Document:

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                                                                    Exhibit 10.1

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                        where the basis of payment is the
                             COST OF WORK PLUS A FEE
                    NOT TO EXCEED A GUARANTEED MAXIMUM PRICE

THIS AGREEMENT

made and entered into as of the 24th day of December, 2003,

BETWEEN the Owner:                 Premier Entertainment, L.L.C.
                                   11400 Reichold Road
                                   Gulfport, MS  39503

                                   (hereinafter referred to as the "OWNER")

And the Contractor:                Roy Anderson Corp
                                   P.O.  Box 2
                                   Gulfport, MS  39502

                                   (hereinafter referred to as the "CONTRACTOR")

(Owner and Contractor to be sometimes hereinafter individually and collectively
referred to as the "PARTY" and/or "PARTIES");

The Project is:                    Hard Rock Hotel and Casino
                                   777 Beach Blvd
                                   Biloxi, MS  39530

                                   (hereinafter referred to as the "PROJECt" or
                                   "PROJECT SITE").

The Architect is:                  Paul Steelman Ltd.
                                   3330 West Desert Inn Road
                                   Las Vegas, NV  89102

                                   (hereinafter referred to as the "ARCHITECT").

Owner and Contractor agree as set forth below:

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 1
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                                    ARTICLE 1

                             THE CONTRACT DOCUMENTS

1.1     The contract documents (hereinafter referred to as "CONTRACT DOCUMENTS")
consist of this Agreement; the following exhibits attached to and made a part of
this Agreement:

<Table>
        <S>                 <C>
        EXHIBIT "A"         the General Conditions of the Contract of Construction, AIA
                            Document A201, 1997 edition
        EXHIBIT "B"         Specifications
        EXHIBIT "C"         Drawings
        EXHIBIT "D-1"       Specifications for the Hard Rock Cafe Shell
        EXHIBIT "D-2"       Specifications for the Hard Rock Retail Store Shell
        EXHIBIT "E"         Project Schedule
        EXHIBIT "F"         Schedule of Values
        EXHIBIT "G"         Contractor's Assumptions, Qualifications and Clarifications to
                            Guaranteed Maximum Price, and Schedule of Allowances
        EXHIBIT "H"         Schedule of Liquidated Damages for Late Completion
        EXHIBIT "I"         Schedule of Bonus for Early Completion
        EXHIBIT "J"         Form of Payment and Performance Bond
        EXHIBIT "K"         Rental Rates for Equipment Rented from Contractor
        EXHIBIT "L"         Description of Preconstruction Phase Costs
        EXHIBIT "M"         Mississippi Tax-Related Procedures (together with attachments
                            thereto)
        EXHIBIT "N"         Form of Barge Subcontract between Contractor and Corn Island
                            Shipyard, Inc.
</Table>

and Addenda issued prior to execution of this Agreement; and Modifications
issued after execution of this Agreement. These form the contract (hereinafter
referred to as the "CONTRACT"), and all are as fully a part of the Contract as
if attached to this Agreement or repeated herein. An enumeration of the Contract
Documents appears in ARTICLE 23. If anything in the Contract Documents is
inconsistent with this Agreement, this Agreement shall govern, as set forth in
ARTICLE 23. The Contract represents the entire and integrated agreement between
the Parties hereto and supersedes prior negotiations, representations or
agreements, either written or oral.

                                    ARTICLE 2

                            THE WORK OF THIS CONTRACT

2.1     Contractor shall execute the entire work of the Contract for the Hard
Rock Hotel & Casino development project (hereinafter referred to as the "WORK")
described in the Contract Documents, and reasonably inferable by the Contractor
as necessary to provide the result indicated by the Contract Documents, except
to the extent specifically indicated in the Contract Documents to be the
responsibility of others. The BASE SCOPE OF WORK shall include a three-hundred
six (306) room, eleven (11) story hotel tower, a casino barge, a low-rise
transition building with adjoining resort style pool and beach area, a free
standing Parking Garage with six

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
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elevated floors and containing approximately 1,608 parking spaces, surface
parking, and the associated site development, infrastructure and utilities
system.

2.1.1   BASE SCOPE OF WORK

The Hotel shall have a footprint of approximately 20,000 sf., eleven (11)
stories with a total square footage of 234,500 sf. The first level of the hotel
shall include a Hard Rock Cafe (7,200 sf), hotel lobby (2,474 sf), a promenade
(3,900 sf), retail space (3,120 sf), and a restaurant (5,700 sf). Typical Hotel
Guest Rooms shall start from levels 2 thru 11 totaling two-hundred eighty-two
(282) typical guest rooms (420 sf each) and twenty-four (24) suites. Level two
(2) shall also accommodate a Health Club/spa facility (7,850 sf) and there will
be a separate Club at the top floor of the hotel. The hotel structure shall be
constructed of cast-in-place, post-tensioned, concrete. The Facade shall be a
combination of EIFS assembly and an aluminum frame curtain wall system with
insulated glazing units. The structure shall sit on a pile foundation with grade
beams.

The Casino shall be comprised of an 85,000 sf barge that will sit in tidal
waters, tethered to the bottom of the channel to remain at a constant level. The
exterior walls and roof of the barge shall be built independently from the barge
on pilings around the barge. The same superstructure shall also serve as
breakwater containment, as well as the extension boat slip marina. The roof
structure shall clearspan the 213' width of the barge with a barrel truss
design. The Barge shall house 48,400 sf of Gaming Area, a 13,000 sf Buffet and
Bakery with 6,450 sf of Kitchen and Servery space, the main Casino Cashier
(4,030 sf), a Steak House and Bar (5,190 sf), and a Center Bar (2,360 sf). The
Low-rise structure shall be 2 stories with a mezzanine and a total of 163,000 sf
of space, and shall have an adjoining resort style pool and beach area. The
first level of the low rise (52,640 sf) shall contain the Hard Rock Live
Performance Center (12,000 sf), an overhead connecting bridge between the casino
and parking garage structure, with "white box" spaces along the connecting
bridge for future tenants (6,000 sf), public restrooms, and an arcade. The
second level of the low-rise (40,000 sf) shall house administration office space
(6,200 sf), central plant area (5,510 sf) electrical room (4,140 sf), white box
spaces for future development (6,450 sf), security, surveillance, and the
circulation spaces. A Mezzanine level shall contain a balcony for the Hard Rock
Live, a VIP Lounge also for the Hard Rock Live area, toilets, green room, and
dressing rooms front office spaces (6,100 sf), housekeeping (3,030 sf), uniform
storage (504 sf), L&F supplies and sewing area (944 sf), linen storage (1515 sf)
electrical equipment room (2,560 sf), AHU room (5,070 sf.), employee toilets,
employee dining, and employee uniform area. The structure for the low-rise shall
be structural steel frame, with concrete and steel composite decks. The
foundation shall be comprised of piles and concrete grade beams.

The Parking Garage provides a total of 1,608 spaces that include 1,238 self-park
spaces for patrons and employees, 320 valet parking spaces, 50 dedicated spaces
for the small craft harbor and 3 bus arrival spaces. The total square footage of
the parking structure is approximately 520,000 sf. In addition to the parking
structure an additional 72 on-grade parking spaces are provide under the low
rise as VIP/Valet parking.

The Contractor also shall have the responsibility for causing the Barge
Contractor (as hereinafter defined) to construct the barges vessels upon which
the casino will be constructed

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 3
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Contractor shall construct the Hard Rock cafe shell and the Hard Rock retail
store shell in accordance with the requirements set forth in Exhibit C of the
Hard Rock Cafe lease and the Hard Rock retail store lease, respectively, copies
of which are attached hereto as EXHIBIT "D -1" and EXHIBIT "D-2", respectively.
Contractor acknowledges having received a copy of the construction exhibit to
each of the Hard Rock Cafe lease and the Hard Rock retail store lease, and
agrees that the Base Scope of Work will include the construction requirements of
each of the Hard Rock Cafe lease and the Hard Rock retail store lease, as set
forth on such exhibits.

2.1.2   DESIGN/BUILD SCOPE OF WORK

The Contractor will have Design/Build responsibilities for the Parking Garage.
The design documents prepared by the Contractor for the Parking Garage are
herein referred to as the "Contractor Prepared Documents". The design build
professional selected by Contractor for the Parking Garage shall be subject to
approval by Owner and Architect, which approval shall not be unreasonably
withheld.

2.1.3   For all professional design services or certifications by a design
professional related to systems, materials or equipment comprising the Parking
Garage, the Architect shall review the performance and design criteria prepared
by the Contractor to assure that the performance and design criteria specified
are consistent with the overall intent and design of the Project, and such
performance and design criteria shall be incorporated into the Specifications.
The Contractor shall cause such design services or certifications to be provided
by a properly licensed design professional, licensed in the State of
Mississippi, whose signature and seal shall appear on all drawings,
calculations, specifications, certifications, Shop Drawings and other submittals
prepared by such design professional. All design professionals furnishing the
delegated design shall obtain and maintain professional liability insurance as
required under Section 11.1.8 and all pertinent articles of A201 General
Conditions attached as EXHIBIT "A" to this Agreement. The Contractor shall
obtain from all such design professionals and provide to Owner, prior to their
work being performed, valid certificates of insurance providing evidence of such
insurance. The Contractor acknowledges that it is legally liable to the Owner
for professional liability relating to and arising from the design and
engineering performed by the design-build professional for the Parking Garage,
subject to the provisions of PARAGRAPH 17.4 below. Shop Drawings and other
submittals related to the Work designed or certified by such design-build
professional, if prepared by others, shall bear such professional's written
approval when submitted to the Architect. The Owner and the Architect shall be
entitled to rely upon the adequacy, accuracy and completeness of the services,
certifications or approvals performed by such design-build professionals.

The Architect and/or its subcontractors shall review the Contractor Prepared
Documents prepared by or on behalf of the Contractor for conformance to all
design and performance criteria set forth in the Specifications, provided,
however, that such review by Architect and/or its subcontractors shall not
relieve the Contractor or its design-build professional from responsibility and
liability for compliance with the design and performance criteria of the Parking
Garage. The Owner shall be entitled to rely upon (i) the adequacy, accuracy, and
completeness of the design and performance criteria reviewed by the Architect
describing the delegated services, and (ii) the Architect's review of the
Contractor Prepared Documents. The Architect will review, approve or take other
appropriate action or submittals (1) for the purpose

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
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of checking for conformance with information given and the design concept
expressed in the Contract Documents, and (2) to assure that the design conforms
with all design and performance criteria set forth in the Specifications.

2.2     The Hard Rock hotel and casino development is located south of Highway
90 on the real property (hereinafter referred to as the "PROPERTY") bounded on
the east by Main Street, bounded on the west by the Windjammer Condominiums and
bounded on the south by the Biloxi Small Craft Harbor.

2.3     Contractor understands that Owner intends to obtain construction
financing for the Project ("PROJECT FINANCING"), and in connection therewith,
Owner will enter into a Cash Collateral and Disbursement Agreement (the
"DISBURSEMENT AGREEMENT"), dated subsequent to the date of this Agreement, by
and among Standard Federal--Corporate and Institutional Trust, a division of
LaSalle Bank National Association, as disbursement agent, securities
intermediary and depositary bank (together with any successor disbursement agent
permitted thereunder, the "DISBURSEMENT AGENT"), Standard Federal--Corporate and
Institutional Trust, a division of LaSalle Bank National Association, as trustee
under the Indenture (as defined therein) (together with its successors and
assigns from time to time under the Indenture, the "TRUSTEE"), Professional
Associates Construction Services, Inc., a California corporation (referred to
herein alternatively as "PACS" and the "INDEPENDENT CONSTRUCTION CONSULTANT"),
Premier Entertainment Biloxi LLC (d/b/a Hard Rock Hotel & Casino Biloxi), a
Delaware limited liability company (as successor in interest by merger with
Premier Entertainment, LLC, a Mississippi limited liability company), and
Premier Finance Biloxi Corp., a Delaware corporation ("PREMIER FINANCE CORP.").
Contractor has reviewed drafts of the Disbursement Agreement through and
including the Latham &Watkins draft dated ______, 200_. Owner agrees to provide
Contractor with a true, accurate and complete copy of the Disbursement
Agreement, with all exhibits affixed thereto, after the Disbursement Agreement
is executed by all parties thereto. Contractor acknowledges that the
Disbursement Agreement provides for the execution and delivery by Contractor of
various certifications, schedules, relating to contract amendments, change
orders, amendments to the Project Schedule, amendments to the Project budget,
and in connection with construction disbursements. Subject to review of the
final version of the Disbursement Agreement and confirmation that the terms,
conditions and provisions set forth in the final version of the Disbursement
Agreement are not materially different than the terms, conditions and provisions
set forth in the drafts of the proposed Disbursement Agreement reviewed by
Contractor, Contractor undertakes and agrees to satisfy in good faith and within
the time periods required under the terms of the Disbursement Agreement, or upon
the request of Owner, all requirements set forth therein that are within the
control of Contractor. As used in this Agreement and in the Contract Documents,
the phrase "within the control" of Contractor shall mean and include (i) all
certifications, schedules, information and documentation required to be
delivered by Contractor under the terms of the Disbursement Agreement, and
Contractor shall make all statements provided in such certificates, unless such
statements would be untrue or incorrect with respect to the facts then known to
Contractor at the time when such certificate is made, and (ii) providing to
Owner and/or the Independent Construction Consultant in a timely manner any and
all information and documentation within the control of Contractor required to
be delivered by Owner and/or the Independent Construction Consultant under the
terms of the Disbursement Agreement and all exhibits and schedules provided for
and/or contemplated thereunder.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 5
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                                    ARTICLE 3

                           RELATIONSHIP OF THE PARTIES

3.1     Contractor accepts the relationship of trust and confidence established
by this Agreement and covenants with Owner to cooperate with Architect and
utilize Contractor's best skill, efforts, and judgment in furthering the
interests of Owner; to furnish efficient business administration and
supervision; to furnish at all times an adequate supply of skilled workers and
materials; and to perform the Work in the best way and most expeditious and
economical manner consistent with the interests of Owner. Owner agrees to
cooperate with Contractor by approving, in a timely manner, information
requested of Owner by Contractor, and by executing, in a timely manner, all
Direct Purchase Documents (as defined in EXHIBIT "M" attached hereto) and making
payments to Contractor and to vendors, suppliers and contractors on account of
Direct Purchase Items (as defined in EXHIBIT "M" attached hereto) (subject in
each case to the conditions set forth in this Agreement) and in accordance with
requirements of the Contract Documents. Owner and its Architect, as required,
shall cooperate with Contractor's reasonable suggestions as to construction
methods, phasing, and materials, in order to define the scope of the Work
(hereinafter referred to as the "SCOPE OF THE WORK") within the limits of the
Guaranteed Maximum Price (hereinafter referred to as the "GMP" as defined in
PARAGRAPH 5.2 below).

3.2     With the exception of the Design/Build services to be provided by
Contractor, referenced in ARTICLE 2, SECTIONS 2.1.2 and 2.1.3, the services to
be performed by Contractor under this Agreement shall not constitute it an
architect; and this Agreement shall not impose on Contractor any obligation to
assume, render to or perform on behalf of Owner the professional
responsibilities, duties, services and activities with respect to design of the
Project for which Owner has contracted with Architect. Contractor assumes no
responsibility or liability in connection with the design of the Project or the
failure of Architect to provide designs or otherwise perform its obligations
under any agreements between Owner and Architect, and the performance by
Contractor of its duties hereunder shall not relieve Architect from any
responsibilities or liabilities for services on the Project required under any
such agreements. Notwithstanding the foregoing, in the event Contractor becomes
aware of errors or omissions of any kind relating to design of the Project or
the failure of Architect to perform its obligations under any agreements between
Owner and Architect, Contractor shall promptly report the same to Owner, which
report shall be made in writing.

3.3     REPRESENTATIVES

Upon execution of this Agreement, Owner shall designate, in writing, to
Contractor the name of the Party who is to be "OWNER'S REPRESENTATIVE" with full
authority to execute any and all instruments requiring Owner's signature and to
act on behalf of Owner with respect to all matters arising out of this
Agreement. The Owner's Project representative is hereby designated to be Joseph
Billhimer, who has been authorized to make decisions on behalf of the Owner
regarding the Project. Owner reserves the right to designate a substitute
Owner's Project representative, upon written notice to Contractor, which written
notice shall define the scope of such Project representative's authority to make
decisions on behalf of Owner regarding the Project. In addition, Contractor
acknowledges that Owner has retained Professional Associates Construction
Services, Inc. as an Independent Construction Consultant. Contractor agrees to
cooperate with

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 6
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the Independent Construction Consultant in assisting the Independent
Construction Consultant to perform its duties and obligations under the
Disbursement Agreement (as hereinafter defined), and to take such further steps
as Owner and/or the Independent Construction Consultant may reasonably request
in order to facilitate the performance by the Independent Construction
Consultant of its duties and obligations under the Disbursement Agreement.

Upon execution of this Agreement, Contractor shall designate in writing to Owner
the name of the Party who is to be "CONTRACTOR'S REPRESENTATIVE" with full
authority to execute any and all instruments requiring Contractor's signature
and to act on behalf of Contractor with respect to all matters arising out of
this Agreement. The Contractor's Project Representative is hereby designated to
be Meng Chai and the Contractor's Superintendent is hereby designated to be
Thomas Gonzalez. The Contractor shall not replace its Project Representative or
its Superintendent without the Owner's prior written approval, which approval
shall not be unreasonably withheld by Owner. The Contractor shall promptly
replace its Project Representative or its Superintendent upon the Owner's
reasonable request, which request shall be made in writing.

                                    ARTICLE 4

                 DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION

4.1     The date of commencement (hereinafter referred to as "COMMENCEMENT
DATE") is the date from which the contract time of PARAGRAPH 4.2 is measured; it
shall be deemed to have occurred when: (1) the Owner has issued the Notice to
Proceed to the Contractor, and (2) the condition precedent for the Contractor
starting work set forth in Section 4.8 has been satisfied.

4.1.1   With respect to the Commencement Date under the Contract Documents, the
Contractor understands and agrees that in order for the Owner to close on the
Project Financing for the Project, the Contractor must first perform the
following: (1) obtain all necessary governmental approvals required to commence
construction under PARAGRAPH 3.7.1 of the General Conditions; (2) provide the
Owner with valid insurance certificates evidencing the coverages required
hereunder; and (3) provide the Owner with a Payment Bond and a Performance Bond
(referred to herein collectively as the "BOND") in the form attached hereto as
EXHIBIT "J", which Bond shall name as co-obligees the Owner and the Trustee (as
defined in PARAGRAPH 2.3 above). The Contractor agrees to use its best efforts
to accomplish the items described in clauses (1), (2) and (3) above so that the
Project Financing can occur on or before January 21, 2004. The Project Schedule
has a commencement date of February 2, 2004. The Project Schedule assumes that
the required permits and approvals will be obtained on a timely basis as shown
by the milestone dates on the Project Schedule. The Project Schedule assumes
that the Project Financing will be closed and Owner will issue the notice to
proceed to Contractor on or before February 2, 2004.

4.1.2   Contractor acknowledges that its has obtained from the Architect
sufficient architectural and civil engineering plans to enable Contractor to
obtain permits and related approvals for commencement of construction of the
initial phase of the Work (demolition, grading, site work, underground site
work, plumbing packages and foundations) in accordance with the Project
Schedule. Except for such permits and approvals, Owner and Contractor
acknowledge that not all final permits and related approvals will have been
obtained as of the

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 7
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Commencement Date, because the Architect will not have provided complete
Drawings and Specifications for the Project as of the Commencement Date. Owner
shall cause the Architect to cooperate with Contractor, and Contractor shall
cooperate with the Architect, in an effort to obtain all final permits and
approvals on a timely basis, and Contractor agrees to use all diligent efforts
to obtain same to maintain the dates in the Project Schedule. Contractor shall
not be liable for, and shall be entitled to appropriate time extensions and
other relief and/or additional direct costs (but not consequential damages),
proven to be the result of actual impacts to the Project Schedule in the event
the Architect does not provide Drawings and Specifications which are
sufficiently complete to allow Contractor to obtain all of the permits and other
approvals by the milestone dates set forth in the Project Schedule.

4.1.3   Neither the Contractor nor any of its Subcontractors or suppliers shall
supply any labor or materials for the Work until the Project Financing has
closed. The Contractor intends to commence the Work on or before February 2,
2004.

4.1.4   The Owner shall direct Contractor to commence the Work by issuing to the
Contractor a Notice to Proceed as soon as possible after the closing of the
Project Financing. The Contractor shall be prepared to commence the Work
immediately upon the closing of the Project Financing, and the Contractor shall
commence the Work immediately upon the issuance of the Notice to Proceed,
subject to satisfaction of the condition precedent set forth in SECTION 4.8
below.

4.2     The Contractor shall diligently prosecute the Work and achieve
Substantial Completion of the Work on or before the July 23, 2005 date
(hereinafter referred to as the "SUBSTANTIAL COMPLETION DATE") set forth on the
Project Schedule attached hereto and made a part hereof as EXHIBIT "E", for the
Base Scope of Work as described in PARAGRAPH 2.1. The Substantial Completion
Date may be extended only to the extent expressly provided under the terms of
the Contract Documents. The term "SUBSTANTIAL COMPLETION" or "SUBSTANTIALLY
COMPLETED", as used herein, shall have the meaning set forth in Section 9.8.1 of
the AIA 201 General Conditions attached hereto as EXHIBIT "A", including the
satisfaction of all conditions set forth therein. Except as otherwise provided
by the Contract Documents, Owner shall not be obligated to accept Substantial
Completion of the Work in phases.

4.3     FUTURE SPECIFICATIONS AND DRAWINGS

        The Specifications and Drawings listed in EXHIBIT "A" and EXHIBIT "B",
respectively (referred to herein collectively as the "PRELIMINARY SPECIFICATIONS
AND DRAWINGS"), are incomplete at the time this Agreement is executed. Owner and
Contractor contemplate that the Architect will issue further Specifications and
will issue revised, supplemental and additional Drawings. Owner (who may be
represented by the Architect) and Contractor shall jointly approve any
modifications to the Specifications and shall jointly approve any revised,
supplementary, and additional Drawings, which approval shall not be unreasonably
withheld by Contractor. Contractor shall not have the right to increase the
Guaranteed Maximum Price as a result of any such revised, supplemental or
additional Drawings or Specifications, except to the extent any Work shown on
any such subsequently issued Specifications and Drawings is inconsistent with
the Preliminary Specifications and Drawings or the Contractor's assumptions,
clarifications and qualifications itemized on EXHIBIT "G" attached hereto, used
by Contractor in

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 8
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developing budgets, pricing and establishing the Guaranteed Maximum Price, as
set forth in PARAGRAPH 5.2 hereof.

4.3.1   Contractor agrees to timely execute and deliver all certificates within
its control required to be delivered by Contractor under the terms of the
Disbursement Agreement regarding final plans and drawings, and Contractor shall
make all statements provided in such certificates, unless such statements would
be untrue or incorrect with respect to the facts then known to Contractor at the
time when such certificate is made. Contractor agrees to (i) cooperate with and
provide to Owner all documentation, data and information requested by Owner
within the control of Contractor, to allow Owner to satisfy the requirements and
conditions for final plan approval set forth in the Disbursement Agreement, and
(ii) complete all schedules to be included with each Progress Payment, where
information required for or contained in such schedules is within the control of
Contractor.

4.4     The projected milestone completion dates in the Project Schedule assume
that Owner will cause Architect to furnish the required design information to
Contractor as needed for the orderly progress of Work. The Project Schedule
further assumes that Owner has secured or will secure adequate financing for the
entire Scope of Work with arrangements to ensure payments are made to Contractor
in accordance with this Agreement. The failure of Owner to cause Architect to
provide the required design information, to make decisions or perform
obligations, or to secure adequate financing by the prescribed dates or to
maintain adequate financing will entitle Contractor to commensurate time
extensions to applicable milestone dates and final completion dates set forth in
the Project Schedule. Contractor shall not be liable for, and shall be entitled
to appropriate time extensions and other relief and/or additional direct costs
(but not consequential damages), based upon proven impacts to the Project
Schedule in the event Owner fails to cause Architect to provide the required
design information, to make decisions or perform obligations, or to secure
adequate financing by the prescribed dates or to maintain adequate financing.

