Document:

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EXHIBIT 10.47

                            TRANS WORLD GAMING CORP.

                  1999 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

         The following constitute the provisions of the 1999 Non-Employee
Director Stock Option Plan of Trans World Gaming Corp.

1.       PURPOSE

         The purpose of the Plan is to provide an investment opportunity to
the Company's Non-employee Directors by granting them Options to purchase
shares of Common Stock as compensation for their service on the Board.

2.       DEFINITIONS

         As used in this Plan, the following words and phrases shall have the
         meanings indicated:

         "BOARD" shall mean the Company's Board of Directors.

         "CODE" shall mean the Internal Revenue Code of 1986, as amended.

         "COMMITTEE" shall mean the Compensation Committee appointed by the
         Board, consisting of not less than two Non-Employee Directors.

         "COMMON STOCK" shall mean the shares of common stock, $.001 par value
         per share, of the Company.

         "COMPANY" shall mean Trans World Gaming Corp. and its Subsidiaries.

         "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
         amended.

         "FAIR MARKET VALUE" shall mean the closing price of a share of the
         Common Stock as of a specified date as reported on the principal
         securities exchange on which such shares of Common Stock are traded on
         the day immediately preceding the date as of which the Fair Market
         Value is being determined, or on the next preceding date on which such
         shares of Common Stock are traded if no shares of Common Stock were
         traded on such immediately preceding day, or if the shares of Common
         Stock are not traded on a securities exchange, the Fair Market Value
         shall be deemed to be the average of the high bid and low asked prices
         of the shares of Common Stock in the over-the-counter market on the
         day immediately preceding the date as of which the Fair Market Value
         is being determined or on the next preceding date on which such high
         bid and low asked prices were recorded. If the shares of Common Stock
         are not publicly traded, the Fair Market Value shall be determined by
         the Committee or the Board. In no case shall the Fair Market Value be
         less then the par value of a share of Common Stock.

         "FORM S-8 REGISTRATION STATEMENT" shall mean a registration statement
         filed on Form S-8 with and declared effective by the Securities and
         Exchange Commission under the Securities Act covering the offer and
         sale of the Options and the underlying Common Stock.

         "NON-EMPLOYEE  DIRECTOR" shall mean any member of the Company's Board
         who is a "Non-Employee  Director" as such term is defined under Rule
         16b-3(b)(3)(i)  promulgated under the Exchange Act.

         "OPTION" shall mean any option issued pursuant to this Plan.

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         "OPTIONEE" shall mean any person to whom an Option is granted under
         this Plan.

         "PARENT" shall mean any corporation (other than the Company) in an
         unbroken chain of corporations ending with the Company if, at the time
         of granting an Option or the sale of any Common Stock, each of the
         corporations other than the Company owns stock possessing fifty
         percent (50%) or more of the total combined voting power of all
         classes of stock in one of the other corporations in such chain.

         "PLAN" shall mean this 1999 Non-employee Director Stock Option Plan.

         "REORGANIZATION" shall mean any merger, reorganization, consolidation
         or sale of all or substantially all of the Company's assets.

         "REGISTERED" shall mean a Form S-8 Registration Statement shall be in
         effect covering the purchase of the Options or the underlying shares.

         "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

         "STOCK OPTION AGREEMENT" shall mean the agreement evidencing the
         Options granted to Optionees pursuant to the Plan containing the terms
         and conditions specified in Section 7 below.

         "SUBSIDIARY" shall mean any corporation (other than the Company) in an
         unbroken chain of corporations beginning with the Company if, at the
         time of granting an Option, each of the corporations, other than the
         last corporation in the unbroken chain owns stock possessing fifty
         percent (50%) or more of the total combined voting power of all
         classes of stock in one of the other corporations in such chain.

3.       GENERAL ADMINISTRATION

         The Plan shall be administered by the Committee. The Committee shall
have the authority in its discretion to administer the Plan and to interpret
the Plan and to prescribe, amend and rescind rules and regulations relating to
the operation of the Plan and to make all other determinations deemed
necessary or advisable for the administration of the Plan; provided, however,
that the Committee may not alter, amend or modify the express provisions of
the Plan. The Board shall fill all vacancies, however caused, in the
Committee. The Board may from time to time appoint additional members to the
Committee, and may at any time remove one or more Committee members and
substitute others. No member of the Board or the Committee shall be liable for
any action taken or determination made in good faith with respect to the Plan
or any action taken thereunder.

4.       TERM OF PLAN

         The Plan became effective upon its adoption by the Company's Board on
September 21, 1999, subject to stockholder approval, and shall continue in
effect for a term of ten (10) years unless sooner terminated under Section 10
hereof. Any Options outstanding under the Plan on such date shall continue to
be exercisable pursuant to their terms, except as provided by Section 7 hereof.

5.       ELIGIBILITY

         Options may be granted to any Non-employee Director of the Company as
compensation for service on the Board.

6.       STOCK SUBJECT TO THE PLAN

         An aggregate of 250,000 shares of Common Stock shall be reserved for
issuance pursuant to Options issued pursuant to the Plan. If any outstanding
Option under the Plan for any reason expires or is

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terminated without having been exercised in full, the shares of Common Stock
allocable to the unexercised portion of such Option shall (unless the Plan
shall have been terminated) become available for subsequent issuance of
Options under the Plan.

7.       TERMS AND CONDITIONS OF OPTIONS

         All Options issued pursuant to the Plan shall be non-statutory
options not entitled to special tax treatment under Section 422 of the code
and evidenced by a Stock Option Agreement containing the terms and conditions
specified in this Section 7.

         GRANT OF OPTIONS. Each Non-Employee Director shall be granted an
         Option to purchase 2,000 shares of Common Stock on the first business
         day following the end of each fiscal quarter during which service on
         the Board is rendered commencing with the year 2000.

         OPTION EXERCISE PRICE. The exercise price of each Option (the "Option
         Exercise Price") shall equal the Fair Market Value of the Common Stock
         on the day immediately preceding the date of grant of each Option. The
         Option Exercise Price shall be subject to adjustment as provided in
         this Section 7.

         TERM AND EXERCISE OF OPTIONS. Options shall be exercisable in whole or
         in part at any time over the exercise period, but in no event shall
         such period exceed ten years from the date of the grant of each such
         Option. The exercise period shall be subject to earlier termination as
         provided in this Section 7. An Option may be exercised by giving prior
         written notice of such exercise to the Company and by paying the
         Option Exercise Price to the Company either by delivering on the date
         of exercise (i) a check in the amount of the Option Exercise Price,
         (ii) Common Stock having a Fair Market Value on the day immediately
         preceding the date of exercise equal to or less than the Option
         Exercise Price, or (iii) a combination thereof. If the Optionee
         tenders shares of Common Stock having a Fair Market Value which
         exceeds the Option Exercise Price, the Company shall return to the
         Optionee any and all whole shares of Common Stock which exceed the
         Option Exercise Price and the Company shall pay the Optionee any
         additional amount which exceeds the Option Exercise Price in cash in
         lieu of issuing the Optionee a fractional share for such amount.

