executed and delivered by the Borrower substantially in the form
         of Exhibit B-8, with blanks appropriately completed in conformity
         herewith (each, a "B-1 Term Note" and collectively, the "B-1 Term
         Notes" and, together with the A Term Notes, the B Term Notes and the C
         Term Notes, the "Term Notes")".

                  3.       Section 1.05 of the Credit Agreement is hereby
further amended by (i) redesignating clauses (h), (i) and (j) as clauses (i),
(j) and (k), respectively, of said Section and (ii) inserting the following new
clause (h) immediately following clause (g) of said Section:

                           "(h)     The B-1 Term Note issued to each Lender
         shall (i) be executed by the Borrower, (ii) be payable to the order of
         such Lender and be dated the Fifth Amendment Effective Date (or, in the
         case of B-1 Term Notes issued after the Fifth Amendment Effective Date,
         be dated the date of issuance thereof), (iii) be in a stated principal
         amount equal to the respective B-1 Term Loan made by such Lender on the
         Fifth Amendment Effective Date (or, in the case of any B-1 Term Note
         issued after the Fifth Amendment Effective Date, be in a stated
         principal amount equal to the outstanding principal amount of the B-1
         Term Loans of such Lender on the date of the issuance thereof) and be
         payable in the principal amount of B-1 Term Loans evidenced thereby,
         (iv) mature on the B-1 Term Maturity Date, (v) bear interest as
         provided in the appropriate clause of Section 1.08 in respect of the
         Base Rate Loans and Eurodollar Loans, as the case may be, evidenced
         thereby, (vi) be subject to mandatory repayment as provided in Section
         4.02(A) and (vii) be entitled to the benefits of this Agreement and the
         other Credit Documents.".

                  4.       Section 1.05 (j) of the Credit Agreement is hereby
amended by deleting the text "preceding clause (h)" appearing at the end of the
third sentence of said Section and inserting the text "preceding clause (i)" in
lieu thereof.

                  5.       Section 3.03 of the Credit Agreement is hereby
amended by (i) redesignating clauses (g), (h), (i), (j) and (k) as clauses (h),
(i), (j), (k) and (l), respectively, (ii) inserting the following new clause (g)
immediately after clause (f) of said Section:

                           "(g)     In addition to any other mandatory
         commitment reductions pursuant to this Section 3.03, the Total B-1 Term
         Loan Commitment (and the B-1 Term Loan Commitment of each Lender with
         such a Commitment) shall terminate in its entirety on the Fifth
         Amendment Effective Date (after giving effect to the incurrence of B-1
         Term Loans on such date).",

                  (iii) deleting the text "the Total Commitment (and the
Commitment of each Lender under each Tranche)" appearing in clause (h) of said
Section and inserting the text "each of the Total A Term Loan Commitment, the
Total B Term Loan Commitment, the Total C Term Loan Commitment, the Total RTL
Commitment and the Total Revolving Loan Commitment (and the Commitment of each
Lender under each such Tranche)" in lieu thereof, (iv) deleting the

                                      -3-

<PAGE>

text "clause (j) of this Section 3.03" appearing in clause (l) of said Section
and inserting the text "clause (k) of this Section 3.03" in lieu thereof and (v)
deleting the text "Section 3.03 (j)" appearing at the end of clause (l) of said
Section and inserting the text " Section 3.03 (k)" in lieu thereof.

                  6.       Section 4.01 of the Credit Agreement is hereby
amended by inserting the text "B-1 Term Loans" immediately after the text "B
Term Loans," appearing in the parenthetical appearing in clause (vi) of said
Section.

                  7.       Section 4.02 (A)(c) of the Credit Agreement is hereby
amended by (i) inserting the text "(i)" immediately before the text "In
addition" appearing at the beginning of said Section, (ii) inserting the text
"(i)" immediately before the text ", a "B Term Loan Scheduled Repayment""
appearing in said Section, (iii) deleting the period appearing at the end of
clause (i) of said Section and inserting the text "; and" in lieu thereof and
(iv) inserting the following new text at the end of said Section:

                           "(ii)    In addition to any other mandatory
         repayments or commitment reductions pursuant to this Section 4.02(A),
         on each date set forth below, the Borrower shall be required to repay
         B-1 Term Loans, to the extent then outstanding, in an amount equal to
         the amount set forth opposite such date below (each such repayment, as
         the same may be reduced as provided in Section 4.01 and 4.02(A)(k) or
         increase pursuant to the proviso to this clause (c)(ii), a "B-1 Term
         Loan Scheduled Repayment"):

<TABLE>
<CAPTION>
         Scheduled Repayment Date                Amount
-----------------------------------------     ------------
<S>                                           <C>
Quarterly Payment Date in March, 2004         $    835,003
Quarterly Payment Date in June 2004           $    835,003
Quarterly Payment Date in September, 2004     $    835,003
Quarterly Payment Date in December, 2004      $    835,003
Quarterly Payment Date in March, 2005         $    835,003
Quarterly Payment Date in June, 2005          $    835,003
Quarterly Payment Date in September, 2005     $    835,003
Quarterly Payment in December, 2005           $    835,003
Quarterly Payment in March, 2006              $ 81,830,249
Quarterly Payment in June, 2006               $ 81,830,249
Quarterly Payment in September, 2006          $ 81,830,249
B-1 Term Maturity Date                        $ 81,830,249
</TABLE>

         ; provided that (x) B-1 Term Loans and all other amounts owed hereunder
         with respect to the B-1 Term Loans shall be paid in full no later than
         B-1 Term Maturity Date, and the final installment payable by the
         Borrower in respect of the B-1 Term Loans on such date shall be in an
         amount, if such amount is different from that specified above,
         sufficient to repay all amounts owing by the Borrower under this
         Agreement with respect to the B-1

                                      -4-

<PAGE>

         Term Loans and (y) if the aggregate principal amount of the B-1 Term
         Loans is increased pursuant to Section 1.14, then each B-1 Term Loan
         Scheduled Repayment to be made after such increase becomes effective
         shall be increased by an amount equal to (a) the aggregate principal
         amount of the increase in the B-1 Term Loans pursuant to Section 1.14
         multiplied by (b) an amount equal to (x) such Scheduled Repayment
         divided by (y) the aggregate outstanding principal amount of the B-1
         Term Loans, in each case, immediately prior to giving effect to the
         increase in the B-1 Term Loans made pursuant to Section 1.14.".

                  8.       Section 4.02(A)(e) of the Credit Agreement is hereby
amended by inserting the text ", B-1 Term Loan Scheduled Repayment" immediately
after the text "B Term Loan Scheduled Repayment" appearing in said Section.

                  9.       Section 4.02(A)(k) of the Credit Agreement is hereby
amended by inserting the text ", B-1 Term Loans" immediately after the first
appearance of the text "B Term Loans" appearing in said Section.

                  10.      Section 7.08(a) of the Credit Agreement is hereby
amended by (i) inserting the text "drawn on the Initial Borrowing Date"
immediately after the text "Term Loans" appearing in said Section and (ii)
inserting the following new sentence at the end of said Section:

         "All proceeds of the Additional B-1 Term Loans will be used to repay
         outstanding B Term Loans of Non-Consenting Lenders (if any) and all
         outstanding A Term Loans and RTL Loans on the Fifth Amendment Effective
         Date.".

                  11.      Section 8 of the Credit Agreement is hereby amended
by inserting the following new text at the end of said Section:

                  "Section 8.16 Fifth Amendment Mortgage Amendments. (a) Within
                  60 days following the Fifth Amendment Effective Date, if and
                  to the extent requested by the Collateral Agent, the Borrower
                  shall have delivered to the Collateral Agent, or caused to be
                  delivered to the Collateral Agent, fully executed counterparts
                  of amendments (the "Fifth Amendment Mortgage Amendments"), in
                  form and substance reasonably satisfactory to the
                  Administrative Agent, to each of the Mortgages covering the
                  Mortgaged Properties, together with evidence that counterparts
                  of each of the Fifth Amendment Mortgage Amendments have been
                  delivered to the title company insuring the Lien on the
                  Mortgages for recording in all places to the extent necessary
                  or desirable, in the judgment of the Collateral Agent,
                  effectively to maintain a valid and enforceable perfected
                  mortgage lien superior to and prior to the rights of all third
                  parties and subject to no other Liens except as are permitted
                  by Section 9.01 on the Mortgaged Properties in favor of the
                  Collateral Agent for the benefit of the Secured Parties
                  securing all of the Obligations (including the B-1 Term
                  Loans).

                           (b)      Within 60 days following the Fifth Amendment
                  Effective Date, if and to the extent requested by the
                  Collateral Agent, the Borrower shall have delivered to the
                  Collateral Agent, or caused to be delivered to the Collateral
                  Agent, fully executed counterparts of amendments (the "Fifth
                  Amendment Ship

                                      -5-

<PAGE>

                  Mortgage Amendments"), in form and substance reasonably
                  satisfactory to the Administrative Agent, to each of the Ship
                  Mortgages covering the Mortgaged Ship Properties, together
                  with evidence that counterparts of each of the Fifth Amendment
                  Ship Mortgage Amendments have been recorded or filed in all
                  places to the extent necessary or, in the reasonable opinion
                  of the Collateral Agent, desirable to effectively maintain a
                  valid and enforceable perfected mortgage lien superior to and
                  prior to the rights of all third parties and subject to no
                  other Liens except as are permitted by Section 9.01 on each
                  Mortgaged Ship Property in favor of the Collateral Agent (or
                  such other trustee as may be required or desired under local
                  law) for the benefit of the Secured Creditors securing all of
                  the Obligations (including the B-1 Term Loans).

