Document:

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                                                                    EXHIBIT 10.4

                               WARRANT TO PURCHASE
                              MEMBERSHIP INTERESTS
                                       OF
                                 MEZZCO, L.L.C.

THIS WARRANT AND THE UNDERLYING SECURITIES ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT BE
OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1)
PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES THAT IS
EFFECTIVE UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT RELATING TO THE DISPOSITION OF SECURITIES,
(2) IN ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKY LAWS AND (3) IN
ACCORDANCE WITH APPLICABLE STATE GAMING LAWS AND REQUIREMENTS AND RESTRICTIONS
IMPOSED BY THE NEVADA GAMING COMMISSION.

THE MEMBERSHIP INTERESTS ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO
THE PROVISIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT, DATED AS OF AUGUST 9,
2004, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER SET FORTH THEREIN. A COMPLETE
AND CORRECT COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL
OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST AND WITHOUT
CHARGE.

WHEN THE LIMITED LIABILITY COMPANY ISSUING THE OWNERSHIP INTEREST REPRESENTED BY
THIS CERTIFICATE HAS BEEN LICENSED BY OR REGISTERED WITH THE NEVADA GAMING
COMMISSION, THE PURPORTED SALE, ASSIGNMENT, TRANSFER, PLEDGE, GRANTING OF ANY
OPTION TO PURCHASE OR OTHER DISPOSITION OF SUCH INTEREST SHALL BE INEFFECTIVE
UNLESS APPROVED IN ADVANCE BY THE COMMISSION. IF AT ANY TIME THE COMMISSION
FINDS THAT A MEMBER IS UNSUITABLE TO HOLD SUCH INTEREST, THIS WARRANT AND THE
SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT SHALL BE SUBJECT TO REDEMPTION
AND/OR REPURCHASE, PURSUANT TO THE TERMS SET FORTH HEREIN. BEGINNING ON THE DATE
WHEN THE COMMISSION SERVES NOTICE OR A DETERMINATION OF UNSUITABILITY PURSUANT
TO APPLICABLE LAW UPON THE COMPANY, IT SHALL BE UNLAWFUL FOR THE UNSUITABLE
MEMBER (A) TO RECEIVE ANY DIVIDEND OR INTEREST OR ANY PAYMENT OR DISTRIBUTION OF
ANY KIND, INCLUDING OF ANY SHARE OF THE DISTRIBUTION OF PROFITS OR CASH OR ANY
OTHER PROPERTY, OR PAYMENTS UPON DISSOLUTION, FROM THE COMPANY, OTHER THAN A
RETURN OF CAPITAL AS REQUIRED ABOVE; (B) TO EXERCISE DIRECTLY OR THROUGH ANY
PROXY, TRUSTEE OR NOMINEE ANY VOTING RIGHT CONFERRED BY THE MEMBER'S INTEREST IN
THE COMPANY; (C)

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TO PARTICIPATE IN THE MANAGEMENT OF THE COMPANY; OR (D) TO RECEIVE ANY
REMUNERATION (OTHER THAN THE REDEMPTION PRICE) IN ANY FORM FROM THE COMPANY OR
FROM ANY COMPANY HOLDING A GAMING LICENSE FOR SERVICES RENDERED OR OTHERWISE.

Warrant No. [__]                                     August 9, 2004

      MEZZCO, L.L.C., a Nevada limited liability company (the "Company"), hereby
certifies that, for value received and pursuant to the Securities Purchase
Agreement, dated as of August 9, 2004, between the Company and the Purchasers
named therein (the "Purchase Agreement"), [________________] (together with its
successors and permitted assigns and any permitted transferees of this Warrant,
and their successors and permitted assigns, the "Holder"), is entitled, subject
to the terms and conditions set forth in this warrant (this "Warrant") and
subject to all applicable Gaming Laws and the requirements imposed by the
Commission, to purchase from the Company, at any time or times on or after the
date hereof, but not after 5:00 P.M., New York City time on August 9, 2011 (the
"Expiration Date"), an aggregate of [______________] ([______]) duly authorized
and validly issued units representing Interests of the Company, which shall
consist of (i) Class B Units of the Company (the "Class B Units"), or (ii) if
the Holder so elects, in its sole and absolute discretion, either Class A Units
of the Company (the "Class A Units") or a combination of Class A Units and Class
B Units (such Class A Units and/or Class B Units together with the securities
issuable upon exercise of the Warrants in accordance with the terms hereof,
including, without limitation, Section 2.2(b) and Section 2.2(e), which
securities are issuable by an entity other than the Company or issuable in a
different class of securities, collectively, the "Warrant Interests"). At any
time prior to the Expiration Date but after a Qualified Public Offering and
subject to all applicable Gaming Laws and the requirements imposed by the
Commission, this Warrant shall be exercisable by Holder only for voting common
equity securities of the same class as those that are issued by the Company (or
any successor thereto) in such Qualified Public Offering. The number of Warrant
Interests issuable pursuant to this Warrant shall be adjusted or readjusted from
time to time as provided in this Warrant. The purchase price per unit at which
each Warrant Interest shall be purchased upon exercise of the Warrant shall be
equal to $0.01 at all times (the "Exercise Price").

      This Warrant is one of the "Warrants" issued pursuant to the Purchase
Agreement (collectively, the "Warrants," such term to include any warrants
issued in substitution therefor), and the Holders of the Warrants shall be
collectively referred to herein as the "Holders". The Warrants evidence rights
to purchase an aggregate of 17,500 units representing membership interest of the
Company, consisting of (ii) Class B Units, or (ii) at the election of the
Holders of Warrants, either Class A or a combination of Class A Units and Class
B Units (the "Membership Interests"), subject to adjustment as provided herein
and therein. At Closing, the Warrant Interests issuable upon exercise of the
Warrants will represent 17.5% of the fully-diluted Equity Interests of the
Company (after taking into account dilution from the Mecca Options but excluding
dilution from the Management Pool).

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      All capitalized terms used herein and not otherwise defined herein shall
have the meanings set forth in the Purchase Agreement. Certain terms defined
herein are so defined in Section 6.18 or in the section referenced with respect
thereto in Section 6.19.

SECTION 1. REGISTRATION; TRANSFERABILITY; EXERCISE; EXCHANGE OF WARRANT

      1.1.  REGISTRATION. The Company shall number and register the Warrants in
a register (the "Warrant Register") maintained at the principal office of the
Company (its "Office"). The Company shall be entitled to treat the Holder of the
Warrants as the owner thereof for all purposes and shall not be bound to
recognize any equitable or other claim to or interest in such Warrants on the
part of any other Person. Each transferee registered, or required to be
registered in the Warrant Register pursuant to Section 1.2 below, shall be
registered (or deemed to have been registered) for all purposes hereunder as of
the date of the surrender of this Warrant as provided in Section 1.2 and
compliance with the other provisions of Section 1.2.

      1.2.  TRANSFER OF WARRANTS. Subject to the restrictions on transfer set
forth in the Investor Rights Agreement (as defined below) and in Section 5.2
hereof, the Gaming Laws and any requirements or restrictions imposed by the
Commission, any Warrant may be transferred or endorsed to another party in whole
or in part by (i) surrendering to the Company the Warrant to be transferred,
endorsed or accompanied by a written instrument of transfer, in form reasonably
satisfactory to the Company, duly executed by the Holder thereof, (ii) supplying
the Company with an appropriate opinion of counsel in form reasonably
satisfactory to the Company, and investment letter, if deemed reasonably
necessary by counsel to the Company to assure compliance with the Securities
Act, and (iii) the transferee of such Warrant agreeing in writing to be bound by
the provisions of this Warrant, the Purchase Agreement, the Investor Rights
Agreement and the Intercreditor Agreement (Senior Debt), the Gaming Laws, and
any requirements or restrictions imposed by the Commission. Upon receipt
thereof, the Company shall issue and deliver, in the name of the transferee, a
new Warrant for the same type and number of Warrant Interests, containing the
same terms as the surrendered Warrant. The Company shall register in the Warrant
Register, each transferee of a Warrant transferred in compliance with the terms
of this Section 1.2 as the Holder of such transferred Warrant. In the case of
the transfer of fewer than all of the rights evidenced by the surrendered
Warrant, the Company shall issue a new Warrant to the Holder thereof for the
same type and remaining number of such Warrants.

      1.3.  MANNER OF EXERCISE; EXCHANGE.

            (a)   Exercise. Subject to Section 1.6 hereof, the Gaming Laws, and
the requirements or restrictions imposed by the Commission, the Holder may
exercise this Warrant, in whole or in part (except as to a fractional interest),
at any time and from time to time during normal business hours on any Business
Day on or prior to the Expiration Date, by (i) delivering to the Company a
written notice, in the form attached hereto as Exhibit A (the "Exercise
Notice"), duly executed by the Holder, specifying the number and type of Warrant
Interests to be issued to the Holder as a result of such exercise, (ii)
surrendering this Warrant to the Company, properly endorsed by the Holder (or if
this Warrant has been destroyed, stolen or has otherwise

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been misplaced, by delivering to the Company an affidavit of loss duly executed
by the Holder), and (iii) by tendering payment for the Warrant Interests
designated by the Exercise Notice in lawful money of the United States in the
form of cash, bank or certified check made payable to the order of the Company,
or by wire transfer of immediately available funds, or by the cancellation of
indebtedness of the Company owed to the Holder (including the surrender by the
Holder to the Company, at its Office of any of the Notes held by such Holder and
the crediting of the principal amount evidenced thereby (including PIK Interest)
plus all interest accrued and unpaid thereon through the date of such
surrender), or in any combination thereof, of an amount equal to the product of
(A) the Exercise Price and (B) the number of Warrant Interests as to which this
Warrant is being exercised and (iv) executing and delivering to the Company any
and all documents and certificates required for admission of Members.

            (b)   Net Exchange. Subject to the Gaming Laws and the requirements
or restrictions imposed by the Commission, the Holder may, in lieu of exercising
or converting this Warrant pursuant to the terms of Section 1.3(a), elect to
exchange this Warrant, in whole or in part (except as to a fractional interest),
at any time and from time to time during normal business hours on any Business
Day on or prior to the Expiration Date by (i) delivering to the Company a
written notice, in the form attached hereto as Exhibit B (the "Exchange
Notice"), duly executed by the Holder, specifying the number and type of Warrant
Interests to be issued to the Holder as a result of such exchange, and (ii)
surrendering this Warrant to the Company, properly endorsed by the Holder (or if
this Warrant has been destroyed, stolen or has otherwise been misplaced, by
delivering to the Company an affidavit of loss duly executed by the Holder), and
the Holder shall thereupon be entitled to receive that number of Warrant
Interests of the same type being exchanged, equal to the product of (A) the
number of Warrant Interests issuable upon exercise of this Warrant (or, if only
a portion of this Warrant is being exercised, issuable upon the exercise of such
portion) for cash, determined as provided in Section 2, and (B) a fraction, the
numerator of which is the Fair Market Value (as defined below) per unit of
Membership Interest at the time of such exercise minus the Exercise Price in
effect at the time of such exercise, and the denominator of which is the Fair
Market Value per unit of Membership Interest at the time of such exercise, such
number of interests so issuable upon such exchange to be rounded up or down to
the nearest whole number of units of Membership Interest.

            (c)   Tax Status. The "exchange" of this Warrant pursuant to Section
1.3(b) is intended to qualify a recapitalization within the meaning of Section
368(a)(1)(E) of the Code. It is intended that the Warrants are and shall be mere
unexercised options for federal income tax purposes.

            (d)   For all purposes of this Warrant (other than this Section
1.3), any reference herein to the "exercise" of this Warrant shall be deemed to
include a reference to the exchange of this Warrant into Warrant Interests in
accordance with the terms of Section 1.3(b), and any reference to an "Exercise
Notice" shall be deemed to include a reference to an Exchange Notice in
accordance with the terms of Section 1.3(b).

      1.4.  WHEN EXERCISE EFFECTIVE. Subject to the Gaming Laws and the
requirements or restrictions imposed by the Commission, each exercise of this
Warrant shall be deemed to have been effected immediately prior to the close of
business on the Business Day on which the

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Holder shall have fulfilled all of the requirements of Section 1.3, and at such
time the Person or Persons in whose name or names any certificate or
certificates for units of Membership Interest shall be issuable upon such
exercise as provided in Section 1.5 shall be deemed to have become the holder or
holders of record thereof.

      1.5.  DELIVERY OF CERTIFICATES UPON EXERCISE. As soon as practicable after
exercise of this Warrant in accordance with this Section 1, but in no event
later than five Business Days after such exercise, the Company shall at its
expense cause to be issued in the name of and delivered to the Holder or,
subject to Section 5 of this Warrant, as the Holder may direct: (a) a
certificate or certificates for the number and type of Warrant Interests,
determined as provided in Section 2 of this Warrant, to which the Holder shall
be entitled upon such exercise and, (b) unless this Warrant has expired or has
been exercised in full, a new Warrant (or Warrants) substantially in the form
of, and on the terms in, this Warrant, for the number and type of Warrant
Interests remaining following such exercise (without giving effect to any
adjustment thereto), and shall be subject to adjustment as provided for in this
Warrant as of the date hereof.

      1.6.  EXERCISE SUBJECT TO GAMING APPROVAL. Notwithstanding any other
provision of this Warrant, the Holder of this Warrant may only exercise this
Warrant upon receipt of any and all applicable gaming licenses, findings of
suitability, approvals, appropriate waivers from the licensing requirements
pursuant to NGC Regulation 15B.070 or upon the Commission's granting of an order
of registration to the Company that allows the Holder of this Warrant to
exercise this Warrant without receipt of all applicable gaming licenses,
findings of suitability or waivers from the licensing requirements or other
approvals ("Gaming Approvals"). The Company will reasonably cooperate with the
Holder in obtaining any Gaming Approvals and meeting any other requirements that
the Gaming Authorities may impose in connection with such exercise (including by
filing a Form 10 with the Securities and Exchange Commission and the filing of
an application for registration as a publicly traded corporation by the
Commission after the Closing Date within one month of the written request by the
Required Interest). The costs of obtaining Gaming Approval and meeting any other
requirements that the Gaming Authorities may impose in connection with such
exercise shall be borne equally by Libra Securities, LLC, on the one hand, and
the Required Interest, on the other hand).

      1.7.  CANCELLATION OF WARRANT. Upon surrender of this Warrant for
exchange, substitution, transfer or exercise, the Company shall cancel and
retire it.

SECTION 2. ADJUSTMENTS TO EXERCISE PRICE AND WARRANT INTERESTS

      2.1.  GENERAL. The number of Warrant Interests that the Holder shall be
entitled to receive upon exercise of this Warrant shall be determined by
multiplying the number of Warrant Interests which would otherwise (but for the
provisions of this Section 2) be issuable upon such exercise, as designated by
the Holder in the Exercise Notice, by a fraction, (i) the numerator of which
shall be the Exercise Price, and (ii) the denominator of which shall be the
Antidilution Price (as defined below) in effect on the date of such exercise.
The price per unit of Membership Interest for the purposes of calculating the
number of Warrant Interests issuable hereunder (the "Antidilution Price")
initially shall be $0.01.

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      2.2.  ADJUSTMENTS.

            (a)   Subdivision or Combination of Membership Interests. If the
Company shall at any time after the date hereof subdivide its outstanding units
of Membership Interest into a greater number of units (by any split, dividend or
otherwise), then the Antidilution Price in effect immediately prior to such
subdivision shall be proportionately reduced, and, conversely, if the Company
shall at any time after the date hereof combine its outstanding units of
Membership Interest into a smaller number of units of Membership Interest (by
any reverse split or otherwise), then the Antidilution Price in effect
immediately prior to such combination shall be proportionately increased.

            (b)   Reorganization or Reclassification. If any capital
reorganization or reclassification of the membership interests of the Company
shall be effected in such a way that holders of Membership Interests shall be
entitled to receive membership interests, securities or assets with respect to
or in exchange for Membership Interests, then, as a condition of such
reorganization or reclassification, lawful and adequate provisions shall be made
whereby subject to the Gaming Laws and any requirements or restrictions imposed
by the Commission, the Holder shall thereupon have the right to receive, upon
the basis and upon the terms and conditions specified herein and in lieu of the
Warrant Interests immediately theretofore receivable upon the exercise of this
Warrant in full, as the case may be, such membership interests, securities or
assets as may be issued or payable with respect to or in exchange for a number
of outstanding units of Membership Interest equal to the number of units of
Membership Interest immediately theretofore receivable upon such exercise of
this Warrant in full had such reorganization or reclassification not taken
place, and in any such case appropriate provisions shall be made with respect to
the rights and interests of the Holder to the end that the provisions hereof
(including, without limitation, provisions for adjustments of the Antidilution
Price) shall thereafter be applicable, as nearly as may be, in relation to any
membership interests, securities or assets thereafter deliverable upon the
exercise of such conversion rights.

            (c)   Dividends and Distributions

                  (i)   Dividends. If the Company at any time or from time to
time after the date hereof declares a dividend or makes any other distribution
upon any membership interests of the Company other than Membership Interests,
which dividend or distribution is payable in units of Membership Interest,
Options (as defined below) or Convertible Securities (as defined below), any
Membership Interests, Options or Convertible Securities, as the case may be,
issuable in payment of such dividend or distribution shall be deemed to have
been issued or sold without consideration, and the Antidilution Price shall be
adjusted pursuant to Section 2.2(d); provided, however, that no adjustment shall
be made to the Antidilution Price as a result of such dividend or distribution
if the Holder is entitled to, and actually receives such dividend or
distribution in accordance with Section 2.2(c)(ii)(B); provided, further, that
if any adjustment is made to the Antidilution Price as a result of the
declaration of a dividend and such dividend is not effected, the Antidilution
Price shall be appropriately readjusted to the Antidilution Price that would
have been in effect had such dividend not been declared.

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                  (ii)  Other Dividends and Distributions. If the Company at any
time or from time to time after the date hereof makes or issues, or fixes a
record date for the determination of holders of Membership Interests entitled to
receive, a dividend or other distribution (in each case other than to pay
Operating Expenses) payable in:

                        (a)   cash or securities or other property of the
            Company other than Membership Interests, Options or Convertible
            Securities then the Holder shall receive such dividend or
            distribution as if the Holders had exercised all of the Warrants in
            full on the date such record is taken; and

                        (b)   Membership Interests, Options or Convertible
            Securities, the Holder shall receive such dividend or distribution
            as if the Holder had exercised the Warrants in full on the date such
            record is taken; provided, however, that no Holder shall be required
            to accept any such dividend or distribution if it deems such refusal
            to be required or advisable under applicable law, in which case such
            Holder's rights to receive such dividend or distribution shall be
            exercisable upon the exercise of the Warrant on the same terms as if
            exercised as otherwise contemplated under this provision (and,
            without duplication, the Antidilution Price applicable to such
            Holder's Warrants shall be adjusted pursuant to Section 2.2 with
            respect to such dividend or distribution).

                  (iii) Restrictions on Divisions and Distributions. The
declaration of a dividend or the making of a distribution by the Company shall
at all times be subject to the Gaming Laws and any requirements or restrictions
imposed by the Commission.

            (d)   Issuances. Except as provided in Section 2.2(d)(vi) and except
in the case of an event described in Section 2.2(a), if at any time after the
date hereof the Company shall issue or sell Membership Interests (including
deemed issuance or sales thereof) for a consideration per unit of Membership
Interest less than the Current Market Price (as defined below) per unit of
Membership Interest in effect immediately prior to the date of such issuance or
sale (such date, the "Relevant Date"), then, upon such issuance or sale, the
Antidilution Price then in effect shall be adjusted to the price determined by
multiplying the Antidilution Price then in effect by a fraction: (i) the
numerator of which shall be the sum of (A) the Membership Interests Deemed
Outstanding (as defined below) immediately prior to such offering including, for
this purpose, all units of Membership Interest that are then issuable upon
exercise or conversion of Options and Convertible Securities and (B) the number
of units of Membership Interest that the aggregate consideration received by the
Company for the total number of such additional units of Membership Interest so
issued or sold (or deemed issued or sold) would purchase at the Current Market
Price on the Relevant Date; and (ii) the denominator of which shall be the sum
of (A) the Membership Interests Deemed Outstanding immediately prior to the
consummation of such issuance or sale, including, for this purpose, all
Membership Interests that are then issuable upon exercise or conversion of
Options and Convertible Securities outstanding immediately prior to such
issuance or sale, and (B) the number of units of Membership Interest issued or
sold and/or units of Membership Interest that are issuable upon exercise or
conversion of any Options or Convertible Securities issued or sold for which an
adjustment (or readjustment) to the Antidilution Price is being made.

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      For purposes of this Section 2.2(d), the following shall also be
      applicable:

                  (i)   Issuance of Rights or Options. If the Company, at any
time after the date hereof grants (whether directly or by assumption in a merger
or otherwise) any warrants or other rights to subscribe for or to purchase, or
any options to purchase, units of Membership Interest or any membership
interests or security convertible into or exchangeable for units of Membership
Interest (such warrants, rights or options being called "Options" and such
convertible or exercisable membership interests or securities being called
"Convertible Securities"), in each case for consideration per unit of Membership
Interest (determined as provided in this paragraph and in Section 2.2(d)(iv))
less than the Current Market Price per unit of Membership Interest then in
effect, whether or not such Options or Convertible Securities are immediately
exercisable, convertible, or exchangeable, then the total maximum number of
units of Membership Interest issuable upon the exercise of such Options, or upon
conversion or exchange of the total maximum amount of such Convertible
Securities issuable upon exercise of such Options, shall be deemed to have been
issued as of the date of granting of such Options, at a price per unit of
Membership Interest equal to the amount determined by dividing (A) the total
amount, if any, received or receivable by the Company as consideration for the
issuance of such Options, plus the minimum aggregate amount of additional
consideration payable to the Company upon the exercise of all such Options,
plus, in the case of such Options that relate to Convertible Securities, the
minimum aggregate amount of additional consideration, if any, payable upon the
issuance or sale of such Convertible Securities and upon the conversion or
exchange of Convertible Securities, by (B) the total maximum number of units of
Membership Interests deemed to have been so issued. Except as otherwise provided
in Section 2.2(d)(iii), no adjustment of the Antidilution Price shall be made
upon the actual issuance of such Membership Interests or of such Convertible
Securities upon exercise of such Options or upon the actual issuance of such
Membership Interests upon conversion or exchange of such Convertible Securities.

