Document:

Exhibit 10.5
                     AMENDMENT NO. 1 TO SENIOR SECURED NOTE
                      OF GAMING & ENTERTAINMENT GROUP, INC.

      This Amendment No. 1 (this "Amendment") to the Senior Secured Note, dated
December 8, 2004 (the "Note"), of Gaming & Entertainment Group, Inc., in the
principal amount of $2,000,000, in favor of Cantor G&W (Nevada), L.P., is
effective as of February 15, 2006 (the "Effective Date"). Capitalized terms used
herein and not otherwise defined have the meanings set forth in the Note.

      Pursuant to Section 11 of the Note, and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and Investor agree to amend the Note as follows:

      1. Forgiveness of Principal and Accrued Interest. Contemporaneously with
the execution and delivery of this Amendment, the parties (a) terminated that
certain Amended and Restated Software Development and License Agreement, dated
as of December 8, 2004 (the "License Agreement"), between the parties pursuant
to which the Company licensed certain software (the "Software") to Investor and
Investor agreed to pay certain royalties to the Company based on a percentage of
Client Net Revenue (as defined in the License Agreement) and (b) entered into an
Asset Purchase Agreement pursuant to which Investor acquired all right, title
and interest in and to the Software. Notwithstanding the termination of the
License Agreement and Investor's acquisition of the Software, Investor shall on
an annual basis forgive an amount of the principal and accrued interest under
the Note equal to the amount, if any, that Investor would have paid to the
Company as Commission (as defined in the License Agreement) with respect to the
Software if the License Agreement were still in effect during such period.
Investor shall notify the Company in writing of the amount by which the
principal and interest under Note is so forgiven on or before December 8th of
each year prior to the Final Payment Date, and such writing shall include a
reasonably detailed summary describing how such amount was derived. Further,
during the period this Note remains outstanding, Investor shall continue to
provide the Company, on a monthly basis, a written summary of the Client Net
Revenue generated from the Cantor Casino and all "white label" clients of
Investor and its Affiliates, as applicable."

      2. Definitions.

            (a) Paragraph 5(b) of the Note is amended and restated in its
entirety as follows: "Change of Control" means the occurrence of any of the
following: (i) any "person" or "group" (as such terms are used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended) other than the
Controlling Stockholders as a group shall become, or obtain rights (whether by
means of warrants, options or otherwise) to become, the "beneficial owner,"
directly or indirectly, of the voting power to direct the voting of securities
having at least 51% of the voting power for the election of directors of the
Company, (ii) the Company consolidates with or merges into another Person or any
Person consolidates with or merges into the Company, in either event pursuant to
a transaction in which the outstanding voting shares of the Company are changed
into or exchanged for cash, securities or other property and following such
transaction, a "person" or "group" (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended) becomes the
"beneficial owner," directly or indirectly, of the voting power to direct the
voting of securities having at least 51% of the voting power for the election of
directors of the surviving entity or (iii) the Company conveys, transfers or
leases all or substantially all of its assets to any Person. As used herein, the
term "beneficial owner" shall have the meaning set forth in Rules 13(d)-3 and
13(d)-5 under the Securities Exchange Act of 1934, as amended.

<PAGE>

            (b) Paragraph 5(c) of the Note is amended and restated in its
entirety as follows: "Controlling Stockholders" means any of Tibor N. Vertes,
Vertes Family Trust, Robit Nominees Pty Ltd., Gregory L. Hrncir, the Hrncir
Family Trust, the Hrncir Family Limited Partnership or Kevin Burman, or in the
event of the death of any of the foregoing natural persons, the heirs of such
natural persons.

      3. Prepayment. Paragraph 8 of the Note is hereby deleted.

      4. Notices. The addresses for notices set forth in Paragraph 16 are
amended and restated as follows:

"if to Investor, to:

Cantor G&W (Nevada), L.P.
110 East 59th Street
New York, New York  10022
Facsimile: (212) 829-4708
Attention: Stephen M. Merkel, Esq.

if to the Company, to:

Gaming & Entertainment Group, Inc.
4501 Hayvenhurst Avenue
Encino, California  91436
Facsimile: (413) 723-2141
Attention: Gregory L. Hrncir"

      5. Continuing Effect. Except as expressly amended hereby, the Note shall
continue to be and shall remain in full force and effect in accordance with its
terms.

               [Remainder of this page intentionally left blank]

<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Amendment to be signed in
its name by its Chief Executive Officer and its corporate seal to be affixed
hereto and attested by its Secretary this 15th day of February 2006.

GAMING & ENTERTAINMENT GROUP, INC.

By: /s/ Tibor N. Vertes
   -------------------------------------
    Name: Tibor N. Vertes
    Title: Chief Executive Officer

[Seal]

ATTEST:

Acknowledged and Agreed:

CANTOR G&W (NEVADA), L.P.

