Document:

EXHIBIT 10.10.6

 

ENVIRONMENTAL INDEMNITY

 

THIS
ENVIRONMENTAL INDEMNITY (this “Indemnity”) is entered
into as of March 5, 2002, by CIRCUS AND ELDORADO JOINT VENTURE, a Nevada
general partnership (the “Partnership”),
and SILVER LEGACY CAPITAL CORP., a Nevada corporation (“Capital,” and together with the
Partnership, collectively, the “Indemnitors”
and each, individually, an “Indemnitor”),
to and for the benefit of the
Trustee and the Holders (each as defined below), and each of their respective
successors, and assigns, and their respective parents, subsidiaries and
affiliated corporations, and the respective directors, officers, agents,
attorneys, and employees of each of the foregoing (each of which shall be
referred to hereinafter individually as an “Indemnitee”
and collectively as the “Indemnitees”).  As used herein, “Trustee” means The Bank of New York, acting in its capacity as
Indenture Trustee for the
benefit of and the Holders, and
any successor in that capacity, and “Holders”
means the Persons identified as “Holders” and listed on the signature pages of
the Indenture, as defined below,
together with their successors and assigns.

 

R E C I T A L S

 

A.            Holders have agreed to purchase
Indemnitors’ 10 1/8% Mortgage Notes due 2012 (“Notes”) from Indemnitors pursuant to that certain Indenture (as it may be amended,
supplemented or otherwise modified from time to time, the “Indenture”) dated as of March 5, 2002 by
and among Indemnitors, Trustee,
as Indenture Trustee, and Holders,
which Notes are to be secured by, among other things, that certain Deed of
Trust, Fixture Filing and Security Agreement with Assignment of Rents, dated as
of even date herewith (the “Deed of Trust”)
executed by the Partnership, as trustor, to First American Title Company of
Nevada, as trustee, in favor of Trustee,
as beneficiary, which Deed of Trust encumbers, among other things that certain real property described on
Exhibit A attached hereto (the “Premises”),
and the Improvements thereon, whether now existing or hereafter constructed.

 

B.            It
is a condition precedent under the Indenture that this Indemnity be executed
and delivered by Indemnitors.

 

NOW,
THEREFORE, based upon the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and in order to induce Holders
and Trustee to enter into the Indenture and Holders  to purchase the Notes, Indemnitors agree
as follows:

 

1.  Each
capitalized term which is used herein but which is not defined herein shall
have the meaning given to that term in the Indenture.  As used in this
Indemnity:

 

“CERCLA” means the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980 (42
U.S.C. §§ 9601 et seq.), as heretofore or hereafter amended from time
to time,

 

“Environmental Losses” means Losses suffered
or incurred by any Indemnitee, arising out of or as a result of: (i) any
Hazardous Material Activity that occurs, or is alleged by any governmental
agency or any claimant other than an Indemnitee to have occurred, in whole or
in part, on or prior to the Transfer Date; (ii) any violation on or

 

 

prior to the Transfer Date  of
any applicable Environmental Laws relating to the Premises or to the ownership,
use, occupancy or operation thereof; (iii) any investigation, inquiry,
order, hearing, action, or other proceeding by or before any governmental
agency in connection with any Hazardous Material Activity that occurs, or is
alleged, by any governmental agency or any claimant other than an Indemnitee to
have occurred, in whole or in part, on or prior to the Transfer Date;
(iv) any inaccuracy or breach of any representation or warranty of either
Indemnitor set forth in any of the Transaction Documents;  (v) the existence, prior to the
Transfer Date, in the aquifer underlying the Premises and other portions of
Reno, Nevada, or in soils affecting that aquifer, of PCE (tetrachloroethylene)
and hydrocarbons, or either of them, insofar as the Losses arise out of or
otherwise relate (whether physically or economically) to the Premises or other
portion of the Hotel; or (vi) any claim, demand or cause of action, or any
action or other proceeding, whether meritorious or not, brought or asserted
against any Indemnitee that directly or indirectly relates to, arises from or
is based on any of the matters described in clauses (i), (ii), (iii), (iv)
or (v) of this definition or any allegation by any governmental agency or any
claimant other than an Indemnitee of any such matters.  Environmental
Losses shall include Losses suffered or incurred by an Indemnitee after the
Transfer Date that would not have been incurred or suffered but for any matter
described in clause (i), (ii), (iii), (iv) or (v) of this definition that
commenced prior to the Transfer Date or any allegation by any governmental agency
or any claimant other than an Indemnitee of any such matters, including, but
not limited to, Environmental Losses incurred by any Indemnitee arising out of
or as a result of (x) the introduction or release of a Hazardous Material
that is discovered or released at the Premises or any portion thereof after the
Transfer Date but that was introduced at the Premises prior to the Transfer
Date, or (y) the continuing migration onto, on or from the Premises, or
the release on or at the Premises, of any Hazardous Material introduced in, on
or under the Premises or the surrounding streets and sidewalks prior to the
Transfer Date.

 

“Hazardous Material Activity” means any
actual, proposed or threatened use, storage, holding, existence, release
(including any spilling, leaking, pumping, pouring, emitting, emptying,
dumping, disposing into the environment, and the continuing migration into or
through soil, surface water, or groundwater), emission, discharge, generation,
processing, abatement, removal, disposition, handling or transportation to or
from the Premises or other portion of the Hotel of any Hazardous Material from,
under, in, into or on the Premises or other portion of the Hotel (including,
but not limited to, the surrounding streets and sidewalks), including, without
limitation, the movement or migration of any Hazardous Material from
surrounding property or groundwater in, into or onto the Premises or other
portion of the Hotel,
and any residual Hazardous Material contamination on or under the
Premises or other portion of the Hotel.

 

“Hotel” shall have the meaning set forth in
the Security Agreement.