         VESTING AND RESTRICTIONS ON TRANSFERABILITY. Options issued under the
         Plan shall vest immediately upon grant and shall not be transferable
         other than by will or by the laws of descent and distribution or
         pursuant to a qualified domestic relations order as defined by the
         Code or Title I of the Employee Retirement Income Security Act
         ("ERISA") or the rules thereunder.

         DEATH OR DISABILITY OF OPTIONEE. If an Optionee shall die or become
         disabled, all Options theretofore issued to such Optionee may, unless
         earlier terminated in accordance with their terms, be exercised at any
         time during the term of the Option by the personal representative of
         the Optionee or by the person who acquired the right to exercise such
         Option by bequest or inheritance or otherwise by reason of the death
         or disability of the Optionee.

         TERMINATION OF DUTIES FOR ANY OTHER REASON. In the event an Outside
         Director's membership on the Board ceases for any reason other than
         one described in Section 7(E) hereof, any Options then held by such
         Outside Director shall be terminated within twelve (12) months
         following his cessation of Board membership.

         SERVICES AS AN EMPLOYEE. If an Outside Director becomes an employee of
         the Company or any of its subsidiaries, the Outside Director shall be
         treated as continuing in service for purposes of this Outside Director
         Plan, but shall not be eligible to receive future grants while an
         employee. If the Outside Director's services as an employee terminate
         without his again becoming an Outside Director, the provisions of
         Section 7(F) shall apply as though such termination of employment were
         the termination of the Outside Director's membership on the Board.

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         RECLASSIFICATION; RECAPITALIZATION; AND REORGANIZATIONS.

         (1) DIVIDENDS AND STOCK SPLITS. If there is any change in the number
         of shares of Common Stock through the declaration of stock dividends,
         recapitalization resulting in stock splits, or combinations or
         exchanges of such shares, then the number of shares of Common Stock
         available for Options, the number of such shares covered by
         outstanding Options and the Option Exercise Price shall be
         proportionately adjusted to reflect any increase or decrease in the
         number of issued shares of Common Stock; provided, however, that any
         fractional shares resulting from such adjustment shall be eliminated.

         (2) SPIN-OFFS AND LIQUIDATIONS. In the event of the proposed
         dissolution or liquidation of the Company, or in the event of any
         corporate separation or division, including, but not limited to, a
         split-up, a split-off or spin-off, each Option granted under the Plan
         shall terminate as of a date to be fixed by the Board, provided,
         however, that no less than thirty (30) days' written notice of the
         date so fixed shall be given to each Optionee, who shall have the
         right during the period of thirty (30) days preceding such
         termination, to exercise the Options as to all or any part of the
         shares of Common Stock covered thereby.

          (3) REORGANIZATIONS. If, while unexercised Options remain outstanding
         under the Plan, the Company executes a definitive Reorganization
         agreement, the Committee may provide that each Option granted under
         the Plan shall (i) terminate as of a date to be fixed by the Board,
         provided, however, that no less than thirty (30) days' written notice
         of the date so fixed shall be given to each Optionee, who shall have
         the right, during the period of thirty (30) days preceding such
         termination, to exercise the Options as to all or any part of the
         shares of Common Stock covered thereby or (ii) remain outstanding and
         be adjusted so that on exercise the Optionee shall receive the
         securities, cash or property that would have been issued with respect
         to the shares of Common Stock had the Option been exercised
         immediately prior to the Reorganization. The Committee may also, in
         its discretion, permit the cancellation of outstanding Options in
         exchange for a cash payment to the Optionee equal to the difference
         between the exercise price of the Option and the value of the
         consideration that would have been paid had the Option been exercised
         immediately prior to the Reorganization.

         (4) EXEMPTIONS. This Section 7(H) shall not apply to a Reorganization
         in which the Company is the surviving corporation and shares of Common
         Stock are not converted into or exchanged for stock, securities of any
         other corporation, cash or any other thing of value. Notwithstanding
         the preceding sentence, in case of any Reorganization in which the
         Company is the continuing corporation and in which there is a
         reclassification or change (including a change to the right to receive
         cash or property) of the shares of Common Stock (other than a change
         in par value, or from par value to no par value, or as a result of a
         subdivision or combination, but including any changes in such shares
         into two or more classes series of shares), the Committee may provide
         that the holder of each Option then exercisable shall have the right
         to exercise such Option solely for the kind and amount of shares of
         stock and other securities (including those of any new direct or
         indirect Parent of the Company), property, cash or any combination
         thereof receivable by the holder of the number of shares of Common
         Stock for which such Option might have been exercised upon such
         Reorganization or reclassification. In the event of a change in the
         Common Stock as presently constituted, which is limited to a change
         of all of its authorized shares with par value into the same number
         of shares with a different par value or without par value, the shares
         resulting from any such change shall be deemed to be the Common Stock
         within the meaning of the Plan. Except as herein expressly provided,
         the Optionee shall have no rights by reason of any subdivision or
         consolidation of shares of stock of any class or the payment of any
         stock dividend or any other increase or decrease in the number of
         shares of stock of any class or by reason of any dissolution,
         liquidation, or Reorganization, and any assurance by the Company of
         shares of stock of any class, and no adjustment by reason thereof
         shall be made with respect to the number of shares of Common Stock
         subject to an Option or to the Option Price. The grant of an Option
         pursuant to the Plan shall not affect in any way the right or power
         of the Company to make

<PAGE>

         adjustments, reclassifications, Reorganizations or changes of its
         capital or business structure or to merge or to consolidate or to
         dissolve, liquidate or sell, or transfer all or any part of its
         business or assets.

8.       RIGHTS AS A SHAREHOLDER

         No Optionee shall have any rights as a shareholder with respect to
any shares until the stock certificate evidencing such shares has been issued
evidencing such shares. No adjustments shall be made for dividends (ordinary
or extraordinary, whether in cash, securities or other property) or
distributions or other rights for which the record date is prior to the date
such stock certificate is issued, except as provided in Section 7(H) hereof.

9.       GENERAL RESTRICTIONS

         INVESTMENT REPRESENTATIONS. The Company may require an Optionee to
         give written assurances in substance and form satisfactory to the
         Company to the effect that such person is acquiring the Common Stock
         for his or her own account for investment and not with any present
         intention of selling or otherwise distributing the same, and to such
         other effect as the Company deems necessary or appropriate in order
         to comply with applicable federal and applicable state securities
         laws.

         COMPLIANCE WITH SECURITIES LAWS. Each Option shall be subject to the
         requirement that if, at any time, counsel to the Company shall
         determine that the listing, registration or qualification of the
         shares subject thereto on any securities exchange or any state or
         federal law, or the consent or approval of any governmental or
         regulatory body, is necessary as a condition of, or in connection
         with, the issuance of Options, such Options may not be sold or
         exercised, in whole or in part, unless such listing, registration,
         qualification, consent or approval shall have been effected or
         obtained on conditions acceptable to the Board. The Company plans to
         register the shares subject to the Options on a Form S-8 Registration
         Statement. However, nothing herein shall be deemed to require the
         Company to obtain an effective Form S-8 Registration Statement or to
         apply for or to obtain any listing, registration or qualification of
         the Options or Common Stock to be issued pursuant thereto.