                  12.      Section 9.03(iii) of the Credit Agreement is hereby
amended by deleting said Section in its entirety and inserting the following
text in lieu thereof:

                           "(iii) the Borrower may authorize, declare or pay
         cash Dividends or repurchase, redeem or otherwise acquire for value of
         any capital stock or options to acquire capital stock of the Borrower
         so long as (x) the aggregate amount paid in respect of all such
         payments, repurchases, redemptions and acquisitions shall not exceed
         the lesser of (I) $25,000,000 and (II) $100,000,000 less the aggregate
         amount paid to repurchase or redeem High Yield Securities pursuant to
         Section 9.13(iii) and (y) at the time of any such payment, repurchase,
         redemption or acquisition (A) no Default or Event of Default exists or
         results therefrom, (B) the Borrower is in compliance with the Adjusted
         Leverage Ratio on a Pro Forma Basis as if such respective payment,
         repurchase, redemption or other acquisition had occurred on the first
         day of the Calculation Period and (C) the Total Unutilized Revolving
         Loan Commitment is not less than $25,000,000 after giving effect to
         such payment, repurchase, redemption or other acquisition.".

                  13.      Section 9.12 of the Credit Agreement is hereby
amended by inserting the text "pay cash Dividends or" immediately before the
text "repurchase" appearing in clause (z) of said Section.

                  14.      Section 9.13 of the Credit Agreement is hereby
amended by inserting the text "pay cash Dividends or" immediately before the
text "repurchase" appearing in clause (x) of the proviso appearing in said
Section.

                  15.      The definition of "Applicable Margin" appearing in
Section 11 of the Credit Agreement is hereby amended by (i) deleting the word
"and" appearing at the end of clause (b) of said definition, (ii) redesignating
clause (c) of said definition as clause (d) thereof and (iii) inserting the
following new clause (c) immediately after clause (b) of said definition:

                           "(c) with respect to B-1 Term Loans maintained as (i)
         Base Rate Loans, a percentage per annum equal to 1.00% and (ii)
         Eurodollar Loans, a percentage per annum equal to 2.00%; and".

                  16.      The definition of "Maturity Date" appearing in
Section 11 of the Credit Agreement is hereby amended by inserting the text "the
B-1 Term Maturity Date," immediately before the text "the C Term Maturity Date"
appearing in said definition.

                                      -6-

<PAGE>

                  17.      The definition of "Term Loan" appearing in Section 11
of the Credit Agreement is hereby amended by inserting the text ", B-1 Term
Loans" immediately after the text "B Term Loans" appearing in said definition.

                  18.      The definition of "Term Loan Commitment" appearing in
Section 11 of the Credit Agreement is hereby amended by inserting the text ",
B-1 Term Loan Commitment" immediately after the text "B Term Loan Commitment"
appearing in said definition.

                  19.      The definition of "Term Loan Tranche" appearing in
Section 11 of the Credit Agreement is hereby amended by inserting the text ",
the B-1 Term Loan Tranche" immediately after the text "the B Term Loan Tranche"
appearing in said definition.

                  20.      The definition of "Total Term Loan Commitment"
appearing in Section 11 of the Credit Agreement is hereby amended by inserting
the text ", the B-1 Term Loan Commitments" immediately after the text "the B
Term Loan Commitments" appearing in said definition.

                  21.      The definition of "Tranche" appearing in Section 11
of the Credit Agreement is hereby amended by (i) deleting the word "six"
appearing in said definition and inserting the text "seven" in lieu thereof and
(ii) inserting the text ", B-1 Term Loans" immediately after the text "B Term
Loans" appearing in said definition.

                  22.      Section 11 of the Credit Agreement is hereby further
amended by inserting in the appropriate alphabetical order the following new
definitions:

                  "Additional B-1 Term Loans" shall have the meaning provided in
Section 1.01(i).

                  "B-1 Term Loan" shall have the meaning provided in Section
1.01(i).

                  "B-1 Term Loan Commitment" shall mean, for each Lender, the
amount set forth opposite such Lender's name in Schedule I directly below the
column entitled "B-1 Term Loan Commitment," as the same may be (x) reduced
pursuant to Section 3.03, 4.02(A) and/or 10 or (y) adjusted from time to time as
a result of assignments to or from such Lender pursuant to Section 1.13 or
13.04(b).

                  "B-1 Term Loan Scheduled Repayment" shall have the meaning
provided in Section 4.02(A)(c)(ii).

                  "B-1 Term Maturity Date" shall mean December 20, 2006.

                  "B-1 Term Notes" shall have the meaning provided in Section
1.05(a).

                  "B Term Loan Conversion" shall have the meaning provided in
Section 1.01(i).

                  "Consenting Lenders" shall have the meaning provided in
Section 1.01(i).

                  "Converted B-1 Term Loans" shall have the meaning provided in
Section 1.01(i).

                                      -7-

<PAGE>

                  "Existing B Term Loan Borrowing" shall have the meaning
provided in Section 1.01(i).

                  "Fifth Amendment" shall mean the Fifth Amendment to this
Agreement, dated as of February ___, 2004.

                  "Fifth Amendment Effective Date" shall have the meaning
provided in the Fifth Amendment.

                  "Fifth Amendment Mortgage Amendments" shall have the meaning
provided in Section 8.16(a).

                  "Fifth Amendment Ship Mortgage Amendments" shall have the
meaning provided in Section 8.16(b).

                  "Non-Consenting Lender" shall mean each Lender that is not a
Consenting Lender.

                  "Total B-1 Term Loan Commitment" shall mean, at any time, the
sum of the B-1 Term Loan Commitments of each of the Lenders at such time.

                  23.      Schedule I to the Credit Agreement is hereby amended
by adding thereto the information set forth on Schedule I attached hereto.

                  24.      Exhibit A to the Credit Agreement is hereby amended
by inserting the text "[B-1 Term Loans]" immediately after each appearance of
the text "[B Term Loans]" in said Exhibit.

                  25.      The Credit Agreement is hereby further amended by
adding Exhibit B-8 thereto in the form of Exhibit B-8 attached hereto.

                  26.      Exhibit K to the Credit Agreement is hereby amended
by deleting same in its entirety and inserting in lieu thereof a new Exhibit K
in the form of Exhibit K attached thereto.

         II.      Miscellaneous Provisions.

                  1.       The Borrower hereby represents and warrants that (i)
no Default or Event of Default exists as of the Fifth Amendment Effective Date
(as defined below) both before and after giving effect to this Amendment and
(ii) on the Fifth Amendment Effective Date, both before and after giving effect
to this Amendment, all representations and warranties (other than those
representations made as of a specified date) contained in the Credit Agreement
and in the other Credit Documents are true and correct in all material respects.

                  2.       This Amendment shall become effective on the date
(the "Fifth Amendment Effective Date") when each of the following conditions
have been satisfied:

                  (i)      the Borrower, each other Credit Party, the Required
         Lenders, each Consenting Lender and each Lender with a B-1 Term Loan
         Commitment shall have

                                      -8-

<PAGE>

         signed a counterpart hereof (whether the same or different
         counterparts) and shall have delivered (including by way of facsimile
         transmission) the same to the Administrative Agent at White & Case LLP,
         1155 Avenue of the Americas, New York, NY 10036, Attention: Aditi
         Chawla (facsimile number 212-354-8113);

                  (ii)     there shall have been delivered to the Administrative
         Agent for the account of each of the Lenders that have requested same
         an appropriate B-1 Term Note executed by the Borrower in each case in
         the amount, maturity and otherwise as provided in the Credit Agreement;

                  (iii)    all accrued and unpaid interest on all A Term Loans,
         B Term Loans and RTL Loans shall have been paid in full;

                  (iv)     the aggregate amount of B-1 Term Loan Commitments set
         forth on Schedule I hereto shall equal an amount sufficient to repay
         all outstanding A Term Loans and RTL Loans and the outstanding B Term
         Loans of Non-Consenting Lenders; and

                  (v)      the Administrative Agent shall have received from
         counsel to the Credit Parties satisfactory to the Administrative Agent,
         an opinion addressed to the Administrative Agent and each of the
         Lenders and dated the Fifth Amendment Effective Date, which opinion
         shall cover such matters incident hereto and the other transactions
         contemplated in connection herewith as the Administrative Agent may
         reasonably request.

                  Unless the Administrative Agent has received actual notice
from any Lender that the conditions contained above have not been met with
satisfaction, upon the satisfaction of the condition described in clause (i) of
the immediately preceding sentence and upon the Administrative Agent's good
faith determination that the other conditions described above have been met, the
Fifth Amendment Effective Date shall be deemed to have occurred, regardless of
any subsequent determination that one or more of the conditions thereto had not
been met (although the occurrence of the Fifth Amendment Effective Date shall
not release the Borrower from any liability for failure to satisfy one or more
of the applicable conditions specified above).

                  3.       This Amendment is limited as specified and shall not
constitute a modification, acceptance or waiver of any other provision of the
Credit Agreement or any other Credit Document.

                  4.       This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which counterparts when executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument. A complete set
of counterparts shall be lodged with the Borrower and the Administrative Agent.

                  5.       By executing and delivering a copy hereof, each
Credit Party hereby agrees that all Loans (including, without limitation, the
B-1 Term Loans) shall be fully guaranteed pursuant to the Subsidiary Guaranty in
accordance with the terms and provisions thereof and shall be fully secured
pursuant to the Security Documents.

                                      -9-

<PAGE>

                  6.       From and after the Fifth Amendment Effective Date,
all references in the Credit Agreement and each of the other Credit Documents to
the Credit Agreement shall be deemed to be references to the Credit Agreement as
modified hereby.