 

“Losses” means any and all losses,
liabilities, damages (whether actual, consequential, punitive, or otherwise
denominated), demands, claims, actions, judgments, causes of action,
assessments, penalties, costs and expenses (including, without limitation,
environmental investigation, response, removal and remediation costs,
reasonable attorneys’ fees and disbursements), of any and every kind or
character,

 

2

 

foreseeable and unforeseeable, liquidated and contingent, proximate and
remote, including, without limitation, any of the foregoing caused by the
active or passive negligence of any Indemnitee, but shall not include:
(i) with respect to any particular Indemnitee and loss, that portion, if
any, of that loss which was caused by the gross negligence or willful
misconduct of (including any willful violation of any Environmental Law by)
that Indemnitee, and (ii) any special assessments made by any special
assessment district formed pursuant to Nevada law for the purpose of
investigating and remediating pollution of the groundwater aquifer underlying
downtown Reno, Nevada, which become a lien on the Premises after foreclosure of
the lien of the Deed of Trust by or for the benefit of the Holders.

 

“Transaction Documents” means the Indenture,
the Notes, the Deed of Trust, the Assignment of Rents and Revenues dated of
even date by and between Indemnitors and Trustee, the Security Agreement dated
of even date by and between Indemnitors and Trustee, the Collateral Account
Agreement dated of even date by and between Indemnitors and Trustee, the
Purchase Agreement dated of even date by and between Indemnitors and the
Initial Purchasers signatory thereto, and each other document executed in
connection therewith or related thereto.

 

“Transfer Date” means the later of:  (i) the date on which any of Holders (or any of their affiliates) acquires, directly or through
Trustee, fee title to the
Premises and Improvements pursuant to the power of sale or judicial foreclosure
of the lien of the Deed of Trust, or by acceptance of a deed in lieu of such
foreclosure, and all redemption rights that Indemnitors may have with respect
thereto have expired, and (ii) the date on which a period of ninety-one
(91) days have elapsed since the date on which fee title thereto has vested in
any of Holders or Trustee (or any affiliate thereof)
and, during such period, no bankruptcy or other insolvency proceeding has been
filed by or against Indemnitors.  If
Indemnitors should remain in possession of the Premises after the Transfer
Date, or if Indemnitors should engage in any Hazardous Material Activity on or
at the Premises after the Transfer Date, the Transfer Date shall be deemed to
be the date after which Indemnitors are no longer in possession of the Premises
and has ceased to engage in any Hazardous Material Activity on or at the
Premises (it being expressly understood and agreed, however, that, solely for purposes
of this definition, the presence of any Hazardous Material on the Premises
after the Transfer Date, or the migration of such Hazardous Material thereon, in either instance without the active
involvement of Indemnitors (whether directly or through any agent or contractor
of Indemnitors) shall not be deemed or construed to be engaging in any
Hazardous Material Activity on or at the Premises after the Transfer Date).

 

2.  Indemnitors
hereby, jointly and severally, agree to indemnify, defend, and hold harmless
Indemnitees, and each of them, from and against any and all Environmental
Losses.

 

3.  (a)  Indemnitee shall notify Indemnitors of any
claim or notice of the commencement of any action, administrative or legal
proceeding or investigation as to which the indemnity provided for in Paragraph 2
applies, within a reasonable period of time after such claim, action,
proceeding or investigation becomes known to Indemnitee (it being expressly

 

3

 

understood and agreed, however, that no such notice shall be required
if the claim, action, proceeding or investigation has already become known to
Indemnitors prior to or during that period). 
Indemnitors shall assume on behalf of such Indemnitee and conduct with
due diligence and in good faith the investigation and defense of such claim,
action, proceeding or investigation and the response thereto with counsel
reasonably satisfactory to Trustee;
provided, however, that such Indemnitee shall have the right to
be represented by advisory counsel of its own selection and at its own expense;
and provided, further, that if any such claim, action,
proceeding, or investigation involves both Indemnitors and an Indemnitee, and
such Indemnitee shall have reasonably concluded that there may be legal
defenses available to it that are different from, additional to, or
inconsistent with those available to Indemnitor, or that Indemnitors are not
adequately investigating or defending such matter on behalf of Indemnitee, then
the Indemnitee shall have the right to select separate counsel to participate
in the investigation and defense of and response to such claim, action,
proceeding or investigation on its own behalf at Indemnitors’ expense.  In addition to the foregoing, after
foreclosure of the lien of the Deed of Trust by or on behalf of Holders, Indemnitee shall notify
Indemnitors of Hazardous Material Activity not previously known to Indemnitors
and which may be the basis for a claim by Indemnitee against Indemnitors
hereunder within a reasonable period of time after such newly discovered
Hazardous Material Activity becomes known to Indemnitee.

 

(b)  If any claim, action, proceeding, or
investigation arises as to which the indemnity provided for in Paragraph 2
applies, and Indemnitors fail to
assume promptly (and in any event within fifteen (15) days after being
notified of the claim, action, proceeding, or investigation) the defense of an
Indemnitee, then such Indemnitee may contest and, settle the claim, action,
proceeding, or investigation at Indemnitors’ expense using counsel selected by
such Indemnitee; provided, however, that after any such failure
by Indemnitors no such contest need be made by such Indemnitee and settlement
or full payment of any claim may be made by such Indemnitee without
Indemnitors’ consent and without releasing Indemnitors from any obligations to
such Indemnitee under Paragraph 2.

 

4.  This
Indemnity is given solely to protect Holders
and the other Indemnitees against Environmental Losses, and not as additional
security for, or as a means of repayment of, the obligations evidenced by the
Transaction Documents.  The obligations
of Indemnitors under this Indemnity are independent of, and shall not be
measured or affected by (i) any amounts at any time owing under the
Transaction Documents or secured by the Deed of Trust, (ii) the
sufficiency or insufficiency of any collateral (including, without limitation,
the Premises) given to Holders
to secure repayment of the obligations evidenced by the Transaction Documents,
(iii) the modification, expiration or termination of the Deed of Trust or
any other document or instrument relating to the obligations evidenced by the
Transaction Documents, or (iv) except as otherwise expressly provided
herein, the discharge or repayment in full of the evidenced by the Transaction
Documents (including, without limitation, by amounts paid or credit bid at a
foreclosure sale or by discharge in connection with a deed in lieu of
foreclosure).