                  (ii)  Issuance of Convertible Securities. If the Company, at
any time after the date hereof issues or sells any Convertible Securities for
consideration per unit of Membership Interest (determined as provided in this
paragraph and in Section 2.2(d)(iv)) less than the Current Market Price then in
effect, whether or not the right to exchange or convert any such Convertible
Securities is immediately exercisable, then the total maximum number of units of
Membership Interest issuable upon conversion or exchange of all such Convertible
Securities shall be deemed to have been issued as of the date of the issuance or
sale of such Convertible Securities, at a price per unit of Membership Interest
equal to the amount determined by dividing (A) the total amount, if any,
received or receivable by the Company as consideration for the issuance or sale
of such Convertible Securities, plus the minimum aggregate amount of additional
consideration, if any, payable to the Company upon the conversion or exchange
thereof, by (B) the total maximum number of units of Membership Interest deemed
to have been so issued; provided, however, that (1) except as otherwise provided
in Section 2.2(d)(iii), no adjustment of the Antidilution Price shall be made
upon the actual issuance of such Membership Interests upon conversion or
exchange of such Convertible Securities and (2) if any such issuance or sale of
such Convertible Securities is made upon exercise of any Options to purchase

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any such Convertible Securities, no further adjustment of the Antidilution Price
shall be made by reason of such issuance or sale.

                  (iii) Change in Option Price or Conversion Rate; Termination
of Options or Convertible Securities. If a change occurs in (A) the maximum
number of units of Membership Interest issuable in connection with any Option
referred to in Section 2.2(d)(i) or any Convertible Securities referred to in
Section 2.2(d)(i) or (ii), (B) the purchase price provided for in any Option
referred to in Section 2.2(d)(i), (C) the additional consideration, if any,
payable upon the conversion or exchange of any Convertible Securities referred
to in Section 2.2(d)(i) or (ii), or (D) the rate at which Convertible Securities
referred to in Section 2.2(d)(i) or (ii) are convertible into or exchangeable
for units of Membership Interest, (in each case, other than in connection with
an event described in Section 2.2(a)),then the Antidilution Price in effect at
the time of such event shall be readjusted to the Antidilution Price that would
have been in effect at such time had such Options or Convertible Securities that
remain outstanding provided for such changed maximum number of membership
interests, purchase price, additional consideration or conversion rate, as the
case may be, at the time initially granted, issued or sold. Upon the termination
of any such Option or any such right to convert or exchange such Convertible
Securities, the Antidilution Price then in effect hereunder shall be increased
to the Antidilution Price that would have been in effect at the time of such
termination had such Option or Convertible Securities, to the extent outstanding
immediately prior to such termination (i.e., to the extent that fewer than the
number of units of Membership Interests deemed to have been issued in connection
with such Option or Convertible Securities were actually issued), never been
issued or been issued at such higher price, as the case may be.

                  (iv)  Consideration for Membership Interests. In case any
units of Membership Interest are issued or sold, or deemed issued or sold for
cash, the consideration received therefor shall be deemed to be the amount
received or to be received by the Company therefor (determined with respect to
deemed issuances and sales in connection with Options and Convertible Securities
in accordance with clause (A) of Section 2.2(d)(i) or Section 2.2(d)(ii), as
appropriate) determined in the manner set forth below in this Section
2.2(d)(iv). If any units of Membership Interest are issued or sold, or deemed
issued or sold, for a consideration other than cash, the amount of the
consideration other than cash received by the Company shall be deemed to be the
fair value of such consideration received or to be received by the Company
(determined with respect to deemed issuances and sales in connection with
Options and Convertible Securities in accordance with clause (A) of Section
2.2(d)(i) or Section 2.2(d)(ii), as appropriate) as determined in good faith by
EquityCo, L.L.C., a Nevada limited liability company, as the sole member of the
Company (the "Sole Member") and Holders holding Warrants representing in excess
of 50% of the Warrant Interests issuable upon exercise of all outstanding
Warrants (a "Required Interest"). If any Options are issued in connection with
the issuance and sale of other securities of the Company, together comprising
one integral transaction in which no specific consideration is allocated to such
Options by the parties thereto, such Options shall be deemed to have been issued
for such consideration as determined in good faith by the Sole Member and a
Required Interest; provided, that if the Sole Member and a Required Interest are
unable to reach agreement as to the value of such consideration, then the value
thereof will be determined by an Appraiser as provided in Section 6.1.

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                  (v)   Indeterminable Amounts. In calculating any adjustment to
the Antidilution Price pursuant to this Section 2.2(d), any Options or
Convertible Securities that provide, as of the effective date of such
adjustment, for the issuance upon exercise or conversion thereof of an
indeterminable number of units of Membership Interest shall (together with the
units of Membership Interest issuable upon exercise or conversion thereof) be
disregarded for purposes of the calculation of Membership Interests Deemed
Outstanding; provided, that at such time as a number of units of Membership
Interest issuable upon exercise or conversion of such Options or Convertible
Securities becomes determinable, then the Antidilution Price shall be adjusted
as provided in Section 2.2(d)(iii).

                  (vi)  Certain Issues of Membership Interests Excepted.
Notwithstanding anything herein to the contrary, no adjustment to the number of
Warrant Interests or the Antidilution Price shall be made in the case of an
issuance from and after the date hereof of (i) issuances, grants or sales of
Membership Interests (or Options or Convertible Securities for Membership
Interests) to employees of the Company and its Subsidiaries (other than
employees that are affiliated with BH/RE) in an aggregate amount not to exceed
6,000 Class B Units (subject to adjustments pursuant to Section 2.2(a), 2.2 (b)
and 2.2(c), etc.) (the "Management Pool"), (ii) units of Membership Interest
upon exercise of the Warrants, and (iii) units of Membership Interest (or
Options or Convertible Securities for Membership Interests) acquired by the
Holder hereof through the exercise of the Holder's pre-emptive rights pursuant
to Section 4.1 of the Investor Rights Agreement.

                  (vii) Membership Interests Deemed Outstanding. For purposes of
this Section 2.2(d), the term "Membership Interests Deemed Outstanding" shall
mean, at any time, the sum of (A) the number of units of Membership Interest
outstanding immediately prior to the Relevant Date (including for this purpose
all Membership Interest issuable upon exercise or conversion of any Options or
Convertible Securities outstanding immediately prior to the Relevant Date), plus
(B) the number of units of Membership Interest issued or sold (or deemed issued
or sold) after the Relevant Date, the issuance or sale of which resulted in an
adjustment to the Antidilution Price pursuant to Section 2.2(d)(iii), plus (C)
the number of units of Membership Interest deemed issued or sold pursuant to
Section 2.2(d)(v)(A) above; provided, that Membership Interests Deemed
Outstanding shall not include the Warrant Interests or any units of Membership
Interest issuable upon exercise of the Warrant Interests.

            (e)   Adjustment for Merger, Consolidation, Liquidation etc.

                  (i)   Upon any merger or consolidation of the Company with or
      into another limited liability company (or other legal entity), or any
      sale of all or substantially all of the assets of the Company to another
      limited liability company (or other legal entity), subject to the Gaming
      Laws and any requirements or restrictions imposed by the Commission, this
      Warrant shall automatically convert into the right to receive the kind and
      amount of membership interests or other securities or property to which a
      Holder of the number of units of Membership Interest of the Company
      deliverable upon the exercise of this Warrant in full would have been
      entitled upon such merger, consolidation, or asset sale (and any
      distribution of assets to members of the Company following such asset
      sale). The Company shall use reasonable best efforts to

                                      -10-
<PAGE>

      structure and consummate any merger, consolidation or such sale, to permit
      the Holder to participate in such transaction on an as exercised basis.
      Notwithstanding anything to the contrary contained herein but subject to
      the Gaming Laws and any requirements or restrictions imposed by the
      Commission, each Holder shall have the right to exercise the Warrant
      immediately prior to or simultaneously with the consummation of such
      merger, consolidation, or asset sale in accordance with the provisions of
      Section 1.

                  (ii)  The Company shall not effect any such consolidation,
      merger or sale, unless prior to or simultaneously with the consummation
      thereof the successor (if other than the Company) resulting from such
      consolidation or merger or the person purchasing such assets shall assume
      by written instrument executed and delivered to the Holder, the obligation
      to deliver to the Holder such membership interests, securities or assets
      as, in accordance with the foregoing provisions, the Holder may be
      entitled to receive upon the automatic conversion, or exercise, of this
      Warrant, as applicable.

                  (iii) Subject to the Gaming Laws and any requirements or
      restrictions imposed by the Commission, upon any liquidation, dissolution
      or winding up of the Company, the Holder shall receive such cash or
      property (less the Exercise Price) which the Holder would have been
      entitled to receive upon the happening of such liquidation, dissolution or
      winding up had the Warrants been exercised and the Warrant Interests
      issued immediately prior to the occurrence of such liquidation,
      dissolution or winding up, and, upon the Holder's receipt of such cash or
      property, the Warrants shall terminate.

            (f)   Additional Warrants Upon Certain Events; Other Adjustments.
The number of Warrant Interests issuable upon exercise or conversion hereof
shall be increased as set forth below upon the occurrence of the following
events:

                  (i)   On the fifteenth day following receipt by the Company of
      a written notice from the holders of a Required Interest that an Event of
      Default has occurred resulting from a breach of the covenant contained in
      Section 6.10 of the Purchase Agreement (Use of Additional Capital For
      Renovation Capital Expenditures) (a "Triggering Default"), and provided
      that on or before such date an Event of Default described in Sections
      8.1(e), (f), (g) or (h) under the Purchase Agreement has not occurred, the
      number of Warrant Interests issuable upon exercise or conversion hereof
      shall be increased by the number of units of Membership Interests as is
      necessary to provide the Holder with an additional [___]% interest in the
      fully-diluted equity of the Company as of the date of such adjustment;
      provided, however, that only one such adjustment shall be made pursuant to
      this Section 2.2(f)(i) and such adjustment will occur in connection with
      the first such Triggering Default for which such notice is provided;

                  (ii)  On the fifteenth day following receipt by the Company of
      a written notice from the holders of a Required Interest that an Event of
      Default under the Purchase Agreement has occurred (other than (x) an Event
      of Default under Section 8.1(m) of the Purchase Agreement, or (y)
      resulting from a breach of the covenant contained in Section 6.10 (Use of
      Additional Capital For Renovation Capital

                                      -11-
<PAGE>

      Expenditures) or Section 6.23 (Development Agreement for Time Share
      Premises) of the Purchase Agreement), and provided that on or before such
      date an Event of Default described in Sections 8.1(e), (f), (g) or (h)
      under the Purchase Agreement has not occurred, the number of Warrant
      Interests issuable upon exercise or conversion hereof, shall be increased
      by the number of Membership Interests as is necessary to provide the
      Holder with an additional [___]% interest in the fully-diluted equity of
      the Company as of the date of such adjustment;

                  (iii) If the applicable conditions set forth in Section
      6.23(b) (Development Agreement for Time Share Premises) of the Purchase
      Agreement for adjusting the number of Warrants Interests are satisfied,
      then the number of Warrant Interests issuable upon exercise or conversion
      hereof shall be increased by the number of Membership Interests as is
      necessary to provide the Holder with an additional [__]% interest in the
      fully-diluted equity of the Company as of the date of such adjustment;

                  (iv)  Upon the incurrence by the Company of Senior Debt in
      excess of $530 million (subject to reduction by payments of principal
      thereon, other than with respect to payments as a result of refinancings
      permitted under the Intercreditor Agreement (Senior Debt)) (the "Senior
      Debt Threshold"), the number of Warrant Interests issuable upon exercise
      or conversion hereof shall be increased by the number of units of
      Membership Interests as is necessary to provide the Holder with an
      additional [__________]% interest in the fully-diluted equity of the
      Company as of the Closing Date for each $5,000,000 of Senior Debt in
      excess of the Senior Debt Threshold (applied proportionally from the first
      dollar of Senior Debt in excess of the Senior Debt Threshold), subject to
      dilution from the Management Pool. Adjustments under this Section
      2.2(f)(iv) shall be made from time to time as the Company incurs Senior
      Debt in excess of the Senior Debt Threshold; provided, that adjustment
      under this Section 2.2(f)(iv) shall be made only once for each dollar of
      Senior Debt in excess of the Senior Debt Threshold;

                  (v)   Upon contribution of the Additional Capital Amount (as
      defined in the Investor Rights Agreement) to the equity of the Company or
      any of its Subsidiaries, the number of Warrant Interests issuable upon
      exercise or conversion hereof shall be increased by the number of units of
      Membership Interests as is necessary to maintain at least the same
      percentage interest in the Company and, indirectly, in its Subsidiaries,
      that this Warrant represented immediately prior to such issuance
      (including, for purposes of this clause (v), any interest acquired by the
      Holder of this Warrant in connection with the contribution of the
      Additional Capital Amount through the exercise of the Holder's pre-emptive
      rights pursuant to Section 4.1 of the Investor Rights Agreement); and

                  (vi)  Upon contribution of cash to the equity of the Company
      or any of its Subsidiaries pursuant to Section 8.13 of the Senior Credit
      Agreement, the number of Warrant Interests issuable upon exercise or
      conversion hereof shall be increased by the number of units of Membership
      Interests as is necessary to maintain at least the same percentage
      interest in the Company and, indirectly, in its Subsidiaries, that this
      Warrant represented immediately prior to such contribution (including, for
      purposes of this

                                      -12-
<PAGE>

      clause (vi), any interest acquired by the Holder of this Warrant in
      connection with such contribution through the exercise of the Holder's
      pre-emptive rights pursuant to Section 4.1 of the Investor Rights
      Agreement).

      The adjustments in each of clauses (i), (ii) and (iii) of this Section
2.2(f) shall only be made once. Any adjustment made pursuant to clauses (iv),
(v) or (vi) of this Section 2.2(f) shall be the exclusive adjustment made to the
number of Warrant Interests in connection with the contribution giving rise to
such adjustment. Upon any adjustment pursuant to this Section 2.2(f), a
corresponding reduction shall be made to the Antidilution Price.

            (g)   Record Date. If the Company takes a record of the Holders of
its Membership Interests for the purpose of entitling them (A) to receive a
dividend or other distribution payable in Membership Interests, Options or
Convertible Securities, or (B) to subscribe for or purchase Membership
Interests, Options or Convertible Securities, then such record date shall be
deemed to be the date of the issuance or sale of the Membership Interests deemed
to have been issued or sold upon the declaration of such dividend or the making
of such other distribution or the date of the granting of such right of
subscription or purchase, as the case may be.

            (h)   Other Dilutive Events. In case any event shall occur as to
which, but for this Section 2.2(h), the provisions of this Section 2 are not
directly applicable, and the failure to make any adjustment would not in the
opinion of the Holder fairly protect the purchase rights represented by this
Warrant in accordance with the essential intent and principles of such sections,
then, in each case, at the request of the Required Interest, the Company shall
appoint an Appraiser, which shall give its opinion upon the adjustment, if any,
on the basis consistent with the essential intent and principles established in
this Section 2, necessary to preserve, without dilution, the purchase rights by
this Warrant. Upon receipt of such Appraiser's opinion, which shall be
applicable to all Holders, the Company shall promptly mail a copy thereof to the
Holders and shall make the adjustments described therein, if any.

SECTION 3. REDEMPTION AND CANCELLATION OF WARRANTS

      3.1.  PUT RIGHT.

            (a)   In the event that the Company has not consummated a Liquidity
Event within seven years from the Closing Date (the "Put Period"), the Holder
may demand that the Company purchase (or cause to be purchased) this Warrant and
any Warrant Interests held by the Holder (the "Put Securities") for the
Redemption Price by delivery of a written notice to the Company (the date such
notice is delivered to the Company shall hereinafter be referred to as the "Put
Demand Date"). Within ten Business Days of the Put Demand Date, the Company
shall deliver a notice to the Holder identifying the Redemption Price and
providing the calculations thereof. The Company shall pay the Redemption Price
to such Holder as soon as reasonably practicable (the "Put Payment Date"), but
in no event later than 180 days after the Put Demand Date (the "Put Demand
Period"), upon surrender of this Warrant, together with any certificates
evidencing any other Put Securities, to the Company, at its Office, or, if
requested by such

                                      -13-
<PAGE>

Holder without surrender of this Warrant or such other certificates, by wire
transfer of immediately available funds to an account or accounts designated in
writing by the Holder; provided, however, that the foregoing obligations of the
Company, and the time periods in which they must be performed, shall be subject
to the Gaming Laws and any requirements or restrictions imposed by the
Commission. The right of the Holder to demand that the Company purchase the Put
Securities is referred to as the Holder's "Put Right".

            (b)   Upon surrender of this Warrant in accordance with Section
3.1(a) for payment of the Redemption Price, the right to purchase Warrant
Interests represented by this Warrant shall terminate, and this Warrant shall
represent the right of the Holder to receive only the applicable Redemption
Price from the Company in accordance with Section 3.1.

            (c)   Default; Automatic Conversion into Debt. In the event that the
Company fails to purchase this Warrant prior to the expiration of the Put Demand
Period after using its best efforts to do so, then (i) an Event of Default under
Section 8.1(a) of the Purchase Agreement shall exist (regardless of whether the
Purchase Agreement has been terminated) and (ii) all obligations of the Company
to pay the Redemption Price pursuant to Section 3.1(a) shall, subject to the
Gaming Laws and any requirements or restrictions imposed by the Commission,
convert automatically without any further action or acknowledgment on the part
of the Company or the Holder, into secured indebtedness of the Company in the
aggregate principal amount of the Redemption Price, secured by the Liens granted
to the Collateral Agent under the Security Documents (the "Put Note"). The Put
Note shall rank junior in right of payment only to the Senior Debt. The Put Note
shall evidence an obligation of the Company to pay to such Holder, on a date no
later than the first anniversary of the Put Demand Date, an amount equal to the
Redemption Price, together with accrued and unpaid interest (based on a 360-day
year of 30-day months) at a rate per annum on the unpaid principal amount
thereof equal to the Default Rate, or such lower rate as then may be the maximum
rate permitted by applicable law, and interest thereon shall be payable in cash
semi-annually in six-month intervals starting on the six-month anniversary of
the date the obligations of the Company to pay the Redemption Price are
converted into the Put Note, or if the Company so elects at any time and from
time to time in its sole discretion more frequently than semi-annually upon
written notice to the Holder, to be capitalized and added to the unpaid
principal amount of the Put Note semi-annually on each such interest payment
date, until such Put Note is paid in full, and otherwise on terms and conditions
applicable to the Notes issued pursuant to the Purchase Agreement; provided that
it is expressly understood and agreed that in the event that all of the
Noteholder Obligations (other than the Put Note) have been repaid in full or the
Purchase Agreement is, for any other reason, not in effect when any obligation
under this Section 3.1(c) is outstanding (and notwithstanding such lack of force
and effect), the rate of interest applicable to the Put Note shall be the
Default Rate set forth in the Purchase Agreement as in effect on the Put Demand
Date, or if the Purchase Agreement is not then in effect, as the Purchase
Agreement is in effect on the last Business Day on which it is in effect, which
Default Rate is and shall be deemed to be incorporated by reference into this
Warrant with the same force and effect as if set forth in full herein. The rate
of interest payable on the Put Note shall increase by one percent (1.00%) as of
the last day of each fiscal quarter commencing with the fiscal quarter following
the fiscal quarter in which the Put Demand Date occurs until the Put Note is
paid in full. Nothing in this Section 3.1(c) shall require the Company

                                      -14-
<PAGE>

to pay interest at a rate in excess of the maximum rate permitted by applicable
law. The Put Note may be prepaid by the Company at any time in whole or in part
without premium or penalty. The entire principal amount of the Put Note and any
interest accrued thereon shall become immediately due and payable (A) upon the
consummation of a Liquidity Event, (B) upon the occurrence and continuance of an
additional Event of Default under the Purchase Agreement (regardless of whether
the Purchase Agreement has been terminated or is otherwise no longer in full
force and effect, provided, that for purposes of determining whether an Event of
Default under the Purchase Agreement has occurred after the Purchase Agreement
has been terminated, the provisions of Article VI and VII thereof (other than
Sections 6.3 (Books and Records), 6.4 (Financial and Other Information), 6.5
(Notices), 6.7 (Existence, Good Standing and Legal Requirements), 7.6
(Transactions with Affiliates) and 7.7 (Business Conducted)) shall be
disregarded) or (C) in the event (i) the Company agrees, submits or consents to
any voluntary or involuntary dissolution, liquidation or winding-up of the
Company or any Subsidiary; (ii) a decree or order is entered appointing any
trustee, custodian, liquidator or receiver or adjudicating the Company or any
Subsidiary bankrupt or insolvent, or approving a petition in any such case or
other proceeding; or (iii) a decree or order for relief is entered in respect of
the Company or any Subsidiary in an involuntary case under federal bankruptcy
laws as now or hereafter constituted (each, an "Insolvency Event"). All payments
of principal and cash interest on the Put Note shall be made by wire transfer of
immediately available funds to an account or accounts designated in writing by
the Holder. The Holder further acknowledges and agrees that, without prejudice
to any of Holder's rights to receive the Redemption Price, and/or any payments
of principal or interest under the Put Note when due, its rights to receive such
Redemption Price, and/or payments of principal or interest under the Put Note,
shall be subject to applicable Gaming Laws and any applicable requirements or
restrictions imposed by the Commission and the Intercreditor Agreement (Senior
Debt).

      3.2.  REDEMPTION UPON REPLACEMENT OF SECURITYHOLDER. If a Holder is
required to dispose of its Warrant, Warrant Interests and/or Put Notes pursuant
to Section 2.6.8 of the Purchase Agreement, the Warrant, Warrant Interests
and/or Put Notes held by such Holder shall be purchased or redeemed (as
applicable) at a price equal to the Redemption Price, in accordance with Section
2.6.8 of the Purchase Agreement.

SECTION 4. COVENANTS OF THE COMPANY

      4.1.  THE COMPANY COVENANTS AND AGREES THAT:

            (a)   all Warrant Interests that may be issued upon the exercise of
the rights represented by this Warrant shall, upon issuance and payment of the
Exercise Price, be duly authorized and validly issued and free from preemptive
rights and all transfer taxes, liens, charges and security interests with
respect to the issuance thereof;

            (b)   during the period within which this Warrant may be exercised,
it will at all times have authorized and reserved, without limitation, out of
the aggregate of its authorized but unissued units of Membership Interests, a
sufficient number of Warrant Interests to provide for the exercise of rights
represented by this Warrant;

                                      -15-
<PAGE>

            (c)   if any Warrant Interests reserved or to be reserved to provide
for the exercise of this Warrant require registration with or approval of any
governmental or self-regulatory authority under any federal or state law or
stock exchange or NASDAQ rule before such membership interests may be validly
issued, then it shall in good faith and as expeditiously as possible endeavor to
secure such registration or approval, as the case may be;

            (d)   before taking any action that would cause an adjustment
pursuant to Section 2, the Company will take any and all corporate action that
may, in the opinion of its counsel, be necessary in order that the Company may
validly and legally issue Warrant Interests at the Exercise Price.