                  7.       THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.

                                      * * *

                                      -10-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Amendment as of the date first
above written.

                              AMERISTAR CASINOS, INC.

                              By: /s/ Peter C. Walsh
                                  ----------------------------------------
                                  Title: Senior Vice President & General Counsel

                              AMERISTAR CASINO VICKSBURG, INC.,
                              AMERISTAR CASINO COUNCIL BLUFFS, INC.,
                              CACTUS PETE'S INC.,
                              A.C. FOOD SERVICES, INC.,
                              AMERISTAR CASINO ST. LOUIS, INC.,
                              AMERISTAR CASINO KANSAS CITY,      INC.,
                              AMERISTAR CASINO ST. CHARLES, INC.,

                              By: /s/ Peter C. Walsh
                                  ----------------------------------------
                              Title: Vice President

                              DEUTSCHE BANK TRUST COMPANY
                                  AMERICAS (f/k/a Bankers Trust Company),
                                  Individually and as Administrative Agent

                              By: /s/ Stephen P. Lamham
                                  ----------------------------------------
                                  Title: Managing Director

<PAGE>

                                    SIGNATURE PAGE TO THE FIFTH AMENDMENT DATED
                                        AS OF FEBRUARY 27, 2004, TO THE CREDIT
                                        AGREEMENT DATED AS OF DECEMBER 20, 2000,
                                        AMONG AMERISTAR CASINOS, INC., A NEVADA
                                        CORPORATION, THE VARIOUS LENDERS PARTY
                                        TO THE CREDIT AGREEMENT REFERRED TO
                                        ABOVE, WELLS FARGO BANK, N.A., AS
                                        CO-ARRANGER AND SYNDICATION AGENT, BEAR
                                        STEARNS CORPORATE LENDING INC., AS
                                        DOCUMENTATION AGENT, DEUTSCHE BANK
                                        SECURITIES INC., AS LEAD ARRANGER AND
                                        SOLE BOOK MANAGER AND DEUTSCHE BANK
                                        TRUST COMPANY AMERICAS (F.K.A BANKERS
                                        TRUST COMPANY), AS ADMINISTRATIVE AGENT

                                    HELLER FINANCIAL, INC.

                                    By: /s/ Joseph Badini
                                        ----------------------------------------
                                        Title: Duly Authorized Signatory

                                    WACHOVIA, N.A.

                                    By: /s/ Stephen R. Kramer
                                        ----------------------------------------
                                        Title: Assistant Vice President

                                    SIERRA CLO I

                                    By: /s/ John M. Casparian
                                        ----------------------------------------
                                        Title: Chief Operating Officer
                                               Centre Pacific LLC, Manager

                                    WELLS FARGO BANK, N.A.

                                    By: /s/ Felis Gallues
                                        ----------------------------------------
                                        Title: Relationship Manager

                                    BANK OF SCOTLAND

                                    By: /s/ Joseph Fratus
                                        ----------------------------------------
                                        Title: First Vice President

                                      -12-

<PAGE>

                                    CENTURION CDO II, LTD
                                    By: American Express Asset Management
                                        Group Inc.
                                        as Collateral Manager

                                    By: /s/ Leanne Stavrakis
                                        ----------------------------------------
                                        Title: Director - Operations

                                    CENTURION CDO VI, LTD
                                    By: American Express Asset Management
                                        Group Inc.
                                        as Collateral Manager

                                    By: /s/ Leanne Stavrakis
                                        ----------------------------------------
                                        Title: Director - Operations

                                    AMERICAN EXPRESS CERTIFICATE COMPANY

                                    By: American Express Asset Management Group,
                                        Inc.
                                        as Collateral Manager

                                    By: /s/ Yvonne Stevens
                                        ----------------------------------------
                                        Title: Senior Managing Director

                                    IDS LIFE INSURANCE COMPANY
                                    By: American Express Asset Management Group,
                                        Inc.
                                        as Collateral Manager

                                    By: /s/ Yvonne Stevens
                                        ----------------------------------------
                                        Title: Senior Managing Director

                                    SEQUILS - Centurion V, LTD.
                                    By: American Express Asset Management Group
                                        Inc.
                                        as Collateral Manager

                                    By: /s/ Leanne Stavrakis
                                        ----------------------------------------
                                        Title: Director - Operations

                                      -13-

<PAGE>

                                    CENTURION CDO II, LTD
                                    By: American Express Asset Management Group
                                        Inc.
                                        as Collateral Manager

                                    By: /s/ Leanne Stavrakis
                                        ----------------------------------------
                                        Title: Director - Operations

                                    TPS 1 LLC

                                    By: /s/ Deborah O'Keeffe
                                        ----------------------------------------
                                        Title: Vice President

                                    SPIRET IV LOAN TRUST 2003-B
                                    By: Wilmington Trust Company
                                        not in its individual capacity but
                                        solely as trustee

                                    By: /s/ Rachel L. Simpson
                                        ----------------------------------------
                                        Title: Financial Services Officer

                                    STANWICH LOAN FUNDING LLC

                                    By: /s/ Ann E. Morris
                                        ----------------------------------------
                                        Title: Asst Vice President

                                    MUIRFIELD TRADING LLC

                                    By: /s/ Ann E. Morris
                                        ----------------------------------------
                                        Title: Asst Vice President

                                    GLENEAGLES TRADING LLC

                                    By: /s/ Ann E. Morris
                                        ----------------------------------------
                                        Title: Asst Vice President

                                    HARBOURVIEW CLO V, LTD.

                                    By: /s/ Lisa Chaffee
                                        ----------------------------------------
                                        Title: Manager

                                    HARBOURVIEW CLO IV, LTD.

                                    By: /s/ Lisa Chaffee
                                        ----------------------------------------
                                        Title: Manager

                                      -14-

<PAGE>

                                    OPPENHEIMER SENIOR FLOATING RATE FUND

                                    By: /s/ Lisa Chaffee
                                        ----------------------------------------
                                        Title: Manager

                                    PPM SHADOW CREEK FUNDING LLC

                                    By: /s/ Ann E. Morris
                                        ----------------------------------------
                                        Title: Asst Vice President

                                    PPM SPYGLASS FUNDING TRUST

                                    By: /s/ Ann E. Morris
                                        ----------------------------------------
                                        Title: Authorized Agent

                                    HIBERNIA NATIONAL BANK

                                    By: /s/ Chris Haskew
                                        ----------------------------------------
                                        Title: Vice President

                                    LANDMARK CDO LIMITED
                                    By: Aladdin Capital Management LLC
                                        as manager

                                    By: /s/ Joseph Moroney, CFA
                                        ----------------------------------------
                                        Title: Director

                                    LONG LANE MASTER TRUST IV
                                    By: Fleet National Bank as Trust
                                        Administrator

                                    By: /s/ Michael J. Sullivan
                                        ----------------------------------------
                                        Title: Director

                                    EATON VANCE
                                        VT FLOATING-RATE INCOME FUND
                                        By: Eaton Vance Management
                                            as Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                      -15-

<PAGE>

                                    BALLYROCK CLO II LIMITED
                                        By: Ballyrock Investment Advisors LLC,
                                            as Collateral Manager

                                    By: /s/ Lisa Rymut
                                        ----------------------------------------
                                        Title: Assistant Treasurer

                                    FIDELITY ADVISOR SERIES II:
                                        FIDELITY ADVISOR FLOATING RATE
                                        HIGH INCOME FUND

                                    By: /s/ John H. Costello
                                        ----------------------------------------
                                        Title: Assistant Treasurer

                                    BLUE SQUARE FUNDING LIMITED
                                        SERIES 3

                                    By: /s/ Deborah O'Keeffe
                                        ----------------------------------------
                                        Title: Vice President

                                    ARCHIMEDES FUNDING IV, LLC
                                        By: ING Capital Advisors, LLC
                                            as Collateral Manager

                                    By: /s/ Jane Musser Nelson
                                        ----------------------------------------
                                        Title: Managing Director

                                    ENDURANCE CLO I, LTD.
                                        C/O ING CAPITAL ADVISORS, LLC
                                            as Investment Advisor

                                    By: /s/ Jane Musser Nelson
                                        ----------------------------------------
                                        Title: Managing Director

                                    SEQUILS-ING I (HBDGM), LTD
                                        By: ING Capital Advisors, LLC,
                                            as Collateral Manager

                                    By: /s/ Jane Musser Nelson
                                        ----------------------------------------
                                        Title: Managing Director

                                    NEMEAN

                                    By: /s/ Jane Musser Nelson
                                        ----------------------------------------
                                        Title: Managing Director

                                      -16-

<PAGE>

                                    ORYX

                                    By: /s/ Jane Musser Nelson
                                        ----------------------------------------
                                        Title: Managing Director

                                    LONGHORN CDO (CAYMAN) LTD
                                        By: Merrill Lynch Investment Managers,
                                            L.P.
                                            as Investment Advisor

                                    By: /s/ Jaimin Patel
                                        ----------------------------------------
                                        Title: Authorized Signatory

                                    MASTER SENIOR FLOATING RATE TRUST

                                    By: /s/ Jaimin Patel
                                        ----------------------------------------
                                        Title: Authorized Signatory

                                    KZH CYPRESSTREE-1 LLC

                                    By: /s/ Dorian Herrera
                                        ----------------------------------------
                                        Title: Authorized Agent

                                    KZH ING-2 LLC

                                    By: /s/ Dorian Herrera
                                        ----------------------------------------
                                        Title: Authorized Agent

                                    KZH STERLING LLC

                                    By: /s/ Dorian Herrera
                                        ----------------------------------------
                                        Title: Authorized Agent