By: /s/ Lee M. Amaitis
   -------------------------------------
    Name: Lee M. Amaitis
    Title: PresidentExhibit 10.6
                      AMENDMENT NO. 1 TO SECURITY AGREEMENT

      This Amendment No. 1 (this "Amendment") to the Security Agreement, dated
as of August 31, 2004 (the "Security Agreement"), by and among Gaming &
Entertainment Group, Inc., a Utah corporation, Gaming & Entertainment Technology
Pty Ltd., A.C.N. 091 098 985, and Cantor G&W (Nevada), L.P., is effective as of
February 15, 2006 (the "Effective Date"). Capitalized terms used herein and not
otherwise defined have the meanings set forth in the Security Agreement.

      Pursuant to Section 6.07 of the Security Agreement, and for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

      1. Section 3.03 of the Security Agreement is hereby amended by adding the
following sentence at the end thereof: "Notwithstanding the foregoing, the
Security Interest shall be subordinated to any Collateral acquired by any
Borrower subsequent to the Effective Date with the proceeds of any equity or
debt issued by the Obligor or its subsidiaries."

      2. This Amendment may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which shall together constitute
one and the same instrument. This Amendment (and such counterparts) may be
executed by facsimile transmission.

      3. Except as expressly amended hereby, the Security Agreement shall
continue to be and shall remain in full force and effect in accordance with its
terms.

                [Remainder of this page intentionally left blank]

<PAGE>

      IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly
executed by their authorized signatories as of the date first written above.

BORROWERS:

GAMING & ENTERTAINMENT GROUP, INC.,
a Utah corporation

By: /s/ Tibor N. Vertes
   -------------------------------------
    Tibor N. Vertes
    Chief Executive Officer

GAMING & ENTERTAINMENT TECHNOLOGY PTY LIMITED
an Australian corporation

By: /s/ Tibor N. Vertes
   -------------------------------------
    Tibor N. Vertes
    Chief Executive Officer

SECURED PARTY:

CANTOR G&W (NEVADA), L.P.,
a Nevada limited partnership

By: /s/ Lee M. Amaitis
   -------------------------------------
    Lee M. Amaitis
    President

      [Signature page to Amendment No. 1, dated as of February 15, 2006, to
    Security Agreement between Gaming & Entertainment Group, Inc., Gaming &
      Entertainment Technology Pty Limited and Cantor G&W (Nevada), L.P.]Exhibit 10.7
                       AMENDED AND RESTATED EQUITY WARRANT
                       -----------------------------------

NEITHER THIS WARRANT NOR THE UNDERLYING SHARES OF COMMON STOCK HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER
ANY STATE SECURITIES LAWS. ANY OFFER TO SELL OR TRANSFER, OR THE SALE OR
TRANSFER OF THESE SECURITIES IS UNLAWFUL UNLESS (A) THERE IS AN EFFECTIVE
REGISTRATION STATEMENT COVERING THE UNDERLYING SHARES OF COMMON STOCK UNDER THE
ACT AND APPLICABLE STATE SECURITIES LAW, (B) THE COMPANY RECEIVES AN OPINION OF
COUNSEL IN FORM, SUBSTANCE AND SCOPE REASONABLY ACCEPTABLE TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAW, OR (C) THE TRANSFER IS MADE PURSUANT TO RULE 144 AS PROMULGATED UNDER THE
ACT.

                          COMMON STOCK PURCHASE WARRANT

                                       OF
                       GAMING & ENTERTAINMENT GROUP, INC.

      THIS IS TO CERTIFY THAT, FOR VALUE RECEIVED, Cantor G&W (Nevada), L.P., a
Nevada limited partnership, or registered assigns ("Holder"), is entitled to
purchase, subject to the provisions of this Common Stock Purchase Warrant
("Warrant"), from Gaming & Entertainment Group, Inc., a Utah corporation
("Company"), TWO MILLION (2,000,000) shares of common stock, $.01 par value
("Warrant Shares"), at an exercise price of $0.60 per share ("Exercise Price").

