Document:

<Page>

                                                                   Exhibit 10.10

                          PLEDGE AND SECURITY AGREEMENT

                          Dated as of January 23, 2004

                                  by and among

                        PREMIER ENTERTAINMENT BILOXI LLC,
                      a Delaware limited liability company,

                          PREMIER FINANCE BILOXI CORP,
                             a Delaware corporation,

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                         a national banking association,
                  as Trustee for the benefit of the Noteholders

                                                               EXECUTION VERSION

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                              Page
                                                                              ----
<S>                                                                             <C>
1.   Definitions.................................................................1
2.   Assignment, Pledge and Grant of Security Interest...........................4
3.   Obligations Secured.........................................................9
4.   Representations and Warranties..............................................9
5.   Subsequent Changes Affecting Collateral; Transfers and Other Liens.........10
6.   Covenants..................................................................10
7.   Collections on Collateral..................................................12
8.   Events of Default..........................................................12
9.   Remedies Upon Event of Default.............................................12
10.  Remedies Cumulative; Delay Not Waiver......................................14
11.  Application of Proceeds....................................................14
12.  Attorney-In-Fact...........................................................14
13.  Issuer May Perform.........................................................15
14.  Perfection; Further Assurances.............................................15
15.  Place of Business; Location of Records.....................................16
16.  Continuing Assignment and Security Interest; Transfer of Guaranty..........16
17.  Termination of Security Interest...........................................17
18.  Reinstatement..............................................................17
19.  Trustee's Duties; Reasonable Care..........................................17
20.  Survival of Provisions.....................................................17
21.  Miscellaneous..............................................................17
</Table>

                                                               EXECUTION VERSION

<Page>

                          PLEDGE AND SECURITY AGREEMENT

         This PLEDGE AND SECURITY AGREEMENT, dated as of January 23, 2004 (as
amended, supplemented, restated or otherwise modified from time to time, this
"AGREEMENT"), is entered into by PREMIER ENTERTAINMENT BILOXI LLC (d/b/a Hard
Rock Hotel & Casino Biloxi), a Delaware limited liability company ("PREMIER"),
PREMIER FINANCE BILOXI CORP, a Delaware corporation ("PFC," jointly and
severally with Premier, the "ISSUER"), and U.S. BANK NATIONAL ASSOCIATION, a
national banking association, as trustee under the Indenture (the "TRUSTEE"),
for the benefit of the holders from time to time (the "NOTEHOLDERS") of the
First Mortgage Notes (as defined below).

                                    RECITALS

     A.     FACILITY. Premier proposes to develop, construct and operate the
Hard Rock Hotel & Casino Biloxi, a full service gaming, hotel and entertainment
resort and certain related amenities to be developed upon approximately 8.5
acres along the Mississippi Gulf Coast in Biloxi, Mississippi (the "FACILITY").

     B.     FIRST MORTGAGE NOTES. Concurrently herewith, the Issuer is issuing
$160,000,000 aggregate principal amount of its 10 3/4% First Mortgage Notes due
2012 (together with all other notes issued under the Indenture, including all
notes issued in exchange or replacement thereof, the "FIRST MORTGAGE NOTES"),
pursuant to that certain Indenture dated as of January 23, 2004, among the
Issuer and the Trustee (as amended, modified or supplemented from time to time,
the "INDENTURE"), to finance Project Costs.

     C.     USE OF PROCEEDS. Premier will use the net proceeds from the sale of
the First Mortgage Notes and the proceeds from the Subordinated Note issued
concurrently therewith, together with any additional equity provided by the
Issuer or its affiliates, to pay (among other things) Project Costs associated
with the design, development, equipping, construction, pre-opening and operation
of the Facility.

     D.     PURPOSE. In order to secure the payment and performance by the
Issuer of all of its covenants, agreements and obligations under the First
Mortgage Notes, the Trustee (on behalf of the Noteholders) requires that the
Issuer shall have executed this Agreement.

                                    AGREEMENT

     In consideration of the promises contained herein, and as a material
inducement to the purchase of the First Mortgage Notes by the Noteholders, the
Issuer hereby agrees with the Trustee, for the benefit of the Noteholders, as
follows:

     1.  DEFINITIONS.

            1.1    DEFINED TERMS. The terms defined in this SECTION 1 shall have
the meanings herein specified:

                                                               EXECUTION VERSION

<Page>

            "AA CAPITAL" means collectively, AA Capital Equity Fund, L.P., a
Delaware limited partnership and AA Capital Biloxi Co-Investment Fund, L.P., a
Delaware limited partnership.

            "BOND FINANCING DOCUMENTS" shall have the meaning ascribed thereto
in the Cash Collateral and Disbursement Agreement.

            "BONDS" shall mean the industrial development bonds issued by the
Mississippi Business Finance Corporation pursuant to Code Section 57-10-201, et
seq., Mississippi Code of 1972 and the Bond Financing Documents, pursuant to
which Premier intends to use the proceeds of such bonds to fund the costs of
acquiring, constructing and installing certain land-based improvements and
equipment.

            "CAFE LEASE AGREEMENT" means that certain Lease Agreement (Cafe)
dated as of December 30, 2003 between Hard Rock STP, as leasee, and Premier, as
lessor.

            "CASH EQUIVALENTS" has the meaning ascribed thereto in the
Indenture.

            "DISBURSEMENT AGENT" means U.S. Bank National Association, a
national banking association, or the then acting Disbursement Agent under the
Cash Collateral and Disbursement Agreement.

            "EQUITY AGREEMENT" means that certain Equity Agreement entered into
among, Premier, AA Capital and GAR dated as of event date herewith.

            "GAMING AUTHORITY" shall have the meaning ascribed thereto in the
Indenture.

            "GAMING LAWS" shall have the meaning ascribed thereto in the
Indenture.

            "GAR" means GAR, LLC, a Mississippi limited liability company.

            "GOVERNMENTAL ENTITY" shall have the meaning ascribed thereto in the
Indenture.

            "HARD ROCK DOCUMENTS" means collectively the License Agreement,
Memorabilia Lease, Cafe Lease Agreement and Retail Store Lease Agreement.

            "HARD ROCK STP" means Hard Rock Cafe International (STP), Inc., a
New York corporation.

            "HARD ROCK LICENSING" means Hard Rock Hotel Licensing, Inc., a
Florida corporation.

            "LAND" shall have the meaning ascribed thereto in that certain
Construction Deed of Trust, Leasehold Deed of Trust and Fixture Filing with
Assignment of Leases and Rents dated as of even date herewith.

            "LAW" shall mean any federal, state or local law, including any
statute, decision, rule or regulation of the United States or any State of the
United States.

                                                               EXECUTION VERSION

                                        2
<Page>

            "LEASE AND AIR RIGHTS AGREEMENT" means that certain Lease and Air
Rights Agreement dated as of November 18, 2003 between the City of Biloxi,
Mississippi, as lessor, and Premier, as lessee.

            "LICENSE AGREEMENT" means that certain License Agreement dated as of
May 16, 2003 between Hard Rock Licensing, Inc., as licensor, and Premier, as
licensee.

            "MEMORABILIA LEASE" means that certain Memorabilia Agreement dated
as of May 15, 2003 between Hard Rock STP, as lessor, and Premier, as leasee.

            "NEW YORK UCC" means the Uniform Commercial Code as the same may,
from time to time, be in effect in the State of New York.

            "PLEDGE PROVISIONS" means: (i) the terms and conditions of the
Consent and Acknowledgement Agreement, the Subordination Non-Disturbance and
Attornment Agreement for the Cafe Lease Agreement and the Subordination
Non-Disturbance and Attornment for the Retail Store Lease Agreement, and (ii)
the appropriate provisions of the Hard Rock Documents governing (a) the pledge
of the rights created therein as collateral for any loan arising from or related
to the Facility, or (b) the assignment or other transfer of Premier's interest
in the applicable Hard Rock Document(s), including, but not limited to, Sections
16 and 24 of the License Agreement, Section 19(B) of the Memorabilia Lease,
Section 29 of the Cafe Lease Agreement and Section 29 of the Retail Store Lease
Agreement.

            "PLEDGORS" shall mean, collectively, AA Capital and GAR.

            "PROJECT COSTS" shall have the meaning ascribed thereto in the Cash
Collateral and Disbursement Agreement.

            "RETAIL STORE LEASE AGREEMENT" means that certain Lease Agreement
(Retail Store) dated as of December 30, 2003, between Hard Rock STP, as leasee,
and Premier, as lessor.

            "TIDELANDS LEASE" means that certain Public Trust Tidelands Lease
dated as of October 27, 2003 between the Secretary of State, with the approval
of the Governor, for and on behalf of the State of Mississippi, as lessor, and
Premier, as lessee.

            "TRANSACTION DOCUMENTS" shall have the meaning ascribed thereto in
the Indenture.

            "UCC" means: (i) with respect to the creation and attachment of any
security interest, the New York UCC and (ii) with respect to the perfection, the
effect of perfection or non-perfection and priority of any security interest,
the Uniform Commercial Code of the jurisdiction specified by the mandatory
choice of law rules set forth in the New York UCC.

            1.2    INDEX OF ADDITIONAL DEFINED TERMS. In addition, the terms
listed in the left column below shall have the respective meanings ascribed to
such terms in the Section of this Agreement listed opposite such terms in the
right column below:

                                                               EXECUTION VERSION

                                        3
<Page>

<Table>
<Caption>
            DEFINED TERM                                                 SECTION
            ------------                                                 -------
            <S>                                                      <C>
            AGREEMENT.................................................Introduction
            ASSIGNED AGREEMENTS.............................................2.1(a)
            BUILDINGS....................................................2.1(a)(i)
            CASH COLLATERAL AND DISBURSEMENT AGREEMENT.........................1.3
            COLLATERAL......................................................2.1(k)
            DISBURSEMENT AGENT.................................................1.3
            EVENT OF DEFAULT.....................................................8
            FACILITY.................................................A of Recitals
            FIRST MORTGAGE NOTES.....................................B of Recitals
            INDENTURE................................................B of Recitals
            ISSUER....................................................Introduction
            LIQUOR LAWS......................................................21.13
            NOTEHOLDERS...............................................Introduction
            PFC.......................................................Introduction
            PREMIER...................................................Introduction
            RANK................................................................11
            SECURED OBLIGATIONS..................................................3
            TRUSTEE...................................................Introduction
            VESSEL.......................................................2.1(a)(j)
</Table>

            1.3    All capitalized terms used, but not otherwise defined herein,
shall have the meanings provided in the Cash Collateral and Disbursement
Agreement by and among the Disbursement Agent, the Trustee, the Independent
Construction Consultant (as defined therein), and the Issuer dated as of the
date hereof (the "CASH COLLATERAL AND DISBURSEMENT AGREEMENT") if defined
therein, and if such terms are not defined in the Cash Collateral and
Disbursement Agreement, such terms shall have the meanings given them in the
UCC.

     2.  ASSIGNMENT, PLEDGE AND GRANT OF SECURITY INTEREST.

            2.1    Subject to applicable Law (including, without limitation, all
applicable rules and regulations of the Mississippi Gaming Commission), to
secure the timely payment and performance of the Secured Obligations, the Issuer
does hereby collaterally assign and pledge to, and grant a security interest in
favor of, the Trustee all the estate, right, title and interest of the Issuer,
whether now owned or hereafter acquired, in, to and under:

                   (a)  all contracts, agreements and documents, including
without limitation the following contracts, agreements and documents, as
amended, amended and restated, supplemented or otherwise modified from time to
time (individually, an "ASSIGNED AGREEMENT," and collectively, the "ASSIGNED
AGREEMENTS") and all of the Issuer's rights thereunder:

                        (i)    all Construction Contracts with respect to the
     Facility to which the Issuer is or may become a party from time to time;

                                                               EXECUTION VERSION

                                        4
<Page>

                        (ii)   the insurance policies maintained or required to
     be maintained by the Issuer or any other Person under the Collateral
     Documents or any Construction Contracts, including, without limitation, any
     such policies insuring against loss of revenues by reason of interruption
     of the operation of the Facility and all loss proceeds and other amounts
     payable to the Issuer thereunder, and all eminent domain proceeds relating
     to the Facility;

                        (iii)  all other agreements, including vendor
     warranties, running to the Issuer or assigned to the Issuer, that relate to
     the construction, maintenance, improvement, operation or acquisition of the
     Facility or any part thereof, or transport of material, equipment and other
     parts of the Facility or any part thereof; provided that the security
     interest granted hereby with respect to any management contract relating to
     the Facility shall only relate to the right to payments under such
     management contract;

                        (iv)   the Cafe Lease Agreement;

                        (v)    the Memorabilia Lease;

                        (vi)   the License Agreement;

                        (vii)  the Retail Store Lease Agreement;

                        (viii) the Tidelands Lease;

                        (ix)   the Lease and Air Rights Agreement;

                        (x)    any other lease or sublease agreements relating
     to the Facility or any part thereof or any ancillary facilities to which
     the Issuer is or becomes a party, but excluding any lease or sublease
     agreement of interest in real property;

                        (xi)   all amendments, supplements, substitutions and
     renewals to any of the aforesaid agreements; and

                        (xii)  to the extent assignable, all permits and
     governmental approvals issued in the name of the Issuer or relating in any
     way to the operation of the Facility, including without limitation
     approvals of the Mississippi Gaming Commission;

                   (b)  all rents, profits, income, distributions, royalties and
revenues derived in any manner by the Issuer from the Facility or any part
thereof and the operation of the Facility or any part thereof;

                   (c)  all goods, money, instruments, securities, accounts,
contract rights, commercial tort claims, letters of credit, letter of credit
rights, payment intangibles, promissory notes, software, supporting obligations,
documents, deposit accounts, chattel paper (including tangible and electronic
chattel paper), as-extracted collateral, general intangibles and inventory,
including, without limitation, those relating to the Facility and the Bonds;

                                                               EXECUTION VERSION

                                        5
<Page>

                   (d)  all investment property (including both certificated and
uncertificated securities, security entitlements, security accounts, commodity
contracts and commodity accounts), and including each of the Construction Period
Accounts, and all Financial Assets and other assets therein and all security
entitlements with respect thereto;

                   (e)  all deposit accounts, including the Issuer's Payment
Account, and all monies and other assets on deposit therein;

                   (f)  all Cash Equivalents;

                   (g)  all other personal property of the Issuer, including
without limitation personal property relating to the Facility, whether now owned
or existing or hereafter acquired or arising, or in which the Issuer may have an
interest, and wheresoever located, whether or not of a type which may be subject
to a security interest under the UCC, including without limitation (except to
the extent that any of the following are deemed to be fixtures) all machinery,
tools, control equipment, appliances, mechanical and electrical systems,
elevators, lighting, alarm systems, fire control systems, furnishings,
furniture, as-extracted collateral, equipment, service equipment, motor
vehicles, building or maintenance equipment, gaming machines or devices of any
type, building or maintenance materials, pipes and pipelines supplies, goods and
property covered by any warehouse receipts or bills of lading or other such
documents, spare parts, maps, plans, specifications, architectural, engineering,
construction or shop drawings, manuals or similar documents, copyrights,
trademarks and trade names, and any replacements, renewals or substitutions for
any of the foregoing or additional tangible or intangible personal property
hereafter acquired by the Issuer;

                   (h)  any other personal property assets or personal property
owned by the Issuer, to the extent not included (or expressly excluded) in the
foregoing;

                   (i)  all buildings ("BUILDINGS"), structures, facilities and
improvements of every nature now or later on the Land, including any vessels
permanently moored on the Land and all appurtenances and accessories and
additions on any such vessel, and all appurtenances, easements, water and water
rights, and pumps and pumping plants; all gaming equipment and devices, all
machinery, equipment, appliances, and fixtures for generating or distributing
air, water, heat, electricity, light, fuel, or refrigeration or for ventilating
or sanitary purposes or for the exclusion of vermin or insects or for the
removal of dust, refuse, or garbage; all wall safes, built-in furniture, and
installations, shelving, lockers, partitions, doorstops, vaults, elevators,
dumbwaiters, awnings, window shades, venetian blinds, light fixtures, fire hoses
and brackets and boxes for them, fire sprinklers, alarm systems, draperies,
drapery rods and brackets, screens, linoleum, carpets, furniture, furnishings,
fixtures, plumbing, laundry tubs and trays, iceboxes, refrigerators, heating
units, stoves, water heaters, incinerators, communication systems and
installations for which any Building is specially designed; the specific
enumerations in this Agreement not excluding the general;