4.5     Except as set forth in PARAGRAPH 4.6 below, under no circumstances shall
Contractor be liable to Owner for any consequential damages, including loss of
use or rental, loss of profit or cost of any financing. Under no circumstances
shall Owner be liable to Contractor for any consequential damages, including
loss of profit or business opportunity.

4.6     Owner and Contractor acknowledge and agree that time is of the essence
with respect to the Contract Documents and all obligations hereunder and under
the Contract Documents. Contractor acknowledges and recognizes that (1) the
Owner is entitled to full and beneficial occupancy and use of the completed Work
following expiration of the Contract Time, and (2) the Owner has entered into,
or will enter into, binding agreements leasing all or part of the premises where
the Work is to be completed based upon the Contractor delivering certain
portions of the Project within the Contract Time, as and when required under the
terms of leases entered into by Owner, including, without limitation, the Hard
Rock Cafe lease and the Hard Rock retail store lease. The Contractor further
acknowledges and agrees that if the Contractor fails to achieve Substantial
Completion of the Work within the Contract Time and as otherwise required by the
Contract Documents, the Owner will sustain extensive damages and serious loss as
a result of such failure, and that the exact amount of such damages will be
extremely difficult to ascertain. Therefore, the Owner and the Contractor agree
as follows in this PARAGRAPH 4.6. If the Contractor fails to achieve Substantial
Completion of the Work within three (3) days of the

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
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Contract Time and as otherwise required by the Contract Documents, the
Contractor shall pay to Owner, and Owner shall be entitled to retain or recover
from the Contractor, as liquidated damages and not as a penalty, a sum per day
as shown in the sliding scale set forth in EXHIBIT "H" attached hereto, for each
calendar day that Contractor fails to achieve Substantial Completion beyond the
three-day grace period following the Substantial Completion Date in PARAGRAPH
4.2. Contractor shall not be obligated to pay to Owner, and Owner shall not be
entitled to retain or recover from Contractor, maximum total liquidated damages
in excess of One Million Five Hundred Thousand Dollars ($1,500,000.00) on
account of delay by Contractor in achieving Substantial Completion of the Work
in accordance with the Project Schedule. The parties acknowledge and agree that
(i) such liquidated damages are intended to compensate Owner for actual damages
the Owner will suffer and incur as result of delayed Substantial Completion of
the Work (including, without limitation, construction interest related to the
Project Financing) and not as a penalty for delayed Substantial Completion of
the Work; (ii) the amount of Owner's actual damages that will result from such
delayed Substantial Completion of the Work are not readily ascertainable; and
(iii) such liquidated damages constitute a reasonable and good faith
pre-estimate of actual damages the owner will incur as a result of delayed
Substantial Completion of the Work. Liquidated damages, if any, shall cease to
accrue on the date when Contractor achieves Substantial Completion of the Work.
Notwithstanding the foregoing, Contractor shall not be obligated to pay to
Owner, and Owner shall not be entitled to retain or recover from Contractor,
liquidated damages in the event (i) Contractor satisfies all conditions to
achieving Substantial Completion of the Work (as set forth in Section 9.8.1.2 of
the AIA 201 General Conditions attached hereto as EXHIBIT "A") within the
three-day grace period following the Substantial Completion Date, other than the
condition that the value of all Punchlist items are less than the threshold
amount set forth in Section 9.8.1.2 of the A201 General Conditions attached
hereto as EXHIBIT "A", and (ii) the Project is open for business to the public
and generating revenue for the Owner and the use and enjoyment of the Project by
employees, guests and patrons is not materially and adversely affected or
impeded by any item on the Punchlist.

4.6.1   The Owner may deduct liquidated damages described in PARAGRAPH 4.6 of
this Agreement from any unpaid amounts then or thereafter due the Contractor
under this Agreement. Contractor shall pay to Owner any liquidated damages not
so deducted from any unpaid amounts due the Contractor upon demand by the Owner,
together with interest from the date of such demand until the date paid in full,
at a per annum rate equal to the Prime Rate, plus two percent (2%).

4.6.2   Notwithstanding anything to the contrary set forth in PARAGRAPH 4.6
hereof, if the failure of Contractor to achieve Substantial Completion of the
Work within three (3) days of the Contract Time and as otherwise required by the
Contract Documents is attributable solely to the failure of the Barge Contractor
(as hereinafter defined) to complete and launch the barge vessels in accordance
with the terms of the Barge Construction Contract (as hereinafter defined), and
such failure is not attributable to any act or omission of Contractor or its
employees, agents or representatives, Contractor's obligation to pay liquidated
damages to Owner on account of late delivery of the barge vessels shall be
limited to the amount of liquidated damages provided for in the Barge
Construction Contract. Contractor shall bear the risk of any delays occasioned
by failure of the barge vessels to be constructed in accordance with Plans and
Specifications, or for any defects in construction or workmanship of the barge
vessels.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 10
<Page>

4.7     If (i) Contractor achieves Substantial Completion more than three (3)
calendar days prior to the Substantial Completion Date in PARAGRAPH 4.2, (ii)
Contractor has provided to Owner sufficient advance notice of such early
completion of the Work to allow Owner to coordinate staging of all other
activities necessary for the Project to open for business to the public early,
and (iii) Owner has the right under existing contracts and agreement with other
parties (including, without limitation, Hard Rock) to accelerate performance by
such other parties necessary for the Project to open for business to the public
early, Owner agrees to pay to Contractor an early completion bonus. Such early
completion bonus shall be based upon the sum per day as shown by the sliding
scale set forth in EXHIBIT "I" attached hereto, for each calendar day that
Contractor achieves Substantial Completion of the Work more than three (3)
calendar days before the Substantial Completion Date in PARAGRAPH 4.2. Owner
shall not be obligated to pay to Contractor, and Contractor shall not be
entitled to recover from Owner, a maximum total bonus in excess of Eight Hundred
Thousand Dollars ($800,000.00) on account of Contractor achieving Substantial
Completion of the Work more than three days earlier than the Substantial
Completion Date in PARAGRAPH 4.2. The obligation set forth herein of Owner to
pay Contractor a bonus for early completion of the Work is expressly conditioned
upon the matters described in clauses (i), (ii) and (iii) of the first sentence
of this PARAGRAPH 4.7.

Any bonus for early completion of the Project due the Contractor under PARAGRAPH
4.7 shall be payable by the Owner to Contractor from consolidated net income
generated from operation of the Project after it is open for business to the
public, if and to the extent any such consolidated net income is available for
disbursement under the restricted payments test contained in the Indenture among
the Owner and the Trustee (dated the same date as the Disbursement Agreement)
and any other thresholds, tests and restrictions provided for in the Project
Financing documentation, and provided that Contractor has satisfied the
conditions to payment of such bonus set forth in PARAGRAPH 4.7 above and the
further condition that Contractor is not in default under the terms of this
Agreement or any of the Contract Documents. Notwithstanding the foregoing, if
Contractor is in default under the terms of this Agreement and (i) such default
can be cured by the payment of money, Owner shall be entitled to deduct from any
bonus due Contractor the full amount of any cost, loss, damage or expense
suffered or incurred by Owner as a result of such default of Contractor, and
Owner shall promptly remit to Contractor the remaining balance, if any, of such
bonus due Contactor, and (ii) such default cannot be cured by the payment of
money, Contractor shall have a reasonable opportunity to cure such default, not
to exceed a period of thirty (30) days (and, provided that Contractor is
diligently and continuously pursuing such action to complete such cure promptly,
Contractor shall be entitled to such additional time as may be reasonable under
the circumstances), provided, however, that if in Owner's reasonable judgment,
Contractor will be unable to effectuate such cure or Contractor fails to utilize
diligent and continuous efforts to pursue such cure, Owner shall be entitled to
deduct from any bonus due Contractor the full amount of any cost, loss, damage
or expense suffered or incurred by Owner as a result of such default of
Contractor, and Owner shall promptly remit to Contractor the remaining balance,
if any, of such bonus due Contactor.

4.8     CONDITION PRECEDENT TO PERFORMANCE OF WORK; ABANDONMENT

Prior to requirement that Contractor commence Work hereunder, Owner agrees to
provide to Contractor evidence reasonably satisfactory to Contractor, prior to
such requirement that Contractor perform any Work hereunder, establishing that,
on or before the Commencement

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 11
<Page>

Date, Owner has available to it the Project Financing sufficient to completely
pay the contract sum (hereinafter referred to as the "CONTRACT SUM") under this
Agreement, so that Contractor is reasonably assured of the availability of
monies to pay for the Work hereunder. Contractor acknowledges and agrees that
Owner's closing on the Project Financing shall be deemed to constitute such
evidence reasonably satisfactory to Contractor. The issuance by Owner of a
Notice to Proceed to Contractor shall be deemed a representation and warranty by
Owner that the closing on the Project Financing has occurred.

In the event Owner elects to abandon the Project prior to the time that
construction has commenced or obligations have been undertaken by the Contractor
hereunder after closing of the Project Financing, Owner may do so without owing
any obligation to Contractor and provided that no Work is commenced under any
separate written order affecting Property, in which event Owner's obligation (if
any) shall be pursuant to such separate Order and not hereunder. Otherwise, any
termination of this Agreement shall be pursuant to and subject to the
termination for convenience provisions in PARAGRAPH 20.2 below.

Acceptance by Contractor of the Notice to Proceed issued by Owner and
commencement by Contractor of the Work shall conclusively be deemed to mean that
all conditions precedent to commencement of the Work hereunder have been
satisfied or waived by Contractor.

                                    ARTICLE 5

                    COST OF WORK AND GUARANTEED MAXIMUM PRICE

5.1     Owner agrees to reimburse Contractor for the Cost of Work as defined in
ARTICLE 8 (hereinafter referred to as "COST OF WORK"). Such reimbursement shall
be in addition to Contractor's fee stipulated in ARTICLE 6 (hereinafter referred
to as "CONTRACTOR'S FEE").

5.2     Contractor guarantees to Owner that the aggregate maximum of (i) the
Cost of Work to the Owner for completion of all of the Work (including, without
limitation, all Work reflected in the Schedule of Values attached hereto and
made a part hereof as EXHIBIT "F", which includes the cost of Direct Purchase
Items (as defined in EXHIBIT "M" attached hereto) to be purchased by Owner), and
(ii) the Contractor's Fee for completion of all such Work, shall not exceed the
aggregate sum of Eighty-One Million Nine Hundred Fifty-Seven Thousand One
Hundred Eighty-Three Dollars ($81,957,183) (the "GUARANTEED MAXIMUM PRICE" or
"GMP"); provided, however, that the Guaranteed Maximum Price may be increased or
decreased for changes in the Work, upon the terms and subject to the conditions
set forth in ARTICLE 7. Costs which would cause the GMP to be exceeded shall be
paid by the Contractor without payment, reimbursement or contribution by the
Owner. Contractor's assumptions, qualifications and clarifications used to
develop budgets, pricing and the GMP are itemized in EXHIBIT "G" attached hereto
and made a part hereof. The Schedule of Values and the GMP shall be decreased by
the amount of any sales tax or contractors' tax reflected in the Schedule of
Values associated with Direct Purchase Items purchased by Owner or with other
elements of the Work that are exempt from sales tax or contractors' tax. Direct
Purchase Items shall be component and non-component materials of the Work which,
but for the direct purchase of such items by Owner, Contractor would be
obligated to purchase as part of the Work.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 12
<Page>

Owner has established a Project contingency fund within the Project Financing in
the amount of $________ (the "PROJECT CONTINGENCY FUND"). The Project
Contingency Fund shall be controlled by Owner and shall not be available to
Contractor, except to the extent expressly permitted hereunder. The Project
Contingency Fund shall not be included within the GMP, nor shall the Project
Contingency Fund be available to Contractor to defray costs associated with or
resulting from unforeseen circumstances arising from or relating to the
performance of the Work. In the event completion of the Specifications and
Drawings shall result in additional work not included in the Base Scope of Work
or which is not consistent with the Preliminary Specifications and Drawings or
the Contractor's assumptions, clarifications and qualifications itemized on
EXHIBIT "G" attached hereto, used by Contractor in developing budgets, pricing
and establishing the GMP hereunder, Contractor shall have the right to request a
Change Order for approval by Owner, which approval shall not be unreasonably
withheld, and which Change Order shall be funded by application of funds from
the Project Contingency Fund, if and to the extent funds are available in the
Project Contingency Fund. Owner agrees to segregate, within the Project
Financing, an amount equal to Five Million Dollars ($5,000,000) of the Project
Contingency Fund. Owner agrees that such segregated portion of the Project
Contingency Fund shall be reserved for application to fund any Change Order
approved by Owner for additional work not included in the Base Scope of Work
resulting from or arising out of completion of the Specification and Drawings.
Forty-five (45) days after the Architect issues final Drawings stamped for
construction, Owner shall not be obligated to reserve any portion of the Project
Contingency Fund for such purposes, and the segregated portion of the Project
Contingency Fund shall be released to the Project for use and application by
Owner consistent with the terms, conditions and provisions of the Disbursement
Agreement. Contractor acknowledges and agrees that the entire amount of any
remaining unapplied Project Contingency Fund shall belong to Owner. The
Contractor will be required to furnish documentation evidencing expenditures
requested pursuant to any such Change Order request prior to the release of
funds from the Project Contingency Fund by the Owner.

5.3     In the event that the aggregate of (i) the Cost of Work, (ii) the
Contractor's Fee and (iii) the amount of the Direct Purchase Items is less than
the Guaranteed Maximum Price, after giving effect to any Change Orders and any
other adjustment(s) provided for herein (other than deductive change orders on
account of Direct Purchase Items and taxes associated therewith), then the
difference between (a) the Cost of Work, including the Contractor's Fee and the
cost of Direct Purchase Items and taxes associated therewith, and (b) the
Guaranteed Maximum Price, is defined herein as "PROJECT SAVINGS". Owner and
Contractor agree that Project Savings shall not include any tax savings
associated with any Direct Purchase Items, or any other taxes relating to items
that are exempt from sales tax or the contractors' tax, and that all tax savings
shall belong solely and exclusively to the Owner, without participation by the
Contractor. Owner and Contractor agree that any Project Savings shall be shared
between Owner and Contractor, in the proportion of seventy-five percent (75%) to
Owner and twenty-five percent (25%) to Contractor, provided, however, that the
Contractor shall not be entitled to receive more than $650,000 on account of
Project Savings. In the event Contractor is entitled to receive a proportionate
share of Project Savings, Owner shall pay such amount to Contractor, as an
additional fee, on or before thirty (30) days after Final Completion of the
Work, except in the event Contractor is in default under the terms of this
Agreement or any of the other Contract Documents, in which event the
Contractor's entitlement to receive a proportionate share of Project Savings
shall be subject to and conditioned upon the same terms and conditions set forth
in the second grammatical

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 13
<Page>

paragraph of PARAGRAPH 4.7 above applicable to payment to Contractor of early
completion bonus.

                                    ARTICLE 6

                                CONTRACTOR'S FEE

6.1     In consideration of the performance of the Contract, including
performance of all Work reflected in the Schedule of Values attached hereto and
made a part hereof as EXHIBIT "F", Owner agrees to pay Contractor in current
funds as compensation for its services a Contractor's Fee as follows:

6.1.1   A lump sum amount of Three Million Two Hundred Seventy-Eight Thousand
Two Hundred Eighty-Seven Dollars ($3,278,287) (the "CONTRACTOR'S FEE"). Owner
shall pay to Contractor a proportional amount of the Contractor's Fee with each
progress payment, in the manner provided for in ARTICLE 13, provided, however,
that the Contractor's Fee shall be included within the Guaranteed Maximum Price,
and only shall be payable to Contractor to the extent funds are available within
the Guaranteed Maximum Price. Contractor's Fee shall not be reduced on account
of Direct Purchase Items purchased by Owner.

6.1.2   In addition to the Contractor's Fee specified in PARAGRAPH 6.1.1, to the
extent there are Project Savings, Contractor shall be entitled to receive as an
additional fee, its proportionate share of Project Savings, subject to the
conditions and limitations set forth in PARAGRAPH 5.3 hereof.

6.2     For changes in the Work (hereinafter referred to as "CHANGES IN WORK")
pursuant to an approved Change Order, the Contractor's Fee shall be adjusted as
follows:

6.2.1   For all Changes in Work, if any, which result in additional cost to
Contractor, the value of the change shall be computed at Contractor's actual
cost, as defined in ARTICLE 8, plus ten percent (10%) (comprised of six percent
(6%) of such actual cost of Field General Conditions and four percent (4%) of
such actual cost for Contractor's fee); provided, however, that for any Changes
in the Work based upon application of any of the Project Contingency Fund or
allowance in the GMP, the total fee for the Cost of Work related to application
of such Project Contingency Fund or allowance shall be limited to 4%.

6.2.2   For Changes in the Work which result in a decrease in the Cost of Work
(including, without limitation, decreases in the Cost of Work on account of
Direct Purchase Items purchased by Owner), no reduction will be made for the
Contractor's Fee.

                                    ARTICLE 7

                                 CHANGES IN WORK

7.1     Owner may make Changes in Work as provided in the Contract Documents.
Contractor shall be reimbursed for Changes in Work on the basis of Cost of Work,
as defined in ARTICLE 8, plus a mark-up for Field General Conditions and the
Contractor's fee, as provided for in PARAGRAPH 6.2.1 above.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 14
<Page>

7.1.1   CHANGE ORDERS. In the event Owner desires to effect any Change Order
during construction, whether the same would engender an increase or decrease in
the Contract Sum, Contractor shall not be required to do and perform, or
provide, any additional work, services, and materials pursuant to any Change
Order, or to delete any of the same from the Work, until Owner has actually
executed each Change Order and if applicable, the same has become effective, as
provided below. Contractor shall include with all proposed Change Orders an
explanation of (a) the time period within which it requires a decision from
Owner on the Change Order, and (b) the anticipated impacts that will result from
a failure of the Owner and Architect to act on a timely basis with respect to a
Change Order requested by Contractor. Owner, Architect and Contractor shall act
promptly and diligently in their decision making process with respect to all
Change Order requests, provided, however, that Contractor acknowledges that any
Change Order which constitutes a "Material Construction Contract Amendment" by
reason of the criteria set forth in Section 5.2 of the Disbursement Agreement
being applicable to such a Change Order will not be effective unless and until
the requirements set forth in Section 5.2 of the Disbursement Agreement are
satisfied. Contractor agrees to satisfy any and all requirements within its
control with respect to any Change Order which constitutes a "Material
Construction Contract Amendment" under the terms of the Disbursement Agreement.

Whenever, from time to time, the net effect of all Change Orders engenders an
increase in the Contract Sum, Contractor shall have the right to require
evidence of funds for payment, or such other assurance as Contractor deems
satisfactory to it, in its reasonable discretion. Contractor agrees, however,
that it shall not unreasonably refuse to accept written advice from Owner
certifying that previously non-allocated loan proceeds or amounts from the
Project Contingency Fund will be made available to cover said Change Order.

For all Change Orders, the Contractor shall obtain all necessary amendments in
the Bond, so as to extend the coverage of the Bonds to the Change Order Work,
unless the terms of the Bond provide that such Change Orders are automatically
covered by the Bond (up to the penal sum of the Bond), without further action of
the parties.

Notwithstanding anything in this PARAGRAPH 7.1.1 to the contrary, Contractor
shall be required to do and perform, or provide, any additional work, services,
and materials pursuant to any Construction Change Directive issued by Owner,
without any further approvals, subject only to provisions above regarding
satisfactory proof as to funding for same. The term "CONSTRUCTION CHANGE
DIRECTIVE", as used herein, shall have the meaning set forth in SECTION 7.3.1 of
the General Conditions attached hereto as EXHIBIT "A". Contractor agrees to
satisfy any and all requirements within its control, and Owner agrees to satisfy
and cause the Architect and the Independent Construction Consultant to satisfy
any and all requirements within its and their respective control with respect to
any Construction Change Directive which constitutes a "Material Construction
Contract Amendment" under the terms of the Disbursement Agreement.

7.2     Contractor agrees that Change Orders, in order to be effective
hereunder, shall be required to be (a) signed on behalf of Owner by Owner's
Project Representative, (b) signed on behalf of Contractor, either by
Contractor's Project Representative or Contractor's Vice President of
Operations, (c) if and to the extent required under the terms of the
Disbursement Agreement, signed on behalf of the Independent Construction
Consultant (Professional Associated Construction Services, Inc.), or any
successor Independent Construction Consultant appointed

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 15
<Page>

under the terms of the Disbursement Agreement, indicating the Independent
Construction Consultant's approval thereof, and (d) signed on behalf of
Architect, indicating the Architect's approval thereof.

7.3     Contractor's Fee for Changes in the Work shall be set forth in
        ARTICLE 6.

                                    ARTICLE 8

                             COSTS TO BE REIMBURSED

8.1     The term "COST OF WORK" shall mean costs necessarily incurred by
Contractor, in good faith and in the proper performance of the Work, and paid or
payable by Contractor. Such costs shall be at rates not higher than the standard
paid in the locality of the Work, except with prior consent of Owner, and shall
include the items set forth below in this ARTICLE 8. The cost of all Direct
Purchase Items (together with taxes associated with Direct Purchase Items) shall
be excluded from the Cost of Work. The cost for all of the items described in
this Article 8 shall be subject to and included within the GMP.

8.1.1   Wages paid for labor in the direct employ of Contractor in the
performance of the Work under applicable collective bargaining agreements, or
under a salary or wage schedule agreed upon by Owner and Contractor, including
such welfare or other benefits, as may be payable with respect thereto.

8.1.2   Salaries of Contractor's personnel when stationed at the field office,
in whatever capacity employed; personnel engaged, at shops or on the road, in
expediting the production or transportation of materials or equipment, but only
for that portion of their time required for the Work; and personnel in the main
or branch offices of Contractor who perform activities directly related to the
Project, including Contractor's project management staff, scheduling management,
estimators, pre-construction staff, and safety engineer at the home office when
engaged in performance of the Work under this Contract, and usual vacation pay,
incentive bonuses and profit sharing made by Contractor to its superintendents,
foremen and managers on the Project, provided said incentive bonuses are
pre-approved by the Owner and no such bonus or profit sharing shall exceed 30%
of the employee's base wages with all such sums being included within the GMP.

8.1.3   Cost of contributions, assessments or taxes incurred during the
performance of the Work for such items as unemployment compensation and social
security, insofar as such cost is based on wages, salaries or other remuneration
paid to employees of Contractor and included in the Cost of Work under
PARAGRAPHS 8.1.1 and 8.1.2 at the rate of 49.5% of said wages for work performed
over land and the rate of 58.5% of said wages for work performed over water.

8.1.4   The portion of reasonable lodging, travel, and subsistence expenses of
Contractor or its officers or employees incurred while traveling outside the
State of Mississippi in discharge of duties connected with the Work with all
such sums being included within the GMP, provided, however, that lodging, travel
and subsistence expenses of Contractor shall not exceed the sum of $60,000.00 in
the aggregate, except with the written consent of the Owner, which consent shall
not be unreasonably withheld.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 16
<Page>

8.1.5   The normal cost of vehicles and fuel and repairs for vehicles assigned
to employees associated with the Project with all such sums being included
within the GMP.

8.1.6   Cost of all materials, supplies, and equipment incorporated in the Work,
including costs of transportation thereof.

8.1.7   Payments made by Contractor to subcontractors for Work performed
pursuant to subcontracts under this Agreement.

8.1.8   Costs, including transportation and maintenance, of all materials,
supplies, equipment, temporary facilities and hand tools not owned by the
workers, which are consumed in the performance of the Work. Any such items used
but not consumed, which are paid for by the Owner, shall become the property of
the Owner and shall be delivered to the Owner upon completion of the Work in
accordance with instructions furnished by the Owner. If the Owner elects,
however, the Contractor shall purchase any such items from the Owner at a
purchase price equal to the original cost charged to the Owner, less the
reduction in fair market value resulting directly from use of any such item in
connection with the Work or such other price which is mutually acceptable to the
Owner and the Contractor. Upon demand by the Owner, the Contractor shall furnish
the Owner with any information and documentation necessary to verify the period
of time for which such items were used in connection with the Work.