      1. Exercise of Warrant; Assignment; Warrant Exchange. The Warrant may be
exercised in whole or in part at any time commencing on the date hereof and
expiring on the close of business on December 8, 2009 ("Exercise Term"), or if
such day is a day on which banking institutions are authorized by law to close
then on the next succeeding business, by presentation and surrender of the
Warrant at the Company's principal office or at the office of its stock transfer
agent, along with the Notice of Exercise (attached hereto as Exhibit A) duly
executed and accompanied by payment of the Exercise Price for the number of
shares of Warrant Shares specified in such form. If the Warrant should be
exercised in part, the Company shall, upon surrender of the Warrant for
cancellation and presentment of a duly executed Notice of Exercise, execute and
deliver a new Warrant, or Warrants, as the case may be, evidencing the rights of
the Holder thereof to purchase the balance of the shares of Warrant Shares
purchasable hereunder. Upon receipt by the Company of a Warrant at its office,
or by the stock transfer agent of the Company at its office, in proper form for
exercise and accompanied by the appropriate payment for the shares of Warrant
Shares, the Holder shall be deemed to be the holder of record of the number of
shares of Warrant Shares set forth therein, notwithstanding that the stock
transfer books of the Company shall then be closed or that certificates
representing such shares of Warrant Shares shall not then be actually delivered
to the Holder. This Warrant may be assigned in whole or in part by presentation
and surrender of the Warrant at the Company's principal office or at the office
of its stock transfer agent, along with the Notice of Assignment (attached
hereto as Exhibit B) duly executed and clearly stating the names and addresses
of the Assignee(s).

      2. Reservation of Warrant Shares; Registration Rights. The Company hereby
agrees that at all times there shall be reserved for issuance and delivery upon
exercise of the Warrant, such number of Warrant Shares as shall be required for
issuance and delivery upon exercise of the Warrant. The Company further agrees
that all Warrant Shares issued upon exercise of this Warrant shall, upon
issuance and payment of the Exercise Price, be validly issued, fully paid and
non-assessable and free from all taxes, liens and charges. Holder shall have
unlimited piggy-back registration rights with respect to the Warrant Shares.

      3. Fractional Shares. No fractional shares, or script representing
fractional shares, shall be issued upon the exercise of this Warrant. Any
fractional shares that might otherwise be issued upon exercise of this Warrant
shall be rounded to the nearest whole share.

<PAGE>

      4. Rights of the Holder. Prior to exercising or exchanging this Warrant,
the Holder shall not be entitled to any rights of a stockholder in the Company,
either at law or in equity; provided, however, to the extent Holder is otherwise
a stockholder of the Company, Holder shall have all rights afforded to common
stockholders of the Company. The rights of the Holder are limited to those
expressed in this Warrant and are not enforceable against the Company except as
otherwise provided herein.

      5. Adjustments Upon Changes in Capitalization. Upon occurrence of any of
the following, the Exercise Price and the number of shares of Warrant Shares
issuable upon exercise of this Warrant shall be adjusted as follows:

            If at any time after the date hereof the number of shares of Company
      common stock ("Common Stock") issued and outstanding is increased by a
      stock dividend payable in shares of Common Stock or by a subdivision of
      shares of Common Stock, then, on the record date of such stock dividend or
      subdivision, the Exercise Price shall be appropriately decreased and the
      number of shares of Warrant Shares issuable upon exercise of this Warrant
      shall be appropriately increased in proportion to such increase of issued
      and outstanding shares of Common Stock of the Company.

            If at any time after the date hereof the number of shares of Common
      Stock issued and outstanding is decreased by a merger, reorganization,
      reverse stock split or other form of business combination, then, on the
      effective date of such merger, reorganization, reverse stock split or
      other form of business combination, the Exercise Price shall be
      appropriately increased and the number of shares of Warrant Shares shall
      be appropriately decreased in proportion to such decrease of outstanding
      shares of Common Stock of the Company.

            All calculations under this Section 5 shall be made to the nearest
      cent or to the nearest whole share, as applicable.

      6. Officer's Certificate. In the event the Exercise Price or the number of
shares of Warrant Shares are adjusted as provided in Section 5 above, the
Company shall forthwith file with its Secretary at its principal office, and
with its stock transfer agent an officer's certificate (the "Certificate")
showing the adjusted number of shares of Warrant Shares purchasable upon
exercise of this Warrant and the adjusted Exercise Price. The Certificate shall
set forth in reasonable detail all facts necessary to show the reason for and
the manner of computing such adjustments. The Holder shall make each Certificate
available for inspection and the Company shall forward, by certified mail, a
copy of each Certificate to the Holder.

      A calculation of any adjustment as provided by Section 5 above, evidenced
by a certificate from the Company's independent certified public accountants
shall be deemed a correct calculation of the adjustment for purposes of this
Warrant. The foregoing presumption shall constitute a rebuttable presumption,
with the party disputing the calculation bearing the burden of proving the
incorrectness of such calculation.

      During the term of this Warrant, if the Company shall propose to take any
action that would result in an adjustment to be made as provided in Section 5
above, the Company shall mail to the Holder, by certified mail, prior to or no
later than 15 days after the day on which the adjustment became effective, a
notice setting forth in reasonable detail the terms of the adjustment.