                   (j)  the whole of the following described vessel (the
"VESSEL"), together with all materials, equipment and accessories now or from
time to time installed thereon, and substitutions therefor, whether now existing
or hereafter acquired, including without limitation its boilers, engines,
machinery, masts, spars, boats, cables, motors, navigation and

                                                               EXECUTION VERSION

                                        6
<Page>

radar equipment, tools, anchors, chains, booms, cranes, rigs, pumps, pipe,
tanks, tackle, apparel, furniture, fixtures, rigging, supplies, fittings and
machinery, equipment and accessories relating to gaming operations (including
but not limited to all gaming supplies, table games, money counting and wrapping
equipment, casino related signage, gaming equipment (as hereinafter defined) and
communication systems, visual and electronic surveillance systems and
transportation systems), tools, utensils, food and beverage, liquor, uniforms,
linens, housekeeping and maintenance supplies, fuel, all financial equipment,
computer equipment, calculators, adding machines and any other electronic
equipment of every nature used in connection with the operation of the Vessel,
all machinery, equipment, engines, appliances and fixtures for generating or
distributing air, water, heat, electricity, light, fuel or refrigeration, or for
ventilating or sanitary purposes, or for the exclusion of vermin or insects, or
for the removal of dust, refuse or garbage, all wall-beds, wall-safes, built-in
furniture and installations, shelving, lockers, partitions, doorstops, vaults,
motors, elevators, dumbwaiter, awnings, window shades, venetian blinds, light
fixtures, fire hoses and brackets and boxes for the same, fire sprinklers,
alarm, surveillance and security systems, computers, drapes, drapery rods and
brackets, mirrors, mantels, screens, linoleum, carpets and carpeting, plumbing,
bathtubs, showers, sinks, basins, pipes, faucets, water closets, laundry
equipment, washers, dryers, ice-boxes and heating units, all kitchen and
restaurant equipment, including but not limited to silverware, dishes, menus,
cooking utensils, stoves, refrigerators, ovens, ranges, dishwashers, disposals,
water heaters, incinerators, furniture, fixtures and furnishings, all cocktail
lounge supplies, including but not limited to bars, glassware, bottles and
tables used in connection with the Vessel, all chaise lounges, hot tubs,
swimming pool heaters and equipment, and all other recreational equipment
(computerized and otherwise), beauty and barber equipment, and maintenance
supplies used in connection with the Vessel, all specifically designed
installations and furnishings, and all furniture, furnishings and personal
property of every nature whatsoever now or hereafter owned or leased by the
Mortgagor or in which the Mortgagor has any rights or interest and located in or
on, or attached to, or used or intended to be used or which are now or may
hereinafter be appropriated for use on or in connection with the operation of
the Vessel, or in connection with any construction being conducted or which may
be conducted thereon, and all extensions, additions, accessions, improvements,
betterments, renewals, substitutions, and replacements to any of the foregoing,
all of which (to the fullest extent permitted by law) shall be conclusively
deemed appurtenances to the Vessel, all earnings, freight, sub-freights, charter
hires and sub-charter hires, if any, and all other appurtenances to the Vessel
appertaining or belonging, whether now owned or hereafter acquired, whether on
board or not, and all additions, improvements and replacements hereafter made in
or to the Vessel; and

                   (k)  the proceeds (including cash and noncash proceeds) of
all of above including without limitation (i) all rights of the Issuer to
receive monies due and to become due under or pursuant to the collateral
described in clauses (a) through (k); (ii) all rights of the Issuer to receive
the return of any premiums for, or proceeds of, any insurance, indemnity,
warranty or guaranty with respect to the such collateral or to receive any
condemnation proceeds; (iii) all claims of the Issuer for damages arising out
of, or for breach of or default under, the Assigned Agreements or any other such
collateral; (iv) all rights of the Issuer to terminate, amend, supplement,
modify or waive performance under the Assigned Agreements, to perform thereunder
and to compel performance and otherwise exercise all remedies thereunder; and
(v) to the extent not included in the foregoing, all proceeds receivable or
received when any and all of

                                                               EXECUTION VERSION

                                        7
<Page>

such collateral is sold, collected, exchanged or otherwise disposed of, whether
voluntarily or involuntarily foregoing (all of the collateral described in
clauses (a) through (k), as modified by each other provision of SECTIONS 2.1
through 2.6, being herein collectively referred to as the "COLLATERAL");

PROVIDED, HOWEVER, that the Collateral shall not include any assets, revenues,
accounts, property or other interests of the Issuer that the Issuer is
prohibited from alienating under applicable federal law or state law, including
any statute, decision, rule or regulation of the United States or the State of
New York or under any contract or agreement with the United States or the State
of New York (except to the extent Section 9407, 9408 or 9409 of the UCC or the
analogous provision of the Uniform Commercial Code in effect in any other
jurisdiction, as applicable, would permit the creation of a security interest in
such property without violating applicable Law); PROVIDED, FURTHER, the
Collateral shall not include any license, permit or approval if (x) such item is
a license or permit to operate gaming at the Facility, (y) by its terms or
operation of law such item is not assignable, or (z) the assignment of, or grant
of a security interest in, such item would cause such item to become void, would
constitute a breach under such item, is prohibited by such item or by Law or
would violate any Law, except to the extent Section 9407, 9408 or 9409 of the
UCC or the analogous provisions of the Uniform Commercial Code in effect in any
other jurisdiction, as applicable, would permit and allow such assignment
without causing such a breach or violation and without causing such item to be
void.

            2.2    In order to effectuate the foregoing, the Issuer has
heretofore delivered, or concurrently with the delivery hereof is delivering, to
the Trustee an executed counterpart or certified copy of each of the Assigned
Agreements. The Issuer will likewise deliver to the Trustee an executed
counterpart of each material future lease, construction agreement, operation
agreement and other agreement, including without limitation those relating to
the Facility or any part thereof, and amendments and supplements to the
foregoing, included in the Collateral, as they are entered into by the Issuer
promptly upon the execution thereof.

            2.3    Notwithstanding anything to the contrary contained herein,
the Issuer shall remain liable under each of the Assigned Agreements to perform
all of the obligations undertaken by it thereunder, all in accordance with and
pursuant to the terms and provisions thereof. Except as otherwise provided in
the Pledge Provisions of the Hard Rock Documents, the Trustee shall have no
obligation or liability to perform or make payments under any of such Assigned
Agreements by reason of or arising out of this Agreement, nor shall the Trustee
be required or obligated in any manner to perform or fulfill any obligations of
the Issuer thereunder or to make any payment or inquiry as to the nature or
sufficiency of any payment received by it, or present or file any claim or take
any action to collect or enforce the payment of any amounts which may have been
assigned to it or to which it may be entitled at any time.

            2.4    If any default by the Issuer under any of the Assigned
Agreements shall occur and be continuing, then the Trustee shall, at its option,
be permitted (but shall not be obligated) to remedy any such default by giving
written notice of such intent to the Issuer and to the parties to the Assigned
Agreement or Assigned Agreements for which the Trustee intends to remedy the
default. Any cure by the Trustee of the Issuer's default under any of the
Assigned Agreements shall not be construed as an assumption by the Trustee of
any obligations, covenants or agreements of the Issuer under such Assigned
Agreement, and the Trustee shall not be liable

                                                               EXECUTION VERSION

                                        8
<Page>

to the Issuer or any other Person as a result of any actions undertaken by the
Trustee in curing or attempting to cure any such default, except as a result of
the Trustee's gross negligence, bad faith or willful misconduct. This Agreement
shall not be deemed to release or to affect in any way the obligations of the
Issuer under the Assigned Agreements.

            2.5    Any purchase money obligation created by any of the
Collateral Documents shall continue even after the Collateral Documents have
been amended, supplemented, modified, restated, refinanced, consolidated or
restructured. In addition, to the extent any of the Proceeds may have been used
to finance or refinance any asset, the parties intend for the obligations of the
Issuer related thereto to constitute purchase money obligations and for the
Trustee to have a related purchase money security interest.

            2.6    All certificates or instruments from time to time
representing or evidencing the Collateral shall be delivered to and held by or
on behalf of Trustee pursuant hereto (including any new or replacement
certificates or instruments issued from time to time), excluding the Bonds. All
such certificates or instruments shall be in suitable form for transfer by
delivery, or shall be accompanied by duly executed instruments of transfer or
assignment in blank, all in form and substance acceptable to Trustee. Subject to
the Pledge Provisions, Trustee shall have the right, at any time in its
discretion and without prior notice to the Issuers, following the occurrence and
during the continuation of an Event of Default, to transfer to or to register in
the name of Trustee or any of its nominees any or all of the Collateral and to
exchange certificates or instruments representing or evidencing such Collateral
for certificates or instruments of smaller or larger denominations; PROVIDED
that Trustee shall promptly notify Issuers of any such transfer or registration;
but the failure to provide such notice shall not invalidate the effectiveness of
such transfer or registration; PROVIDED, FURTHER, that once such Event of
Default has been cured, Trustee will promptly transfer to or register in the
name or cause its nominees to transfer to or register in the name of such Issuer
all such Collateral.

     3.  OBLIGATIONS SECURED. Without limiting the generality of the foregoing,
this Agreement and all of the Collateral secure the payment and performance when
due of all covenants, agreements and payment and other obligations of the Issuer
under the Indenture and the Collateral Documents to which the Issuer is a party,
including the First Mortgage Note Obligations (the "SECURED OBLIGATIONS").

     4.  REPRESENTATIONS AND WARRANTIES. The Issuer represents and warrants as
of the date hereof as follows:

            4.1    The Issuer is duly organized and is validly existing under
the laws of the jurisdiction under which it was organized with full corporate or
limited liability company, as applicable, power to execute, deliver, and perform
the Agreement and consummate the transactions contemplated hereby.

            4.2    The Issuer has not assigned any of its rights under the
Collateral except as permitted in the Indenture and the Collateral Documents.

            4.3    The Issuer has not authenticated and is not aware of any
effective financing statement, security agreement or other record similar in
effect covering all or any part

                                                               EXECUTION VERSION

                                        9
<Page>

of the Collateral, except such as may have been filed pursuant to or
contemplated by this Agreement, the Indenture and the other Collateral Documents
or pursuant to the documents evidencing Permitted Liens.

            4.4    Except as permitted by the Indenture and the Collateral
Documents, the Issuer has full right, title and interest in and to the
Collateral, including all rights purported to be granted to it under the
Assigned Agreements, not subject to any mortgages, liens, charges, or
encumbrances except Permitted Liens. The Issuer has full corporate or limited
liability company, as applicable, power and lawful authority to grant a security
interest in and collaterally assign the Collateral hereunder.

            4.5    This Agreement is its legal, valid and binding obligation,
enforceable against it in accordance with its terms, except to the extent that
enforceability may be limited by applicable bankruptcy, insolvency, moratorium,
reorganization or other similar laws affecting the enforcement of creditors'
rights and by the effect of general equitable principles. Upon filing the UCC-1
financing statements authenticated by it with respect to the Collateral at the
office of the Secretary of State for the State of Delaware, pursuant to this
Agreement, the execution of this Agreement by it and the delivery of the stock
certificate of PFC and undated ownership power endorsed in blank, the Trustee
will have a valid and perfected first priority security interest in the
Collateral, securing payment of the Obligations.

            4.6    PFC's identification number with the State of Delaware is DE
3718235. The name of PFC is Premier Finance Biloxi Corp, as indicated in the
public records of the State of Delaware. Premier's identification number with
the State of Delaware is DE 3716089. The name of Premier is Premier
Entertainment Biloxi LLC, as indicated in the public records of the State of
Delaware.

     5.  SUBSEQUENT CHANGES AFFECTING COLLATERAL; TRANSFERS AND OTHER LIENS.

            5.1    The Issuer agrees that the Trustee shall have no
responsibility or liability for informing the Issuer of any such changes or
potential changes affecting the Collateral or for taking any action or omitting
to take any action with respect thereto, except as a result of the Trustee's
gross negligence, bad faith or willful misconduct.

            5.2    The Issuer agrees that it will not, except as expressly
permitted by the Indenture (subject to SECTION 17 hereof) and except for
Permitted Liens, create or permit to exist any lien, mortgage, security interest
or encumbrance of any kind upon or with respect to any of the Collateral, except
pursuant to this Agreement.

     6.  COVENANTS. Until this Agreement is terminated in accordance with
SECTION 17 hereof, the Issuer covenants as follows:

            6.1    After the occurrence and during the continuance of an Event
of Default, any action or proceeding to enforce this Agreement or any Assigned
Agreement may be taken by the Trustee in Premier's name, PFC's name or in the
Trustee's name, as the Trustee may deem necessary.

                                                               EXECUTION VERSION

                                       10
<Page>

            6.2    The Issuer will, so long as any Secured Obligations are
outstanding, warrant and defend its title to the Collateral and the interest of
the Trustee in the Collateral against any claim or demand of any Persons (other
than Permitted Liens) which could reasonably be expected to materially adversely
affect the Issuer's title to, or the Trustee's right or interest in, such
Collateral.

            6.3    The Issuer will at all times keep accurate and complete
records of the Collateral in all material respects. The Issuer shall permit
representatives of the Trustee upon reasonable prior notice at any time during
normal business hours of the Issuer with, prior to the occurrence and during the
continuance of an Event of Default, prior written notice to inspect and make
abstracts from the Issuer's books and records pertaining to the Collateral. Upon
the occurrence and during the continuation of any Event of Default, at the
Trustee's request, the Issuer shall promptly deliver copies of any and all such
records to the Trustee.

            6.4    Unless waived in writing by the Trustee, the Issuer shall
give the Trustee notice within 15 days of changing the location of its principal
place of business, chief executive office or location or form of organization
and shall, at the expense of the Issuer, execute and deliver, and authorize the
filing of, such records, instruments and documents as may reasonably be required
by the Trustee to maintain a perfected security interest in the Collateral,
subject only to Permitted Liens.

            6.5    Unless waived in writing by the Trustee, the Issuer shall
give the Trustee notice within 15 days of changing the location of any of the
Collateral if such change in location would result in a failure of the Trustee
to maintain a perfected security interest in the Collateral (except with respect
to sales of inventory in the ordinary course of business or sales of obsolete
equipment permitted under the Indenture) and shall, at the expense of the
Issuer, execute and deliver, and authorize the filing of, such records,
instruments and documents as may reasonably be required by the Trustee to
maintain a perfected security interest in the Collateral, subject only to
Permitted Liens.

            6.6    In the event notification is given after the occurrence and
during the continuance of an Event of Default to any account debtor to discharge
its obligations by paying the Trustee (under Section 9406 of the UCC or
otherwise), such notification shall be binding against the Issuer until the
Trustee gives alternate instructions. During the existence and continuance of
any Event of Default, the Issuer shall not give, provide, authenticate or
deliver, nor authorize the giving, provision, authentication or delivery of,
alternate instructions unless the Trustee expressly authenticates a record
providing for such alternative instructions.

            6.7    PFC shall not amend or modify the Bond Financing Documents
without the prior written consent of the Trustee unless such amendment or
modification is expressly permitted by the Indenture. PFC shall not assign or
transfer its interest in the Bonds without the prior written consent of the
Trustee.

            6.8    All payments received by PFC with respect to the Bonds during
the Construction Period shall be immediately deposited by PFC into the
Construction Disbursement Account (as defined in the Cash Collateral and
Disbursement Agreement).

                                                               EXECUTION VERSION

                                       11
<Page>

     7.  COLLECTIONS ON COLLATERAL.

            7.1    Upon the occurrence and during the continuance of an Event of
Default, the Trustee shall have the right from time to time to instruct any
party otherwise required to make payments to the Issuer in connection with the
Collateral to make such payments (including without limitation all proceeds,
sums or other property arising out of the enforcement of any rights of the
Issuer with respect to the Collateral) instead directly to the Trustee or such
other party or parties as the Trustee may designate for application to and
satisfaction of the Secured Obligations.

            7.2    If the Issuer receives any such payments at any time when,
pursuant to the provisions of this SECTION 7 or any written notice delivered
pursuant hereto, such payments should not have been accepted or should have been
paid instead to another party, then such payments shall be received by the
Issuer in trust for, and shall be promptly deposited and delivered in kind to,
the Trustee. During the existence and continuance of an Event of Default, the
Trustee shall have the right to exercise all rights and remedies of the Issuer
under the Collateral Documents and to enforce the First Mortgage Notes and the
other Collateral Documents in accordance with the terms of this Agreement.