            (e)   if it shall have filed a registration statement pursuant to
the requirements of Section 12 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or a registration statement pursuant to the
requirements of the Securities Act of 1933, as amended (the "Securities Act"),
the Company shall comply with the reporting requirements of Sections 13 and
15(d) of the Exchange Act and will comply with all other applicable public
information reporting requirements of the Securities and Exchange Commission
from time to time in effect and relating to the availability of an exemption
from the Securities Act for the sale of any restricted securities, including
Rule 144 and Rule 144A promulgated by such commission under the Securities Act;
and

            (f)   it shall not, by amendment to its articles of organization
(whether by way of merger, operation of law, or otherwise) or through
reorganization, transfer of assets, consolidation, merger, dissolution, issuance
or sale of securities, agreement or any other voluntary action (including any of
the foregoing that constitutes a Liquidity Event), avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed
hereunder by the Company and shall at all times in good faith assist in the
carrying out of all the provisions of this Warrant and in the taking of all such
action as may be reasonably necessary in order to protect the rights of the
Holders against impairment. Nothing in this clause will restrict the Company
from taking any action required by any Gaming Authority.

SECTION 5. RESTRICTIONS ON TRANSFER

      5.1.  RESTRICTIVE LEGEND.

            (a)   The Warrant Interests issuable upon exercise hereof, are
subject to certain restrictions on transfer as set forth in the Investor Rights
Agreement dated as of August 9, 2004, by and among the Company and the parties
thereto (as the same may be amended from time to time, the "Investor Rights
Agreement") and may be subject to redemption as provided in the Company's
Articles or Organization and Operating Agreement. Each certificate representing
Warrant Interests issued upon exercise of this Warrant and each certificate
issued to any subsequent transferee of any such certificate, shall be stamped or
otherwise imprinted with a legend in substantially the form as follows:

                                      -16-
<PAGE>

      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
      SECURITIES OR BLUE SKY LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
      HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT TO A REGISTRATION
      STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER THE
      SECURITIES ACT OR TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE
      ACT RELATING TO THE DISPOSITION OF SECURITIES, (2) IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES AND BLUE SKY LAWS, AND (3) IN ACCORDANCE WITH
      APPLICABLE STATE GAMING LAWS AND REQUIREMENTS AND RESTRICTIONS IMPOSED BY
      THE NEVADA GAMING COMMISSION.

      THE MEMBERSHIP INTERESTS ISSUABLE UPON EXERCISE OF THIS WARRANT ARE
      SUBJECT TO THE PROVISIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT, DATED AS
      OF AUGUST 9, 2004, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER SET FORTH
      THEREIN. A COMPLETE AND CORRECT COPY OF SUCH AGREEMENT IS AVAILABLE FOR
      INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED
      UPON WRITTEN REQUEST AND WITHOUT CHARGE.

      WHEN THE LIMITED LIABILITY COMPANY ISSUING THE OWNERSHIP INTEREST
      REPRESENTED BY THIS CERTIFICATE HAS BEEN LICENSED BY OR REGISTERED WITH
      THE NEVADA GAMING COMMISSION, THE PURPORTED SALE, ASSIGNMENT, TRANSFER,
      PLEDGE, GRANTING OF ANY OPTION TO PURCHASE OR OTHER DISPOSITION OF SUCH
      INTEREST SHALL BE INEFFECTIVE UNLESS APPROVED IN ADVANCE BY THE
      COMMISSION. IF AT ANY TIME THE COMMISSION FINDS THAT A MEMBER IS
      UNSUITABLE TO HOLD SUCH INTEREST, THIS WARRANT AND THE SECURITIES ISSUABLE
      UPON EXERCISE OF THIS WARRANT SHALL BE SUBJECT TO REDEMPTION AND/OR
      REPURCHASE, PURSUANT TO THE TERMS SET FORTH HEREIN. BEGINNING ON THE DATE
      WHEN THE COMMISSION SERVES NOTICE OR A DETERMINATION OF UNSUITABILITY
      PURSUANT TO APPLICABLE LAW UPON THE COMPANY, IT SHALL BE UNLAWFUL FOR THE
      UNSUITABLE MEMBER (A) TO RECEIVE ANY DIVIDEND OR INTEREST OR ANY PAYMENT
      OR DISTRIBUTION OF ANY KIND, INCLUDING OF ANY SHARE OF THE DISTRIBUTION OF
      PROFITS OR CASH OR ANY OTHER PROPERTY, OR PAYMENTS UPON DISSOLUTION, FROM
      THE COMPANY, OTHER THAN A RETURN OF CAPITAL AS REQUIRED ABOVE; (B) TO
      EXERCISE DIRECTLY OR THROUGH ANY PROXY, TRUSTEE OR NOMINEE ANY VOTING
      RIGHT CONFERRED BY THE MEMBER'S INTEREST IN THE COMPANY; (C) TO
      PARTICIPATE IN THE MANAGEMENT OF THE COMPANY; OR (D) TO RECEIVE ANY
      REMUNERATION (OTHER THAN THE REDEMPTION PRICE) IN ANY

                                      -17-
<PAGE>

      FORM FROM THE COMPANY OR FROM ANY COMPANY HOLDING A GAMING LICENSE FOR
      SERVICES RENDERED OR OTHERWISE.

            (b)   In furtherance of the foregoing, if at any time any securities
other than Membership Interests shall be issuable upon the exercise of this
Warrant, such securities shall bear a legend similar to the ones set forth
above. Whenever the legend requirement imposed by the Investor Rights Agreement
shall terminate, upon exercise of the Warrant, the Holder shall be entitled to
receive within five Business Days from the Company, at the Company's expense, a
new certificate or certificates representing Warrant Interests issued upon
exercise of this Warrant, in each case, without such legends.

      5.2.  RESTRICTION ON TRANSFER.

            (a)   General Restrictions. The Holder shall not directly or
indirectly sell, offer to sell, contract to sell (including, without limitation,
any short sale), grant any option to purchase or otherwise transfer or dispose
of (other than to donees who agree to be similarly bound) this Warrant unless
such Holder's transferee has agreed in writing to be bound by the terms of this
Warrant (including Section 1.6 hereof) and in accordance with Section 6.15
hereof.

            (b)   Transfers to Competitors. Absent an Event of Default, no
Holder shall directly or indirectly sell, offer to sell, contract to sell
(including, without limitation, any short sale), grant any option to purchase or
otherwise transfer or dispose of (other than to donees who agree to be similarly
bound) this Warrant (or any securities into which such Warrant is convertible or
exchangeable) to any Person that is a Competitor of the Company.

            (c)   Qualified Public Offering Restrictions. The Holder shall not
directly or indirectly sell, offer to sell, contract to sell (including, without
limitation, any short sale), grant any option to purchase or otherwise transfer
or dispose of (other than to donees who agree to be similarly bound) this
Warrant (or any securities into which such Warrant is convertible or
exchangeable) or any other securities of the issuer of the securities in the
Qualified Public Offering during any "blackout period" required by any
underwriter in connection with a Qualified Public Offering, which "blackout
period" shall in no event exceed the earlier of (i) 180 days from the date
securities are first sold in the Qualified Public Offering, and (ii) the date
any holder of 1% or more of the voting common equity securities of the Company,
that is subject to such "blackout period", is released from such restriction. In
order to enforce the foregoing covenant, the issuer in such Qualified Public
Offering may impose stop-transfer instructions with respect to the securities of
each Holder (and the shares or securities of every other person subject to the
foregoing restriction) until the end of such "blackout period."

            (d)   Gaming Restriction. No Holder shall be permitted to transfer
this Warrant (or any securities into which such Warrant is convertible or
exchangeable) except in accordance with all applicable Gaming Laws and any
requirements or restrictions imposed by the Commission.

                                      -18-
<PAGE>

SECTION 6. MISCELLANEOUS

      6.1.  NOTICE OF ADJUSTMENTS; APPRAISAL.

            (a)   In each case of any adjustment or readjustment in the number
of Warrant Interests issuable upon exercise of this Warrant, the Company shall
promptly thereafter compute such adjustment or readjustment in accordance with
the terms of this Warrant and provide a written report thereof certified by the
Sole Member, the Chief Financial Officer of the Company or the Chief Executive
Officer to the Holder stating the number of Warrant Interests and the
Antidilution Price, after giving effect to such adjustment or readjustment, and
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based (each, an "Adjustment Notice").

            (b)   Within 25 days of receipt of an Adjustment Notice, the Holder
or Holders representing a Required Interest shall have the right to cause the
Company to appoint an Appraiser to verify such computations reported pursuant to
Section 2, Section 3 or Section 6.1(a), including, without limitation, any
determination made by the Company's Sole Member. Such Holder or Holders shall
exercise its or their right pursuant to this Section 6.1(b) by delivering a
written request (each, an "Appraisal Notice") to the Company. Each such dispute
shall be resolved as set forth below.

            (c)   The Company shall within 30 days after an Appraisal Notice has
been given, engage an Appraiser to make an independent determination of the
Current Market Price and the other disputed calculations or amounts (such
determination, the "Appraiser's Determination"). The Appraiser's Determination
shall be final and binding on the Company and each holder of the Warrants. The
costs of conducting any appraisal shall be borne entirely by the Company;
provided, that in the event that the Company's computation of the adjustment or
readjustment contained in the applicable Adjustment Notice and the Appraiser's
Determination differ by not more than 10% , the cost and expense of the
Appraiser shall be borne by the Holder.

            (d)   The Company shall also keep copies of all such reports
generated pursuant to this Section 6.1 at its Office and will cause the same to
be available for inspection at such Office during normal business hours by the
Holder any prospective purchaser of this Warrant designated by the Holder.

      6.2.  NOTICE OF CERTAIN EVENTS. In case at any time:

            (a)   the Company shall pay any dividend upon, or make any
distribution in respect of, its membership interests of the Company;

            (b)   the Company shall propose to register any of its equity
securities under the Securities Act in connection with a public offering;

            (c)   there shall be any proposed Liquidity Event, Insolvency Event,
capital reorganization, or reclassification of the membership interests of the
Company, or consolidation

                                      -19-
<PAGE>

or merger of the Company with, or sale of all or substantially all of its assets
to, another person; or

            (d)   there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;

then, in any one or more of said cases, the Company shall give notice to the
Holder of the date on which (i) the books of the Company shall close or a record
shall be taken for such dividend, distribution or subscription rights, or (ii)
such Liquidity Event, Insolvency Event, public offering, reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up shall take place, as the case may be, all of which shall be, in each
case, in compliance with the provision of Section 2.2(g). Such notice shall be
given not less than 10 days prior to the record date or the date on which the
transfer books of the Company are to be closed in respect thereto in the case of
an action specified in clause (i) of the preceding sentence and, to the extent
such disclosure (x) is not prohibited by Applicable Laws or (y) would not
require the Company or any Affiliate to make a public announcement of such
event, at least 20 days prior to the action in question, in the case of an
action specified in clause (ii) of the preceding sentence.

      6.3.  NOTICE. Any notice that is required or provided to be given under
this Warrant shall be deemed to have been sufficiently given and received for
all purposes when delivered in writing by hand, telecopy, telex or other method
of facsimile, or five days after being sent by certified or registered mail,
postage and charges prepaid, return receipt requested, or two days after being
sent by overnight delivery providing receipt of delivery, to the following
addresses: if to the Company: MezzCo, L.L.C, c/o OpBiz, L.L.C., 3667 Las Vegas
Boulevard South, Las Vegas, Nevada 89109 Attn: Joshua Revitz, c/o Debbie Faint
Facsimile No.: (702) 785-5080 or at any other address designated by the Company
to Holder, with a copy to Jones Day, 2727 North Harwood Street, Dallas, Texas
75201 Attn: Michael Weinberg, Esq., Facsimile No.: (214) 969-5100; if to Holder,
[_________________], [_____________], Attn: [___________], [Title], Facsimile
No.: [____________], or at any other address designated by Holder to the Company
in writing.

      6.4.  NO CHANGE IN WARRANT TERMS ON ADJUSTMENT. Irrespective of any
adjustment in the Antidilution Price or the number of Warrant Interests, this
Warrant, whether theretofore or thereafter issued or reissued, may continue to
express the same price and number of Membership Interests as are stated herein
and the Antidilution Price and such number of Membership Interests specified
herein shall be deemed to have been so adjusted.

      6.5.  ISSUANCE AND TRANSFER TAXES. The Company covenants and agrees that
it will pay when due and payable all documentary, stamp and other similar taxes,
if any, that may be payable in respect of the issuance or delivery of the
Warrants or of the Warrant Interests purchasable and issuable upon the exercise
of the Warrants; provided, however, that the Company shall not be required to
pay any such tax or other charge imposed in respect of the transfer of Warrants,
or the issuance or delivery of certificates for Warrant Interests or other
securities in respect of the Warrant Interests upon the exercise of Warrants, to
a person or entity other than a then-existing registered holder of Warrants or
other securities issued by the Company.

                                      -20-
<PAGE>

      6.6.  EXCHANGE OF WARRANT. This Warrant is exchangeable at no cost to the
Holder upon the surrender hereof by Holder at the Company's office, for a new
warrant of like tenor representing in the aggregate the right to subscribe for
and purchase the type and number of Warrant Interests that may be subscribed for
and purchased hereunder from time to time after giving effect to all the
provisions hereof, each of such new warrants to represent the right to subscribe
for and purchase such number of Warrant Interests as shall be designated by said
Holder hereof at the time of such surrender.

      6.7.  LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is
lost, stolen, mutilated or destroyed, the Company shall at no cost to the
Holder, on such terms as to indemnity or otherwise as it may in its discretion
impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new warrant of like denomination and tenor as the Warrant so
lost, stolen, mutilated or destroyed. Any such new warrant shall constitute an
original contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by
anyone.

      6.8.  GOVERNING LAW. This Warrant shall be deemed to be a contract made
under, and shall be construed in accordance with, the laws of the State of New
York, without giving effect to conflict of laws principles thereof.
Notwithstanding the foregoing, matters of law in this Warrant that are related
to gaming in Nevada shall be governed by the Gaming Laws in their current form
and as they may hereafter be amended from time to time.

      6.9.  SECTION HEADINGS; CONSTRUCTION. The descriptive headings in this
Warrant have been inserted for convenience only and shall not be deemed to limit
or otherwise affect the construction of any provision thereof or hereof. The
parties have participated jointly in the negotiation and drafting of this
Warrant and the other agreements, documents and instruments executed and
delivered in connection herewith with counsel sophisticated in investment
transactions. In the event an ambiguity or question of intent or interpretation
arises, this Warrant shall be construed as if drafted jointly by the parties and
no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any provisions of this Warrant and the
agreements, documents and instruments executed and delivered in connection
herewith.

      6.10. DISPUTE RESOLUTION.

            (a)   Except as provided in Section 6.1, all disputes, claims, or
controversies arising out of or relating to this Warrant or the negotiation,
breach, termination, validity or performance hereof that are not resolved by
mutual agreement shall be resolved solely and exclusively by binding arbitration
to be conducted before J.A.M.S./Endispute, Inc. or its successor. The
arbitration shall be held in Las Vegas, Nevada before a single arbitrator and
shall be conducted in accordance with the rules and regulations promulgated by
J.A.M.S./Endispute, Inc. unless specifically modified herein

            (b)   The parties covenant and agree that the arbitration hearing
shall commence within twenty (20) days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration
proceeding, the arbitrator shall have the

                                      -21-
<PAGE>

power to order the production of documents by each party and any third-party
witnesses. In addition, each party may take up to three (3) depositions as of
right, and the arbitrator may in his or her discretion allow additional
depositions upon good cause shown by the moving party. However, the arbitrator
shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each
party shall provide to the other, no later than ten (10) business days before
the date of the arbitration, the identity of all Persons that may testify at the
arbitration and a copy of all documents that may be introduced at the
arbitration or considered or used by a party's witness or expert, and a summary
of the expert's opinions and the basis for said opinions. The arbitrator's
decision and award shall be made and delivered within ten (10) days of the
conclusion of the arbitration. The arbitrator's decision shall set forth a
reasoned basis for any award of damages or finding of liability. The arbitrator
shall not award punitive damages or any other damages that are specifically
excluded under this Warrant, and each party hereby irrevocably waives any claim
to such damages

            (c)   The parties covenant and agree that they will participate in
the arbitration in good faith and, except as set forth below, shall (i) bear
their own attorneys' fees costs and expenses in connection with the arbitration,
and (ii) share equally in the fees and expenses charged by J.A.M.S./Endispute,
Inc. The arbitrator may in his or her discretion assess costs and expenses
(including the reasonable legal fees and expenses of the prevailing party)
against any party to a proceeding. Any party unsuccessfully refusing to comply
with an order of the arbitrators shall be liable for costs and expenses,
including attorneys' fees, incurred by the other party in enforcing the award.
This agreement applies equally to requests for temporary, preliminary or
permanent injunctive relief, except that in the case of temporary or preliminary
injunctive relief any party may proceed in court without prior arbitration for
the limited purpose of avoiding immediate and irreparable harm. The dispute
resolution provisions of this Section 6.10 shall be enforceable in any court of
competent jurisdiction

      6.11. CONSENT TO JURISDICTION. Each of the parties hereto irrevocably and
unconditionally consents to the exclusive jurisdiction of J.A.M.S./Endispute,
Inc. to resolve all disputes, claims or controversies arising out of or relating
to this Warrant or the negotiation, breach, termination, validity or performance
hereof and or and further consents to the jurisdiction of the courts of the
State of California for the purposes of enforcing the arbitration provisions of
this Agreement. Each party further irrevocably waives any objection to
proceeding before J.A.M.S./Endispute, Inc. based upon lack of personal
jurisdiction or to improper venue and further irrevocably and unconditionally
waives and agrees not to make a claim in any court that arbitration before
J.A.M.S./Endispute, Inc. has been brought in an inconvenient forum. Each of the
parties hereto hereby consents to service of process by registered mail at the
address to which notices are to be given. Each of the parties hereto agrees that
its or his submission to jurisdiction and its or his consent to service of
process by mail are made for the express benefit of the other parties hereto.

      6.12. REMEDIES; SEVERABILITY. Notwithstanding Sections 6.10 and 6.11, it
is specifically understood and agreed that any breach of the provisions of this
Warrant by any person subject hereto will result in irreparable injury to the
other parties hereto, that the remedy at law alone will be an inadequate remedy
for such breach, and that, in addition to any other remedies which

                                      -22-
<PAGE>

they may have, such other parties may enforce their respective rights by actions
for specific performance (to the extent permitted by law). Whenever possible,
each provision of this Warrant shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Warrant
shall be deemed prohibited or invalid under such applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, and such
prohibition or invalidity shall not invalidate the remainder of such provision
or the other provisions of this Warrant.

      6.13. INTEGRATION. This Warrant, the Purchase Agreement, the Intercreditor
Agreement (Senior Debt) and the Investor Rights Agreement, including the
exhibits referred to herein and therein, constitute the entire agreement and
supersede all other prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof.

      6.14. NO RIGHTS OR LIABILITIES AS MEMBER. Nothing contained in this
Warrant shall be construed as conferring upon the Holder any rights as a member
of the Company or as imposing any obligation on the Holder to purchase any
securities or as imposing any liabilities on the Holder as a member of the
Company, whether such obligation or liabilities are asserted by the Company or
creditors of the Company.

      6.15. AGREEMENT TO BE BOUND; COVENANTS OF THE PURCHASE AGREEMENT.

            (a)   Agreement to be Bound. By Holder's receipt and acceptance of
this Warrant, the Holder acknowledges and hereby agrees to be bound by such
terms and conditions of this Warrant, the Investor Rights Agreement and the
Intercreditor Agreement (Senior Debt) that are applicable to the Holder. Any and
all Warrant Interests issued upon exercise hereof shall, immediately upon such
issuance, and without further action by or on behalf of the Holder or the
Company, become subject to such terms and conditions of the Investor Rights
Agreement, the Articles of Organization of the Company and the Company's Amended
and Restated Operating Agreement, as are by their terms applicable to such
Warrant Interests, as well as Gaming Laws and any requirements or restrictions
imposed by the Commission.

            (b)   Covenants of the Purchase Agreement. By Holder's receipt and
acceptance of this Warrant, the Holder acknowledges and hereby agrees that the
Warrants and the Warrant Interests shall be entitled to the benefits of certain
covenants in the Purchase Agreement, as set forth in Sections 6.3 (Books and
Records), 6.4 (Financial and Other Information), 6.5 (Notices), 6.7 (Existence,
Good Standing and Legal Requirements), 7.6 (Transactions with Affiliates), 7.7
(Business Conducted) and 7.16 (Tax Classification) of the Purchase Agreement,
whether or not the Notes have been paid in full.

            (c)   Non-Disclosure. By Holder's receipt and acceptance of this
Warrant, the Holder acknowledges and hereby agrees that the Warrants, the
Warrant Interests and the Put Notes shall be subject, in all respects, to the
confidentiality obligations, as set forth in Section 9.23 (Non-Disclosure) of
the Purchase Agreement.

                                      -23-
<PAGE>

      6.16. WARRANT OBLIGATIONS INDEPENDENT OF DEBT OBLIGATIONS. Pursuant to the
Purchase Agreement, the Company has issued the Notes. The obligations of the
Company with respect to the Warrants are independent of the obligations of the
Company under and with respect to such Notes, and such obligations with respect
to the Warrants shall remain valid and binding notwithstanding the failure of
performance of, or any breach by the Company with respect to its obligations
under the Notes.

      6.17. WAIVERS AND CONSENTS; AMENDMENTS.

            (a)   For the purposes of this Warrant and all documents executed
pursuant hereto, no course of dealing between or among any of the parties hereto
and no delay on the part of any party hereto in exercising any rights hereunder
or thereunder shall operate as a waiver of the rights hereof or thereof. No
covenant or provision hereof may be waived otherwise than by a written
instrument signed by the party or parties so waiving such covenant or other
provision contemplated herein.

            (b)   No amendment to this Warrant may be made without the written
consent of the Company and the Holders representing the Required Interest.

