Document:

Exhibit 10.17

 

THIRD AMENDMENT
TO MASTER VIDEO LOTTERY TERMINAL CONTRACT

 

This Third Amendment to Master Video Lottery
Contract (the “Third Amendment”) is entered into on the 1st day of May, 2013 by and between the Division
of Lotteries of the Rhode Island Department of Revenue, an agency of the State of Rhode Island (formally known as the Division
of Lotteries of the Rhode Island Department of Administration), with its principal address at 1425 Pontiac Avenue, Cranston, Rhode
Island 02920 (the “Division”), and Newport Grand, LLC, a Rhode Island Limited Liability Company, with its principal
address at 150 Admiral Kalbfus Road, Newport, Rhode Island 02840 (“Newport Grand”). This Third Amendment amends that
certain Master Video Lottery Terminal Contract by and between the Division and Newport Grand dated as of November 23, 2005, as
amended by that certain Amendment dated January 25, 2006, that certain First Amendment to Master Video Lottery Terminal Contract
by and between the Division and Newport Grand dated December 21, 2010 (the “First Amendment”) and that certain Second
Amendment to Master Video Lottery Terminal Contract by and between the Division and Newport Grand dated May 31, 2012 (the “Second
Amendment”), (collectively the “Master Contract”). The Division and Newport Grand are referred to herein collectively
as the “Parties,” and individually, as a “Party.” This Third Amendment shall take effect as set forth in
Section 3 below.

 

WITNESSETH

 

WHEREAS, the Division and Newport Grand
entered into that certain Master Contract dated as of November 23, 2005, which Master Contract has been amended as indicated above;

 

WHEREAS, during the 2012 legislative session
of the Rhode Island General Assembly, the State of Rhode Island enacted into law 2012- S 3001 Substitute A and 2012 – H 8213
Substitute A as amended, identical bills, both of which are entitled “An Act Relating to Revenue Protection,” and both
of which were signed by the Governor of Rhode Island on June 20, 2012, (Copies of both bills are attached hereto as Exhibit A and
Exhibit B (“2012 Revenue Protection Act”);

 

WHEREAS, Section 9 of the 2012 Revenue
Protection Act, inter alia, expressly authorizes and empowers the Division to enter into with Newport Grand a Third Amendment
to the Master Contract for certain specified purposes as set forth in Section 9(a)(1) of the 2012 Revenue Protection Act; and

 

NOW, THEREFORE, pursuant to Section 9 of
the 2012 Revenue Protection Act and in consideration of the foregoing and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, and in consideration of the mutual promises, covenants, obligations and conditions
herein contained, the Division and Newport Grand hereby agree as follows:

 

		1	Definitions and Interpretation.

 

		1.1	References to the “Agreement” contained in this Third Amendment, the Master Contract,
Amendment, First Amendment, and Second Amendment thereto are, or shall be deemed to be, references to the Master Contract, as amended
and/or extended by the Amendment, First Amendment, Second Amendment, and this Third Amendment thereto.

 

    	 		 

     

    

 

		1.2	Any capitalized terms used in this Third Amendment but not defined herein shall have the meaning
as defined in the Master Contract, Amendment, First Amendment, Second Amendment, and/or applicable law, including but not limited
to, the 2012 Revenue Protection Act.

 

		2	Promotional Points Program.

 

		2.1	Pursuant to and in accordance with the authorization granted to the Division in Section 9 of the
2012 Revenue Protection Act, the Master Contract is hereby amended by adding the following definition to Section 1 thereof:

 

“Initial Promotional
Points Program” means that promotional points program authorized by Part B, Section 4(a)(ii) of the 2010 Contracts Act,
as amended by Section 8(a)(i) of Article 25 of the 2011 Gaming Act and set forth in Section 4.1 of the First Amendment, and as
amended by Section 2.1 of the Second Amendment.

 

		2.2	The Second Amendment is hereby amended by adding the following paragraph to the end of Section
2 thereof:

 

“Notwithstanding the foregoing,
commencing in FY 2013, in addition to the Initial Promotional Points Program, the Division is authorized to grant approval to Newport
Grand for a Supplementary Promotional Points Program pursuant to terms and conditions established from time to time by the Division
during the term of the Master Contract. The approved amount of Supplementary Promotional Points shall not to exceed six percent
(6%) of Newport Grand net terminal income of the Prior Marketing Year. For avoidance of doubt, the aggregate approved amount of
Initial and Supplementary Promotional Points Programs, in total, shall therefore not exceed ten percent (10%) of the amount of
net terminal income of Newport Grand of the Prior Marketing Year, plus an additional seven hundred fifty thousand dollars ($750,000)
pursuant to the same terms and conditions authorized by Chapter 151, Article 25 of the Public Laws of 2011 Section 8(a)(i).”

 

		3	Effective Date.

 

This Third Amendment
shall be effective as of the 1st day of July, 2012.

