Document:

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                                                                   EXHIBIT 10.12

                       TRADE NAME AND TRADEMARK AGREEMENT

                  TRADE NAME AND TRADEMARK AGREEMENT ("AGREEMENT"), dated as of
July 3, 2001 (the "EFFECTIVE DATE"), by and among Sun International Hotels
Limited, a company organized under the laws of The Bahamas, Sun International
Investments Limited, a company incorporated under the laws of the British Virgin
Islands, World Leisure Group Limited, a company incorporated under the laws of
the British Virgin Islands (collectively "ASSIGNOR"), and Sun International
Management Limited, a corporation incorporated under the laws of the Switzerland
(or its nominee) ("ASSIGNEE"). References to the Assignor shall include any and
each of them.

WHEREAS, Assignor is the owner of the Logo and the Marks as defined herein.

WHEREAS, Assignee desires to acquire all worldwide right, title and interest in
and to the Marks and any and all goodwill associated with the Marks; and

WHEREAS, pursuant to the Omnibus Agreement, dated as of the date hereof,
between, among others, Assignor and Assignee (the "OMNIBUS AGREEMENT"), the
parties agreed to enter into this Agreement.

DEFINITIONS

"CONTROLLED AFFILIATES"

has the meaning set forth in the Omnibus Agreement, (and references in this
Agreement shall be to all or any of the Controlled Affiliates); PROVIDED,
HOWEVER, with respect to World Leisure Group Limited, Controlled Affiliates
shall include "Affiliates" as such term is defined in the Omnibus Agreement.

"LOGO"

means the stylised "S" logo shown at Schedule 1.

"MARKS"

means the words "SUN" and "SUN INTERNATIONAL" and the Logo, as presently or
previously used by the Assignor, its licensees or its Controlled Affiliates, and
including, without limitation, all unregistered rights and goodwill relating
thereto and including the Registered Marks, in each case only as such marks,
logos or words relate to resort, hotel, casino and gaming (including, without
limitation, online gaming) services.
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"REGISTERED MARKS"

means all:

(a) registered trademarks, service marks, trade names, logos, designs, and
brands for the Marks together with all goodwill attaching thereto; and

(b) the domain names set forth in Schedule 2 together with any other domain
names registered in the name of or controlled by the Assignor or its Controlled
Affiliates, and used by the Assignor or its Controlled Affiliates in relation to
the Services.

"SERVICES"

means all:

resort, hotel, casino and/or gaming (including, without limitation, on-line
gaming) services.

1          ASSIGNMENT

1.1        NOW, THEREFORE, for good and valuable consideration of L1, the
           receipt and sufficiency of which is hereby acknowledged by the
           Assignor, the Assignor hereby irrevocably sells, transfers, assigns,
           and otherwise conveys, and shall cause its Controlled Affiliates to
           irrevocably sell, transfer, assign and otherwise convey, to the
           Assignee and its successors and assigns, all of the Assignor's and
           the Controlled Affiliates' worldwide right, title and interest in and
           to the following:

(a)        each of the Marks, including without limitation all common law rights
           thereto;

(b)        the goodwill of the Assignor's business and the Assignor's Controlled
           Affiliates' businesses symbolized by and associated with the Marks;
           and

(c)        all rights to proceeds of the foregoing, including, without
           limitation, any existing claims by the Assignor and its Controlled
           Affiliates, for past, present, or future infringement of the Marks
           and the right to sue for past infringements of the Marks.

2          REPRESENTATIONS AND WARRANTIES

The Assignor hereby represents and warrants that:
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(a)        Except as expressly set forth in Schedule 3, the Assignor and its
           Controlled Affiliates have no written agreements (including, without
           limitation, any license) and no material unwritten agreements
           (including, without limitation, any license) with respect to any of
           the Marks.

(b)        The domain names set forth in Schedule 2 are registered in the name
           of Assignor or its Controlled Affiliates and are the only domain
           names registered by Assignor and its Controlled Affiliates.

(c)        The Assignor and its Controlled Affiliates have not entered into any
           agreements with respect to the use or transfer of the domain names
           set forth on Schedule 2.

(d)        The Assignor has been using the Marks continuously since 1994 in
           relation to resort, hotel, casino and gaming services.

(e)        The Marks are free and clear of all liens, judgments, claims,
           security interests or other encumbrances.