8.1.9   Rental charges including personal property taxes of all necessary
machinery and equipment, including office equipment, exclusive of hand tools,
used at the site of the Work, whether rented from Contractor or others,
including installation, minor repairs and replacements, dismantling, removal,
transportation, and delivery costs thereof. Rates for equipment rented from
Contractor shall be at rental rates as listed on EXHIBIT "K" attached hereto and
made a part hereof. Rates for equipment rented from Contractor that are not
listed on EXHIBIT "K" shall be at rates subject to the Owner's prior written
approval.

8.1.10  Cost of premiums for all bonds and insurance will be a reimbursable cost
at a fixed rate of 1.09% of the final Contract amount for the Contractor's
insurance and associated costs pertaining to the Project; a fixed rate of 0.75%
of the final Contract amount for the Contractor's Bond; and a fixed rate of
1.25% of the total subcontract and purchase order amounts for payment and
performance bonds on all subcontractors and suppliers, which Contractor is
required by the Contract Documents to purchase and maintain and/or Contractor
requires, including cost of Performance & Payment Bonds for subcontractors
and/or suppliers. The phrase "final Contract amount" as used herein shall mean
the aggregate of (i) the Cost of Work to the Owner for completion of all of the
Work (including, without limitation, all Work reflected in the Schedule of
Values attached hereto and made a part hereof as EXHIBIT "F"), (ii) the
Contractor's Fee for completion of all such Work, and (iii) the cost of all
Direct Purchase Items (as defined in SECTION 3.6.1 of the General Conditions and
in EXHIBIT "M" attached hereto) purchased by Owner.

8.1.11  Sales, use, gross receipts, or similar taxes related to the Work and for
which Contractor is liable, imposed by any governmental authority, excluding
income and franchise taxes.

8.1.12  Permit fees, licenses and deposits lost for causes other than
Contractor's negligence.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 17
<Page>

8.1.13  Losses and expenses not compensated by insurance or otherwise, sustained
by Contractor in connection with the Work, provided, however, that such losses
and expenses resulting or arising from the negligence or willful or wanton
misconduct of Contractor, any subcontractor, anyone directly or indirectly
employed by any of them, or for whose acts any of them may be responsible, shall
not be included as a Cost of Work, but shall be borne solely by Contractor
without reimbursement by Owner. Such losses shall include deductibles on any
insurance loss settlements made with the written consent and approval of Owner.
Reimbursable losses and expenses not compensated by insurance or otherwise, as
indicated above, shall be considered part of the Cost of Work for the purpose of
determining the guaranteed maximum cost to the Owner pursuant to PARAGRAPH 5.2
of this Agreement. If, however, such loss required reconstruction, and
Contractor is placed in charge thereof, it shall be paid for this service a fee
proportionate to that stated in PARAGRAPH 6.1.1.

8.1.14  The cost, in connection with the performance of the Work, of long
distance calls, telephone service at the site, expressage, postage, photographs,
blueprints, office supplies, first aid supplies, ice, water, cups, furniture,
fixtures, office equipment including jobsite computers and software and similar
miscellaneous cost items in connection with the Work.

8.1.15  Cost of removal of all debris.

8.1.16  Costs incurred due to an emergency affecting the safety of persons and
property, to the extent not caused by the negligent acts or omissions, or
capable of prevention through the proper performance of the Work, by Contractor,
a subcontractor or anyone for whom either is responsible.

8.1.17  Cost of labor, material and equipment required for handling, storing,
and placing and affixing Owner-furnished material and equipment.

8.1.18  Cost of small tools.

8.1.19  Costs for maintenance, adjustments and systems balancing associated with
the Work required during the warranty period which may be the responsibility of
Contractor, will be at a fixed rate of 0.17% of the established GMP, with such
sum being included within the GMP.

8.1.20  Demobilization, restocking, and cancellation costs associated with early
termination of the Work, unless such early termination is due to a default by
Contractor.

8.1.21  Any cost not specifically and expressly excluded by ARTICLE 9 which the
Contractor reasonably and necessarily incurs in the performance of the Work or
in the furtherance of the Project, with such sums being included within the GMP,
provided, however, that any such cost in excess of $10,000 per item shall not be
included as a Cost of Work, unless such cost is approved in writing in advance
by the Owner, which approval shall not be unreasonably withheld.

8.1.22  Cost to administer the Mississippi Tax Related Procedures set forth in
EXHIBIT "M" attached hereto on behalf of the Owner, including portions of the
salaries for personnel engaged in the administration of the procedures,
provided, however that the cost to administer such procedures on behalf of Owner
for the Project will not exceed the aggregate cost of $80,000.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 18
<Page>

8.1.23  Cost associated with the Preconstruction Phase plus four percent (4%)
fee shall be paid to Contractor if the Project is abandoned by Owner prior to
commencement of the Work. After commencement of the Work, the cost associated
with the Preconstruction Phase, including but not limited to estimating
services, design assist services, contract preparation, shall be included within
the Schedule of Values subject to the GMP. An description of the types of costs
associated with the Preconstruction Phase are set forth in EXHIBIT "L" attached
hereto.

8.2     Basis of Cost

8.2.1   Costs as defined herein shall be actual costs paid by the Contractor,
less all discounts, rebates and salvages which shall be taken by the Contractor,
subject to ARTICLE 10 of this Agreement. All payments made by the Owner pursuant
to this PARAGRAPH 8.2.1, whether those payments are actually made before or
after the execution of the Contract, and all payments made by Owner on account
of Direct Purchase Items, are subject to and included within the GMP specified
in PARAGRAPH 5.2 above; provided, however, that in no event shall the Owner be
required to reimburse the Contractor for any portion of the Cost of Work
incurred prior to the date of commencement except for those costs specified in
PARAGRAPH 8.1.23, unless the Contractor has received the Owner's written consent
prior to incurring such cost.

8.2.2   Notwithstanding the breakdown or categorization of any costs to be
reimbursed in this ARTICLE 8 or elsewhere in the Contract Documents, there shall
be no duplication of payment in the event any particular items for which payment
is required can be characterized as falling into more than one of the types of
compensable or reimbursable categories.

                                    ARTICLE 9

                           COSTS NOT TO BE REIMBURSED

9.1     The term "COST OF WORK" shall not include any of the items set forth
below in this ARTICLE 9.

9.1.1   Salaries or other compensation of Contractor's personnel at Contractor's
principal office and branch offices, other than the field office, except as
specifically provided in ARTICLE 8;

9.1.2   Expenses of Contractor's principal and branch offices, other than the
field office, except as specifically provided in ARTICLE 8;

9.1.3   Any part of Contractor's capital expenses, including interest on
Contractor's capital, employed for the Work;

9.1.4   Home office overhead or general expenses of any kind, except as may be
expressly included in ARTICLE 6.2 and ARTICLE 8;

9.1.5   Costs due to the negligence or misconduct of, or failure to comply with
the requirements of the Contract Documents by, Contractor, any subcontractor,
anyone directly or indirectly employed by any of them, or for whose acts any of
them may be liable, including, but not limited to, the correction of defective
or nonconforming Work, disposal of materials and equipment wrongly supplied, or
making good any damage to Property;

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 19
<Page>

9.1.6   Any cost not specifically and expressly included in the items described
in ARTICLE 8;

9.1.7   Costs in excess of the GMP, if any, as set forth in ARTICLE 5 and
adjusted pursuant to ARTICLE 8;

9.1.8   Legal fees and arbitration costs and fees incurred by the Contractor in
connection with the Project or any mediation, arbitration or lawsuit relating to
the Project.

9.1.9   Royalties, damages for infringement of patents and costs of defending
suits therefore.

9.1.10  Cost of data processing services, Information Technology support and
contract administration.

9.1.11  Legal Fees and other consultative fees reasonably and properly resulting
under this Agreement or as a result of nonperformance and/or default of
subcontractors or venders.

9.1.12  Costs of arbitration, mediation and/or attorneys' fees incurred in
connection with the administration of the Contract Documents.

9.1.13  Costs of repairing, maintaining, replacing or correcting damaged or
non-conforming Work.

9.1.14  Costs associated with archiving of records.

9.1.15  Costs of all Direct Purchase Items purchased by Owner.

                                   ARTICLE 10

                         DISCOUNTS, REBATES AND REFUNDS

10.1    All cash discounts shall accrue to Contractor, unless Owner deposits
funds with Contractor with which to make payments, in which case, the cash
discounts shall accrue to Owner. All trade discounts, rebates and refunds, and
all returns from sale of surplus materials and equipment shall accrue to Owner,
and Contractor shall make provisions so that they can be secured.

                                   ARTICLE 11

                                  SUBCONTRACTS

11.1    The Contractor shall keep Owner informed as to those with whom
Contractor plans to subcontract, including, but not limited to, all material
terms of any proposed Subcontract. Prior to award of the Subcontract, Contractor
shall furnish in writing to Owner the names of persons or entities (including
those who are to furnish materials or equipment fabricated to a special design)
proposed for each principal portion of the Work. Owner shall promptly reply to
Contractor, in writing, stating whether or not Owner, after due investigation,
has reasonable objection to any such proposed subcontractor or subcontract.
Failure of Owner to reply within fourteen (14) calendar days of submittal by
Contractor shall constitute "notice of no reasonable objection."

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 20
<Page>

11.2    Contractor shall not contract with a proposed person or entity to whom
Owner has made reasonable and timely objection. Contractor shall not be required
to contract with anyone to whom Contractor has made reasonable objection. If
Owner has reasonable objection to a person or entity proposed by Contractor,
Contractor shall propose another to whom Owner has no reasonable objection. The
Contract Sum shall be increased or decreased by the difference in cost
occasioned by such change, and an appropriate Change Order shall be issued;
however, no increase in the Contract Sum shall be allowed for such change unless
Contractor has acted promptly and responsively in submitting names as required.

11.3    Contractor shall not award any subcontract with a contract price of
greater than or equal to Fifty Thousand Dollars ($50,000) ("MAJOR SUBCONTRACT")
without first obtaining the written approval of Owner, which approval shall not
be unreasonably withheld.

11.4    Except for the Barge Construction Contract (as hereinafter defined),
subcontracts or other agreements shall conform to the applicable payment
provisions of this Agreement. Subcontracts and other agreements shall not be
awarded on the basis of cost plus a fee without the prior written consent of the
Owner.

11.5    Except for the Barge Construction Contract, all Subcontracts for the
Project shall contain the same indemnification, retainage, and release of liens
provisions as required of the Contractor hereunder, unless (i) otherwise stated
in this Agreement or in the General Conditions; (ii) specifically waived in
writing by the Owner; or (iii) the Subcontracts has a contract price less than
$50,000, where it would be unreasonable to require such provisions due to the
scope of the Subcontract. All Subcontracts under this Agreement shall provide
insurance satisfactory to the Contractor. All Subcontracts shall require
insurance in at least the amounts as set out in Contractor's standard form of
Subcontract, unless Owner consents in writing to different insurance coverages,
which consent shall not be unreasonably withheld.

11.6    Contractor represents and warrants to Owner that Contractor is qualified
to self-perform certain concrete work and installation of doors, hardware and
toilet accessories. In the event Contractor desires to perform with its own
forces a definable task or Scope of Work which is also appropriate for
performance by Subcontractors and for which it is reasonable to solicit bids,
then Contractor shall seek bids from Subcontractors, unless the task or Scope of
Work has an estimated cost under $50,000 or unless Owner otherwise consents to a
waiver of the bidding requirement on a case-by-case basis, which consent shall
not be unreasonably withheld. Notwithstanding anything to the contrary herein,
if (a) Contractor submits the low bid in competition with other Subcontractors
to perform a definable task or Scope of Work for which Contractor is qualified
to self-perform, or (b) Contractor's bid is not the lowest, but Owner, in its
sole discretion, decides to approve Contractor's self-performance of the task or
scope of Work, then Contractor shall be entitled to perform the task or Work
with Contractor's own forces on the same basis (e.g. lump sum) on which bids
were solicited. In all cases in which Contractor performs tasks or Work after
competition with Subcontractors, Contractor's Cost of Work for such tasks or
Work shall be the basis of compensation specified in the Subcontract. By way of
illustration, if the Subcontract is for a fixed price, Contractor's Cost of Work
for the Subcontract shall be the fixed price amount of the Subcontract.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 21
<Page>

11.7    Additional retainage beyond that held by the Owner from the Contractor's
Applications for Payment may be withheld by the Contractor, upon Owner's
consent, from payments owed by the Contractor to any Subcontractor or supplier
for no more than one Application for Payment unless the Contractor, at the time
the additional retainage is withheld, provides a written explanation to the
Owner. The Contractor shall not withhold without Owner's written consent more in
total in retainage for all of its Subcontractors and suppliers than the Owner is
holding in retainage for the Contractor, provided, however, for any individual
Subcontractor, the Contractor may hold up to a maximum of ten percent (10%) in
retainage.

11.8    Contractor acknowledges that the Disbursement Agent shall have the
right, but not the obligation, at reasonable times during customary business
hours and at reasonable intervals upon prior notice to review, all information
(including any direct contracts and purchase orders entered into by Owner)
supporting any Application for Payment. The Disbursement Agent shall be entitled
to examine, copy and make extracts of the books, records, accounting data and
other documents of the Contractor relating to construction of the Project,
including, without limitation, bills of sale, statements, receipts, contracts or
agreements, which relate to any materials, fixtures or articles incorporated
into the Project. The Contractor agrees to cooperate with the Disbursement Agent
in assisting the Disbursement Agent to perform its duties hereunder and to take
such further steps as the Disbursement reasonably may request in order to
facilitate the Disbursement Agent's performance of its obligations hereunder.

11.9    Contractor acknowledges that the Independent Construction Consultant
shall have the right to meet periodically at reasonable times during customary
business hours and at reasonable intervals, however no less frequently than
monthly, with representatives of the Owner, Contractor, the Architect and such
other employees, consultants or agents as the Independent Construction
Consultant shall reasonably request to be present for such meetings. The
Independent Construction Consultant may perform such inspections of the Project
Site and the Project as it deems reasonably necessary or appropriate in the
performance of its duties hereunder, however no less frequently than monthly. In
addition, the Independent Construction Consultant shall have the right at
reasonable times during customary business hours upon prior notice to review, to
the extent it deems reasonably necessary, all information (including any direct
contracts and purchase orders entered into by Owner) supporting the amendments
to the Project Budget, amendments this Agreement, any of the Contract Documents,
any Subcontracts and any direct contracts entered into by Owner, any
Applications for Payment and any certificates in support of any of the
foregoing, to inspect materials stored on the Project Site and the Project, at
off-site facilities where materials designated for use in the Project are
stored, to review the insurance required pursuant to the terms of the Indenture,
and to examine the Plans and all shop drawings relating to the Project. The
Independent Construction Consultant is authorized to contact any subcontractor
or payee for purposes of confirming receipt of progress payments. Contractor
acknowledges and agrees that the Independent Construction Consultant shall be
entitled to examine, copy and make extracts of the books, records, accounting
data and other documents of the Contractor relating to the construction of the
Project, including, without limitation, bills of sale, statements, receipts,
lien releases and affidavits, contracts or agreements, which relate to any
materials, fixtures or articles incorporated into the Project. From time to
time, at the request of the Independent Construction Consultant, the Contractor
shall make available to the Independent Construction Consultant a Project cost
schedule and/or the Project Schedule for the Project. The Contractor agrees to
cooperate with the Independent Construction

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 22
<Page>

Consultant in assisting the Independent Construction Consultant to perform its
duties hereunder and to take such further steps as the Independent Construction
Consultant reasonably may request in order to facilitate the Independent
Construction Consultant's performance of its obligations hereunder.

11.10   Upon request by Owner and/or Independent Construction Consultant, the
Contractor shall provide to Owner and/or Independent Construction Consultant
copies of requests for bids, bid proposals, and/or bid documents submitted by
proposed subcontractors. In addition, Contractor shall provide to the
Independent Construction Consultant true, correct and complete copies of each
and every executed Major Subcontract and all direct contracts and purchase
orders entered into by Owner and invoices for Direct Purchase Items.

11.11   Owner approves of the form of Subcontract attached hereto as EXHIBIT "N"
(the "BARGE CONSTRUCTION CONTRACT") to be entered into between Contractor and
Corn Island Shipyard, Inc. (the "BARGE CONTRACTOR") to fabricate the vessels
upon which the casino will be built. Provided that the Barge Construction
Contract entered into between Contractor and Barge Contractor is substantially
the same as the form of Barge Construction Contract attached hereto as EXHIBIT
"N", Owner agrees (i) that the terms and conditions set forth in the Barge
Construction Contract satisfy all requirements of this Contract; (ii) that
payments for the work to be performed under the terms of the Barge Construction
Contract shall be made in accordance with the terms and subject to the
conditions set forth in the Barge Construction Contract, notwithstanding
anything to the contrary contained in this Contract; (iii) that the Barge
Contractor shall not be required to provide a consent to assignment in favor of
the Trustee; and (iv) to waive any requirements set forth herein and in any of
the other Contract Documents that are inconsistent with the terms of the Barge
Construction Contract, including, without limitation, the requirements contained
in PARAGRAPH 11.5 hereof. Such waiver on account of the Barge Construction
Contract shall not be construed to be a general waiver of the requirements set
forth in this Agreement and any of the other Contract Documents with respect to
any other subcontract

11.11.1. Owner acknowledges that Contractor has paid to the Barge Contractor a
refundable deposit in the amount of $169,580.50 (the "DEPOSIT"). The terms of
the Barge Construction Contract provide that in the event the Project Financing
has not closed and Owner has not given to Contractor a notice to proceed under
this Contract, and Contractor has not given a notice to proceed to Barge
Contractor under the Barge Construction Contract on or before February 2, 2004,
then either Contractor or Barge Contractor have the right to terminate the Barge
Construction Contract at any time after February 2, 2004, by giving written
notice of termination to the other party, in which event, Barge Contractor is
obligated to return to Contractor the Deposit. In the event Owner has obtained
the Project Financing and issued to Contractor a Notice to Proceed on or before
February 2, 2004, Contractor promptly shall give to Barge Contractor a notice to
proceed under the Barge Construction Contract. In the event Owner has not
obtained the Project Financing and issued to Contractor a Notice to Proceed on
or before February 2, 2004, the date for Substantial Completion set forth in
PARAGRAPH 4.2 and the Guaranteed Maximum Price set forth in PARAGRAPH 5.2 shall
be subject to adjustment for proven impacts upon the Project Schedule and the
Guaranteed Maximum Price, respectively. In the event (i) Owner has not obtained
the Project Financing and issued to Contractor a Notice to Proceed on or before
February 2, 2004, or (ii) Owner elects to abandon the Project on or before
February 2, 2004, and as a result of either of the events described in clause
(i) or (ii), Barge

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 23
<Page>

Contractor refuses to refund all or any portion of the Deposit, provided that
Contractor has not by its acts or omissions prejudiced Owner's ability to obtain
a refund of the Deposit, Owner agrees to reimburse Contractor for such Deposit
or portion thereof retained by Barge Contractor, further provided, that (i)
Contractor assigns to Owner all of Contractor's right, title and interest in and
to the Deposit; and (ii) Contractor agrees to cooperate with Owner's efforts to
secure a refund of the Deposit, including, without limitation, the institution
and prosecution of legal proceedings relating thereto.

                                   ARTICLE 12

                        PRELIMINARY AND FINAL ACCOUNTING

12.1    Prior to final accounting, and as a condition thereto, Contractor shall
furnish Owner with a preliminary account for Cost of Work and Contractor's Fee,
which preliminary accounting shall be in a reasonably detailed form, as
determined by Owner. The final payment shall be made based upon the preliminary
accounting. If, at the time of final payment, based on the preliminary
accounting, there exists an identifiable dispute between Owner and Contractor
with respect to a particular item or items, then final payment shall still be
made by Owner, but the amounts in dispute will be paid to an escrow agent
satisfactory to Owner and Contractor and shall be held pending appropriate
resolution of such dispute, which the Parties will endeavor to resolve prior to
the review next provided. Thirty (30) days after final payment, or sooner when
the same is completed, Contractor shall represent its final accounting to Owner
in complete detailed form accounting for all Costs of Work and Contractor's Fee,
allowances, Project Savings, Change Orders, penalties and bonuses, if any. Owner
and its agents and attorneys may thereupon review and audit this final
accounting, and for such purpose, Owner, Disbursement Agent, Trustee and the
Independent Construction Consultant (and their respective agents and attorneys)
shall be given full access to the books and records of Contractor in any manner
relating to this Project, including all subcontracts, material purchase orders,
payrolls and the like, provided, however, that any audit of such books and
records of Contractor by such parties shall be conducted concurrently. This
review and audit shall be completed by Owner within a period of one hundred
eighty (180) days after it has received the final accounting from Contractor,
and Owner and Contractor shall, based upon the final accounting and Owner's
audit thereof, make such adjustments as may be necessary between them with
respect to all items, except any item which may then be in dispute between Owner
and Contractor, which said disputed items, if not resolved amicably, shall be
arbitrated or litigated between said Parties.

                                   ARTICLE 13

                                PROGRESS PAYMENTS

13.1    Based upon monthly Applications for Payment submitted to Owner and
Architect by Contractor (except that payments on account of the Barge vessels
shall not be processed monthly, but shall be processed on separate Applications
for Payment on an expedited basis to conform to the payment schedule set forth
in the Barge Construction Contract), including all supporting documentation, and
Certificates for Payment properly issued by Architect, Owner shall make (i)
Progress Payments on account of the Contract Sum to Contractor, and (ii)
payments on account of the Direct Purchase Items to vendors, suppliers and
contractors, as

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 24
<Page>

provided below and elsewhere in the Contract Documents. Contractor acknowledges
having received the Disbursement Agreement and is familiar with the terms and
conditions set forth therein. Contractor acknowledges that Owner shall not be
obligated to make any Progress Payments on Account of the Contract Sum
(including Direct Purchase Items) unless and until all conditions within the
control of Contractor to disbursement of funds set forth in the Disbursement
Agreement for progress payments are satisfied. Contractor agrees to timely
execute and deliver all certificates within the control of Contractor required
to be delivered by Contractor under the terms of the Disbursement Agreement, and
Contractor shall make all statements provided in such certificates, unless such
statements would be untrue or incorrect with respect to the facts then known to
Contractor at the time when such certificate is made. Contractor agrees to (i)
cooperate with and provide to Owner all documentation, data and information
requested by Owner within the control of Contractor, to allow Owner to satisfy
the requirements and conditions for Progress Payments set forth in the
Disbursement Agreement (including all documentation for Direct Purchase Items),
and (ii) complete all schedules to be included with each Progress Payment, where
information required for or contained in such schedules is within the control of
Contractor.

13.2    The period covered by each Application for Payment shall be one calendar
month ending on the last day of the month, except for payments on account of the
Barge vessels which shall be processed as set forth in SECTION 13.3 below.

13.3    Provided a proper and complete Application for Payment is received by
Architect and Owner not later than the last day of a month, and the Architect
and the Independent Construction Consultant has approved the same for payment,
Owner shall make payments to Contractor and, with respect to Direct Payment
Items, to vendors, suppliers and contractors, in each case not later than the
30th day of the following month, subject to satisfaction of the conditions to
payment set forth herein. Notwithstanding the foregoing, payments on account of
the barge vessels shall be processed on separate Applications for Payment on an
expedited basis to conform to the payment schedule set forth in the Barge
Construction Contract. If proper and complete Application for Payment is
received by Architect and Owner after the application date fixed above, and each
of the Architect and Independent Construction Consultant has approved the same
for payment, it is agreed that the time for payment shall be the next monthly
cycle, unless Owner is able to arrange for an interim payment to be made to
Contractor sooner than the next monthly cycle, at no additional cost, expense or
liability to Owner. Owner shall use diligent efforts to obtain approval of a
proper and complete Application for Payment by the Architect and the Independent
Construction Consultant. In the event Contractor timely submits to Owner and
Architect a proper and complete Application for Payment, the failure by Owner to
obtain the Architect's and the Independent Construction Consultant's approval
thereof shall not affect the right of Contractor to be paid or, with respect to
Direct Purchase Items, the right of vendors, suppliers and contractors to be
paid, pursuant to such timely, proper and complete Application for Payment,
unless the Owner's failure to obtain the Architect's and the Independent
Construction Consultant's approval thereof is attributable to matters within the
control of Contractor.