     8.  EVENTS OF DEFAULT. The occurrence of an Event of Default under and as
defined in the Indenture shall constitute an event of default hereunder (an
"EVENT OF DEFAULT").

     9.  REMEDIES UPON EVENT OF DEFAULT.

            9.1    Subject to and in accordance with the terms and conditions of
the Pledge Provisions, if any Event of Default has occurred and is continuing,
the Trustee may (SUBJECT TO ANY FEDERAL OR STATE LIMITATIONS ON THE OPERATION,
USE, POSSESSION AND TRANSPORTATION OF GAMING DEVICES) (a) proceed to protect and
enforce the rights vested in it by this Agreement, including but not limited to,
the right to cause all revenues pledged hereby as security and all other monies
pledged hereunder to be paid directly to it for application to and satisfaction
of the Secured Obligations, and to enforce its rights hereunder to such payments
and all other rights hereunder by such appropriate judicial proceedings as it
shall deem most effective to protect and enforce any of such rights, either at
law or in equity or otherwise, whether for specific enforcement of any covenant
or agreement contained in any of the Assigned Agreements, or in aid of the
exercise of any power therein or herein granted, or for any foreclosure
hereunder and sale under a judgment or decree in any judicial proceeding, or to
enforce any other legal or equitable right vested in it by this Agreement or by
applicable Law; (b) cause any action at law or suit in equity or other
proceeding to be instituted and prosecuted to collect or enforce any of the
Secured Obligations or rights hereunder or included in the Collateral, or to
foreclose or enforce any other agreement or other instrument by or under or
pursuant to which such Secured Obligations are issued or secured, subject in
each case to the provisions and requirements thereof; (c) subject to applicable
Law, including, without limitation, all applicable rules and regulations of the
Mississippi Gaming Commission, sell or otherwise dispose of any or all of the
Collateral or cause the Collateral to be sold or otherwise disposed of in one or
more sales or transactions, at such prices and in such manner as the Trustee may
deem commercially reasonable providing Issuer with at least 10 Business Days'
prior written notice of Trustee's intention or decision to conduct such sale or
disposition, and for cash

                                                               EXECUTION VERSION

                                       12
<Page>

or on credit or for future delivery, without assumption of any credit risk at
any broker's board or at public or private sale, with or without a warranty of
title, without demand of performance or notice of intention to sell or of time
or place of sale (except such notice as is required by applicable statute and
cannot be waived) but, at a minimum, it being agreed that the Trustee may be a
purchaser on its own behalf at any such public sale and that the Trustee, or any
other Person who may be a bona fide purchaser for value and without notice of
any claims of any or all of the Collateral so sold shall thereafter hold the
same absolutely free from any claim or right of whatsoever kind, including any
equity of redemption, of the Issuer, any such demand, notice or right and equity
being hereby expressly waived and released to the extent permitted by applicable
Law; (d) incur reasonable expenses, including reasonable attorneys' fees,
reasonable consultants' fees, and other costs appropriate to the exercise of any
right or power under this Agreement; (e) subject to applicable Law, including,
without limitation, all applicable rules and regulations of the Mississippi
Gaming Commission, perform any obligation of the Issuer hereunder, under the
First Mortgage Notes or under any other Collateral Documents, and make payments,
purchase, contest or compromise any encumbrance, charge or lien, and pay taxes
and expenses without, however, any obligation to do so; (f) subject to
applicable Law, including, without limitation, all applicable rules and
regulations of the Mississippi Gaming Commission, in connection with any
acceleration and foreclosure, take possession of the Collateral and render it
usable and repair and renovate the same without, however, any obligation to do
so, and enter upon the Facility or any other location where the same may be
located for that purpose, control, manage, operate, rent and lease the
Collateral, either separately or in conjunction with the Facility, collect all
rents and income from the Collateral and apply the same to reimburse the Trustee
for any cost or expenses incurred hereunder, under the First Mortgage Notes or
under any of the Collateral Documents and to the payment or performance of the
Issuer's obligations hereunder, under the First Mortgage Notes or under any of
the Collateral Documents, and apply the balance to the First Mortgage Notes and
any remaining excess balance to whomsoever is legally or contractually entitled
thereto; (g) secure the appointment of a receiver of the Collateral or any part
thereof (which receiver shall be subject to the prior written approval of Hard
Rock Licensing); (h) direct the Disbursement Agent to stop payment of any
disbursements being made at such time or to be made from any of the Construction
Period Accounts or the Issuer's Payment Account, and direct all further
disbursements of funds from any of the Construction Period Accounts or the
Issuer's Payment Account; or (i) exercise any other or additional rights or
remedies granted to a secured party under the UCC, if and as applicable. If
pursuant to applicable Law prior notice of any such action is required to be
given to the Issuer, the Issuer hereby acknowledges that the minimum time
required by such applicable Law, or if no minimum time is specified, ten
Business Days' prior written notice, shall be deemed a reasonable notice period.

            9.2    All reasonable costs and expenses (including reasonable
attorneys' fees and expenses) actually incurred by the Trustee in connection
with any such suit or proceeding or in connection with the performance by the
Trustee of any of the Issuer's agreements contained in any of the Assigned
Agreements or any exercise of its rights or remedies hereunder, pursuant to the
terms of this Agreement, together with interest thereon (to the extent permitted
by applicable Law) computed at a rate per annum equal to the ten and three
fourths percent (10 3/4%) from the date on which such costs or expenses are
actually incurred to the date of payment thereof, shall

                                                               EXECUTION VERSION

                                       13
<Page>

constitute additional Secured Obligations secured by this Agreement and shall be
paid by the Issuer to the Trustee on written demand.

     10. REMEDIES CUMULATIVE; DELAY NOT WAIVER.

            10.1   No right, power or remedy herein conferred upon or reserved
to the Trustee is intended to be exclusive of any other right, power or remedy
and every such right, power and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right, power and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder or otherwise shall not
prevent the concurrent assertion or employment of any other appropriate right or
remedy. Resort to any or all security now or hereafter held by the Trustee may
be taken concurrently or successively and in one or several consolidated or
independent judicial actions or lawfully taken nonjudicial proceedings, or both.

            10.2   No delay or omission of the Trustee to exercise any right or
power accruing upon the occurrence and during the continuance of any Event of
Default as aforesaid shall impair any such right or power or shall be construed
to be a waiver of any such Event of Default or an acquiescence therein; and
every power and remedy given by this Agreement may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee.

     11. APPLICATION OF PROCEEDS . Upon the occurrence and during the
continuation of an Event of Default, the proceeds of any sale of or other
realization upon, all or any part of the Collateral shall be applied: FIRST, to
all fees, costs and expenses actually incurred by and due and owing to the
Trustee under the First Mortgage Notes or the Collateral Documents; SECOND, to
accrued and unpaid interest on the Secured Obligations (including any interest
which, but for the provisions of Bankruptcy Law, would have accrued on such
amounts); THIRD, to the principal amounts of the Secured Obligations
outstanding; FOURTH, to any other Secured Obligations of Premier or any Pledgor
owing to the Trustee; FIFTH, so long as the indebtedeness under the Junior
Subordinated Note is then outstanding, to Rank America, Inc. ("RANK") to be
applied in accordance with the Junior Subordinated Note, the Junior Subordinated
Note Investment Agreement and the Intercreditor Agreement; and SIXTH, (i) if the
Trustee shall have foreclosed upon the pledge of the membership interests in
Premier pursuant to the "Collateral Documents" (as defined in the Indenture), to
AA Capital to be distributed in accordance with the Equity Agreement or to the
persons legally entitled thereto as directed by a court of competent
jurisdiction; and (2) if the Trustee shall not have foreclosed upon the pledge
of the membership interests in Premier pursuant to the "Collateral Documents"
(as defined in the Indenture), to Premier or to the persons legally entitled
thereto as directed by a court of competent jurisdiction; PROVIDED, HOWEVER,
prior to (i) commencement of an action by the Trustee to foreclose on all or any
portion of the Collateral, or (ii) the filing of a petition (either voluntary or
involuntary) for bankruptcy by the Issuer, the proceeds of any such sale of all
or any portion of the Collateral shall be applied first to satisfy the
obligations of Issuer to Hard Rock Licensing, and, thereafter, shall be applied
as set forth above.

     12. ATTORNEY-IN-FACT. Except with respect to the Hard Rock Documents and
the rights, interest and remedies of Issuer with respect thereto, the Issuer
hereby constitutes and appoints the Trustee, acting for and on behalf of itself
and each successor or assign of the Trustee, the true

                                                               EXECUTION VERSION

                                       14
<Page>

and lawful attorney-in-fact of the Issuer, with full power and authority in the
place and stead of the Issuer and in the name of the Issuer, the Trustee or
otherwise to, upon the occurrence and during the continuance of an Event of
Default, enforce all rights, interests and remedies of the Issuer with respect
to the Collateral, including, without limitation, the right:

            12.1   to ask, require, demand, receive and give acquittance for any
and all monies and claims for monies due and to become due under or arising out
of the Assigned Agreements or any of the other Collateral, including without
limitation, any insurance policies;

            12.2   to elect remedies thereunder and to endorse any checks or
other instruments or orders in connection therewith;

            12.3   to file any claims or take any action or institute any
proceedings in connection therewith which the Trustee may reasonably deem to be
necessary or advisable;

            12.4   to pay, settle or compromise all bills and claims which may
be or become liens or security interests against any or all of the Collateral,
or any part thereof, unless a bond or other security satisfactory to the Trustee
has been provided; and

            12.5   upon foreclosure, subject to the limitations contained in
SECTION 9.1, to do any and every act which the Issuer may do on its behalf with
respect to the Collateral or any part thereof and to exercise any or all of the
Issuer's rights and remedies under any or all of the Assigned Agreements;

PROVIDED, HOWEVER, that the Trustee shall not exercise any such rights except
upon the occurrence and continuation of an Event of Default. This power of
attorney is a power coupled with an interest and shall be irrevocable. The
Trustee shall exercise all remedies under this Agreement in accordance with the
terms of the Indenture.

     13. ISSUER MAY PERFORM. Upon the occurrence and during the continuance of
an Event of Default, if the Issuer fails to perform any agreement contained
herein, the Trustee may itself perform, or cause performance of, such agreement
and the Trustee shall notify the Issuer in writing of such performance promptly
thereafter, and the reasonable expenses of the Trustee incurred in connection
therewith shall be part of the Secured Obligations.

     14. PERFECTION; FURTHER ASSURANCES.

            14.1   The Issuer agrees that from time to time, at the expense of
the Issuer, the Issuer shall promptly execute and deliver all records,
instruments and documents, and take all action, that may be reasonably
necessary, or that the Trustee may reasonably request, in order to perfect and
protect the assignment and security interest granted or intended to be granted
hereby or to enable the Trustee to exercise and enforce its rights and remedies
hereunder with respect to any Collateral.

            14.2   The Issuer hereby authorizes the Trustee to file one or more
financing or continuation statements and other records with respect to all or
any part of the Collateral (including any amendments thereto, or continuation or
termination statements thereof), without

                                                               EXECUTION VERSION

                                       15
<Page>

the signature or other authorization of the Issuer in such form and in such
offices as the Trustee reasonably determines appropriate to perfect or maintain
the perfection of the security interest of the Trustee hereunder. The Issuer
acknowledges and agrees that it is not authorized to, and will not, authenticate
or file, or authorize the filing of, any financing statements or other record
with respect to the Collateral (including any amendments thereto, or
continuation or termination statements thereof), without the express prior
written approval and authorization by the Trustee, consenting to the form and
substance of such filing or record. The Issuer approves, authorizes and ratifies
any required or advisable filing or recording of records made by or on behalf of
the Trustee with the Delaware or Mississippi Secretary of State in connection
with the perfection of the security interest in favor of the Trustee.

            14.3   The Issuer shall pay all filing, registration and recording
fees and all refiling, re-registration and re-recording fees (including, but not
limited to, attorney fees), and all reasonable expenses incident to the
execution and acknowledgment of this Agreement, any assurance, and all federal,
state, county and municipal stamp taxes and other taxes, duties, imports,
assessments and charges arising out of or in connection with the execution or
authentication and delivery of this Agreement, any agreement supplemental
hereto, any financing statements, and any instruments of further assurance.

            14.4   The Issuer shall, promptly upon written request, provide to
the Trustee all information and evidence it may reasonably request concerning
the Collateral to enable the Trustee to enforce the provisions of this
Agreement.

     15. PLACE OF BUSINESS; LOCATION OF RECORDS. Unless the Trustee is
otherwise notified under SECTION 6.4, the place of business and chief executive
office of the Issuer is, and all records of the Issuer concerning the Collateral
are and will be, located at the address set forth in SECTION 14.03 of the
Indenture.

     16. CONTINUING ASSIGNMENT AND SECURITY INTEREST; TRANSFER OF GUARANTY.
This Agreement shall create a continuing assignment of, and security interest
in, the Collateral and shall (a) remain in full force and effect until payment
in full of the Secured Obligations; (b) be binding upon the Issuer and its
successors and assigns; provided, however, that the obligations of the Issuer
and its successors and assigns hereunder may not be assigned without the prior
written consent of the Trustee; and (c) inure, together with the rights and
remedies of the Trustee, to the benefit of the Trustee and its successors,
transferees and assigns. Without limiting the generality of the foregoing but
subject to the terms of the Indenture, any Noteholder may assign or otherwise
transfer all or any part of or interest in the First Mortgage Notes or other
evidence of indebtedness held by it to any other Person to the extent permitted
by and in accordance with the Indenture, and such other Person shall thereupon
become vested with all or an appropriate part of the benefits in respect thereof
granted to the Trustee herein or otherwise. The release of the security interest
in any or all of the Collateral, the taking or acceptance of additional
security, or the resort by the Trustee to any security it may have in any order
it may deem appropriate, shall not affect the liability of any person on the
indebtedness secured hereby. If this Agreement shall be terminated or revoked by
operation of law prior to the termination of this Agreement under SECTION 17
hereof, the Issuer will indemnify and save the Trustee harmless from any loss
which is actually suffered or incurred by the Trustee in acting hereunder prior
to the receipt by the Trustee, its successors, transferees, or assigns of notice
of such termination or revocation.

                                                               EXECUTION VERSION

                                       16
<Page>

     17. TERMINATION OF SECURITY INTEREST. Upon the satisfaction of the
conditions set forth in SECTION 10.04 of the Indenture (Release of Collateral),
the security interest in all or a portion of the Collateral hereunder shall
terminate to the extent set forth in such SECTION 10.04. Upon any such
termination, the Trustee shall promptly, at the Issuer's expense, authenticate
and, subject to SECTION 18 hereof, deliver to the Issuer such records
(including, without limitation, termination statements under the UCC) as the
Issuer shall reasonably request to evidence such termination.

     18. REINSTATEMENT. This Agreement shall continue to be effective or be
reinstated, as the case may be, if at any time any amount received by the
Trustee in respect of the Secured Obligations is rescinded or must otherwise be
restored or returned by the Trustee upon the insolvency, bankruptcy,
reorganization, liquidation of the Issuer or upon the dissolution of, or
appointment of any intervenor or conservator of, or trustee or similar official
for, the Issuer or any substantial part of the Issuer's assets, or otherwise,
all as though such payments had not been made.

     19. TRUSTEE'S DUTIES; REASONABLE CARE. The powers conferred on the Trustee
hereunder are solely to protect its interest in the Collateral and shall not
impose any duty on it to exercise such powers. Except for the safe custody of
any Collateral in its possession and the accounting for monies actually received
by it hereunder, the Trustee shall have no duty as to any Collateral. The
Trustee shall be deemed to have exercised reasonable care in the custody and
preservation of the Collateral in its possession if the Collateral is accorded
treatment that is not materially less protective to that which the Trustee
accords its own property, it being expressly agreed that neither the Trustee nor
any Noteholder shall have responsibility for (i) ascertaining or taking action
with respect to calls, conversions, exchanges, maturities, tenders or other
matters relative to any Collateral, whether or not the Trustee or any Noteholder
has or is deemed to have knowledge of such matters, or (ii) taking any necessary
steps to preserve rights against any parties with respect to any Collateral, but
the Trustee may do so at its option and all reasonable expenses (including
reasonable attorneys' fees) incurred in connection therewith shall be payable by
and for the sole account of the Issuer.

