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                                                                    EXHIBIT 10.6

                               FIRST AMENDMENT TO
                   AMENDED AND RESTATED REINSURANCE AGREEMENT

         THIS FIRST AMENDMENT TO AMENDED AND RESTATED REINSURANCE AGREEMENT
(this "First Amendment"), dated this 26th day of July, 2004, is made by and
between COLUMBIA UNIVERSAL LIFE INSURANCE COMPANY, a life insurance company
domiciled in the State of Texas ("Ceding Company") and ALLSTATE LIFE INSURANCE
COMPANY, a life insurance company domiciled in the State of Illinois
("Reinsurer").

                                    RECITALS

         WHEREAS, Ceding Company and Reinsurer entered into an Amended and
Restated Reinsurance Agreement, effective as of June 1, 2004 (the "Agreement");
and

         WHEREAS, Ceding Company and Reinsurer desire to make certain amendments
to the Agreement as more particularly described herein.

                                    AGREEMENT

         NOW, THEREFORE, for good and valuable consideration and for the mutual
covenants set forth below, the parties hereto, intending legally to be bound,
hereby agree as follows:

         1.    This First Amendment shall be effective as of July 1, 2004.

         2.    The parties hereby amend the Agreement by adding the following
               provisions to the Agreement:

                                   ARTICLE XVI
                                      TRUST

               A.   TRUST. At any time after the occurrence of any of the
               following events, Ceding Company shall have the right, upon
               delivery of written notice to Reinsurer, to require that
               Reinsurer establish a trust reasonably acceptable to Ceding
               Company (the "Trust") and deposit assets, which qualify as
               admissible assets of Reinsurer under statutory accounting
               principles and the laws of the State of Texas, therein having a
               fair market value equal to the amount of the Statutory Reserves
               of the Policies:

               (1)  if Reinsurer's RBC ratio falls between 125%-150% of the NAIC
                    Company Action Level RBC ("CAL RBC"); provided, however, if
                    Reinsurer's Statutory Reserves ceded pursuant to the
                    Agreement and the Amended and Reinstated Reinsurance
                    Agreement, dated as of June 1, 2004 between

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                    Ceding Company and Reinsurer ("Ceded Statutory Reserves")
                    are less than $200 million the provisions of Article XVI(A)
                    will not be triggered; or

               (2)  if Reinsurer's RBC ratio falls below 125% of CAL RBC, then
                    the provisions of Article XVI(A) shall be triggered
                    regardless of Reinsurer's Ceded Statutory Reserves; and

               (3)  Reinsurer's obligation to maintain the Trust shall remain in
                    effect only for such period as the events listed in either
                    (1) or (2) above remains in effect.

               B.   TRUST. Upon the receipt of Ceding Company's notice to
               require the establishment of a trust pursuant to Article XVI(A)
               hereof, and without further action by Reinsurer, Reinsurer will
               be deemed to have transferred and assigned to the Trust assets of
               Reinsurer having an aggregate market value as of the effective
               date of such notice equal to the aggregate Statutory Reserves
               established by Ceding Company as of such date with respect to the
               Policies (without giving effect to the reinsurance under this
               Agreement), together with all interest, dividend, or other
               investment income accrued on such assets from the date of
               Reinsurer's receipt of such notice until the date of the Trust's
               receipt of such assets. Reinsurer shall cooperate with Ceding
               Company in effecting the creation and funding of the Trust
               pursuant to Article XVI(A) hereof, including without limitation
               by promptly transferring amounts to the Trust described in the
               preceding sentence and by executing and delivering such other
               documents, instruments and certificates effectuating the
               establishment, funding, and maintenance of the Trust described in
               this Article and reasonably requested by the Ceding Company.
               Reinsurer shall maintain the Trust assets at a minimum level
               equal to Statutory Reserves, and Ceding Company shall provide all
               approvals and take any other action necessary to reduce the Trust
               assets upon Reinsurer's request.