10.      AMENDMENT AND TERMINATION OF THE PLAN

         The Board may at any time and from time to time suspend, terminate,
modify or amend the Plan, provided that no suspension, termination,
modification or amendment of the Plan may adversely affect any rights under
the Plan unless the written consent of those affected is obtained.<PAGE>

                                                                  Exhibit 10.48

 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED, OR ANY STATE SECURITIES ACT, AND MAY NOT BE TRANSFERRED WITHOUT
     REGISTRATION UNDER SUCH ACTS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
                 ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

NO. 3                                                               $100,000.00

                            TRANS WORLD GAMING CORP.
                       TWG INTERNATIONAL U.S. CORPORATION
                                TWG FINANCE CORP.
            12% Senior Secured Notes Due March 17, 2005, Series 1999
                             Date: October 15, 1999
                               New York, New York

         Trans World Gaming Corp. ("TWG"), a Nevada corporation, and its
wholly-owned subsidiaries, TWG International U.S. Corporation ("TWG
International"), a Nevada corporation and TWG Finance Corp., a Delaware
corporation ("TWG Finance"), which are collectively referred to herein as the
"Issuer"), for value received, hereby promise to pay jointly and severally to,
Geoffrey B. Baker or its registered assigns, the principal sum of $100,000.00
Dollars, at the Issuer's office or agency for said purpose, on March 17, 2005,
in such coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts, and
to pay interest semi-annually on March 17 and September 17 (each an "Interest
Payment Date") of each year, commencing with March 17, 2000, on said principal
sum in like coin or currency at 12% simple interest per annum at said office
or agency from the most recent Interest Payment Date to which interest on the
Securities has been paid or duly provided for unless the date hereof is a date
to which interest on the Securities is paid or duly provided for, in which
case from the date of this Security, or unless no interest has been paid or
duly provided for on the Securities, in which case from the date of issuance.
To the extent lawful, the Issuer promises to pay interest on any interest
payment past due but unpaid on such unpaid principal amount at a rate of 17%
per annum compounded semi-annually.

         The interest so payable on any Interest Payment Date will, except as
otherwise provided in the Indenture referred to on the reverse hereof, be paid
to the Person in whose name this Security is registered on the 15th day of the
month next preceding the month in which such interest payment falls, whether
or not a Business Day (each an "Interest Record Date"), PROVIDED that interest
may be paid, at the option of the Issuer, by mailing a check therefor payable
on the Interest Payment Date to the registered Holder entitled thereto at his
last address as it appears on the Security register.

         If interest on the Securities is in default, the Trustee shall, prior
to the payment of interest, establish a special record date (the "Special
Record Date") for such payment, which Special Record Date shall be not more
than fifteen (15) nor less than ten (10) days prior to the date of the
proposed payment. Payment of such defaulted interest shall then be made by
check, as provided herein and in the Indenture, mailed or remitted to the
persons in whose names the Securities are registered on the Special Record
Date at the

                                       1

<PAGE>

addresses or accounts of such persons shown on the security register.

         Interest on this Security will be calculated on the basis of a
360-day year, consisting of twelve 30-day months.

         Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof which further provisions shall for all
purposes have the same effect as if set forth in this place.

         IN WITNESS WHEREOF, each Issuer has caused this instrument to be duly
executed under its corporate seal.

[Seal]                                      TRANS WORLD GAMING CORP.

                                            By:
                                                -------------------------------

                                            Its: Chief Executive Officer

[Seal]                                      TWG INTERNATIONAL U.S. CORPORATION

                                            By:
                                                -------------------------------

                                            Its: Vice President

[Seal]                                      TWG FINANCE CORP.

                                            By:
                                                -------------------------------

                                            Its: Vice President

                                       2

<PAGE>

                              [REVERSE OF SECURITY]

                            TRANS WORLD GAMING CORP.
                       TWG INTERNATIONAL U.S. CORPORATION
                                TWG FINANCE CORP.
            12% Senior Secured Notes Due March 17, 2005, Series 1999

         This Security is one of a series of duly authorized debt securities
of the Issuer designated as "12% Senior Secured Notes Due March 17, 2005,
Series 1999", issued in an aggregate principal amount of $3,000,000, and
issued pursuant to that certain Second Supplemental Trust Indenture
("Supplemental Indenture") dated as of October 15, 1999, duly executed and
delivered by the Issuer to U.S. Trust Company of Texas, N.A., as Trustee
(hereinafter referred to as the "Trustee"), which Supplemental Indenture
supplements the Indenture ("Original Indenture") dated as of March 31, 1998
and supplemented on October 29, 1998, duly executed and delivered by the
Issuer to the Trustee. The Original Indenture and the Supplemental Indenture
are hereinafter referred to as the "Indenture." Reference is hereby made to
the Indenture and all indentures supplemental thereto for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Issuer and the Holders (the words "Holders" or "Holder"
meaning the registered holders or registered holder) of the Securities. The
Securities are secured obligations of the Issuer. Capitalized terms used in
this Security and not defined herein shall have the meaning set forth in the
Indenture.

         In case an Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the principal and interest in respect of all of
the Securities then outstanding may be declared due and payable in the manner
and with the effect, and subject to the conditions, provided in the Indenture.
The Indenture provides that the Holders of 50% in aggregate principal amount
of the Securities then outstanding, by notice to the Trustee, may on behalf of
the Holders of all of the Securities, waive any existing Default or Event of
Default and its consequences under the Indenture except a continuing Default
or Event of Default in the payment of interest or premium on, or the principal
of, the Securities or in respect of a covenant or provision that cannot be
modified or amended without the consent of all Holders of the Securities. Any
such consent or waiver by the Holder of this Security (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder
and upon all future Holders and owners of this Security and any Security which
may be issued in exchange or substitution therefor, whether or not any
notation thereof is made upon this Security or such other Securities.

         The Indenture permits the Issuer and the Trustee, with the consent of
the Holders of not less than 50% in aggregate principal amount of the
Securities at the time outstanding, evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities; PROVIDED that no such supplemental indenture shall, without
the consent of each Holder affected thereby (with respect to any Securities
held by a non-consenting Securityholder) (i) reduce the principal amount of
Securities whose Holders must consent to an amendment, supplement or waiver,
(ii) reduce the principal of

                                       3

<PAGE>

or change the fixed maturity of any Security or alter the provisions with
respect to the redemption of the Securities, (iii) reduce the rate of or
change the time for payment of interest on any Security, (iv) waive a Default
or Event of Default in the payment of principal of or premium, if any, or
interest on the Securities (except a rescission of acceleration of the
Securities by the Holders of at least 50% in aggregate principal amount of the
then outstanding Securities and a waiver of the payment default that resulted
from such acceleration), (v) make any Security payable in money other than
that stated in the Securities, (vi) make any change in the provisions of the
Indenture relating to waivers of past Defaults or the rights of Holders of
Securities to receive payments of principal of or interest on the Securities,
(vii) waive a redemption payment with respect to any Security, or (viii) make
any change in the foregoing amendment and waiver provisions.

         No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligations of the
Issuer, which are absolute and unconditional, to pay the principal of and the
interest on this Security at the place, times, and rate, and in the currency,
herein prescribed.

         The Securities are issuable only as registered Securities without
coupons.

         At the office or agency of the Issuer referred to on the face hereof
and in the manner and subject to the limitations provided in the Indenture,
Securities may be exchanged for a like aggregate principal amount of
Securities of other authorized denominations.