13.3.1  Each Application for Payment shall be based upon the most recent
approved Schedule of Values submitted by Contractor in accordance with the
Contract Documents. The Schedule of Values shall allocate the entire GMP among
the various portions of the Work, except that the Contractor's Fee shall be
shown as a single separate line item, also within the GMP. The

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 25
<Page>

Schedule of Values shall be prepared in such form and supported by such data to
substantiate its accuracy as Architect, Owner and the Independent Construction
Consultant may reasonably require. The Schedule of Values, unless objected to by
Architect, shall be used as a basis for reviewing Contractor's Applications for
Payment.

13.3.2  The Contractor's entitlement to payment for each of its Payment
Applications is expressly conditioned upon the Contractor's submission of a
monthly update of the Project Schedule to the Owner, the Architect and the
Independent Construction Consultant with each of the Contractor's monthly
Applications for Payment, except for payments on account of the Barge vessels
which shall be processed as set forth in SECTION 13.3 above.

13.3.3  Applications for Payment shall show the Cost of Work, services, the cost
of Direct Purchase Items, and the cost of materials or equipment not
incorporated in the Work, but delivered and suitably stored at the Site or at
some location agreed upon, actually incurred by Contractor through the end of
the period covered by the Application for Payment and for which Contractor (or
Owner, in the case of Direct Purchase Items) has made or intends to make actual
payment prior to the next Application for Payment. Although Contractor shall
invoice on a percentage of completion basis according to an approved Schedule of
Values for the current billing period, Contractor shall also provide to Owner on
a monthly basis payrolls, petty cash accounts, receipted invoices, and any other
evidence reasonably required by the Owner or Architect for the previous billing
period. The Contractor may with Architect's and Owner's approval submit such
documentation in electronic format. Title to all such equipment and materials
shall pass to Owner upon payment therefore or incorporation in the Work,
whichever shall first occur; and Contractor shall prepare and execute all
documents necessary to effect and perfect such transfer of title. The
Application for Payment shall also indicate the sum of all prior payments,
Contractor's proportionate amount of fee in overall percentage of work completed
compared to the GMP and amount of retainage to be deducted from each Application
in accordance with PARAGRAPH 13.5 below. Except with the Owner's prior written
approval, the Contractor shall not make advance payments to suppliers for
materials or equipment which have not been delivered and stored at the site.
Owner approves the advance payment to be made to Barge Contractor pursuant to
the Barge Construction Contract, and agrees to make the initial payment required
under the terms of the Barge Construction Contract as one of the "Initial
Disbursements" (as defined in the Disbursement Agreement) in connection with
obtaining the Project Financing.

13.3.4  Contractor's Application for Payment shall include a written inventory,
substantially in the form required by the schedules to the Disbursement
Agreement, identify all materials, machinery, fixtures, furniture, equipment or
other items purchased or manufactured for incorporation into the Work but which,
at the time of the Application for Payment, (i) are not located at the Project
Site and for which the Contractor has requested payment, or (ii) are located at
the Project Site but are not expected to be incorporated into the Project
improvements within ninety (90) days after such Application for Payment (such
materials, the "UNINCORPORATED MATERIALS") and including the value thereof,
together with evidence reasonably satisfactory to Owner, the Independent
Construction Consultant and the Disbursement Agent that the following conditions
have been satisfied with respect to such Unincorporated Materials:

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 26
<Page>

            (a)   all Unincorporated Materials for which full payment has
        previously been made or is being made with the proceeds of the
        Application for Payment are, or will be upon full payment, owned by the
        Owner, as evidenced by the bills of sale, certificates of title or other
        evidence reasonably satisfactory to Owner and the Independent
        Construction Consultant, and all lien rights or claims of the supplier
        has been or will be released simultaneously with such full payment and
        all amounts, if any, required to be paid to the supplier thereof with
        respect to the installation of such Unincorporated Materials (including
        any Retainage Amounts) (provided, however, that lien releases,
        affidavits and agreements need not be provided for Unincorporated
        Materials from a single or affiliated suppliers (where the Owner or
        Contractor has actual knowledge that such suppliers are affiliated) with
        a contract price (or expected aggregate amount to be paid in the case of
        "cost plus" contracts) of less than $100,000;

            (b)   the Contractor believes that the Unincorporated Materials are
        consistent with the Final Plans;

            (c)   all Unincorporated Materials are properly inventoried,
        securely stored, protected against theft and damage at the Project Site
        or at such other location which has been specifically identified by its
        complete address to Owner, the Independent Construction Consultant and
        the Disbursement Agent (or if the Contractor cannot provide the complete
        address of the current storage location, the Contractor shall list the
        name and complete address of the applicable contracting party supplying
        or manufacturing such Unincorporated Materials);

            (d)   the amounts paid by the Owner in respect of Unincorporated
        Materials not at the Project Site (other than those related to the Barge
        Construction Contract) are not more than $2,000,000 at any one time;

            (e)   the amounts paid by the Owner in respect of Unincorporated
        Materials not at the Project Site and related to the Barge Construction
        Contract are not more than $9,000,000 at any one time;

            (f)   the Independent Construction Consultant shall have confirmed
        the accuracy of the certification required in subparagraph (c) above,
        and in connection therewith, the Independent Construction Consultant
        shall have the right to visit the site of and inspect the Unincorporated
        Materials; and

            (g)   the Independent Construction Consultant, at the request of the
        Owner, may from time to time agree to increase the thresholds set forth
        in subparagraph (d) and (e) above.

13.3.5 Applications for Payment shall show the approved percentage of completion
of each portion of the Work as of the end of the period covered by the
Application for Payment. The percentage of completion shall be the lesser of (1)
the percentage of that portion of the Work which has actually been completed; or
(2) the percentage obtained by dividing (a) the expense that has actually been
incurred by the Contractor on account of that portion of the Work for which the
Contractor has made or intends to make actual payment prior to the next
Application

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 27
<Page>

for Payment by (b) the share of the Guaranteed Maximum Price allocated to that
portion of the Work in the Schedule of Values. Applications for Payment for the
Barge Construction Contract shall show the stage of completion of the barge
vessels corresponding to the schedule of payments set forth in the Barge
Construction Contract in lieu of the percentage of completion.

13.4    Except with respect to the Barge Construction Contract, the Owner will
retain an amount on all Work as referenced in PARAGRAPH 13.3 equal to a
percentage of the amount due the Contractor on account of progress payments as
follows: on the items for General Conditions, Contractor's Fee and Work
performed by Contractor the retainage shall be equal to five percent (5%). For
all other Work the retainage shall initially be equal to ten percent (10%).
Whenever the Work is fifty-percent (50%) complete and performed in accordance
with the Project Schedule then in effect and satisfactory, in the opinion of the
Architect with concurrence of the Owner, fifty-percent (50%) of the retainage
will be paid to the Contractor, and five-percent (5%) on all subsequent progress
payments shall be retained thereafter. Upon mutual written agreement by Owner,
and Contractor, payment in full may be made to those subcontractors whose work
is fully completed during the early stages of the Project or reduced with
respect to other contractors at such times as Owner and Contractor may mutually
agree, provided, however, that Owner shall not be obligated to release any
retainage to Contractor or to any subcontractors sooner than provided in this
PARAGRAPH 13.4. There shall be no retainage for the Barge Construction Contract.

Retainage under subcontracts shall be included in Contractor's Request for
Payment for the purpose of indicating the value of the Work performed; however,
Contractor shall not request payment thereof from Owner until such retainage is
actually payable.

13.5    In each Request for Payment, Contractor shall certify that such Request
for Payment represents the amount to which Contractor is entitled pursuant to
the terms of this Agreement and shall also certify as follows:

                  "There are no known mechanic's or materialmen's liens
                  outstanding at the date of this requisition, that all due and
                  payable bills with respect to the Work have been paid to date
                  or are included in the amount requested in the current
                  Application, and that, except for such bills not paid but so
                  included, there is no known basis for the filing of any
                  mechanic's or materialmen's liens on the Work, except to the
                  extent as may be otherwise shown below."

To the extent that the Contractor cannot make such certification, Contractor
shall state with reasonable specificity the reasons why such certification
cannot be made and/or must be qualified or limited.

13.5.1  Contractor specifically agrees that it shall not include in any Request
for Payment sums attributable to Work which Owner or Contractor have rejected
(unless Contractor disputes in good faith such rejection) or which otherwise
constitute or relate to applications for payments, billings, or invoices or
subcontractors or suppliers which Contractor disputes, or for any other reason,
does not intend to pay.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 28
<Page>

13.5.2  Owner shall review each such Request for Payment and may make such
exceptions as Owner reasonably deems necessary or appropriate under the state of
circumstances then obtaining.

13.6    The Contractor acknowledges and agrees that the Owner may reserve the
right, under the Project Financing documents, at the direction of Disbursement
Agent or Trustee, to make payment on any Application for Payment to the
Contractor or directly to any Subcontractor. Contractor acknowledges that Owner
shall make payments directly to any vendor, supplier or contractor with whom
Owner has contracted for Direct Purchase Items.

13.7    Contractor acknowledges that all payments on account of Applications for
Payment submitted by Contractor shall be subject to satisfaction of the
following conditions and requirements, but only to the extent such conditions
and requirements are within the control of Contractor. Contractor shall take all
action within the control of Contract to satisfy the conditions and requirements
set forth in subparagraphs (a) through (d) below:

            (a)   a title bringdown is received by the Owner indicating that no
        mechanics liens have been filed against the Project by (i) RAC; (ii) any
        parties claiming by, through or under RAC; or (iii) any parties
        contracting directly with the Owner for Direct Purchase Items (except to
        the extent any such mechanics liens have been filed by any such parties
        on account of the Owner's failure to make payments that are due and
        payable);

            (b)   all executed Releases of Mechanics' Liens from the Contractor
        (substantially in the form required by the Disbursement Agreement) and
        from any vendor, supplier, contractor or subcontractor providing labor
        or materials and who is legally entitled to assert a lien against all or
        any portion of the Project under the laws of the State of Mississippi
        (except to the extent any such releases of mechanics' liens are not
        delivered on account of the Owner's failure to make payments that are
        due and payable);

            (c)   a written certification has been executed and delivered by the
        Contractor to the Owner that:

                  (i)    the construction of the Work to date has been performed
            in a good and workmanlike manner and in accordance with the Plans,
            and stating whether progress thereof is such that the work will be
            completed by the Substantial Completion Date;

                  (ii)   the amount of direct costs for which such payment is
            requested either has been paid by the Contractor or is justly due to
            the Contractor for work, labor or material furnished for the
            construction of the Work insofar as actually reported therein (or
            stored on the Project site as approved by the Owner and the
            Independent Construction Consultant) up to the date of such
            Application for Payment (for the first Application for Payment) or
            up to the date of such Application for Payment from the date of
            previous Application for Payment;

                  (iii)  no part of the Project Costs described in such
            Application as being currently due for payment has been made the
            basis for any previous payment;

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 29
<Page>

                  (iv)   a certification listing all of the Subcontractors and
            Suppliers providing labor or materials for Work described under the
            Application for Payment; and

            (d)   a written certificate from the Contractor has been provided to
        Owner, Disbursement Agent and Trustee in the form specified by, and
        meeting the requirements of the Disbursement Agreement.

13.8    Nothing in this Agreement or in any of the other Contract Documents is
intended to or may be construed to waive, abridge, or adversely affect
Contractor's right to make Contractor's actual receipt of payment from Owner a
condition precedent to Contractor's payment (whether progress, final, or any
other payment) to Subcontractors, suppliers, or other vendors. If Contractor or
its Subcontractors, supplies or other vendors are required to submit affidavits
of payment, waivers of rights, releases of claims, or the like, such affidavits
of payment, waivers of rights and releases of claims may be conditioned upon
receipt of payment.

13.9    Owner shall not be in default hereunder due to a delay in the processing
of an Application for Payment caused by the Disbursement Agent, the Trustee
and/or the Independent Construction Consultant and beyond the control of the
Owner; provided however, that, if Owner does not pay by the due date the full
amount of the Contractor's Application for Payment as certified (or failed to be
certified) by the Architect and the Independent Construction Consultant, or if
either Owner or Contractor disagrees with the amount certified (or failed to be
certified) by the Architect or the Independent Construction Consultant, then
Owner and Contractor shall endeavor in good faith to resolve their differences
over the amount due for the Application for Payment. In the event there is a
bona fide dispute as to the amount owed and Contractor is otherwise paid the
undisputed amount, then (i) Owner shall have the option of paying to Contractor,
under protest and with reservation of all rights, an amount equal to one-half of
the disputed amount and to place the other one-half of the disputed amount in an
escrow account administrated by a mutually acceptable escrow agent, (ii)
Contractor shall be obligated to continue or resume the Work, and (iii) the
Owner reserves the right to seek reimbursement of the disputed amount paid under
protest. In the event of a dispute over the amount owed by Owner to Contractor
for one or more Applications for Payment (whether placed in escrow or
otherwise), either party may initiate arbitration under the Construction
Industry Arbitration Rules of the American Arbitration Association. If the
Arbitrator determines that one party owes additional payment or reimbursement to
the other party, such additional payment or reimbursement will be paid within
thirty (30) days after notification of the Arbitrator's decision. Contractor
acknowledges that the procedure set forth in clause (i) above for payment under
protest and with reservation of Owner's rights is provided for under the Advance
Construction Disbursement process in the Disbursement Agreement and may be
limited to the extent of the "Available Advance Construction Disbursement
Amount" (as defined in the Disbursement Agreement).

13.10   In the event Contractor submits a timely, proper and complete
Application for Payment, and Owner fails to cause such Application for Payment
to be paid (including, without limitation, any payments by Owner to vendors,
suppliers or contractors on account of Direct Payment Items included in such
Application for Payment) within thirty (30) days of submittal (the thirtieth day
following submittal of such an Application for Payment shall hereafter be
referred to as a "DUE DATE"), there shall be deemed to be a "Payment Dispute",
unless on a Due Date the Architect, the

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 30
<Page>

Independent Construction Consultant and/or the Owner have good cause for such
failure to certify an otherwise timely, proper and complete Application for
Payment. The failure or inability of any party to satisfy the conditions and
requirements set forth in the Disbursement Agreement for payment to Contractor
of a timely, proper and complete Application for Payment shall not be deemed to
be "good cause", unless such party's failure satisfy any such conditions and
requirements of the Disbursement Agreement is attributable to matters within the
control of Contractor. In the event of a Payment Dispute, the Contractor shall
have the right to give written notice to the Owner of the existence of a Payment
Dispute. If said Payment Dispute is not resolved within ten (10) days following
such Payment Dispute notice from Contractor, Contractor shall be entitled to
give Owner a second written notice stating Contractor's intent to stop work on
account of such Payment Dispute within five (5) days after delivery of
Contractor's second notice, unless the Payment Dispute is not promptly resolved.
If the Payment Dispute is not resolved on or before the expiration of the five
(5) day period established by the Contractor's second notice, then Contractor
shall have the right to immediately stop all Work, in which event, the date for
Substantial Completion set forth in SECTION 4.2 and the Guaranteed Maximum Price
set forth in SECTION 5.2 each shall be subject to adjustment for proven impacts
upon the Project Schedule and the Guaranteed Maximum Price, respectively, as a
consequence of cessation and recommencement of the Work. Notwithstanding the
foregoing, Contractor shall not have the right to stop the Work on account of a
Payment Dispute if Owner follows the procedures outlined in clauses (i), (ii)
and (iii) of SECTION 13.9 above with respect to payment of disputed amounts.

13.11   If a Payment Dispute relates to the failure by Owner to pay Direct
Purchase Items which are due and payable, the Contractor shall have the right to
give written notice to the Owner of the existence of a Payment Dispute. If Owner
fails to pay Direct Purchase Items which are the subject of said Payment Dispute
within ten (10) days following such Payment Dispute notice from Contractor,
Contractor shall be entitled to appropriate time extensions and other relief
and/or additional direct costs (but not consequential damages), proven to be the
result of actual impacts to the Project Schedule.

13.12   Upon Substantial Completion of the Project, or as soon thereafter as
possible, Contractor shall submit a Request for Payment which shall set forth
all amounts due and remaining unpaid to Contractor less an amount (hereinafter
referred to as the "PUNCH LIST RETAINAGE") equal to the sum of (i) one hundred
seventy five percent (175%) of the value of all items to be completed or
corrected (hereinafter referred to as the "PUNCH LIST"), and (ii) the greater of
$50,000 or one hundred seventy five percent (175%) of the value of all items to
be completed or corrected to obtain a permanent unconditional Certificate of
Occupancy for the entire Project. Upon approval of such Request for Payment by
Owner and Architect and satisfaction of all conditions set forth in the
Disbursement Agreement, and provided that Contractor has delivered all of the
items set forth in SECTION 14.1.1 below, Owner shall pay to Contractor the
amount due under such Request for Payment, less the amount of the Punch List
Retainage.

13.12.1 Owner shall pay the balance of the Punch List Retainage to Contractor as
and when all of the Punch List items are completed by Contractor and accepted by
Owner and a permanent unconditional Certificate of Occupancy has been issued for
the entire Project.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 31
<Page>

13.12.2 In no event shall any interest be due and payable by Owner to
Contractor, any subcontractor or any other party on any of the sums rightfully
retained by Owner pursuant to any of the terms or provisions of any of the
Contract Documents.

13.13   Any provision of this Agreement to the contrary notwithstanding, Owner
may retain such funds from any Progress Payment to reasonably protect Owner if
any one or more of the following conditions exist:

13.13.1 Contractor is in material default of any of its obligations hereunder or
otherwise is in material default under any of the Contract Documents or this
Agreement has been terminated as a result thereof; or

13.13.2 Any part of such payment is attributable to Work which is defective or
not performed in accordance with the Criteria and Scope and the Drawings and
Specifications, provided, however, such payment shall be made as to the part
thereof attributable to Work which is performed in accordance with the Criteria
and Scope and the Drawings and Specifications and is not defective; or

13.13.3 Contractor has failed to make payments in accordance with its contracts
with Contractor's subcontractors or for material or labor used in the Work for
which Owner has made payment to Contractor; or

13.13.4 If Owner reasonably determines that the portion of the GMP, including
pending Change Orders, outstanding proposals and the like, then remaining unpaid
will not be sufficient to complete the Work in accordance with the Drawings and
Specifications, whereupon no additional payments will be due Contractor
hereunder unless and until Contractor performs a sufficient portion of the Work
so that such portion of the Contract Sum then remaining unpaid is determined by
Owner to be sufficient to so complete the Work; or

13.13.5 If Owner reasonably determines that Contractor has not met, or will not,
with prompt acceleration of the Work, meet the Scheduled Completion Date.

13.14   In the event Owner elects to withhold from payment to Contractor any
amounts to which Owner may be entitled to withhold as above provided, then Owner
shall only withhold the fair market value of such Work, claims or payments; and
in no case shall be withheld more than such total value. Failure to comply with
this provision is a material breach of this Agreement.

13.15   No partial payment made hereunder shall be, or shall be construed to be,
final acceptance or approval of that part of the Work to which such partial
payment relates or relieve Contractor of any of its obligations or a waiver of
any rights Owner may have hereunder with respect thereto.

13.16   Contractor shall, within fifteen (15) days following receipt of payment
from Owner, pay all bills for labor and material performed and furnished by
others in connection with the performance of the Work for which such payment is
made, and upon request by Owner, shall provide Owner with evidence of such
payment.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 32
<Page>

13.17   Payments due and unpaid under the Contract Documents shall bear interest
from the date payment is due at the per annum interest rate equal to two percent
(2%) in excess of the Prime Rate, as reported in the "Money Rates" column of the
most recent edition of THE WALL STREET JOURNAL, provided such interest rate does
not exceed the highest legal rate allowed under the laws of the state where such
Project is located.

13.18   Contractor shall be entitled to receive payment in the amount of
Seventy-Five Thousand Dollars ($75,000.00) in the first requisition to cover the
cost of mobilization. This payment is included in the GMP.

13.19   All payments to be made hereunder shall be by wire transfer to the
following unless otherwise notified in writing by Contractor:

ACCOUNT NAME:    Roy Anderson Corp
ACCOUNT TITLE:   Depository Account
ABA #:           065500752
Account #:       155-694-3
Bank Location:   The Peoples Bank
                 Biloxi, MS
                 (228) 435-5511

                                   ARTICLE 14

                                  FINAL PAYMENT

14.1    Upon receipt of written notice that the Work is ready for final
inspection and acceptance and upon receipt of a final Application for Payment,
Owner, the Architect and the Independent Construction Consultant will promptly
make such inspection, and when Owner, the Architect and the Independent
Construction Consultant find the Work acceptable under the Contract Documents,
and the Contract fully performed, and all conditions precedent within the
control of Contractor to final payment pursuant to the Disbursement Agreement
have been fully satisfied, Owner will promptly issue final payment to
Contractor. Neither final payment nor any remaining retained percentage shall
become due, however, until Contractor submits to Owner (1) an affidavit that
payrolls, bills for materials and equipment, and other indebtedness connected
with the Work for which Owner or Owner's property might be responsible or
encumbered (less amounts withheld by Owner) have been paid or otherwise
satisfied; (2) consent of surety, if any, to final payment, if requested by
Owner; (3) a preliminary accounting for the Cost of Work and Contractor's Fee in
accordance with ARTICLE 12; and (4) if required by Owner, other data
establishing payment or satisfaction of obligations such as receipts, releases
and waivers of liens, claims, security interests or encumbrances arising out of
the Contract to the extent and in such form as may be designated by Owner. If a
subcontractor refuses to furnish a release or waiver required by Owner,
Contractor may furnish a bond satisfactory to Owner to protect Owner against
such lien. If such lien remains unsatisfied after payments are made, Contractor
shall refund to Owner all money that Owner may be compelled to pay in
discharging such lien, including all costs and reasonable attorneys' fees.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 33
<Page>

14.1.1  In addition, the Contractor's entitlement to final payment is expressly
conditioned upon the Contractor furnishing the Owner with all of the following:

                       (i)     All maintenance and operating manuals;

                       (ii)    Marked sets of Drawings and Specifications
                  reflecting "as built" conditions;

                       (iii)   The as built drawings and specifications shall be
                  turned over to the Architect as part of the closeout
                  requirement. The Architect and Engineers are responsible to
                  update the CADD drawing files to reflect the changes in the
                  work made during construction based on the marked-up drawings
                  at no additional cost to Contractor.

                       (iv)    Any special guarantees or warranties required by
                  the Contract Documents;

                       (v)     Any assignment and/or transfer of all guarantees
                  and warranties from Subcontractors, vendors, suppliers and
                  manufacturers;

                       (vi)    A list of the names, addresses and phone numbers
                  of all Subcontractors and other persons who provided
                  guarantees and warranties;

                       (vii)   The delivery from the Contractor to the Architect
                  and Owner of a permanent and unconditional Certificate of
                  Occupancy; and

                       (viii)  The satisfaction by Contractor of all conditions
                  and requirements of the Disbursement Agreement to final
                  payment that are within the control of Contractor, including,
                  without limitation, the delivery by the Contractor of all
                  certifications, information and documentation required to be
                  delivered under the terms of the Disbursement Agreement that
                  are within the control of Contractor.

14.2    If, after Substantial Completion of the Work, final completion thereof
is materially delayed through no fault of Contractor or by issuance of Change
Orders affecting final completion, Owner shall, upon application by Contractor
and without terminating the Contract, make payment of the balance due for the
portion of the Work fully completed and accepted. If the remaining balance for
Work not fully completed or corrected is less than retainage stipulated in the
Contract Documents, and if bonds have been furnished, the written consent of
surety to payment of the balance due for that portion of the Work fully
completed and accepted may be submitted by Contractor to Owner prior to
certification of such payment. Such payment shall be made under terms and
conditions governing final payment, except that it shall not constitute a waiver
of claims.