                                    MASTER SENIOR FLOATING RATE TRUST

                                    By: /s/ Jaimin Patel
                                        ----------------------------------------
                                        Title: Authorized Signatory

                                    COLUMBIA FLOATING RATE LIMITED
                                        LIABILITY COMPANY
                                        (f/k/a Stein Roe Floating Rate Limited
                                        Liability Company)
                                        By: Columbia Management Advisors, Inc.,
                                            as Advisor

                                    By: /s/ James R. Fellows
                                        ----------------------------------------
                                        Title: Senior Vice President & Portfolio
                                               Manager

                                      -17-

<PAGE>

                                    COLUMBIA FLOATING RATE ADVANTAGE FUND
                                        (f/k/a Liberty Floating Rate Advantage
                                        Fund)
                                        By: Columbia Management Advisors, Inc.,
                                            as Advisor

                                    By: /s/ James R. Fellows
                                        ----------------------------------------
                                        Title: Senior Vice President & Portfolio
                                               Manager

                                    ADDISON CDO, LIMITED
                                        By: Pacific Investment Management
                                            Company LLC,
                                            as its Investment Advisor

                                    By: /s/ Mohan V. Phansalkar
                                        ----------------------------------------
                                        Title: Managing Director

                                    ATHENA CDO, LIMITED
                                        By: Pacific Investment Management
                                            Company LLC,
                                            as its Investment Advisor

                                    By: /s/ Mohan V. Phansalkar
                                        ----------------------------------------
                                        Title: Managing Director

                                    CAPTIVA III FINANCE LTD.,
                                            as advised by Pacific Investment
                                            Management Company LLC

                                    By: /s/ David Dyer
                                        ----------------------------------------
                                        Title: Director

                                    CAPTIVA IV FINANCE LTD.,
                                            as advised by Pacific Investment
                                            Management Company LLC

                                    By: /s/ David Dyer
                                        ----------------------------------------
                                        Title: Director

                                    DELANO COMPANY
                                        By: Pacific Investment Management
                                            Company LLC,
                                            as its Investment Advisor

                                    By: /s/ Mohan V. Phansalker
                                        ----------------------------------------
                                        Title: Managing Director

                                      -18-

<PAGE>

                                    JISSEKIKUN FUNDING, LTD.
                                        By: Pacific Investment Management
                                            Company LLC,
                                            as its Investment Advisor

                                    By: /s/ Mohan V. Phansalker
                                        ----------------------------------------
                                        Title: Managing Director

                                    ROYALTON COMPANY
                                        By: Pacific Investment Management
                                            Company LLC,
                                            as its Investment Advisor

                                    By: /s/ Mohan V. Phansalker
                                        ----------------------------------------
                                        Title: Managing Director

                                    SAN JOAQUIN CDO I LIMITED
                                        By: Pacific Investment Management
                                            Company LLC,
                                            as its Investment Advisor

                                    By: /s/ Mohan V. Phansalker
                                        ----------------------------------------
                                        Title: Managing Director

                                    SEQUILS-MAGNUM, LTD.
                                        By: Pacific Investment Management
                                            Company LLC,
                                            as its Investment Advisor

                                    By: /s/ Mohan V. Phansalker
                                        ----------------------------------------
                                        Title: Managing Director

                                    WRIGLEY CDO, LTD.
                                        By: Pacific Investment Management
                                            Company LLC,
                                            as its Investment Advisor

                                    By: /s/ Mohan V. Phansalker
                                        ----------------------------------------
                                        Title: Managing Director

                                    VAN KAMPEN CLO I, LIMITED
                                        By: Van Kampen Investment Advisory Corp
                                            As Collateral Manager

                                    By: /s/ William Lenga
                                        ----------------------------------------
                                        Title: Executive Director

                                      -19-

<PAGE>

                                    VAN KAMPEN CLO II, LIMITED
                                        By: Van Kampen Investment Advisory Corp
                                            As Collateral Manager

                                    By: /s/ William Lenga
                                        ----------------------------------------
                                            Title: Executive Director

                                    VAN KAMPEN SENIOR INCOME TRUST
                                        By: Van Kampen Investment Advisory Corp

                                    By: /s/ Brad Langs
                                        ----------------------------------------
                                        Title: Executive Director

                                    TORONTO DOMINION (NEW YORK), INC.

                                    By: /s/ Stacey Malek
                                        ----------------------------------------
                                        Title: Vice President

                                    TRUMBULL THC, LTD.

                                    By: /s/ Heather McNally
                                        ----------------------------------------
                                        Title: Trust Officer

                                    ELF FUNDING TRUST I
                                        By: Highland Capital Management, L.P.
                                            As Collateral Manager

                                    By: /s/ Todd Travers
                                        ----------------------------------------
                                        Title: Senior Portfolio Manager

                                    EMERALD ORCHARD LIMITED

                                    By: /s/ Stacey Malek
                                        ----------------------------------------
                                        Title: Attorney in Fact

                                    HCM US LOANS MAC 43, LTD.
                                        By: Highland Capital Management, L.P.
                                            As Attorney-in-Fact

                                    By: /s/ Todd Travers
                                        ----------------------------------------
                                        Title: Senior Portfolio Manager

                                    LOAN FUNDING IV, LLC
                                        By: Highland Capital Management, L.P.
                                            As Portfolio Manager

                                    By: /s/ Todd Travers
                                        ----------------------------------------
                                        Title: Senior Portfolio Manager

                                      -20-

<PAGE>

                                    HIGHLAND LOAN FUNDING V, LTD.
                                        By: Highland Capital Management, L.P.
                                            As Collateral Manager

                                    By: /s/ Todd Travers
                                        ----------------------------------------
                                        Title: Senior Portfolio Manager

                                    RESTORATION FUNDING CLO, LTD.
                                        By: Highland Capital Management, L.P.
                                            As Collateral Manager

                                    By: /s/ Todd Travers
                                        ----------------------------------------
                                        Title: Senior Portfolio Manager

                                    HIGHLAND OFFSHORE PARTNERS, L.P.
                                        By: Highland Capital Management, L.P.
                                            As General Partner

                                    By: /s/ Todd Travers
                                        ----------------------------------------
                                        Title: Senior Portfolio Manager

                                    BILL & MELINDA GATES FOUNDATION
                                        By: David L. Babson & Company Inc.
                                            As Investment Advisor

                                    By: /s/ John W. Stelwagon
                                        ----------------------------------------
                                        Title: Managing Director

                                    MAPLEWOOD (CAYMAN) LIMITED
                                        By: David L. Babson & Company Inc. under
                                            delegated authority from
                                            Massachusetts Mutual Life Insurance
                                            Company
                                                As Investment Manager

                                    By: /s/ John W. Stelwagon
                                        ----------------------------------------
                                        Title: Managing Director

                                    SIMSBURY CLO, LIMITED
                                        By: David L. Babson & Company Inc. under
                                            delegated authority from
                                            Massachusetts Mutual Life Insurance
                                            Company
                                                As Collateral Manager

                                    By: /s/ John W. Stelwagon
                                        ----------------------------------------
                                        Title: Managing Director

                                      -21-

<PAGE>

                                    SUFFIELD CLO, LIMITED
                                        By: David L. Babson & Company Inc.
                                            As Collateral Manager

                                    By: /s/ John W. Stelwagon
                                        ----------------------------------------
                                        Title: Managing Director

                                    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
                                        By: David L. Babson & Company Inc.
                                            As Investment Advisor

                                    By: /s/ John W. Stelwagon
                                        ----------------------------------------
                                        Title: Managing Director

                                    SEABOARD CLO 2000 LTD.
                                        By: David L. Babson & Company
                                            As Collateral manager

                                    By: /s/ John W. Stelwagon
                                        ----------------------------------------
                                        Title: Managing Director

                                    STANFIELD CLO LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Collateral Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                    STANFIELD/RMF TRANSATLANTIC CDO LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Collateral Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                    STANFIELD CLO LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Collateral Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                      -22-

<PAGE>

                                    STANFIELD CLO LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Collateral Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                    WINDSOR LOAN FUNDING, LIMITED
                                        By: Stanfield Capital Partners LLC
                                            As its Investment Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                    STANFIELD CLO LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Collateral Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                    STANFIELD ARBITRAGE CDO, LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Collateral Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                    STANFIELD CARRERA CLO, LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Asset Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                    STANFIELD QUATTRO CLO, LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Collateral Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                      -23-

<PAGE>

                                    HAMILTON CDO, LTD.
                                        By: Stanfield Capital Partners LLC
                                            As its Collateral Manager

                                    By: /s/ Christopher E. Jansen
                                        ----------------------------------------
                                        Title: Managing Partner

                                    BEAR STEARNS CORPORATE LENDING INC.

                                    By: /s/ Victor Bulzacchelli
                                        ----------------------------------------
                                        Title: Vice President

                                    US BANK

                                    By: /s/ J. Andrew Backstrom
                                        ----------------------------------------
                                        Title: Vice President

                                    NATIONAL CITY BANK OF INDIANA

                                    By: /s/ Mark A. Minnick
                                        ----------------------------------------
                                        Title: Senior Vice President

                                    AMMC CDO I, LIMITED
                                        By: American Money Management Corp.,
                                            As Collateral Manager

                                    By: /s/ David P. Meyer
                                        ----------------------------------------
                                        Title: Vice President

                                    MAGNETITE IV CLO, LIMITED

                                    By: /s/ Mark J. Williams
                                        ----------------------------------------
                                        Title: Authorized Signatory

                                    MAGNETITE ASSET INVESTORS III, LLC

                                    By: /s/ Mark J. Williams
                                        ----------------------------------------
                                        Title: Authorized Signatory

                                    MAGNETITE ASSET INVESTORS LLC

                                    By: /s/ Mark J. Williams
                                        ----------------------------------------
                                        Title: Authorized Signatory

                                    CARLYLE HIGH YIELD PARTNERS, L.P.