         Upon due presentment for registration of transfer of this Security at
the above-mentioned office or agency of the Issuer, a new Security or
Securities of authorized denominations, for a like aggregate principal amount,
will be issued to the transferee as provided in the Indenture. No service
charge shall be made for any such transfer, but the Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto.

         As provided in the Indenture, TWG International shall be required to
make mandatory prepayments equal to Excess Cash Flow until the Obligations are
fully defeased pursuant to Section 10.2 or until one hundred percent (100%) of
the principal amount of the Securities, together with accrued and unpaid
interest, is paid. The Securities may also be redeemed by the Issuer, in
whole, or in part, upon mailing a notice of such redemption not less than 30
nor more than 60 days prior to the date fixed for redemption to the Holders of
Securities to be redeemed, at a redemption price equal to 100% of the
principal amount of the Securities redeemed, together with accrued and unpaid
interest to the date fixed for redemption. If there is a Change of Control (as
defined in the Indenture), the Issuer shall be required to offer to purchase
all outstanding Securities at a purchase price equal to 101% of the principal
amount thereof, plus accrued unpaid interest, if any, through the date of such
purchase.

         Subject to payment by the Issuer of a sum sufficient to pay the
amount due upon redemption, interest on this Security shall cease to accrue
upon the date duly fixed for redemption of this Security.

                                       4

<PAGE>

         The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner
of this Security (whether or not this Security shall be overdue and
notwithstanding any notation of ownership or other writing hereon made by
anyone other than the Issuer or the Trustee or any authorized agent of the
Issuer or the Trustee), for the purpose of receiving payment of, or on account
of, the principal hereof and premium, if any, and subject to the provisions on
the face hereof, interest hereon and for all other purposes, and neither the
Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee
shall be affected by any notice to the contrary.

         No recourse shall be had for the payment of the principal of,
premium, if any, or the interest on this Security, for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or
any indenture supplemental thereto, against any incorporator, shareholder,
officer, employee or director, as such, past, present or future, of the Issuer
or Trustee or of any successor corporation, either directly or through the
Issuer or any successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issue hereof, expressly waived and released.

         Customary abbreviations may be used in the name of a Securityholder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

         This Security shall not be valid or obligatory until the certificate
of authentication hereon shall have been duly signed by an authorized
signatory of the Trustee acting under the Indenture.

                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

         This is one of the Securities described in the within-mentioned
Indenture.

Dated: October 15, 1999

                                      U.S. Trust Company of Texas, N.A., as
                                      Trustee

                                      By
                                         -----------------------------------
                                         Authorized Signatory

                                       5

<PAGE>

                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:

         I or we assign and transfer this Security to:

-------------------------------------------------------------------------------
         (Insert assignee's soc. sec. or tax I.D. no.)

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

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

-------------------------------------------------------------------------------
         (Print or type assignee's name, address and zip code)

and irrevocably appoint _________________________________________ agent to
transfer this Security on the books of Issuer. The agent may substitute another
to act for him.

If you want the Note certificate made out in another person's name, fill in
the form below:

-------------------------------------------------------------------------------
         (insert other person's soc. sec. or tax I.D. no.)

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

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

-------------------------------------------------------------------------------
         (Print or type other person's name, address and zip code)

   Date:
        -----------------                --------------------------------------
                                                   Your Signature

                                         --------------------------------------
                                                   Signature Guaranty

                                         --------------------------------------
                                         Notice: Signature must be guaranteed
                                         by an "Eligible Guarantor Institution"
                                         as defined by Securities Exchange Act
                                         Rule 17Ad-15.

(Sign exactly as your name appears on the other side of this Security)

                                       6

<PAGE>

 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED, OR ANY STATE SECURITIES ACT, AND MAY NOT BE TRANSFERRED WITHOUT
     REGISTRATION UNDER SUCH ACTS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
                  ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

No. 4                                                               $100,000.00

                            TRANS WORLD GAMING CORP.
                       TWG INTERNATIONAL U.S. CORPORATION
                                TWG FINANCE CORP.
            12% Senior Secured Notes Due March 17, 2005, Series 1999
                             Date: October 15, 1999
                               New York, New York

         Trans World Gaming Corp. ("TWG"), a Nevada corporation, and its
wholly-owned subsidiaries, TWG International U.S. Corporation ("TWG
International"), a Nevada corporation and TWG Finance Corp., a Delaware
corporation ("TWG Finance"), which are collectively referred to herein as the
"Issuer"), for value received, hereby promise to pay jointly and severally to,
Julio E. Heurtematte Jr. or its registered assigns, the principal sum of
$100,000.00 Dollars, at the Issuer's office or agency for said purpose, on
March 17, 2005, in such coin or currency of the United States of America as at
the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest semi-annually on March 17 and September 17
(each an "Interest Payment Date") of each year, commencing with March 17,
2000, on said principal sum in like coin or currency at 12% simple interest
per annum at said office or agency from the most recent Interest Payment Date
to which interest on the Securities has been paid or duly provided for unless
the date hereof is a date to which interest on the Securities is paid or duly
provided for, in which case from the date of this Security, or unless no
interest has been paid or duly provided for on the Securities, in which case
from the date of issuance. To the extent lawful, the Issuer promises to pay
interest on any interest payment past due but unpaid on such unpaid principal
amount at a rate of 17% per annum compounded semi-annually.

         The interest so payable on any Interest Payment Date will, except as
otherwise provided in the Indenture referred to on the reverse hereof, be paid
to the Person in whose name this Security is registered on the 15th day of the
month next preceding the month in which such interest payment falls, whether
or not a Business Day (each an "Interest Record Date"), PROVIDED that interest
may be paid, at the option of the Issuer, by mailing a check therefor payable
on the Interest Payment Date to the registered Holder entitled thereto at his
last address as it appears on the Security register.

         If interest on the Securities is in default, the Trustee shall, prior
to the payment of interest, establish a special record date (the "Special
Record Date") for such payment, which Special Record Date shall be not more
than fifteen (15) nor less than ten (10) days prior to the date of the
proposed payment. Payment of such defaulted interest shall then be made by
check, as provided herein and in the Indenture, mailed or remitted to the
persons in whose names the Securities are registered on the Special Record
Date at the

                                       1

<PAGE>

addresses or accounts of such persons shown on the security register.

         Interest on this Security will be calculated on the basis of a
360-day year, consisting of twelve 30-day months.

         Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof which further provisions shall for all
purposes have the same effect as if set forth in this place.

         IN WITNESS WHEREOF, each Issuer has caused this instrument to be duly
executed under its corporate seal.

[Seal]                                      TRANS WORLD GAMING CORP.

                                            By:
                                                -------------------------------

                                            Its: Chief Executive Officer

[Seal]                                      TWG INTERNATIONAL U.S. CORPORATION

                                            By:
                                                -------------------------------

                                            Its: Vice President

[Seal]                                      TWG FINANCE CORP.