14.3    Acceptance of final payment by Contractor, a subcontractor or material
supplier shall constitute a waiver of claims by that payee except those
previously made in writing and identified by that payee as unsettled at the time
of final Application for Payment.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 34
<Page>

14.4    Contractor agrees not to deliver to the Disbursement Agent under the
Disbursement Agreement any objection to a request by Owner for disbursement of
the remaining funds in the Construction Disbursement Account (as defined in the
Disbursement Agreement), absent good cause shown. In the event (a) Contractor
makes objection to any certificate of Owner requesting disbursement of remaining
funds in the Construction Disbursement Account, and such objection (i) requires
Owner to reserve additional funds in the Construction Disbursement Account, or
(ii) prevents Owner from obtaining the amount of Owner's requested disbursement,
and (b) if such objection shall prove to be unwarranted, incorrect or otherwise
resolved in favor of Owner, Contractor shall pay to Owner interest at the rate
of ten percent (10%) per annum on all amounts Owner would have received pursuant
to its request for disbursement of the remaining funds in the Construction
Disbursement Account had Contractor not made such objection. If such objection
by Contractor shall prove to be warranted, correct or otherwise resolved in
favor of Contractor, Owner shall pay to Contractor interest at the rate of ten
percent (10%) per annum on the amount of additional funds reserved in the
Construction Disbursement Account specified in Contractor's objection notice.
Interest at the specified rate shall accrue for the period commencing on the
date of Contractor's objection notice to the date such funds are disbursed from
the Construction Disbursement Account, and shall be paid to the prevailing party
not later than thirty (30) days after disbursement of such funds. The prevailing
party also shall be entitled to recover from the other party all of its
attorneys' fees, costs and expenses associated with the objection and any
contest relating thereto.

                                   ARTICLE 15

                            MEDIATION AND ARBITRATION

15.1.1  MEDIATION -- See Section 4.5 of AIA 201 General Conditions attached
hereto as EXHIBIT "A".

15.2    ARBITRATION -- See Section 4.6 of AIA 201 General Conditions attached
hereto as EXHIBIT "A".

15.3    ASSIGNMENT

This Agreement shall not be assigned by either Party without the written consent
of both Parties, except that Owner shall have the right to assign this Agreement
to (a) any entity controlled by or under common control with Owner, (b) a
purchaser of substantially all of the assets of Owner or to the surviving entity
in a merger or consolidation, or (c) to the Trustee, to one or more lenders, or
to an agent for one or more lenders providing Project Financing. However, no
such assignment by Owner shall release Owner of its obligations hereunder unless
and then only to extent agreed to by the Contractor in writing.

                                   ARTICLE 16

                  USES OF PREMISES BY OWNER PRIOR TO COMPLETION

16.1    If prior to Substantial Completion of the Work hereunder, any portion of
the Work is at such state of construction to permit the same, and Owner is
desirous of using portions of the

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 35
<Page>

Work or takes possession of portions thereof to complete tenant work (or to
allow tenants such as Hard Rock to complete their tenant improvement work in the
Hard Rock cafe and the Hard Rock retail store premises) with other contractors,
or is desirous of showing portions of the Work to prospective tenants, then
Owner may do so only upon the following conditions:

16.1.1  that use or inspection of such portion of the premises will not in any
manner interfere with, hinder or delay Contractor in the performance of its Work
hereunder;

16.1.2  that Owner, its agents, employees, invitees, and separate contractors
shall comply with all safety rules and regulations established by applicable
governmental authorities and Contractor;

16.1.3  that use of the premises by Owner, its employees, agents, invitees, and
separate contractors, is at sole risk of loss to Owner both as to personal
injuries, death of persons, and property damage which may be incurred or
sustained in or about the premises by Owner, its employees, agents, invitees,
and separate contractors;

16.1.4  the Owner shall assume responsibility for, and indemnify, protect,
defend and save Contractor harmless from, any such personal injuries, death of
persons and property damage resulting from any such personal injuries, death of
persons and property damage resulting from the aforesaid use of the premises or
part thereof by Owner, its employees, agents, invitees and separate contractors,
subject to the limitations set forth in ARTICLE 19 of this contract;

16.1.5  that the Owner maintain public liability and property damage insurance,
at its expense, protecting the interest of Owner and Contractor with respect to
the aforesaid uses and extending to the use of the premises by Owner, its
employees, agents, and invitees in a company or companies satisfactory to
Contractor, and in amounts of not less than $1,000,000.00 single limit per
occurrence or accident as to personal injuries and death of persons, $500,000.00
as to property damage per occurrence or accident, with additional excess
umbrella coverage of $30,000,000.00 and Owner has furnished Contractor with a
Certificate of Insurance verifying the subject coverage, with the Contractor as
an Additional Insured with respect to the operations of the Owner and primary to
other available insurance, containing a provision for the insurer to furnish
Contractor with at least thirty (30) days' written notice prior to cancellation.
The existence of such insurance coverage shall not limit Owner's liability under
Owner's indemnification herein. Owner shall pay its fair proportion of all costs
and expenses applicable to the portion of the premises used by it for any of the
aforesaid purposes (including water, power, etc.). Contractor shall not be
obligated to let Owner use any part of the Work prior to substantial completion
of the Work hereunder except in strict compliance with the above provisions. The
foregoing provisions shall not be deemed as a waiver of any liability which
Contractor may have to Owner or to third parties for Contractor's negligence.

16.2    Contractor shall coordinate the work of its forces and the work of any
separate contractors of Owner or tenants such as Hard Rock, to allow for the
timely completion by Owner or such tenants of their tenant improvement work.
Owner acknowledges and agrees that Contractor shall have no responsibility or
liability for the failure of any separate contractors of Owner or tenants to
perform their respective obligations to Owner, except that Contractor shall be
responsible and liable for the performance of work (i) by any separate
contractor, vendor or supplier with whom Owner has contracted with under a
direct contract, subcontract or purchase

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 36
<Page>

order, pursuant to Owner's direct purchase program, and (ii) by any separate
contractors of Owner or tenants who are unable to perform their work because of
Contractor's failure to coordinate the work of its own forces with such separate
contractors.

                                   ARTICLE 17

                                    INSURANCE

17.1    CONTRACTOR'S LIABILITY INSURANCE.

The Contractor shall purchase from and maintain in a company or companies
lawfully authorized to do business in the jurisdiction in which the project is
located such insurance as will protect the Contractor, Owner, Trustee,
Disbursement Agent and the Independent Construction Consultant from claims set
forth below which may arise out of or result from the Contractor's operations
under the Contract and for which the Contractor may be legally liable, whether
such operations be by the Contractor or by a Subcontractor or by anyone directly
or indirectly employed by any of them, or by anyone for whose acts any of them
may be liable.

17.1.1  Claims under workers' or workmen's compensation disability benefit and
other similar employee benefits acts, including United States Longshore and
Harbor Workers Act and Jones Act, which are applicable to the Work to be
performed, at statutory limits;

17.1.2  Claims for damages because of bodily injury, occupational sickness or
disease, or death of the Contractor's employees;

17.1.3  Claims for damages because of bodily injury, sickness or disease, or
death of any person other than the Contractor's employees;

17.1.4  Claims for damages insured by usual personal injury liability coverage
which are sustained (a) by a person as a result of an offense directly or
indirectly related to employment of such person by the Contractor, or (b) by
another person;

17.1.5  Claims for damages, other than to the Work itself, because of injury to
or destruction of tangible property, including loss of use resulting therefrom;

17.1.6  Claims for damages because of bodily injury, death of a person or
property damage arising out of ownership, maintenance or use of a motor vehicle;
and

17.1.7  Claims involving contractual liability applicable to the Contractor's
indemnity obligations under SECTION 3.18 of the AIA 201 General Conditions
attached hereto as EXHIBIT "A".

17.1.8  Claims for damages resulting from errors, omissions and wrongful acts in
performing professional design services.

        All such required insurance shall be evidenced by policies issued by an
insurance company rated "A-VII" or better by A.M. Best & Co. and licensed to do
business in the State of

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 37
<Page>

Mississippi. Each such policy is hereinafter referred to in this Agreement as an
"Insurance Policy". All insurance carried by Contractor shall be primary and
non-contributory.

        Contractor shall furnish to Owner copies of all policies evidencing the
foregoing coverage for Owner's review. In the event Owner reasonably disapproves
of any coverage issues, policy limits, deductible amounts or other provisions of
such insurance, Owner shall notify Contractor in writing immediately so that
Contractor may take such steps as may be necessary to have such policy modified
to satisfy Owner's objections. Any additional cost to the Contractor to modify
said policy to reflect Owner's changes shall be an increase to the GMP. If Owner
fails to raise any objections in writing within 10 days following delivery of
such policy of insurance to Owner, such failure shall be deemed an acceptance of
such policy by Owner.

Certificates of Insurance, in form and substance reasonably acceptable to Owner
and the Independent Construction Consultant, shall be filed with the Owner prior
to commencement of the Work. These Certificates and the insurance policies
required above shall contain a provision that coverage afforded under the
policies will not be canceled or allowed to expire until at least 30 days' prior
written notice has been given to the Owner and the Disbursement Agent. Each
insurance policy required hereunder shall name Owner, Architect, Architect's
consultants, Trustee, Disbursement Agent, the Independent Construction
Consultant and Rank PLC, as additional insureds thereunder.

17.2    OWNER'S LIABILITY INSURANCE.

The Owner shall be responsible for purchasing and maintaining the Owner's usual
liability insurance. Optionally, the Owner may purchase and maintain other
insurance for self-protection against claims which may arise from operations
under the Contract. Whichever option Owner elects, Owner shall cause its general
liability carrier to furnish Contractor with a waiver of subrogation. The
Contractor shall not be responsible for purchasing and maintaining this optional
Owner's liability insurance unless specifically required by the Contract
Documents. Any and all policies of insurance coverage required to be carried by
Contractor shall be primary, and any optional Owner's liability insurance shall
not respond to any loss unless and until all insurance coverages required under
the Contract Documents to be carried by Contractor has been exhausted.

17.3    PROPERTY INSURANCE

17.3.1  Unless otherwise provided, the Owner shall purchase and maintain, in a
company or companies lawfully authorized to do business in the jurisdiction in
which the project is located, Builder's Risk insurance in the amount of the
initial GMP as well as subsequent modifications thereto for the entire Work at
the site on a replacement cost basis. Such insurance shall be maintained until
substantial completion of the Project is effected. This insurance shall include
interests of the Owner, Disbursement Agent, Trustee, the Independent
Construction Consultant, the Contractor, Subcontractors and Sub-subcontractors
in the Work, as their interests may appear. The insurance shall be on an
all-risk policy form and shall insure against the perils of fire and extended
coverage and physical loss or damages, including, without duplication of
coverage, flood (including wind-driven water and rain) theft, vandalism,
malicious mischief, collapse, false work, temporary buildings and debris
removal, including demolition occasioned

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 38
<Page>

by enforcement of any applicable legal requirements, and shall cover reasonable
compensation for services and expenses required as a result of such insured
loss. Owner shall furnish to Contractor a copy of such Builder's Risk policy for
Contractor's review. In the event Contractor reasonably disapproves of any
coverage issues, policy limits, deductible amounts or other provisions of such
insurance, Contractor shall notify Owner in writing immediately so that Owner
may take such steps as may be necessary to have such policy modified to satisfy
Contractor's objections. If Contractor fails to raise any objections in writing
within 10 days following delivery of such policy of insurance to Contractor,
such failure shall be deemed an acceptance of such policy by Contractor.
Notwithstanding anything to the contrary appearing herein, Owner shall bear all
risk of loss including cost not covered by deductibles to the property which may
occur and agrees to look solely to the proceeds of insurance in the event of a
loss, the only exception being losses which may occur as a result of
Contractor's negligence or willful acts, and then, only to the extent not
covered by insurance. If the Owner does not purchase such property insurance as
provided for herein, the Owner shall so inform the Contractor in writing prior
to commencement of the Work. The Contractor may then effect insurance which will
protect the interests of the Contractor, Subcontractors and Sub-subcontractors
in the Work, and the cost thereof shall be funded from the Contingency. If the
Contractor is damaged by the failure or neglect of the Owner to purchase or
maintain insurance as described above, without so notifying the Contractor, then
the Owner shall bear all reasonable costs properly attributable thereto.

17.3.2  LOSS OF USE INSURANCE. The Owner, at the Owner's option, may purchase
and maintain such insurance as will insure the Owner against loss of use of the
Owner's property due to fire or other hazards, however caused. The Owner waives
all rights of action against the Contractor for loss of use of the Owner's
property, including consequential losses due to fire or other hazards, however
caused.

17.3.3  WAIVERS OF SUBROGATION. The Owner and Contractor waive all rights
against (a) each other and any of the subcontractors, sub-subcontractors, agents
and employees, each of the other, and (b) the design professional subcontractor
and design professional subcontractor's consultants, for damages caused by fire
or other perils to the extent covered by property insurance obtained pursuant to
this Section or other property insurance applicable to the site where the Work
is being performed, as well as the Work, except such rights as they have to
proceeds of such insurance held by the Contractor as fiduciary. The Owner or
Contractor, as appropriate, shall require of the design professional
subcontractor and design professional subcontractor's consultants,
subcontractors, sub-subcontractors, agents and employees of any of them, by
appropriate agreements, written where legally required for validity, similar
waivers each in favor of other parties enumerated herein. The policies shall
provide such waivers of subrogation by endorsement or otherwise. A waiver of
subrogation shall be effective as to a person or entity even though that person
or entity would otherwise have a duty of indemnification, contractual or
otherwise, did not pay the insurance premium directly or indirectly, and whether
or not the person or entity had an insurable interest in the property damaged.
This provision shall survive termination and/or completion of the Project.

17.3.4  If during the Project construction period the Owner insures properties,
real or personal or both, adjoining or adjacent to the site by property
insurance under policies separate from those insuring the Project, the Owner
shall waive all rights in accordance with the terms of PARAGRAPH

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 39
<Page>

17.3.3  for damages caused by fire or other perils covered by this separate
property insurance. All separate policies shall provide this waiver of
subrogation by endorsement or otherwise.

17.3.5  A loss insured under Builder's Risk insurance shall be adjusted by the
Owner and made payable to the Owner. The Owner shall pay Contractor and
Subcontractors their just shares of insurance proceeds received by the Owner,
and by appropriate agreements, written where legally required for validity,
shall require Subcontractors to make payments to their Sub-subcontractors in
similar manner.

17.3.6  Partial occupancy or use of the premises shall not commence until the
insurance company or companies providing insurance have consented to such
partial occupancy or use by endorsement or otherwise. The Owner and the
Contractor shall take reasonable steps to obtain consent of the insurance
company or companies and shall, without mutual written consent, take no action
with respect to partial occupancy or use that would cause cancellation, lapse or
reduction of insurance.

17.4    ERRORS & OMISSIONS INSURANCE

The Contractor shall purchase and maintain errors and omissions insurance to
cover the design/build work on the Parking Garage Structure in the amounts of
not less than $2,000,000 per occurrence and $2,000,000 total aggregate, with no
self-insured retention. For any damages arising from deficiencies in design or
other performance by Contractor's design professionals, Contractor shall be
liable to Owner to the same extent for such deficiencies as would be applicable
if the design professionals contracted directly with the Owner. Owner shall not
be entitled to recover from Contractor damages suffered or incurred by Owner on
account of deficiencies in design or other performance by Contractor's design
professionals greater than the limits of Contractor's professional liability
insurance required hereunder.

17.4.1  CONTRACTOR CONTROLLED INSURANCE PROGRAM       INTENTIONALLY DELETED

                                   ARTICLE 18

                                 INDEMNIFICATION

18.1    INDEMNIFICATION -- See Section 3.18 of the AIA 201 General Conditions
attached hereto as EXHIBIT "A".

                                   ARTICLE 19

                  WARRANTY - CONTRACTOR'S WARRANTY OR GUARANTY

19.1    Contractor confirms its Warranty or Guaranty as set forth in the other
Contract Documents, provided, however, that such Warranty or Guaranty is
qualified or limited by the following provisions which shall be controlling
wherever in conflict with the provisions of the Warranty or Guaranty set forth
in said other Contract Documents. The qualifications or limitations upon said
Warranty or Guaranty are the following:

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 40
<Page>

19.1.1  Contractor warrants that it will furnish all of the materials and work
necessary to complete the improvements in a good and workmanlike and first class
manner and will furnish all of the equipment which will be installed in a good
and workmanlike and first class manner, as all of the same are called for in the
Contract Documents; and Contractor shall obtain and deliver to Owner such
standard manufacturer's warranties as each equipment manufacturer may furnish
with any equipment. Except with respect to the Parking Garage to be designed and
built by Contractor pursuant to this Agreement, Contractor does not warrant or
guarantee the design or sufficiency of the design of the improvements or that
the materials and equipment furnished, pursuant to the Specifications of
Architect, will accomplish the purposes intended, provided, however, that
Contractor's warranty shall include the good, workmanlike and proper
construction of the improvements and installation of such materials and
equipment, free of defective workmanship.

19.1.2  As to all materials and equipment (including all Direct Purchase Items
and the barge vessels) and as to Contractor's workmanship, Contractor warrants
the same against defects for a period of one (1) year as to all defects
appearing within said year and as to which Owner places Contractor on written
notice thereof within said year. Contractor covenants and agrees to promptly
repair or replace, at its sole cost and expense, any and all defective Work,
including, without limitation defective materials and equipment. As to all
defects (other than latent defects) as to which Owner does not place Contractor
on written notice thereof within the one (1) year warranty period and all
defects appearing after one (1) year, Contractor makes no warranty for itself,
without limiting, however, warranties of any subcontractors or others which may
be for more than one (1) year, and after said one (1) year period, Contractor
will aid Owner, at Owner's expense, in enforcing any warranties against others.

19.1.3  All warranties, if the same do not operate by any specific written
provision of any warranty or by operation of law to be in favor of Owner, unless
required to be enforced by the Contractor to back up any obligation which it has
hereunder, shall be deemed to be assigned to Owner (if assignable), such
assignment to take effect immediately upon completion of the work of Contractor
or after expiration of Contractor's warranty. If and to the extent any such
warranties by their terms are not assignable, Contractor shall enforce such
warranties for the benefit of Owner, to provide Owner with the benefit thereof
for the entire period of such warranties.

As to all warranties called for under the Contract Documents, it is understood
and agreed that the limitation of Warranty or Guaranty in favor of Contractor in
this ARTICLE 19 shall not be construed as operating in favor of any
subcontractor or material supplier. Should any longer or other warranty or
guaranty be called for under the Contract Documents or imposed upon any
subcontractor and/or material supplier by operation of law, nothing set forth in
this Agreement shall be deemed to be a limitation thereof, nor a waiver of any
defense to the enforcement of such longer or other warranty as may be available
to any subcontractor or supplier under applicable law.

Contractor's Warranty is a one (1) year warranty, plus Contractor's duty to
obtain any longer or other warranties called for under the Contract Documents
from subcontractors and suppliers for benefit of Owner, which longer or other
warranties are not guaranteed by Contractor beyond the first year, subject to
the qualifications and limitations set forth above. During Contractor's one

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 41
<Page>

(1) year Warranty, Contractor will enforce the subcontractors' and suppliers'
warranties for benefit of Owner or its assigns, except those warranties of
specific equipment stated above, as to which Owner will look solely to the
equipment manufacturer. After expiration of Contractor's one (1) year Warranty,
Contractor will continue to aid Owner in enforcing any continuing warranties,
but enforcement thereafter shall be at Owner's expense.

The one (1) year Warranty shall run from the date of Substantial Completion. The
Contractor's Warranty shall survive beyond the one year after Substantial
Completion in which the Contractor agrees to correct defective Work pursuant
SECTION 19.1.1 above. The Contractor's duty to repair defective Work in no way
limits, diminishes or otherwise affects any warranty rights or other rights or
remedies that the Owner has or may have at law or in equity against the
Contractor for the Contractor's performance of the Work.

                                   ARTICLE 20

                            TERMINATION OR SUSPENSION

20.1    SUSPENSION OF WORK

If the Project is suspended by Owner, in whole or in part, for more than sixty
(60) consecutive days, Contractor shall be paid for all services performed,
prior to receipt of written notice from Owner of such suspension together with
reimbursable expenses then due and all termination expenses as defined in this
Article and a reasonable profit herein. If the Project is resumed after being
suspended for more than sixty (60) consecutive days, the Contract time and
amount shall be equitably adjusted.

20.2    TERMINATION

If Contractor fails to commence the Work in accordance with the provisions of
this Agreement or fails to diligently prosecute the Work to completion thereof
in a diligent, efficient, and workmanlike manner, and in strict accordance with
the provisions of the Contract Documents; fails to use an adequate amount or
quality of skilled personnel or equipment to complete the Work in accordance
with the Project Schedule, fails to perform any of its obligations under the
Contract Documents, or fails to make payments to its subcontractors, materialmen
or laborers in a timely manner, then Owner shall have the right, if Contractor
shall not cure any such breach after five (5) days' written notice thereof, (or
if such breach is of such a nature as to be incapable of cure within such
period, shall not commence action to cure said breach within such period and
thereafter diligently and continuously pursue such action to complete such cure
promptly), to: (1) terminate this Agreement; (2) take possession of and use all
or any part of Contractor's materials, equipment, supplies, and other property
of every kind used by Contractor in the performance of the Work and to use such
property in the completion of the Work; or (3) complete the Work in any manner
it deems desirable, including engaging the services of other parties therefor.
Any such act by Owner shall not be deemed a waiver of any other right or remedy
of Owner. If, after exercising any such remedy, the cost to Owner of the
performance of the balance of the Work is in excess of that part of the Contract
Sum, which has not theretofore been paid to Contractor hereunder, Contractor
shall be liable for and shall reimburse Owner for such excess.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 42
<Page>

In addition to and not in limitation of the foregoing, the Owner shall have the
right, at any time, to terminate this Agreement for the Owner's convenience and
without cause. In case of such termination for the Owner's convenience, the
Contractor shall be entitled to receive payment for any Pre-Construction
services and Work executed, together with reasonable overhead and profit of the
Work executed as of the date of such termination, and the amount incurred by
Contractor as losses in connection with terminating any subcontracts and
purchase orders plus any proven loss sustained upon any services, materials,
equipments, tools, construction equipment, and machinery and demobilization
costs.

20.3    Contractor's Termination

If Owner fails to perform any of its obligations hereunder, Contractor shall
have the right to give Owner a written notice thereof, stating the nature of the
breach complained of. If Owner does not cure such breach within thirty (30) days
after receipt of such notice, Contractor shall have the right to terminate this
Agreement by giving Owner written notice thereof at any time thereafter while
such breach remains uncured, and payment shall be made to Contractor for all
Work executed and for any proven loss sustained upon any services, materials,
equipment, tools, construction equipment, and machinery, and reasonable
demobilization costs. Contractor shall similarly have the right to terminate
upon thirty (30) days' notice if the Work is suspended for a period of thirty
(30) consecutive days or more from causes not the fault of Contractor.

20.4    The amount, if any, to be paid to Contractor upon a termination of this
Agreement shall not cause the GMP to be exceeded, nor shall it exceed an amount
to be calculated as follows:

20.4.1  Take the Cost of Work incurred by the Contractor to the date of
termination;

20.4.2  Add the Contractor's Fee computed upon the Cost of Work to the date of
termination at the rate stated in PARAGRAPH 6.1.1 or, if the Contractor's Fee is
stated as a fixed sum in the Subparagraph, an amount that bears the same ratio
to that fixed-sum Fee as the Cost of Work at the time of termination bears to a
reasonable estimate of the probable Cost of Work upon its completion; and

20.4.3  Subtract the aggregate of previous payments made by the Owner and add
the amount incurred as losses in connection with terminating any subcontracts
and purchase orders plus any proven loss sustained upon any services, materials,
equipments, tools, construction equipment, and machinery and demobilization
costs.