 

		4	Miscellaneous.

 

		4.1	Except as specifically modified in this Third Amendment, all other terms of the Master Contract,
Amendment, First Amendment and Second Amendment shall remain in full force and effect.

 

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		4.2	This Third Amendment contains the entire agreement by and between the Parties and supersedes and
replaces all prior understandings or agreements (if any), oral or written, with respect to the subject matter hereof.

 

		4.3	This Third Amendment may be executed in counterparts, each of which is deemed an original, but
when taken together constitute one and the same instrument.

 

IN WITNESS WHEREOF, the Parties have caused
this Third Amendment to be signed by their duly authorized representatives as of the date first set forth above.

 

	Newport Grand, LLC	 
	 	 
	By:	/s/ Diane S. Hurley	 
	 	 
	Name:	Diane S. Hurley	 
	 	 
	Title:	CEO	 

 

	Division of Lotteries of the	 
	Department of Revenue	 
	 	 
	By:	/s/ Gerald S. Aubin	 
	 	 
	Name:	Gerald S. Aubin	 
	 	 
	Title:	Director	 

 

    	 	3Exhibit 10.18

 

FOURTH
AMENDMENT TO MASTER VIDEO LOTTERY TERMINATION CONTRACT

 

This Fourth Amendment
to Master Video Lottery Terminal Contract (the “Fourth Amendment”) is entered into this 14th day
of July, 2015 by and between the Division of Lotteries of the Rhode Island Department of Revenue, an agency of the State of Rhode
Island (formerly known as the Division of Lotteries of the Rhode Island Department of Administration) with its principal address
at 1425 Pontiac Avenue, Cranston, Rhode Island 02920 (the “Division”), and Premier Entertainment II, LLC d/b/a
Newport Grand, a Delaware limited liability company (assignee of Newport Grand, LLC), d/b/a Newport Grand, with its principal address
at 150 Admiral Kalbfus Road, Newport, Rhode Island 02840 (“Newport Grand”). This Fourth Amendment amends that
certain Master Video Lottery Terminal Contract by and between the Division and Newport Grand dated as of November 23, 2005, as
amended by that certain Amendment dated January 25, 2006 (the “Amendment”), that certain First Amendment to
Master Video Lottery Terminal Contract by and between the Division and Newport Grand dated December 21, 2010 (the “First
Amendment”), that certain Second Amendment to Master Video Lottery Terminal Contract by and between the Division and
Newport Grand dated May 31, 2012 (the “Second Amendment”), and that certain Third Amendment to Master Video
Lottery Terminal Contract by and between the Division and Newport Grand dated May 1, 2013 (the “Third Amendment”),
as so amended (the “Master Contract”). The Division and Newport Grand are referred to herein collectively as
the “Parties,” and individually, as a party.”

 

WITNESSETH

 

WHEREAS, the Division
and Newport Grand, LLC entered into that certain Master Video Lottery Terminal Contract dated as of November 23, 2005, which contract
has been amended as indicated above;

 

WHEREAS, in connection
with the purchase by Premier Entertainment II, LLC of substantially all of the assets of Newport Grand, LLC, Newport Grand, LLC
assigned the Master Contract to Premier Entertainment II, LLC previously on the date hereof, the Division having formally consented
to such assignment;

 

WHEREAS, during the
2015 legislative session of the Rhode Island General Assembly, the State of Rhode Island enacted into law 2015 – H 5900,
Substitute A, as amended, Article 11, Sections 16 to 21, which was signed by the Governor of Rhode Island on June 30, 2015 (the
“2015 Act”);

 

WHEREAS, the 2015 Act
expressly authorizes and directs the Division to enter into with Newport Grand a fourth amendment to the Master Contract for certain
purposes set forth therein; and

 

NOW, THEREFORE, pursuant
to the 2015 Act and in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency
of which Is hereby acknowledged, and in consideration of the mutual promises, covenants, obligations and conditions herein contained,
the Division and Newport Grand hereby agree as follows:

 

		1	Definitions and Interpretation.

 

		1.1	References to the “Agreement” contained in this Fourth Amendment are, or shall be deemed
to be, references to the “Master Contract,” as that term is defined herein, as amended by this Fourth Amendment thereto.

 

		1.2	Any capitalized terms used In this Fourth Amendment but not defined herein shall have the meaning
as defined in the Master Contract and/or applicable law, including but not limited to, the 2015 Act.

 

    	 		 

     

    

 

		2	Extension of Term.

 

		2.1	In accordance with Article 11, Section 18(a) of the 2015 Act, Section 2.3B of the Master Contract,
as amended by Section 3.2 of the First Amendment, shall be deleted in its entirety and replaced with the following:

 

“With respect to Newport
Grand’s exercise of the Second Extension Term, Newport Grand shall be required to certify to the Division that (i) there
are 100 full time equivalent employees at the Newport Grand facility on the date of the exercise of the option for the Second Extension
Term; and (ii) for the one-year period preceding the date said Second Extension Term option is exercised, there had been 100 full-time
equivalent employees on average, as confirmed by the Rhode Island Department of Labor and Training.