(f)        No litigation is pending and no claim has been made against the
           Assignor or its Controlled Affiliates in the three years prior to the
           date hereof or, to the knowledge of the Assignor or its Controlled
           Affiliates, is threatened, (i) alleging that any of the Marks or the
           use thereof infringes or violates any third party rights, or
           contesting the right of Assignor or its Controlled Affiliates to own,
           use or to sell, license or make available to any third party the
           Marks; or (ii) opposing or attempting to cancel or invalidate any of
           the Marks; and Assignor and its Controlled Affiliates know of no
           basis for any such claim, allegation or litigation.

(g)        Any moral rights vested in individuals in respect of Marks including,
           without limitation, the right to be identified as an author of the
           Logo and the right not to have the Logo subjected to derogatory
           treatment have been legally and irrevocably waived.

2.1        The Assignor makes no representation and gives no assurance or
           warranty that any of the Marks are capable of registration as
           registered trademarks.

3          COVENANTS

3.1        Subject to the license granted in paragraph 5.1, the Assignor shall,
           and shall cause its Controlled Affiliates to, immediately cease all
           use of, and shall not in the future use, the Marks and any trademark,
           service mark, trade name, logo, design or brand confusingly similar
           thereto.

3.2        Assignor shall refrain, and shall cause its Controlled Affiliates to
           refrain, from:
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           3.2.1      preventing or seeking to prevent the Assignee from using
                      or licensing the Marks;

           3.2.2      granting or purporting to grant any licence (other than
                      sub-licenses as expressly permitted in paragraph 5.1) to a
                      third party to use the Marks;

           3.2.3      attempting to register any of the Marks or any trademark,
                      service mark, trade name, design, logo or brand
                      confusingly similar thereto; and

           3.2.4      challenging or disputing the validity or enforceability
                      of, or attempting to oppose or cancel, any of the Marks.

4          FURTHER ASSURANCES

The Assignor shall, and shall procure that its Controlled Affiliates shall, at
the sole cost and expense of the Assignee, execute and sign all such
instruments, applications and documents and shall take all such actions as are
reasonably requested by the Assignee to enable the Assignee or its nominees or
successors to enjoy the full benefit of the Marks and other benefits conferred
by this Agreement and in particular to:

4.1        secure the vesting in the Assignee absolutely of the Assignor's and
           the Controlled Affiliates' full right, title and interest in and to
           Marks including, without limitation, the making of applications for
           registration of the Marks;

4.2        uphold the Assignee's rights in the Marks; and

4.3        defeat any challenge to the validity of, and resolve any questions
           concerning, the Marks.

5          LICENSE

5.1        Assignee hereby grants Assignor a non-exclusive, non-transferable,
           worldwide, royalty-free, fully-paid right and license, with the right
           to sublicense to its existing licensees to the extent currently
           licensed to such licensee, to use the Marks as follows:

           5.1.1      for the shorter of a period of one year from the Effective
                      Date of this Agreement and such time as is reasonably
                      necessary for Assignor to accomplish the steps set forth
                      in this paragraph 5.1.1, to use the Marks for the sole
                      purpose of and only to the extent necessary to re-brand
                      Assignor's existing products and services, and settling
                      any other matters incidental to an orderly cessation of
                      the usage of the Marks;
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           5.1.2      until December 2002, with respect to any marketing
                      materials utilized by tour operators that include third
                      party properties in addition to Assignor's properties; and

           5.1.3      until December 2003, Assignor shall be entitled to use the
                      phrase "Formerly Sun International" or any similar
                      variation thereof, with respect to any marketing materials
                      utilized by tour operators that include a majority of
                      third party properties in addition to Assignor's
                      properties.

5.2        The parties acknowledge the following:

           5.2.1      that Sun Resorts Limited, a company incorporated in
                      Mauritius ("SRL"), is not an affiliate or Controlled
                      Affiliate of Assignor. Assignor represents that it has not
                      granted to SRL any rights to use the Marks except as
                      provided in those agreements set forth on Schedule 3.
                      Assignor shall use reasonable endeavours to persuade SRL
                      not to use the Sun International name. Assignee agrees
                      that it shall have no recourse against Assignor or its
                      Controlled Affiliates for any use by SRL of any of the
                      Marks; unless (i) SRL's use of any Mark is based on rights
                      granted to SRL in any agreement with Assignor that is not
                      listed on Schedule 3, in which case Assignee has a right
                      to claim that the representation contained in this Section
                      5.2.1 has been breached or (ii) Assignor breaches its
                      obligation to use reasonable endeavours to persuade SRL
                      not to use the Sun International name as provided in this
                      Section 5.2.1; and

           5.2.2      the parties acknowledge that the Mohegan tribe has the
                      right to use the "Sun" name in accordance with the
                      agreement with the Mohegan Tribe set forth on Schedule 3,
                      and that Assignee will not challenge such use as long as
                      it is in accordance with such agreement.