      7. Notice. Any notice or other communication required or permitted to be
given hereunder shall be in writing and shall be mailed by certified mail,
return receipt requested, or delivered against receipt, if to the Holder, to
Holder's last known address, and if to the Company, at its principal office. Any
notice or other communication given by certified mail shall be deemed given at
the time of certification thereof, except for a notice changing a party's
address which shall be deemed given at the time of receipt thereof.

<PAGE>

      8. Binding Effect. The provisions of this Warrant shall be binding upon
and inure to the benefit of (a) the parties hereto, (b) the successors and
assigns of the Company, (c) if the Holder is a corporation, partnership, limited
liability company, or other form of entity, the successors and assigns of the
Holder, and (d) if the Holder is a natural person, the assignees, heirs, and
personal representative(s) of the Holder.

      9. Pronouns. Any masculine personal pronoun shall mean the corresponding
feminine or neuter personal pronoun, as the context requires.

      10. Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of New York.

      11. Titles and Captions. All section titles or captions contained in this
Warrant are for convenience only and shall not be deemed part of the context and
shall not affect the interpretation of this Warrant.

      12. Computation of Time. In computing any period of time pursuant to this
Warrant, the day of the act, event or default from which the designated period
of time begins to run shall be included, unless it is a Saturday, Sunday, or a
legal holiday, in which event the period shall begin to run on the next day
which is not a Saturday, Sunday, or legal holiday.

      13. Presumption. This Warrant shall not be construed against any party due
to the fact that said party drafted the Warrant, or any section herein.

      14. Parties in Interest. Nothing herein shall be construed to be to the
benefit of any third party, nor is it intended that any provision shall be for
the benefit of any third party.

      Dated: February 16, 2005

                                        Gaming & Entertainment Group, Inc.,
                                        A Utah corporation

                                        By: /s/ Tibor N. Vertes
                                        -----------------------
                                        Tibor N. Vertes
                                        Chief Executive Officer

<PAGE>

                               NOTICE OF EXERCISE

Gaming & Entertainment Group, Inc.
6754 Spencer St.
Las Vegas, NV 89119

Ladies and Gentlemen:

      The undersigned ("Holder"), pursuant to the terms of the attached Warrant
to Purchase Common Stock ("Warrant"), hereby irrevocably exercises the Warrant
and purchases (_______) shares of common stock (the "Warrant Shares ") by
providing payment for such shares of Warrant Shares in the amount of ($ ).

      By executing this Notice of Exercise, the Holder warrants and represents
that the shares of Warrant Shares are being acquired as an investment and not
with a view to, or for sale in connection with, a distribution of the shares of
Warrant Shares, as such term is defined under the Securities Act of 1933, as
amended.

Dated:
      ----------------------------

Signature Guaranteed                    Signature:
                                                  ------------------------------
                                        Name:
                                             -----------------------------------
                                        Title
                                        (if applicable):
                                                        ------------------------
                                        Address:
                                                --------------------------------

                                        ----------------------------------------
                                        Social Security or Tax Identification
                                        No.:
                                            ------------------------------------

NOTE:             The signature to this Notice of Exercise must correspond in
                  all respects with the name as written upon the face of the
                  Warrant.

IMPORTANT:        Signature guarantee must be made by a participant of STAMP or
                  another signature guarantee program acceptable to the
                  Securities and Exchange Commission, the Securities Transfer
                  Association and the Transfer Agent of the Company.

<PAGE>

                              NOTICE OF ASSIGNMENT

Gaming & Entertainment Group, Inc.
6754 Spencer St.
Las Vegas, NV 89119

Ladies and Gentlemen:

      FOR VALUE RECEIVED, the undersigned ("Holder"), hereby makes the following
assignment to assignee(s):

Name of Assignee(s)                 Address               No. of  Warrant Shares

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

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

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

      If the foregoing assignment(s) does(do) not include all of the shares of
Warrant Shares comprising the Warrant, a new warrant shall be issued for the
number of shares of Warrant Shares not assigned hereunder in the name of and
delivered to (circle one) (a) the undersigned or (b) , whose address is .

Dated:
      ----------------------------

Signature Guaranteed                    Signature:
                                                  ------------------------------
                                        Name:
                                             -----------------------------------
                                        Title
                                        (if applicable):
                                                        ------------------------
                                        Address:
                                                --------------------------------

                                        ----------------------------------------
                                        Social Security or Tax Identification
                                        No.:
                                            ------------------------------------

NOTE:             The signature to this Notice of Assignment must correspond in
                  all respects with the name as written upon the face of the
                  Warrant.

IMPORTANT:        Signature guarantee must be made by a participant of STAMP or
                  another signature guarantee program acceptable to the
                  Securities and Exchange Commission, the Securities Transfer
                  Association and the Transfer Agent of the Company.

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