     20. SURVIVAL OF PROVISIONS. All agreements, representations and warranties
made herein shall survive the execution and delivery of this Agreement, the
First Mortgage Notes and the Indenture. Notwithstanding anything in this
Agreement or implied by law to the contrary, without the consent of the Trustee,
the agreements, representations and warranties of the Issuer set forth herein
shall terminate only upon indefeasible payment in full of the Secured
Obligations.

     21. MISCELLANEOUS.

            21.1   NO PERSONAL LIABILITY. No past, present or future officer or
office holder, employee, agent, representative, member of the Issuer shall have
any liability for any obligations of the Issuer under this Agreement for any
claim based on, in respect of, or by reason of, such obligations or their
creation.

            21.2   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW

                                                               EXECUTION VERSION

                                       17
<Page>

YORK INCLUDING WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW; PROVIDED, HOWEVER THAT WITH RESPECT TO THE CREATION,
ATTACHMENT, PERFECTION OR PRIORITY OF THE SECURITY INTEREST IN ANY COLLATERAL OR
THE ENFORCEMENT OF ANY RIGHTS THEREIN, THE GOVERNING LAW SHALL BE THE APPLICABLE
UCC AS SET FORTH IN THE DEFINITION OF THE TERM "UCC."

            21.3   SEVERABILITY. In case any provision in the Agreement shall be
invalid, illegal or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

            21.4   TABLES OF CONTENTS, HEADINGS, ETC. The Table of Contents and
Headings in this Agreement have been inserted for convenience of reference only,
are not to be considered a part of this Agreement and shall in no way modify or
restrict any of the terms or provisions hereof.

            21.5   COUNTERPARTS, ORIGINALS. The parties may sign any number of
copies of this Agreement. Each signed copy shall be an original, but all of them
together represent the same agreement.

            21.6   TIME. Time is of the essence of this Agreement.

            21.7   AMENDMENTS; WAIVERS; CONSENTS. No amendment, modification,
termination or waiver of any provision of this Agreement, or consent to any
departure by the Issuer therefrom, shall in any event be effective without the
written concurrence of the Issuer and the Trustee.

            21.8   NOTICES. All notices required or permitted under the terms
and provisions hereof shall be in writing and any such notice shall be effective
if given in accordance with the provisions of SECTION 14.03 of the Indenture.
Notices to the Issuer may be given at the address of the Issuer set forth in
such SECTION 14.03.

            21.9   ENTIRE AGREEMENT. This Agreement, together with any other
agreement executed in connection herewith, is intended by the parties as a final
expression of their agreement and is intended as a complete and exclusive
statement of the terms and conditions thereof. This Agreement supercedes all
oral negotiations and prior writings in respect of the subject matter hereof.

            21.10  ATTORNEYS' FEES. In the event any legal action or proceeding
(including, without limitation, any of the remedies provided for herein or at
law) is commenced to enforce or interpret this Agreement or any provision
thereof the Issuer shall indemnify the Trustee for its reasonable attorneys'
fees and other costs and expenses incurred therein, and if a judgment or award
is entered in any such action or proceeding, such reasonable attorneys' fees and
other costs and expenses may be made a part of such judgment or award.

                                                               EXECUTION VERSION

                                       18
<Page>

            21.11  ASSIGNMENT. The Trustee's right to assign its rights under
this Agreement with respect to the Hard Rock Documents is governed and
controlled by the Pledge Provisions and other terms and conditions of the Hard
Rock Documents.

            21.12  CONSENT OF HARD ROCK STP AND HARD ROCK LICENSING. This Pledge
is subject to and conditioned upon the Consent and Acknowledgement Agreement by
and among Hard Rock STP, Hard Rock Licensing and the Trustee of even date
herewith.

            21.13  NO SECURITY INTEREST IN MEMORABILIA. Notwithstanding any
provision contained herein or in any other Collateral Document to the contrary
(including, but not limited to, SECTION 2 hereof), the Trustee acknowledges that
it does not and shall not have any right, title, or interest whatsoever in the
Property (as defined in the Memorabilia Lease) which is now or at any time
hereafter subject to the Memorabilia Lease, other than a pledge of the leasehold
right of Premier therein as created by, and in accordance with, the Memorabilia
Lease.

            21.13  GAMING LAWS. This Agreement is subject to Gaming Laws
(including without limitation the Mississippi Gaming Control Act Section 75-76-1
et seq., Mississippi Code of 1972 and the rules and regulations thereunder), and
laws involving the sale, distribution and possession of alcoholic beverages (the
"LIQUOR LAWS"). Without limiting the foregoing, each of the Trustee and the
Noteholders acknowledge by its acceptance hereof that (i) it is subject to being
called forward by any Gaming Authority and any Governmental Entity enforcing the
Liquor Laws, in their discretion, for licensing or a finding of suitability or
to file or provide other information, and (ii) all rights, remedies and powers
under this Agreement and the other Transaction Documents, including with respect
to the entry into and ownership and operation of gaming facilities, and the
possession or control of gaming equipment, alcoholic beverages or a gaming or
liquor license, may be exercised only to the extent that the exercise thereof
does not violate any applicable provisions of the Gaming Laws and Liquor Laws
and only to the extent that required approvals (including prior approvals) are
obtained from the requisite Governmental Entities.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       19
<Page>

          IN WITNESS WHEREOF, each of the undersigned has caused this Pledge and
Security Agreement to be duly executed and delivered as of the day and year
first above written.

                                      PREMIER ENTERTAINMENT BILOXI LLC,
                                      a Delaware limited liability company

                                      By: /s/ Joseph Billhimer
                                         ---------------------------------------
                                         Name: Joseph Billhimer
                                         Title: President

                                      PREMIER FINANCE BILOXI CORP,
                                      a Delaware corporation

                                      By: /s/ Joseph Billhimer
                                         ---------------------------------------
                                         Name: Joseph Billhimer
                                         Title: President

                                      U.S. BANK NATIONAL ASSOCIATION,
                                      a national banking association, as Trustee

                                      By: /s/ Frank Leslie
                                         ---------------------------------------
                                         Name: Frank Leslie
                                         Title: Vice President

                                                               EXECUTION VERSION

                                       20<Page>

                                                                   Exhibit 10.11

                        PREMIER ENTERTAINMENT BILOXI LLC
                          PLEDGE AND SECURITY AGREEMENT
                           (PLEDGED EQUITY INTERESTS)

                          Dated as of January 23, 2004

                                      among

                                    GAR, LLC,
                    a Mississippi limited liability company,

                          AA CAPITAL EQUITY FUND, L.P.,
                         a Delaware limited partnership,

                   AA CAPITAL BILOXI CO-INVESTMENT FUND, L.P.,
                         a Delaware limited partnership,

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                   a national banking association, as Trustee

                                                               EXECUTION VERSION

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                 PAGE
                                                                                                 ----
<S>                                                                                                <C>
1.    DEFINITIONS...................................................................................2
2.    ASSIGNMENT, PLEDGE AND GRANT OF SECURITY INTEREST.............................................3
3.    OBLIGATIONS SECURED...........................................................................4
4.    EVENTS OF DEFAULT.............................................................................4
5.    REPRESENTATIONS AND WARRANTIES OF PLEDGORS....................................................4
6.    COVENANTS OF PLEDGORS.........................................................................7
7.    REMEDIES UPON EVENT OF DEFAULT................................................................9
8.    REMEDIES CUMULATIVE; DELAY NOT WAIVER........................................................10
9.    APPLICATION OF PROCEEDS......................................................................11
10.     CERTAIN CONSENTS AND WAIVERS...............................................................11
11.     PREMIER'S CONSENT..........................................................................13
12.     ATTORNEY-IN-FACT...........................................................................13
13.     PERFECTION; FURTHER ASSURANCES.............................................................13
14.     LIMITATIONS ON OBLIGATIONS.................................................................15
15.     PLACE OF BUSINESS; LOCATION OF RECORDS.....................................................15
16.     CONTINUING ASSIGNMENT AND SECURITY INTEREST; TRANSFER OF FIRST MORTGAGE NOTES..............15
17.     TERMINATION OF SECURITY INTEREST...........................................................15
18.     SECURITY INTEREST ABSOLUTE.................................................................15
19.     ABSENCE OF FIDUCIARY RELATIONSHIP..........................................................16
20.     LIMITATION ON DUTY OF THE TRUSTEE WITH RESPECT TO THE COLLATERAL...........................16
21.     LIABILITY..................................................................................16
22.     AMENDMENTS; WAIVERS; CONSENTS..............................................................17
23.     NOTICES....................................................................................17
24.     FINANCIAL STATUS...........................................................................18
25.     MODIFICATION OF OBLIGATIONS................................................................18
26.     DELIVERY OF COLLATERAL.....................................................................19
27.     REGARDING THE TRUSTEE......................................................................20
28.     GOVERNING LAW..............................................................................20
29.     REINSTATEMENT..............................................................................20
30.     SEVERABILITY...............................................................................20
31.     SURVIVAL OF PROVISIONS.....................................................................20
32.     HEADINGS DESCRIPTIVE.......................................................................20
33.     ENTIRE AGREEMENT...........................................................................20
34.     COUNTERPARTS...............................................................................21
35.     ATTORNEYS' FEES............................................................................21
36.     CONSENT TO JURISDICTION....................................................................21
37.     WAIVER OF JURY TRIAL.......................................................................21
38.     CONSENT OF HARD ROCK STP AND HARD ROCK LICENSING...........................................21
39.     GAMING LAWS................................................................................22
40.     SEVERAL OBLIGATIONS, NOT JOINT OR JOINT AND SEVERAL........................................22
</Table>

                                                               EXECUTION VERSION

                                        i
<Page>

                                    EXHIBITS

Exhibit A:         Ownership Structure
Exhibit B-1:       Ownership Power (GAR, LLC)
Exhibit B-2:       Ownership Power (AA CAPITAL EQUITY FUND, L.P.)
Exhibit B-3:       Ownership Power (AA CAPITAL BILOXI CO-INVESTMENT FUND, L.P.)
Exhibit C:         Form of Agreement to be Bound

                                                               EXECUTION VERSION

                                        i
<Page>

                        PREMIER ENTERTAINMENT BILOXI LLC
                          PLEDGE AND SECURITY AGREEMENT
                           (PLEDGED EQUITY INTERESTS)

          This PREMIER ENTERTAINMENT BILOXI LLC PLEDGE AND SECURITY AGREEMENT
(PLEDGED EQUITY INTERESTS) (as amended, supplemented, restated or otherwise
modified from time to time, this "AGREEMENT"), dated as of January 23, 2004, is
entered into by and among AA CAPITAL BILOXI CO-INVESTMENT FUND, L.P., a Delaware
limited partnership ("AA CAPITAL BILOXI") and AA CAPITAL EQUITY FUND, L.P., a
Delaware limited partnership ("AA CAPITAL EQUITY" and collectively with AA
Capital Biloxi, "AA CAPITAL"), GAR, LLC, a Mississippi limited liability company
("GAR" and collectively with AA Capital Equity and AA Capital Biloxi, the
"PLEDGORS"), PREMIER ENTERTAINMENT BILOXI LLC (d/b/a Hard Rock Hotel & Casino
Biloxi), a Delaware limited liability company ("PREMIER"), and U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as trustee under the
Indenture (the "TRUSTEE"), for the benefit of the holders from time to time (the
"NOTEHOLDERS") of the First Mortgage Notes (as defined below).

                                    RECITALS

     A.   FACILITY. Premier proposes to develop, construct and operate the Hard
Rock Hotel & Casino Biloxi, a full service gaming, hotel and entertainment
resort and certain related amenities to be developed upon approximately 8.5
acres along the Mississippi Gulf Coast in Biloxi, Mississippi (the "FACILITY").

     B.   PLEDGORS. The Pledgors are the sole members of Premier pursuant to
that certain Limited Liability Company Operating Agreement of Premier
Entertainment Biloxi LLC, dated as of January 23, 2004 (the "CONSTITUENT
AGREEMENT"), and are holding the membership interests listed in Exhibit A
attached hereto.

     C.   FIRST MORTGAGE NOTES. Concurrently herewith, Premier is entering into
that certain Indenture, dated as of even date herewith (as amended, modified or
supplemented from time to time, the "INDENTURE") among Premier, Premier Finance
Biloxi Corp., a Delaware corporation ("PFC," jointly and severally with Premier,
the "ISSUER") and the Trustee, pursuant to which the Issuer shall issue
$160,000,000 aggregate principal amount of its 10 3/4% First Mortgage Notes due
2012 (together with all other notes issued under the Indenture, including all
notes issued in exchange or replacement thereof, the "FIRST MORTGAGE NOTES"), to
finance Project Costs. Each of the Pledgors and Premier acknowledges that it
will derive substantial direct and indirect benefits from the issuance of First
Mortgage Notes pursuant to the Indenture.

     D.   USE OF PROCEEDS. Premier will use the net proceeds from the sale of
the First Mortgage Notes, together with the net proceeds from the Subordinated
Note issued concurrently therewith, to pay (among other things) Project Costs
associated with the design, development, equipping, construction, pre-opening
and operation of the Facility.

     E.   PURPOSE. In order to secure the payment and performance by the Issuer
of all of its covenants, agreements and obligations under the First Mortgage
Notes, the Trustee (on behalf of the Noteholders) requires that the Issuer shall
have executed this Agreement.

                                                               EXECUTION VERSION

<Page>

                                    AGREEMENT

     In consideration of the promises contained herein, and as a material
inducement to the purchase of the First Mortgage Notes by the Noteholders, the
Issuer and each Pledgor hereby agree with the Trustee, for the benefit of the
Noteholders, as follows:

     1.   DEFINITIONS.

          1.1    "CAFE LEASE AGREEMENT" means that certain Lease Agreement
(Cafe) dated as of December 30, 2003 between Hard Rock STP, as leasee, and
Premier, as lessor.

          1.2    "HARD ROCK DOCUMENTS" means collectively the License Agreement,
Memorabilia Lease, Cafe Lease Agreement and Retail Store Lease Agreement.

          1.3    "LICENSE AGREEMENT" means that certain License Agreement dated
as of May 16, 2003 between Hard Rock Licensing, Inc., as licensor, and Premier,
as licensee.

          1.4    "LICENSE PLEDGE" means that certain Pledge and Security
Agreement dated as of January 23, 2004, among Premier, PFC and the Trustee for
the benefit of the Noteholders.

          1.5    "PLEDGE PROVISIONS" means (i) the terms and conditions of the
Consent and Acknowledgement Agreement, the Subordination Non-Disturbance and
Attornment Agreement for the Cafe Lease Agreement and the Subordination
Non-Disturbance and Attornment for the Retail Store Lease Agreement, and (ii)
the appropriate provisions of the Hard Rock Documents governing (a) the pledge
of the rights created therein as collateral for any loan arising from or related
to the Facility, or (b) the assignment or other transfer of Premier's interest
in the applicable Hard Rock Document(s), including, but not limited to, Sections
16 and 24 of the License Agreement, Section 19(B) of the Memorabilia Lease,
Section 29 of the Cafe Lease Agreement and Section 29 of the Retail Store Lease
Agreement.

          1.6    "RETAIL STORE LEASE AGREEMENT" means that certain Lease
Agreement (Retail Store) dated as of December 30, 2003 between Hard Rock STP, as
leasee, and Premier, as lessor.

          1.7    "UCC" shall mean the Uniform Commercial Code as the same may,
from time to time, be in effect in the State of New York; PROVIDED, HOWEVER, in
the event that, by reason of mandatory provisions of law, any or all of the
attachment, perfection or priority of the security interest in any Collateral is
governed by the Uniform Commercial Code as in effect in a jurisdiction other
than the State of New York, the term "UCC" shall mean the Uniform Commercial
Code as in effect in such other jurisdiction for purposes of the provisions
hereof relating to such attachment, perfection or priority and for purposes of
definitions related to such provisions.

          1.8    All capitalized terms used, but not otherwise defined herein,
shall have the meanings provided in the Indenture. The rules of interpretation
contained in the Indenture shall apply to this Agreement.