 

5.  Indemnitors’ obligations hereunder shall survive the sale
or other transfer of the Hotel or any portion thereof prior to the Transfer
Date, and shall remain in force beyond (i) the expiration of any statute
of limitations and (ii) payment or satisfaction in full of any single
claim within the scope of this Indemnity. 
The right of each Indemnitee under this Indemnity shall be in addition
to any other rights and remedies of such Indemnitee against Indemnitors

 

4

 

under any other document
or instrument now or hereafter executed by Indemnitors, or at law or in equity
(including, without limitation, any right of reimbursement or contribution
pursuant to CERCLA), and shall not in any way be deemed a waiver of any of such
rights.  Indemnitors agree that it shall
have no right of contribution (including, without limitation, any right of
contribution under CERCLA) against any Indemnitee with respect to any matter
covered by this Indemnity, and hereby waives and relinquishes any such right,
excepting, however, any right of contribution which either Indemnitor may have
by reason of the ownership or other interest in, or use of, by any Indemnitee
of property, other than the Premises, in Reno, Nevada.  Indemnitors further agree that it shall have
no right of subrogation to any right or claim of any Indemnitee against any
third Person until all obligations of Indemnitors to such Indemnitee hereunder
with respect to such right or claim have been satisfied.

 

6.  All
obligations of Indemnitors hereunder shall be payable on demand, and any amount
due and payable hereunder to any Indemnitee by Indemnitors that is not paid
within thirty (30) days after written demand therefor from an Indemnitee with
an explanation of the amounts demanded shall bear interest from the date of such
demand at the rate borne by the Notes.

 

7.  If any
action or proceeding is brought in connection with the construction or
enforcement of this Indemnity, the prevailing party in such matter shall be
entitled to reimbursement of its costs and expenses (including reasonable
attorneys’ fees) in such matter.  The
obligations set forth in this Section 7 are in addition to and not in lieu of
other obligations set forth herein and in other Transaction Documents or any of
them.

 

8.  This
Indemnity shall be binding upon each Indemnitor, its heirs, representatives,
administrators, executors, successors and assigns and shall inure to the
benefit of and shall be enforceable by each Indemnitee and its successors, and
permitted assigns (it being expressly understood and agreed that the term
“permitted assign” means any Person to which any Holder assigns or sells all or
any portion of its interest in the Notes in accordance with the terms of the Indenture, and any other Person to
whom assignment by a Holder or Trustee
of rights under the Indenture or
other transaction is permitted thereby, and any Person to whom consent to an
assignment thereto has otherwise been given by Indemnitors).

 

9.  THIS INDEMNITY SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEVADA, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

 

10.  ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST INDEMNITORS ARISING OUT OF OR RELATING TO
THIS INDEMNITY MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT
JURISDICTION IN THE STATE OF NEVADA AND BY EXECUTION AND DELIVERY OF THIS
INDEMNITY EACH INDEMNITOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS
PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF
THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS

 

5

 

INDEMNITY.  Each
Indemnitor hereby agrees that service of all process in any such proceeding in
any such court may be made by registered or certified mail, return receipt
requested, at its address provided in Section 14, such service being
hereby acknowledged by such Indemnitor to be sufficient for personal
jurisdiction in any action against such Indemnitor in any such court and to be
otherwise effective and binding service, in every respect.  Nothing herein shall affect the right to
serve process in any other manner permitted by law.

 

11.  EACH INDEMNITOR AND, BY
ITS ACCEPTANCE OF THE BENEFITS HEREOF, INDEMNITEE EACH HEREBY AGREES TO WAIVE
ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF THIS INDEMNITY.  The scope of
this waiver is intended to be all-encompassing of any and all disputes that may
be filed in any court and that relate to the subject matter of this
transaction, including without limitation contract claims, tort claims, breach
of duty claims and all other common law and statutory claims.  Each Indemnitor and, by its acceptance of
the benefits hereof, and each Indemnitee each (i) acknowledges that this waiver is a material inducement
for such Indemnitor and the Holders
to enter into a business relationship, that such Indemnitor and Indemnitees
have already relied on this waiver in entering into this Indemnity or accepting
the benefits thereof, as the case may be, and that each will continue to rely
on this waiver in their related future dealings and (ii) further warrants
and represents 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.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE
MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
INDEMNITY.  In the event of
litigation, this indemnity may be filed as a written consent to a trial by the
court.

 

12.  Every
provision of this Indemnity is intended to be severable, if any provision of
this Indemnity or the application of any provision hereof to any Person or
circumstance is declared to be illegal, invalid or unenforceable for any reason
whatsoever by a court of competent jurisdiction, such invalidity shall not affect
the balance of the terms and provisions hereof or the application of the
provision in question to any other Person or circumstance, all of which shall
continue in full force and effect.

 

13.  No failure
or delay on the part of any Indemnitee to exercise any power, right or
privilege under this Indemnity shall impair or prejudice the exercise by
Indemnitee of any such power, right or privilege with respect to any future
claim, action, proceeding, investigation or Environmental Loss, or be construed
to be a waiver of any default or an acquiescence therein.  No such failure or delay shall impair or
prejudice the exercise by Indemnitee of any such power, right or privilege with
respect to any claim, action, proceeding, investigation or Environmental Loss existing
at the time of such failure or delay unless (and then only to the extent that)
Indemnitors establish by a preponderance of the evidence that such failure or
delay by Indemnitee materially impaired the ability of Indemnitors to defend
against or to limit its liability with respect to the Environmental Loss for
which such Indemnitee is seeking indemnification hereunder.  No single or partial exercise of such power,
right or privilege shall preclude other or further exercise thereof or of any
other right, power or privilege.  No
provision of this Indemnity may be changed, waived, discharged or terminated
except by an instrument in writing signed by

 

6

 

the party against whom enforcement of the change, waiver, discharge or
termination is sought.  The rights,
powers and remedies given to Indemnitees by this Indemnity are cumulative and
shall be in addition to and independent of all rights, powers and remedies
given to any of the Indemnitees by virtue of any statute or rule of law or in
any of the other Transaction Documents or in any other agreement or document.