                                    By: /s/ Linda Pace
                                        ----------------------------------------
                                        Title: Managing Director

                                    CARLYLE HIGH YIELD PARTNERS II, LTD.

                                    By: /s/ Linda Pace
                                        ----------------------------------------
                                        Title: Managing Director

                                      -24-

<PAGE>

                                    CARLYLE HIGH YIELD PARTNERS II, LTD.

                                    By: /s/ Linda Pace
                                        ----------------------------------------
                                        Title: Managing Director

                                    CARLYLE HIGH YIELD PARTNERS III, LTD.

                                    By: /s/ Linda Pace
                                        ----------------------------------------
                                        Title: Managing Director

                                    CARLYLE HIGH YIELD PARTNERS IV, LTD.

                                    By: /s/ Linda Pace
                                        ----------------------------------------
                                        Title: Managing Director

                                    SIERRA CLO I

                                    By: /s/ John M. Casparian
                                        ----------------------------------------
                                        Title: Chief Operating officer

                                    LCM I LIMITED PARTNERSHIP
                                        By: Lyon Capital Management LLC
                                            As Collateral Manager

                                    By: /s/ Farboud Tavangar
                                        ----------------------------------------
                                        Title: Senior Portfolio Manager

                                    BIG SKY SENIOR LOAN FUND, LTD.
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    TOLLI & CO.
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                      -25-

<PAGE>

                                    EATON VANCE CDO III, LTD.
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    EATON VANCE CDO IV, LTD.
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    COSTANTINUS EATON VANCE CDO V, LTD.
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    GRAYSON & CO
                                        By: Boston Management and Research
                                            As Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    EATON VANCE INSTITUTIONAL SENIOR LOAN FUND
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    EATON VANCE LIMITED DURATION INCOME FUND
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                      -26-

<PAGE>

                                    OXFORD STRATEGIC INCOME FUND
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    EATON VANCE SENIOR INCOME TRUST
                                        By: Eaton Vance Management
                                            As Investment Advisor

                                    By: /s/ Michael B. Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    SENIOR DEBT PORTFOLIO
                                        By: Boston Management and Research
                                            As Investment Advisor

                                    By: /s/ Michael Botthof
                                        ----------------------------------------
                                        Title: Vice President

                                    GENERAL ELECTRIC CAPITAL CORPORATION

                                    By: /s/ Joseph Badini
                                        ----------------------------------------
                                        Title: Duly Authorized Signatory

                                    PILGRIM CLO 1999 -1 LTD.
                                        By: ING Investments, LLC
                                            As its Investment Manager

                                    By: /s/ Jason Groom
                                        ----------------------------------------
                                        Title: Vice President

                                    PILGRIM AMERICA HIGH INCOME INVESTMENTS LTD,
                                        By: ING Investments, LLC
                                            As its Investment Manager

                                    By: /s/ Jason Groom
                                        ----------------------------------------
                                        Title: Vice President

                                      -27-

<PAGE>

                                    ML CLO XX PILGRIM AMERICA (CAYMAN) LTD.
                                        By: ING Investments, LLC
                                            As its Investment Manager

                                    By: /s/ Jason Groom
                                        ----------------------------------------
                                        Title: Vice President

                                    ING PRIME RATE TRUST
                                        By: ING Investment Management, Inc.
                                            As its Investment Manager

                                    By: /s/ Jason Groom
                                        ----------------------------------------
                                        Title: Vice President

                                    ING SENIOR INCOME FUND
                                        By: Aeltus Investment Management, Inc.
                                            As its Investment Manager

                                    By: /s/ Jason Groom
                                        ----------------------------------------
                                        Title: Vice President

                                    THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
                                        By: Prudential Investment Management,
                                            Inc.
                                            As its Collateral Manager

                                    By: /s/ George W. Edwards
                                        ----------------------------------------
                                        Title: Principal

                                    CITICORP INSURANCE AND INVESTMENT TRUST
                                        By: Travelers Asset Management
                                        International Company, LLC

                                    By: /s/ Matthew McInerny
                                        ----------------------------------------
                                        Title: Investment Officer

                                    CITICORP INVESTMENTS CORPORATE LOAN FUND
                                        By: Travelers Asset Management
                                        International Company LLC

                                    By: /s/ Melanie Hanlon
                                        ----------------------------------------
                                        Title: Vice Presiden

                                      -28-

<PAGE>

                                    COLUMBUS LOAN FUNDING LTD
                                        By: Travelers Asset Management
                                            International Company LLC

                                    By: /s/ Melanie Hanlon
                                        ----------------------------------------
                                        Title: Vice President

                                    THE TRAVELERS INSURANCE COMPANY

                                    By: /s/ Matthew McInerny
                                        ----------------------------------------
                                        Title: Investment Officer

                                    LANDMARK CDO LIMITED
                                        By: Aladdin Capital Management LLC
                                            As Manager

                                    By: /s/ Joseph Moroney, CFA
                                        ----------------------------------------
                                        Title: Director

                                    FRANKLIN FLOATING RATE TRUST

                                    By: /s/ Richard D'Addario
                                        ----------------------------------------
                                        Title: Assistant Vice President

                                    FRANKLIN CLO II, LIMITED

                                    By: /s/ Richard D'Addario
                                        ----------------------------------------
                                        Title: Vice President

                                      -29-

<PAGE>

                                                                      SCHEDULE I

Lender                              B-1 Term Loan Commitment

[Name of Lender]                    $[_______________________]

TOTAL                               $[_______________________]

                                      -30-

<PAGE>

                                                                     EXHIBIT B-8

                              FORM OF B-1 TERM NOTE

$________________                                             New York, New York
                                                              _____________,____

                  FOR VALUE RECEIVED, AMERISTAR CASINOS, INC., a Nevada
corporation (the "Borrower"), hereby promises to pay the order of _________
_______________ (the "Lender"), in lawful money of the United States in
immediately available funds, at the office of Deutsche Bank Trust Company
Americas (f/k/a Bankers Trust Company) (the "Administrative Agent") located at
90 Hudson Street, Jersey City, New Jersey 07302 on the B-1 Term Maturity Date
(as defined in the Agreement referred to below) the principal sum of
__________________ ($_____________) or, if less, the then unpaid principal
amount of all B-1 Term Loans (as defined in the Agreement) made by the Lender
pursuant to the Agreement.

                  The Borrower also promises to pay interest on the unpaid
principal amount hereof in like money at said office form the date hereof until
paid at the rates and the times provided in Section 1.08 of the Agreement.

                  This Note is one of the B-1 Term Notes referred to the Credit
Agreement, dated as of December 20, 2000, among the Borrower, the Lenders party
thereto from time to time (including the Lender), Wells Fargo Bank, N.A., as
Co-Arranger and Syndication Agent, Bear Stearns Corporate Lending Inc., as
Documentation Agent, Deutsche Bank Securities Inc., as Lead Arranger and sole
Book Manager, and the Administrative Agent (as from time to time in effect, the
"Agreement"). This Note is secured by the Security Documents (as defined in the
Agreement). As provided in the Agreement, this Note is subject to voluntary
prepayment and mandatory repayment prior to the B-1 Term Maturity Date, in whole
or in part.

                  In case an Event of Default (as defined in the Agreement)
shall occur and be continuing, the principal of and accrued interest on this
Note may be declared to be due and payable in the manner and with the effect
provided in the Agreement.

                  The Borrower hereby waives presentment, demand, protest or
notice of any kind in connection with this Note.

                  THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

                                    AMERISTAR CASINOS, INC.

                                    By ________________________________
                                       Name:
                                       Title:

<PAGE>

                                                                       EXHIBIT K

                 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT(1)

                  This Assignment and Assumption Agreement (this "Assignment"),
is dated as of the Effective Date set forth below and is entered into by and
between [the][each] Assignor identified in item [1][2] below ([the] [each, an]
"Assignor") and [the] [each] Assignee identified in item 2 below ([the] [each,
an] "Assignee"). [It is understood and agreed that the rights and obligations of
such [Assignees][and Assignors] hereunder are several and not joint.]
Capitalized terms used herein but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (as amended, restated,
supplemented and/or otherwise modified from time to time, the "Credit
Agreement"). The Standard Terms and Conditions for Assignment and Assumption
Agreement set forth in Annex 1 hereto (the "Standard Terms and Conditions") are
hereby agreed to and incorporated herein by reference and made a part of this
Assignment as if set forth herein in full.

                  For an agreed consideration, [the][each] Assignor hereby
irrevocably sells and assigns to [the] [each] Assignee, and [the] [each]
Assignee hereby irrevocably purchases and assumes from [the][each] Assignor,
subject to and in accordance with the Standard Terms and Conditions and the
Credit Agreement, as of the Effective Date inserted by the Administrative Agent
as contemplated below, the interest in and to all of [the][each] Assignor's
rights and obligations under the Credit Agreement and any other documents or
instruments delivered pursuant thereto that represents the amount and percentage
interest identified below of all of the [respective] Assignor's outstanding
rights and obligations under the respective Tranches identified below
(including, to the extent included in any such Tranches, Letters of Credit and
Swingline Loans) ([the] [each, an] "Assigned Interest"). [Each] [Such] sale and
assignment is without recourse to [the][any] Assignor and, except as expressly
provided in this Assignment, without representation or warranty by [the][any]
Assignor.