     2.   ASSIGNMENT, PLEDGE AND GRANT OF SECURITY INTEREST.

                                                               EXECUTION VERSION

                                        2
<Page>

          2.1    To secure the timely payment and performance of the Obligations
(as defined below), each Pledgor hereby collaterally assigns and pledges to the
Trustee for the benefit of the Noteholders, and grants to the Trustee for the
benefit the Noteholders a security interest in all the estate, right, title and
interest of such Pledgor, now owned or hereafter acquired, in, to and under any
and all of the following (the "COLLATERAL"):

                 Any and all of such Pledgor's limited liability company
interest(s), whether now owned or subsequently acquired, in Premier, including,
without limitation, the certificates representing such interest(s) and such
Pledgor's share of (i) all rights to receive all income, gain, profit, loss or
other items allocated or distributed to such Pledgor under the Constituent
Agreement; (ii) all rights to receive all income, profit or other distributions
of any nature whatsoever by Premier with respect to such interest(s); (iii) all
of such Pledgor's capital or ownership interest, including capital accounts, in
Premier, and all accounts, deposits or credits of any kind with Premier; (iv)
all of such Pledgor's voting rights in or rights to control or direct the
affairs of Premier; (v) all of such Pledgor's right, title and interest in
Premier, in or to any and all of Premier's assets or properties; (vi) all other
right, title and interest in or to Premier, as such rights are derived from such
Pledgor's interest in Premier; (vii) all claims of such Pledgor for damages
arising out of or for breach of or default relating to the Collateral; (viii)
all rights of such Pledgor to terminate, amend, supplement, modify or waive
performance under the Constituent Agreement, to perform thereunder and to compel
performance and otherwise exercise all remedies thereunder; and (ix) all
proceeds of any of the above.

          2.2    Subject to Pledge Provisions, if any default by any Pledgor
under the Constituent Agreement (a "CONSTITUENT AGREEMENT DEFAULT") shall occur,
the Trustee shall, at its option, be permitted (but shall not be obligated)
after the occurrence and during the continuance of an Event of Default to remedy
any such Constituent Agreement Default by giving written notice of such intent
to Premier and each Pledgor. The Trustee shall have a period of 60 days after
giving such notice in which to cure such Constituent Agreement Default. In the
event that any such Constituent Agreement Default (except monetary defaults)
shall not be reasonably curable within such sixty-day period, neither Premier
nor any Person acting on behalf of Premier shall exercise any remedies
thereunder if the Trustee shall, within such 60-day period, initiate action to
cure such Constituent Agreement Default and proceed diligently to the curing
thereof within 120 days after giving written notice of a Constituent Agreement
Default. Any cure by the Trustee of a Constituent Agreement Default shall not be
construed as an assumption by the Trustee or any of the Noteholders of any
obligations, covenants or agreements of any Pledgor under the Constituent
Agreement, and neither the Trustee nor any of the Noteholders shall be liable
for any action taken pursuant to this Section 2.2 to cure any such Constituent
Agreement Default. This Agreement shall not be deemed to release or to affect in
any way the obligations of any Pledgor under the Constituent Agreement.

          2.3    A copy of this Agreement shall constitute reasonable proof that
collateral assignment of the Collateral to the Trustee has been made to secure
timely payment and performance of the Obligations.

          2.4    Any purchase money obligation created by the Transaction
Documents shall continue even after the Financing Documents have been amended,
supplemented, modified, restated, refinanced, consolidated or restructured. In
addition, to the extent proceeds of the First

                                                               EXECUTION VERSION

                                        3
<Page>

Mortgage Notes may have been used to finance or refinance any asset, the parties
intend for the Trustee to have a related purchase money security interest in
connection therewith.

          2.5    Unless and until an Event of Default occurs and the Trustee
notifies the Pledgors in writing that such rights to vote shall cease during the
continuance of such Event of Default, the Pledgors shall be entitled to vote, if
and as applicable, and exercise any other consensual rights (or managerial
rights, if and as applicable) pertaining to any and all of the Collateral;
provided; however, that no vote shall be cast or any action taken by Pledgors
which would violate or be inconsistent with any of the terms of this Agreement
or the Indenture, or which would authorize or effect actions prohibited under
the terms of this Agreement or the Indenture.

          2.6    All certificates or instruments from time to time representing
or evidencing the Collateral shall be delivered to and held by or on behalf of
Trustee pursuant hereto (including any new or replacement certificates or
instruments issued from time to time). All such certificates or instruments
shall be in suitable form for transfer by delivery, or shall be accompanied by
duly executed instruments of transfer or assignment in blank, all in form and
substance acceptable to Trustee. Subject to Pledge Provisions, Trustee shall
have the right, at any time in its discretion and without prior notice to the
Pledgors, following the occurrence and during the continuation of an Event of
Default, to transfer to or to register in the name of Trustee or any of its
nominees any or all of the Collateral and to exchange certificates or
instruments representing or evidencing such Collateral for certificates or
instruments of smaller or larger denominations; provided that Trustee shall
promptly notify the Pledgors of any such transfer or registration; but the
failure to provide such notice shall not invalidate the effectiveness of such
transfer or registration; provided, further, that once such Event of Default has
been cured, Trustee will promptly transfer to or register in the name or cause
its nominees to transfer to or register in the name of such Pledgor all such
Collateral.

     3.   OBLIGATIONS SECURED. Without limiting the generality of the foregoing,
this Agreement and all of the Collateral secure the payment and performance when
due of all obligations of the Issuer to the Trustee and the Noteholders pursuant
to the Financing Documents (the "OBLIGATIONS").

     4.   EVENTS OF DEFAULT. The occurrence and continuance of an "Event of
Default" (as defined under the Indenture) (each, an "EVENT OF DEFAULT," and
collectively the "EVENTS OF DEFAULT"), whatever the reason for such Event of
Default, and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body, shall
entitle the Trustee to exercise any and all of its rights and remedies hereunder
or at law.

     5.   REPRESENTATIONS AND WARRANTIES OF PLEDGORS. Each of AA Capital and GAR
severally (but not jointly and severally) represents and warrants as follows as
of the Closing Date:

          5.1    It has been duly organized and is validly existing as a limited
partnership or limited liability company, as the case may be, in good standing
under the laws of its respective jurisidiction, with power and authority under
such laws to own, lease and operate its properties and conduct its business as
described in the Offering Memorandum and to enter into and perform its
obligations under the Transaction Documents to which it is a party, and has been
duly

                                                               EXECUTION VERSION

                                        4
<Page>

qualified as a foreign limited partnership or limited liability company for
the transaction of business and is in good standing under the laws of each
jurisdiction in which the conduct of its business or it ownership or leasing of
properties requires such qualification.

          5.2    It has the full right, power and authority to execute, deliver
and perform this Agreement and to pledge and collaterally assign the Collateral.
Since it obtained its ownership interest in Premier, it has (i) taken all
necessary action to authorize the execution and delivery of the Constituent
Agreement, this Agreement and each other Transaction Document to which Premier
is a party; and (ii) duly executed and delivered the Constituent Agreement, this
Agreement and each Transaction Document to which Premier is a party, in each
case on behalf of Premier. Its execution and delivery of the Transaction
Documents to which it respectively is a party, if any, performance of its
obligations under the Transaction Documents to which it respectively is a party,
if any, the consummation of the transactions contemplated by the Transaction
Documents and its compliance with the terms of the Transaction Documents to
which it respectively is a party, if any, have been duly authorized by all
necessary limited partnership or limited liability company action, as the case
may be, on its part and do not and will not, whether with or without the giving
of notice or passage of time or both, violate, conflict with or constitute a
breach of, or default or Repayment Event (as defined below) under, or result in
the creation or imposition of any Lien (other than those created pursuant to the
Collateral Documents) upon any of its properties or assets pursuant to, any
agreements, nor will any of the foregoing result in any material violation by it
of any applicable laws, statutes, rules, regulations, judgments, orders, writs
or decrees of any government, governmental authority, agency or instrumentality
or court (collectively, "GOVERNMENTAL ENTITIES"), nor will any of the foregoing
result in any violation of the provisions of its organizational documents; it
being understood that, as used herein, a "REPAYMENT EVENT" means any event or
condition which gives the holder or owner of any note, debenture or other
evidence of indebtedness (or any person acting on such holder's behalf) the
right to require the repurchase, redemption or repayment of all or a portion of
such indebtedness.

          5.3    The Constituent Agreement has been duly authorized, executed
and delivered by it, has not been amended or otherwise modified since its date
of execution, is in full force and effect, and is binding upon and enforceable
against it in accordance with its terms, except to the extent that
enforceability may be limited by applicable bankruptcy, insolvency, moratorium,
reorganization or other similar laws affecting the enforcement of creditors'
rights and by the effect of general equitable principles. There exists no
default under the Constituent Agreement by it, or to the best of its knowledge,
by any other party thereto.

          5.4    No consent of any other party (including, without limitation,
any creditor, shareholder, member or partner of any Pledgor) and no consent,
authorization, approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required either (i) for its pledge
of the Collateral pursuant to this Agreement or for the execution, delivery or
performance of this Agreement by it or (ii) for the exercise by the Trustee of
the voting or other rights provided for in this Agreement or the remedies in
respect of the Collateral pursuant to this Agreement (except as has been
obtained or made or as may be required in connection with disposition of any
Collateral by laws affecting the offering and sale of securities generally or as
may be required by the Mississippi Gaming Commission).

                                                               EXECUTION VERSION

                                        5
<Page>

          5.5    It is the lawful owner of and has full right, title and
interest in and to, its interest(s) in Premier together with the other rights
and interests comprising the Collateral described above, to the extent such
other rights and interests exist.

          5.6    It has not previously assigned, or granted a security interest
in and to, any of its rights under the Constituent Agreement or any of the
Collateral except as specifically permitted by the Financing Documents.

          5.7    It has not authenticated and is not aware of any effective
financing statement, security agreement or other record similar in effect
covering all or any part of the Collateral on file in any recording office,
except such as may have been filed pursuant to this Agreement and the other
Financing Documents.

          5.8    This Agreement is its legal, valid and binding obligation,
enforceable against it in accordance with its terms, except to the extent that
enforceability may be limited by applicable bankruptcy, insolvency, moratorium,
reorganization or other similar laws affecting the enforcement of creditors'
rights and by the effect of general equitable principles. Upon filing the UCC-1
financing statements authenticated by it with respect to the Collateral at the
office of the Secretary of State for the State of Delaware and the State of
Mississippi, respectively, pursuant to this Agreement, the execution of this
Agreement by it and the delivery of the LLC interest certificate and undated
ownership power endorsed in blank, the Trustee will have a valid and perfected
first priority security interest in the Collateral, securing payment of the
Obligations.

          5.9    It is in compliance with its organizational and/or governing
documents, any requirement under a governmental approval, and any government
rule in each case applicable to or binding upon it or any of its properties or
to which it or any of its properties is subject in connection with the
Transaction Documents to which it is a party. There is no action, suit,
proceeding, inquiry or investigation before or brought by any governmental
entity, now pending, or, to its knowledge, threatened, against it or any of its
respective properties, which is not disclosed in the Offering Memorandum or
which could reasonably be expected to materially and adversely affect the
consummation of the transactions contemplated by this Agreement or the Indenture
or the performance by it of its obligations hereunder, thereunder or under the
First Mortgage Notes or the performance of any Transaction Document by it.

          5.10   AA Capital Equity's identification number with the State of
Delaware is DE 3494003. The name of AA Capital Equity is AA Capital Equity Fund,
L.P., as indicated in the public records of the State of Delaware. AA Capital
Biloxi's identification number with the State of Delaware is DE 3689822. The
name of AA Capital Biloxi is AA Capital Biloxi Co-Investment Fund, L.P., as
indicated in the public records of the State of Delaware. GAR's identification
number with the State of Mississippi is MS 724120. The name of GAR is GAR, LLC
as indicated in the public records of the State of Mississippi.

          5.11   The Collateral includes all of the outstanding limited
liability company interests of Premier. Except for the Collateral, there are no
outstanding options, warrants or other rights to subscribe for or purchase
limited liability company interests of Premier, nor any notes, bonds, debentures
or other evidences of indebtedness that (1) are at any time convertible into
limited liability interests of Premier or (2) have or at any time would have
voting rights with respect to Premier.

                                                               EXECUTION VERSION

                                        6
<Page>

     6.   COVENANTS OF PLEDGORS. Each Pledgor severally (but not jointly and
severally) covenants and agrees so long as this Agreement is in effect as
follows:

          6.1    It shall perform and comply with all obligations and conditions
on its part to be performed hereunder, required to be performed under the
Constituent Agreement and with respect to the Collateral; provided, if any
Pledgor shall fail to perform and comply, the other Pledgor shall be provided a
reasonable time period in which to cure such failure or non-compliance not to
exceed thirty (30) days.

          6.2    It shall, so long as any Obligations shall be outstanding,
defend (at Premier's sole cost and expense) its title to the Collateral and the
interest of the Trustee in the Collateral pledged hereunder against the claims
and demands of all persons whomsoever.

          6.3    It shall not directly or indirectly create, incur, assume or
from and after the Closing Date, suffer to exist any Liens on or with respect to
any part of the Collateral (other than the Lien created by this Agreement and
other Permitted Liens).

          6.4    It will not file or authorize or authenticate or permit to be
filed in any jurisdiction any financing statements under the UCC or any like
statement relating to the Collateral in which the Trustee is not named as the
sole secured party.

          6.5    Except as permitted by the Indenture, this Agreement or the
other Financing Documents, it will not cause, suffer or permit the sale,
assignment, conveyance or other transfer of all or any portion of its ownership
interest or interests in Premier. As used herein, the transfer of an ownership
interest in Premier includes (i) the sale, assignment, pledge, hypothecation,
transfer or other disposition (voluntarily or involuntarily, by gift or
otherwise, and whether as security or otherwise) of an equity interest in any
Person substantially all of the assets of which consist directly or indirectly
of an interest in Premier, or (ii) the merger or consolidation of a Person
referred to in clause (i), with another Person.

          6.6    Except as permitted by the Indenture and except as to
ministerial amendments or modifications, it shall not terminate the Constituent
Agreement or modify or amend the Constituent Agreement . in any manner that
would or is reasonably likely to adversely affect the Trustee's interests in the
Collateral or under this Agreement, without the Trustee's prior written consent
obtained in accordance with Section 9.02 of the Indenture. Within fifteen (15)
days after entering into any modification or amendment to the Constituent
Agreement, the Pledgors shall deliver to the Trustee a true, complete and
correct copy of such modification or amendment.

          6.7    It shall give to the Trustee prompt notice of (i) each material
demand or notice received or given by it relating to the Constituent Agreement;
and (ii) any Default, Event of Default or event which with the giving of notice
or the passage of time or both might become an Event of Default (as "Default"
and "Event of Default" are defined in the Constituent Agreement) under the
Constituent Agreement, whether by Premier, any Pledgor or any other Person, of
which it has knowledge or has received written notice.

          6.8    If it, in its capacity as an owner of Premier, receives any
income or distribution of money or property of any kind from Premier other than
as permitted hereby or by

                                                               EXECUTION VERSION

                                        7
<Page>

the Financing Documents, it shall hold such income or distribution as trustee
for and shall deliver the same to the Trustee for deposit and application in
accordance with the Financing Documents.

          6.9    It will, at all times, keep accurate and complete records in
all material respects of the Collateral. It shall permit representatives of the
Trustee, upon reasonable prior written notice, at any time during normal
business hours of such Pledgor (without disrupting the business or affairs of
Pledgor) to inspect and make abstracts from (at Premier's sole cost and expense)
such Pledgor's books and records pertaining to the Collateral. Upon the
occurrence and during the continuation of any Event of Default, at the Trustee's
request, it shall promptly deliver copies of any and all such records to the
Trustee.

          6.10   It shall notify the Trustee within 15 Business Days' of
changing the location at which its books and records are kept or state of
organization and shall at the expense of Premier execute and deliver, and
authorize the filing of, such records, instruments and documents as may be
reasonably required by the Trustee to maintain a prior perfected security
interest in the Collateral.

          6.11   In the event notification is given to any account debtor of
Premier to discharge its obligations by paying the Trustee (under Section 9-406
of the UCC or otherwise), such notification shall be binding until the Trustee
gives alternate instructions. It shall not give, provide, authenticate or
deliver, nor authorize the giving, provision, authentication or delivery of,
alternate instructions unless the Trustee expressly authenticates a record
stating that the Obligations have been repaid in full or otherwise expressly
authorizes such Pledgor to give alternate instructions. Notwithstanding the
foregoing in this Section 6.11, the Trustee is only authorized and permitted to
give such notification to an account debtor of Premier after the occurrence and
during the continuance of an Event of Default. Under no circumstances shall the
Trustee contact or notify any account debtor of either of the Pledgors.