            (c)   Unless otherwise specified herein, any actions required to be
taken with respect to consents, approvals or waivers required or contemplated to
be given by the Holder, shall require the vote of the Holder or Holders
representing the Required Interest and any such action shall bind all of the
Holders; provided, however that the consent of the Holder will be required to
(i) reduce the number of Warrant Interest into which the Warrant is exercisable
(except pursuant to the express antidilution provisions of Section 2), (ii)
increase the Exercise Price, (iii) modify the Holder's right to transfer the
Warrant, (iv) amend, modify or waive the application of Section 2 (Adjustments
to Exercise Price and Warrant Interests), (v) amend, modify or waive application
of Section 3.1 (Put Right), (vi) approve any modification to or waiver from the
terms of this Warrant that would treat the Holder in a discriminatory manner, or
(vii) amend, modify or waive application of this Section 6.17(c).

      6.18. CERTAIN DEFINITIONS. The following terms as used in this Warrant
shall have the following meanings:

            (a)   An "AFFILIATE" means, with respect to any Person, (a) any
other Person directly or indirectly, through one or more intermediaries,
controlling, controlled by, or under common control with such Person, (b) any
other Person owning or controlling 10% or more of the outstanding voting
interests of such Person, (c) any officer, director, general partner, managing
member or trustee of such Person, or (d) any other Person which is an officer,
director, general partner, managing member, trustee or holder of 10% or more of
the voting interests of any other Person described in clauses (a) through (c) of
this definition. As used in this definition, the term "control", "controlling",
"controlled by" or "under common control with" means the possession, directly or
indirectly, through one or more intermediaries, of the power to direct or cause
the direction of the management and policies of a Person, whether through voting
securities, by contract or otherwise.

                                      -24-
<PAGE>

            (b)   "APPRAISER" means an independent nationally recognized
investment bank or other qualified financial institution acceptable to the
Company and a Required Interest.

            (c)   "BUSINESS DAY" means any day excluding Saturday, Sunday and
any day which shall be in Nevada, Texas or the City of New York a legal holiday
or a day on which banking institutions are authorized by law or other
governmental action to close. Any reference to "days" (unless Business Days are
specified) shall mean calendar days.

            (d)   "COMMISSION" means the Nevada Gaming Commission.

            (e)   "COMPETITOR" means (i) any Person that operates, or owns 50%
or more of the Equity Interests in, one or more casinos or casino/hotels, (ii)
any Person that engages in the management of one or more casinos or
casino/hotels as a material portion of its business, or (iii) any Person that
directly or indirectly is in control of, is controlled by or under common
control with any of the foregoing.

            (f)   "CURRENT MARKET PRICE" means, on any date specified herein,
(i) the average daily Market Price during the period of the most recent 20 days
ending on the Relevant Date, on which the national securities exchanges were
open for trading, (ii) if no class of Membership Interests are then listed or
admitted to trading on any national securities exchange or granted in the
over-the-counter market, then the "Current Market Price" shall be the Market
Price on such date or (iii) if there shall have been no trading on such date or
if such security is not so designated or if such security is not then listed or
admitted to trading on any national exchange or quoted in the over-the-counter
market, or if the asset to be valued is other property, the Fair Market Value
thereof determined in good faith by the Sole Member and Holders holding a
Required Interest.

            (g)   "EBITDA" shall mean without duplication, (a) the sum of (i)
Net Income (as defined in the Purchase Agreement), (ii) Interest Expense (as
defined in the Purchase Agreement), (iii) federal, state and local income taxes
deducted in determining Net Income, and (iv) depreciation and amortization and
other non-cash items properly deducted in determining Net Income, in each case
on a consolidated basis for the Company and its Subsidiaries for such period,
calculated on a consolidated basis in accordance with generally accepted
accounting principles, minus (b) non-cash items properly added in determining
Net Income for such period (calculated on a consolidated basis in accordance
with generally accepted accounting principles). Any and all payments made to
Northwind Aladdin, LLC, a Nevada limited liability company, in cash pursuant to
the Energy Services Agreement (as defined in the Purchase Agreement) shall be
deemed to be operating expenses of the Company for the purpose of determining
EBITDA.

            (h)   "EQUITY VALUE" means an amount equal to eight times (8.0x)
EBITDA for the twelve calendar months ending on the last day of the month in
which the seventh anniversary of the Closing Date occurs, less Net Debt of the
Company and its Consolidated Subsidiaries as of the end of the month in which
the Put Demand Notice is received.

            (i)   "FAIR MARKET VALUE" means, with respect to any security or
other property, either (i) the Market Price, if any, of such security or (ii) if
no Market Price exists, the

                                      -25-
<PAGE>

value (which shall not take into effect any discounts for minority interest,
illiquidity or restrictions on transferability) of such security or other
property as determined in good faith by agreement of the Sole Member and Holders
holding a Required Interest; provided, however, that if the parties cannot agree
upon such Fair Market Value, the Fair Market Value of such security or other
property shall be determined by the procedures for obtaining an Appraiser's
Determination set forth in Section 6.1(b).

            (j)   "GAMING AUTHORITY" means any of the Nevada Gaming Commission,
the Nevada State Gaming Control Board, the Clark County Liquor and Gaming
Licensing Board and any other gaming regulatory body or any agency which has, or
may at any time after the Closing Date have, jurisdiction over the gaming
activities of the Premises or any successor to such authority.

            (k)   "GAMING LAWS" means the provisions of the Nevada Gaming
Control Act, as amended from time to time, all regulations of the Nevada Gaming
Commission promulgated thereunder, as amended from time to time, the provisions
of the Clark County Code, as amended from time to time, and all other laws,
statutes, rules, rulings, orders, ordinances, regulations and other legal
requirements of any Gaming Authority.

            (l)   "LIQUIDITY EVENT" shall mean the occurrence of any one of the
following events: (i) a Qualified Public Offering of the Company or OpBiz or
(ii) a sale of all or substantially all of the assets of either OpBiz (or any
successor) or the Premises (either before or after the renovation thereof into
the Planet Hollywood Resort & Casino) to any Person that is not an Affiliate of
the Company or of BH/RE, L.L.C.

            (m)   "MARKET PRICE" of any security, as of any date, means the
value determined in accordance with the following provisions:

                  (i)   if such security is listed on a national securities
      exchange registered under the Exchange Act, a price equal to the closing
      sales price for such security on such exchange on such date; or

                  (ii)  if not so listed, and such security is quoted on NASDAQ,
      a price equal to the closing bid and asked prices for such security quoted
      on such system on such date.

            (n)   "NET DEBT" shall mean (a) Debt of the Company and its
Consolidated Subsidiaries less (b) unrestricted cash balances of the Company and
its Consolidated Subsidiaries.

            (o)   "OPBIZ" shall mean OpBiz, L.L.C.

            (p)   "QUALIFIED PUBLIC OFFERING" shall mean an underwritten public
offering on a firm commitment basis lead managed by a nationally recognized
investment banking organization or organizations pursuant to an effective
registration statement under the Securities Act of 1933, as amended (the
"Securities Act"), covering the offer and sale of Membership

                                      -26-
<PAGE>

Interests or voting common equity securities of the Company or OpBiz or any
successor thereto (A) with respect to which the issuer of such securities
receives aggregate net proceeds attributable to sales for the account of the
Company (after deduction of underwriting discounts and commissions) of not less
than $25 million, (B) with respect to which the gross equity value of the issuer
of such securities, valued at the initial public offering price, is at least
$100 million and (C) with respect to which such Membership Interests are listed
for trading on the New York Stock Exchange or quoted on the NASDAQ National
Market.

            (q)   "REDEMPTION PRICE" means, on any date, the aggregate purchase
price for the Warrant and Put Securities held by the Holder, which shall equal
the Holder's fully-diluted interest in the Company's Equity Value on such date.
In calculating the Holder's fully-diluted interest, unvested and
out-of-the-money Membership Interests, Options and Convertible Securities shall
be disregarded.

      6.19. OTHER DEFINITIONAL PROVISIONS.

            (a)   The following terms used herein shall have the meaning
assigned to such terms in the section set forth opposite such term:

<TABLE>
<S>                                                            <C>
Adjustment Notice                                              6.1(a)
Affiliate..................................................    6.18(a)
Antidilution Price.........................................    2.1
Appraisal Notice...........................................    6.1(b)
Appraiser..................................................    6.18(b)
Appraiser's Determination..................................    6.1(c)
Arbitrator.................................................    6.10(a)
Business Day...............................................    6.18(c)
Class A Units..............................................    First paragraph
Class B Units..............................................    First paragraph
Commission.................................................    6.18(d)
Company....................................................    First paragraph
Competitor.................................................    6.18(e)
Convertible Securities.....................................    2.2(d)(i)
Current Market Price.......................................    6.18(f)
EBITDA.....................................................    6.18(g)
Equity Value...............................................    6.18(h)
Exchange Act...............................................    4.1(e)
Exchange Notice............................................    1.3(b)
Exercise Notice............................................    1.3(a)
Exercise Price.............................................    First paragraph
Expiration Date............................................    First paragraph
Fair Market Value..........................................    6.18(i)
Filing Date................................................    6.10(b)
Gaming Authority...........................................    6.18(j)
Gaming Laws................................................    6.18(k)
</TABLE>

                                      -27-
<PAGE>

<TABLE>
<S>                                                            <C>
Holder.....................................................    First paragraph
Insolvency Event...........................................    3.1(c)
Investor Rights Agreement..................................    5.1(a)
Liquidity Event............................................    6.18(l)
Management Pool............................................    2.2(d)(vi)
Market Price...............................................    6.18(m)
Membership Interests.......................................    First paragraph
Net Debt...................................................    6.18(n)
Office.....................................................    1.1
OpBiz......................................................    6.18(o)
Options....................................................    2.2(d)(i)
Purchase Agreement.........................................    First paragraph
Put Demand Date............................................    3.1(a)
Put Demand Period..........................................    3.1(a)
Put Payment Date...........................................    3.1(a)
Put Period.................................................    3.1(a)
Put Right..................................................    3.1(b)
Put Securities.............................................    3.1(a)
Qualified Public Offering..................................    6.18(p)
Redemption Price...........................................    6.18(q)
Relevant Date..............................................    2.2(d)
Required Interest..........................................    2.2(d)(iv)
Securities Act.............................................    4.1(e)
Sole Member................................................    2.2(d)(iv)
Warrant....................................................    First paragraph
Warrant Register...........................................    1.1
Warrant Interests..........................................    First paragraph
</TABLE>

            (b)   Except as otherwise specified herein, all references herein:

                  (i)   to any person other than the Company, shall be deemed to
      include such person's successors and assigns;

                  (ii)  to the Company shall be deemed to include the Company's
      successors; and

                  (iii) to any applicable law defined or referred to herein,
      shall be deemed references to such applicable law as the same may have
      been or may be amended or supplemented from time to time.

            (c)   When used in this Warrant, the words "herein", "hereof' and
"hereunder", and words of similar import, shall refer to this Warrant as a whole
and not to any provision of this Warrant, and the words "Section" and "Exhibit"
shall refer to Sections of, and Exhibits to, this Warrant unless otherwise
specified.

                                      -28-
<PAGE>

            (d)   Whenever the context so requires the neuter gender includes
the masculine or feminine, and the singular number includes the plural, and vice
versa.

                                      -29-
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this certificate to be
executed by its duly authorized officer as of the date first written above.

                                    MEZZCO., L.L.C.,
                                    a Nevada limited liability company

                                         By: EQUITYCO., L.L.C.,
                                         a Nevada limited liability company, its
                                         sole member

                                    By:  ______________________________________
                                          Name:
                                          Title:  Manager<PAGE>

                                                                    EXHIBIT 10.5

                                                                  EXECUTION COPY
================================================================================

                            INVESTOR RIGHTS AGREEMENT

                                  By and Among

                                 MezzCo, L.L.C.

                                       and

                             The Mezzanine Investors
                                  named herein

                                       and

                          the other signatories hereto

                           Dated as of August 9, 2004

================================================================================
<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                                PAGE
<S>                                                                                                             <C>
ARTICLE I - DEFINITIONS........................................................................................   1
         Section 1.1 Construction of Terms.....................................................................   1
         Section 1.2 Number of Interests.......................................................................   2
         Section 1.3 Defined Terms.............................................................................   2

ARTICLE II - REPRESENTATIONS AND WARRANTIES....................................................................   6
         Section 2.1 Representations of the Securityholders, the Individual Investors, BH/RE and OpBiz.........   6
         Section 2.2 Representations of the Company............................................................   7

ARTICLE III - RESTRICTIONS ON TRANSFER; CO-SALE; DRAG ALONG....................................................   7
         Section 3.1 Restrictions on Transfer..................................................................   7
         Section 3.2 Co-Sale Option of Mezzanine Investors.....................................................   8
         Section 3.3 Drag-Along Obligations....................................................................  11
         Section 3.4 Contemporaneous Transfers.................................................................  12
         Section 3.5 Assignment................................................................................  12
         Section 3.6 Gaming Restrictions.......................................................................  12
         Section 3.7 Prohibited Transfers......................................................................  12

ARTICLE IV - RIGHTS TO PURCHASE................................................................................  12
         Section 4.1 Right to Participate in Certain Sales of Additional Securities............................  13
         Section 4.2 Assignment of Rights......................................................................  13

ARTICLE V - REGISTRATION RIGHTS................................................................................  13
         Section 5.1 Piggyback Registration Rights.............................................................  14
         Section 5.2 Parent Registrations......................................................................  14
         Section 5.3 Other Registrations.......................................................................  16
         Section 5.4 Registrable Interests.....................................................................  16
         Section 5.5 Further Obligations of the Company........................................................  16
         Section 5.6 Indemnification; Contribution.............................................................  18
         Section 5.7 Rule 144 Requirements.....................................................................  21
         Section 5.8 Market Stand-Off..........................................................................  21
         Section 5.9 Transfer of Registration Rights...........................................................  22
         Section 5.10 Other Agreements.........................................................................  22

ARTICLE VI - NEGATIVE CONTROL..................................................................................  23
         Section 6.1 Control Conditions........................................................................  23
         Section 6.2 Cooperation...............................................................................  24
         Section 6.3 Drag-Along................................................................................  24
         Section 6.4 Blue-Penciling............................................................................  26

ARTICLE VII - COVENANTS OF THE COMPANY, THE SOLE MEMBER........................................................  26
         Section 7.1 Additional Senior Debt....................................................................  26
         Section 7.2 Restrictions on Equity Interests..........................................................  26
         Section 7.3 Put Right.................................................................................  27
</TABLE>

                                     -(i)-
<PAGE>

<TABLE>
<S>                                                                                                              <C>
         Section 7.4 Communication with Gaming Authorities.....................................................  27
         Section 7.5 Tax Covenants.............................................................................  27

ARTICLE VIII - MISCELLANEOUS PROVISIONS........................................................................  28
         Section 8.1 Survival of Covenants.....................................................................  28
         Section 8.2 Legends on Securities.....................................................................  28
         Section 8.3 Amendment and Waiver......................................................................  30
         Section 8.4 Notices...................................................................................  30
         Section 8.5 Headings..................................................................................  32
         Section 8.6 Counterparts; Facsimiles..................................................................  32
         Section 8.7 Remedies; Severability....................................................................  32
         Section 8.8 Entire Agreement; No Conflict.............................................................  32
         Section 8.9 Adjustments...............................................................................  32
         Section 8.10 Law Governing............................................................................  32
         Section 8.11 Successors and Assigns...................................................................  33
         Section 8.12 Consent to Jurisdiction; Waiver of Jury Trial............................................  33
         Section 8.13 No Third Party Beneficiaries.............................................................  34
         Section 8.14 Term.....................................................................................  34
</TABLE>

<TABLE>
<CAPTION>
EXHIBITS
--------
<S>               <C>
Exhibit A         Form of Joinder Agreement
Exhibit B         Form of Resignation of Sole Member
Exhibit C         Form of Irrevocable Proxy
Exhibit D         Form of Resignation of Individual Investors
Exhibit E         Operational Items
Exhibit F         Form of Power of Attorney
</TABLE>

                                     -(ii)-
<PAGE>

                            INVESTOR RIGHTS AGREEMENT

      THIS INVESTOR RIGHTS AGREEMENT is made as of this 9th day of August, 2004
by and among MezzCo, L.L.C., a Nevada limited liability company (the "COMPANY"),
EquityCo, L.L.C., a Nevada limited liability company, and sole member of the
Company ("SOLE MEMBER"), the persons identified on the signature pages hereto as
the Mezzanine Investors (each, a "MEZZANINE INVESTOR" and collectively, the
"MEZZANINE INVESTORS") and any other member of the Company or holder of
securities convertible into securities of the Company who from time to time
becomes party to this Agreement by execution of a Joinder Agreement in
substantially the form attached hereto as Exhibit A (together with the Sole
Member, the "NON-MEZZ INVESTORS"). The Mezzanine Investors and the Non-Mezz
Investors are herein collectively referred to as the "SECURITYHOLDERS" and each
a "SECURITYHOLDER."

      WHEREAS, the Mezzanine Investors and the Company are entering into that
certain Securities Purchase Agreement of even date herewith (the "SECURITIES
PURCHASE AGREEMENT") pursuant to which the Mezzanine Investors are purchasing
(i) an aggregate $87,000,000 in Senior Subordinated Secured Notes (the "NOTES")
and (ii) warrants ("WARRANTS") to purchase an aggregate of 17,500 of the
Company's units (subject to adjustment and increase as provided in the Warrants)
representing membership interests in the Company, consisting of, Class B Units
or if the holder so elects, either Class A Units or a combination of Class A
Units and Class B Units exercisable at a price per unit of $.01;

      WHEREAS, the Company and the Mezzanine Investors have entered into the
Securities Purchase Agreement in order to finance a portion of the purchase and
renovation of the property known as the Aladdin Resort and Casino (the
"ALADDIN"), which will be purchased by OPBIZ, L.L.C., a Nevada limited liability
company and wholly-owned subsidiary of the Company ("OPBIZ") pursuant to that
certain Purchase and Sale Agreement, dated as of April 23, 2003 by and between
OpBiz and Aladdin Gaming, LLC (the "ACQUISITION AGREEMENT");

      WHEREAS, the execution and delivery of this Agreement is a condition
precedent to the transactions contemplated by the Securities Purchase Agreement;
and

      WHEREAS, the parties hereto desire to agree upon the terms upon which the
outstanding securities of the Company, now or hereafter outstanding and held by
them will be held, Transferred and voted.

      NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements hereinafter set forth, the parties hereto agree as follows:

                            ARTICLE I - DEFINITIONS

      SECTION 1.1 CONSTRUCTION OF TERMS. As used herein, the masculine, feminine
or neuter gender, and the singular or plural number, shall be deemed to be or to
include the other genders or number, as the case may be, whenever the context so
indicates or requires.
<PAGE>

      SECTION 1.2 NUMBER OF INTERESTS. Whenever any provision of this Agreement
calls for any calculation based on a number of Securities held by a
Securityholder, the number of Securities deemed to be owned or held by that
Securityholder shall be the total number of Interests then owned or held by the
Securityholder, plus the total number of Interests issuable upon the conversion
of any convertible securities or the exercise of any vested options, warrants or
subscription rights then owned or held by such Securityholder.

      SECTION 1.3 DEFINED TERMS. The following capitalized terms, as used in
this Agreement, shall have the meanings set forth below.

      "ACQUISITION" means the acquisition by OpBiz of the Aladdin and related
assets on the terms and conditions set forth in the Acquisition Agreement.

      "ACQUISITION AGREEMENT" shall have the meaning in the Recitals hereto.

      "AFFILIATE" of a specified Person means any other Person which, directly
or indirectly, controls, is controlled by or is under common control with, the
specified Person, including, without limitation, any Person: (a) which
beneficially owns or holds, directly or indirectly, ten percent (10%) or more of
(i) any class of voting stock of the specified Person, or (ii) the Equity
Interests (with voting capacity) of a Person; or (b) who (i) is a director or
executive officer (or individual with similar responsibilities) of the specified
Person or (ii) if the Person does not have directors or executive officers, has
similar responsibilities to a director or executive officer. The term "control"
(including, with correlative meanings, the terms "controlled by" and "under
common control with") means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of the specified
Person. The term "beneficial ownership" shall have the meaning set forth in Rule
13d-3 promulgated by the Commission under the Exchange Act. For the purpose of
this definition, any holder of Notes shall not be deemed to be an Affiliate
solely because such holder is the beneficial owner of Notes.

      "ALADDIN" shall have the meaning in the Recitals hereto.

      "APPLICABLE LAW" means any law, statute, order, treaty, rule or regulation
or determination of an arbitrator or a court or other Governmental Authority
(including the Gaming Authorities), in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its
property is subject.

      "APPRAISER" means an independent nationally recognized investment bank or
other qualified financial institution acceptable to the Company and a Majority
Warrant Interest.

      "BH/RE" means BH/RE, L.L.C., a Nevada limited liability company.

      "BUSINESS" means, collectively, (i) the rental of guest, conference or
banquet rooms at the Premises; (ii) the operation of the casino at the Premises;
(iii) the operation of restaurant, bar or banquet services at the Premises; (iv)
the rental of commercial, entertainment or retail space to tenants at the
Premises; and (iv) the operation of the Theater.

                                      -2-
<PAGE>

      "BUSINESS DAY" means any day excluding Saturday, Sunday and any day which
shall be in Nevada, Texas or the City of New York a legal holiday or a day on
which banking institutions authorized by law or other governmental action to
close.

      "CLOSING" means the closing of the Acquisition and the simultaneous
release of the Note Proceeds from the Escrow Account.

      "CLOSING DATE" means the date on which the Closing occurs.

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

      "COLLATERAL AGENT" means Post Advisory Group, L.L.C., as collateral agent
under the Security Documents until a successor replaces it in accordance with
the provisions of the Securities Purchase Agreement and the Security Documents,
and thereafter, means each such successor.

      "COMMISSION" means the Securities and Exchange Commission.

      "COMPANY" shall refer to the Company and any successor or successors
thereto.

      "COMPETITOR" means (i) any Person that operates, or owns 50% or more of
the Equity Interests in, one or more casinos or casino/hotels, (ii) any Person
that engages in the management of one or more casinos or casino/hotels as a
material portion of its business, or (iii) any Person that directly or
indirectly is in control of, is controlled by or under common control with any
of the foregoing.

      "EBITDA" has the meaning assigned to such term in the Securities Purchase
Agreement.

      "EQUITY INTERESTS" means (i) with respect to the Company, (A) Interests,
(B) Preferred Interests, and (C) any warrants, options or other rights entitling
the holder thereof to purchase or acquire Interests or Preferred Interests, and
(ii) with respect to any other Person, shares of capital stock, partnership
interests, membership interests in a limited liability company, beneficial
interests in a trust or other equity ownership interests in a Person, and any
warrants, options or other rights entitling the holder thereof to purchase or
acquire any such equity interests.