                                            By:
                                                -------------------------------

                                            Its: Vice President

                                       2

<PAGE>

                              [REVERSE OF SECURITY]

                            TRANS WORLD GAMING CORP.
                       TWG INTERNATIONAL U.S. CORPORATION
                                TWG FINANCE CORP.
            12% Senior Secured Notes Due March 17, 2005, Series 1999

         This Security is one of a series of duly authorized debt securities
of the Issuer designated as "12% Senior Secured Notes Due March 17, 2005,
Series 1999", issued in an aggregate principal amount of $3,000,000, and
issued pursuant to that certain Second Supplemental Trust Indenture
("Supplemental Indenture") dated as of October 15, 1999, duly executed and
delivered by the Issuer to U.S. Trust Company of Texas, N.A., as Trustee
(hereinafter referred to as the "Trustee"), which Supplemental Indenture
supplements the Indenture ("Original Indenture") dated as of March 31, 1998
and supplemented on October 29, 1998, duly executed and delivered by the
Issuer to the Trustee. The Original Indenture and the Supplemental Indenture
are hereinafter referred to as the "Indenture." Reference is hereby made to
the Indenture and all indentures supplemental thereto for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Issuer and the Holders (the words "Holders" or "Holder"
meaning the registered holders or registered holder) of the Securities. The
Securities are secured obligations of the Issuer. Capitalized terms used in
this Security and not defined herein shall have the meaning set forth in the
Indenture.

         In case an Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the principal and interest in respect of all of
the Securities then outstanding may be declared due and payable in the manner
and with the effect, and subject to the conditions, provided in the Indenture.
The Indenture provides that the Holders of 50% in aggregate principal amount
of the Securities then outstanding, by notice to the Trustee, may on behalf of
the Holders of all of the Securities, waive any existing Default or Event of
Default and its consequences under the Indenture except a continuing Default
or Event of Default in the payment of interest or premium on, or the principal
of, the Securities or in respect of a covenant or provision that cannot be
modified or amended without the consent of all Holders of the Securities. Any
such consent or waiver by the Holder of this Security (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder
and upon all future Holders and owners of this Security and any Security which
may be issued in exchange or substitution therefor, whether or not any
notation thereof is made upon this Security or such other Securities.

         The Indenture permits the Issuer and the Trustee, with the consent of
the Holders of not less than 50% in aggregate principal amount of the
Securities at the time outstanding, evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities; PROVIDED that no such supplemental indenture shall, without
the consent of each Holder affected thereby (with respect to any Securities
held by a non-consenting Securityholder) (i) reduce the principal amount of
Securities whose Holders must consent to an amendment, supplement or waiver,
(ii) reduce the principal of

                                       3

<PAGE>

or change the fixed maturity of any Security or alter the provisions with
respect to the redemption of the Securities, (iii) reduce the rate of or
change the time for payment of interest on any Security, (iv) waive a Default
or Event of Default in the payment of principal of or premium, if any, or
interest on the Securities (except a rescission of acceleration of the
Securities by the Holders of at least 50% in aggregate principal amount of the
then outstanding Securities and a waiver of the payment default that resulted
from such acceleration), (v) make any Security payable in money other than
that stated in the Securities, (vi) make any change in the provisions of the
Indenture relating to waivers of past Defaults or the rights of Holders of
Securities to receive payments of principal of or interest on the Securities,
(vii) waive a redemption payment with respect to any Security, or (viii) make
any change in the foregoing amendment and waiver provisions.

         No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligations of the
Issuer, which are absolute and unconditional, to pay the principal of and the
interest on this Security at the place, times, and rate, and in the currency,
herein prescribed.

         The Securities are issuable only as registered Securities without
coupons.

         At the office or agency of the Issuer referred to on the face hereof
and in the manner and subject to the limitations provided in the Indenture,
Securities may be exchanged for a like aggregate principal amount of
Securities of other authorized denominations.

         Upon due presentment for registration of transfer of this Security at
the above-mentioned office or agency of the Issuer, a new Security or
Securities of authorized denominations, for a like aggregate principal amount,
will be issued to the transferee as provided in the Indenture. No service
charge shall be made for any such transfer, but the Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto.

         As provided in the Indenture, TWG International shall be required to
make mandatory prepayments equal to Excess Cash Flow until the Obligations are
fully defeased pursuant to Section 10.2 or until one hundred percent (100%) of
the principal amount of the Securities, together with accrued and unpaid
interest, is paid. The Securities may also be redeemed by the Issuer, in
whole, or in part, upon mailing a notice of such redemption not less than 30
nor more than 60 days prior to the date fixed for redemption to the Holders of
Securities to be redeemed, at a redemption price equal to 100% of the
principal amount of the Securities redeemed, together with accrued and unpaid
interest to the date fixed for redemption. If there is a Change of Control (as
defined in the Indenture), the Issuer shall be required to offer to purchase
all outstanding Securities at a purchase price equal to 101% of the principal
amount thereof, plus accrued unpaid interest, if any, through the date of such
purchase.

         Subject to payment by the Issuer of a sum sufficient to pay the
amount due upon redemption, interest on this Security shall cease to accrue
upon the date duly fixed for redemption of this Security.

                                       4

<PAGE>

         The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner
of this Security (whether or not this Security shall be overdue and
notwithstanding any notation of ownership or other writing hereon made by
anyone other than the Issuer or the Trustee or any authorized agent of the
Issuer or the Trustee), for the purpose of receiving payment of, or on account
of, the principal hereof and premium, if any, and subject to the provisions on
the face hereof, interest hereon and for all other purposes, and neither the
Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee
shall be affected by any notice to the contrary.

         No recourse shall be had for the payment of the principal of,
premium, if any, or the interest on this Security, for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or
any indenture supplemental thereto, against any incorporator, shareholder,
officer, employee or director, as such, past, present or future, of the Issuer
or Trustee or of any successor corporation, either directly or through the
Issuer or any successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issue hereof, expressly waived and released.

         Customary abbreviations may be used in the name of a Securityholder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

         This Security shall not be valid or obligatory until the certificate
of authentication hereon shall have been duly signed by an authorized
signatory of the Trustee acting under the Indenture.

                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

         This is one of the Securities described in the within-mentioned
Indenture.

Dated: October 15, 1999

                                      U.S. Trust Company of Texas, N.A., as
                                      Trustee

                                      By
                                         -----------------------------------
                                         Authorized Signatory

                                       5

<PAGE>

                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:

         I or we assign and transfer this Security to:

-------------------------------------------------------------------------------
         (Insert assignee's soc. sec. or tax I.D. no.)

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

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

-------------------------------------------------------------------------------
         (Print or type assignee's name, address and zip code)

and irrevocably appoint _________________________________________ agent to
transfer this Security on the books of Issuer. The agent may substitute another
to act for him.

If you want the Note certificate made out in another person's name, fill in
the form below:

-------------------------------------------------------------------------------
         (insert other person's soc. sec. or tax I.D. no.)

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

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

-------------------------------------------------------------------------------
         (Print or type other person's name, address and zip code)

   Date:
        -----------------                --------------------------------------
                                                   Your Signature

                                         --------------------------------------
                                                   Signature Guaranty

                                         --------------------------------------
                                         Notice: Signature must be guaranteed
                                         by an "Eligible Guarantor Institution"
                                         as defined by Securities Exchange Act
                                         Rule 17Ad-15.