5.3        Assignee grants the license set forth in paragraphs 5 PROVIDED THAT:

           5.3.1      Assignor shall, and shall procure that its sub-licensees
                      shall, use the Marks only as licensed in this Agreement
                      and not otherwise;

           5.3.2      the services provided by the Assignor and the Assignor's
                      sub-licensees under the Marks shall be of no lower quality
                      than that achieved by them in their business as at the
                      date of this Agreement;

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           5.3.3      the Assignor and the Assignor's sub-licensees shall not
                      use the Marks in a manner which is reasonably likely to
                      cause material harm to the goodwill attaching to the
                      Marks;

           5.3.4      the Assignor shall, as soon as is reasonably practicable,
                      inform the Assignee in writing giving such details as are
                      available if it has knowledge that use of any of the Marks
                      by the Assignor or Assignee including any sub-licensees
                      infringes, or is alleged to infringe, the rights of any
                      third party or that any third party is infringing, or
                      intends to infringe, the Marks.

           5.3.5      the Assignee shall have the right in its sole and absolute
                      discretion, and at its own expense, to commence or assume
                      the conduct of all actions and proceedings relating to the
                      Marks and the Assignor shall, and shall cause its
                      Controlled Affiliates to, provide all assistance the
                      Assignee or its nominees or assigns may reasonably require
                      in connection with any such proceedings (including,
                      without limitation, joining as a party, where reasonably
                      necessary, to any such action commenced by the Assignee).
                      Any costs or damages incurred or recovered as a result of
                      any such actions or proceedings shall be for the account
                      of the Assignee.

5.4        Acknowledgement

The Assignor acknowledges and agrees that:

           5.4.1      all the Assignor's , and the Assignor's Controlled
                      Affiliates', right, title and interest in and to the Marks
                      shall from the Effective Date belong to the Assignee
                      (subject only to the limited rights granted under
                      paragraph 5.1);

           5.4.2      it shall not, and it shall procure that its Controlled
                      Affiliates shall not, acquire or claim any interest in or
                      title to the Marks or the goodwill attaching to them by
                      virtue of the rights granted to it under this Agreement or
                      through its use and its sub-licensees' use of the Marks
                      under this Agreement; and

           5.4.3      all goodwill arising through use of the Marks by Assignor
                      and its sublicensees shall at all times be deemed to have
                      accrued to the Assignee.

5.5        Termination

           5.5.1      The license granted under paragraph 5.1 will automatically
                      terminate immediately if the Assignor becomes insolvent
                      pursuant to section 123 of the Insolvency Act
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                      1986 (or as it may be amended from time to time), a
                      petition is presented or a resolution passed for the
                      winding up of the Assignor (otherwise than for the purpose
                      of a bona fide scheme of solvent amalgamation or
                      reconstruction), a petition is presented requesting the
                      court to make an order for the appointment of an
                      administrator of the Assignor, an administrative receiver
                      or other receiver is appointed in respect of the Assignor
                      or the Assignor endeavors to or enters into any
                      composition or arrangement including, without limitation,
                      a company voluntary arrangement pursuant to the Insolvency
                      Act 1986 (or as it may be amended from time to time) with
                      or for the benefit of its creditors.

           5.5.2      The license granted under paragraph 5.1 shall
                      automatically terminate immediately if the events referred
                      to in paragraph 5.5.1 occur in respect of the Assignor
                      under equivalent legislation or regulations in any part of
                      the world.

           5.5.3      The license granted under paragraph 5.1 shall
                      automatically terminate immediately if the Assignor (or
                      any of its sub-licensees) challenge or dispute (or
                      threaten to challenge or dispute) the validity or
                      ownership of the Marks, or take any action (or threaten to
                      take any action) either directly or indirectly to oppose
                      the renewal, or to oppose or cancel the registration, of
                      any of the Registered Marks.