          6.12   It shall not create or permit to be created any additional
limited liability company interests in Premier unless: (a) the new members of
Premier pledge their limited liability company interests in Premier to the
Trustee as provided in this Agreement (including delivery of the certificates
representing such membership interests to the Trustee); (b) such new member duly
executes and delivers a counterpart signature page to this Agreement and an
"Agreement to be Bound" in the form of Exhibit C; (c) a legal opinion from
counsel reasonably acceptable to the Trustee and substantially similar to the
legal opinions with respect to the Pledgors and this Agreement delivered by the
Pledgors on the date hereof, confirming the Trustee has a first priority
perfected security interest in the Collateral held by such new members; and (d)
the new members have paid, or have caused Premier to pay, the Trustee's
attorneys fees and costs in connection therewith; provided, however, that
Pledgors may, in addition, assign or sell all or any portion of their respective
Collateral to any Affiliate or Related Person as long as (i) such sale is
expressly made subject to the security interest created by this Agreement, (ii)
the Person which acquires such Collateral, at the time it acquires such
Collateral, duly executes and delivers to the Trustee a counterpart signature
page to this Agreement and an "Agreement to be Bound" in the form of Exhibit C,
(iii) such sale is made in accordance with the terms and provisions of the
Constituent Agreement and, to the extent applicable, the Indenture, (iv) a legal
opinion from counsel reasonably acceptable to the Trustee and substantially
similar to the legal opinions delivered by the Pledgors on the date hereof,
confirming the Trustee has a first priority perfected security interest in the
Collateral held by such Affiliate or Related Person, and

                                                               EXECUTION VERSION

                                        8
<Page>

(v) such Pledgor has paid or has caused Premier or the Person who acquires such
Collateral to pay, the Trustee's attorneys fees and costs in connection
therewith.

     7.   REMEDIES UPON EVENT OF DEFAULT.

          7.1    Subject to Pledge Provisions, if any Event of Default has
occurred and is continuing, the Trustee shall have the right, at its election,
but not the obligation, to do any of the following to the extent permitted by
applicable law: (i) in connection with any acceleration and foreclosure, vote or
exercise any and all of any Pledgor's rights or powers under the Constituent
Agreement, including any rights or powers to manage or control Premier; (ii)
demand, sue for, collect or receive any money or property at any time payable to
or receivable by any Pledgor on account of or in exchange for all or any part of
the Collateral; (iii) cause any action at law or suit in equity or other
proceeding to be instituted and prosecuted to collect or enforce any Obligations
or rights hereunder or included in the Collateral, including specific
enforcement of any covenant or agreement contained herein or in the Constituent
Agreement, or to foreclose or enforce the security interest in all or any part
of the Collateral granted herein, or to enforce any other legal or equitable
right vested in it by this Agreement or by law; (iv) sell or otherwise dispose
of all or any part of the Collateral or cause all or any part of the Collateral
to be sold or otherwise disposed of in one or more sales or transactions, at
such prices and in such manner as the Trustee may deem appropriate, and for cash
or on credit or for future delivery, without assumption of any credit risk, at
any broker's board or at public or private sale, without demand of performance
or notice of intention to sell or of time or place of sale (except such notice
which under applicable law cannot be waived) it being agreed that the Trustee
may be a purchaser on behalf of the Noteholders or on its own behalf at any such
sale and that the Trustee, any Noteholder or any other Person who may be a bona
fide purchaser for value and without notice of any claims of any or all of the
Collateral so sold shall thereafter hold the same absolutely free from any claim
or right of whatsoever kind, including any equity of redemption, of any Pledgor
or Premier, any such demand, notice or right and equity being hereby expressly
waived and released; (v) incur expenses, including reasonable attorneys' fees,
reasonable consultants' fees, and other costs appropriate to the exercise of any
right or power under this Agreement; (vi) perform any obligation of any Pledgor
hereunder or under the Constituent Agreement; (vii) secure the appointment of a
receiver for any Pledgor without notice to Premier or any Pledgor which receiver
shall be subject to the prior written approval of Hard Rock Licensing, Inc.; or
(viii) exercise any other or additional rights or remedies granted to a secured
party under the UCC. If, pursuant to applicable law, prior notice of any such
action is required to be given to any Pledgor or Premier, each Pledgor and
Premier hereby acknowledge and agree that the minimum time required by such
applicable law, or if no minimum is specified, of 10 Business Days, shall be
deemed a reasonable notice period. Notwithstanding the foregoing, in any sale of
the Collateral by the Trustee hereunder after and during the continuance of an
Event of Default, either (a) all of the Collateral must be sold, (b) all of the
Class A Common Units and the Class B Common Units must be sold, or (c) a pro
rata portion of the Class A Common Units and the Class B Common Units must be
sold).

          7.2    Subject to Pledge Provisions, in addition to the foregoing
remedies, the Trustee may, but shall not be obligated to, cure any Event of
Default and incur reasonable fees, costs and expenses in doing so, and such
fees, costs and expenses shall be reimbursed in accordance with the terms of by
the Indenture and the other Financing Documents.

                                                               EXECUTION VERSION

                                        9
<Page>

          7.3    All costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) incurred by the Trustee in connection
with exercising any remedy provided for herein or at law, curing any Event of
Default or any Constituent Agreement Default, performing any of Pledgors'
agreements contained herein or after the occurrence and during the continuance
of an Event of Default in the Constituent Agreement or in respect of any part of
the Collateral shall constitute Obligations secured by this Agreement.

          7.4    So long as no Event of Default has occurred and is continuing,
each Pledgor reserves the right to exercise all of its rights under the
Constituent Agreement (except as limited by the Financing Documents) and to
receive all income and other distributions from the Collateral (except as
limited by the Financing Documents). If an Event of Default under the Indenture
shall occur and be continuing (a) all payments received by any Pledgor under or
in connection with any of the Collateral shall be held by such Pledgor in trust
for the Trustee, shall be segregated from other funds of such Pledgor and shall,
forthwith upon receipt by such Pledgor, be turned over to the Trustee or its
designee in the same form as received by such Pledgor (duly endorsed by such
Pledgor to the Trustee, if requested), and (b) any and all such payments so
received by the Trustee or its designee (whether from any Pledgor or otherwise)
may, in the sole discretion of the Trustee or its designee, be held by the
Trustee or such designee as collateral security for, and/or then or at any time
thereafter be applied, subject only to the relevant provisions of the Depositary
Agreement or as otherwise may be required by applicable law, in whole or in part
by the Trustee or its designee in the manner specified in Section 9 hereof.

     8.   REMEDIES CUMULATIVE; DELAY NOT WAIVER.

          8.1    No right, power or remedy herein conferred upon or reserved to
the Trustee or the Noteholders is intended to be exclusive of any other right,
power or remedy, and every such right, power and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right, power and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy. Resort to any or all security now or hereafter held by the
Trustee, may be taken concurrently or successively and in one or several
consolidated or independent judicial actions or lawfully taken nonjudicial
proceedings, or both.

          8.2    No delay or omission of the Trustee to exercise any right or
power accruing upon the occurrence and during the continuance of any Event of
Default as aforesaid shall impair any such right or power or shall be construed
to be a waiver of any such Event of Default or an acquiescence therein. Every
power and remedy given by this Agreement may be exercised from time to time, and
as often as shall be deemed expedient, by the Trustee.

     9.   APPLICATION OF PROCEEDS. Upon the occurrence and during the
continuation of an Event of Default, the proceeds of any sale of or other
realization upon, all or any part of the Collateral shall be applied: FIRST, to
all fees, costs and expenses (including reasonable attorneys fees and expenses,
and expenses of any other agents or experts deemed by the Trustee to be required
or beneficial) incurred by and due and owing to the Trustee and the Trustee with
respect to the Indenture, the other Financing Documents or the Collateral
Documents; SECOND, to accrued and unpaid interest and premium, if any, on the
Obligations (including any interest which, but for

                                                               EXECUTION VERSION

                                       10
<Page>

the provisions of the Bankruptcy Code, would have accrued on such amounts);
THIRD, to the principal amounts of the Obligations outstanding; FOURTH, to any
other Obligations of Premier or any Pledgor owing to the Trustee; FIFTH, so long
as the indebtedeness under the Rank Note is then outstanding, to Rank to be
applied in accordance with the Rank Note, the Rank Purchase Agreement and the
Intercreditor Agreement; and SIXTH, (i) if the Trustee shall have foreclosed
upon the pledge of the membership interests in Premier pursuant to the this
Agreement, to AA Capital to be distributed in accordance with that certain
Equity Agreement entered into among Premier, AA Capital and GAR, dated as of
even date herewith, or to the persons legally entitled thereto as directed by a
court of competent jurisdiction; and (ii) if the Trustee shall not have
foreclosed upon the pledge of the membership interests in Premier pursuant to
this Agreement, to Premier or to the persons legally entitled thereto as
directed by a court of competent jurisdiction, PROVIDED, HOWEVER, prior to (i)
commencement of an action by the Trustee to foreclose on all or any portion of
the Collateral, or (ii) the filing of a petition (either voluntary or
involuntary) for bankruptcy by the Issuer, the proceeds of any such sale of all
or any portion of the Collateral shall be applied first to satisfy the
obligations of Premier to Hard Rock Hotel Licensing, Inc., and, thereafter,
shall be applied as set forth above.

     10.  CERTAIN CONSENTS AND WAIVERS.

          10.1   Each Pledgor hereby waives, to the maximum extent permitted by
applicable law (i) all rights under any law limiting remedies, including
recovery of a deficiency, under an obligation secured by a mortgage or deed of
trust on real property if the real property is sold under a power of sale
contained in the mortgage, and all defenses based on any loss whether as a
result of any such sale or otherwise, of such Pledgor's right to recover any
amount from Premier or any other Person, whether by right of subrogation or
otherwise; (ii) all rights under any law to require the Trustee to pursue
Premier or any other Person, any security which the Trustee may hold, or any
other remedy before proceeding against such Pledgor; (iii) all rights of
reimbursement or subrogation, all rights to enforce any remedy that the Trustee
or any Noteholder may have against Premier or any other Person, and all rights
to participate in any security held by the Trustee until the Obligations have
been paid and the covenants of the Financing Documents have been performed in
full; (iv) all rights to require the Trustee to give any notices of any kind,
including, without limitation, notices of nonpayment, nonperformance, protest,
dishonor, default, delinquency or acceleration, or to make any presentments,
demands or protests, except as set forth herein or expressly provided in the
Indenture or any other Financing Document; (v) all rights to assert the
bankruptcy or insolvency of Premier or any other Person as a defense hereunder
or as the basis for rescission hereof; (vi) subject to Section 17 hereof, all
rights under any applicable law purporting to reduce such Pledgor's obligations
hereunder if the Obligations are reduced; (vii) all defenses based on the
disability or lack of authority of Premier or any other Person, the repudiation
of the Financing Documents by Premier or any other Person, the failure by the
Trustee or any Noteholder to enforce any claim against Premier or any other
Person, or the unenforceability in whole or in part of any Financing Documents;
(viii) all suretyship and guarantor's defenses generally; (ix) all rights to
insist upon, plead or in any manner whatever claim or take the benefit or
advantage of, any appraisal, valuation, stay, extension, marshaling of assets,
redemption or similar law, or exemption, whether now or at any time hereafter in
force, which may delay, prevent or otherwise affect the performance by such
Pledgor of its obligations under, or the enforcement by the Trustee of, this
Agreement; and (x) except as otherwise specifically set forth herein, all rights
of notice and hearing of any kind prior to the exercise of rights by the Trustee
upon the occurrence and during the continuation of

                                                               EXECUTION VERSION

                                       11
<Page>

an Event of Default to repossess with judicial process or to replevy, attach or
levy upon the Collateral. To the extent permitted by applicable law, such
Pledgor waives the posting of any bond otherwise required of the Trustee in
connection with any judicial process or proceeding to obtain possession of,
replevy, attach, or levy upon the Collateral, to enforce any judgment or other
security for the Obligations, to enforce any judgment or other court order
entered in favor of the Trustee, or to enforce by specific performance,
temporary restraining order, preliminary or permanent injunction, this Agreement
or any other agreement or document between such Pledgor, the Trustee and the
Noteholders. Each Pledgor further agrees that upon the occurrence and during the
continuation of an Event of Default under the Indenture, the Trustee may elect
to nonjudicially or judicially foreclose against any real or personal property
security it holds for the Obligations or any part thereof, or to exercise any
other remedy against Premier or any other Person, any security or any guarantor,
even if the effect of that action is to deprive such Pledgor of the right to
collect reimbursement from Premier or any other Person for any sums paid by such
Pledgor to the Trustee or any Bank.

          10.2   Subject to Pledge Provisions, if the Trustee shall, under
applicable law, proceed to realize the benefits of the Secured Parties under any
of the Financing Documents giving the Trustee a Lien upon any Collateral,
whether owned by Premier or by any other Person, either by judicial foreclosure
or by nonjudicial sale or enforcement, the Trustee may, at its sole option,
determine which of its remedies or rights it may pursue without affecting any of
the rights and remedies of the Trustee under this Agreement. If, in the exercise
of any of such rights and remedies, the Trustee shall forfeit any of its rights
or remedies, including any right to enter a deficiency judgment against Premier
or any other Person, whether because of any applicable laws pertaining to
"election of remedies" or the like, each Pledgor hereby consents to such action
by the Trustee and, to the extent permitted by applicable law, waives any claim
based upon such action, even if such action by the Trustee shall result in a
full or partial loss of any rights of subrogation, indemnification or
reimbursement which such Pledgor might otherwise have had but for such action by
the Trustee or the terms herein. Any election of remedies which results in the
denial or impairment of the right of the Trustee to seek a deficiency judgment
against any of the parties to any of the Financing Documents or Collateral
Documents shall not, to the extent permitted by applicable law, impair any
Pledgor's pledge or obligations hereunder. In the event the Trustee shall bid at
any foreclosure or trustee's sale or at any private sale permitted by law or the
Financing Documents, the Trustee may bid all or less than the amount of the
Obligations. To the extent permitted by applicable law, the amount of the
successful bid at any such sale, whether the Trustee or any other party is the
successful bidder, shall be conclusively deemed to be the fair market value of
the Collateral and the difference between such bid amount and the remaining
balance of the Obligations shall be conclusively deemed to be the amount of the
Obligations.

     11.  PREMIER'S CONSENT. Premier hereby consents to the collateral
assignment of and grant of a security interest in the Collateral to the Trustee,
for the benefit of the Secured Parties, and to the exercise by the Trustee of
all rights and powers assigned or delegated to the Trustee by any Pledgor
hereunder, including, without limitation, the rights during the existence of an
Event of Default to exercise such Pledgor's voting rights and other rights under
the Constituent Agreement to manage or control Premier.

     12.  ATTORNEY-IN-FACT. Each Pledgor hereby irrevocably constitutes and
appoints the Trustee its true and lawful attorney-in-fact with full power and
authority in the place and stead of

                                                               EXECUTION VERSION

                                       12
<Page>

such Pledgor and in the name of such Pledgor, the Trustee or otherwise, from
time to time after the occurrence of and during the continuance of an Event of
Default in the Trustee's discretion to take any action and to execute any
instrument (all at the sole cost and expense of Premier) to enforce all rights
of such Pledgor with respect to the Collateral, including, without limitation,
the right to ask, require, demand, receive and give acquittance for any and all
moneys and claims for money due and to become due under or arising out of the
Collateral; to elect remedies thereunder, to endorse any checks or other
instruments or orders in connection therewith; to vote, demand, receive and
enforce such Pledgor's rights with respect to the Collateral; to give
appropriate receipts, releases and satisfactions for and on behalf of and in the
name of such Pledgor or, at the option of the Trustee, in the name of the
Trustee, solely in connection with the Collateral, with the same force and
effect as such Pledgor could do if this Agreement had not been made; and to file
any claims or take any action or institute any proceedings in connection
therewith which the Trustee may reasonably deem to be necessary or advisable;
provided, however, the Trustee shall not exercise such rights unless upon the
occurrence and during the continuation of an Event of Default. This power of
attorney is a power coupled with an interest and shall be irrevocable.

     13.  PERFECTION; FURTHER ASSURANCES.

          13.1   Each Pledgor agrees that from time to time, at the sole expense
of Premier, each Pledgor shall promptly execute and deliver all records,
instruments and documents, and take all action, that may be reasonably
necessary, or that the Trustee may reasonably request, in order to perfect and
protect the assignment and security interest granted or intended to be granted
hereby or to enable the Trustee to exercise and enforce its rights and remedies
hereunder with respect to any Collateral. Without limiting the generality of the
foregoing, each Pledgor shall (i) deliver the Collateral or any part thereof to
the Trustee, as the Trustee may reasonably request, accompanied by such duly
executed records of transfer or assignment as the Trustee may reasonably
request, and (ii) execute and file such financing or continuation statements, or
amendments thereto, and such other records, instruments, documents, endorsements
or notices, as may be reasonably necessary or as the Trustee may reasonably
request, in order to perfect and preserve the assignments and security interests
granted or purported to be granted hereby.