[1.       Assignor:                 __________________________

2.        Assignee:                 ________________________] (2)

[1][3].  Credit Agreement:          Credit Agreement, dated as of December 20,
                                    2000, among Ameristar Casinos, Inc., the
                                    lenders from time to time party thereto,
                                    Deutsche Bank Trust Company Americas, as
                                    Administrative Agent, Wells Fargo, N.A., as
                                    Co-Arranger and Syndication Agent, Bear
                                    Stearns Corporate Lending, Inc., as
                                    Documentation Agent and Deutsche Bank
                                    Securities Inc., as Lead Arranger and Sole
                                    Book Manager.

--------------------
(1)      This Form of Assignment and Assumption Agreement should be used by
         Lenders for an assignment to a single Assignee or to funds managed by
         the same or related investment managers.

(2)      If the form is used for a single Assignor and Assignee, items 1 and 2
         should list the Assignor and the Assignee, respectively. In the case of
         an assignment to funds managed by the same or related investment
         managers, or an assignment by multiple Assignors, the Assignors and the
         Assignee(s) should be listed in the table under bracketed item 2 below.

<PAGE>

                                                                       EXHIBIT K
                                                                          page 2

[2. Assigned Interest:(3)

<TABLE>
<CAPTION>
                                                Aggregate Amount of                           Percentage of
                                                 Commitment/Loans           Amount of            Assigned
                                                  under Relevant        Commitment/Loans     Commitment/Loans
                                Tranche           Tranche for all        under Relevant       under Relevant
 Assignor     Assignee        Assigned(4)            Lenders            Tranche Assigned        Tranche(5)
-------------------------------------------------------------------------------------------------------------
<S>           <C>           <C>                 <C>                     <C>                  <C>
 [Name of     [Name of      B-1 Term Loans          __________             __________           ________%
Assignor]     Assignee]
-------------------------------------------------------------------------------------------------------------
 [Name of     [Name of      Revolving Loans         __________             __________           ________%]
Assignor]     Assignee]
-------------------------------------------------------------------------------------------------------------
</TABLE>

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

(3)      Insert this chart if this Form of Assignment and Assumption Agreement
         is being used for assignments to funds managed by the same or related
         investment managers or for an assignment by multiple Assignors. Insert
         additional rows as needed.

(4)      For complex multi-tranche assignments a separate chart for each tranche
         should be used for ease of reference.

(5)      Set forth, to at least 9 decimals, as a percentage of the
         Commitment/Loans of all Lenders thereunder for the respective Tranche.

<PAGE>

                                                                       EXHIBIT K
                                                                          Page 3

[4. Assigned Interest:(6)

<TABLE>
<CAPTION>

                                                                                         Percentage of
                                                                                            Assigned
                           Aggregate Amount of                  Amount of               Commitment/Loans
                         Commitment/Loans under           Commitment/Loans under        under Relevant
Tranche Assigned     Relevant Tranche for all Lenders     Relevant Tranche Assigned        Tranche(7)
--------------------------------------------------------------------------------------------------------
<S>                  <C>                                  <C>                           <C>
B-1 Term Loans       $______________                          $______________            ______________%
--------------------------------------------------------------------------------------------------------
Revolving Loans      $______________                          $______________            ______________%]
--------------------------------------------------------------------------------------------------------
</TABLE>

         Effective Date ___________, ____, 200__.

<TABLE>
<CAPTION>
ASSIGNOR[S] INFORMATION                      ASSIGNEE[S] INFORMATION
-----------------------                      -----------------------
<S>                        <C>                <C>                      <C>
Payment Instructions:                         Payment Instructions:
                           _______________                             __________________

                           _______________                             __________________

                           _______________                             __________________

                           _______________                             __________________

                           Reference:_____                             Reference:________

Notice Instructions:                          Notice Instructions:
                           _______________                             __________________

                           _______________                             __________________

                           _______________                             __________________

                           _______________                             __________________

                           Reference:_____                             Reference:________
</TABLE>

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

(6)      Insert this chart if this Form of Assignment and Assumption Agreement
         is being used by a single Assignor for an assignment to a single
         Assignee.

(7)      Set forth, to at least 9 decimals, as a percentage of the
         Commitment/Loans of all Lenders thereunder.

<PAGE>

                                                                       Exhibit K

                                                                          Page 4

The terms set forth in this Assignment are hereby agreed to:

ASSIGNOR                                    ASSIGNEE
[NAME OF ASSIGNOR]                          [NAME OF ASSIGNEE](8)

By: ________________________________        By: ________________________________
    Name:                                       Name:
    Title:                                      Title:

-----------------
(8)      Add additional signature blocks, as needed, if this Form of Assignment
         and Assumption Agreement is being used by funds managed by the same or
         related investment managers.

<PAGE>

                                                                       Exhibit K

                                                                          Page 5
Acknowledged and Agreed:

DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Administrative Agent

By: ____________________________
    Name:
    Title:

<PAGE>

                                                                         ANNEX 1
                                                                              To
                                                                       EXHIBIT K

                             AMERISTAR CASINOS, INC.

                                CREDIT AGREEMENT

                  STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT
                            AND ASSUMPTION AGREEMENT

                  1.       Representations and Warranties.

                  1.1.     Assignor. [The] [Each] Assignor (a) represents and
warrants that (i) it is the legal and beneficial owner of [the] [its] Assigned
Interest, (ii) [the] [its] Assigned Interest is free and clear of any lien,
encumbrance or other adverse claim and (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and
to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations
made in or in connection with any Credit Document, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement, any other Credit Document or any other instrument or document
delivered pursuant thereto (other than this Assignment) or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its respective
Subsidiaries or affiliates or any other Person obligated in respect of any
Credit Document or (iv) the performance or observance by the Borrower, any of
its respective Subsidiaries or Affiliates or any other Person of any of their
respective obligations under any Credit Document.

                  1.2.     Assignee. [The] [Each] Assignee (a) represents and
warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and to consummate the
transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) confirms that it is (A) a Lender, (B) a parent company and/or an
affiliate of the Assignor which is at least 50% owned by the Assignor or its
parent company, (C) in the event the Assignor is a fund that invests in bank
loans, a fund that invests in bank loans and is managed by the same investment
advisor of the Assignor or by an affiliate of such investment advisor or (D) a
Qualified Peron under Section 13.04(b) of the Credit Agreement; (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit
Agreement and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 8.01(a), (b) or (c) thereof, as applicable, and
such other documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into this Assignment and to purchase
the Assigned Interest on the basis of which it has made such analysis and
decision and (v) if it is organized under the laws of a jurisdiction outside the
United States, attached to this Assignment is any tax documentation required to
be delivered by it pursuant to the terms of the Credit Agreement, duly completed
and executed by [the] [each such] Assignee; (b) agrees that it will,
independently and without reliance upon the Administrative Agent, [the][each]
Assignor, or any other Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Credit Agreement; (c) appoints and
authorizes each of the Administrative Agent, the Syndication Agent, the
Documentation Agent and the Collateral Agent to take such action as agent on its
behalf and to exercise such powers

<PAGE>

                                                                         Annex 1
                                                                          Page 2

under the Credit Agreement and the other Credit Documents as are delegated to or
otherwise conferred upon the Administrative Agent, the Syndication Agent, the
Documentation Agent or the Collateral Agent, as the case may be, by the terms
thereof, together with such powers as are reasonably incidental thereto; and (d)
agrees that it will perform in accordance with their terms all of the
obligations which by the terms of the Credit Documents are required to be
performed by it as a Lender.

                  2.       Payment. From and after the Effective Date, the
Administrative Agent shall make all payments in respect [the] [each] Assigned
Interest (including payments of principal, interest, fees, commissions and other
amounts) to [the][each] Assignor for amounts which have accrued to but excluding
the Effective Date and to [the] [each] Assignee for amounts which have accrued
from and after the Effective Date.

                  3.       Upon the delivery of a fully executed original hereof
to the Administrative Agent, as of the Effective Date, (i) the Assignee shall be
a party to the Credit Agreement and, to the extent provided in this Assignment
and Assumption Agreement, have the rights and obligations of a Lender thereunder
and under the other Credit Documents and (ii) the Assignor shall, to the extent
provided in this Assignment and Assumption Agreement, relinquish its rights and
be released from its obligations under the Credit Agreement and the other Credit
Documents.

                  4.       General Provisions. This Assignment shall be binding
upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment may be executed in any number of
counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this Assignment by telecopy shall be
effective as delivery of a manually executed counterpart of the Assignment. THIS
ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5.1401
OF THE GENERAL OBLIGATIONS LAW).

                                      * * *<PAGE>

                                                            EXHIBIT 10.4(b)

                             AMERISTAR CASINOS, INC.
                      NON-QUALIFIED STOCK OPTION AGREEMENT
                (Non-Qualified Stock Option Agreement Form 99-4)

Name and Address of Optionee:          ________________________
                                       ________________________
                                       ________________________

Date of Grant:                         ________________________

No. of Shares:                         ________________________

Exercise Price:                        ________________________

Vesting Schedule:                      _____ shares on ________

                                       _____ shares on ________

                                       _____ shares on ________

                                       _____ shares on ________

                                       _____ shares on ________

Expiration Date:                       ________________________

                  [Remainder of page intentionally left blank.]

<PAGE>

         THIS AGREEMENT is made as of the date set forth above, between
AMERISTAR CASINOS, INC., a Nevada corporation (hereinafter called the
"Company"), and the optionee named above (hereinafter called the "Optionee").