      "ESCROW ACCOUNT" has the meaning specified in the Securities Purchase
Agreement.

      "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended,
including all rules and regulations issued thereunder.

      "Excluded Securities" means (a) Interests or options to purchase Interests
issued to employees of the Company and its subsidiaries (other than employees
that are affiliated with BH/RE) in an aggregate amount not to exceed 6,000 of
the Company's Class B Units (subject to adjustments for splits, dividends,
recapitalizations and similar changes affecting the Class B Units) and (b)
Interests issued to the Sole Member in accordance with Section 7.1 (Additional
Senior Debt) of this Agreement, provided that the number of Warrant Interests to
be issued pursuant to the Warrants is adjusted in accordance with Section
2.2(f)(iv) thereof, (c) the options to purchase 3,000 of the Company's Class B
Units (subject to adjustments for splits, dividends,

                                      -3-
<PAGE>

recapitalizations and similar changes affecting the Class B Units) granted to
Michael V. Mecca, the CEO of OpBiz, (d) any Warrant Interests issued upon
exercise of the Warrants, and (e) any Interests, options, warrants or other
securities convertible into or exchangeable for Interests that are issued as
consideration for an acquisition, or as a replacement of equity incentives
existing at the acquired company or as newly granted equity incentive
compensation to the employees of the business being acquired.

      "GAMING APPROVALS" means all applicable gaming licenses, registrations,
permits or exemptions or findings of suitability or waivers from the licensing
requirements or any other approvals or authorizations required by any Gaming
Authority.

      "GAMING AUTHORITY" means any of the Nevada Gaming Commission, the Nevada
State Gaming Control Board, the Clark County Liquor and Gaming Licensing Board
and any other gaming regulatory body or any agency or any successor which has,
or may at any time after the Closing Date have, jurisdiction over the gaming
activities of OpBiz or its affiliates or those conducted at the Premises or any
successor to such authority.

      "GAMING LAWS" means the provisions of the Nevada Gaming Control Act, as
amended from time to time, all regulations of the Nevada Gaming Commission
promulgated thereunder, as amended from time to time, the provisions of the
Clark County Code, as amended from time to time, and all other laws, statutes,
rules, rulings, orders, ordinances, regulations and other Legal Requirements of
any Gaming Authority.

      "GOVERNMENTAL AUTHORITY" means any national, state or local government
(whether domestic or foreign), any political subdivision thereof or any other
governmental or judicial, authority, body, agency, bureau or entity (including
the Gaming Authorities, any zoning authority, the Federal Deposit Insurance
Corporation, the Comptroller of the Currency or the Board of Governors, any
central bank or any comparable authority) or any arbitrator with authority to
bind the party at law.

      "INDIVIDUAL INVESTOR" means each of Douglas Teitelbaum, Robert Earl and
each of their Transferees.

      "INTERCREDITOR AGREEMENT (SENIOR DEBT)" shall have the meaning set forth
in the Securities Purchase Agreement.

      "INTERESTS" means the Company's membership interests (whether voting or
non-voting) as authorized under the Company's Second Amended and Restated
Operating Agreement, dated as of August 9, 2004, together with any interests
issued or issuable with respect thereto (whether by way of an interest dividend
or stock split or in exchange for or in replacement of such interests or
otherwise in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization).

      "LEGAL REQUIREMENTS" means all laws, ordinances, rules, regulations,
codes, statutes, orders, permits, licenses, authorizations, directives and
requirements of any Governmental Authority applicable to the Company or any
subsidiary, the Mezzanine Investors or the Premises or any portion thereof,
including all applicable licenses, building codes, rent stabilization laws,
zoning, planning, use and subdivision ordinances, flood disaster, health, safety
and

                                      -4-
<PAGE>

environmental laws and regulations, and the Americans with Disabilities Act of
1990, Pub. L. No. 89-670, 104 Stat. 327 (1990), as amended, and all regulations
promulgated pursuant thereto.

      "LENDER WARRANTS" means warrants to purchase up to 2.94% of BH/RE's Equity
Interest in the Sole Member granted to the lenders under the Senior Credit
Agreement.

      "MAJORITY WARRANT INTEREST" means the holder or holders of at least 50% of
the Warrant Interests issuable upon the exercise of all outstanding Warrants.

      "MAJORITY NOTEHOLDERS" means the holder or holders of at least 50% in
principal amount of all Notes then outstanding.

      "MEZZANINE INVESTOR" shall have the meaning in the recitals hereto.

      "NOTE PROCEEDS" shall have the meaning set forth in the Securities
Purchase Agreement.

      "NOTES" shall have the meaning in the recitals hereto.

      "OPBIZ" shall have the meaning in the recitals hereto.

      "PERSON" means any individual, sole proprietorship, partnership, joint
venture, trust, unincorporated organization, association, corporation, limited
liability company, Governmental Authority, or any other entity.

      "PREFERRED INTERESTS" means all Equity Interests (whether voting or
non-voting) of any class or classes (however designated) that have a
preferential right to share in the Company's dividends or liquidating
distributions, together with any interests issued or issuable with respect
thereto (whether by way of a interest dividend or interest split or in exchange
for or in replacement of such interests or otherwise in connection with a
combination of interests, recapitalization, merger, consolidation or other
corporate reorganization).

      "PREMISES" shall have the meaning assigned to such term in the Securities
Purchase Agreement.

      "QUALIFIED PUBLIC OFFERING" shall mean an underwritten public offering on
a firm commitment basis lead managed by a nationally recognized investment
banking organization or organizations pursuant to an effective registration
statement under the Securities Act, covering the offer and sale of Interests or
voting common equity securities of the Company or OpBiz or any successor thereto
(A) with respect to which the issuer of such securities receives aggregate net
proceeds attributable to sales for the account of the Company (after deduction
of underwriting discounts and commissions) of not less than $25 million, (B)
with respect to which the gross equity value of the issuer of such securities,
valued at the initial public offering price, is at least $100 million and (C)
with respect to which such Interests are listed for trading on the New York
Stock Exchange or quoted on the NASDAQ National Market.

      "REQUIRED INVESTORS" shall have the meaning set forth in Section 3.3(e)
herein.

                                      -5-
<PAGE>

      "SECURITIES" means, at any time, (i) Interests, (ii) Preferred Interests,
(iii) the Warrants, and (iv) any other equity securities now or hereafter issued
by the Company, together with any options thereon and any other interests issued
or issuable with respect thereto (whether by way of a interests dividend,
interests split or in exchange for or upon conversion of such interests or
otherwise in connection with a combination of interests, recapitalization,
merger, consolidation or other corporate reorganization). At all times, the
number of Securities deemed issued and outstanding or held or to be voted by any
Securityholder shall be calculated in accordance with Section 1.2.

      "SECURITIES ACT" means the Securities Act of 1933, as amended, or any
similar successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time.

      "SECURITIES PURCHASE AGREEMENT" shall have the meaning in the recitals
hereto.

      "SECURITIES PURCHASE DOCUMENTS" shall have the meaning assigned to such
term in the Securities Purchase Agreement.

      "SECURITY DOCUMENTS" has the meaning assigned to such term in the
Securities Purchase Agreement.

      "SECURITYHOLDER" shall have the meaning in the recitals hereto.

      "SENIOR CREDIT AGREEMENT" shall have the meaning assigned to such term in
the Securities Purchase Agreement.

      "SENIOR DEBT" has the meaning assigned to such term in the Intercreditor
Agreement (Senior Debt).

      "SOLE MEMBER" shall have the meaning in the recitals hereto.

      "TRANSFER" means any direct or indirect transfer, donation, sale,
assignment, pledge, hypothecation, grant of a security interest in or other
disposal or attempted disposal of all or any portion of a security or of any
rights. "Transferred" means the accomplishment of a Transfer, and "Transferee"
means the recipient of a Transfer; provided, however that a "Transfer" shall not
include any disposal of the Lender Warrants or any the exercise of the Lender
Warrants or the subsequent Transfer of any Equity Interests acquired upon the
exercise of the Lender Warrants.

      "WARRANTS" shall have the meaning in the recitals hereto.

      "WARRANT INTERESTS" shall have the meaning assigned to such term in the
Warrants.

                   ARTICLE II - REPRESENTATIONS AND WARRANTIES

      SECTION 2.1 REPRESENTATIONS OF THE SECURITYHOLDERS, THE INDIVIDUAL
INVESTORS, BH/RE AND OPBIZ. Each of the Securityholders and the Individual
Investors, BH/RE and OpBiz, individually and not jointly, hereby represents,
warrants and covenants to the Company

                                      -6-
<PAGE>

and the other Securityholders as follows: (a) such Person has full company power
and authority (in the case of a Person that is a limited liability company,
corporation or similar corporate entity), or capacity (in the case of a Person
who is an individual) to enter into this Agreement and perform its obligations
hereunder; (b) this Agreement constitutes the valid and binding obligation of
such Person enforceable against such Person in accordance with its terms; (c)
the execution, delivery and performance by such Person of this Agreement: (i)
does not and will not violate any laws, rules or regulations of the United
States or any state or other jurisdiction applicable to such Person, or require
such Person to obtain any approval, consent or waiver of, or to make any filing
with, any Person that has not been obtained or made (other than approvals or
consents of Gaming Authorities); and (ii) does not and will not result in a
breach of, constitute a default under, accelerate any obligation under or give
rise to a right of termination of any indenture or loan or credit agreement or
any other material agreement, contract, instrument, mortgage, lien, lease,
permit, authorization, order, writ, judgment, injunction, decree, determination
or arbitration award to which such Person is a party or by which the property of
such Person is bound or affected, or result in the creation or imposition of any
mortgage, pledge, lien, security interest or other charge or encumbrance on any
of the assets or properties of such Person; and (d) each of the Sole Member and
BH/RE is a partnership for federal income tax purposes.

      SECTION 2.2 REPRESENTATIONS OF THE COMPANY. The Company hereby represents,
warrants and covenants to the Securityholders as follows: (a) it has full
limited liability company power and authority to enter into this Agreement and
perform its obligations hereunder; (b) this Agreement constitutes the valid and
binding obligation of the Company enforceable against it in accordance with its
terms; and (c) the execution, delivery and performance by the Company of this
Agreement: (i) does not and will not violate any laws, rules or regulations of
the United States or any state or other jurisdiction applicable to the Company,
or require the Company to obtain any approval, consent or waiver of, or to make
any filing with, any Person that has not been obtained or made (other than
approvals or consents of Gaming Authorities); and (ii) does not and will not
result in a breach of, constitute a default under, accelerate any obligation
under or give rise to a right of termination of any indenture or loan or credit
agreement or any other material agreement, contract, instrument, mortgage, lien,
lease, permit, authorization, order, writ, judgment, injunction, decree,
determination or arbitration award to which such Person is a party or by which
the property of the Company is bound or affected, or result in the creation or
imposition of any mortgage, pledge, lien, security interest or other charge or
encumbrance on any of the assets or properties of the Company.

          ARTICLE III - RESTRICTIONS ON TRANSFER; CO-SALE; DRAG ALONG

      Except as otherwise expressly stated herein, the provisions of this
Article III shall terminate immediately upon the closing of a Qualified Public
Offering.

      SECTION 3.1 RESTRICTIONS ON TRANSFER. Each Securityholder agrees that it
will not Transfer all or any portion of the Securities, except:

            (a)   Transfers by any Mezzanine Investor to any Person other than a
Competitor made in compliance with the Gaming Laws and any requirements and
restrictions

                                      -7-
<PAGE>

imposed by the Gaming Authorities; provided, however, that the Transferee shall
have entered into a Joinder Agreement providing that all Securities so
Transferred shall continue to be subject to all provisions of this Agreement as
if such Securities were held by such Mezzanine Investor and for all purposes
hereunder such Transferee shall be a "Mezzanine Investor"; and

            (b)   Transfers by any Non-Mezz Investor to any Person other than a
Competitor made in compliance with the Gaming Laws and any requirements and
restrictions imposed by the Gaming Authorities and Section 3.2 hereof; provided,
however, that the Transferee in each case shall have entered into a Joinder
Agreement providing that all Securities so Transferred shall continue to be
subject to all provisions of this Agreement as if such Securities were held by
such Non-Mezz Investor and for all purposes hereunder such Transferee shall be a
"Non-Mezz Investor";

            (c)   Transfers by a Securityholder pursuant to Section 3.3 hereof
made in accordance with the specific procedures set forth therein; and

            (d)   Transfers required by Gaming Authorities.

      SECTION 3.2 CO-SALE OPTION OF MEZZANINE INVESTORS. In the event a Non-Mezz
Investor ( a "TRANSFERRING INVESTOR") proposes to Transfer all or any portion of
its Securities to any Person (the "OFFEROR") in response to a bona fide offer (a
"TRANSACTION OFFER"), such Transferring Investor may do so only pursuant to and
in accordance with the following provisions of this Section 3.2 and after
receipt of all necessary Gaming Approvals:

            (a)   Each Mezzanine Investor (a "CO-SELLING INVESTOR") shall have
the right (the "CO-SALE OPTION") to participate in the Transaction Offer with
respect to any Securities subject thereto by giving written notice (the
"ACCEPTANCE NOTICE") to the Transferring Investor within ten (10) Business Days
of receipt of a notice (the "CO-SALE OFFER NOTICE") specifying the terms of the
Transaction Offer. Each Acceptance Notice shall indicate the maximum number and
type of Securities such Co-Selling Investor wishes to sell including the number
and type of Securities it would sell if one or more other Co-Selling Investor do
not elect to participate in the sale on the terms and conditions stated in the
Co-Sale Offer Notice.

            (b)   Each Co-Selling Investor shall have the right to sell a
portion of its Securities pursuant to the Transaction Offer which is equal to or
less than the product obtained by multiplying the total number of Securities
subject to the Transaction Offer and available for sale to the Offeror by a
fraction, the numerator of which is the total number of Securities owned by such
Co-Selling Investor on the date of the Co-Sale Offer Notice on an as exercised
basis and the denominator of which is the total number of Securities then held
by all Co-Selling Investors and the Transferring Investor on the date of the
Co-Sale Offer Notice (also on an as exercised basis). To the extent one or more
Co-Selling Investors elects not to sell, or fails to exercise its rights to sell
the full amount of such Securities which they are entitled to sell pursuant to
this Section 3.2, the right of the Co-Selling Investors who have elected to sell
Securities shall be increased proportionately based on their relative holdings
and such other Co-Selling Investors shall have an additional three (3) Business
Days from the date upon which they are notified of such election or failure to
exercise in which to increase the number of Securities to be sold by them
hereunder.

                                      -8-
<PAGE>

            (c)   Within ten (10) calendar days after the date by which the
Co-Selling Investors were first required to notify the Transferring Investor of
their intent to participate, the Transferring Investor shall notify each
participating Co-Selling Investor of the number of Securities held by such
Co-Selling Investor that will be included in the sale and the date on which the
Transaction Offer will be consummated, which shall be no later than the later of
(i) sixty (60) calendar days after the date by which the Co-Selling Investors
were required to notify the Transferring Investor of their intent to participate
and (ii) the satisfaction of any approval or filing requirements of any
Governmental Authority, if any.

            (d)   Each participating Co-Selling Investor may effect its or his
participation in any Transaction Offer hereunder by delivery to the Offeror, or
to the Transferring Investor for delivery to the Offeror, of one or more
instruments or certificates, properly endorsed for Transfer, representing the
Securities it elects to sell therein. The Co-Selling Investors shall make
customary representations and warranties and provide customary indemnities in
connection therewith. The Co-Selling Investors further agree that (i) the
liability of any Mezzanine Investor with respect to any representation or
warranty made by such Mezzanine Investor in connection with any sale pursuant to
this Section 3.2 shall be several and not joint with any other Person, and shall
be limited to each such Mezzanine Investor's net proceeds from such sale. Each
Co-Selling Investor shall execute and deliver such instruments of conveyance and
Transfer and take such other action, and execute any related documents as the
Transferring Investor or Offeror may reasonably require in order to carry out
the terms and provisions of this Section 3.2. In connection with any Transfer
subject to this Section 3.2, (i) each Co-Selling Investor shall be fully
responsible for (x) its own legal fees, (y) its pro rata share (calculated in
accordance with Section 3.2(b)) of any applicable placement or brokerage fees,
if any and (z) its pro rata share (calculated in accordance with Section 3.2(b))
of any expenses incurred by the Transferring Investor for the benefit of all
participating Securityholders, and (ii) the Transferring Investor shall bear its
own expenses. At the time of consummation of the Transaction Offer, the Offeror
shall remit directly to each relevant Co-Selling Investor that portion of the
sale proceeds to which the relevant Co-Selling Investor is entitled by reason of
its participation therein (less any adjustments due to the conversion of any
convertible securities or the exercise of any exercisable securities and any
required tax withholding). No Securities may be purchased by the Offeror from
the Transferring Investor unless the Offeror simultaneously purchases from the
participating Co-Selling Investors all of the Securities that they have elected
to sell pursuant to this Section 3.2.

            (e)   Any Securities held by a Transferring Investor which are the
subject of the Transaction Offer that the Transferring Investor desires to sell
following compliance with this Section 3.2 may be sold to the Offeror only
during the period specified in Section 3.2(c) and only on terms no more
favorable to the Transferring Investor than those contained in the Co-Sale Offer
Notice. Promptly after such sale, the Transferring Investor shall notify the
Co-Selling Investors of the consummation thereof and shall furnish such evidence
of the completion and time of completion of such sale and of the terms thereof
as may reasonably be requested by the Co-Selling Investors. The Offeror shall
take such Securities subject to the provisions of this Article III. In the event
that the Transaction Offer is not consummated within the period required by this
Section 3.2 or the Offeror fails timely to remit to each participating Mezzanine
Investor its portion of the sale proceeds, the Transaction Offer shall be deemed
to lapse, and any Transfers of Securities pursuant to such Transaction Offer
shall be deemed to be

                                      -9-
<PAGE>

in violation of the provisions of this Agreement unless the Transferring
Investor once again complies with the provisions of this Section 3.2 hereof with
respect to such Transaction Offer.

            (f)   If (i) any Individual Investor proposes to Transfer all or a
portion of its Equity Interests in BH/RE that, when taken together with all
previous Transfers of Equity Interests by such Individual Investor (except for
any transactions specifically excluded by this second to last sentence of this
Section 3.2(f)) would equal an aggregate amount of Equity Interests equal to or
greater than 5% of all such Investor's Equity Interests in BH/RE held as of the
date hereof, then the Individual Investor shall (subject to any required
consents or approvals of Gaming Authorities) offer to exchange the Securities
held by each Mezzanine Investor for Equity Interests in BH/RE of the kind
proposed to be Transferred in such sale at their respective fair market values
as agreed to by the Individual Investors and a Majority Warrant Interest or (ii)
BH/RE proposes to Transfer (the definition of which excludes the grant of the
Lender Warrants, the exercise of the Lender Warrants or the subsequent Transfer
of any Equity Interests acquired upon exercise of the Lender Warrants) all or a
portion of its Equity Interests in the Sole Member (either (i) or (ii) of this
Section 3.2(f) a "PARENT SALE"), then BH/RE or the Sole Member, as applicable,
shall (subject to any required consents or approvals of Gaming Authorities)
offer to exchange the Securities held by each Mezzanine Investor for Equity
Interests in BH/RE or the Sole Member, as applicable, of the kind proposed to be
Transferred in such Parent Sale at their respective fair market values as agreed
to by the Individual Investors and a Majority Warrant Interest. If the
Individual Investors and the Majority Warrant Interest are unable to agree
either valuation, then the Individual Investors and the Majority Warrant
Interest shall select an Appraiser to determine any disputed valuation, the cost
of which shall be borne equally by the Majority Warrant Interest and Company.
Mezzanine Investors who exchange their Securities for Equity Interests in BH/RE
or the Sole Member shall be entitled to participate in such Parent Sale in
accordance with the other terms of this Section 3.2 as if such terms were
applicable to such Parent Sale, and BH/RE and the Sole Member agree to cooperate
with the Mezzanine Investors, in good faith, to achieve this result. The
provisions of this Section 3.2(f) shall not apply to Transfers by any Individual
Investor (y) to the spouse, children or siblings of such Individual Investor or
to a trust or family limited partnership for the benefit of any of them, or (z)
upon the death of any Individual Investor to such Individual Investor's heirs,
executors or administrators or to a trust under such Individual Investor's will,
or Transfers between such Individual Investor and such Individual Investor's
guardian or conservator, provided that in each case the Transferee shall have
entered into a Joinder Agreement in substantially the form attached hereto as
Exhibit A providing that all Securities so Transferred shall continue to be
subject to all provisions of this Agreement as if such Securities were still
held by such Individual Investor, except that no further Transfer shall
thereafter be permitted hereunder except in compliance with this Sections
3.2(f). Notwithstanding anything to the contrary in this Agreement or any
failure by a Transferee under this Section 3.2(f) to execute a Joinder
Agreement, such Transferee shall take any Securities so Transferred subject to
all provisions of this Agreement as if such Securities were still held by the
Individual Investor making such Transfer, whether or not they so agree in
writing. The parties hereto (including without limitation BH/RE and the
Individual Investors) agree that in the event of any exchange of Securities held
by a Mezzanine Investor for Equity Interests in the Sole Member of BH/RE
pursuant to this Section 3.2(f), all steps will be taken that may be necessary
or advisable to ensure that such exchange qualifies under Section 721 of the
Code as a tax-free contribution of property to a partnership in exchange for an
interest in the partnership. The parties hereto (including, without limitation,
BH/RE and the Individual Investors) further agree

                                      -10-
<PAGE>

to treat and report any such exchange for all purposes (including accounting and
tax purposes) in conformity with the preceding sentence.

      SECTION 3.3 DRAG-ALONG OBLIGATIONS.