                                  ARTICLE XVII
                              NOVATION; REPLACEMENT

               At the option of Reinsurer, Reinsurer may at any time (i) assume
               the Policies on a novation basis pursuant to an assumption
               reinsurance agreement to be entered into by Ceding Company and
               Reinsurer at such time having terms mutually agreeable to the
               parties or (ii) replace the Policies pursuant to replacement
               offers made to the owners of such Policies. Reinsurer will be
               responsible for paying all costs and obtaining all approvals. The
               parties hereto shall cooperate in good faith with each other in
               effecting any assumption or replacement under this Article.

         3.    Capitalized terms used but not defined herein shall have the
               meaning given to them in the Agreement.

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         4.    Unless expressly modified by this First Amendment, the terms and
               conditions of the Agreement remain unchanged and in full force
               and effect.

         5.    This First Amendment shall be binding on the parties hereto,
               including their affiliates, successors and assigns.

         IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment as of the day and year first set forth above.

COLUMBIA UNIVERSAL LIFE INSURANCE    ALLSTATE LIFE INSURANCE COMPANY
COMPANY

By:               /s/                By:               /s/
     -----------------------------      ---------------------------------------

Name: James P. Zils                  Name: Samuel H. Pilch
     -----------------------------         ------------------------------------

Title: Treasurer                     Title: Group Vice President and Controller
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Exhibit 4.5    
    

$217,000,000 

103/4%
Senior Secured Notes due 2008 

of

Herbst
Gaming, Inc.

Company 

Cardivan,
Company

Corral Coin, Inc.

Corral Country Coin, Inc.

E-T-T, Inc.

E-T-T Enterprises L.L.C.

Flamingo Paradise Gaming, LLC

Market Gaming, Inc.

Subsidiary Guarantors 

FOURTH
SUPPLEMENTAL INDENTURE

Dated as of May 24, 2004 

To

INDENTURE

Dated as of August 24, 2001, as amended 

The
Bank of New York

As Trustee 

 

        This
FOURTH SUPPLEMENTAL INDENTURE, dated as of May 24, 2004 (this "Fourth Supplemental Indenture"), to the Indenture (as defined below) is by and between The Bank of New York, as
Trustee (the "Trustee"), and Herbst Gaming, Inc., a Nevada corporation (the "Company") and Cardivan Company, a Nevada corporation, Corral Coin, Inc., a Nevada corporation, Corral Country
Coin, Inc., a Nevada corporation, E-T-T, Inc., a Nevada corporation, E-T-T Enterprises L.L.C., a Nevada limited-liability company,
Flamingo Paradise Gaming, LLC, a Nevada limited-liability company, and Market Gaming, Inc., a Nevada corporation (collectively, the "Subsidiary Guarantors"). 

 
 

RECITALS    
    

        A.    The
Company, the Subsidiary Guarantors and the Trustee are parties to that certain Indenture, dated as of August 24, 2001 (the "Original Indenture"), as amended by
the First Supplemental Indenture, dated as of August 23, 2002 (the "First Supplemental Indenture"), and as further amended by the Second Supplemental Indenture, dated as of January 23,
2003 (the "Second Supplemental Indenture"), and as further amended by the Third Supplemental Indenture, dated as of February 6, 2003 (the "Third Supplemental Indenture" and, together with the
Original Indenture, the First Supplemental Indenture and the Second Supplemental Indenture, the "Indenture"), among the Company, the Subsidiary Guarantors and the Trustee, pursuant to which the
Company's 103/4% Senior Secured Notes due 2008 (the "Notes") were issued. Terms not otherwise defined herein have the meaning assigned to them in the Indenture. 

        B.    Section 9.01
of the Indenture authorizes the Trustee to enter into supplemental indentures to amend or supplement the Indenture with the consent of at least a
majority in principal amount of the Notes then outstanding. 

        C.    In
accordance with Section 9.02 of the Indenture, the Company has obtained, and provided satisfactory evidence to the Trustee, of the written consent of the
Holders of at least 50% in aggregate principal amount of the Notes then outstanding to certain amendments to the Indenture described herein. 