20.4.4  The Owner shall also pay the Contractor fair compensation, either by
purchase or rental at the election of the Owner, for any equipment owned by the
Contractor that the Owner elects to retain and that is to otherwise included in
the Cost of Work under ARTICLE 8. To the extent that the Owner elects to take
legal assignment of subcontracts and purchase orders (including rental
agreements), the Contractor shall, as a condition of receiving the payments
referred to in this ARTICLE 20, execute and deliver all such papers and take all
such steps, including the legal assignment of such subcontracts and other
contractual rights of the Contractor, as the Owner may require for the purpose
of fully vesting in the Owner the rights and benefits of the Contractor under
such subcontracts or purchase orders.

20.5    BANKRUPTCY OF CONTRACTOR.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 43
<Page>

It is recognized that if Contractor is adjudged a bankrupt, or makes a general
assignment for the benefit of creditors, or if a receiver is appointed for the
benefit of its creditors, or if a receiver is appointed on account of its
insolvency, such could impair or frustrate Contractor's performance of this
Agreement. Accordingly, it is agreed that upon the occurrence of any such event,
Owner shall be entitled to request of Contractor, or its successor in interest,
adequate assurance of future performance in accordance with the terms and
conditions hereof. Failure to comply with such request within ten (10) days of
delivery of the request shall entitle Owner to terminate this Agreement and the
accompanying rights set forth herein. In all events pending receipt of adequate
assurance of performance and actual performance in accordance therewith, Owner
shall be entitled to proceed with the Work with its own forces or with other
contractors on a time and material or other appropriate basis, the cost of which
will be back charged against the Contract Sum hereof.

                                   ARTICLE 21

                            MISCELLANEOUS PROVISIONS

21.1    REMEDIES CUMULATIVE

The rights and remedies of Owner and Contractor under this Agreement shall be
non-exclusive, and shall be in addition to all the other remedies available to
such Parties at law or in equity.

21.2    Punchlist

Contractor shall be responsible for satisfying all items on any and all
reasonable Punch Lists generated by Owner or Owner's Representative.

21.3    EMPLOYMENT RESTRICTION

Both Owner and Contractor agree that during the progress of the Work, and for a
period of one (1) year after Substantial Completion, neither shall employ any
person that has been or is currently employed by the other on this Project
without the written consent of the other Party.

21.4    APPLICABLE LAWS

This Agreement shall be construed and enforced in accordance with and under the
laws of the State of Mississippi, without regard to its conflict of laws
principles; and should any provision thereof be found to be invalid by a court
or courts of competent jurisdiction, the same shall not invalidate the remaining
provisions of this Agreement.

21.5    NOTICES

All notices to be given hereunder shall be in writing, and all payments to be
made hereunder shall be by check, and may be given, served, or made by
depositing the same in the United States Mail addressed to the authorized
representative of the Party to be notified, postage paid, and registered or
certified with return receipt requested or by delivering the same in person to
the said authorized representative of such Party. Notice deposited in the mail
in accordance with the provisions hereof shall be effective unless otherwise
stated in such notice or in this Agreement

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 44
<Page>

from and after the fourth (4th) day next following the date postmarked on the
envelope containing such notice, or when actually received, whichever is
earlier. Notice given in any other manner shall be effective only if and when
received by the Party to be notified. All notices to be given to the Parties
hereto shall be sent to or made at the addresses heretofore set forth. By giving
the other Party at least fifteen (15) days' written notice thereof, the Parties
hereto specify as its address for the purposes hereof any other address in the
United States of America.

21.6    WAIVER

No consent or waiver, express or implied, by either Party to this Agreement to
or of any breach or default by the other in the performance of any obligations
hereunder shall be deemed or construed to be a consent or waiver to or of any
other breach or default by such Party hereunder. Failure on the part of any
Party hereto to complain of any act or failure to act of the other Party or to
declare the other Party in default hereunder, irrespective of how long such
failure continues, shall not constitute a waiver of the rights of such Party
hereunder. Inspection by, payment by, or tentative approval or acceptance by
Owner or the failure of Owner to perform any inspection hereunder, shall not
constitute a final acceptance of the Work or any part thereof and shall not
release Contractor of any of its obligations hereunder.

21.7    CONFLICTS

In case of conflicts between the provisions of this Agreement, any ancillary
documents executed contemporaneously herewith or prior hereto, or any other of
the Contract Documents, the provisions of this Agreement (including all
exhibits) shall prevail.

21.8    NOTIFICATION OF LIENS

The Contractor shall notify the Owner immediately if the Contractor becomes
aware of the existence of any lien upon the Project site.

21.9    REMOVAL OF LIENS

Should any lien attach to the site of the Project or the Project by the
Subcontractors, Suppliers, or anyone directly or indirectly employed by any of
them, the Contractor shall act diligently to obtain removal of that lien
(including posting of a bond, if permitted by the court).

21.10   INDEMNIFICATION

The Contractor shall defend, indemnify, and hold the Owner and Owner's Lender
harmless for any loss, claim, damage, or expense, including reasonable
attorneys' fees and expense, arising from or related to liens which attach to
the Project site filed by any Subcontractor, Sub-subcontractor, or Supplier, or
anyone directly or indirectly employed by any of them and by anyone for whose
acts any of them may be liable.

21.11   RELEASE AND WAIVER

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 45
<Page>

When the Work is completed, the Contractor shall furnish the Owner a complete
release and waiver in form acceptable to the Owner and Owner's Lender of all
liens raising out of this Agreement.

21.12   CONFORMITY OF OTHER CONTRACTS

The Contractor agrees to insert in all of its subcontracts and purchase orders
hereunder provisions which shall conform substantially to the language of
Sections 22.10, 22.11 and 22.12.

21.13   BONDS

The Contractor, prior to commencement of any Work, shall provide to the Owner,
Trustee and the Disbursement Agent, within the Guaranteed Maximum Price, the
Bond in the form of EXHIBIT "J" attached hereto, covering 100% of the Work,
including Change Orders, naming the Owner and Trustee (for the benefit of the
noteholders), as co-obligees, covering the faithful performance of the Contract
and payment of obligations arising under this Agreement.

21.15.       ATTORNEYS FEES, COSTS AND EXPENSES

Each of Owner and Contractor shall be entitled to recovery of their attorneys'
fees, costs and expenses in enforcing their rights and remedies hereunder.

                                   ARTICLE 22

                       PROTECTION OF PERSONS AND PROPERTY

22.1    SAFETY PRECAUTIONS AND PROGRAMS

22.1.1  The Contractor shall be responsible for initiating, maintaining and
supervising all safety precautions and programs in connection with the
performance of the Contract.

22.1.2  In the event the Contractor encounters on the site material reasonably
believed to be asbestos or polychlorinated biphenyl (PCB) which has not been
rendered harmless, petroleum waste, biohazardous substances, radioactive waste
or any other substance falling within the category of hazardous or toxic waste
under the Comprehensive Environmental Response, Compensation and Liability Act
(CERCLA) or any other state or federal environmental statute or regulation,
hereinafter collectively referred to as "HAZARDOUS MATERIALS," the Contractor
shall immediately stop Work in the area affected and report the condition to the
Owner in writing. Owner shall thereafter as soon as reasonably possible conduct
a thorough investigation to determine if the suspected material in the affected
area is in fact Hazardous Materials and shall certify to Contractor that such
material is not Hazardous Materials or if such material is in fact Hazardous
Materials that such Hazardous Materials have been abated and that it is safe to
return to the affected area and resume work. Contractor may require Owner to
furnish copies of reports of tests conducted by a qualified testing laboratory
acceptable to Contractor verifying the absence of such Hazardous Materials
before Contractor will be required to resume work. The

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 46
<Page>

Contract time and amount shall thereafter be equitably adjusted to account for
the time lost due to the encountering of the Hazardous Materials and the
reasonable cost associated therewith.

22.1.3  The Contractor shall not be required pursuant to the changes clause
herein to perform without consent any Work relating to Hazardous Materials.

22.1.4  To the fullest extent permitted by law, the Owner shall indemnify,
defend, protect and hold harmless the Contractor, the design professional
subcontractor and design professional subcontractor's consultants and agents and
employees of any of them from and against claims, damages, losses and expenses,
including but not limited to attorneys' fees, arising out of or resulting from
the encountering of Hazardous Materials at the project site (excluding any
Hazardous Materials introduced to the Project Site by the Contractor, the design
professional subcontractor and design professional subcontractor's consultants
and agents and employees of any of them), including but not limited to, any
fines, assessments or other sanctions imposed under any federal or state
environmental statute or regulation as well as costs or expenses associated with
clean up or other abatement procedures, regardless of whether or not such claim,
damage, loss or expense is caused in part by a party protected hereunder,
subject to the limitations set forth in ARTICLE 18 of this Contract. Such
obligation shall not be construed to negate, abridge or reduce other rights or
obligations which would otherwise exist as to a party or person described in
this PARAGRAPH 22.1.4.

22.1.5  To the fullest extent permitted by law, the Contractor shall indemnify,
defend, protect and hold harmless the Owner, the Owner's consultants and agents
and employees of any of them from and against claims, damages, losses and
expenses, including but not limited to attorneys' fees, arising out of or
resulting from any Hazardous Materials introduced to the Project Site by the
Contractor, the design professional subcontractor and design professional
subcontractor's consultants and agents and employees of any of them, including
but not limited to, any fines, assessments or other sanctions imposed under any
federal or state environmental statute or regulation as well as costs or
expenses associated with clean up or other abatement procedures, regardless of
whether or not such claim, damage, loss or expense is caused in part by a party
protected hereunder, subject to the limitations set forth in ARTICLE 18 of this
Contract. Such obligation shall not be construed to negate, abridge or reduce
other rights or obligations which would otherwise exist as to a party or person
described in this PARAGRAPH 22.1.4.

22.2    SAFETY OF PERSONS AND PROPERTY

22.2.1  The Contractor shall take reasonable precautions for safety of, and
shall provide reasonable protection to prevent damage, injury or loss to:

22.2.1.1   employees on the Work and other persons who may be affected thereby.

22.2.1.2   the Work and materials and equipment to be incorporated therein,
       whether in storage on or off the site, under care, custody or control of
       the Contractor or the Contractor's Subcontractors or Sub-subcontractors;
       and

22.2.1.3   other property at the site or adjacent thereto, such as trees,
       shrubs, lawns, walks, pavements, roadways, structures and utilities not
       designated for removal, relocation or replacement in the course of
       construction.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 47
<Page>

22.2.2  The Contractor shall give notices and comply with applicable laws,
ordinances, rules, regulations and lawful orders of public authorities bearing
on safety of persons or property or their protection from damage, injury or
loss.

22.2.3  The Contractor shall erect and maintain, as required by existing
conditions and performance of the Contract, reasonable safeguards for safety and
protection, including posting danger signs and other warnings against hazards,
promulgating safety regulations and notifying owners and users of adjacent sites
and utilities.

22.2.4  When use or storage of explosives or other Hazardous Materials or
equipment or unusual methods are necessary for execution of the Work, the
Contractor shall exercise utmost care and carry on such activities under
supervision of properly qualified personnel.

23.2.5  The Contractor shall cause all of its subcontractors to comply with the
foregoing safety requirements.

                                   ARTICLE 23

                        ENUMERATION OF CONTRACT DOCUMENTS

23.1    The Contract Documents, which constitute the entire Agreement between
Owner and Contractor, are listed in ARTICLE 1, as the same may be amended by any
modifications issued after execution of this Agreement, and are enumerated as
follows:

23.1.1  This Agreement is this executed Standard Form of Agreement Between Owner
and Contractor consisting of pages 1 through 51.

23.1.2  The General Conditions of the Contract of Construction, AIA Document
A201, 1997 edition, as enumerated in EXHIBIT "A" consisting of pages 1 through
66.

23.1.3  The Specifications, as enumerated in EXHIBIT "B" consisting of pages 1
through 3.

23.1.4  The Drawings, as enumerated in EXHIBIT "C" consisting of pages 1 through
4.

23.1.5  The Specifications for the Hard Rock Cafe Shell, as enumerated in
EXHIBIT "D-1" consisting of pages 1 through 3.

23.1.6  The Specifications for the Hard Rock Retail Store Shell, as enumerated
in EXHIBIT "D-2" consisting of pages 1 through 3.

23.1.7  The Project Schedule, as enumerated in EXHIBIT "E" consisting of pages 1
through 5.

23.1.8  The Schedule of Values, as enumerated in EXHIBIT "F" consisting of pages
1 through 17.

23.1.9  The Contractor's Assumptions, Qualifications and Clarifications to the
Guaranteed Maximum Price, and Schedule of Allowances, as enumerated in EXHIBIT
"G" consisting of pages 1 through 11.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 48
<Page>

23.1.10  The Schedule of Liquidated Damages for Late Completion, as enumerated
in EXHIBIT "H" consisting of pages 1 and 2.

23.1.11  The Schedule of Bonus for Early Completion, as enumerated in EXHIBIT
"I" consisting of 1 page.

23.1.12  The Form of Payment and Performance Bond, as enumerated in EXHIBIT "J"
consisting of pages 1 through 2.

23.1.13  The Rental Rates for Equipment Rented from Contractor, as enumerated in
EXHIBIT "K" consisting of 1 page.

23.1.14  The Description of Preconstruction Phase Costs, as enumerated in
EXHIBIT "L" consisting of 1 page.

23.1.15  Mississippi Tax-Related Procedures, as enumerated in EXHIBIT "M",
consisting of pages M-1 through M-11 and Attachment One thereto consisting of
Exhibits A-1, B-1 and B-2 and C-1 through C-7 and Exhibit M-1 thereto.

23.1.16  Form of Barge Subcontract between Contractor and Corn Island Shipyard,
Inc., as enumerated in EXHIBIT "N", consisting of pages 1 through 14.

23.2    Whenever there shall appear any conflict between any provisions of the
Contract Documents, the controlling documents shall be the documents first
appearing in the order set forth above.

                                   ARTICLE 24

                                   ALLOWANCES

24.1    ALLOWANCES

Included in the Contract Sum are all allowances stated in EXHIBIT "G" consisting
of pages 1 through 11. Items covered by allowances shall be supplied for such
amounts and by such persons or entities as Owner may direct, but Contractor
shall not be required to employ persons or entities against which Contractor
makes reasonable objection.

24.1.1  Unless otherwise provided on the Contract Documents:

24.1.1.1   materials and equipment under an allowance shall be selected promptly
        by Owner to avoid delay in the Work;

24.1.1.2   allowances shall cover the cost to Contractor of materials and
        equipment delivered at the site and all required taxes, less applicable
        trade discounts;

24.1.1.3   Contractor's cost for unloading and handling at the site, labor,
        installation costs, overhead, profit, and other expenses contemplated
        for stated allowance amounts shall be included in the allowance; and

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 49
<Page>

24.2    whenever costs are more than or less than allowances, the GMP shall be
adjusted accordingly by Change Order. The amount of the Change Order shall
reflect: (1) the difference between actual costs and the allowances; and (2)
changes in Contractor's costs.

                                   ARTICLE 25

                                    AUTHORITY

25.1    AUTHORITY. The individual executing this Agreement on behalf of
Contractor represents and warrants to Owner that Contractor's Board of Directors
or Bylaws has granted to such individual the express authority to execute and
deliver this Agreement on behalf of Contractor, and that this Agreement, once
executed and delivered by such individual, will be binding upon and enforceable
against Contractor, in accordance with its terms.

                                   ARTICLE 26

                         LIMITATION OF OWNER'S LIABILITY

26.1    NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, NO
PAST, PRESENT OR FUTURE PARTNER, MEMBER, SHAREHOLDER, MANAGER, DIRECTOR,
OFFICER, EMPLOYEE, AGENT OR ANY AFFILIATE OF OWNER, NOR ITS OR THEIR RESPECTIVE
HEIRS, PERSONAL REPRESENTATIVES, SUCCESSORS OR ASSIGNS, SHALL BE PERSONALLY
LIABLE FOR ANY JUDGMENT OR DEFICIENCY RELATING TO OR ARISING OUT OF THIS
AGREEMENT OR ANY DEFAULT BY OWNER HEREUNDER, except to the extent, if any, that
any of such parties or individuals become the Owner hereunder. No member or
manager of Owner shall have any personal liability under this Agreement or any
other instrument, document or agreement entered into or delivered in connection
with this Agreement and the transactions contemplated hereby (collectively, the
"Related Documents") and no recourse for the payment of any amount due under
this Agreement, or for any claim arising out of or relating to this Agreement or
any other Related Documents, whether for failure to pay, perform or discharge
any monetary or non-monetary obligation, breaches of representations, warranties
or covenants, the occurrence of defaults, or otherwise, shall be due or owing,
or had or recoverable against or from, any past, present or future partner,
member, shareholder, manager, director, officer, employee, agent, or affiliate
of Owner (or any successor or assign thereof), except to the extent, if any,
that any of such parties or individuals become the Owner hereunder.

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                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
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        IN WITNESS WHEREOF, this Agreement is entered into as of the day and
year first written above and is executed in at least three (3) original copies,
one of which is to be delivered to Contractor, one to Architect for use in the
administration of the Contract, and the remainder to Owner.

OWNER:                                      CONTRACTOR:

Premier Entertainment, L.L.C.               Roy Anderson Corp.
By:     GAR, LLC

                                            By: /s/ Robert P. Vollenweider
                                               ---------------------------------
          By: /s/ David Ross                Name:  Robert P. Vollenweider
             ----------------------------   Title: Chief Financial Officer

          Title: Member
               ------------------------

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                     Page 51
<Page>

                                   EXHIBIT "A"

                      General Conditions of the Contract of
                  Construction, AIA Document A201, 1997 edition

                   AIA A201 GENERAL CONDITIONS TO BE ATTACHED

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR

<Page>

                                   EXHIBIT "B"
                                 Specifications

                      LIST OF SPECIFICATIONS TO BE ATTACHED

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR

<Page>

                                   EXHIBIT "C"
                                    Drawings

                         LIST OF DRAWINGS TO BE ATTACHED

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR

<Page>

                                  EXHIBIT "D-1"
                   Specifications for the Hard Rock Cafe Shell

1.       Contractor acknowledges the national market theme of rock `n roll music
         and entertainment played and promoted in and through the "Hard Rock
         Cafe" throughout the country and the world. Contractor further
         acknowledges and agrees that the Contractor shall not attempt to
         restrict or impede Hard Rock's use of the Premises in furtherance of
         its rock `n roll music and entertainment theme, provided Hard Rock's
         playing and promotion of this rock `n roll music and entertainment
         theme complies with the applicable Laws and is not conducted in such a
         way as to become a nuisance to the other Hard Rocks, taking into
         consideration and allowing for the nature of and style of Hard Rock's
         business.

2.       Contractor shall provide 2 1/2" potable water supply in compliance with
         the local jurisdiction's requirements or any other governing agency to
         the Hard Rock Cafe leased premises. Contractor to verify that the
         available water pressure is adequate to operate flush valve fixtures
         with an anticipated load of 175 Fixture Units at 85 GPM.

3.       Contractor shall provide a metered 4" natural gas supply within the
         premises at a location coordinated with Hard Rock's design. All work
         shall be in compliance with the local jurisdiction's requirements or
         any other governing agency. The gas supply shall provide an anticipated
         load of 3150 CFH at a pressure of 2 PSI.

4.       Contractor to provide a 4" sanitary sewer line in compliance with the
         local jurisdiction's requirements or any other governing agency.
         Contractor shall rod and visually inspect all existing sewer lines for
         damage prior to connection by Hard Rock.

5.       Contractor to provide a grease interceptor sized as required by the
         local jurisdiction or any other governing agency for the anticipated
         load.

6.       Contractor shall provide fire protection service to the Hard Rock Cafe
         lease space. Service shall be sized in accordance with NFPA 13 and
         Factory Mutual Standards for proper flow at required pressure to
         accommodate total fire protection coverage of the Hard Rock Cafe leased
         space. Hard Rock to make adjustments to the fire protection system as
         required to coordinate with its design.

7.       Contractor to provide all fire separations between the Hard Rock Cafe
         and all adjacent areas as required by the local jurisdiction and any
         other governing agency.

8.       Contractor shall provide fire rated shafts, ductwork within shaft and
         all fire rated assemblies up to the roof (including roof curbs and
         flashing) or exterior in accordance with the local jurisdiction or any
         other governing agency for the Hard Rock Cafe grease exhaust system,
         make-up air system, dishwasher exhaust, HVAC system, and restroom
         exhaust.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

9.       Contractor shall provide new rooftop HVAC equipment (per Hard Rock's
         specifications) and all required structural supports and ducting to the
         Premises. Contractor shall provide sufficient roof or ancillary space
         for Hard Rock's refrigeration equipment, exhaust fans and make-up air
         units and shall provide screening for the equipment as may be required
         by the local jurisdiction, development agreements or as needed to
         satisfy design requirements.

10.      Contractor shall provide to the premises a metered electrical service
         sized at 2000 AMP 120v/208v 3 Phase 4/wire. The service may increase as
         required by the calculated demand load of the Hard Rock Cafe.

11.      Contractor shall provide a building that includes all exterior windows,
         storefronts and doors and which is structurally sound and watertight
         and complies with all of the requirements of this Exhibit "D" (the
         "Shell of the Premises"). The building shall comply with the local
         jurisdiction's requirements or any other governing agency for the
         intended use. Contractor shall be responsible for constructing the
         exterior skin, windows and skin of the building, with integrity against
         water infiltration, leaks and seepage.

12.      Contractor shall provide all shell demising walls in a paint ready
         condition.

13.      Contractor shall provide all acoustical attenuation between Hard Rock
         demises.

14.      Contractor shall have a structural engineer registered in the state in
         which the project is located certify that the floor's structural system
         is adequate to support a live load of 100 lbs. per square foot and an
         additional dead load of 35 lbs. per square foot.

15.      Contractor shall provide a lease area that is free from any hazardous
         substances or materials. Contractor shall provide any and all
         certificates that may be required by the local jurisdiction or any
         other governing agency.

16.      Contractor shall provide a fully accessible and adequately illuminated
         route for the public into the Hard Rock Cafe leased space.

17.      To the extent that the Project is located in a multi-Hard Rock or
         multi-purpose development, Contractor shall, at its expense, include
         Hard Rock Cafe signage in all public directories located within the
         development. Contractor will permit, subject to reasonable approval,
         the use of supplemental directional signage provided and installed by
         Hard Rock Cafe.

18.      Contractor shall provide access to all adjacent and remote spaces as
         required for the completion of the Hard Rock Cafe Hard Rock build out.

19.      Contractor shall provide sufficient space and accommodation, in
         accordance with the requirements of the local jurisdiction or any other
         governing agency, for the adequate and

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        2
<Page>

         proper access, handling, interim storage and delivery of all food and
         merchandise and removal of all trash and waste generated by the Hard
         Rock Cafe.

20.      Contractor shall provide every available assistance in obtaining all
         required local jurisdiction and any other governing agency approvals
         necessary for the construction and operation of the Hard Rock Cafe.

21.      Contractor shall cooperate with Owner in using diligent efforts to
         obtain the local jurisdiction and any other government agency approvals
         for all Hard Rock Cafe exterior signage including but not limited to
         signs, awnings, flags, icons and marquees. Contractor shall provide
         electrical service and all structural supports for the Hard Rock Cafe
         signs. The signage will be supplied and installed by the Hard Rock
         Cafe.

22.      Contractor shall designate an area, adjacent to the Project, for
         temporary construction trailer and material storage, receiving and
         handling.

23.      Contractor shall relocate any pre-existing utilities that conflict with
         Hard Rock's planned improvements.

24.      Contractor shall provide to the Hard Rock Cafe leased space, all HVAC
         equipment, including power, chilled and hot water piping, and central
         ducting from, a centralized unit as necessary to provide adequate
         heating, cooling and ventilation as determined by Hard Rock during the
         planning phase of the project, but in no event less than one ton of
         HVAC capacity shall be supplied to the Hard Rock Cafe leased space for
         each 120 gross square feet of the Hard Rock Cafe leased space. HVAC
         supply shall be provided on a 24 hour per day 365 day per year basis.