           5.5.4      Any termination of this Agreement shall be without
                      prejudice to the rights of the Assignee against the
                      Assignor in respect of anything done or omitted to be done
                      prior to termination.

5.6        Post termination

           Following termination of the licence granted under paragraph 5.1, the
           Assignor shall, and shall procure that its sublicensees shall:

           5.6.1      immediately and permanently cease all use of the Marks
                      including without limitation use as part of a company name
                      by itself;

           5.6.2      within 30 days delete or remove the Marks from all
                      materials in the possession or control of the Assignor or
                      its sublicensees to which the Marks are affixed, or (where
                      such deletion or removal is not reasonably practicable)
                      destroy and provide to the Assignee reasonably
                      satisfactory evidence of such destruction, deletion or
                      removal;

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           5.6.3      within 30 days (or as soon as is practicable in the light
                      of the relevant domain name registry's procedures)
                      transfer to the Assignee any domain name which includes,
                      or is confusingly similar to, any of the Marks.

6          ASSIGNMENT

The Assignor may not assign or otherwise transfer the benefits of or delegate
its obligations under this Agreement, whether in whole or in part, without the
written consent of Assignee. Any assignment in violation of this provision shall
be void.

7          GOVERNING LAW

This Agreement shall be governed by English Law and the parties agree to submit
to the exclusive jurisdiction of the Courts of England and Wales.

8          NO THIRD PARTY BENEFICIARIES

A person who is not a party to this Agreement may not enforce any of its terms
under the Contracts (Rights of Third Parties) Act of 1999, but this shall not
affect any right or remedy of a third party which exists or is available other
than under the Act.

                            [SIGNATURE PAGE FOLLOWS]

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AS WITNESS WHEREOF the parties hereto have signed and delivered this Agreement
as a Deed the day and year first before appearing.

EXECUTED as a DEED by           )            /s/ Charles D. Adamo
SUN INTERNATIONAL HOTELS        )            Director
LIMITED                         )
in the presence of:             )            /s/ John R. Allison
                                             Director

EXECUTED as a DEED by           )            /s/
SUN INTERNATIONAL HOTELS        )            -----------------------------------
LIMITED                         )            Director
in the presence of:             )
                                             -----------------------------------
                                             Director

EXECUTED as a DEED by           )            /s/
SUN INTERNATIONAL INVESTMENTS   )            -----------------------------------
LIMITED                         )            Director
in the presence of:             )
                                             -----------------------------------
                                             Director

EXECUTED as a DEED by           )            /s/ P. Buckley
SUN INTERNATIONAL INVESTMENTS   )            Director
LIMITED                         )
in the presence of:             )            -----------------------------------
                                             Director

EXECUTED as a DEED by           )            /s/
SUN INTERNATIONAL INVESTMENTS   )            -----------------------------------
LIMITED                         )            Director of Kersaf Investments
in the presence of:             )            Limited

                                             -----------------------------------
                                             Director
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EXECUTED as a DEED by           )            /s/
WORLD LEISURE GROUP LIMITED     )            -----------------------------------
in the presence of:             )            Director

                                             -----------------------------------
                                             Director

EXECUTED as a DEED by           )            /s/
WORLD LEISURE GROUP LIMITED     )            -----------------------------------
in the presence of:             )            Director

                                             -----------------------------------
                                             Director

EXECUTED as a DEED by           )            /s/
SUN INTERNATIONAL MANAGEMENT    )            -----------------------------------
LIMITED ("SIMLA")               )            Authorized Representative
in the presence of:             )
                                             /s/
                                             -----------------------------------
                                             Authorized Representative

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                                   SCHEDULE 1

                     REGISTERED TRADEMARKS AND SERVICE MARKS

                              [LOGO TO BE PROVIDED]

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                                   SCHEDULE 2

                                  DOMAIN NAMES

1.     sunint.com

2.     sunint.net

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                                   SCHEDULE 3

1.         DUBAI

2.         SEYCHELLES

3.         MAURITIUS

4.         MOHEGAN SUN CASINO AGREEMENT<Page>

                                                                   EXHIBIT 10.13

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR "BLUE SKY" LAWS (COLLECTIVELY,
THE "SECURITIES LAWS"), AND MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS IT HAS BEEN REGISTERED UNDER THE SECURITIES LAWS OR AN EXEMPTION FROM
REGISTRATION APPLIES TO SUCH TRANSFER OR DISPOSITION.