        D.    All
other conditions precedent and requirements necessary to make this Fourth Supplemental Indenture when duly executed and delivered, a valid and binding agreement,
enforceable in accordance with its terms, have been performed and fulfilled. 

        E.    Each
of the Company and the Subsidiary Guarantors is authorized to enter into this Fourth Supplemental Indenture by resolutions of its board of directors or managing
members, as the case may be, and simultaneously herewith the Trustee has received an Opinion of Counsel pursuant to Sections 9.06 and 13.04 of the Indenture and an Officers' Certificate of the Company
pursuant to Sections 9.06 and 13.04 of the Indenture, and therefore the Company, the Subsidiary Guarantors and the Trustee are authorized to execute and deliver this Fourth Supplemental Indenture. 

        NOW,
THEREFORE, the parties hereto agree as follows: 

        1.     Amendments to the Indenture.

        1.1   The
restrictive covenants and the events of default listed below shall be deleted from the Indenture and from the corresponding provisions of the Notes and shall be
replaced in each case with "Intentionally Omitted;": 

	—
	Section 4.05
"Taxes;"

	—
	Section 4.06
"Stay, Extension and Usury Laws;"

	—
	Section 4.07
"Restricted Payments;"

	—
	Section 4.08
"Dividend and Other Payment Restrictions Affecting Subsidiaries;" 

2

 

	—
	Section 4.09
"Incurrence of Indebtedness and Issuance of Preferred Stock;"

	—
	Section 4.10
"Asset Sales;"

	—
	Section 4.11
"Transactions with Affiliates;"

	—
	Section 4.12
"Liens;"

	—
	Section 4.13
"Line of Business;"

	—
	Section 4.14
"Corporate Existence;"

	—
	Section 4.15
"Offer to Repurchase Upon Change of Control;"

	—
	Section 4.16
"Advances to Restricted Subsidiaries;"

	—
	Section 4.17
"Limitation on Sale and Leaseback Transactions;"

	—
	Section 4.18
"Limitation on Issuances and Sales of Equity Interests in Restricted Subsidiaries;"

	—
	Section 4.19
"Events of Loss;"

	—
	Section 4.20
"Independent Directors;"

	—
	Section 4.21
"No Payments for Consent;"

	—
	Section 4.22
"Additional Note Guarantees;"

	—
	Section 4.23
"Designation of Restricted and Unrestricted Subsidiaries;"

	—
	Section 4.24
"Insurance;"

	—
	Section 4.25
"Additional Collateral; Acquisition of Assets or Property;"

	—
	Section 4.26
"Further Assurances;"

	—
	Section 4.27
"Limitation on Status as an Investment Company;" and

	—
	Subsections
(f), (g), (i) and (k) of Section 6.01 "Events of Default." 

        1.2   The
restrictive covenants listed below and the corresponding provisions of the Notes shall be amended as set forth below: 

	—
	Section 4.03
"Reports" shall be amended to read in its entirety as follows: "The Company, the Subsidiary Guarantors and their respective Subsidiaries shall comply
with the provisions of TIA §314(a)."

	—
	Section 4.04
"Compliance Certificate" shall be amended by deleting the text contained in clauses (b) and (c) and replacing such deleted text with
"Intentionally Omitted."

	—
	Section 5.01
"Merger, Consolidation, or Sale of Assets" shall be amended by deleting text contained in (i) clauses (d), (e) and (f) and replacing
such deleted text with "Intentionally Omitted," and (ii) the second paragraph of Section 5.01 and replacing such deleted text with "Intentionally Deleted".

	—
	Subsection
(d) of Section 8.04 "Conditions to Legal or Covenant Defeasance" shall be amended to read in its entirety: "no Default or Event of Default shall
have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the incurring of Indebtedness to be applied to such deposit)." 