                          *** End of EXHIBIT "D-1" ***

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        3
<Page>

                                  EXHIBIT "D-2"
               Specifications for the Hard Rock Retail Store Shell

1.       Contractor acknowledges the national market theme of rock `n roll music
         and entertainment played and promoted in and through the "Hard Rock
         Cafe" throughout the country and the world. Contractor further
         acknowledges and agrees that the Contractor shall not attempt to
         restrict or impede Hard Rock's use of the Premises in furtherance of
         its rock `n roll music and entertainment theme, provided Hard Rock's
         playing and promotion of this rock `n roll music and entertainment
         theme complies with the applicable Laws and is not conducted in such a
         way as to become a nuisance to the other Hard Rocks, taking into
         consideration and allowing for the nature of and style of Hard Rock's
         business.

2.       Contractor shall provide glass store front window system and entry
         doors.

3.       Contractor shall provide Hard Rock Hotel Store staff access to Hotel
         employee washrooms.

4.       Contractor shall provide fire protection service to the Hard Rock Hotel
         Store lease space. Service shall be sized in accordance with NFPA 13
         and Factory Mutual Standards for proper flow at required pressure to
         accommodate total fire protection coverage of the Hard Rock Store
         leased space. Hard Rock to make adjustments to the fire protection
         system as required to coordinate with its design.

5.       Contractor to provide all fire separations between the Hard Rock Hotel
         Store and all adjacent areas as required by the local jurisdiction and
         any other governing agency.

6.       Contractor shall provide fire rated shafts, ductwork within shaft and
         all fire rated assemblies up to the roof or exterior in accordance with
         the local jurisdiction or any other governing agency for the Hard Rock
         Hotel Store.

7.       Contractor shall provide all Heating, Ventilation and Air-Conditioning
         (HVAC) for the space via dedicated units or from Hotel systems. The
         HVAC system shall be designed to satisfy the Hard Rock Hotel Store
         requirements. Hard Rock will provide all secondary distribution from
         the main duct(s) provided by Contractor. HVAC control points shall be
         provided to Hard Rock who will provide local thermostats and controls
         for the branch system.

8.       Contractor shall provide to the premises, as a minimum, an electrical
         service at 200 AMP 120v/208v/3 Phase 4/wire. The service may increase
         as required by the calculated demand load of the Hard Rock Hotel Store.

9.       Contractor shall provide two (2) 1" conduits from the Hard Rock space
         to the base building telephone equipment room. Contractor will ensure
         that base building telephone

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

         service contains sufficient capacity to provide no less than eight (8)
         dedicated phone lines for Hard Rock Hotel Store usage.

10.      To ensure music compatibility with the Hotel Lobby, Contractor shall
         provide one 1" conduit and input feed from the Hotel's main A/V room.
         Hard Rock will terminate the wire to its audio rack to allow for
         connectivity with the Hotel audio system.

11.      Contractor shall provide a building that is structurally sound and
         watertight, that complies with the local jurisdiction's requirements or
         any other governing agency for the intended use and complies with the
         requirements of this Exhibit "C" (the "Shell of the Premises").
         Contractor shall be responsible for constructing the exterior skin of
         the building, with integrity against water infiltration, leaks and
         seepage.

12.      Contractor shall permanently seal all penetrations through the overhead
         structure covering the Hard Rock Hotel Store Hard Rock space.

13.      Contractor shall provide all shell demising walls in a paint ready
         condition.

14.      Contractor shall provide all acoustical attenuation between Hard Rock
         demises.

15.      Contractor shall have a structural engineer registered in the state in
         which the project is located certify that the floor's structural system
         is adequate to support a live load of 100 lbs. per square foot and an
         additional dead load of 35 lbs. per square foot.

16.      Contractor shall provide a flat and level concrete floor slab meeting a
         minimum of: Slab on Grade - FF25 and FL25; Elevated Slab - FF25 and FL
         requiring 80% of all elevation points fall within a envelope tolerance
         of 3/4" or less.

17.      Contractor shall provide a concrete floor slab with a hard trowel
         finish suitable for the future application of concrete stain floor
         finishes. Slab shall not be treated with any penetrating cure or seal
         compound. All control and expansion joints shall be neatly cut with no
         excessive spalling.

18.      Contractor shall provide a lease area that is free from any hazardous
         substances or materials. Contractor shall provide any and all
         certificates that may be required by the local jurisdiction or any
         other governing agency.

19.      Contractor shall provide a fully accessible and adequately illuminated
         route for the public into the Hard Rock Hotel Store leased space.

20.      To the extent that the Project is located in a multi-Hard Rock
         development, Contractor include, at its expense, Hard Rock Hotel Store
         signage in all public directories located within the development and
         will permit, subject to reasonable approval, the use of additional
         supplemental directional signage provided and installed by Hard Rock.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        2
<Page>

21.      Contractor shall provide access to all adjacent and remote spaces as
         required for the completion of the Hard Rock Hotel Store Hard Rock
         build out.

22.      Contractor shall provide sufficient space and accommodation, in
         accordance with the requirements of the local jurisdiction or any other
         governing agency, for the adequate and proper access, handling, interim
         storage and delivery of all food and merchandise and removal of all
         trash and waste generated by the Hard Rock Hotel Store.

23.      Contractor shall provide every available assistance in obtaining all
         required local jurisdiction and any other governing agency approvals
         necessary for the construction and operation of the Hard Rock Hotel
         Store.

24.      Contractor shall cooperate with Owner in using diligent efforts to
         obtain the local jurisdiction and any other government agency approvals
         for all Hard Rock Hotel Store exterior signage including but not
         limited to signs, awnings, flags, icons and marquees. Contractor shall
         provide electrical service and all structural supports for the Hard
         Rock Hotel Store signs. The signage will be supplied and installed by
         Hard Rock.

25.      Contractor shall designate an area, adjacent to the Project, for
         temporary construction trailer and material storage, receiving and
         handling.

26.      Contractor shall route all Hotel systems and utilities to avoid
         conflict with Hard Rock's improvements. Any utilities that conflict
         with the retail improvements shall be relocated by Contractor.

27.      Contractor shall provide all partition framing between adjacent areas
         and shall finish the exterior side of the partition walls. Hard Rock,
         as a part of its Hard Rock Improvement work, shall provide and install
         all drywall and finishes to the interior side of the partition walls.
         Contractor shall provide all sound attenuation and insulation materials
         within the partition walls.

                          *** End of EXHIBIT "D-2" ***

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        3
<Page>

                                   EXHIBIT "E"
                                Project Schedule

                         PROJECT SCHEDULE TO BE ATTACHED

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "F"
                               Schedule of Values

                        SCHEDULE OF VALUES TO BE ATTACHED

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "G"
           Contractor's Assumptions, Qualifications and Clarifications
             to Guaranteed Maximum Price, and Schedule of Allowances

           CONTRACTOR'S ASSUMPTIONS, CLARIFICATIONS AND QUALIFICATIONS
     TO GUARANTEED MAXIMUM PRICE, AND SCHEDULE OF ALLOWANCES TO BE ATTACHED

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "H"
               Schedule of Liquidated Damages for Late Completion

                     LIQUIDATED DAMAGES FOR LATE COMPLETION
                                  (Page 1 of 2)

     -   For each calendar day that Contractor fails to achieve Substantial
         Completion beyond the Substantial Completion Date set forth in the
         Project Schedule commencing upon the first (1st) calendar day following
         the Substantial Completion Date through and including the third (3rd)
         calendar day following the Substantial Completion Date, the Contractor
         shall not be obligated to pay to the Owner any liquidated damages.

     -   For each calendar day that Contractor fails to achieve Substantial
         Completion beyond the Substantial Completion Date set forth in the
         Project Schedule commencing upon the fourth (4th) calendar day
         following the Substantial Completion Date through and including the
         eleventh (11th) day following the Substantial Completion Date, the
         Contractor shall be obligated to pay to the Owner, immediately upon
         demand by Owner, the sum of Ten Thousand Dollars ($10,000.00) for each
         such calendar day, not as a penalty, but as Liquidated Damages.

     -   For each calendar day that Contractor fails to achieve Substantial
         Completion beyond the Substantial Completion Date set forth in the
         Project Schedule commencing upon the twelfth (12th) calendar day
         following the Substantial Completion Date through and including the
         nineteenth (19th) day following the Substantial Completion Date, the
         Contractor shall be obligated to pay to the Owner, immediately upon
         demand by Owner, the sum of Twenty Five Thousand Dollars ($25,000.00)
         for each such calendar day, not as a penalty, but as Liquidated
         Damages.

     -   For each calendar day that Contractor fails to achieve Substantial
         Completion beyond the Substantial Completion Date set forth in the
         Project Schedule commencing upon the twentieth (20th) calendar day
         following the Substantial Completion Date and continuing for each day
         thereafter until Contractor shall have achieved Substantial Completion
         of the Work, the Contractor shall be obligated to pay to the Owner,
         immediately upon demand by Owner, the sum of Fifty Thousand Dollars
         ($50,000.00) for each such calendar day, not as a penalty, but as
         Liquidated Damages.

     -   Provided, however, that the Contractor shall not be obligated to pay
         Owner, on account of the failure of Contractor to achieve Substantial
         Completion within three calendar days of the Substantial Completion
         Date set forth in the Project Schedule, more than the aggregate sum of
         One Million Five Hundred Thousand Dollars ($1,500,000.00).

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "H"
               Schedule of Liquidated Damages for Late Completion

                     LIQUIDATED DAMAGES FOR LATE COMPLETION
                            (Continued, Page 2 of 2)

     -   Notwithstanding the foregoing, Contractor shall not be obligated to pay
         to Owner, and Owner shall not be entitled to retain or recover from
         Contractor, liquidated damages in the event (i) Contractor satisfies
         all conditions to achieving Substantial Completion of the Work (as set
         forth in Section 9.8.1 of the AIA 201 General Conditions) within the
         three-day grace period following the Substantial Completion Date, other
         than the condition that the value of all Punchlist items are less than
         the threshold amount set forth in Section 9.8.1 of the A201 General
         Conditions, and (ii) the Project is open for business to the public and
         generating revenue for the Owner and the use and enjoyment of the
         Project by employees, guests and patrons is not adversely affected or
         impeded by any item on the Punchlist.

     -   Contractor's obligation to pay to Owner, and Owner's right to retain or
         recover from Contractor liquidated damages, is subject to the
         limitations provided in Section 4.6.2 of the Owner-Contractor
         Agreement.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        2
<Page>

                                   EXHIBIT "I"
                     Schedule of Bonus for Early Completion

                           BONUS FOR EARLY COMPLETION

     -   For each calendar day that Contractor achieves Substantial Completion
         prior to the Substantial Completion Date as set forth in the Project
         Schedule commencing upon the first (1st) calendar day prior to the
         Substantial Completion Date through and including the third (3rd)
         calendar day prior to the Substantial Completion Date, the Contractor
         shall not be entitled to any bonus for early completion.

     -   For each calendar day that Contractor achieves Substantial Completion
         prior to the Substantial Completion Date as set forth in the Project
         Schedule on and/or between the fourth (4th) calendar day prior to the
         Substantial Completion Date through and including the eleventh (11th)
         calendar day prior to the Substantial Completion Date, Owner agrees to
         pay to Contractor Ten Thousand Dollars ($10,000) per calendar day as a
         bonus for early completion.

     -   For each calendar day that Contractor achieves Substantial Completion
         prior to the Substantial Completion Date set forth in the Project
         Schedule on and/or between the twelfth (12th) calendar day prior to the
         Substantial Completion Date through and including the nineteenth (19th)
         calendar day prior to the Substantial Completion Date, Owner agrees to
         pay to Contractor Twenty Five Thousand Dollars ($25,000) per calendar
         day as a bonus for early completion.

     -   For each calendar day that Contractor achieves Substantial Completion
         which is nineteen (19) calendar days or more prior to the Substantial
         Completion Date set forth in the Project Schedule, Owner agrees to pay
         to Contractor Fifty Thousand Dollars ($50,000) per calendar day as a
         bonus for early completion.

     -   Provided, however, that Owner shall not be obligated to pay Contractor,
         on account of achieving Substantial Completion prior to the Substantial
         Completion Date set forth in the Project Schedule, more than the
         aggregate sum of Eight Hundred Thousand Dollars ($800,000.00), and
         further provided that Owner shall not be obligated to pay Contractor
         any bonus for achieving Substantial Completion of the Work prior to the
         Substantial Completion Date set forth in the Project Schedule unless
         all of the conditions and requirements for early completion set forth
         in the Contact Documents, including without limitation, all conditions
         and requirements set forth in PARAGRAPH 4.7 and PARAGRAPH 4.8 of the
         Standard Form of Agreement between Owner and Contractor, are satisfied
         in all respects.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "J"
                      Form of Payment and Performance Bond

                                 TO BE ATTACHED

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "K"
                Rental Rates for Equipment Rented from Contractor

<Table>
<Caption>
         EQUIPMENT DESCRIPTION                           MONTHLY RENTAL RATE
----------------------------------------------------------------------------
<S>                                                     <C>
HSP 8060 All Terrain Linkbelt Crane                     $ 6,750.00 per month

8042 Skytrack                                           $ 2,800.00 per month

Street Sweeper                                          $ 1,200.00 per month

Compactor                                               $   660.00 per month

Pontoon Boat                                            $   250.00 per month

Pick-Up Truck                                           $   720.00 per month

Total Station                                           $   495.00 per month

Level & Transit                                         $   179.00 per month

Desktop Computer                                        $   105.00 per month

Laptop Computer with Docking Station                    $   186.00 per month

Heavy Use Printer                                       $    35.00 per month

Copying Machine                                         $   350.00 per month

Fax Machine                                             $    40.00 per month
</Table>

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "L"
                   Description of Preconstruction Phase Costs

Types of Preconstruction Costs

     -   Design Services

     -   Preconstruction Labor and Labor Burden

     -   Preconstruction Meetings / Conference Calls

     -   Plan Reproduction

     -   Postage and Shipping

     -   Site Investigation

     -   Survey

     -   Travel Expenses

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "M"
                       Mississippi Tax Related Procedures

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                   EXHIBIT "N"
            Form of Barge Subcontract with Corn Island Shipyard, Inc.

                     AGREEMENT BETWEEN OWNER AND CONTRACTOR
                                        1
<Page>

                                                                    Exhibit 10.1

                               FIRST AMENDMENT TO
                     AGREEMENT BETWEEN OWNER AND CONTRACTOR

     THIS FIRST AMENDMENT TO AGREEMENT BETWEEN OWNER AND CONTRACTOR (this
"AMENDMENT") is made as of the 22nd day of January, 2004 by and among Premier
Entertainment Biloxi, LLC, a Delaware limited liability company ("OWNER") and
Roy Anderson Corp. ("CONTRACTOR").

                                   WITNESSETH

     WHEREAS, Premier Entertainment, L.L.C., a Mississippi limited liability
company, as owner, and Contractor entered into that certain "Agreement Between
Owner and Contractor where the basis of payment is the Cost of Work Plus a Fee
Not to Exceed a Guaranteed Maximum Price" made and entered into as of December
24, 2003 relating to the construction of a Hard Rock Hotel and Casino in Biloxi,
Mississippi ( the "GMP CONTRACT");

     WHEREAS, subsequent to the execution and delivery of the GMP Contract,
Premier Entertainment, L.L.C., a Mississippi limited liability company, was
merged with and into Owner;

     WHEREAS, the Owner and Contractor desire to amend the GMP Contract as
herein provided.

     NOW, THEREFORE, for and in consideration of the mutual covenants and
conditions herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned hereby
agree as follows:

     1.   RECITALS;  CAPITALIZED  TERMS. The foregoing  recitals are
acknowledged to be accurate and are incorporated herein. Capitalized terms used
in this Amendment but not otherwise defined herein shall have the meanings
ascribed to such terms in the GMP Contract.

     2.   DISBURSEMENT AGREEMENT. Paragraph 2.3 of the GMP Contract is amended
by substituting the name "U.S. Bank National Association, a national banking
association" in place of the name "Standard Federal - Corporate and
Institutional Trust, a division of LaSalle Bank National Association" in each
place where such reference occurs in Paragraph 2.3. Accordingly, U.S. Bank
National Association, a national banking association (together with its
successors and assigns from time to time), shall be defined to be the
Disbursement Agent and the Trustee, respectively. The date "January 14, 2004" is
inserted in the blank space in Paragraph 2.3 for the Latham & Watkins draft of
the Disbursement Agreement.

     3.   LIEN WAIVERS FOR DIRECT PURCHASE ITEMS.

               a.   The amount "$40,000" is hereby substituted in place of the
amount "$50,000" in Paragraph 3.4 of Exhibit M and Paragraph 3.1 of Section C
("Direct Purchases by OWNER of Certain Items of Component Materials and
NonComponent Materials") to Exhibit M attached to the GMP Contract.

               b.   Contractor represents to Owner that its best estimate, based
upon currently-available information, of the number of contracts for Direct
Purchase Items with any

<Page>

single supplier or contractor with a contract price of less than $40,000 will be
approximately twenty-five (25) contracts, and the aggregate amount of all such
contracts will be approximately $900,000.00. Contractor agrees that whenever the
information concerning the actual number and amount of such contracts (i.e.,
contracts for Direct Purchase Items with any single supplier or contractor with
a contract price of less than $40,000) is available, Contractor shall provide
such particular contract information to Owner, to allow Owner to certify such
contract information to First American Title Insurance Company and Owner.

     4.   NO OTHER  CHANGES.  Except  as herein  expressly  supplemented,
changed, modified or amended, all of the terms, provisions and conditions of the
Agreement shall continue to remain in full force and effect.

     5.   CONTROLLING  DOCUMENT.  In the event of any  conflict  or
inconsistency between the terms and provisions of this Amendment and the
Agreement, the terms and provisions of this Amendment shall prevail and govern.

     6.   SUCCESSORS  AND ASSIGNS.  This  Amendment  shall be binding  upon and
inure to the benefit of the parties hereto and their respective permitted
successors and assigns.

     7.   EXECUTION  IN  COUNTERPARTS.  The  Amendment  may be signed in
multiple counterparts, each of which, when taken together, will constitute one
and the same instrument.

     8.   FACSIMILE DELIVERY.  The parties hereto agree that the use of
facsimile signatures for the negotiation and execution of this Amendment shall
be legal and binding and shall have the same full force and effect as if
originally signed.

             THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK;
                       SIGNATURES APPEAR ON FOLLOWING PAGE

                                       C-2
<Page>

     IN WITNESS WHEREOF, the undersigned have hereto set their hands and
seals on this First Amendment to Agreement between Owner and Contractor as of
the day and year first above written.

OWNER:                                     CONTRACTOR:

Premier Entertainment Biloxi, LLC,         Roy Anderson Corp.
a Delaware limited liability company

By:        /s/ Joseph Billhimer            By:        /s/ Robert P. Vollenweider
       ---------------------------------          ------------------------------
Name:      Joseph Billhimer                Name:      Robert P. Vollenweider
       ---------------------------------          ------------------------------
Title:     President and Chief Operating   Title:     Chief Financial Officer
           Officer                                ------------------------------
       ---------------------------------

                                       C-3<Page>

                                                                    Exhibit 10.5

                                LICENSE AGREEMENT

                                 BY AND BETWEEN

                         HARD ROCK HOTEL LICENSING, INC.

                                       AND

                           PREMIER ENTERTAINMENT, LLC

                            DATED: AS OF MAY 15, 2003

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
Section                                                                     Page
-------                                                                     ----
<S>                                                                           <C>
SECTION 1.   DEFINITIONS AND INTERPRETATION....................................1

SECTION 2.   GRANT; SCOPE.....................................................11

SECTION 3.   TERM; EXTENSION OF TERM..........................................12

SECTION 4.   COMPENSATION TO LICENSOR.........................................13

SECTION 5.   DEVELOPMENT/OPERATION OF HOTEL/CASINO............................14

SECTION 6.   LEASE............................................................24

SECTION 7.   PERSONNEL........................................................24

SECTION 8.   ADVERTISING......................................................25

SECTION 9.   STANDARDS OF QUALITY AND OPERATION...............................28

SECTION 10.  ADDITIONAL COVENANTS OF LICENSEE.................................32

SECTION 11.  PROTECTION AND ACKNOWLEDGMENT OF THE LICENSED RIGHTS.............37

SECTION 12.  ACCOUNTING RECORD; RIGHT TO INSPECT..............................40

SECTION 13.  REQUIRED INSURANCE...............................................42

SECTION 14.  TERMINATION......................................................44

SECTION 15.  LICENSEE'S OBLIGATIONS UPON TERMINATION OR EXPIRATION............49

SECTION 16.  TRANSFER.........................................................50

SECTION 17.  NON-COMPETITION..................................................53

SECTION 18.  DISPUTE RESOLUTION...............................................54

SECTION 19.  INDEMNIFICATION..................................................57

SECTION 20.  CONFIDENTIAL INFORMATION.........................................58

SECTION 21.  GENERAL PROVISIONS...............................................59

SECTION 22.  CERTAIN REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF
             LICENSOR AND LICENSEE............................................64

SECTION 23.  RIGHT OF FIRST OFFER.............................................65

SECTION 24.  SECURED PARTY RIGHTS.............................................66

SECTION 25.  INITIAL SECURED PARTY RIGHTS.....................................73

SECTION 26.  LETTER OF CREDIT.................................................73
</Table>

<Page>

                                    EXHIBITS

<Table>
<S>                <C>
Exhibit A          Licensed Marks

Exhibit B          Form of Cafe Lease Agreement

Exhibit B-1        Business Terms of Retail Store Lease Agreement

Exhibit C          Form of Memorabilia Lease

Exhibit D          Project Concept Plan

Exhibit E          Description of Pre-Approved Site

Exhibit F          Map of Competitive Territory

Exhibit G          Collateral Assignment of License Agreement

Exhibit H          Consent to Collateral Assignment of License Agreement
</Table>

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                                LICENSE AGREEMENT

     This LICENSE AGREEMENT (the "AGREEMENT") is made and executed as of May
15, 2003, by and between HARD ROCK HOTEL LICENSING, INC., a Florida
corporation ("LICENSOR"), and PREMIER ENTERTAINMENT, LLC, a Mississippi
limited liability company ("LICENSEE").

                                    RECITALS

     A.   Licensor will be developing or has developed a Hotel System (as
hereinafter defined) for operating the hotel aspects of Hotel/Casino
establishments that provide Accommodation, Food and Beverage, Branded
Merchandise and Gaming (each as hereinafter defined) of a distinctive character
and quality under the name "Hard Rock Hotel" and "Hard Rock Casino" and has
publicized such names and the related trademarks, trade names, service marks,
logos, slogans, trade dress, commercial symbols, and other intellectual property
rights of Licensor in connection with the operation of such Hotel System at
hotel and/or casino establishments throughout the world.

     B.   Licensor will own certain rights in the Hotel System with respect to
the Competitive Territory (as hereinafter defined) and desires to develop and
operate in the Competitive Territory music-themed hotels and casinos under the
name "Hard Rock Hotel", "Hard Rock Casino" and certain other trademarks, trade
names, service marks, logos, slogans, trade dress, commercial symbols, and other
intellectual property rights of Licensor as used from time to time in connection
with the operation of Hotel/Casino establishments and the production and sale of
Branded Merchandise in conformity with the Hotel System.

     C.   Licensee is desirous of developing and operating a hotel and casino
using the Hard Rock Marks (as hereinafter defined) and has requested that
Licensor grant to the Licensee the Licensed Rights defined hereunder and the
other rights contained in this Agreement for, INTER ALIA, use at the Licensed
Location (as hereinafter defined) within the Competitive Territory.

     D.   Licensee and Licensor desire to enter into this Agreement to have a
hotel and casino developed and operated at the Licensed Location within the
Competitive Territory upon the terms and conditions set forth herein.

                              TERMS AND CONDITIONS

     NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
covenants and obligations contained herein, the grant by Licensor to Licensee of
the rights to utilize the Licensed Rights as contained herein, and for other
good and valuable consideration, the receipt and sufficiency of all of which is
hereby acknowledged by each party hereto, Licensor and Licensee hereby agree as
follows:

SECTION 1.     DEFINITIONS AND INTERPRETATION

          (A)     DEFINITIONS. For purposes of this Agreement, the following
     definitions shall apply:

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     "AAA" shall have the meaning set forth in Section 18(B)(i) hereof.