            (a)   If the Required Investors (as defined in Section 3.3(e) below)
(the "SELLING SECURITYHOLDERS") determine to sell or otherwise dispose of all or
substantially all of the assets of the Company or all or substantially all of
the Equity Interests of the Company to any Person not Affiliated with either of
the Company or any of the Securityholders (the "BUYER"), or to cause the Company
to merge with or into or consolidate with any Buyer, in a bona fide arm's length
transaction (an "APPROVED SALE"), each Securityholder, subject to the provisions
of this Section 3.3, shall be obligated to and shall upon the written request of
the Selling Securityholders (and subject to the receipt of all required Gaming
Approvals: (i) sell, Transfer and deliver, or cause to be sold, Transferred and
delivered, to the Buyer, his, her or its pro rata portion of Securities on
substantially the same terms applicable to the Selling Securityholders (with
appropriate adjustments to reflect the conversion of convertible securities, the
redemption of redeemable securities and the exercise of exercisable securities);
and (ii) execute and deliver such instruments of conveyance and Transfer and
take such other action, including exercising any voting rights in favor of any
Approved Sale proposed by the Selling Securityholders (including by delivering
any irrevocable written proxy authorizing the Selling Securityholders or their
authorized representatives to vote in favor or such Approved Sale) and executing
any purchase agreements, merger agreements, escrow agreements or related
documents, as the Selling Securityholders may reasonably require in order to
carry out the terms and provisions of this Section 3.3; provided further that
each Mezzanine Investor shall be required to make any representations or
warranties and to provide any customary indemnities in connection therewith
severally, but not jointly, with the Selling Securityholders. The Selling
Securityholders shall pay all reasonable out-of-pocket costs and expenses
incurred by the Mezzanine Investors in connection with the provisions of this
Section 3.3 (including the reasonable fees and expenses of one independent
counsel for the Mezzanine Investors as a group, selected by the Majority Warrant
Interest). The Mezzanine Investors shall bear on their pro rata share
(calculated in accordance with Section 3.2(b)) of any expenses incurred by the
Selling Securityholders for the benefit of all Selling Securityholders.

            (b)   Not less than thirty (30) days prior to the date proposed for
the closing of any Approved Sale, the Selling Securityholders shall give written
notice to each other Securityholder, setting forth in reasonable detail the name
or names of the Buyer, the terms and conditions of the Approved Sale, including
the purchase price, and the proposed closing date.

            (c)   The obligations of each Securityholder set forth in this
Section 3.3 are subject to condition that, upon consummation of the Approved
Sale, each Securityholder receives the same form and per unit amount of
consideration, or if any Securityholder is given an option as to the form and
per unit amount of consideration, such option is made available to all
Securityholders.

            (d)   The Selling Securityholders further agree that (i) the
liability of any Mezzanine Investor with respect to any representation or
warranty made by such Mezzanine

                                      -11-
<PAGE>

Investor in connection with any Approved Sale shall be several and not joint
with any other Person, and shall be limited to each such Mezzanine Investor's
net proceeds from the Approved Sale, (ii) the Mezzanine Investors shall not be
required to consummate any Approved Sale unless the Mezzanine Investors are
provided with (or entitled to rely on) an opinion of counsel to the effect that
the Approved Sale is not in violation of any Applicable Law (including Gaming
Laws), or in the alternative, such Mezzanine Investors shall be indemnified by
the Buyer (or the Selling Securityholders) for any violation thereof and (iii)
no Mezzanine Investor shall be required to agree to any covenant not to compete
or covenant not to solicit customers, employees or suppliers of the Buyer or any
Affiliate thereof.

            (e)   The "REQUIRED INVESTORS" means any Securityholder (or group of
Securityholders) who at the time hold at least 75% of the aggregate Interests of
the Company then outstanding (without regard to Section 1.2) (the "THRESHOLD
AMOUNT"); provided that to the extent Warrant Interests are issued upon the
exercise of Warrants originally issued as an adjustment or increase under
Section 2.2 of the Warrants, the Threshold Amount shall be reduced by a
percentage corresponding to the percentage increase of the aggregate holdings of
the Securityholders resulting from the issuance of such Warrant Interests.

      SECTION 3.4 CONTEMPORANEOUS TRANSFERS. If two or more Securityholders
propose concurrent Transfers which are subject to this Article III, then the
relevant provisions of Sections 3.2 and Section 3.3 shall apply to each such
proposed Transfer.

      SECTION 3.5 ASSIGNMENT. Each Securityholder shall have the right to assign
its rights to any Transferees of its Securities in a Transfer made in compliance
with this Article III, and any such Transferee shall be deemed within the
definition of a "Mezzanine Investor" or "Non-Mezz Investor", as the case may be,
for all purposes of this Article III.

      SECTION 3.6 GAMING RESTRICTIONS. Notwithstanding anything to the contrary
in this Article III, no Securityholder shall be permitted to Transfer any
Securities, except upon the receipt of all required Gaming Approvals in
accordance with all applicable Gaming Laws and any requirements or restrictions
imposed by the applicable Gaming Authorities.

      SECTION 3.7 PROHIBITED TRANSFERS. If any Transfer is made or attempted
contrary to the provisions of this Agreement, such purported Transfer shall be
void ab initio; the Company and the other parties hereto shall have, in addition
to any other legal or equitable remedies which they may have, the right to
enforce the provisions of this Agreement by actions for specific performance (to
the extent permitted by law); and the Company shall have the right to refuse to
recognize any Transferee as one of its members for any purpose.

                        ARTICLE IV - RIGHTS TO PURCHASE

         Notwithstanding anything herein to the contrary, the following
provisions of this Article IV shall terminate immediately prior to the closing
of a Qualified Public Offering and shall not apply with respect to any Qualified
Public Offering.

                                      -12-
<PAGE>

      SECTION 4.1 RIGHT TO PARTICIPATE IN CERTAIN SALES OF ADDITIONAL
SECURITIES. If at any time the Company intends to issue any (i) Equity
Interests, (ii) securities convertible into or exchangeable for Equity
Interests, or (iii) options, warrants or rights carrying any rights to purchase
Equity Interests, other than Excluded Securities (collectively, the "OFFERED
SECURITIES"), it shall submit a written offer to each Mezzanine Investor
(collectively, the "OFFEREES"), identifying the terms of the proposed issuance
and sale (including price, number or aggregate principal amount of the Offered
Securities and all other material terms), to purchase its Pro Rata Allotment (as
hereinafter defined) of the Offered Securities (subject to increase for
over-subscription if some Offerees do not fully exercise their rights) on terms
and conditions, including price, not less favorable to the Offerees than those
on which the Company proposes to sell the Offered Securities to a third party or
parties; provided, however, that such Offeree agrees to purchase the Offered
Securities and any other securities to be purchased in tandem therewith by the
prospective purchaser. The Company's obligation to complete any such issuance or
sale is subject to the receipt of all necessary Gaming Approvals. Each Offeree's
"PRO RATA ALLOTMENT" of the Offered Securities shall be based on the ratio (as
determined in accordance with Section 1.2 hereof) which the Offered Securities
then owned by it bears to all of the then issued and outstanding Securities as
of the date of such written offer. The Company's offer pursuant to this Section
4.1 shall remain open and irrevocable for a period of ten (10) Business Days,
and the recipients of such offer shall elect to purchase by giving written
notice thereof to the Company within such 10-day period, including therein the
maximum number of Offered Securities of the Company which the Offeree would
purchase if other Offerees do not elect to purchase, with the rights of electing
Offerees to purchase such additional Offered Securities to be based upon the
relative holdings of Securities of the electing Offerees in the case of
over-subscription. Any Offered Securities which are not purchased pursuant to
such offer plus, at the Company's election, an equivalent number of securities
so purchased by the Offerees may be sold by the Company, but only on the terms
and conditions set forth in the initial offer, at any time within ninety (90)
days following the termination of the above-referenced 10-day period or any
longer period of time as may be required by any Gaming Authorities but may not
be sold to any other Person or on terms and conditions, including price, that
are more favorable to the purchaser than those set forth in such offer or after
such 90-day period or such longer period as may be required by any Gaming
Authorities without renewed compliance with this Section 4.1.

      SECTION 4.2 ASSIGNMENT OF RIGHTS. The rights of each Offeree set forth in
this Article IV are transferable to any Transferee of Securities held by any
Mezzanine Investor that would also be an eligible Transferee under Section
3.1(a), to any Affiliate of any Mezzanine Investor that would also be an
eligible Transferee under Section 3.1(a) and to any other Mezzanine Investor.
Upon such Transfer and execution of a Joinder Agreement, such Transferee shall
be deemed a "Mezzanine Investor" for all purposes of Sections 4.1 and 4.2.

                        ARTICLE V - REGISTRATION RIGHTS

      Notwithstanding anything herein to the contrary, the following provisions
shall continue to be in effect until this Agreement is otherwise terminated.

                                      -13-
<PAGE>

      SECTION 5.1 PIGGYBACK REGISTRATION RIGHTS. If at any time or times on or
after the date that is 180 days following the completion of a Qualified Public
Offering, the Company shall determine to register any Equity Interests or
securities convertible into or exchangeable or exercisable for Equity Interests
under the Securities Act (whether in connection with a public offering of
securities by the Company (a "PRIMARY OFFERING"), a public offering of
securities by members (a "SECONDARY OFFERING"), or both, but not in connection
with a registration effected solely to implement an employee benefit plan or a
transaction to which Rule 145 or any other similar rule of the Commission under
the Securities Act is applicable), the Company will promptly give written notice
thereof to the Mezzanine Investors. In connection with any such registration, if
within thirty (30) days after their receipt of such notice (or ten (10) days in
the case of a proposed registration on Form S-3) any Mezzanine Investor requests
in writing the inclusion in such registration of some or all of the Registrable
Interests (as hereinafter defined) owned by such Mezzanine Investor, or into
which any units held by such Mezzanine Investor are convertible or exchangeable,
the Company will use its best efforts to effect the registration under the
Securities Act of all Registrable Interests which such Mezzanine Investor so
requests; provided, however, that if at any time after giving written notice of
its intention to register any Registrable Interests and prior to the effective
date of the registration statement in connection with such registration, the
Company shall determine in good faith, for any reason not to register such
Registrable Interests, the Company shall give written notice to the Mezzanine
Investors and, thereupon, shall be relieved of its obligation to register any
such Registrable Interests in connection with such registration; provided,
further, that in the case of an underwritten public offering, if the managing or
lead underwriter(s) determine that a limitation on the number of units to be
underwritten is required, such underwriter(s) may limit the number of
Registrable Interests to be included in the registration and underwriting to an
amount that, in the judgment of the underwriter, would not materially affect the
term of the offering (including, without limitation the price at which such
securities can be sold to the public or the market for the Company's
securities). The Company shall advise all Mezzanine Investors promptly after
such determination by the managing or lead underwriter(s), and the number of
Registrable Interests that may be included in the registration and underwriting
shall be allocated among all Mezzanine Investors requesting registration in
proportion, as nearly as practicable, to their respective holdings of
Registrable Interests; provided that all Persons participating in the offering
(other than the Company) shall be "cut back" on a pro rata basis. The Company
may select the underwriters for any underwritten offering in its sole
discretion. All reasonable out-of-pocket expenses incurred by the Mezzanine
Investors in connection with the provisions of this Section 5.1 (including the
reasonable fees and expenses of one independent counsel for the Mezzanine
Investors as a group, selected by the Majority Warrant Interest) shall be borne
by the Company, except that the Mezzanine Investors shall bear underwriting and
selling commissions and Transfer taxes attributable to the sale of their
Registrable Interests.

      SECTION 5.2 PARENT REGISTRATIONS. If (i) BH/RE proposes to register any of
its Equity Interests or securities convertible into or exchangeable or
exercisable for its Equity Interests, or (ii) the Sole Member proposes to
register any of its Equity Interests or securities convertible into or
exchangeable or exercisable for its Equity Interests, in each case under the
Securities Act (whether in connection with a public offering of securities by
BH/RE or the Sole Member, a public offering of securities by members, or both,
but not in connection with a registration effected solely to implement an
employee benefit plan or a transaction to which Rule 145 or any

                                      -14-
<PAGE>

other similar rule of the Commission under the Securities Act is applicable)
(each a "PARENT REGISTRATION"), BH/RE or the Sole Member, as applicable, will
promptly give written notice thereof to the Mezzanine Investors and offer to
exchange the Securities held by each Mezzanine Investor for Equity Interests in
BH/RE or the Sole Member, as applicable, of the kind proposed to be registered
at their respective fair market values as agreed to by the Individual Investors
and a Majority Warrant Interest. If the Individual Investors and the Majority
Warrant Interest are unable to agree on such valuation, then the Individual
Investors and the Majority Warrant Interest shall select an Appraiser to make
such determination, the cost of which shall be borne by the Company. Mezzanine
Investors who exchange their Securities for Equity Interests in BH/RE or the
Sole Member, as applicable, shall be entitled to participate in such Parent
Registration in accordance with the terms of this Article V as if such terms
were applicable to such Parent Registration, and BH/RE and the Sole Member agree
to cooperate with the Mezzanine Investors, in good faith, to achieve this
result. The parties hereto (including without limitation, BH/RE and the
Individual Investors) agree that in the event of any exchange of Securities held
by a Mezzanine Investor for Equity Interests in the Sole Member or BH/RE
pursuant to this Section 5.2, and in the event that such exchange can reasonably
be construed as an exchange qualifying under Section 351 of the Code, all
reasonable steps will be taken that may be necessary or advisable to ensure that
such exchange so qualifies.

                                      -15-
<PAGE>

      SECTION 5.3 OTHER REGISTRATIONS. In order to assist the Mezzanine
Investors in obtaining any required Gaming Approvals or meeting any other
requirements imposed by Gaming Authorities in connection with the exercise of
any Warrants, the Company shall, within one month of a written request of a
Majority Warrant Interest (i) file with the Commission a registration statement
on Form 10 (the "FORM 10") registering the Warrant Interests under the Exchange
Act, (ii) file an application with the Nevada Gaming Commission for registration
as a publicly traded corporation (the "PTC REGISTRATION", and collectively with
the Form 10, the "ADDITIONAL FILINGS") and (iii) use its commercially reasonable
best efforts to promptly take or cause to be taken, any other action or to do,
or cause to be done, all things reasonably necessary under Applicable Law to
facilitate the receipt by Mezzanine Investors of any required Gaming Approvals
or in meeting any other requirements imposed by Gaming Authorities. The
Additional Filings, as initially filed with the Commission and the Nevada Gaming
Commission, and as each may be supplemented, amended and refiled, shall each be
in form and substance reasonably satisfactory to the Mezzanine Investors. The
Company shall use it commercially reasonable best efforts, in cooperation with
the Mezzanine Investors, to respond to any comments of the Commission or the
Nevada Gaming Commission, as applicable, on the Additional Filings. The Company
shall notify the Mezzanine Investors promptly of the receipt of any comments
from the Commission (or its staff) or the Nevada Gaming Commission (or its
staff), as applicable, and of any request by either the Commission (or its
staff) or the Nevada Gaming Commission (or its staff), or any other governmental
officials for amendments or supplements to the Applicable Filings or for
additional information, and will supply the Mezzanine Investors with copies of
all correspondence with respect to the Additional Filings. The Additional
Filings, shall in all respects, comply with as to form all Applicable Laws.
Whenever any event occurs which is required to be set forth in any amendment or
supplement to an Additional Filing, the Company shall promptly inform the
Mezzanine Investors of such occurrence and cooperate in filing with the
Commission or its staff, or the Nevada Gaming Commission or its staff, as
applicable, such amendment or supplement. The costs of the Additional Filings
(including legal fees, audit fees and filing or application fees) shall be borne
by the Company. The costs of obtaining Gaming Approvals and meeting any other
requirements that the Gaming Authorities may impose in connection with such
exercise shall be borne equally by Libra Securities, LLC, on the one hand, and
the Majority Warrant Interest, on the other hand.

      SECTION 5.4 REGISTRABLE INTERESTS. For the purposes of this Article V, the
term "Registrable Interests" shall mean the Interests held by the Mezzanine
Investors or subject to acquisition by the Mezzanine Investors upon exercise of
the Warrants, including any Interests issued by way of a dividend or split or in
connection with a combination of units, recapitalization, merger, consolidation
or other reorganization; provided, however, that Interests sold in a registered
sale pursuant to an effective registration statement under the Securities Act or
Transferred pursuant to Rule 144 thereunder or transferable pursuant to Rule
144(k) thereunder without restriction as to volume, shall not be deemed
Registrable Interests.

      SECTION 5.5 FURTHER OBLIGATIONS OF THE COMPANY. Whenever, under the
provisions of Section 5.1 of this Agreement, the Company is required to register
any Registrable Interests, it agrees that to the extent not otherwise already
set forth in this Article V, it shall do the following:

                                      -16-
<PAGE>

            (a)   Use its reasonable commercial best efforts to diligently
prepare and file with the Commission, a registration statement and such
amendments, post-effective amendments and supplements to said registration
statement and the prospectus used in connection therewith as may be necessary to
keep said registration statement effective for such period, not exceeding 180
days, as may be necessary for any Mezzanine Investor participating in a
registered offering to dispose of the Registrable Interests registered
thereunder in the manner specified and to comply with the provisions of the
Securities Act with respect to the sale of securities covered by said
registration statement;

            (b)   Furnish to each selling Mezzanine Investor such copies of each
preliminary and final prospectus and such other documents as such Mezzanine
Investor may reasonably request to facilitate the public offering of its
Registrable Interests;

            (c)   Use its reasonable commercial best efforts to register or
qualify the securities covered by said registration statement under the
securities or "blue-sky" laws of such jurisdictions as any selling Mezzanine
Investors may reasonably request, provided that the Company shall not be
required to register or qualify the securities in any jurisdictions which
require it to qualify to do business, subject itself to general taxation in any
such jurisdiction, subject itself to general service of process therein or amend
any provision of its organizational documents in a manner that would be adverse
to the Company or its members;

            (d)   Immediately notify each selling Mezzanine Investor at any time
when a prospectus relating to its Registrable Interests is required to be
delivered under the Securities Act, of the happening of any event as a result of
which such prospectus contains an untrue statement of a material fact or omits
any material fact necessary to make the statements therein not misleading, and,
at the request of any such selling Mezzanine Investor, prepare and file with the
Commission a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Interests, such prospectus will
not contain any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein not misleading;

            (e)   Cause all such Registrable Interests to be listed on or
included in each securities exchange or quotation system, if any, on which
similar securities issued by the Company are then listed, provided that the
applicable listing requirements are satisfied;

            (f)   Otherwise use its reasonable commercial best efforts to comply
in all material respects with all applicable rules and regulations of the
Commission and make generally available to its members, in each case as soon as
practicable, but not later than thirty (30) calendar days after the close of the
period covered thereby an earnings statement of the Company which will satisfy
the provisions of Section 11(a) of the Securities Act;

            (g)   Cooperate with each Mezzanine Investor and each underwriter
participating in the disposition of Registrable Interests and their respective
counsel in connection with any filings required to be made with the National
Association of Securities Dealers, Inc.;

                                      -17-
<PAGE>

            (h)   During the period when the prospectus is required to be
delivered under the Securities Act, promptly file all documents required to be
filed with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act;

            (i)   Appoint a transfer agent and registrar for all Registrable
Interests covered by a registration statement no later than the effective date
of such registration statement;

            (j)   In connection with an underwritten offering, to the extent
reasonably requested by the managing or lead underwriter(s) for the offering or
the Mezzanine Investors, participate in and support customary efforts to sell
the securities in the offering, including, without limitation, participating in
"road shows";

            (k)   Otherwise cooperate with the managing or lead underwriter(s),
the Commission and other regulatory agencies (including Gaming Authorities) and
take all reasonable actions and execute and deliver or cause to be executed and
delivered all documents necessary to effect the registration of any Registrable
Interests under this Section 5.5; and

            (l)   In connection with an underwritten offering, furnish to each
selling Mezzanine Investor a signed counterpart, addressed to each Mezzanine
Investor, of:

                  (i)   an opinion of counsel for the Company customary in form
      and substance for such a transaction and reasonably satisfactory to the
      Mezzanine Investor; and

                  (ii)  to the extent permitted by applicable professional
      standards, a "comfort" letter, signed by the independent public
      accountants who have certified the Company's financial statements included
      in such registration statement, customary in form and substance for such a
      transaction and reasonably satisfactory to the Mezzanine Investors;

            (m)   Each holder of Registrable Interests agrees that, upon receipt
      of any notice from the Company of the happening of any event of the kind
      described in Section 5.5(d), such holder shall forthwith discontinue
      disposition of Registrable Interests pursuant to the registration
      statement covering such Registrable Interests until such holder's receipt
      of the copies of the supplemented or amended prospectus contemplated by
      Section 5.5(d), and, if so directed by the Company, such holder shall
      deliver to the Company (at the Company's expense) all copies, other than
      permanent file copies then in such holder's possession, of the prospectus
      covering such Registrable Interests current at the time of receipt of such
      notice. If the Company shall give any such notice, the Company shall
      extend the period during which such registration statement shall be
      maintained effected pursuant to Section 5.5(a) by the number of days
      during the period from and including the date of the giving of such notice
      pursuant to Section 5.5(d) to and including the date when each seller of
      Registrable Interests covered by such registration statement shall have
      received the copies of the supplemented or amended prospectus contemplated
      by Section 5.5(d).

      SECTION 5.6 INDEMNIFICATION; CONTRIBUTION

                                      -18-
<PAGE>

            (a)   Incident to any registration statement referred to in this
Article V, the Company will indemnify and hold harmless each underwriter and
each Mezzanine Investor who offers or sells any such Registrable Interests in
connection with such registration statement (including their respective partners
(including partners of partners and stockholders and members of any such
partners), and directors, officers, managers, members, employees and agents of
any of them (a "SELLING HOLDER"), and each person who controls any of them
within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (a "CONTROLLING PERSON"), from and against any and all losses,
claims, damages, expenses and liabilities, joint or several (including any
investigation, reasonable legal and other expenses incurred in connection with,
and any amount paid in settlement of, any action, suit or proceeding or any
claim asserted), as the same are incurred to which they, or any of them, may
become subject under the Securities Act, the Exchange Act, or other federal or
state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, damages or liabilities arise out of or are based on (i) any
untrue statement or alleged untrue statement of a material fact contained in
such registration statement (including any related preliminary or definitive
prospectus, or any amendment or supplement to such registration statement or
prospectus), (ii) any omission or alleged omission to state in such document a
material fact required to be stated in it or necessary to make the statements in
it not misleading, or (iii) any violation by the Company of the Securities Act,
any state securities or "blue sky" laws or any rule or regulation thereunder in
connection with such registration; provided, however, that the Company will not
be liable to the extent that such loss, claim, damage, expense or liability
arises from and is based on an untrue statement or omission or alleged untrue
statement or omission made in reliance on and in conformity with information
furnished in writing to the Company by such Selling Holder or Controlling Person
expressly for use in such registration statement or is due to the failure of
such Selling Holder or Controlling Person to deliver a copy of the prospectus or
any supplements thereto a reasonable period of time after the Company has
furnished such Selling Holder or Controlling Person with a sufficient number of
copies of the same or by the delivery of prospectuses by such Selling Holder or
Controlling Person after the Company notified such Selling Holder or Controlling
Person in writing to discontinue delivery of prospectuses. With respect (i) to
such untrue statement or omission or alleged untrue statement or omission in the
information furnished in writing to the Company by such Selling Holder or
Controlling Person expressly for use in such registration statement or (ii) to
the failure of any Selling Holder of Controlling Person to refrain from
delivering any prospectus or supplements thereto a reasonable period of time
following notice from the Company to discontinue delivery such prospectus or
supplements, such Selling Holder will indemnify and hold harmless each
underwriter, the Company (including its directors, officers, employees, agents
and Controlling Persons), and each other Selling Holder (including its partners
(including partners of partners and stockholders of such partners) and
directors, officers, employees, agents and Controlling Person of any of them),
from and against any and all losses, claims, damages, expenses and liabilities,
joint or several, to which they, or any of them, may become subject under the
Securities Act, the Exchange Act, or other federal or state statutory law or
regulation, at common law or otherwise to the same extent provided in the
immediately preceding sentence. In no event, however, shall the liability of a
Selling Holder or Controlling Person for indemnification under this Section
5.6(a) in its capacity as such exceed the net proceeds (before deducting
expenses) received by such Selling Holder from its sale of Registrable Interests
under such registration statement.