 

14.  All
notices, requests and demands to be made hereunder to the parties hereto shall
be in writing (at the respective address of the Person for whom intended set
forth below or hereafter provided in accordance with this Section) and shall be
given by any of the following means: (a) personal service;
(b) electronic communication, whether by telex, telegram or telecopying
(if confirmed in writing sent by registered or certified, first class mail,
return receipt requested); or (c) registered or certified, first class
mail, return receipt requested.  Such
addresses may be changed by notice to the other parties given in the same
manner as provided above.  Any notice,
demand or request sent pursuant to either clause (a) or (b) hereof shall be deemed received upon such
personal service or upon dispatch by electronic means, and, if sent pursuant to
clause (c)shall be deemed received three (3) days following deposit in the
mail.

 

	
   

  	
  To Trustee:

  	
  The Bank of New York

  
	
   

  	
  c/o United States Trust
  Company of New York

  
	
   

  	
  114 W. 47th
  Street

  
	
   

  	
  New York, NY 10036-1532

  
	
   

  	
  Attention:  Corporate Trust Agency

  
	
   

  	
   

  
	
   

  	
  To Indemnitors:

  	
  c/o Circus and Eldorado
  Joint Venture

  
	
   

  	
  407 Virginia Street

  
	
   

  	
  Reno, Nevada 89501

  
	
   

  	
   

  	
  Attention: Bruce Sexton

  

 

15.  This
Indemnity may be executed in counterparts each of which shall be deemed an
original and all of which shall constitute one and the same Indemnity with the
same effect as if all parties had signed the same signature page.  Any signature page of this Indemnity may be
detached from any other counterpart of this Indemnity and reattached to any
other counterpart of this indemnity identical in form hereto but having
attached to it one or more additional signature pages.

 

7

 

IN
WITNESS WHEREOF, Indemnitors have executed this Indemnity as
of the day and year first written above.

 

	
  Indemnitors:

  	
  CIRCUS
  AND ELDORADO JOINT VENTURE,

  	 

	
   

  	
  a Nevada general partnership

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Gary Carano

  	
   

  	
   

  	 

	
   

  	
   

  	
  Name:

  	 

	
   

  	
   

  	
  Title: Chief Executive
  Officer

  	 

	
   

  	
   

  	 

	
   

  	
  SILVER
  LEGACY CAPITAL CORP.

  	 

	
   

  	
  a Nevada corporation

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Gary Carano

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	 

	
   

  	
   

  	
  Title: President and CEO

  	 

							

 

8

 

EXHIBIT A

 

DESCRIPTION OF
THE PREMISES

 

ALL THAT CERTAIN REAL
PROPERTY SITUATED IN THE STATE OF NEVADA, COUNTY OF WASHOE, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

 

Part I

 

THE LAND REFERRED TO HEREIN IS SITUATED IN THE COUNTY OF WASHOE, STATE
OF NEVADA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL 1:

 

Beginning at the intersection of the Southern line of West Fifth Street
with the Western line of North Virginia Street; thence Southerly along said
Western line of North Virginia Street, 88.00 feet; thence Westerly parallel
with the Northern line of West Fourth Street 140.00 feet to the Eastern line of
alley; thence Northerly along the last mentioned line 88.00 feet to said
Southern line of West Fifth Street; thence Easterly along said Southern line of
West Fifth Street, 140.00 feet to the point of beginning.

 

PARCEL 2:

 

Beginning at the intersection of the West line of North Virginia Street
with the North line of Lot 10 in Block “B” of ORIGINAL TOWN, NOW CITY OF RENO,
according to the map thereof, filed in the office of the County Recorder of
Washoe County, State of Nevada, on June 27, 1871; thence Northerly along the
Westerly line of North Virginia Street, 12 feet, more or less, to the Southeast
corner of the parcel of land described in the deed to Ivanhoe Corporation of record
in Book 453, File No. 278019, Deed Records; thence Westerly along the Southern
line of said Ivanhoe Corporation parcel 140 feet to the Easterly line of an
alley; thence Southerly along the last mentioned line, 12 feet, more or less,
to the Northwest corner of said Lot 10; thence Easterly to the point of
beginning.

 

PARCEL 3:

 

Lots 10, 11, 12 and the North 13 feet of Lot 13 in Block “B” of
ORIGINAL TOWN, NOW CITY OF RENO, according to the map thereof, filed in the
office of the County Recorder of Washoe County, State of Nevada, on June 27,
1871.

 

PARCEL 4:

 

The Northerly 9.25 feet of Lot 3 and all of Lots 4, 5, 6, 7 and 8 in
Block “B” of ORIGINAL TOWN, NOW CITY OF RENO, according to the map thereof,
filed in the office of the County Recorder of Washoe County, State of Nevada,
on June 27, 1871.

 

 

ALSO a parcel of land bounded on the South by the Southern line of the
40 foot alley as laid out on the map of the Town, now City of Reno, in said
Block “B”, bounded on the West by the Eastern line of North Sierra Street,
bounded on the North by the Southern line of West Fifth Street and bounded on
the East by the Western line of the 20 foot alley running Northerly and
Southerly through said Block “B”.

 

PARCEL 5:

 

The South 37 feet of Lot 13 in Block “B” of the “ORIGINAL TOWN, NOW
CITY OF RENO”, according to the official map thereof, filed in the office of
the County Recorder of Washoe County, State of Nevada, on June 27, 1871.

 

PARCEL 6:

 

Lot 14 in Block B of ORIGINAL TOWN, NOW CITY OF RENO, according to the
map thereof, filed in the office of the County Recorder of Washoe County, State
of Nevada, on June 27, 1871.

 

PARCEL 7:

 

The West forty (40) feet of Lot Fifteen (15) in Block “B” fronting
forty (40) feet on the North line of Fourth Street, as designated on the
official map of said City of Reno, Nevada, on file and of record in the office
of the County Recorder in and for the said County of Washoe; the property
hereby conveyed being the same property described in a Deed from May J. A.
Nadon and others to Dale V. Clanton, dated November 18, 1920, and filed for
record on the 29th day of November, 1920, in the office of the County Recorder
in and for the County of Washoe, and therein recorded in Book 56 of Deeds, at
Page 440.