 

For purposes of this Section 2.3,
the term “full-time equivalent employee” means any employee who (i) works a minimum of 30 hours per week, or two or
more part-time employees whose combined weekly hours equal or exceed 30 hours per week, and (ii) earn no less than 150% of the
hourly minimum wage prescribed by Rhode Island law. In determining the number of employees, there shall be included (i) all employees
employed by Newport Grand at Newport Grand; (ii) any employee at Newport Grand of any lessee, concessionaire or other third parties
operating at Newport Grand; and (iii) any employee employed by a Newport Grand Affiliate if the employee is working at Newport
Grand and is working exclusively on Newport Grand matters. In calculating the number of full-time equivalent employees, state employees
shall be excluded.”

 

		2.2	In accordance with Article 11, Section 21 of the 2015 Act, a new Section 2.4 shall be added to
the Master Contract as follows:

 

“In the event that Newport
Grand is licensed to host video lottery games and table games at a facility relocated to a location outside of the City of Newport
and actually offers video lottery games and table games to patrons at such relocated facility, then Newport Grand shall, no later
than the six (6) month anniversary of all such events occurring, certify to the Division that there are one hundred eighty (180)
full-time equivalent employees at the relocated Newport Grand facility on such date, and in the event Newport Grand is unable to
timely make the foregoing certification, this Agreement shall automatically terminate as of the one year anniversary of all such
events occurring.”

 

		3	Net Terminal Income.

 

		3.1	Effective July 1, 2015, in addition to the allocation of net terminal income to Newport Grand under
Section 3 of the Master Contract, as revised by Section 5.2 of the First Amendment, the rate of net terminal Income payable to
Newport Grand shall increase by one and nine-tenths (1.9) percentage points. (i.e., x% plus 1.9 percentage points equals (x +1.9)%,
where “x%” is the current rate of net terminal income payable to Newport Grand). The dollar amount of additional net
terminal income paid to Newport Grand with respect to any Newport Grand Marketing Year (as defined in Rhode Island General Laws
§ 42-61.2-1) as a result of such increase in rate shall be referred to as “Additional Newport Grand Marketing NTI.”
The excess, If any, of Newport Grand’s marketing expenditures with respect to a Newport Grand Marketing Year over one million
four hundred thousand dollars ($1,400,000) shall be referred to as the “Newport Grand Marketing Incremental Spend.”
Beginning with the Newport Grand Marketing Year that starts on July 1, 2015, after the end of each Newport Grand Marketing Year,
Newport Grand shall pay to the Division the amount, if any, by which the Additional Newport Grand Marketing NTI for such Newport
Grand Marketing Year exceeds the Newport Grand Marketing Incremental Spend for such Newport Grand Marketing Year; provided however,
that Newport Grand’s liability to the Division hereunder with respect to any Newport Grand Marketing Year shall never exceed
the Additional Newport Grand Marketing NTI paid to Newport Grand with respect to such Newport Grand Marketing Year. The Increase
in rate of net terminal income payable to Newport Grand provided for in this Section 3.1 shall sunset and expire on June 30, 2017,
and the rate in effect as of June 30, 2013, shall be reinstated.

 

    	 	2	 

     

    

 

		4	Miscellaneous.

 

		4.1	Except as modified hereby, the Master Contract shall be and remain in full force and effect, enforceable
in accordance with its terms. As such, it is hereby ratified and confirmed.

 

		4.2	This Fourth Amendment contains the entire agreement by and between the Parties with respect to
the subject matter of this Fourth Amendment, and supersedes and replaces all prior understandings or agreements (if any) oral or
written, with respect to the subject matter.

 

		4.3	This Fourth Amendment may be executed in counterparts, each of which is deemed an original, but
when taken together constitute one and the same instrument.

 

[Remainder of page intentionally blank;
Signature page follows]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the
Parties have caused this Fourth Amendment to be signed by their duly authorized representatives as of the date first set forth
above.

 

PREMIER ENTERTAINMENT II, LLC

d/b/a Newport Grand

 

	By:	/s/ Craig Eaton	 

	Name:	Craig Eaton	 
	Title:	Senior VP	 

 

	DIVISION OF LOTTERIES OF THE RHODE	 
	ISLAND DEPARTMENT OF REVENUE	 

 

	By:	 	 

	Name:	 
	Title:	 

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the
Parties have caused this Fourth Amendment to be signed by their duly authorized representatives as of the date first set forth
above.

 

PREMIER ENTERTAINMENT II, LLC

d/b/a Newport Grand

 

	By:	 	 

	Name:	Craig Eaton	 
	Title:	Senior VP	 

 

DIVISION OF LOTTERIES OF THE RHODE

ISLAND DEPARTMENT OF REVENUE

 

	By:	/s/ Gerald S. Aubin	 

	Name:	Gerald S. Aubin	 
	Title:	Director

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