                                      -19-
<PAGE>

            (b)   If the indemnification provided for in Section 5.6(a) above
for any reason is held by a court of competent jurisdiction to be unavailable to
an Indemnified Party in respect of any losses, claims, damages, expenses or
liabilities referred to therein, then each Indemnifying Party under this Section
5.6, in lieu of indemnifying such indemnified party thereunder, shall contribute
to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, expenses or liabilities (i) in such proportion as is
appropriate to reflect the relative benefits received by the Company, the other
Selling Holders and the underwriters, if any, from the offering of the
Registrable Interests or (ii) if the allocation provided by clause (i) above is
not permitted by Applicable Law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the
relative fault of the Company, the other Selling Holders and the underwriters,
if any, in connection with the statements or omissions which resulted in such
losses, claims, damages, expenses or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Company, the
Selling Holders and the underwriters, if any, shall be deemed to be in the same
respective proportions that the net proceeds from the offering (before deducting
expenses) received by the Company and the Selling Holders and the underwriting
discount received by the underwriters, if any, in each case as set forth in the
table on the cover page of the applicable prospectus, bear to the aggregate
public offering price of the Registrable Interests. The relative fault of the
Company, the Selling Holders and the underwriters, if any, shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company, the Selling
Holders or the underwriters and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

      The Company and the Selling Holders agree that it would not be just and
equitable if contribution pursuant to this Section 5.6(b) were determined by pro
rata or per capita allocation or by any other method of allocation which does
not take account of the equitable considerations referred to in the immediately
preceding paragraph. In no event, however, shall a Selling Holder be required to
contribute any amount under this Section 5.6(b) in excess of the net proceeds
(before deducting expenses) received by such Selling Holder from its sale of
Registrable Interests under such registration statement. No person found guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
found guilty of such fraudulent misrepresentation.

            (c)   As promptly as is reasonably practicable after receipt by a
party seeking indemnification pursuant to this Section 5.6 (an "INDEMNIFIED
PARTY") of written notice of any investigation, claim, proceeding or other
action in respect of which indemnification is being sought (each, a "CLAIM"),
the Indemnified Party promptly shall notify the party against whom
indemnification pursuant to this Section 5.6 is being sought (the "INDEMNIFYING
PARTY") of the commencement thereof; but the omission to so notify the
Indemnifying Party shall not relieve it from any liability hereunder, except to
the extent that the Indemnifying Party is materially prejudiced by reason of
such failure. In connection with any Claim, the Indemnifying Party shall be
entitled to assume the defense thereof. Notwithstanding the assumption of the
defense of any Claim by the Indemnifying Party, the Indemnified Party shall have
the right to employ separate legal counsel and to participate in the defense of
such Claim, and the Indemnifying Party shall bear the reasonable fees,
out-of-pocket costs and expenses of such separate legal counsel to the
Indemnified Party if (and only if): (x) the Indemnifying Party shall

                                      -20-
<PAGE>

have agreed to pay such fees, costs and expenses, (y) the Indemnified Party
shall reasonably have concluded that representation by the same legal counsel
would not be appropriate due to (i) actual or potentially differing interests
between such parties in the conduct of the defense of such Claim, or (ii) legal
defenses that may be available to the Indemnified Party that are in addition to
or disparate from those available to the Indemnifying Party, or (z) the
Indemnifying Party shall have failed to employ legal counsel reasonably
satisfactory to the Indemnified Party and take action to defend such claim
within 30 days after notice of the commencement of such Claim or the
Indemnifying Party shall, in the reasonable judgment of the Indemnified Party,
have ceased to conduct a diligent defense of such claim. If the Indemnified
Party employs separate legal counsel in circumstances other than as described in
clauses (x), (y) or (z) above, the fees, costs and expenses of such legal
counsel shall be borne exclusively by the Indemnified Party. Except as provided
above, the Indemnifying Party shall not, in connection with any Claim in the
same jurisdiction, be liable for the fees and expenses of more than one firm of
counsel for the Indemnified Party (together with appropriate local counsel). No
Indemnifying Party shall, without the prior written consent of the Indemnified
Party, settle or compromise any Claim or consent to the entry of any judgment
with respect thereto, unless such settlement, compromise or consent (i) includes
an unconditional release of each Indemnifying Party from all liabilities with
respect to such Claim or judgment and (ii) does not include a statement as to or
an admission of fault, culpability or a failure to act by or on behalf of any
Indemnified Party.

            (d)   The indemnification and contribution provided for in this
Section 5.6 will remain in full force and effect regardless of any investigation
made by or on behalf of the Indemnified Parties or any officer, director,
employee, agent or Controlling Person of the Indemnified Parties.

      SECTION 5.7 RULE 144 REQUIREMENTS. If the Company becomes subject to the
reporting requirements of either Section 13 or 15(d) of the Exchange Act, the
Company will use its reasonable best efforts thereafter to file with the
Commission such information as is specified under either of said Sections for so
long as any of the Mezzanine Investors (i) holds any Registrable Interests or
(ii) otherwise qualifies to sell Registrable Interests pursuant to Rule 144(k)
under the Securities Act (or any successor or similar exemptive rules hereafter
in effect); and in such event, the Company shall use its reasonable best efforts
to take all action as may be required as a condition to the availability of Rule
144 under the Securities Act (or any successor or similar exemptive rules
hereafter in effect). The Company shall furnish to any transfer agent or
registrar upon request a written statement as to the steps it has taken to
comply with the current public information requirement of Rule 144 or such
successor rules.

      SECTION 5.8 MARKET STAND-OFF. Each Securityholder agrees, if requested by
the Company and an underwriter of Registrable Interests in connection with any
Qualified Public Offering, not to directly or indirectly sell, offer to sell,
contract to sell (including, without limitation, any short sale), grant any
option to purchase or otherwise Transfer or dispose of any Securities or any
other securities of the issuer of the securities in a Qualified Public Offering
during any "blackout period" required by any underwriter in connection with a
Qualified Public Offering, which "blackout period" shall in no event exceed the
earlier of (i) 180 days from the date securities are first sold in the Qualified
Public Offering, and (ii) the date any holder of 1% or more of the voting common
equity securities of the Company, which holder was previously

                                      -21-
<PAGE>

restricted by any such "blackout period", is able to Transfer all or any portion
of its voting common equity securities free from any such restriction. In order
to enforce the foregoing covenant, the issuer in such Qualified Public Offering
may impose stop-transfer instructions with respect to the securities of each
Securityholder (and the shares or securities of every other person subject to
the foregoing restriction) until the end of such "blackout period."

      SECTION 5.9 TRANSFER OF REGISTRATION RIGHTS. The registration rights and
related obligations under this Article V of the Mezzanine Investors with respect
to their Registrable Interests may be Transferred in connection with any
transaction or series of related transactions complying with Article III, or to
any other Mezzanine Investor, and upon any such Transfer and execution of the
Joinder Agreement such Transferee shall be deemed to be included within the
definition of an "Mezzanine Investor" for purposes of this Article V with the
rights set forth herein.

      SECTION 5.10 OTHER AGREEMENTS. The Company, BH/RE and the Sole Member each
agree that it shall not enter into any agreement or arrangement other than this
Agreement pursuant to which it grants or agrees to grant to any other Person
registration rights in respect of any capital interests of the Company, BH/RE or
the Sole Member, other than registration rights contemplated by Section 9.12 of
the Amended and Restated Operating Agreement of the Sole Member as amended by
the BH/RE-Starwood Agreement (as defined in the Securities Purchase Agreement),
that are in any respect senior or otherwise more favorable when taken as a whole
to the rights of the Mezzanine Investors hereunder unless (i) the Company, BH/RE
or the Sole Member, as the case may be, receives the prior written consent of a
Majority Warrant Interest or (ii) the Mezzanine Investors relinquish their
registration rights pursuant to this Article V (other than pursuant to Section
5.2 and Section 5.3) in exchange for the same registration rights being granted
to such other Person.

                                      -22-
<PAGE>

                         ARTICLE VI - NEGATIVE CONTROL

      SECTION 6.1 CONTROL CONDITIONS. If EBITDA is less than Minimum EBITDA
shown in the table below for any period, then following payment in full of the
Senior Debt (but subject to reinstatement as provided in the Intercreditor
Agreement (Senior Debt)) by the Noteholders or their designees (whether through
a refinancing or otherwise), (B) the receipt by the Majority Noteholders or
other relevant party of all required Gaming Approvals and (C) any other required
regulatory approvals or filings (all of the foregoing conditions, the "CONTROL
CONDITIONS"), the Majority Noteholders shall have the right to obtain management
control of OpBiz in a manner satisfactory to the Majority Noteholders (the
"CONTROL RIGHT"); provided that the Control Right shall terminate upon the
consummation of a Qualified Public Offering.

<TABLE>
<CAPTION>
         PERIOD                        MINIMUM EBITDA
         ------                        --------------
<S>                                    <C>
The consecutive twelve (12)             $67,500,000
month period immediately
following the fourth anniversary
of the Closing Date (the "FIRST
MEASUREMENT PERIOD")

The consecutive twelve (12)             $72,000,000
month period immediately
following the last day of the
First Measurement Period (the
"SECOND MEASUREMENT
PERIOD")

The consecutive twelve (12)             $76,500,000
month period immediately
following the last day of the
Second Measurement Period
</TABLE>

                                      -23-
<PAGE>

      SECTION 6.2 COOPERATION Once the Control Conditions have been satisfied,
the Sole Member and the Company agree to cooperate with the Majority Noteholders
in obtaining management control of OpBiz in the manner that the Majority
Noteholders desire as soon as practicable. It is understood that such
cooperation shall include, but not be limited to, the following:

            (a)   Representatives of BH/RE, the Sole Member, the Company and
OpBiz appearing before the Gaming Authorities;

            (b)   The Sole Member tendering its resignation as manager or
managing member of the Company, in the form of Exhibit B or in such other form
requested by the Majority Noteholders;

            (c)   The Sole Member irrevocably appointing one or more designees
of the Majority Noteholders as the manager or managing member of the Company;

            (d)   The Sole Member delivering an irrevocable proxy to the
Majority Noteholders, in the form of Exhibit C or in such other form requested
by the Majority Noteholders (the "Irrevocable Proxy"), to vote its Equity
Interests in the Company on all matters (including a sale of OpBiz) in any way
that the Majority Noteholders desire;

            (e)   Each Individual Investor tendering his resignation for all
positions held at the Company and OpBiz, in the form of Exhibit D or in such
other form requested by the Majority Noteholders;

            (f)   Representatives of BH/RE, the Sole Member, the Company and
OpBiz delivering (or making available) all tangible or electronic items in their
possession or control that are necessary or useful to operate the Business,
including all items listed on Exhibit E;

            (g)   Representatives of BH/RE, the Sole Member, the Company and
OpBiz providing assistance in the preparation of an information memorandum
(including historical and pro forma financial statements) and the verification
of the completeness and accuracy of the information contained therein; and

            (h)   Representatives BH/RE, of the Sole Member, the Company and
OpBiz participating in meetings and conference calls with potential acquirors,
lenders or investors at such places and time as the Majority Noteholders may
reasonably request.

      SECTION 6.3 DRAG-ALONG. Once the Control Conditions have been satisfied,
the Sole Member shall, on the request of the Majority Noteholders and subject to
any required approvals

                                      -24-
<PAGE>

of the Gaming Authorities, (i) sell, Transfer and deliver, or cause to be sold,
Transferred and delivered, to any Person in connection with a Sale Event (the
"BUYER") all of its Equity Interests in the Company; and (ii) execute and
deliver such instruments of conveyance and Transfer and take such other action,
including voting such Equity Interests in favor of any Sale Event (as defined
below) proposed by the Majority Noteholders and executing any purchase
agreements, merger agreements, indemnity agreements, escrow agreements or
related documents, as such Majority Noteholders or the Buyer may reasonably
require in order to carry out the terms and provisions of this Section 6.3 (the
"DRAG-ALONG RIGHT"); provided, however that the Noteholders, on the one hand,
and the Sole Member, on the other, shall bear responsibility for any indemnity
given to the Buyer in connection with such Sale Event in proportion to the net
proceeds received by each in the Sale Event. The Sole Member shall be entitled
to receive all of the proceeds of any Sale Event that are not used to repay the
Noteholder Obligations; provided that the holders of Warrants shall be entitled
to receive the portion of such proceeds to which they are entitled under the
terms and conditions of the Warrants (except that any Warrant Interests granted
under Sections 2.2(f) of the Warrants after the fulfillment of the Control
Conditions shall be disregarded).

            (a)   For purposes of this Section 6.3, a "SALE EVENT" shall mean a
bona fide, arms-length negotiated transaction in which the Majority Noteholders
have determined (i) to sell or otherwise dispose of all or substantially all of
the assets of the Company and its subsidiaries (on a consolidated basis), or
(ii) to sell sufficient capital stock of the Company or any of its subsidiaries
to constitute a change in control of the Company or such subsidiary or (iii) to
cause the Company or any of its subsidiaries to merge with or into or
consolidate with any non-Affiliate(s) of the Company.

            (b)   In furtherance of the provisions of this Section 6.3, the Sole
Member has executed the power of attorney (the "POWER OF ATTORNEY") and
irrevocable proxy, in the forms attached as Exhibit F and Exhibit C hereto and,
solely for the purposes set forth in this Article VI and subject to the
satisfaction of the Control Conditions, hereby (i) irrevocably appoints the
Collateral Agent, as its agent and attorney-in-fact (the "ATTORNEY-IN-FACT")
(with full power of substitution) to execute all agreements, instruments and
certificates and take all actions necessary or desirable to effectuate any sale
hereunder; and (ii) grants to the Attorney-in-Fact a proxy to vote the Equity
Interests held by such holder in favor of any Sale Event hereunder.

                                      -25-
<PAGE>

      SECTION 6.4 BLUE-PENCILING. The Sole Member and the Company acknowledge
that the provisions of this Agreement shall be enforced to the fullest extent
permissible under Applicable Law. If any portion or provision of this Agreement
is to any extent declared illegal or unenforceable by the Gaming Authorities or
a court of competent jurisdiction, then the remainder of this Article VI or
application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, will not be affected thereby,
and each portion and provision of this Article VI shall be valid and enforceable
to the fullest extent permitted by Applicable Law. In the event that any
provision of this Article VI is determined by the Gaming Authorities or any
court of competent jurisdiction to be unenforceable, such provision shall be
replaced by an enforceable provision as nearly similar in scope and effect to
such unenforceable provision as permitted under Applicable Law by such Gaming
Authority or appropriate judicial body.

      SECTION 6.5 NO CHALLENGE. BH/RE, the Sole Member, the Company, OpBiz and
each Individual Investor acknowledge and agree that the Irrevocable Proxy and
the Power of Attorney delivered to the Collateral Agent hereunder are
enforceable, and are intended, upon satisfaction of the Control Conditions, to
authorize the Collateral Agent subject to the terms and conditions of the
Irrevocable Proxy and the Power of Attorney, respectively to take any and all
lawful actions that can be taken by the Sole Member in its capacity as a member
of the Company, in the place and stead of the Sole Member. In furtherance
thereof, and as a material inducement to the Mezzanine Investors to purchase the
Securities as contemplated by the Securities Purchase Agreement, BH/RE, the Sole
Member, the Company, OpBiz and each Individual Investor agree that it or they
will not participate in any lawsuit, arbitration, action, charge or claim that
attempts to challenge, limit or set aside any of the rights, remedies, powers,
provisions or other benefits set forth in the Irrevocable Proxy and the Power of
Attorney.

            ARTICLE VII - COVENANTS OF THE COMPANY, THE SOLE MEMBER

      The Company and the Sole Member covenant and agree as follows:

      SECTION 7.1 ADDITIONAL SENIOR DEBT. In the event the Senior Debt exceeds
$530 million (as such amount may be reduced by payment of principal thereon,
other than with respect to payments as a result of permitted refinancings) (the
"SENIOR DEBT THRESHOLD"), the Company shall, within five (5) Business Days,
provide written notice thereof to the Sole Member and each Mezzanine Investor
(the "SENIOR DEBT NOTICE"), which notice shall specify the amount of Senior Debt
outstanding at the time, as well as the amount by which such Senior Debt exceeds
the Senior Debt Threshold (the "ADDITIONAL SENIOR DEBT"). The Sole Member shall
cause a total capital contribution to be made to OpBiz in an amount equal to 20%
of the Additional Senior Debt (the "ADDITIONAL CAPITAL AMOUNT") as promptly as
possible, but in no event more than thirty (30) days after the date of the
Senior Debt Notice. Any equity interests owned by OpBiz or the Company in
connection with such capital contribution shall be membership interests of the
type outstanding on the Closing Date.

      SECTION 7.2 RESTRICTIONS ON EQUITY INTERESTS. Notwithstanding any other
provision of this Agreement, the Company and the Sole Member acknowledge and
agree as follows:

                                      -26-
<PAGE>

            (a)   The Company shall not issue any additional securities without
the prior approval of the Nevada Gaming Commission.

            (b)   The Company shall furnish to the Nevada State Gaming Control
Board, within 10 calendar days after the end of each fiscal quarter of the
Company, a complete list of all Securityholders, with respect to all the
Company's Equity Interests.

            (c)   The Company shall not admit any additional members, without
the approval of the Nevada Gaming Commission.

            (d)   The Sole Member shall not declare any dividends or
distributions with respect to any of the Company's securities without the prior
approval of the Nevada Gaming Commission, including without limitation, any
Interests held by the Mezzanine Investors.

      SECTION 7.3 PUT RIGHT. The Company acknowledges that the Mezzanine
Investors have the right to put their Warrants and Warrant Interests to the
Company in accordance with the terms of the Warrants. The Company further
acknowledges that the Put Right (as defined in the Warrants) shall continue to
apply to any Warrant Interests held by a Mezzanine Investor, notwithstanding a
full exercise or exchange of the Warrants held by such Mezzanine Investor.

      SECTION 7.4 COMMUNICATION WITH GAMING AUTHORITIES. If and to the extent
that the Company is required or requested to communicate or meet with any Gaming
Authority or otherwise intends to communicate or meet with any Gaming Authority
regarding any matter that adversely affects the rights and remedies of the
Mezzanine Investors under the Securities Purchase Documents, the Company will
(i) provide any affected Securityholder with prior notification of any such
meeting or communication to the extent practicable under the circumstances and
to the extent permitted by applicable law and (ii) either (A) request that any
such Securityholder be allowed to attend such meting or participate in such
communication (it being understood that the Company will have no obligation to
ensure that such attendance or participation is available to the Securityholder,
such decision ultimately resting with the applicable Gaming Authority) or (B) if
such Securityholder is not entitled to attend or participate, inform such
Securityholder of the substance of the discussions at such meeting or of such
communication to the extent permitted by the Gaming Authorities or applicable
law, provided that the Company shall not be required to disclose privileged
information or any information that it is prohibited from disclosing by the
Gaming Laws or by such Gaming Authority. Notwithstanding the foregoing, the
Company shall not be required to take any action under this Section 7.4 if, in
its sole discretion, such action could reasonably be expected to materially
prejudice the granting, continuation or renewal of any Gaming License of the
Company, OpBiz, EquityCo, BH/RE or any of their Affiliates or any other permit
or license material to the Company's or OpBiz's business.

      SECTION 7.5 TAX COVENANTS. Each of the Sole Member and BH/RE shall
maintain its status as a partnership for federal income tax purposes at all
times prior to any Parent Registration (as defined in Section 5.2). The Sole
Member shall convert to a C corporation for federal income tax purposes in
connection with any registration of its Equity Interests (or

                                      -27-
<PAGE>

securities convertible into or exchangeable or exercisable for its Equity
Interests) under Section 5.2. BH/RE shall convert to a C corporation for federal
income tax purposes in connection with any registration of its Equity Interests
(or securities convertible into or exchangeable or exercisable for its Equity
Interests) under Section 5.2. Prior to any such Parent Registration, neither the
Sole Member nor BH/RE will have income which is either (i) "effectively
connected with the conduct of a trade or business within the United States"
under Code Sections 871(b) or 882, or (ii) "unrelated business taxable income"
under Code Sections 512 or 514.

                    ARTICLE VIII - MISCELLANEOUS PROVISIONS

      SECTION 8.1 SURVIVAL OF COVENANTS. Each of the parties hereto agrees that
each covenant and agreement made by it in this Agreement or in any certificate,
instrument or other document delivered pursuant to this Agreement is material,
shall be deemed to have been relied upon by the other parties and shall remain
operative and in full force and effect after the date hereof regardless of any
investigation. This Agreement shall not be construed so as to confer any right
or benefit upon any Person other than the parties hereto and their respective
successors and permitted assigns to the extent contemplated herein.

      SECTION 8.2 LEGENDS ON SECURITIES.The Company and the Securityholders
acknowledge and agree that the following legends shall be typed on each
certificate evidencing any of the securities subject hereto held at any time by
any of the Securityholder:

      THE SECURITIES REPRESENTED HEREBY AND THE UNDERLYING SECURITIES ISSUABLE
      UPON EXERCISE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
      SECURITIES OR BLUE SKY LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
      HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT TO A REGISTRATION
      STATEMENT WITH RESPECT TO SUCH SECURITIES THAT IS EFFECTIVE UNDER THE
      SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
      UNDER THE SECURITIES ACT RELATING TO THE DISPOSITION OF SECURITIES, (2) IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKY LAWS AND (3) IN
      ACCORDANCE WITH APPLICABLE STATE GAMING LAWS AND REQUIREMENTS AND
      RESTRICTIONS IMPOSED BY THE NEVADA GAMING COMMISSION.

      THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE PROVISIONS OF A
      CERTAIN INVESTOR RIGHTS AGREEMENT, DATED AS OF AUGUST 9, 2004, INCLUDING
      CERTAIN RESTRICTIONS ON TRANSFER SET FORTH THEREIN. A COMPLETE AND CORRECT
      COPY OF SUCH AGREEMENT IS

                                      -28-
<PAGE>

      AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL
      BE FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE.

      WHEN THE LIMITED LIABILITY COMPANY ISSUING THE OWNERSHIP INTEREST
      REPRESENTED BY THIS CERTIFICATE HAS BEEN LICENSED BY OR REGISTERED WITH
      THE NEVADA GAMING COMMISSION, THE PURPORTED SALE, ASSIGNMENT, TRANSFER,
      PLEDGE, GRANTING OF ANY OPTION TO PURCHASE OR OTHER DISPOSITION OF SUCH
      INTEREST SHALL BE INEFFECTIVE UNLESS APPROVED IN ADVANCE BY THE NEVADA
      GAMING COMMISSION. IF AT ANY TIME THE NEVADA GAMING COMMISSION FINDS THAT
      A MEMBER IS UNSUITABLE TO HOLD SUCH INTEREST, THE COMPANY SHALL REDEEM THE
      MEMBER'S INTEREST ON THE TERMS PROVIDED IN [THE AGREEMENT PURSUANT TO
      WHICH THIS INSTRUMENT WAS ORIGINALLY ISSUED] OR [THE COMPANY'S OPERATING
      AGREEMENT]. BEGINNING ON THE DATE WHEN THE NEVADA GAMING COMMISSION SERVES
      NOTICE OR A DETERMINATION OF UNSUITABILITY PURSUANT TO APPLICABLE LAW UPON
      THE COMPANY, IT SHALL BE UNLAWFUL FOR THE UNSUITABLE MEMBER (A) TO RECEIVE
      ANY DIVIDEND OR INTEREST OR ANY PAYMENT OR DISTRIBUTION OF ANY KIND,
      INCLUDING OF ANY SHARE OF THE DISTRIBUTION OF PROFITS OR CASH OR ANY OTHER
      PROPERTY, OR PAYMENTS UPON DISSOLUTION, FROM THE COMPANY, OTHER THAN A
      RETURN OF CAPITAL AS REQUIRED ABOVE; (B) TO EXERCISE DIRECTLY OR THROUGH
      ANY PROXY, TRUSTEE OR NOMINEE ANY VOTING RIGHT CONFERRED BY THE MEMBER'S
      INTEREST IN THE COMPANY; (C) TO PARTICIPATE IN THE MANAGEMENT OF THE
      COMPANY; OR (D) TO RECEIVE ANY REMUNERATION IN ANY FORM FROM THE COMPANY
      OR FROM ANY COMPANY HOLDING A GAMING LICENSE FOR SERVICES RENDERED OR
      OTHERWISE.

            (b)   The Company and the Securityholders acknowledge and agree that
in addition to the legend set forth in 8.2(a), the following legend shall be
typed on each certificate evidencing membership interests of the Company held by
the Sole Member:

      THIS MEMBERSHIP INTEREST IS SUBJECT TO AN IRREVOCABLE PROXY DATED AUGUST
      9, 2004 WHEREBY EQUITYCO, L.L.C. HAS GRANTED TO POST ADVISORY GROUP,
      L.L.C. AS, COLLATERAL AGENT, AN IRREVOCABLE PROXY TO VOTE AND TAKE OTHER
      ACTIONS WITH RESPECT TO THIS MEMBERSHIP INTEREST AS SET FORTH IN SAID
      IRREVOCABLE PROXY. A COMPLETE AND CORRECT COPY OF SUCH IRREVOCABLE PROXY
      IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL

                                      -29-
<PAGE>

      OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST AND
      WITHOUT CHARGE.

      SECTION 8.3 AMENDMENT AND WAIVER. Any party may waive any provision hereof
intended for its benefit in writing. No failure or delay on the part of any
party hereto in exercising any right, power or remedy hereunder shall operate as
a waiver thereof. The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to any party hereto at law or in
equity or otherwise. This Agreement may be amended with the prior written
consent of each of (a) the Company, (b) a Majority Warrant Interest, and (c) the
Sole Member; provided however, that no amendment or waiver of Section 3.1
(restrictions on transfer), Section 3.2 (co-sale option), Section 3.3
(drag-along obligations), Section 3.5 (assignment), Section 4.1 (right to
participate), Section 4.2 (assignment) or Section 5.6 (indemnification;
contribution), Article VI (negative control), Section 7.1 (additional senior
debt), Section 7.3 (put right), this Section 8.3 (amendment and waiver), or
Section 8.14 (term), shall be effective against any Mezzanine Investor that is
adversely affected by such amendment or waiver and that does not consent to such
amendment or waiver; provided, further, no amendment or waiver of this Agreement
shall be effective against any party that is adversely affected by such
amendment or waiver unless such party consents to such amendment or waiver.

      SECTION 8.4 NOTICES. All notices and other communications provided for
herein shall be in writing and shall be deemed to have been duly given,
delivered and received (a) if delivered personally or (b) if sent by facsimile,
registered or certified mail (return receipt requested) postage prepaid, or by
courier guaranteeing next day delivery, in each case to the party to whom it is
directed at the following addresses (or at such other address for any party as
shall be specified by notice given in accordance with the provisions hereof,
provided that notices of a change of address shall be effective only upon
receipt thereof). Notices delivered personally shall be effective on the day so
delivered, notices sent by registered or certified mail shall be effective three
days after mailing, notices sent by facsimile shall be effective when receipt is
acknowledged, and notices sent by courier guaranteeing next day delivery shall
be effective on the earlier of the second Business Day after timely delivery to
the courier or the day of actual delivery by the courier:

If to the Company:                   MezzCo, L.L.C.
                                     c/o OpBiz, L.L.C.
                                     3667 Las Vegas Boulevard South
                                     Las Vegas, NV  89109
                                     Attention: Joshua Revitz c/o Debbie Faint
                                     Facsimile No.: (702) 785-5080

                    With a copy to:  Jones Day
                                     2727 North Harwood Street
                                     Dallas, TX  75201-1515
                                     Attention: Michael Weinberg, Esq.
                                     Facsimile No.: (214) 969-5100

                                     Bay Harbour Management, L.C.

                                      -30-
<PAGE>

                                     885 Third Avenue, 34th Floor
                                     New York, New York  10022
                                     Attention:  Joshua Revitz
                                     Facsimile No.:  (212) 371-7497

If to any Mezzanine Investor:        To the address specified on the signature
                                     page hereto for such Mezzanine Investor

                    With a copy to:  Goodwin Procter LLP
                                     Exchange Place
                                     53 State Street
                                     Boston, MA  02109
                                     Attention:  Steven M. Ellis, Esq.
                                     Facsimile No.:  (617) 523-1231

If to the Non-Mezz Investors:        At such address is as found in the
                                     Company's records

                    With a copy to:  Jones Day
                                     2727 North Harwood Street
                                     Dallas, TX  75201-1515
                                     Attention: Michael Weinberg, Esq.
                                     Facsimile No.: (214) 969-5100

If to the Senior Agent:

                                     The Bank of New York
                                     Asset Solutions Division
                                     600 East Las Colinas Blvd.
                                     Suite 1300
                                     Irving, Texas  75039
                                     Attention:  Steve Jerard
                                     Facsimile No.:  (972) 401-8557

                    With a copy to Risk Management at the above address.

                    With copies to:

                                     Kaye Scholer LLP
                                     3 First National Plaza
                                     Suite 4100
                                     70 West Madison Street
                                     Chicago, IL  60602-4231311
                                     Attention:  Michael Solow, Esq.
                                     Facsimile No.:  (312) 583-2360

                                     Kaye Scholer LLP
                                     1999 Avenue of the Stars

                                      -31-
<PAGE>

                                     Suite 1600
                                     Los Angeles, CA  90067
                                     Attention:  Michael Santoro, Esq.
                                     Facsimile No.:  (310) 229-1895

      SECTION 8.5 HEADINGS. The Article and Section headings used or contained
in this Agreement are for convenience of reference only and shall not affect the
construction of this Agreement.

      SECTION 8.6 COUNTERPARTS; FACSIMILES. This Agreement may be executed in
one or more counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which together shall be deemed to constitute one and the same agreement. Any
signature delivered by a party by facsimile transmission shall be deemed an
original signature hereto.

      SECTION 8.7 REMEDIES; SEVERABILITY. It is specifically understood and
agreed that any breach of the provisions of this Agreement by any Person subject
hereto will result in irreparable injury to the other parties hereto, that the
remedy at law alone will be an inadequate remedy for such breach, and that, in
addition to any other legal or equitable remedies which they may have, such
other parties, to the extent permitted by law, shall be entitled to equitable
relief (including, without limitation, specific performance) without any
requirement as to the posting of any bond or other indemnity securing such
remedy, and the Company may refuse to recognize any unauthorized Transferee as
one of its members for any purpose, including, without limitation, for purposes
of dividend and voting rights, until the relevant party or parties have complied
with all applicable provisions of this Agreement.

      In the event that any one or more of the provisions contained herein, or
the application thereof in any circumstances, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be in any way impaired thereby, it being
intended that all of the rights and privileges of the parties hereto shall be
enforceable to the fullest extent permitted by law.

      SECTION 8.8 ENTIRE AGREEMENT; NO CONFLICT. This Agreement is intended by
the parties as a final expression of their agreement and intended to be complete
and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained herein. Except as specifically
provided herein, this Agreement and the other agreements specifically
contemplated hereby (including the exhibits hereto) supersede all prior
agreements and understandings between the parties with respect to such subject
matter.

      SECTION 8.9 ADJUSTMENTS. All references to unit prices and amounts herein
shall be equitably adjusted to reflect splits, dividends, recapitalizations and
similar changes affecting the capital interests of the Company.

      SECTION 8.10 LAW GOVERNING. This Agreement shall be construed and enforced
in accordance with and governed by the laws of the State of New York (without
giving effect to

                                      -32-
<PAGE>

principles of conflicts of law). Each party also waives trial by jury in any
action relating to this Agreement. Nothwithstanding the foregoing, matters of
law in this Agreement that are (x) related to gaming in Nevada shall be governed
by the Gaming Laws and (y) related to limited liability companies organized
under Nevada law shall be governed by applicable provisions of Nevada law.

      SECTION 8.11 SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and inure to the benefit of the respective successors and permitted assigns of
the parties hereto as contemplated herein, and any successor to the Company by
way of merger or otherwise shall specifically agree to be bound by the terms
hereof as a condition of such successor. The rights of the Mezzanine Investors
hereunder shall be assignable to Transferees of their Securities as contemplated
herein.

      SECTION 8.12 CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

THE COMPANY, EACH SECURITYHOLDER AND EACH OTHER PARTY HERETO AGREE THAT NONE OF
THEM NOR ANY TRANSFEREE, ASSIGNEE OR SUCCESSOR SHALL (A) SEEK A JURY TRIAL IN
ANY LAWSUIT, PROCEEDING, COUNTERCLAIM OR ANY OTHER ACTION BASED UPON OR ARISING
OUT OF, THIS AGREEMENT OR THE DEALINGS OR THE RELATIONSHIP BETWEEN OR AMONG ANY
OF THEM, OR (B) SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN
WHICH A JURY TRIAL CANNOT BE OR HAS BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW,
THE COMPANY, EACH SECURITYHOLDER AND EACH OTHER PARTY HERETO HEREBY WAIVES ANY
RIGHT WHICH IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO IN THE
PRECEDING SENTENCE ANY SPECIAL, EXEMPLARY, PUNITIVE, MULTIPLE OR CONSEQUENTIAL
DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. THE
PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY DISCUSSED BY THE COMPANY, EACH
SECURITYHOLDER AND EACH OTHER PARTY HERETO WITH THEIR RESPECTIVE COUNSEL, AND
THESE PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS. NO PARTY HERETO HAS AGREED
WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS PARAGRAPH
WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

THE COMPANY, EACH SECURITYHOLDER AND EACH OTHER PARTY HERETO IRREVOCABLY SUBMITS
TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE
STATE OF NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OF THE SECURITIES. TO THE FULLEST EXTENT IT MAY
EFFECTIVELY DO SO UNDER APPLICABLE LAW, THE COMPANY, EACH SECURITYHOLDER AND
EACH OTHER PARTY HERETO IRREVOCABLY WAIVES AND AGREES NOT TO ASSERT, BY WAY OF
MOTION, AS A DEFENSE OR OTHERWISE, ANY CLAIM THAT IT IS NOT SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE
TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

                                      -33-
<PAGE>

      SECTION 8.13 NO THIRD PARTY BENEFICIARIES. Except as expressly provided
herein, no person not a party hereto shall have any rights under this Agreement.

      SECTION 8.14 TERM. Except for Articles III, IV and VI hereof, which
terminate as provided therein, this Agreement shall remain in effect until the
earlier to occur of (i) such time as the parties hereto agree in writing and
(ii) with respect to any Mezzanine Investor, such time as such Mezzanine
Investor is no longer a holder of any Securities; provided, however, that any
provision with respect to the payment of expenses or indemnification obligations
of any party, and the provisions of Article VIII hereof, shall survive the
termination of this Agreement.

      SECTION 8.15 LENDER WARRANTS. For the avoidance of doubt, none of the
provisions of this Agreement shall restrict the issuance of the Lenders Warrants
or the transfer of the Lender Warrants to any Person or otherwise restrict any
holder of Lender Warrants from exercising the Lender Warrants or acquiring or
transferring any Equity Interest upon or following the exercise thereof.

      SECTION 8.16 OPBIZ ACKNOWLEDGMENT.The acknowledgment of OpBiz to this
Agreement is made solely to acknowledge the provisions of Article VI and Section
7.1 hereof, and is subject to the Intercreditor Agreement (Senior Debt).

                            [SIGNATURE PAGE FOLLOWS]

                                      -34-
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Investor Rights
Agreement to be duly executed as of the date first set forth above.

                                      THE COMPANY:

                                      MezzCo, L.L.C.,
                                      a Nevada limited liability company

                                      By:    EquityCo, L.L.C.,
                                             a Nevada limited liability company,
                                             its sole member

                                           By:   /s/  Douglas P. Teitelbaum
                                                 -----------------------------
                                           Name: Douglas P. Teitelbaum
                                           Title: Manager

                                      SOLE MEMBER:

                                      EquityCo, L.L.C.,
                                      a Nevada limited liability company

                                           By:   /s/  Douglas P. Teitelbaum
                                                 -----------------------------
                                           Name: Douglas P. Teitelbaum
                                           Title: Manager

SOLELY TO ACKNOWLEDGE AND AGREE TO
THE PROVISIONS OF ARTICLE VI AND SECTION 7.1

OpBiz, L.L.C.,
a Nevada limited liability company

By:    MezzCo, L.L.C.,
       a Nevada limited liability company,
       its sole member

      By:   EquityCo, L.L.C.,
            a Nevada limited liability company,
            its sole member

                 By:   /s/  Douglas P. Teitelbaum
                       ------------------------------
                 Name: Douglas P. Teitelbaum
                 Title: Manager

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

SOLELY TO ACKNOWLEDGE AND AGREE TO
THE PROVISIONS OF SECTION 2.1, SECTION 3.2(F), SECTION 5.2, SECTION 5.10,
ARTICLE VI, SECTION 7.1 AND SECTION 7.5

BH/RE, L.L.C.

By:    /s/  Douglas P. Teitelbaum
       ------------------------------
Name:  Douglas P. Teitelbaum
Title: Manager

By:    /s/  Robert Earl
       ------------------------------
Name:  Robert Earl
Title: Manager

SOLELY TO ACKNOWLEDGE AND AGREE TO
THE PROVISIONS OF SECTION 2.1, SECTION 3.2(F), SECTION 5.2, AND ARTICLE VI:

/s/  Douglas P. Teitelbaum
-------------------------------------
Douglas P. Teitelbaum, individually

/s/  Robert Earl
-------------------------------------
Robert Earl, individually

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                      MEZZANINE INVESTORS:

                                        POST TOTAL RETURN FUND, L.P.

                                        By: Post Advisory Group, L.L.C.,
                                            its General Partner

                                        By: /s/ Lawrence A. Post
                                            --------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                                        POST TOTAL RETURN OFFSHORE
                                        FUND, LTD.

                                        By: Post Advisory Group, L.L.C.,
                                            its Authorized Agent

                                        By: /s/ Lawrence A. Post
                                            --------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Post Advisory Group, L.L.C.
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                                        POST OPPORTUNITY FUND, L.P.

                                        By: Post Advisory Group, L.L.C.,
                                            its General Partner

                                        By: /s/ Lawrence A. Post
                                            --------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                        SOUTH DAKOTA INVESTMENT COUNCIL

                                        By: Post Advisory Group, L.L.C., its
                                            Authorized Agent

                                        By: /s/ Lawrence A. Post
                                            ---------------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Post Advisory Group, L.L.C.
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                                        DB DISTRESSED OPPORTUNITIES FUND, LTD.

                                        By: Post Advisory Group, L.L.C., its
                                            Authorized Agent

                                        By: /s/ Lawrence A. Post
                                            ---------------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Post Advisory Group, L.L.C.
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                                        DB DISTRESSED OPPORTUNITIES FUND, L.P.

                                        By: Post Advisory Group, L.L.C., its
                                            Authorized Agent

                                        By: /s/ Lawrence A. Post
                                            ---------------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Post Advisory Group, L.L.C.
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                        MW POST PORTFOLIO FUND, LTD.

                                        By:    Post Advisory Group, L.L.C., its
                                               Authorized Agent

                                        By:    /s/ Lawrence A. Post
                                               ---------------------------------
                                               Name:  Lawrence A. Post
                                               Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Post Advisory Group, L.L.C.
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                                        MW POST OPPORTUNITY OFFSHORE FUND, LTD.

                                        By: Post Advisory Group, L.L.C., its
                                            Authorized Agent

                                        By: /s/ Lawrence A. Post
                                            ---------------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Post Advisory Group, L.L.C.
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                                        HFR DS OPPORTUNITY MASTER TRUST

                                        By: Post Advisory Group, L.L.C.,
                                            its Authorized Agent

                                        By: /s/ Lawrence A. Post
                                            ---------------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Post Advisory Group, L.L.C.
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                        SPHINX DISTRESSED FUND SPC

                                        By: Post Advisory Group, L.L.C., its
                                            Authorized Agent

                                        By: /s/ Lawrence A. Post
                                            ---------------------------------
                                            Name:  Lawrence A. Post
                                            Title: Chief Investment Officer

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Post Advisory Group, L.L.C.
                                        11755 Wilshire Boulevard, Suite 1400
                                        Los Angeles, CA 90025

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                        CANYON CAPITAL ADVISORS, L.L.C.

                                        By: /s/ Chris Evensen
                                            ---------------------------------
                                            Name:  Chris Evensen
                                            Title: Authorized Signatory

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        9665 Wilshire Boulevard, Suite 200
                                        Beverly Hills, CA 90212

                                        CANPARTNERS INVESTMENTS IV, L.L.C.

                                        By: /s/ Chris Evensen
                                            ---------------------------------
                                            Name:  Chris Evensen
                                            Title: Authorized Signatory

                                        ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                        c/o Canyon Capital Advisors, L.L.C.
                                        9665 Wilshire Boulevard, Suite 200
                                        Beverly Hills, CA 90212

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                               CONTINENTAL CASUALTY COMPANY

                               By: /s/  Marilou R. McGin
                                   ---------------------------------
                                   Name:  Marilou R. McGin
                                   Title: Vice President and Assistant Treasurer

                                   ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                   333 South Wabash Avenue - 23 South
                                   Chicago, IL 60685

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                 JOHN HANCOCK HIGH YIELD FUND

                                 By: /s/ Ismail Gunes
                                     -------------------------------
                                     Name:  Ismail Gunes
                                     Title: Vice President Investment Operations

                                     ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                     101 Huntington Avenue
                                     Boston, MA 02199

                                     Notification for Future corporate actions
                                     etc. (both required):
                                     John Hancock High Yield Fund
                                     C/O Bank of New York Securities Department
                                     P.O. Box 11,203
                                     New York, NY 10249
                                     FAX (617) 330-6583

                                     John Hancock High Yield Fund
                                     C/O John Hancock Advisers, LLC
                                     Attn: Investment Operations, 7th Floor
                                     Private Placement Corporate Actions
                                     101 Huntington Avenue
                                     Boston, MA 02199-7603
                                     FAX (617) 375-4808

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                     ANDOVER CAPITAL PARTNERS LP

                                     By: /s/ David Glancy
                                         -------------------------------
                                         Name:  David Glancy
                                         Title: Managing Partner of the General
                                         Partner

                                     ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                     300 Brickstone Square, Suite 1004
                                     Andover, MA 01810
                                     Attention: Mr. Brian Kobelski

                                     WITH A COPY TO:
                                     Morgan Stanley
                                     1221 Avenue of the Americas, 28th Floor
                                     New York, NY 10020
                                     Attention: Mr. John Marino

                                     ANDOVER CAPITAL OFFSHORE
                                     PARTNERS LTD.

                                     By: /s/ David Glancy
                                         -------------------------------
                                         Name:  David Glancy
                                         Title: Managing Partner of the Advisor

                                     ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                     300 Brickstone Square, Suite 1004
                                     Andover, MA 01810
                                     Attention: Mr. Brian Kobelski

                                     WITH A COPY TO:
                                     Morgan Stanley
                                     1221 Avenue of the Americas, 28th Floor
                                     New York, NY 10020
                                     Attention: Mr. John Marino

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                     COCHRAN ROAD, LLC

                                     By: /s/ Steven Golub
                                         -------------------------------
                                         Name:  Steven Golub
                                         Title: Attorney-in-Fact

                                     ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                     225 Broadway, Suite 1515
                                     New York, NY 10007

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                     YORK CREDIT OPPORTUNITIES FUND, L.P.

                                     By: /s/ Adam J. Semler
                                         -------------------------------
                                         Name:  Adam J. Semler
                                         Title: Chief Financial Officer

                                         ADDRESS FOR NOTICES UNDER SECTION 8.4
                                         390 Park Avenue, 15th Floor
                                         New York, NY 10022

                  [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]
<PAGE>

                                         /s/ Jeffrey D. Benjamin
                                         -------------------------------
                                         JEFFREY D. BENJAMIN

                                         ADDRESS FOR NOTICES UNDER SECTION 8.4:
                                         133 East 64th Street
                                         New York, NY 10021

                 [SIGNATURE PAGE TO INVESTOR RIGHTS AGREEMENT]

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