                         ROYALE RESORTS HOLDINGS LIMITED

                        NINE PERCENT (9%) PROMISSORY NOTE

$12,000,000
New York, New York                                                  July 3, 2001

         FOR VALUE RECEIVED, the undersigned, Royale Resorts Holdings Limited
(the "COMPANY" or the "MAKER"), promises to pay to the order of SUN
INTERNATIONAL HOTELS LIMITED, a company incorporated under the laws of The
Bahamas (the "PAYEE"), the principal sum of TWELVE MILLION DOLLARS ($12,000,000)
and interest on the outstanding principal balance as set forth in this 9%
Promissory Note (the "NOTE").

         1. INTEREST RATE; PAYMENT.

            (a) The outstanding principal balance of this Note shall bear
interest at a rate of nine percent (9%) per annum, with interest accruing on the
outstanding principal amount hereof from and including July 3, 2001, until
repayment of the principal and payment of all accrued interest in full. Interest
shall be computed on the basis of a 365 day year and the actual number of days
elapsed, and shall be payable quarterly on the last day of each of March, June,
September and December, commencing September 2001.

            (b) The outstanding balance of any amount owed under this Note which
is not paid when due (including any interest that is not paid when due) shall
bear interest at the rate of eleven percent (11%) per annum (the "DEFAULT
INTEREST") with the Default Interest accruing, from and including such due date,
on a cumulative basis, compounding quarterly.

            (c) The Maker shall pay to the Payee the entire principal amount of
this Note then outstanding, together with all interest accrued and unpaid
thereon, no later than June 30, 2003 (the "MATURITY Date"). On the Maturity
Date, the Maker shall pay the applicable amount of principal and interest in
lawful money of the

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United States of America by wire or bank transfer of immediately available funds
to an account designated by the Payee in writing from time to time not less than
two (2) business days prior to any payment date.

         2. SECURITY DOCUMENTS. In order to secure the due and punctual payment
of the principal of and interest on this Note when and as the same shall be due
and payable according to the terms of this Note and any other obligations
payable by the Maker hereunder, the Maker has granted a first priority lien and
security interest in certain collateral pursuant to the Pledge Agreement, dated
as of the date hereof (the "PLEDGE AGREEMENT"), between the Maker and the Payee.
The Pledge Agreement provides for the rights and remedies of the Payee with
respect to such collateral.

         3. PREPAYMENT.

            (a) MANDATORY PREPAYMENT.

                (i) Upon the occurrence of an Event of Default under Section
4(d) or (e), the outstanding principal of and all accrued and unpaid interest on
this Note shall automatically be accelerated and shall automatically become
immediately due and payable, without presentment, demand, protest or notice of
any kind, all of which are expressly waived by the Maker, notwithstanding
anything contained herein to the contrary.

                (ii) The Payee shall, at its sole option, have the right to
require the Maker to pay the outstanding principal of and all accrued and unpaid
interest on this Note upon the occurrence and continuation of any of the
following events: (A) an Event of Default under Section 4(a), (b), (c), (f), (g)
or (h), (B) the closing by the Company of any sale or other disposition of all
or substantially all of its assets (other than the Shares (as defined in the
Registration Rights and Governance Agreement dated the date hereof (the
"GOVERNANCE AGREEMENT"), by and among the Maker and the Payee, among others),
whether in one transaction or in a series of transactions, (C) the closing by
the Company of any consolidation or merger into another entity as a result of
which the equity holders of the Maker or their Affiliates immediately prior to
such transaction do not beneficially own at least 50% of all equity interest in
the surviving corporation, or (D) any event that constitutes a Change of Control
(as defined below) of the Company, in one transaction or in a series of
transactions. No later than fifteen (15) business days prior to the occurrence
of an event set forth in clauses (A), (B), (C) or (D) above, the Company shall
give written notice of such event to the Payee. "CHANGE OF CONTROL" means any
"person" or "group" (as such terms are used for purposes of Section 13(d)(3) of
the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")), other
than any member of the Kersaf Group (as defined in the Governance Agreement) or
any other person or group that includes such member, becoming the "beneficial
owner" (as such term is used in Rule 13d-3 of the Exchange Act), directly or
indirectly, of more than fifty percent (50%) of the total voting power in the
aggregate normally entitled to vote in the election of directors, managers or
trustees, as applicable, of the Maker.
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                (iii) Any mandatory prepayment under this Section 3(a) shall
include payment of reasonable costs and expenses under Section 5(c) (including
reasonable attorneys' fees and expenses) incurred by the Payee and associated
with such prepayment, if any.