 

PARCEL 8:

 

The East 100 feet of Lot 15 in Block B of original town, now City of
Reno, according to the map thereof, filed in the office of the County Recorder
of Washoe County, State of Nevada, on June 27, 1871.

 

PARCEL 9:

 

All of Lots 1 and 2, and the South 40.75 feet of Lot 3 in Block B of
the ORIGINAL TOWN, NOW CITY OF RENO, according to the map thereof, filed in the
office of the County Recorder of Washoe County, State of Nevada, on June 27,
1871.

 

PARCEL 10:

 

The South 20 feet of Lot 10, and all of Lots 11, 12, 13, 14, 15 and 16,
in Block A, of ORIGINAL TOWN, NOW CITY OF RENO, according to the map thereof,
filed in the office of the County Recorder of Washoe County, State of Nevada,
on June 27, 1871.

 

 

TOGETHER WITH the East 1/2 of the North-South alley running through
said Block A, immediately adjoining Lots 11, 12, 13, 14, 15 and 16 on the
West, and more particularly described in those certain Orders of Abandonment
recorded January 19, 1977 in Book 1044, Page 521 as Document No. 445058, and
recorded November 14, 1985 in Book 2251, Page 933 as Document No. 1034253 of
Official Records.

 

PARCEL 11:

 

The East 78 feet of Lot 9 and the East 78 feet of the North 30 feet of
Lot 10 in Block A of the ORIGINAL TOWN, NOW CITY OF RENO, according to the
Official Map thereof, filed in the office of the County Recorder of Washoe
County, State of Nevada, on June 27, 1871.

 

Together with that portion of the vacated alley lying Southerly of the
Southerly line of West Fifth Street and Westerly of the Westerly line of North
Sierra Street adjoining said Lot 9 at its most Northeasterly corner.

 

PARCEL 12:

 

A portion of the Southwest 1/4 of the Northeast 1/4 of Section 11,
Township 19 North, Range 19 East, M.D.B&M., lying and being in the City of
Reno, County of Washoe, State of Nevada, and more particularly described as
follows:

 

The Westerly 74 feet of Lot 9 and the Westerly 74 feet of the North 30
feet of Lot 10, all in Block A of the ORIGINAL TOWN, NOW CITY OF RENO,
according to the official map thereof, filed in the office of the County
Recorder of Washoe County, State of Nevada, on June 27, 1871.

 

PARCEL 13:

 

BEGINNING at the Northeast corner of Lot 8, Block A, as shown on the
official plat of the town, now City of Reno, Nevada, filed in the office of the
County Recorder of Washoe County, Nevada, on June 27, 1871; thence Southerly
along the Easterly lines of Lots 8 and 7 of said Block A to the Southeast
corner of Lot 7; thence Westerly along the Southerly line of Lot 7 and the
Southerly line of Lot 7 projected to its intersection with the Easterly line of
West Street; thence Northerly along the Easterly line of West Street to the
Southerly line of West Fifth Street; thence Easterly along the Southerly line
of West Fifth Street to the point of beginning.

 

PARCEL 14:

 

Lots 1, 2, 3, 4, 5, 6, in Block A, of ORIGINAL TOWN, NOW CITY OF RENO,
according to the map thereof, filed in the office of the County Recorder of
Washoe County, State of Nevada, on June 27, 1871, together with that parcel
immediately adjoining Lots 5 and 6 on the West, that is more particularly described
as follows:

 

 

BEGINNING at the Northeasterly corner of Lot 6, in Block A of ORIGINAL
TOWN, NOW CITY OF RENO, according to the map thereof, filed in the office of
the County Recorder of Washoe County, State of Nevada, on June 27, 1871; thence
Southerly along the Easterly line of said Lots 5 and 6, in Block A, 100 feet to
the Southeasterly corner thereof; thence Westerly along the Southerly line of
said Lot 5 and the Southerly line of Lot 5 extended Westerly to the Easterly
line of West Street, as now located in the City of Reno, a distance of 140
feet; thence Northerly along the Easterly line of West Street 100 feet to a
point which would be intersected by a line extended Westerly from the
Northeasterly corner of said Lot 6 and along the Northerly line of said Lot 6;
thence Easterly and along said line and the Northerly line of said Lot 6,
a distance of 140 feet to the Northeasterly corner of said Lot 6, the point of
beginning; said premises being Lots 5 and 6 in Block A of the TOWN OF RENO, according
to the map above mentioned, and that portion of the 40 foot alley around the
Town of Reno, according to the map above mentioned, lying Westerly of Lots 5
and 6 and East of the East line of West Street, as now located and between the
Northerly and Southerly line of said Lots 5 and 6 if said lines were extended
Westerly to the Easterly line of West Street as now located.

 

TOGETHER WITH the West one-half of the North-South alley running
through said Block A, immediately adjoining said LOTS 1, 2, 3, 4, 5 and 6 on
the East, and more particularly described in those certain Orders of
Abandonment recorded January 19, 1977 in Book 1044, Page 521 as Document No.
445058, and recorded on November 14, 1985 in Book 2251, Page 533 as
Document No. 1034253, Official Records, Washoe County, State of Nevada.

 

PARCEL 15:

 

All that certain 20.0 ft. wide alley connecting West Fourth Street with
West Fifth Street, Reno, Nevada, lying within Block B of the original Town, now
City of Reno, according to the map thereof, filed in the Office of the Washoe
County Recorder on June 27, 1871, and within Block B of the Evans North
Addition, according to the map thereof, filed in the office of the Washoe
County Recorder on December 16, 1879.

 

PARCEL 16:

 

All that certain 20.0 ft. wide alley lying between Lots 7, 8, 9 and 10
of Block A of the Original Town, now City of Reno, according to the map
thereof, filed in the office of the Washoe County Recorder on June 27, 1871.