(Sign exactly as your name appears on the other side of this Security)

                                       6

<PAGE>

 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED, OR ANY STATE SECURITIES ACT, AND MAY NOT BE TRANSFERRED WITHOUT
     REGISTRATION UNDER SUCH ACTS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
                  ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

No. 2                                                                $100,000.00

                            TRANS WORLD GAMING CORP.
                       TWG INTERNATIONAL U.S. CORPORATION
                                TWG FINANCE CORP.
            12% Senior Secured Notes Due March 17, 2005, Series 1999
                             Date: October 15, 1999
                               New York, New York

         Trans World Gaming Corp. ("TWG"), a Nevada corporation, and its
wholly-owned subsidiaries, TWG International U.S. Corporation ("TWG
International"), a Nevada corporation and TWG Finance Corp., a Delaware
corporation ("TWG Finance"), which are collectively referred to herein as the
"Issuer"), for value received, hereby promise to pay jointly and severally to,
Malcolm M.B. Sterrett or its registered assigns, the principal sum of
$100,000.00 Dollars, at the Issuer's office or agency for said purpose, on
March 17, 2005, in such coin or currency of the United States of America as at
the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest semi-annually on March 17 and September 17
(each an "Interest Payment Date") of each year, commencing with March 17,
2000, on said principal sum in like coin or currency at 12% simple interest
per annum at said office or agency from the most recent Interest Payment Date
to which interest on the Securities has been paid or duly provided for unless
the date hereof is a date to which interest on the Securities is paid or duly
provided for, in which case from the date of this Security, or unless no
interest has been paid or duly provided for on the Securities, in which case
from the date of issuance. To the extent lawful, the Issuer promises to pay
interest on any interest payment past due but unpaid on such unpaid principal
amount at a rate of 17% per annum compounded semi-annually.

         The interest so payable on any Interest Payment Date will, except as
otherwise provided in the Indenture referred to on the reverse hereof, be paid
to the Person in whose name this Security is registered on the 15th day of the
month next preceding the month in which such interest payment falls, whether
or not a Business Day (each an "Interest Record Date"), PROVIDED that interest
may be paid, at the option of the Issuer, by mailing a check therefor payable
on the Interest Payment Date to the registered Holder entitled thereto at his
last address as it appears on the Security register.

         If interest on the Securities is in default, the Trustee shall, prior
to the payment of interest, establish a special record date (the "Special
Record Date") for such payment, which Special Record Date shall be not more
than fifteen (15) nor less than ten (10) days prior to the date of the
proposed payment. Payment of such defaulted interest shall then be made by
check, as provided herein and in the Indenture, mailed or remitted to the
persons in whose names the Securities are registered on the Special Record
Date at the

                                       1

<PAGE>

addresses or accounts of such persons shown on the security register.

         Interest on this Security will be calculated on the basis of a
360-day year, consisting of twelve 30-day months.

         Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof which further provisions shall for all
purposes have the same effect as if set forth in this place.

         IN WITNESS WHEREOF, each Issuer has caused this instrument to be duly
executed under its corporate seal.

[Seal]                                      TRANS WORLD GAMING CORP.

                                            By:
                                                -------------------------------

                                            Its: Chief Executive Officer

[Seal]                                      TWG INTERNATIONAL U.S. CORPORATION

                                            By:
                                                -------------------------------

                                            Its: Vice President

[Seal]                                      TWG FINANCE CORP.

                                            By:
                                                -------------------------------

                                            Its: Vice President

                                       2

<PAGE>

                              [REVERSE OF SECURITY]

                            TRANS WORLD GAMING CORP.
                       TWG INTERNATIONAL U.S. CORPORATION
                                TWG FINANCE CORP.
            12% Senior Secured Notes Due March 17, 2005, Series 1999

         This Security is one of a series of duly authorized debt securities
of the Issuer designated as "12% Senior Secured Notes Due March 17, 2005,
Series 1999", issued in an aggregate principal amount of $3,000,000, and
issued pursuant to that certain Second Supplemental Trust Indenture
("Supplemental Indenture") dated as of October 15, 1999, duly executed and
delivered by the Issuer to U.S. Trust Company of Texas, N.A., as Trustee
(hereinafter referred to as the "Trustee"), which Supplemental Indenture
supplements the Indenture ("Original Indenture") dated as of March 31, 1998
and supplemented on October 29, 1998, duly executed and delivered by the
Issuer to the Trustee. The Original Indenture and the Supplemental Indenture
are hereinafter referred to as the "Indenture." Reference is hereby made to
the Indenture and all indentures supplemental thereto for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Issuer and the Holders (the words "Holders" or "Holder"
meaning the registered holders or registered holder) of the Securities. The
Securities are secured obligations of the Issuer. Capitalized terms used in
this Security and not defined herein shall have the meaning set forth in the
Indenture.

         In case an Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the principal and interest in respect of all of
the Securities then outstanding may be declared due and payable in the manner
and with the effect, and subject to the conditions, provided in the Indenture.
The Indenture provides that the Holders of 50% in aggregate principal amount
of the Securities then outstanding, by notice to the Trustee, may on behalf of
the Holders of all of the Securities, waive any existing Default or Event of
Default and its consequences under the Indenture except a continuing Default
or Event of Default in the payment of interest or premium on, or the principal
of, the Securities or in respect of a covenant or provision that cannot be
modified or amended without the consent of all Holders of the Securities. Any
such consent or waiver by the Holder of this Security (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder
and upon all future Holders and owners of this Security and any Security which
may be issued in exchange or substitution therefor, whether or not any
notation thereof is made upon this Security or such other Securities.

         The Indenture permits the Issuer and the Trustee, with the consent of
the Holders of not less than 50% in aggregate principal amount of the
Securities at the time outstanding, evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities; PROVIDED that no such supplemental indenture shall, without
the consent of each Holder affected thereby (with respect to any Securities
held by a non-consenting Securityholder) (i) reduce the principal amount of
Securities whose Holders must consent to an amendment, supplement or waiver,
(ii) reduce the principal of

                                       3

<PAGE>

or change the fixed maturity of any Security or alter the provisions with
respect to the redemption of the Securities, (iii) reduce the rate of or
change the time for payment of interest on any Security, (iv) waive a Default
or Event of Default in the payment of principal of or premium, if any, or
interest on the Securities (except a rescission of acceleration of the
Securities by the Holders of at least 50% in aggregate principal amount of the
then outstanding Securities and a waiver of the payment default that resulted
from such acceleration), (v) make any Security payable in money other than
that stated in the Securities, (vi) make any change in the provisions of the
Indenture relating to waivers of past Defaults or the rights of Holders of
Securities to receive payments of principal of or interest on the Securities,
(vii) waive a redemption payment with respect to any Security, or (viii) make
any change in the foregoing amendment and waiver provisions.

         No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligations of the
Issuer, which are absolute and unconditional, to pay the principal of and the
interest on this Security at the place, times, and rate, and in the currency,
herein prescribed.

         The Securities are issuable only as registered Securities without
coupons.

         At the office or agency of the Issuer referred to on the face hereof
and in the manner and subject to the limitations provided in the Indenture,
Securities may be exchanged for a like aggregate principal amount of
Securities of other authorized denominations.