            (b) OPTIONAL PREPAYMENT. The Company shall have the right to prepay
this Note, in whole or in part, at any time and from time to time upon five (5)
business days' prior written notice to the Payee, without premium or penalty.

         4. EVENTS OF DEFAULT. An "EVENT OF DEFAULT" shall occur if:

            (a) the Maker shall default in the payment of the principal of this
Note, when and as the same shall become due and payable, whether on the Maturity
Date or at a date fixed for prepayment or by acceleration or otherwise or the
Maker shall default in the payment of interest on this Note within three (3)
business days of the date when due;

            (b) the Maker shall breach (other than any breach that is
immaterial) any covenant or agreement contained in this Note, the Omnibus
Agreement, the Governance Agreement or the Pledge Agreement and such breach
shall continue for five (5) business days after the Maker receives notice of
such failure;

            (c) any material representation, warranty, certification or
statement made by or on behalf of the Maker in this Note, the Governance
Agreement, the Omnibus Agreement or the Pledge Agreement shall prove to have
been incorrect in any material respect when made;

            (d) an involuntary proceeding shall be commenced or an involuntary
petition shall be filed in a court of competent jurisdiction seeking (i) relief
in respect of the Maker or of a substantial part of the Maker's property or
assets, under Title 11 of the United States Code, as now constituted or
hereafter amended, or any other United States or foreign bankruptcy, insolvency,
receivership or similar law (any such law, a "BANKRUPTCY LAW"), and such
proceeding or petition shall not be dismissed within sixty (60) days, (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for a substantial part of the property or assets of the Maker,
(iii) the entry of an order or decree by a court of competent jurisdiction for
the winding up or liquidation of the Maker and the continuance of such order or
decree unstayed and in effect for a period of sixty (60) days;

            (e) the Maker shall (i) voluntarily commence any proceeding or file
any petition seeking relief under a Bankruptcy Law, (ii) consent to the
institution of or the entry of an order for relief against it, (iii) apply for
or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for a substantial part of the property or assets
of the Maker, (iv) file an answer admitting the material allegations of a
petition filed against it in any such proceeding, (v) make a general assignment
for the benefit of creditors, (vi) become unable, admit in writing its

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                                                                               4

inability or fail generally to pay its debts as they become due or (vii) take
any action for the purpose of effecting any of the foregoing;

            (f) one or more judgments or orders for the payment of money in
excess of five million United States Dollars ($5,000,000) in the aggregate shall
be rendered against the Maker and such judgment(s) or order(s) shall continue
unsatisfied and unstayed for a period of thirty (30) days;

            (g) the Maker shall default in the payment of any principal,
interest or premium with respect to indebtedness (excluding trade payables and
other indebtedness entered into in the ordinary course of business) in excess of
five million United States Dollars ($5,000,000) in the aggregate for borrowed
money or any obligation which is the substantive equivalent thereof and such
default shall continue for more than the period of grace, if any, or if any such
indebtedness or obligation shall be declared due and payable prior to the stated
maturity thereof; or

            (h) any material provisions of this Note or the Pledge Agreement
shall terminate (other than in accordance with its terms) or become void or
unenforceable or the Maker shall so assert in writing.

         5. SUITS FOR ENFORCEMENT.

            (a) Upon the occurrence and during the continuance of any one or
more Events of Default, the holder of this Note may proceed to protect and
enforce its rights by suit in equity, action at law or by other appropriate
proceeding, whether for the specific performance of any covenant or agreement
contained herein or in aid of the exercise of any power granted in this Note, or
may proceed to enforce the payment of this Note, or to enforce any other legal
or equitable right it may have as a holder of this Note.

            (b) The holder of this Note may direct the time, method and place of
conducting any proceeding for any remedy available to itself.

            (c) In case of any Event of Default, the Maker will pay to the Payee
the costs and expenses of the Payee in collecting and enforcing this Note and
the Pledge Agreement, including without limitation, reasonable fees,
disbursements and other charges of counsel incurred in connection with any
action in which the Payee prevails.