 

PARCEL 17:
(Air Rights Only)

 

All that certain piece or parcel of land located within a portion of
the Northeast 1/4 of Section 11, Township 19 North, Range 19 East,
M.D.B.&M. more particularly described as follows:

 

That certain air space located above Sierra Street commencing at an
elevation of 4,521 and extending vertically 32 feet to an elevation of 4,553
feet, which height is measured

 

 

from the finished floor elevation of the Silver Legacy Casino at 4,503
feet, and located directly over that certain parcel of real property described
as follows:

 

Commencing at the Southwest corner of Block B Reno Townsite as shown on
Record-of-Survey 2665, recorded January 27, 1994,

 

thence North 13o48’48” West 97.13 feet to the True Point of Beginning

 

thence North 13o48’48” West 223.17 feet

 

thence South 76o11’12” West 80.00 feet

 

thence South 13o48’48” East 223.17 feet

 

thence North 76o11’12” East 80.00 feet to the True Point of Beginning

 

PARCEL 18:
(Subterranean Rights Only)

 

All that certain piece or parcel of land located within a portion of
the Northeast 1/4 of Section 11, Township 19 North, Range 19 East,
M.D.B.&M. more particularly described as follows:

 

That certain subterranean space located beneath Sierra Street
commencing at an elevation of 4,480 and extending vertically 20 feet to an
elevation of 4,500 feet, which height is measured from the finished floor
elevation of the Silver Legacy Casino at 4,503 feet, and located directly below
that certain parcel of real property described as follows:

 

Commencing at the Southwest corner of Block B Reno Townsite as shown on
Record-of-Survey 2665, recorded January 27, 1994,

 

thence North 13o48’48” West 181.05 feet to the True Point of Beginning

 

thence North 13o48’48” West 24.33 feet

 

thence South 76o11’12” West 80.00 feet

 

thence South 13o48’48” East 24.33 feet

 

thence North 76o11’12” East 80.00 feet to the True Point of Beginning

 

EXCEPTING THEREFROM the above Parcels 1 through 18, all those certain
parcels as conveyed to THE CITY OF RENO, a Nevada municipal corporation, by
Deed of Dedication recorded March 9, 1995 in Book 4259, Page 956 as Document
No. 1876631 of Official Records, and as amended by Deed of Dedication recorded
May 5, 1995 in Book 4297, Page 667 as Document No. 1891266 of Official Records.

 

 

Part II:

 

PARCEL 19:

 

Together with the reciprocal easement rights, as contained in those
certain Bridge Easements dated May 25, 1995 by and between CIRCUS AND ELDORADO
JOINT VENTURE, a Nevada general partnership and CIRCUS CIRCUS CASINO, INC., a
Nevada corporation and ELDORADO HOTEL ASSOCIATES LIMITED PARTNERSHIP, a Nevada
limited partnership, recorded May 31, 1995 as Document Numbers 1897109 and
1897108 Official Records, Washoe County, Nevada.QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.8    
  

STATION CASINOS, INC.  

 SECOND SUPPLEMENTAL INDENTURE  

 with respect to:  

 $199,900,000

87/8% Senior Subordinated Notes due 2008

Issued December 3, 1998  

 FIRST UNION NATIONAL BANK

Trustee  

 

        SECOND SUPPLEMENTAL INDENTURE, dated as of June 26, 2001 (the "Supplement") between Station
Casinos, Inc., a corporation duly organized and existing under the laws of the State of Nevada (herein called the "Company"), having its
principal office at 2411 Sahara Avenue, Las Vegas, Nevada, 89102, and First Union National Bank, a national banking association, as Trustee (herein called the
"Trustee"), for the Company's 87/8% Senior Subordinated Notes due 2008 (the
"Securities"). 

        The
Company has heretofore executed and delivered to the Trustee an Indenture, dated as of December 3, 1998 and amended by the First Supplemental Indenture dated as of
August 10, 2000 (the "Indenture"), under which the Securities in the aggregate principal amount $199,900,000 were issued and are outstanding.
Capitalized terms used herein but not defined herein shall have the meaning ascribed to them in the Indenture. 

        In
accordance with Section 9.02 of the Indenture, the Company has obtained the written consent of the Holders of a majority in principal amount of the Securities to certain
amendments to such Indenture. The Company is authorized to enter into this Supplement by a Board Resolution and simultaneously herewith the Trustee has received an Opinion of Counsel and an Officers'
Certificate stating that the execution of this Supplement is permitted by the Indenture and all conditions precedent under the Indenture have been satisfied. 

        NOW, THEREFORE, for and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities, as follows: 

 
 

ARTICLE ONE    
  

        Section 1.1
(a)    Section 1.01 of the Indenture is amended by deleting the definition of "Consolidated Net Income" therefrom in its
entirety and replacing such definition with the following:    

"Consolidated Net Income" means, for any period, the net income of a person and its consolidated Restricted Subsidiaries determined on a consolidated
basis in accordance with GAAP; provided, however, that there shall not be included in such Consolidated Net Income: (i) any net income (loss) of
any person if such person is not a Restricted Subsidiary, except that (A) the Company's equity in the net income of any such person (including, without limitation, an Unrestricted Subsidiary)
for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such person during such period to the Company or a Restricted Subsidiary as
a dividend or other distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in clause (iii) below); and (B) the
Company's equity in the net loss of any such person for such period shall be included in determining such Consolidated Net Income (subject, with respect to the net loss of an Unrestricted Subsidiary,
to clause (vi) below); (ii) any net income (loss) of any person acquired by the Company or a Restricted Subsidiary in a pooling of interests transaction for any period prior to the date
of such acquisition; (iii) any net income (loss) of any Restricted Subsidiary if such Restricted Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or
the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that (A) the Company's equity in the net income of any such Restricted Subsidiary for
such period shall be included in such Consolidated Net Income up to the aggregate amount of cash which could have been distributed by such Restricted Subsidiary during such period to the Company or
another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to another Restricted Subsidiary, to the limitation contained in this
clause) unless at the time of computation no cash would be permitted to be distributed and (B) the Company's equity in the net loss of any such Restricted Subsidiary for such period shall be
included in determining such Consolidated Net Income; (iv) any gain or loss realized upon the sale or other disposition of any property, plant or equipment of the Company or its consolidated 

3

 

Restricted Subsidiaries which is not sold or otherwise disposed of in the ordinary course of business and any gain or loss realized upon the sale or other disposition of any Capital Stock of any
person; (v) the cumulative effect of a change in accounting principles; (vi) the net loss of any Unrestricted Subsidiary; and (vii) extraordinary or nonrecurring gains or losses." 