         Upon due presentment for registration of transfer of this Security at
the above-mentioned office or agency of the Issuer, a new Security or
Securities of authorized denominations, for a like aggregate principal amount,
will be issued to the transferee as provided in the Indenture. No service
charge shall be made for any such transfer, but the Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto.

         As provided in the Indenture, TWG International shall be required to
make mandatory prepayments equal to Excess Cash Flow until the Obligations are
fully defeased pursuant to Section 10.2 or until one hundred percent (100%) of
the principal amount of the Securities, together with accrued and unpaid
interest, is paid. The Securities may also be redeemed by the Issuer, in
whole, or in part, upon mailing a notice of such redemption not less than 30
nor more than 60 days prior to the date fixed for redemption to the Holders of
Securities to be redeemed, at a redemption price equal to 100% of the
principal amount of the Securities redeemed, together with accrued and unpaid
interest to the date fixed for redemption. If there is a Change of Control (as
defined in the Indenture), the Issuer shall be required to offer to purchase
all outstanding Securities at a purchase price equal to 101% of the principal
amount thereof, plus accrued unpaid interest, if any, through the date of such
purchase.

         Subject to payment by the Issuer of a sum sufficient to pay the
amount due upon redemption, interest on this Security shall cease to accrue
upon the date duly fixed for redemption of this Security.

                                       4

<PAGE>

         The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner
of this Security (whether or not this Security shall be overdue and
notwithstanding any notation of ownership or other writing hereon made by
anyone other than the Issuer or the Trustee or any authorized agent of the
Issuer or the Trustee), for the purpose of receiving payment of, or on account
of, the principal hereof and premium, if any, and subject to the provisions on
the face hereof, interest hereon and for all other purposes, and neither the
Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee
shall be affected by any notice to the contrary.

         No recourse shall be had for the payment of the principal of,
premium, if any, or the interest on this Security, for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or
any indenture supplemental thereto, against any incorporator, shareholder,
officer, employee or director, as such, past, present or future, of the Issuer
or Trustee or of any successor corporation, either directly or through the
Issuer or any successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issue hereof, expressly waived and released.

         Customary abbreviations may be used in the name of a Securityholder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

         This Security shall not be valid or obligatory until the certificate
of authentication hereon shall have been duly signed by an authorized
signatory of the Trustee acting under the Indenture.

                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

         This is one of the Securities described in the within-mentioned
Indenture.

Dated: October 15, 1999

                                      U.S. Trust Company of Texas, N.A., as
                                      Trustee

                                      By
                                         -----------------------------------
                                         Authorized Signatory

                                       5

<PAGE>

                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:

         I or we assign and transfer this Security to:

-------------------------------------------------------------------------------
         (Insert assignee's soc. sec. or tax I.D. no.)

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

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

-------------------------------------------------------------------------------
         (Print or type assignee's name, address and zip code)

and irrevocably appoint _________________________________________ agent to
transfer this Security on the books of Issuer. The agent may substitute another
to act for him.

If you want the Note certificate made out in another person's name, fill in
the form below:

-------------------------------------------------------------------------------
         (insert other person's soc. sec. or tax I.D. no.)

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

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

-------------------------------------------------------------------------------
         (Print or type other person's name, address and zip code)

   Date:
        -----------------                --------------------------------------
                                                   Your Signature

                                         --------------------------------------
                                                   Signature Guaranty

                                         --------------------------------------
                                         Notice: Signature must be guaranteed
                                         by an "Eligible Guarantor Institution"
                                         as defined by Securities Exchange Act
                                         Rule 17Ad-15.

(Sign exactly as your name appears on the other side of this Security)

                                       6

<PAGE>

 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED, OR ANY STATE SECURITIES ACT, AND MAY NOT BE TRANSFERRED WITHOUT
     REGISTRATION UNDER SUCH ACTS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
                  ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

No. 1                                                              $2,700,000.00

                            TRANS WORLD GAMING CORP.
                       TWG INTERNATIONAL U.S. CORPORATION
                                TWG FINANCE CORP.
            12% Senior Secured Notes Due March 17, 2005, Series 1999
                             Date: October 15, 1999
                               New York, New York

         Trans World Gaming Corp. ("TWG"), a Nevada corporation, and its
wholly-owned subsidiaries, TWG International U.S. Corporation ("TWG
International"), a Nevada corporation and TWG Finance Corp., a Delaware
corporation ("TWG Finance"), which are collectively referred to herein as the
"Issuer"), for value received, hereby promise to pay jointly and severally to,
Value Partners, Ltd. or its registered assigns, the principal sum of
$2,700,000.00 Dollars, at the Issuer's office or agency for said purpose, on
March 17, 2005, in such coin or currency of the United States of America as at
the time of payment shall be legal tender for the payment of public and
private debts, and to pay interest semi-annually on March 17 and September 17
(each an "Interest Payment Date") of each year, commencing with March 17,
2000, on said principal sum in like coin or currency at 12% simple interest
per annum at said office or agency from the most recent Interest Payment Date
to which interest on the Securities has been paid or duly provided for unless
the date hereof is a date to which interest on the Securities is paid or duly
provided for, in which case from the date of this Security, or unless no
interest has been paid or duly provided for on the Securities, in which case
from the date of issuance. To the extent lawful, the Issuer promises to pay
interest on any interest payment past due but unpaid on such unpaid principal
amount at a rate of 17% per annum compounded semi-annually.

         The interest so payable on any Interest Payment Date will, except as
otherwise provided in the Indenture referred to on the reverse hereof, be paid
to the Person in whose name this Security is registered on the 15th day of the
month next preceding the month in which such interest payment falls, whether
or not a Business Day (each an "Interest Record Date"), PROVIDED that interest
may be paid, at the option of the Issuer, by mailing a check therefor payable
on the Interest Payment Date to the registered Holder entitled thereto at his
last address as it appears on the Security register.

         If interest on the Securities is in default, the Trustee shall, prior
to the payment of interest, establish a special record date (the "Special
Record Date") for such payment, which Special Record Date shall be not more
than fifteen (15) nor less than ten (10) days prior to the date of the
proposed payment. Payment of such defaulted interest shall then be made by
check, as provided herein and in the Indenture, mailed or remitted to the
persons in whose names the Securities are registered on the Special Record
Date at the

                                       1

<PAGE>

addresses or accounts of such persons shown on the security register.

         Interest on this Security will be calculated on the basis of a
360-day year, consisting of twelve 30-day months.

         Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof which further provisions shall for all
purposes have the same effect as if set forth in this place.

         IN WITNESS WHEREOF, each Issuer has caused this instrument to be duly
executed under its corporate seal.

[Seal]                                      TRANS WORLD GAMING CORP.

                                            By:
                                                -------------------------------

                                            Its: Chief Executive Officer

[Seal]                                      TWG INTERNATIONAL U.S. CORPORATION

                                            By:
                                                -------------------------------

                                            Its: Vice President

[Seal]                                      TWG FINANCE CORP.