        1.3   The
definitions from the Indenture that are used only in the foregoing provisions shall be deleted from the Indenture; and 

3

 

        1.4   Cross-references
to provisions in the Indenture that have been deleted shall be deemed deleted. 

        2.     Confirmations; Effectiveness.    As amended by this Fourth Supplemental Indenture, the Indenture and the Notes
are ratified and confirmed in all respects and the Indenture as so amended shall be read, taken and construed as one and the same instrument. The provisions of this Fourth Supplemental Indenture shall
be effective as of the date first above written and shall become operative after such time as the consent payment (as provided in the Tender and Consent Solicitation Statement and any corresponding
supplements with respect to the Fourth Supplemental Indenture) has been made to each consenting holder. This Fourth Supplemental Indenture may be executed in any number of counterparts, each of which
counterparts together shall constitute but one and the same instrument. 

        3.     Trust Indenture Act.    If and to the extent that any provision of this Fourth Supplemental Indenture limits,
qualifies or conflicts with another provision included in this Fourth Supplemental Indenture or in the Indenture, which is required to be included in this Fourth Supplemental Indenture or the
Indenture by the Trust Indenture Act of 1939, as amended (the "TIA"), such provision of the TIA shall control. 

        4.     Governing Law.    This Fourth Supplemental Indenture shall be deemed governed by, and construed in accordance
with, the internal laws of the State of New York, but without giving effect to applicable principles of conflicts of law thereof to the extent that the application of the laws of another jurisdiction
would be required thereby. 

        5.     Rights of Trustee.    Without limiting any other protections or rights afforded the Trustee at law, by contract
or otherwise, the Trustee will be entitled to the full benefits afforded by Sections 7.02 and 7.03 of the Indenture in connection with its execution and delivery of this Fourth Supplemental Indenture.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity and sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained
herein, all of which recitals are made solely by the Company and the Subsidiary Guarantors. 

[Signature
Pages Follow] 

4

 

        IN
WITNESS WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly executed as of the date first written above. 

	 	HERBST GAMING, INC.,

a Nevada corporation
	

 	

By:	

/s/  EDWARD J. HERBST      

	 	 	Name:	Edward J. Herbst
	 	 	Title:	President
	

 	

E-T-T, INC.,

a Nevada corporation
	

 	

By:	

/s/  EDWARD J. HERBST      

	 	 	Name:	Edward J. Herbst
	 	 	Title:	President
	

 	

FLAMINGO PARADISE GAMING, LLC,

a Nevada limited-liability company
	

 	

By:	

/s/  EDWARD J. HERBST      

	 	 	Name:	Edward J. Herbst
	 	 	Title:	Managing Member
	

 	

MARKET GAMING, INC.,

a Nevada corporation
	

 	

By:	

/s/  EDWARD J. HERBST      

	 	 	Name:	Edward J. Herbst
	 	 	Title:	President
	

 	

E-T-T ENTERPRISES L.L.C.,

a Nevada limited-liability company
	

 	

By:	

/s/  EDWARD J. HERBST      

	 	 	Name:	Edward J. Herbst
	 	 	Title:	Managing Member
	

 	

CARDIVAN COMPANY,

a Nevada corporation
	

 	

By:	

/s/  EDWARD J. HERBST      

	 	 	Name:	Edward J. Herbst
	 	 	Title:	President
	 	 	 	 

5

 

	

 	

CORRAL COIN, INC.,

a Nevada corporation
	

 	

By:	

/s/  EDWARD J. HERBST      

	 	 	Name:	Edward J. Herbst
	 	 	Title:	President
	

 	

CORRAL COUNTRY COIN, INC.,

a Nevada corporation
	

 	

By:	

/s/  EDWARD J. HERBST      

	 	 	Name:	Edward J. Herbst
	 	 	Title:	President
	

 	

THE BANK OF NEW YORK,

as Trustee
	

 	

By:	

/s/  DAVID A. OESER      

	 	 	Name:	David A. Oeser

	 	 	Title:	Authorized Signatory

6

QuickLinks

Exhibit 4.5

RECITALS

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