        (b)    Section 1.01 of the Indenture is amended by deleting the definition of "Consolidated Net Income" therefrom in its entirety and replacing
such definition with the following:    

"Permitted Refinancing Indebtedness" means Indebtedness of the Company or a Restricted Subsidiary (i) issued in exchange for, or the proceeds
from the issuance and sale or disbursement of which are used to substantially concurrently repay, redeem, refund, refinance, discharge or otherwise retire for value, in whole or in part (collectively,
"repay"), or (ii) constituting an amendment, modification or supplement to, or a deferral or renewal of (collectively, an "amendment"), any Indebtedness of the Company or a Restricted
Subsidiary (and any premiums, penalties, fees and expenses actually incurred by the Company or such Restricted Subsidiary in connection with the repayment or amendment thereof) existing immediately
after the original issuance of the Series A Notes or incurred pursuant to clauses (iii), (vi), (vii) and (viii) (subject to proviso (C) below) of Section 4.06, in a
principal amount (or, if such Permitted Refinancing Indebtedness provides for an amount less than the principal amount thereof to be due and payable upon the acceleration thereof, with an original
issue price) not in excess of (1) the principal amount of the Indebtedness so refinanced (or, if such Permitted Refinancing Indebtedness refinances Indebtedness under an agreement providing a
commitment for subsequent
borrowings, with a maximum commitment not to exceed the maximum commitment under such agreement) plus (2) unpaid accrued interest on such Indebtedness plus (3) premiums, penalties, fees
and expenses actually incurred by the Company or such Restricted Subsidiary, as the case may be, in connection with the repayment or amendment thereof; provided that (A) Permitted Refinancing
Indebtedness of the Company that repays or constitutes an amendment to Subordinated Indebtedness shall not have an Average Life less than the Indebtedness to be so refinanced at the time of such
incurrence, and shall contain subordination and default provisions no less favorable in any material respect to the Holders than those contained in such repaid or amended Indebtedness,
(B) notwithstanding the foregoing, any Permitted Refinancing Indebtedness incurred to repay all of the Notes then outstanding shall not be limited in principal amount or otherwise if the
Company, contemporaneously with such issuance, irrevocably deposits with the Trustee or Paying Agent an amount of the proceeds of such Permitted Refinancing Indebtedness sufficient to redeem or repay
each installment of the outstanding principal amount of the Notes on, and all interest accrued to, the date fixed for such repayment, together with irrevocable instructions to redeem and repay the
Notes on the stated redemption date and (C) to the extent that Permitted Refinancing Indebtedness includes Indebtedness incurred in connection with the refinancing of the Bank Facility (whether
or not such Indebtedness is existing on or after the date of the Indenture) and the managing agent for the lenders under such refinancing Indebtedness is a person other than a banking institution with
over $500 million in assets and subject to supervision and examination by federal or state banking authorities, the provisions of clause (viii) of Section 4.06 shall terminate and
be of no further force and effect with respect to such refinancing Indebtedness." 

        (c)    Section 1.01 of the Indenture is amended by adding the following definition of "Qualified
Guarantee":    

"Qualified Guarantee" means a guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of any entity provided that
(i) unless such Indebtedness was incurred by a Native American tribe or any agency or instrumentality thereof, the Company and its Restricted Subsidiaries own in the aggregate at least 35% but
no more than 50% of the outstanding Voting Stock of such entity at the time of the incurrence, creation or assumption of the guarantee, (ii) the primary purpose for which such Indebtedness was
incurred was to finance the development, 

4

 

construction or acquisition of a gaming facility, (iii) the pro forma Consolidated Coverage Ratio of the Company, calculated cumulatively for the four most recent consecutive fiscal quarters
of the Company prior to the date of the guarantee as if the guarantee were required to have been satisfied on the first day of such period, would have been greater than 2.5 to 1.00, (iv) none
of the Existing Equity Holders, other than Glenn C. Christenson or Scott M Nielson if such person is no longer employed by the Company in any capacity, or any of their Related Persons, other than the
Company and its Restricted Subsidiaries, is a direct or indirect obligor, contingently or otherwise, of such Indebtedness or a direct or indirect holder of any Capital Stock of such entity, other than
through their respective ownership interests in the Company, (v) at the time of the incurrence, creation or assumption of the guarantee, the rating of the Notes by each Rating Agency is at
least equal to the rating of the Notes on the date of the Indenture and (vi) if such Indebtedness is incurred by a Native American tribe or any agency or instrumentality thereof, including any
tribal authority, for so long as such guarantee is outstanding such tribe and the Company or one of its Restricted Subsidiaries will have in effect a written agreement which has been approved by all
required Governmental Authorities pursuant to which the Company or one of its Restricted Subsidiaries will manage such tribe's gaming activities at the facility or facilities with respect to which the
Indebtedness was incurred to develop, construct or acquire in exchange for customary fees and reimbursements." 

        Section 1.2    Section 4.05 of the Indenture is amended to read in its entirety as follows:    

        "The
Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly: 

        (i)    declare
or pay any dividend on, or make any distribution in respect of, or purchase, redeem or retire for value, any Capital Stock of the Company or of any Restricted
Subsidiary, other than, in the case of the Company, through the issuance (as a dividend or stock split thereon or in exchange therefor) solely of the Company's own Capital Stock (excluding
Exchangeable Stock or Redeemable Stock) and, in the case of a Restricted Subsidiary, with respect to shares of its Capital Stock that are owned solely by the Company or a wholly-owned Restricted
Subsidiary; 

        (ii)  make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, prior to scheduled principal payment or maturity, Subordinated
Indebtedness; or 

        (iii)  incur,
create, assume or suffer to exist any guarantee of Indebtedness of, or make any loan or advancement to, or other investment in, any Affiliate or Related Person
of the Company or a Restricted Subsidiary, other than the Company or a Restricted Subsidiary; 

(such
payments or any other actions described in clauses (i) and (ii), a "Restricted Payment," and in clause (iii), a "Restricted Investment"), unless: 