          13.2   Each Pledgor hereby authorizes the Trustee to file one or more
financing or continuation statements and other records with respect to all or
any part of the Collateral (including any amendments thereto, or continuation or
termination statements thereof), without the signature or other authorization of
such Pledgor, in such form and in such offices as the Trustee reasonably
determines appropriate, to perfect or maintain the perfection of the security
interest of the Trustee hereunder. Each Pledgor acknowledges and agrees that it
is not authorized to, and will not, authenticate or file, or authorize the
filing of, any financing statements or other record with respect to the
Collateral (including any amendments thereto, or continuation or termination
statements thereof) except as permitted by the Indenture, without the prior
written approval and authorization by the Trustee, consenting to the form and
substance of such filing or record. Each Pledgor approves and ratifies any
filing or recording of records made by or on behalf of the Trustee in connection
with the perfection of the security interest in favor of the Trustee in the
Collateral

                                                               EXECUTION VERSION

                                       13
<Page>

          13.3   Each Pledgor shall, promptly upon reasonable request, and at
the sole cost of Premier, provide to the Trustee all information and evidence it
may reasonably request concerning the Collateral to enable the Trustee to
enforce the provisions of this Agreement.

          13.4   Premier shall pay all filing, registration and recording fees
and all refiling, re-registration and re-recording fees, and all reasonable
expenses incident to the execution or authentication and acknowledgment of this
Agreement, any assurance, and all federal, state, county and municipal stamp
taxes and other taxes, duties, imports, assessments and charges arising out of
or in connection with the execution and delivery of this Agreement, any
agreement supplemental hereto, any financing statements, and any instruments of
further assurance.

          13.5   Without the prior written consent of the Trustee, to the extent
either Pledgor may do so under applicable law, each Pledgor, for itself, its
successors and assigns, agrees that it shall not cast any vote as an owner in
Premier for so long as the Obligations remain unpaid (i) in favor of the
commencement of a voluntary case or other proceeding seeking liquidation,
reorganization, rehabilitation or other relief with respect to Premier or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect in any jurisdiction or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the owners of Premier or any
substantial part of Premier's property, (ii) to authorize Premier to consent to
any such aforesaid relief or to the appointment of or taking possession by any
such aforesaid official in an involuntary case or other proceeding commenced
against Premier or (iii) to authorize Premier to make a general assignment for
the benefit of creditors.

          13.6   Each Pledgor will take all commercially reasonable actions
within its power to obtain like title to and the right to pledge any other
property at any time hereafter pledged by it to the Trustee as Collateral
hereunder, if any.

          13.7   Each Pledgor will pay, before any fine, penalty, interest or
cost attaches thereto, all taxes, assessments and other governmental or
non-governmental charges or levies (other than those taxes that it is contesting
in good faith and by appropriate proceedings, and in respect of which it has
established adequate, reserves for such taxes) now or hereafter assessed, levied
against the Collateral pledged by it hereunder (or against the Collateral in
which such Pledgor has granted to the Trustee a security interest of first
priority) or upon the Liens for taxes and assessments not then delinquent or
subject to a contest and shall retain copies of, and, upon reasonable prior
written request, permit the Trustee or any Noteholder to examine receipts
showing payment of any of the foregoing.

     14.  LIMITATIONS ON OBLIGATIONS. Anything herein to the contrary
notwithstanding, each Pledgor shall remain liable under any Transaction Document
to which it is a party, if any, to the extent set forth therein to perform all
of its duties and obligations thereunder, to the same extent as if this
Agreement had not been executed. The exercise by the Trustee of any of the
rights or remedies hereunder shall not release any Pledgor from any of its
duties or obligations under any Transaction Document to which it is a party, if
any.

     15.  PLACE OF BUSINESS; LOCATION OF RECORDS. Unless the Trustee is
otherwise notified under Section 6.10, GAR's state of organization is and will
be the State of Mississippi, AA Capital Equity's state of organization is and
will be the State of Delaware, and AA Capital Biloxi's state of organization is
and will be the State of Delaware, and all records of any Pledgor

                                                               EXECUTION VERSION

                                       14
<Page>

concerning the Collateral are and will be, located at, and the mailing address
of such Pledgor is the address set forth in Section 23 hereof with respect to
such Pledgor.

     16.  CONTINUING ASSIGNMENT AND SECURITY INTEREST; TRANSFER OF FIRST
MORTGAGE NOTES. This Agreement shall create a continuing pledge and collateral
assignment of and security interest in the Collateral and shall (a) remain in
full force and effect until payment in full of the Obligations (other than those
contingent obligations that are intended to survive the termination of this
Agreement); (b) be binding upon Premier, each Pledgor, and their respective
successors and assigns; and (c) inure, together with the rights and remedies of
the Trustee, to the benefit of the Trustee, the Noteholders and their respective
successors, transferees and assigns. Without limiting the generality of the
foregoing, the Trustee or the Noteholders may assign or otherwise transfer all
or any part of or interest in the First Mortgage Notes or other evidence of
indebtedness held by them to any other Person to the extent permitted by and in
accordance with the Indenture, and such other Person shall thereupon become
vested with all or an appropriate part of the benefits in respect thereof
granted to the Trustee for the benefit of the Noteholders herein or otherwise.
The release of the security interest in any or all of the Collateral, the taking
or acceptance of additional security, or the resort by the Trustee to any
security it may have in any order it may deem appropriate, shall not affect the
liability of any obligor on the indebtedness secured hereby.

     17.  TERMINATION OF SECURITY INTEREST. In the case of a refinancing of the
Obligations, upon the payment and performance in full of the Obligations (other
than those contingent obligations that are intended to survive the termination
of this Agreement), and otherwise upon the indefeasible payment and performance
in full of the Obligations (other than those contingent obligations that are
intended to survive the termination of this Agreement), this Agreement and the
security interest and all other rights granted hereby shall terminate and all
rights to the Collateral shall revert to the Pledgors respectively. Upon any
such termination, the Trustee will return all certificates evidencing ownership
interests in Premier, and all ownership powers executed hereunder, to the
Pledgors and will, at Premier's sole cost and expense, authenticate and, subject
to Section 26 hereof, deliver to the Pledgors such records (including, without
limitation, UCC-3 termination statements) as Premier or any Pledgor shall
reasonably request to evidence such termination.

     18.  SECURITY INTEREST ABSOLUTE. All rights of the Trustee and the
Noteholders and the security interests hereunder, and all obligations of each
Pledgor hereunder, shall be absolute and unconditional irrespective of:

          18.1   Any lack of validity or enforceability of the Indenture, any
other Financing Document or any other agreement or instrument relating thereto;

          18.2   Any change in the time, manner or place of payment of, or in
any other term of the Obligations (including any increase in the amount
thereof), or any other amendment or waiver of or any consent to any departure
from the Indenture or any other Financing Document;

          18.3   Any exchange, surrender, release or non-perfection of any
Collateral, or any release, amendment or waiver of or consent to departure from
any guaranty, for all or any of the Obligations;

                                                               EXECUTION VERSION

                                       15
<Page>

          18.4   Any bankruptcy or insolvency of any Pledgor or any other
Person; or

          18.5   Any other circumstance which might otherwise constitute a
defense available to, or a discharge of, any Pledgor.

     19.  ABSENCE OF FIDUCIARY RELATIONSHIP. The Trustee undertakes to perform
or to observe only such of its agreements and obligations as are specifically
set forth in this Agreement or any other Collateral Document, and no implied
agreements, covenants or obligations with respect to any Pledgor or any other
party to the Indenture or any other Transaction Document to which any Pledgor is
a party shall be read into this Agreement against the Trustee or any of the
Noteholders; neither the Trustee, nor any of the Noteholders in its and their
capacity as such is a fiduciary of and shall not owe or be deemed to owe any
fiduciary duty to any Pledgor or any other party to any Transaction Document to
which such Pledgor is a party, except as otherwise specifically required by law.

     20.  LIMITATION ON DUTY OF THE TRUSTEE WITH RESPECT TO THE COLLATERAL. The
powers conferred on the Trustee hereunder are solely to protect its interest in
the Collateral and shall not impose any duty on it to exercise any such powers.
Except for the safe custody of any Collateral in its possession and the
accounting for monies actually received by it hereunder, the Trustee shall have
no duty with respect to any Collateral. The Trustee shall be deemed to have
exercised reasonable care in the custody and preservation of the Collateral in
its possession if the Collateral is accorded treatment that is substantially
equivalent to that which the Trustee accords its own property, it being
expressly agreed, to the maximum extent permitted by applicable law, that
neither Trustee nor any Noteholder shall have the responsibility for (a) taking
any necessary steps to preserve rights against any parties with respect to any
Collateral, but the Trustee may do so and all expenses incurred in connection
therewith shall be part of the Obligations or (b) taking any action to protect
against any diminution in value of the Collateral.

     21.  LIABILITY. Recourse against each Pledgor and its Affiliates, members,
partners, stockholders, officers, directors and employees under this Agreement
shall be limited to the extent provided in Section 11.07 of the Indenture.
NOTWITHSTANDING THE FOREGOING OR ANYTHING TO THE CONTRARY CONTAINED IN THIS
AGREEMENT, THE TRUSTEE'S RIGHTS PURSUANT TO THIS AGREEMENT ARE EXPRESSLY LIMITED
TO THE COLLATERAL PLEDGED HEREUNDER AND THE TRUSTEE'S SOLE RECOURSE WITH RESPECT
TO EITHER OF THE PLEDGORS TO SATISFY THE OBLIGATIONS SECURED HEREBY SHALL BE TO
EXERCISE REMEDIES WITH RESPECT TO THE COLLATERAL ONLY. WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, NEITHER OF THE PLEDGORS SHALL BE LIABLE FOR ANY
DEFICIENCY IF THE PROCEEDS OF ANY DISPOSITION OF THE COLLATERAL PLEDGED HEREBY
IS INSUFFICIENT TO SATISFY THE OBLIGATIONS SECURED HEREBY. Neither Pledgor shall
have any personal liability under this Agreement or any other instrument,
document or agreement entered into or delivered in connection with this
Agreement and the transactions contemplated hereby (collectively, the
"Transaction Documents") and no recourse for the payment of any amount due under
this Agreement, for the Obligations secured hereby, or for any claim arising out
of this Agreement or any other Transaction Document, whether for failure to pay,
perform or discharge any monetary or non-monetary obligation, breaches of
representations, warranties or covenants, the occurrence of defaults, or
otherwise, shall be due or owing, or had or recoverable against or from, either
Pledgor or any past, present

                                                               EXECUTION VERSION

                                       16
<Page>

or future member, partner, shareholder, manager, director, officer, employee,
agent, or Affiliate of either Pledgor or Issuer (or any successor or assign
thereof).

     22.  AMENDMENTS; WAIVERS; CONSENTS. No amendment, modification, termination
or waiver of any provision of this Agreement, or consent to any departure by any
Pledgor therefrom, shall in any event be effective without the written
concurrence of the Trustee, Premier and each Pledgor.

     23.  NOTICES. All notices required or permitted under the terms and
provisions hereof shall be in writing and any such notice shall be effective if
given in accordance with the provisions of Section 14.03 of the Indenture.
Notices to the Trustee or Premier may be given at the address set forth in such
Section 14.03 of the Indenture. Notices to any Pledgor may be given at the
following address:

          AA CAPITAL

          AA Capital Equity Fund, L.P.
          10 South LaSalle Street, Suite 3712
          Chicago, IL 60603
          Attn: Mr. Charles L. Wall Jr., Managing Director,
          Telephone: 312-419-4783

          AA Capital Biloxi Co-Investment Fund, L.P.
          10 South LaSalle Street, Suite 3712
          Chicago, IL 60603
          Attn: Mr. Charles L. Wall Jr., Managing Director,
          Telephone: 312-419-4783

          with a copy to:

          Duane Morris LLP
          227 West Monroe, Suite 3400
          Chicago, IL 60606
          Attn: Brian P. Kerwin, Esq.
          Telephone: 312-499-6737
          Facsimile: 312-499-6701

          GAR, LLC

          GAR, LLC
          11400 Reichold Road
          Gulfport, Mississippi  39503
          Attn:  Mr. Roy Anderson, III, Member
          Telephone: 228-896-4000
          Facsimile: 228-896-4078

                                                               EXECUTION VERSION

                                       17
<Page>

          With Copy to:

          Balch & Bingham LLP
          1310 Twenty-Fifth Avenue
          (Post Office Box 130)
          Gulfport, Mississippi 39501 (39502-0130)
          Attn: Ricky J. Cox, Esquire
          Telephone: 228-214-0411
          Facsimile: 888-506-8674

     24.  FINANCIAL STATUS. Each Pledgor hereby assumes responsibility for
keeping itself informed of the financial condition of Premier, and any and all
endorsers of any instrument or document evidencing all or any part of the
Obligations and of all other circumstances bearing upon the risk of nonpayment
of the Obligations or any part thereof that diligent inquiry would reveal. Each
Pledgor hereby agrees that the Trustee shall have no duty to advise such Pledgor
of information known to the Trustee regarding such condition or any such
circumstances or of any changes or potential changes affecting the Collateral.
In the event the Trustee, in its discretion, undertakes at any time or from time
to time to provide any such information to any Pledgor, the Trustee shall be
under no obligation (i) to undertake any investigation not a part of its regular
business routine, or reasonable commercial lending practices or (ii) to make any
other or future disclosure of such information to any other information to such
Pledgor.

     25.  MODIFICATION OF OBLIGATIONS. If the Trustee shall at any time or from
time to time, with or without the consent of, or notice to, any Pledgor:

          25.1   Change or extend the manner, place or terms of payment of, or
renew or alter all or any portion of, the Obligations;

          25.2   Take any action under or in respect of the Financing Documents
in the exercise of any remedy, power or privilege contained therein or available
at law, equity or otherwise, or waive or refrain from exercising any such
remedies, power or privileges;

          25.3   Amend or modify, in any manner whatsoever, the Financing
Documents;

          25.4   Extend or waive the time for such Pledgor's, or any other
Person's performance of, or compliance with, any term, covenant or agreement on
its part to be performed or observed under the Financing Documents, or waive
such performance or compliance or consent to a failure of, or departure from,
such performance or compliance;

          25.5   Take and hold security or collateral for the payment of the
Obligations, or sell, exchange, release, dispose of, or otherwise deal with, any
property pledged, mortgaged or conveyed, or in which the Trustee has been
granted a Lien, to secure any indebtedness associated with the Financing
Documents of such Pledgor or any other Person to the Trustee;

          25.6   Release or limit the liability of anyone who may be liable in
any manner for the payment of any amounts under the Financing Documents owed by
such Pledgor or any other Person to the Trustee;

                                                               EXECUTION VERSION

                                       18
<Page>

          25.7   Modify or terminate the terms of any intercreditor or
subordination agreement pursuant to which claims of other creditors of such
Pledgor, any Affiliate or any other Person are subordinated to the claims of the
Trustee under the Financing Documents; or

          25.8   Apply any sums by whomever paid or however realized to any
amounts owing pursuant to the Financing Documents by Premier or any other
obligor to the Trustee in such manner as the Trustee shall determine in its
discretion in accordance with the Financing Documents;

then, subject to Section 16 hereof, neither the Trustee nor any Noteholder shall
incur any liability to any Pledgor pursuant hereto as a result thereof and no
such action shall impair or release the obligations of such Pledgor under this
Agreement.

     26.  DELIVERY OF COLLATERAL. All certificates or instruments representing
or evidencing the Collateral shall be delivered to and held by or on behalf of
the Trustee pursuant hereto. All such certificates or instruments shall be in
suitable form for transfer by delivery, or shall be accompanied by duly executed
instruments of transfer or assignment in blank, all in form and substance
reasonably acceptable to the Trustee. The Trustee shall have the right, at any
time in its discretion and without prior notice to any Pledgor, following the
occurrence and during the continuation of an Event of Default, to transfer to or
to register in the name of the Trustee or any of its nominees any or all of the
Collateral and to exchange certificates or instruments representing or
evidencing Collateral for certificates or instruments of smaller or larger
denominations; PROVIDED that the Trustee shall promptly notify each Pledgor of
any such transfer or registration; but the failure to provide such notice shall
not invalidate the effectiveness of such transfer or registration; PROVIDED,
FURTHER, subject to Pledge Provisions, that once such Event of Default has been
cured, the Trustee will promptly transfer to or register in the name or cause
its nominees to transfer to or register in the name of each Pledgor all such
Collateral. In furtherance of the foregoing, each Pledgor shall further execute
and deliver to the Trustee an ownership power in the form of Exhibits B-1, B-2
and B-3 attached hereto with respect to the ownership interest(s) of Premier
owned by each Pledgor that are represented by certificates or other instruments.