                                     RECITAL

         The Committee (as defined below) responsible for administering the
Ameristar Casinos, Inc. 1999 Stock Incentive Plan, as amended (the "Plan"), has
determined that it is to the advantage and interest of the Company and its
stockholders to grant, pursuant to the Plan, the option provided for herein to
the Optionee as an inducement to remain in the service of the Company or Related
Company (as defined for purposes of the Plan) and as an incentive for increased
effort during such service.

         As used herein, the term "Committee" shall mean the Compensation
Committee or such other committee of directors appointed by the Board of
Directors of the Company to administer the Plan, or, if no committee has been
appointed for such purpose, reference to the "Committee" shall be deemed a
reference to the Board of Directors of the Company. If the Optionee is not a
person subject to Section 16 of the Securities Exchange Act of 1934, as amended,
the term "Committee" shall extend to and include any officer of the Company to
which the Committee has properly delegated any of its authorities to administer
the Plan.

         In consideration of the mutual covenants herein contained, the parties
agree as follows:

         1.       Grant of Option. The Company hereby grants to the Optionee the
right and option (the "Option") to purchase on the terms and conditions set
forth herein all or any part of an aggregate of the number shares (the "Shares")
of the Common Stock of the Company (whether authorized and unissued or treasury
shares) identified above next to the heading "No. of Shares" at the purchase
price per Share identified above next to the heading "Exercise Price" as the
Optionee may, from time to time, elect. The Option shall vest and become
exercisable on a cumulative basis in an amount equal to 20% per year for five
years beginning on the day before the anniversary of the Date of Grant, as
described in the vesting schedule set forth above under the heading "Vesting
Schedule". The Option shall expire on the date set forth above next to the
heading "Expiration Date" unless terminated sooner in accordance with the
provisions of Section 5 below.

         Nothing contained herein shall be construed to limit or restrict the
right of the Company or any of its subsidiaries to terminate the Optionee's
employment or other Relationship at any time, with or without cause, or to
increase or decrease the Optionee's compensation from the rate in existence at
the time the Option is granted. As used herein, the term "Relationship" shall
mean that the Optionee is or has agreed to become an officer, director,
employee, consultant, adviser or independent contractor of the Company or any
Related Company.

         2.       Term of Option. The right to exercise the Option granted
hereunder, to the extent unexercised, shall remain in effect until the tenth
anniversary of the grant of this Option, unless another date is specified in
Section 1 hereof or unless sooner terminated in accordance with Section 5
hereof.

         3.       Method of Exercise.

                  (a)      To the extent that the Option has become exercisable
hereunder, the Option may be exercised from time to time by written notice to
the Company stating the number of Shares with respect to which the Option is
being exercised, together with payment in full of the purchase price therefor.
Payment of the purchase price for such Shares shall be made (i) in cash, (ii) by
certified or cashier's check payable to the order of the Company, (iii) other
cash equivalents acceptable to the Committee in its sole discretion, (iv) in the
Committee's sole discretion, by delivery of shares of the Common Stock of the
Company already owned by the Optionee or subject to vested stock options under
the Plan, subject to such delivery being permissible under the General
Corporation Law of the State of Nevada, including without limitation Section
78.288 thereof, or (v) any combination of the foregoing. If requested by the
Committee, prior to the delivery of any Shares, the Optionee, or any other
person entitled to exercise the Option, shall supply the Committee with a
representation that the Shares are not being acquired with a

                                      -2-

<PAGE>

view to distribution and will be sold or otherwise disposed of only in
accordance with applicable federal and state statutes, rules and regulations. As
soon after the notice of exercise as the Company is reasonably able to comply,
the Company shall, without transfer or issue tax to the Optionee or other person
entitled to exercise the Option, deliver to the Optionee or such other person,
at the principal office of the Company or such other place as shall be mutually
acceptable, a certificate or certificates for the Shares being purchased.

                  (b)      If payment is made with shares of Common Stock of the
Company already owned by the Optionee, the Optionee, or other person entitled to
exercise the Option, shall deliver to the Company with the notice of exercise
certificates representing the number of shares of Common Stock in payment for
the Shares, duly endorsed for transfer to the Company. In addition, if requested
by the Committee, prior to the acceptance of such certificates in payment for
the Shares, the Optionee, or any other person entitled to exercise the Option,
shall supply the Committee with a written representation and warranty that he or
she has good and marketable title to the shares represented by the
certificate(s), free and clear of liens and encumbrances. The value of the
shares of Common Stock so tendered in payment for the Shares being purchased
shall be their Fair Market Value Per Share (as defined below) on the date of the
Optionee's notice of exercise.

                  (c)      If payment is to be made in shares of Common Stock
subject to vested stock options under the Plan, the per share value attributable
to the shares underlying the stock option(s) to be surrendered or canceled shall
be the Fair Market Value Per Share of such shares less the exercise price per
share of such option(s). The Company and the Optionee or other person entitled
to exercise the Option shall execute and deliver such instruments or
modifications of stock options as shall be necessary to give effect to such an
exercise of the Option.

                  (d)      If for any reason a purported exercise of the Option
providing for payment to be made in whole or in part through the delivery of
shares of Common Stock already owned or underlying vested stock options is
rejected by the Committee or is otherwise not permitted, such purported exercise
shall not be effective unless, following notice thereof from the Company, the
Optionee or other person entitled to exercise the Option promptly pays the
exercise price in an acceptable form.

                  (e)      If the Optionee or other person entitled to exercise
the Option desires to exercise the Option with funds borrowed from a
broker-dealer in a margin transaction under Regulation T of the Board of
Governors of the Federal Reserve System, and such method of exercise is
acceptable to the Committee in its sole discretion, the Optionee's notice of
exercise may be delivered to the Company by such broker-dealer and the Company
may deliver the certificate(s) for the Shares being purchased to such
broker-dealer on behalf of the Optionee or other person entitled to exercise the
Option.

                  (f)      For purposes hereof, the "Fair Market Value Per
Share" of the Company's Common Stock shall mean, if the Common Stock is publicly
traded, the mean between the highest and lowest quoted selling prices of the
Common Stock on such date or, if not available, the mean between the bona fide
bid and asked prices of the Common Stock on such date. In any situation not
covered above, the Fair Market Value Per Share shall be determined by the
Committee in accordance with one of the valuation methods described in Section
20.2031-2 of the Federal Estate Tax Regulations (or any successor provision
thereto), which determination shall be final, binding and conclusive, which
determination shall be final, binding and conclusive.

                  (g)      Notwithstanding the foregoing, the Company shall have
the right to postpone the time of exercise of the Option or the delivery of the
Shares for such period as may be required for the Company with reasonable
diligence (i) to comply with any applicable listing, registration or
qualification requirements of any national securities exchange or
over-the-counter market or under any federal or state law or (ii) to obtain the
consent or approval of any governmental regulatory body. In addition, in
connection with any exercise of the Option, the Committee may require the
Optionee or other person entitled to exercise the Option to agree not to dispose
of any of the Shares acquired upon exercise thereof except upon the satisfaction
of specified conditions which the Committee, in its sole discretion, then deems
necessary or desirable in connection with any then existing and effective
requirement or interpretation of any applicable federal or state securities law,
rule or regulation.

                                      -3-

<PAGE>

                  (h)      The Option may be exercised for less than the total
number of Shares for which the Option is then exercisable, provided that a
partial exercise may not be for less than 100 Shares, except in the final year
of the term of the Option, and shall not, in any event, include any fractional
Shares.

         4.       Tax Withholding. The Optionee shall, no later than the date as
of which any value attributed to the Option first becomes includible in the
Optionee's gross income for applicable tax purposes, pay to the Company, or make
arrangements satisfactory to the Committee (which in the sole discretion of the
Committee may include delivery of shares of Common Stock already owned by the
Optionee or subject to awards under the Plan subject to and in accordance with
the provisions of Section 3(b) or Section 3(c), as applicable) regarding payment
of, any federal, state, local or other taxes of any kind required by law to be
withheld with respect thereto, to enable the Company to claim a deduction in
connection with the exercise of the Option or otherwise to satisfy any legal
requirements. The obligations of the Company hereunder shall be conditional on
such payment or arrangements, and the Company (and, where applicable, any
Related Company), shall, to the extent permitted by law, have the right to
deduct any such taxes from any payment of any kind otherwise due to the
Optionee.

         5.       Termination of Option.

                  (a)      If the Optionee ceases to have a Relationship for any
reason other than the Optionee's death or Permanent Disability (as defined in
Section 5(d)), the Option shall terminate 90 days from the date on which such
Relationship terminates unless the Optionee has resumed or initiated a
Relationship and has a Relationship on such date. During such 90-day period, the
Optionee may exercise the Option but only to the extent the Option was
exercisable on the date of termination of the Optionee's Relationship and
provided that the Option has not expired in accordance with Section 2 or
otherwise terminated as provided herein. A leave of absence approved in writing
by the Committee shall not be deemed a termination of Relationship for purposes
of this Section 5, but the Option may not be exercised during any such leave of
absence, except during the first 90 days thereof. Notwithstanding the foregoing,
if the Relationship is terminated for cause (as defined in Section 5(d)), the
Option shall terminate upon the termination of the Relationship.

                  (b)      For purposes hereof, termination of Optionee's
Relationship for reasons other than death or Permanent Disability shall be
deemed to take place upon the earliest to occur of the following: (i) the date
of the Optionee's retirement from employment under the normal retirement
policies of the Company or any Related Company; (ii) the date of the Optionee's
retirement from employment with the approval of the Committee because of
disability other than Permanent Disability; (iii) the date the Optionee receives
notice or advice that the Optionee's employment or other Relationship is
terminated; (iv) the date the Optionee ceases to render the services for which
the Optionee was employed, engaged or retained by the Company or any Related
Company (absences for temporary illness, emergencies and vacations or leaves of
absence approved in writing by the Committee excepted); or (v) in the case of a
director of the Company, the date on which such person ceases to be a director
of the Company unless such person has an other Relationship at such time. The
fact that the Optionee may receive payment from the Company or any Related
Company after termination for vacation pay, for services rendered prior to
termination, for salary in lieu of notice or for other benefits shall not affect
the termination date.