         6. GROSS-UP. If at any time any applicable law, regulation or
regulatory requirement, or any governmental authority, monetary agency or
central bank requires the Company to make any deduction or withholding from any
payment made in respect of any amount due from the Company hereunder, the amount
so due shall be increased to the extent necessary to ensure that, after the
making of such deduction or withholding, the Payee receives, on the due date for
such payment, a net sum equal to the sum which it would have received had no
such deduction or withholding been required to be made.

         7. NOTICES. All notices, demands and other communications provided for
or permitted hereunder shall be made in writing and shall be by registered or
certified

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                                                                               5

first class mail, return receipt requested, telecopier, courier service,
overnight mail or personal delivery:

                                   (a)  if to the Company:

                                        Clarendon House
                                        Church Street
                                        Hamilton HM DX, Bermuda
                                        Attention:  The Company Secretary
                                        Facsimile:  0101 809 2 924720

                                        with a copy to:

                                        Berwin Leighton Paisner
                                        Adelaide House
                                        London Bridge, London  EC4R 9HA
                                        Attention:  P. F. Robinson
                                        Facsimile:  0207 760 1111

                                   (b)  if to the Payee:

                                        Sun International Hotels Limited
                                        P.O. Box N-4777
                                        Nassau, The Bahamas
                                        Attention:  Charles D. Adamo, Esq.
                                        Facsimile:  (242) 363-4581

                                        with a copy to:

                                        Paul, Weiss, Rifkind, Wharton & Garrison
                                        1285 Avenue of the Americas
                                        New York, New York 10016-6064
                                        Attention:  Kenneth M. Schneider, Esq.
                                        Telecopy:  (212) 757-3990

         8. SUCCESSORS AND ASSIGNS. This Note shall inure to the benefit of and
be binding upon the successors and permitted assigns of the parties hereto. The
Maker shall not assign any of its rights or obligations under this Note without
the prior written consent of the Payee.

         9. AMENDMENT AND WAIVER.

            (a) No failure or delay on the part of the Payee in exercising any
right, power or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right, power or remedy preclude any
other or further exercise thereof or the exercise of any other right, power or
remedy. The remedies provided for herein are cumulative and are not exclusive of
any remedies that may be available to the Maker or the Payee at law, in equity
or otherwise.

<Page>

                                                                               6

            (b) Any amendment, supplement or modification of or to any provision
of this Note, any waiver of any provision of this Note and any consent to any
departure by the Maker from the terms of any provision of this Note, shall be
effective (i) only if it is made or given in writing and signed by the Maker and
the holder of this Note and (ii) only in the specific instance and for the
specific purpose for which made or given.

         10. HEADINGS. The headings in this Note are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         11. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICTS OF LAW PRINCIPLES THEREOF.

         12. WAIVER OF JURY TRIAL AND SETOFF. The Maker and Payee hereby waive
trial by jury in any litigation in any court with respect to, in connection
with, or arising out of this Note or any instrument or document delivered
pursuant to this Note, or the validity, protection, interpretation, collection
or enforcement thereof.

         13. CONSENT TO JURISDICTION. The Maker hereby irrevocably consents to
the jurisdiction of the United States federal courts and the courts of the State
of New York located in New York, New York, in connection with any action or
proceeding arising out of or relating to this Note or any document or instrument
delivered pursuant hereto.

         14. SEVERABILITY. If any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and
enforceability of any other provisions hereof shall not be in any way impaired,
unless the provisions held invalid, illegal or unenforceable shall substantially
impair the benefits of the remaining provisions hereof.

         15. FURTHER ASSURANCES. The Maker shall execute such documents and
perform such further acts (including, without limitation, obtaining any
consents, exemptions, authorizations or other actions by, or giving any notices
to, or making any filings with, any governmental authority or any other person)
as may be reasonably required or appropriate to carry out or to perform the
provisions of this Note.

                            [SIGNATURE PAGE FOLLOWS]

<Page>

                                                                               7

         IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
duly executed and delivered as of the date first above written.

                                    ROYALE RESORTS HOLDINGS LIMITED

                                    By: /s/ Derek Aubrey Hawton
                                        Name:  Derek Aubrey Hawton
                                        Title: Director

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