     27.  REGARDING THE TRUSTEE. The Trustee shall be afforded all of the
rights, powers, protections, immunities and indemnities set forth in Article 2
of that certain Security Agreement dated as of the date hereof between each
Pledgor and the Trustee as if the same were specifically set forth herein.

     28.  GOVERNING LAW. This Agreement, including all matters of construction,
validity, performance and the creation, validity, enforcement or priority of the
lien of, and security interests created by, this Agreement in or upon the
Collateral shall be governed by the laws of the state of New York, without
reference to conflicts of law (other than Section 5-1401 of the New York General
Obligations Law), except as required by mandatory provisions of law and except
to the extent that the validity or perfection of the lien and security interest
hereunder, or remedies hereunder, in respect of any particular Collateral are
mandatorily governed by the laws of a jurisdiction other than the state of New
York.

                                                               EXECUTION VERSION

                                       19
<Page>

     29.  REINSTATEMENT. This Agreement shall continue to be effective or be
reinstated, as the case may be, if at any time any amount received by the
Trustee in respect of the Obligations is rescinded or must otherwise be restored
or returned by the Trustee upon the insolvency, bankruptcy, reorganization,
liquidation of any Pledgor or upon the dissolution of, or appointment of any
intervenor or conservator of, or trustee or similar official for, such Pledgor
or Premier or any substantial part of Premier's assets, or otherwise, all as
though such payments had not been made.

     30.  SEVERABILITY. In case any provision in the Agreement shall be invalid,
illegal or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

     31.  SURVIVAL OF PROVISIONS. All agreements, representations and warranties
made herein shall survive the execution and delivery of this Agreement and the
Indenture and the issuance of the First Mortgage Notes. Notwithstanding anything
in this Agreement or implied by law to the contrary, the agreements,
representations and warranties of each Pledgor set forth herein shall terminate
only upon payment of the Obligations (other than those contingent obligations
that are intended to survive the termination of this Agreement), and the
termination of all other obligations (other than those contingent obligations
that are intended to survive the termination of this Agreement) of the
Noteholders under the Financing Documents. For the avoidance of doubt, all
representations, warranties and certifications shall only be made on the Closing
Date unless otherwise expressly provided in this Agreement.

     32.  HEADINGS DESCRIPTIVE. The headings in this Agreement are for
convenience of reference only and shall not constitute a part of this Agreement
for any other purpose or be given any substantive effect.

     33.  ENTIRE AGREEMENT. This Agreement, together with any other agreement
executed in connection herewith, is intended by the parties as a final
expression of their agreement and is intended as a complete and exclusive
statement of the terms and conditions thereof. This Agreement supercedes all
oral negotiations and prior writings in respect of the subject matter hereof.

     34.  COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which shall
together constitute one and the same agreement.

     35.  ATTORNEYS' FEES. In the event any legal action or proceeding
(including, without limitation, any of the remedies provided for herein or at
law) is commenced to enforce or interpret this Agreement or any provision
thereof Premier shall indemnify the Trustee for its reasonable attorneys' fees
and other costs and expenses incurred therein, and if a judgment or award is
entered in any such action or proceeding, such reasonable attorneys' fees and
other costs and expenses may be made a part of such judgment or award.

     36.  CONSENT TO JURISDICTION. Each Pledgor agrees that any legal action or
proceeding by or against such Pledgor or with respect to or arising out of this
Agreement, or any other Financing Document or Collateral Document may be brought
in or removed to the courts of the State of New York, in and for the County of
New York, or of the United States of America for

                                                               EXECUTION VERSION

                                       20
<Page>

the Southern District of New York, as the Trustee may elect. By execution and
delivery of the Agreement, each Pledgor accepts, for themselves and in respect
of their property, generally and unconditionally, the jurisdiction of the
aforesaid courts. Each Pledgor irrevocably consents to the service of process
out of any of the aforementioned courts in any manner permitted by law. Nothing
herein shall affect the right of the Trustee to bring legal action or
proceedings in any other competent jurisdiction, including judicial or
non-judicial foreclosure. Each Pledgor further agrees that the aforesaid courts
of the State of New York and of the United States of America shall have
exclusive jurisdiction with respect to any claim or counterclaim of such Pledgor
based upon the assertion that the rate of interest charged by the Noteholders on
or under the First Mortgage Notes and/or the other Financing Documents is
usurious. Each Pledgor hereby waives any right to stay or dismiss any action or
proceeding under or in connection with any or all of the Facility, this
Agreement or any other Financing Document or Collateral Document brought before
the foregoing courts on the basis of forum non-conveniens.

     37.  WAIVER OF JURY TRIAL. EACH PLEDGOR AND TRUSTEE HEREBY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE
SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP AMONG SUCH PLEDGOR AND
TRUSTEE THAT IS BEING ESTABLISHED. EACH PLEDGOR AND TRUSTEE ACKNOWLEDGE THAT
THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT
EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT
EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS.
PLEDGOR AND TRUSTEE FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS
WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES
ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

     38.  CONSENT OF HARD ROCK STP AND HARD ROCK LICENSING. This Pledge is
subject to and conditioned upon the Consent and Acknowledgement Agreement by and
among Hard Rock Cafe International (STP), Inc., a New York corporation, Hard
Rock Hotel Licensing, Inc., a Florida corporation, Premier, PFC, GAR, AA Capital
and the Trustee of even date herewith.

     39.  GAMING LAWS. This Agreement is subject to Gaming Laws (including
without limitation the Mississippi Gaming Control Act Section 75-76-1 et seq.,
Mississippi Code of 1972 and the rules and regulations thereunder), and laws
involving the sale, distribution and possession of alcoholic beverages (the
"LIQUOR LAWS"). Without limiting the foregoing, each of the Trustee and the
Noteholders acknowledge by its acceptance hereof that (i) it is subject to being
called forward by any Gaming Authority and any Governmental Entity enforcing the
Liquor Laws, in their discretion, for licensing or a finding of suitability or
to file or provide other information, and (ii) all rights, remedies and powers
under this Agreement and the other Financing Documents, including with respect
to the entry into and ownership and operation of gaming facilities, and the
possession or control of gaming equipment, alcoholic beverages or a gaming or
liquor license, may be exercised only to the extent that the exercise thereof
does not violate any applicable provisions of the Gaming Laws and Liquor Laws
and only to the extent that required approvals (including prior approvals) are
obtained from the requisite Governmental Entities.

                                                               EXECUTION VERSION

                                       21
<Page>

     40.  SEVERAL OBLIGATIONS, NOT JOINT OR JOINT AND SEVERAL. Any and all
obligations and liabilities hereunder of GAR, AA Capital Biloxi and AA Capital
Equity are and shall be several, but not joint or joint and several.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                                               EXECUTION VERSION

                                       22
<Page>

     IN WITNESS WHEREOF, each of the undersigned has caused this Premier
Entertainment Biloxi LLC Pledge and Security Agreement (Pledged Equity
Interests) to be duly executed and delivered as of the day and year first above
written.

                                PLEDGOR

                                GAR, LLC,
                                a Mississippi limited liability company

                                By:  /s/ David Scott Ross
                                     -------------------------------------------
                                     David Scott Ross

                                By:  /s/ Roy Anderson, III
                                     -------------------------------------------
                                     Roy Anderson, III

                                By:  /s/ Gregg R. Giuffria
                                     -------------------------------------------
                                     Gregg R. Giuffria

                                Being all of its Members

                                AA CAPITAL EQUITY FUND, L.P.,
                                a Delaware limited partnership

                                By:  AA Private Equity Investors Management LLC,
                                     a Delaware limited liability company
                                Its: General Partner

                                     By: /s/ John A. Orecchio
                                        ----------------------------------------
                                        Name:  John A. Orecchio
                                              ----------------------------------
                                        Title: President
                                              ----------------------------------

                                                               EXECUTION VERSION

<Page>

                                AA CAPITAL BILOXI CO-INVESTMENT
                                FUND, L.P., a Delaware limited partnership

                                By: AA Private Equity Investors Management LLC,
                                    a Delaware limited liability company
                                Its: General Partner

                                By: /s/ John A. Orecchio
                                   ---------------------------------------------
                                   Name:   John A. Orecchio
                                          --------------------------------------
                                   Title:  President
                                          --------------------------------------

                                PREMIER

                                PREMIER ENTERTAINMENT BILOXI LLC,
                                a Delaware limited liability company

                                By: /s/ Joseph Billhimer
                                   ---------------------------------------------
                                   Name:  Joseph Billhimer
                                          --------------------------------------
                                   Title:  President
                                          --------------------------------------

                                TRUSTEE

                                U.S. BANK NATIONAL ASSOCIATION,
                                a national banking association

                                By:  /s/ Frank Leslie
                                    --------------------------------------------
                                    Name:  Frank Leslie
                                          --------------------------------------
                                    Title: Vice President
                                          --------------------------------------

                                                               EXECUTION VERSION

<Page>

                                    EXHIBIT A

                               OWNERSHIP STRUCTURE

<Table>
<Caption>
                                                            NUMBER OF        PERCENTAGE
 TYPE OF SECURITIES                HOLDER                    SHARES           INTEREST
<S>                       <C>                            <C>                  <C>
CLASS A COMMON STOCK      GAR, LLC                       100                  100%

CLASS B COMMON STOCK      AA CAPITAL EQUITY FUND, L.P.    70                   70%

CLASS A PREFERRED STOCK   AA CAPITAL EQUITY FUND, L.P.
                          AA CAPITAL BILOXI CO-           70                   70%

CLASS B COMMON STOCK      INVESTMENT FUND, L.P.
                          AA CAPITAL BILOXI CO-           30                   30%

CLASS A PREFERRED STOCK   INVESTMENT FUND, L.P.           30                   30%
</Table>

                                    Exhibit A

                                                               EXECUTION VERSION

<Page>

                                   EXHIBIT B-1

                                 OWNERSHIP POWER
                                   (GAR, LLC)

     FOR VALUE RECEIVED, GAR, LLC, a Mississippi limited liability company,
hereby sells, assigns and transfers unto U.S. BANK NATIONAL ASSOCIATION, a
national banking association, as trustee, for the benefit of the Noteholders,
all of its ownership interest(s) of PREMIER ENTERTAINMENT BILOXI LLC, a Delaware
limited liability company, standing in its name on the books of PREMIER
ENTERTAINMENT BILOXI LLC, a Delaware limited liability company, represented by
the following certificate(s): ___________, and irrevocably appoints
___________________ as attorney to transfer the ownership interest(s) with full
power of substitution in the premises.

DATED:                                 GAR, LLC,
      --------------------------       a Mississippi limited liability company

                                       By:
                                           -------------------------------------
                                           David Scott Ross

                                       By:
                                           -------------------------------------
                                           Roy Anderson, III

                                       By:
                                           -------------------------------------
                                           Gregg R. Giuffria

In the presence of:
--------------------------------

                                   Exhibit B-1

                                                               EXECUTION VERSION

<Page>

                                   EXHIBIT B-2

                                 OWNERSHIP POWER
                         (AA CAPITAL EQUITY FUND, L.P.)

     FOR VALUE RECEIVED, AA CAPITAL EQUITY FUND, L.P., a Delaware limited
partnership, hereby sells, assigns and transfers unto U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as trustee, for the benefit of the
Noteholders, all of its ownership interest(s) of PREMIER ENTERTAINMENT BILOXI
LLC, a Delaware limited liability company, standing in its name on the books of
PREMIER ENTERTAINMENT BILOXI LLC, a Delaware limited liability company,
represented by the following certificate(s): ___________, and irrevocably
appoints ___________________ as attorney to transfer the ownership interest(s)
with full power of substitution in the premises.

DATED:                          AA CAPITAL EQUITY FUND, L.P.,
       ----------------------   a Delaware limited partnership

                                By:  AA Private Equity Investors Management LLC,
                                     a Delaware limited liability company

                                Its: General Partner

                                ------------------------------------------
                                     By:
                                        ----------------------------------
                                     Name:
                                          --------------------------------
                                     Title:
                                           -------------------------------

In the presence of:

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

                                   Exhibit B-2

                                                               EXECUTION VERSION

<Page>

                                   EXHIBIT B-3

                                 OWNERSHIP POWER
                  (AA CAPITAL BILOXI CO-INVESTMENT FUND, L.P.)

     FOR VALUE RECEIVED, AA CAPITAL BILOXI CO-INVESTMENT FUND, L.P., a Delaware
limited partnership, hereby sells, assigns and transfers unto U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as trustee, for the benefit of the
Noteholders, all of its ownership interest(s) of PREMIER ENTERTAINMENT BILOXI
LLC, a Delaware limited liability company, standing in its name on the books of
PREMIER ENTERTAINMENT BILOXI LLC, a Delaware limited liability company,
represented by the following certificate(s): ___________, and irrevocably
appoints ___________________ as attorney to transfer the ownership interest(s)
with full power of substitution in the premises.

DATED:                          AA CAPITAL BILOXI CO-INVESTMENT FUND,
      ----------------------    L.P., a Delaware limited partnership

                                By:  AA Private Equity Investors Management LLC,
                                     a Delaware limited liability company

                                Its: General Partner

                                ------------------------------------------
                                       By:
                                          --------------------------------
                                       Name:
                                            ------------------------------
                                       Title:
                                             -----------------------------

In the presence of:

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

                                   Exhibit B-3

                                                               EXECUTION VERSION

<Page>

                                    EXHIBIT C

                          FORM OF AGREEMENT TO BE BOUND

This AGREEMENT TO BE BOUND is executed by [INSERT NAME OF TRANSFEREE] (the
"TRANSFEREE").

Reference is made to that certain Pledge and Security Agreement (Pledged Equity
Interests) dated as of January 23, 2004 between U.S. Bank National Association,
a national banking association, as trustee under the Indenture (together with
its successors and assigns from time to time under the Indenture, the
"TRUSTEE"), AA Capital Equity Fund, L.P., a Delaware limited partnership ("AA
CAPITAL EQUITY"); AA Capital Biloxi Co-Investment Fund, L.P., a Delaware limited
partnership (collectively with AA Capital Equity, "AA CAPITAL") and GAR, LLC, a
Mississippi limited liability company ("GAR") and Premier Entertainment Biloxi
LLC (d/b/a Hard Rock Hotel & Casino Biloxi), a Delaware limited liability
company ("PREMIER") (the "AGREEMENT"). Capitalized terms used but not otherwise
defined herein shall have the meaning set forth in the Agreement.

On ____________, 20__ (the "TRANSFER DATE"), [_______________] transferred to
Transferee [insert amount and description of interest transferred] of such
Pledgor's limited liability company interest in Premier ("MEMBERSHIP
INTERESTS").

          Therefore, and pursuant to Section 6.12 of the Agreement, such Pledgor
hereby executed this AGREEMENT TO BE BOUND, WHEREBY Transferee acknowledges
that, as of the Transfer Date, it has become a "Pledgor" under the Agreement.
The Transferee also hereby agrees to assume all of the obligations of a
"Pledgor" under the Agreement and be otherwise bound by all of the terms
thereunder, including without limitation the provisions relating to assignment
of its Membership Interest. The Transferee further agrees to execute all
documents necessary to carry out the purpose of this AGREEMENT TO BE BOUND and
to cooperate with the Trustee for the expeditious filing of any and all
documents and the fulfillment of the terms of this AGREEMENT TO BE BOUND. The
Transferee recognizes that a security interest has been granted in the
Membership Interests to the Trustee, that such security interest shall be
unaffected by transfer of the Membership Interest to the Transferee, and that
the Transferee shall be bound by all covenants with respect thereto, set forth
in the Agreement.

Executed on this ___ day of ______, 20__.

                                              [INSERT NAME OF TRANSFEREE],
                                              as Transferee

                                              ----------------------------------
                                              Name:
                                              Title:

                                    Exhibit C

                                                               EXECUTION VERSION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}]]