                  (c)      If the Optionee shall die at a time when the Optionee
is in a Relationship or if the Optionee shall cease to have a Relationship by
reason of Permanent Disability, the Option shall terminate one year after the
date of the Optionee's death or termination of Relationship due to Permanent
Disability unless by its terms it shall expire before such date or otherwise
terminate as provided herein, and shall only be exercisable to the extent that
it would have been exercisable on the date of the Optionee's death or the
Optionee's termination of Relationship due to Permanent Disability. In the case
of death, the Option may be exercised by the person or persons to whom the
Optionee's rights under the Option shall pass by will or by the laws of descent
and distribution.

                  (d)      As used herein, the term "Permanent Disability" shall
mean termination of a Relationship with the Company or any Related Company with
the consent of the Company or such Related Company by reason of permanent and
total disability within the meaning of Section 22(e)(3) of the Internal Revenue
Code of 1986, as amended. As used herein, the term "for cause" shall mean that
the Relationship is terminated by the Company or a Related Company due to (i)
the commission by the Optionee of a substantial violation, through intentional
conduct

                                      -4-

<PAGE>

or through a pattern of behavior not corrected within a reasonable period of
time after written notice to the Optionee by the Company or such Related Company
of such behavior (in either case, whether by action or omission), of the
Optionee's duties on behalf of the Company or a Related Company or the workplace
policies or rules of the Company or a Related Company which conduct or behavior
actually results in substantial harm to the Company or a Related Company or
could reasonably be expected to put personnel of the Company or a Related
Company in serious jeopardy of imminent harm to their safety, health or
well-being or to cause substantial harm to the business of the Company or a
Related Company or (ii) the commission by the Optionee of any act(s) or
omission(s) constituting dishonesty, a felony or fraud or (iii) the failure of
the Optionee to satisfy any requirements under applicable gaming laws or
regulations for the continuance of the Optionee's Relationship with the Company
or such Related Company. Notwithstanding the foregoing sentence, in the event of
any conflict between the definition of "for cause" set forth above and the
definition of "for cause" or "cause" in any employment agreement Optionee may
have with the Company or a Related Company, the definition of "for cause" or
"cause" in such employment agreement shall control to the extent that it imposes
a broader definition of such term(s). For purposes of the Option, whether a
Relationship is or has been terminated "for cause" shall be finally determined
by the Committee.

         6.       Adjustments. In the event of any merger, reorganization,
consolidation, sale of substantially all assets, recapitalization, stock
dividend, stock split, spin-off, split-up, split-off, distribution of assets or
other change in corporate structure affecting the Company's Common Stock, a
substitution or adjustment, as may be determined to be appropriate by the
Committee in its sole discretion, shall be made in the number of shares subject
to the Option and the exercise price under the Option; provided, however, that
no such adjustment or substitution shall increase the aggregate value of the
Option and no such adjustment or substitution shall result in the Company being
required to sell or issue any fractional Shares.

         7.       Change in Control; Corporate Transaction. In the event of a
Change in Control (as that term is defined in the Plan), any portion of the
Option which is not otherwise fully vested and exercisable with respect to all
of the Shares at that time subject to the Option shall automatically accelerate
so that the Option shall, immediately upon the effective time of the Change in
Control, become exercisable for all the Shares at the time subject to the Option
and may be exercised for any or all of those Shares as fully vested shares of
Common Stock of the Company. In the event of a Corporate Transaction (as that
term is defined in the Plan), any portion of the Option which is not otherwise
fully vested and exercisable with respect to all of the Shares at that time
subject to the Option shall automatically accelerate so that the Option shall,
immediately prior to the effective time of the Corporate Transaction, become
exercisable for all the Shares at the time subject to the Option and may be
exercised for any or all of those Shares as fully vested shares of Common Stock
of the Company.

         8.       Provisions Regarding Transferability. The Optionee may
transfer the Option to the Optionee's children, grandchildren or spouse
("Immediate Family"), to one or more trusts for the benefit of the Optionee's
Immediate Family members, or to one or more partnerships or limited liability
companies in which such Immediate Family members are the only partners or
members only upon the express written consent of the Committee, and provided the
Optionee does not receive any consideration in any form whatsoever for such
transfer other than the receipt of an interest in the trust, partnership or
limited liability company to which the Option is transferred. Upon any such
transfer of the Option, the Option shall continue to be subject to the terms and
conditions as were applicable to the Option immediately prior to the transfer
thereof. Except as expressly provided in the first sentence of this Section 8,
the Option is not assignable or transferable by the Optionee, either voluntarily
or by operation of law, otherwise than by will or by the laws of descent and
distribution, and is exercisable, during the Optionee's lifetime, only by the
Optionee.

         9.       No Stockholder Rights. The Optionee or other person entitled
to exercise the Option shall have no rights or privileges as a stockholder with
respect to any Shares subject hereto until the Optionee or such person has
become the holder of record of such Shares, and no adjustment (except such
adjustments as may be effected pursuant to the provisions of Section 6 hereof)
shall be made for dividends or distributions of rights in respect of such Shares
if the record date is prior to the date on which the Optionee or such person
becomes the holder of record.

         10.      Investment Representation. The Optionee hereby represents that
the Option and any Shares purchased hereunder are being acquired for the
Optionee's own account and not with a view to or for sale in

                                      -5-

<PAGE>

connection with any distribution thereof except as may be permitted by the
Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

         11.      Conditions to Issuance of Shares. THE COMPANY'S OBLIGATION TO
ISSUE OR DELIVER SHARES OF ITS COMMON STOCK UPON EXERCISE OF THE OPTION IS
EXPRESSLY CONDITIONED UPON THE COMPLETION BY THE COMPANY OF ANY REGISTRATION OR
OTHER QUALIFICATION OF SUCH SHARES UNDER ANY STATE AND/OR FEDERAL LAW OR RULINGS
OR REGULATIONS OF ANY GOVERNMENT REGULATORY BODY OR THE MAKING OF SUCH
INVESTMENT REPRESENTATIONS OR OTHER REPRESENTATIONS AND AGREEMENTS BY THE
OPTIONEE (OR ANY PERSON ENTITLED TO EXERCISE THE OPTION) IN ORDER TO COMPLY WITH
THE REQUIREMENTS OF ANY EXEMPTION FROM ANY SUCH REGISTRATION OR OTHER
QUALIFICATION OF SUCH SHARES WHICH THE COMMITTEE SHALL, IN ITS SOLE DISCRETION,
DEEM NECESSARY OR ADVISABLE. SUCH REQUIRED REPRESENTATIONS AND AGREEMENTS MAY
INCLUDE REPRESENTATIONS AND AGREEMENTS THAT THE OPTIONEE, OR ANY OTHER PERSON
ENTITLED TO EXERCISE THE OPTION, (A) IS NOT PURCHASING SUCH SHARES FOR
DISTRIBUTION AND (B) AGREES TO HAVE PLACED UPON THE FACE AND/OR REVERSE OF ANY
CERTIFICATES FOR SUCH SHARES A LEGEND SETTING FORTH ANY REPRESENTATIONS AND
AGREEMENTS WHICH HAVE BEEN GIVEN TO THE COMMITTEE OR A REFERENCE THERETO AND
STATING THAT, PRIOR TO MAKING ANY SALE OR OTHER DISPOSITION OF ANY SUCH SHARES,
THE OPTIONEE, OR ANY OTHER PERSON ENTITLED TO EXERCISE THE OPTION, WILL GIVE THE
COMPANY NOTICE OF INTENTION TO SELL OR DISPOSE OF THE SHARES NOT LESS THAN FIVE
DAYS PRIOR TO SUCH SALE OR DISPOSITION.

         12.      Optionee Subject to Section 16. If the Optionee is a person
subject to Section 16 of the Securities Exchange Act of 1934, as amended, and if
for any reason the Option has not been approved in the manner provided for in
clause (d)(1) or (d)(2) of Rule 16b-3 of the Securities and Exchange Commission,
neither the Option (except upon its exercise) nor the Common Stock underlying
the Option may be disposed of by the Optionee until six months have elapsed
following the date of grant of the Option, unless the Committee otherwise
specifically permits such disposition.

         13.      Method of Acceptance. This Agreement is addressed to the
Optionee in duplicate and shall not be effective until the Optionee executes the
acceptance below and returns one copy to the Company, thereby acknowledging that
the Optionee has read and agreed to all the terms and conditions of this
Agreement and the Plan. The Optionee hereby acknowledges and agrees that the
acceptance of the Option constitutes satisfaction in full of any and all
pre-existing understandings or commitments between the Company and Optionee
relating to Optionee's right to acquire equity securities of the Company.

                                      -6-

<PAGE>

         14.      Plan Terms. The Option shall be subject to and governed by the
terms and provisions of the Plan, which by this reference are incorporated
herein. In the event of any conflict between the provisions of this Agreement
and the Plan, the Plan shall govern. All determinations and interpretations
thereof made by the Committee shall be conclusive and binding on all parties
hereto and upon their successors and assigns.

         EXECUTED as of the_______day of_______________________________

                                       AMERISTAR CASINOS, INC.

                                       By: _____________________________________

ACCEPTED:

_____________________________________________________          _________________
Signature of Optionee                                          Date

                                      -7-

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