        (a)  at
the time of and after giving effect to the proposed Restricted Payment or Restricted Investment, no Event of Default (and no event that, after notice or lapse of
time, or both, would become an Event of Default) shall have occurred and be continuing; and 

        (b)  at
the time of and after giving effect to the proposed Restricted Payment or Restricted Investment (the value of which, if in a form other than cash, shall be determined
in good faith by the Board of Directors, whose determination shall be conclusive and evidenced by a board resolution), the aggregate amount of all Restricted Payments and Restricted Investments
declared or made after June 2, 1993, shall not exceed the sum of, without duplication, 

        (I)  50%
of the cumulative Consolidated Net Income of the Company (or if such cumulative Consolidated Net Income shall be a loss, 100% of such loss) accrued after
June 2, 1993; 

        (II)  an
amount equal to the Net Proceeds received by the Company from the issuance and sale (other than to a Subsidiary) after June 2, 1993 of Capital Stock
(excluding 

5

 

Exchangeable Stock, Redeemable Stock and Capital Stock issued in exchange for previously outstanding shares of Capital Stock if such exchange did not constitute a Restricted Payment); 

        (III) $15,000,000;
and 

        (IV) an
amount equal to 50% of any dividends received by and 100% of any Restricted Investments which are returned or repaid to (in each case, to the extent not included in
Consolidated Net Income of the Company) the Company or a wholly-owned Restricted Subsidiary after the date of the Indenture from an Unrestricted Subsidiary of the Company; 

provided, however, that Net Proceeds received from the sale of the stock of PSHC, BSI, TSI, SSI, SGSI, or SWSI, or any successor or assignee thereof, by
the Company shall not be included in clause (2) above. 

        For
purposes of any calculation pursuant to the preceding sentence which is required to be made within 60 days after the declaration of a dividend by the Company or any
Subsidiary, such dividend shall be deemed to be paid at the date of declaration, and the subsequent payment of such dividend during such 60-day period shall not be treated as an additional
Restricted Payment. 

        Notwithstanding
the foregoing, the provisions of this Section 4.05 will not prevent the following Restricted Payments or Restricted Investments: (a) payment of any dividend
within 60 days after the date of its declaration if at the date of declaration such payment would be permitted by this Section; (b) Restricted Investments, which together with all other
Restricted Investments since June 2, 1993, do not exceed $20,000,000 in the aggregate, provided that after giving effect to each such Restricted Investment (as if it had occurred on the first
day of such period) the pro forma Consolidated Coverage Ratio of the Company, calculated cumulatively for the four most recent consecutive fiscal quarters of the Company and ending prior to the date
of the latest Restricted Investment, shall be greater than 2.00 to 1.00; (c) the redemption or repurchase of any Capital Stock or Indebtedness of the Company or any of its Restricted
Subsidiaries solely to the extent required by any Gaming Authority or, if determined in the good faith judgment of the Board of Directors of the Company, to prevent the loss or to secure the grant or
establishment of any gaming license or other right to conduct lawful gaming operations; and (d) so long as no Default or Event of Default has occurred and is continuing, the incurrence,
creation, assumption or suffering to exist of any Qualified Guarantee, provided that, with respect to this clause (d), the amounts available to make Restricted Payments or Restricted
Investments pursuant to clause (b) above shall be reduced only by the amount that becomes due on the Indebtedness that is guaranteed in accordance with the terms of such Indebtedness and that
is paid by the Company or any of its Restricted Subsidiaries, and, if and for so long as an event of default occurs and is continuing with respect to such Indebtedness, by the aggregate principal
amount of such Indebtedness then outstanding to the extent that it is guaranteed pursuant to such Qualified Guarantee. 

        The
Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if such designation would not cause a Default; provided that in no event shall the
business currently operated by PSHC, BSI, TSI, SGSI or SWSI be transferred to or held by an Unrestricted Subsidiary. For purposes of making such determination, all outstanding investments by the
Company and its Restricted Subsidiaries (except to the extent repaid in cash) in the Subsidiary so designated will be deemed to be Restricted Payments at the time of such designation and will reduce
the amount available for Restricted Payments under this Section 4.05. All such outstanding investments will be deemed to constitute investments in an amount equal to the fair market value of
such investments at the date of such designation. Such designation will only be permitted if such Restricted Payment would be permitted at such time and if such Restricted Subsidiary otherwise meets
the definition of an Unrestricted Subsidiary. 

        Prior
to making any Restricted Payment or Restricted Investment, the Company will deliver to the Trustee an Officers' Certificate (dated the date of such proposed payment or investment)
stating 

6

 

(i) that such proposed payment or investment will be in compliance with this Section 4.05 and (ii) no Default or Event of Default under this Indenture has occurred or will occur
as a result of such proposed payment or investment." 

 
 

ARTICLE TWO    
  

        Section 2.1    Effective Date of This Supplement.    

        This
Supplement shall be effective as of the date first written above at and after such time as the consent payment (as provided for in the consent solicitation statement with respect to
this Supplement) has been made to each consenting Holder (provided that such payment has been made promptly following the execution of this Supplement). 

        Section 2.2    Indenture Ratified.    

        Except
as hereby otherwise expressly provided, the Indenture is in all respects ratified and confirmed, and all the terms, provisions and conditions thereof shall be and remain in full
force and effect. 

        Section 2.3    Counterparts.    

        This
Supplement may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

        Section 2.4    Trustee Not Responsible.    

        The
recitals contained herein shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. 

        Section 2.5    Definitions and Terms.    

        Unless
otherwise defined herein, all initially capitalized terms used herein shall have the meanings assigned to such terms in the Indenture. 

        Section 2.6    Governing Law.    

        This
Supplement shall be governed by and construed in accordance with the law of the State of New York. 

[Remainder of Page Intentionally Left Blank]  

7

 

        IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be duly executed, and their respective
corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 

	 	 	STATION CASINOS, INC.
	

 	
 	

By:	
 	

 Name:

Title:
	 	 	 	 	 
	 	 	FIRST UNION NATIONAL BANK
	

 	
 	

By:	
 	

 Name:

Title:

8

QuickLinks

Exhibit 4.8

ARTICLE ONE

ARTICLE TWO

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