                                            By:
                                                -------------------------------

                                            Its: Vice President

                                       2

<PAGE>

                              [REVERSE OF SECURITY]
                            TRANS WORLD GAMING CORP.
                       TWG INTERNATIONAL U.S. CORPORATION
                                TWG FINANCE CORP.
            12% Senior Secured Notes Due March 17, 2005, Series 1999

         This Security is one of a series of duly authorized debt securities
of the Issuer designated as "12% Senior Secured Notes Due March 17, 2005,
Series 1999", issued in an aggregate principal amount of $3,000,000, and
issued pursuant to that certain Second Supplemental Trust Indenture
("Supplemental Indenture") dated as of October 15, 1999, duly executed and
delivered by the Issuer to U.S. Trust Company of Texas, N.A., as Trustee
(hereinafter referred to as the "Trustee"), which Supplemental Indenture
supplements the Indenture ("Original Indenture") dated as of March 31, 1998
and supplemented on October 29, 1998, duly executed and delivered by the
Issuer to the Trustee. The Original Indenture and the Supplemental Indenture
are hereinafter referred to as the "Indenture." Reference is hereby made to
the Indenture and all indentures supplemental thereto for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Issuer and the Holders (the words "Holders" or "Holder"
meaning the registered holders or registered holder) of the Securities. The
Securities are secured obligations of the Issuer. Capitalized terms used in
this Security and not defined herein shall have the meaning set forth in the
Indenture.

         In case an Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the principal and interest in respect of all of
the Securities then outstanding may be declared due and payable in the manner
and with the effect, and subject to the conditions, provided in the Indenture.
The Indenture provides that the Holders of 50% in aggregate principal amount
of the Securities then outstanding, by notice to the Trustee, may on behalf of
the Holders of all of the Securities, waive any existing Default or Event of
Default and its consequences under the Indenture except a continuing Default
or Event of Default in the payment of interest or premium on, or the principal
of, the Securities or in respect of a covenant or provision that cannot be
modified or amended without the consent of all Holders of the Securities. Any
such consent or waiver by the Holder of this Security (unless revoked as
provided in the Indenture) shall be conclusive and binding upon such Holder
and upon all future Holders and owners of this Security and any Security which
may be issued in exchange or substitution therefor, whether or not any
notation thereof is made upon this Security or such other Securities.

         The Indenture permits the Issuer and the Trustee, with the consent of
the Holders of not less than 50% in aggregate principal amount of the
Securities at the time outstanding, evidenced as in the Indenture provided, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities; PROVIDED that no such supplemental indenture shall, without
the consent of each Holder affected thereby (with respect to any Securities
held by a non-consenting Securityholder) (i) reduce the principal amount of
Securities whose Holders must consent to an amendment, supplement or waiver,
(ii) reduce the principal of

                                       3

<PAGE>

or change the fixed maturity of any Security or alter the provisions with
respect to the redemption of the Securities, (iii) reduce the rate of or
change the time for payment of interest on any Security, (iv) waive a Default
or Event of Default in the payment of principal of or premium, if any, or
interest on the Securities (except a rescission of acceleration of the
Securities by the Holders of at least 50% in aggregate principal amount of the
then outstanding Securities and a waiver of the payment default that resulted
from such acceleration), (v) make any Security payable in money other than
that stated in the Securities, (vi) make any change in the provisions of the
Indenture relating to waivers of past Defaults or the rights of Holders of
Securities to receive payments of principal of or interest on the Securities,
(vii) waive a redemption payment with respect to any Security, or (viii) make
any change in the foregoing amendment and waiver provisions.

         No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligations of the
Issuer, which are absolute and unconditional, to pay the principal of and the
interest on this Security at the place, times, and rate, and in the currency,
herein prescribed.

         The Securities are issuable only as registered Securities without
coupons.

         At the office or agency of the Issuer referred to on the face hereof
and in the manner and subject to the limitations provided in the Indenture,
Securities may be exchanged for a like aggregate principal amount of
Securities of other authorized denominations.

         Upon due presentment for registration of transfer of this Security at
the above-mentioned office or agency of the Issuer, a new Security or
Securities of authorized denominations, for a like aggregate principal amount,
will be issued to the transferee as provided in the Indenture. No service
charge shall be made for any such transfer, but the Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto.

         As provided in the Indenture, TWG International shall be required to
make mandatory prepayments equal to Excess Cash Flow until the Obligations are
fully defeased pursuant to Section 10.2 or until one hundred percent (100%) of
the principal amount of the Securities, together with accrued and unpaid
interest, is paid. The Securities may also be redeemed by the Issuer, in
whole, or in part, upon mailing a notice of such redemption not less than 30
nor more than 60 days prior to the date fixed for redemption to the Holders of
Securities to be redeemed, at a redemption price equal to 100% of the
principal amount of the Securities redeemed, together with accrued and unpaid
interest to the date fixed for redemption. If there is a Change of Control (as
defined in the Indenture), the Issuer shall be required to offer to purchase
all outstanding Securities at a purchase price equal to 101% of the principal
amount thereof, plus accrued unpaid interest, if any, through the date of such
purchase.

         Subject to payment by the Issuer of a sum sufficient to pay the
amount due upon redemption, interest on this Security shall cease to accrue
upon the date duly fixed for redemption of this Security.

                                       4

<PAGE>

         The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the registered Holder hereof as the absolute owner
of this Security (whether or not this Security shall be overdue and
notwithstanding any notation of ownership or other writing hereon made by
anyone other than the Issuer or the Trustee or any authorized agent of the
Issuer or the Trustee), for the purpose of receiving payment of, or on account
of, the principal hereof and premium, if any, and subject to the provisions on
the face hereof, interest hereon and for all other purposes, and neither the
Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee
shall be affected by any notice to the contrary.

         No recourse shall be had for the payment of the principal of,
premium, if any, or the interest on this Security, for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or
any indenture supplemental thereto, against any incorporator, shareholder,
officer, employee or director, as such, past, present or future, of the Issuer
or Trustee or of any successor corporation, either directly or through the
Issuer or any successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issue hereof, expressly waived and released.

         Customary abbreviations may be used in the name of a Securityholder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

         This Security shall not be valid or obligatory until the certificate
of authentication hereon shall have been duly signed by an authorized
signatory of the Trustee acting under the Indenture.

                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

         This is one of the Securities described in the within-mentioned
Indenture.

Dated: October 15, 1999

                                      U.S. Trust Company of Texas, N.A., as
                                      Trustee

                                      By
                                         -----------------------------------
                                         Authorized Signatory

                                       5

<PAGE>

                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:

         I or we assign and transfer this Security to:

-------------------------------------------------------------------------------
         (Insert assignee's soc. sec. or tax I.D. no.)

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

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

-------------------------------------------------------------------------------
         (Print or type assignee's name, address and zip code)

and irrevocably appoint _________________________________________ agent to
transfer this Security on the books of Issuer. The agent may substitute another
to act for him.

If you want the Note certificate made out in another person's name, fill in
the form below:

-------------------------------------------------------------------------------
         (insert other person's soc. sec. or tax I.D. no.)

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

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

-------------------------------------------------------------------------------
         (Print or type other person's name, address and zip code)

   Date:
        -----------------                --------------------------------------
                                                   Your Signature

                                         --------------------------------------
                                                   Signature Guaranty

                                         --------------------------------------
                                         Notice: Signature must be guaranteed
                                         by an "Eligible Guarantor Institution"
                                         as defined by Securities Exchange Act
                                         Rule 17Ad-15.

(Sign exactly as your name appears on the other side of this Security)

                                       6

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