     "AAA RULES" shall have the meaning set forth in Section 18(B)(i) hereof.

     "ACCOMMODATION" means lodging for the public in a hotel setting and other
associated services and facilities.

     "ACCOUNTING REFEREE" shall have the meaning set forth in Section 18(A)(i)
hereof.

     "ADJUSTED FOR INFLATION" means an amount adjusted for inflation by being
increased on each anniversary of the Opening Date by the lesser of (i) Three
percent (3%) or (ii) an adjustment based upon the "Inflation Index" (as defined
below). The amount of the adjustment under (ii) shall be determined by
multiplying the amount which is the subject of the escalation by a fraction the
denominator of which is the "Inflation Index" for the month from which such
adjustment shall be made (the "BASE MONTH"), and the numerator of which is the
"Inflation Index" for the month immediately prior to the month in which the
adjustment for inflation shall be made (the "ADJUSTMENT MONTH"), provided that
if the Inflation Index for the Base Month is less than the Inflation Index for
the Adjustment Month, the amount to be adjusted will be multiplied by one (1)
for purposes of making calculations hereunder. In the event an amount is to be
Adjusted for Inflation and there is no reference to the Base Month, the Base
Month shall be the month that includes the Effective Date. For purposes of this
paragraph, the Inflation Index shall mean the U.S. City Average Price Index for
All Urban Consumers for All Items (Base Year 1982 - 1984) as published by the
United States Department of Labor, Bureau of Labor Statistics; provided that if
such index is discontinued or is unavailable, then the parties will substitute
therefor a comparable index for use in calculating changes in the cost of living
or purchasing power of consumers published by any other governmental agency,
major bank, financial institution or university or by another recognized
financial publication, with such adjustments as shall be reasonably necessary to
produce substantially the same results as would have been obtained under the
unavailable index.

     "ADVISORY SERVICES" shall have the meaning set forth in Section 5(I)
hereof.

     "AFFILIATE" shall mean, with respect to any Person, any other Person which,
directly or indirectly, controls, is controlled by, or is under common control
with, such Person. The term "control" means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by
contract, or otherwise.

     "AGREEMENT" shall have the meaning set forth in the first paragraph hereof.

     "BOOKS AND RECORDS" shall have the meaning specified in Section 12(B)
hereof.

     "BRANDED MERCHANDISE" shall mean those items of personal property, products
and merchandise bearing the Licensed Marks which Licensor sells in the
Hotel/Casino Retail Store leased to Licensor pursuant to the Retail Store Lease
Agreement.

     "BUSINESS DAY" shall mean any day other than a day on which banking
institutions are required or authorized to be closed in Orlando, Florida or
Biloxi, Mississippi.

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     "CAFE LEASE AGREEMENT" shall mean that certain Lease Agreement by and
between Licensee, as landlord, and Hard Rock STP (as hereinafter defined), as
tenant, whereby Licensee shall lease space within the Hotel/Casino to Hard Rock
STP to operate a Hard Rock Cafe, in the form attached hereto as EXHIBIT B.

     "CASINO" shall mean the casino portion of the Hotel/Casino.

     "CLAIMS" shall have the meaning set forth in Section 19(A) hereof.

     "COMPARABLE STANDARDS" shall mean, as appropriate in context, the manner of
operation, frequency of repairs made, cleanliness, quality of materials used,
degree of training and retraining for employees, and other similar
considerations, as are regularly used and/or practiced by (a) a majority of
Licensor's other similar U.S. facilities (either hotel or casino), provided
Licensor, at the time such Comparable Standards are being considered, has in
full operation at least six (6) such similar U.S. facilities, or (b) if Licensor
does not have six (6) similar U.S. facilities in full operation, similar U.S.
facilities of similar size and catering to similar clientele who have earned a
"four diamond" rating by the Automobile Club of America, at the time such
Comparable Standards are being considered.

     "COMPETITIVE TERRITORY" means the geographic region depicted on the map
attached hereto as EXHIBIT F and made a part hereof, which shall include the
cities of Biloxi, Gulfport and Bay of St. Louis.

     "CONFIDENTIAL INFORMATION" shall mean any information or material that is
proprietary to one of the parties hereto, or imparted or made available by one
of the parties hereto to the other party hereto, that, in either case, is either
specifically listed in the following sentence or marked confidential or
confirmed in writing within fifteen (15) Business Days of disclosure as
confidential. Notwithstanding the foregoing, the following items shall be deemed
confidential, regardless of whether the same is marked or designated as such:
(i) the Hotel System and related Manuals and all information, components and
elements set forth therein; (ii) all information, knowledge or data relating to
new products and entertainment concepts; (iii) either party's strategic plans,
pricing policies, recipes (other than generic recipes) and the testing thereof;
(iii) trade secrets; (iv) training programs and techniques; (v) proprietary
ideas and concepts; (vi) marketing and advertising techniques and plans for
design, sourcing and providing goods and services; (vii) customer research; and
(viii) financial information concerning the Hotel/Casino and its businesses.
Confidential Information shall not include information or material that: (w) is
or becomes generally available to the public other than as a result of a
disclosure by the party receiving it hereunder; (x) is or becomes available to
the party receiving it hereunder on a non-confidential basis form a source
which, to the knowledge of the party receiving it hereunder, is entitled to
disclose it without restriction: (y) was known to the party receiving it
hereunder prior to its disclosure hereunder as evidenced by written
documentation; or (z) is verifiably developed by the party receiving it
hereunder without the benefit of the information or materials disclosed
hereunder.

     "CONTINUING FEE(s)" means the fee(s) Licensee will pay for the duration of
this Agreement to Licensor as consideration for the use of the Licensed Rights
under the terms and conditions of this Agreement, and as more specifically
provided for in Section 4(B) hereof.

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     "CONTROLLING INTEREST" shall mean BOTH (i) the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of Licensee, whether through the ownership of voting securities, by
contract, or otherwise, and (ii) the direct or indirect ownership of twenty
percent (20%) or more of the equity interests of Licensee.

     "DISPUTE" shall have the meaning set forth in Section 18(B)(i) hereof.

     "DISPUTE NOTICE" shall have the meaning set forth in Section 18(A)(i)
hereof.

     "FEES" shall the meaning set forth in Section 4(C) hereof.

     "FF&E" shall mean all furniture, fixtures and equipment (other than
operating supplies) located at or used in connection with the Project, including
without limitation: (i) all gaming equipment, including without limitation, all
slot machines and video gaming devices; (ii) all furniture, furnishings,
built-in furniture, carpeting, draperies, decorative millwork, decorative
lighting, doors, cabinets, hardware, partitions (but not permanent walls),
televisions and other electronic equipment, interior plantings, interior water
features, artifacts and artwork, and interior and exterior graphics; (iii)
communications equipment; (iv) all fixtures and specialized hotel equipment used
in the operation of kitchens, laundries, dry cleaning facilities, bars and
restaurants; (v) telephone and call accounting systems; (vi) rooms management
systems, point-of-sale accounting equipment, front and back office accounting,
computer, duplicating systems and office equipment; (vii) cleaning and
engineering equipment and tools; (viii) vehicles; (ix) recreational equipment;
and (x) all other similar items which are used in the operation of the Project,
excluding, however, any personal property which is owned by subtenants,
licensees, concessionaires or contractors.

     "FISCAL YEAR" shall mean the twelve (12) month period commencing January 1
and ending December 31, except that the first Fiscal Year shall be that period
commencing on the Opening Date and ending on the next December 31.

     "FOOD AND BEVERAGE" means those items of food and beverage sold at the
Hotel/Casino, but excluding all food and beverage sold by any Hard Rock Cafe at
the Licensed Location governed by the Cafe Lease Agreement.

     "FORCE MAJEURE" shall have the meaning set forth in Section 21(K) hereof.

     "GAAP" shall mean United States generally accepted accounting principles as
in effect from time to time.

     "GAMING" means the conduct of gaming activities, as defined by Miss. Code
Ann. Section 75-76-5(l), or any successor or substitute statute. The Parties
acknowledge that the display or use of the Hard Rock Marks and the Memorabilia,
the electronic visual and audio aspects, including, but not limited to, music
selection and the use of videos within the gaming area does not constitute
Gaming.

     "GOVERNMENTAL AUTHORITY" means any foreign, federal, state or local
governmental entity or authority, or any department, commission, board, bureau,
agency, court or

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instrumentality thereof having control or regulatory authority over the Licensed
Location, the Hotel/Casino or the Project.

     "HARD ROCK ELEMENTS" shall mean those aural or visual aspects of the
Hotel/Casino which uniquely identify a facility as being a Hard Rock facility,
including but not limited to (1) the use of distinctive exterior and interior
designs, layouts, concepts, decor, music-related memorabilia and icons, and
staff uniforms; (2) the process for selecting and training employees in all
customer service and interface positions; (3) the electronic visual and audio
aspects of the Hotel/Casino, including but not limited to music and video
selection; (4) advertising and marketing standards for the uses and presentation
of the Licensed Marks, including such usage in connection with media events,
television, radio and print, and coordination of public relations activities;
(5) distinctive furniture, distinctive carpeting, decorative millwork,
decorative lighting, acoustics, graphics, signage and audio visual equipment;
and (6) any other use or display of the Hard Rock trademarks.

     "HARD ROCK HOTEL" means a hotel, lodge, inn or similar establishment within
a property or resort named or identified with the Hard Rock Marks which is a
place for overnight lodging. As respects a particular Hotel/Casino, the term
"Hotel" shall include the hotel buildings and structures at any time constructed
and situated on the land, whether owned or leased, comprising that location, and
all facilities, structures and improvements relating thereto, including, without
limitation, guestrooms, any lobbies, kitchen, dining rooms, restaurants, meeting
and banquet rooms and facilities, bars, swimming pools, theaters, health clubs,
landscaping, parking areas, roadways and walkways.

     "HARD ROCK LEASES" shall mean collectively the Cafe Lease Agreement and
Retail Store Lease Agreement (as hereinafter defined).

     "HARD ROCK MARKS" shall mean the name "Hard Rock Hotel", "Hard Rock Casino"
and all associated or related trademarks, trade names, service marks, logos,
slogans, trade dress, commercial symbols, and other intellectual property rights
of Licensor and its Affiliates related thereto as set forth on EXHIBIT A, as
such exhibit may from time to time be amended by written agreement of the
parties to this Agreement.

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

     "HOTEL" shall mean the hotel portion of the Hotel/Casino.

     "HOTEL/CASINO" shall mean the Hard Rock Hotel, Casino and live music venue
to be developed and operated at the Licensed Location and all related
improvements, including FF&E, as approved in accordance with the provisions of
this Agreement. No timeshare or other fractional ownership rights shall be
included and License has no rights to develop timeshare or fractional ownership
interest as part of the Project.

     "HOTEL/CASINO RETAIL STORE" shall mean that area within the Project to be
leased to Hard Rock STP pursuant to the Retail Store Lease Agreement where Hard
Rock STP shall sell Branded Merchandise. Licensee shall build the Hotel/Casino
Retail Store in accordance with criteria specified by Licensor in the Retail
Store Lease Agreement.

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     "HOTEL SYSTEM" shall mean the method, to be developed, of (a) operation of
the Hotel and (b) conforming the Casino with the Hard Rock Elements, to be
operated pursuant to the terms of this Agreement. Licensor will own the rights
in the Hotel System and the Manuals which are developed by the Licensor.
Licensor will consult with Licensee, or Licensee's designated agent, to develop
and implement the Hotel System, and all subsequent modifications to the Hotel
System and Manuals. The Hotel System shall be commercially reasonable in
accordance with Comparable Standards, and in no event shall it require any more
onerous obligations, responsibilities and expense of Licensee than Licensee
would have in creating and operating the hotel/casino in Las Vegas currently
operated under the Hard Rock brand, as it exists as of the date of this
Agreement. Notwithstanding the foregoing, and for the avoidance of doubt, the
Hotel System and Manuals shall not address Gaming or any procedures or policies
for the operation of Gaming.

     "HRC COMPETITOR" shall mean (a) a Planet Hollywood, Motown Cafe, House of
Blues, Rainforest Cafe, Country Star, Harley Davidson Cafe, ESPNZone, TGI
Fridays, Chili's, Applebee's, Houlihans or Bennigans; (b) a restaurant chain (i)
operating under the same name in six or more Metropolitan Statistical Areas,
(ii) with theme-related icons or memorabilia displayed throughout the premises
in a museum or collection type manner, and (iii) which derives greater than ten
percent (10%) of its gross revenues from the sales of merchandise; or (c) any
American dining theme-restaurant whose primary business is the sale of
hamburgers or bar b-que.

     "INDEMNIFY" means to defend, indemnify against, hold harmless from, and
reimburse for.

     "INTEREST RATE" means the prime rate listed in the "Money Rates" section of
the WALL STREET JOURNAL from time to time plus four percent (4.0%) per annum,
provided that in no event shall the Interest Rate exceed the maximum rate
permitted by applicable Law(s).

     "LAW(s)" means any and all laws, judgments, decrees, orders, rules,
regulations or official legal interpretations of any Governmental Authority.

     "LEASE" shall have the meaning set forth in Section 6 hereof.

     "LICENSEE'S POLICIES" means the reasonable, non-discriminatory (as applied
to Licensor, Licensee [in its operation of businesses in the Hotel/Casino],
other tenants in the Hotel/Casino and their respective employees, invitees and
licensees) written policies and procedures adopted by Licensee related to the
security and privacy of the Gaming operations conducted by Licensee and approved
in writing by Licensor, which approval shall not be unreasonably withheld,
conditioned or delayed, and all future modifications to such written policies
and procedures which are (i) approved in advance and in writing by Licensor if
such modifications adversely affect the rights or interest of Licensor
hereunder, or (ii) provided to Licensee at least thirty (30) days prior to the
effective date of such modifications, if such modifications do not adversely
affect the rights or interest of Licensor hereunder.

     "LICENSED LOCATION" means the real property upon which the Hotel/Casino is
to be located as approved by Licensor pursuant to Section 5(B) hereof, and
includes such real property, all structures located or constructed thereon, all
FF&E, and all appurtenances to any of

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the foregoing, together with all easements, entrances, exits, rights of ingress
and egress thereto, and all improvements thereon or thereto.

     "LICENSED MARKS" shall mean those Hard Rock Marks, as depicted and (subject
to the restrictions) set forth in EXHIBIT A hereto, as such exhibit may from
time to time be amended by written agreement of the parties to this Agreement.

     "LICENSED RIGHTS" means the right to use (i) the Licensed Marks, and (ii)
the trade dress elements representing the total image and overall appearance of
a Hard Rock Hotel and Casino, including but not limited to, distinctive exterior
and interior designs, layouts, concepts, decor, color schemes, music-related
memorabilia and icons, furnishings, and staff uniforms; all in accordance with
this Agreement. Licensor will own all of the Licensed Rights incorporated into
the Hotel System, the Manuals, the Hotel/Casino and/or the Project, in each case
developed by Licensor.

     "LICENSING FEE REVENUES" shall mean, during the relevant period, the
aggregate of: (a) all revenues, income and proceeds of any kind from the rental
of guest rooms, conference rooms and meeting rooms at the Hotel/Casino,
excluding any Federal, state and municipal excise, sales, resort, use and other
taxes collected from patrons or guests as a part of or based upon the sales
price of any goods or services, (b) sale of Food and Beverage, Merchandise,
collection of parking fees or other receipts of any kind and including, without
limitation, (i) the fair market values of any barter and other non-cash property
and services received as an alternative to cash payments pursuant to recurring
practices that reduce or offset or substitute for revenues, (ii) sixty percent
(60%) of the Average Daily Rate of any guest rooms charged to guests, customers
or clients on a "complimentary" basis, without charge or for a reduced charge
(other than to Hard Rock executives), whether as part of a "frequent traveler"
program offered by Licensee (except for programs that grant awards based solely
on paid room nights by a guest at the Hotel/Casino) or for any other reason,
(iii) awards or any other form of incentive payments from any source whatsoever
which are attributable to the rental of guest rooms the Hotel/Casino, and (b)
the proceeds (after deduction from said proceeds of all necessary expenses
incurred in the adjustment or collection thereof) of business interruption
insurance actually received by Licensee with respect to the revenue items
described in subsection (a) of this definition with respect to the Project, in
each case only to the extent such revenues are actually received by Licensee or,
if applicable (with respect to fair market value) as actually granted or
utilized by Licensee. As used in this section, the "Average Daily Rate" shall
mean One Hundred Dollars ($100.00) with respect to the first Operating Year,
and, thereafter, shall mean the average rate per night for rooms in the Hotel
charged to guests during the preceding Operating Year, provided, however, rooms
let or made available to guests, customers or clients on a "complimentary"
basis, without charge or for a reduced charge, regardless of the cause therefor,
shall not be included in the calculation of the Average Daily Rate.

     Notwithstanding the above, and for the avoidance of doubt, the parties
agree that Licensing Fee Revenues shall not include: (i) any revenues, receipts
and income of any kind received by Licensee from "gaming", as defined by Miss.
Code Ann. '75-76-5(1) (as hereafter amended), at the Hotel/Casino; or (ii)
revenues generated by Licensor at the Hard Rock Cafe and the Hard Rock Retail
Store located at the Project.

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     "MANAGEMENT STANDARD" shall mean the standard of a first-class, four-star
resort hotel as defined by the current standard as of the date hereof of the
Hard Rock Hotel located in Las Vegas, Nevada.

     "MANUALS" shall mean, collectively, all operating manuals, training manuals
and all accompanying workbooks to be developed by Licensor to implement the
Hotel System pursuant to this Agreement, as amended, supplemented, or otherwise
modified from time to time by Licensor, in its sole discretion.

     "MARKS COMPLIANCE COORDINATOR" shall have the meaning set forth in Section
9(C) hereof.

     "MEMORABILIA LEASE" shall mean that certain Memorabilia Lease by and
between Hard Rock STP, as lessor, and Licensee, as lessee, whereby Hard Rock STP
shall lease "rock and roll" memorabilia to Licensee for display in the
Hotel/Casino, in the form attached hereto as EXHIBIT C.

     "MERCHANDISE" shall include those items of personal property, products and
merchandise which Licensee sells at the Hotel/Casino, expressly excluding any
and all Branded Merchandise and items of personal property, products and
merchandise which Hard Rock STP sells at the Hard Rock Cafe located within the
Hotel/Casino.

     "METROPOLITAN STATISTICAL AREA" shall mean the designation by the U.S.
Census Bureau for metropolitan areas with a central city or an urbanized area
having a minimum population of 50,000 with a total metropolitan population of at
least 100,000 and including all counties that have strong economic and social
ties to the central city.

     "NET WIN" shall mean the amount remaining after payment of and accrual for
prizes and complimentary benefits extended to players and taxes paid by Casino
on "Gross Revenues" as defined by the Mississippi Gaming Commission on the date
hereof.

     "NOTICE(s)" shall have the meaning set forth in Section 21(B) hereof.

     "OPENING DATE" shall mean the date the Hotel/Casino is opened for business
to the public, the deadline of which is set forth in Section 5(N) hereof.

     "OPERATING PERIOD" means the period beginning with the Opening Date and
continuing for the term of this Agreement.

     "OPERATING YEAR" shall mean the twelve consecutive (12) month periods
commencing on the first day of the first calendar month after the Opening Date
and ending on the last day of the twelfth full calendar month after the Opening
Date, except that the first Operating Year shall be that period commencing with
the Opening Date and ending on the last day of the twelfth full calendar month
after the Opening Date.

     "PERMITS" means any and all licenses, permits, approvals, variances,
waivers or consents from any Governmental Authority.

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     "PERSON" shall mean (i) an individual, corporation, partnership, joint
venture, limited liability company, limited liability partnership, estate,
trust, unincorporated, associated or other entity, (ii) any Federal, state,
county or municipal government or any bureau, department, political subdivision
or agency thereof, and (iii) a fiduciary acting in such capacity on behalf of
any of the foregoing.

     "PRE-OPENING PERIOD" means the period from the date hereof until the
Opening Date.

     "PROJECT" shall mean (i) the Hotel/Casino and its related amenities, (ii) a
barge to be moored at the site with approximately 70,000 square feet of gaming
space, (iii) a Hard Rock Live! music venue, (iv) all real property interests at
the Licensed Location, and (v) such other developments as the parties may
mutually agree to include in the Project, in each case, together with all
buildings, structures, FF&E, and improvements related thereto.

     "PROJECT MANAGER" shall mean the individual responsible for the day-to-day
management of the construction of the Project.

     "PROPERTY SYSTEM(s)" means any property system(s) (including without
limitation all equipment and Software), whether proprietary to Licensor and/or
third parties, designated by Licensor for use by Hard Rock Hotels, as such
property systems may from time to time be modified by Licensor.

     "PROTECTED PERSONS" shall the meaning set forth in Section 17(C) hereof.

     "RESERVATION SYSTEM" means any reservation system designed by or utilized
by Licensor (including without limitation all equipment and Software) for Hard
Rock Hotels, as such reservation system may be from time to time modified by
Licensor.

     "RESERVE FUND" shall have the meaning specified in Section 9(D) hereof.

     "RETAIL STORE LEASE AGREEMENT" shall mean that certain Lease Agreement by
and between Licensee, as landlord, and Hard Rock STP, as tenant, whereby
Licensee shall lease space within the Project to Hard Rock STP to operate the
Hotel/Casino Retail Store selling Branded Merchandise, in substantially the same
form as the Cafe Lease Agreement, subject to the business terms attached hereto
as EXHIBIT B-1.

     "SOFTWARE" means all computer software and accompanying documentation
(including all future enhancements, upgrades, additions, substitutions and other
modifications thereof) as may be provided pursuant to this Agreement to Licensee
by Licensor or third parties designated by Licensor for use in Hard Rock Hotels.

     "TERRITORY" shall mean Biloxi, Mississippi.

     "TOTAL REVENUES" shall mean, during the relevant period, total revenue as
determined under GAAP, and in any event shall include, without limitation, all
income of every kind and all proceeds of sales of every kind (whether in cash,
barter or on credit) resulting from the operation of the Project and any of the
facilities therein and goods and services provided thereby, including, without
limitation, (a) the Net Win from all gaming activities conducted at the

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Licensed Location or within the Project, (b) all income and proceeds from the
rental of rooms, Food and Beverage sales, sales of other goods and services, (c)
vending machine income, telephone revenues, parking revenues, revenues from any
recreational facilities, and entertainment revenues, (d) all income and proceeds
received from tenants, transient guests, customers, lessees, licensees and
concessionaires, including rental payments from the Hard Rock Cafe and the
Hotel/Casino Retail Store pursuant to the Lease Agreement (but not including the
gross receipts of such lessees, licensees or concessionaires) and other Persons
occupying space at the Project and/or rendering services to Project guests (but
exclusive of all consideration received at the Project for hotel accommodations,
goods and services to be provided elsewhere, although arranged by, for or on
behalf of Licensee), (e) the fair market values of any barter and other non-cash
property and services received by Licensee as an alternative to cash payments
pursuant to recurring practices that reduce or offset or substitute for
revenues, (f) the value (as reflected in the audited financial statements of
Licensee) of any Hotel rooms, facilities or services offered to guests,
customers or clients without charge or for a reduced charge, whether as part of
a "frequent traveler" program offered by Licensee or the Hotel manager or for
any other reason, (g) revenues arising from corporate sponsorships (where
permitted herein), (h) awards (other than condemnation awards for the value of
the Project), any other form of incentive payments or awards from any source
whatsoever which are attributable to the operation of the Project, (i) the
proceeds from any temporary taking (after deduction from said proceeds of all
necessary expenses incurred in the restoration of the improvements as may have
been necessitated by such taking), and (j) the proceeds (after deduction from
said proceeds of all necessary expenses incurred in the adjustment or collection
thereof) of business interruption insurance actually received by Licensee with
respect to the operation of the Project, in each case only to the extent such
revenues are actually received by or on behalf of Licensee or, if applicable, as
actually granted or utilized by Licensee.

     Notwithstanding the above, the following shall, however, be excluded from
Total Revenues: (i) all revenues, receipts and income of every kind received by
Licensor or any Affiliate of Licensor in respect of, or attributable to, the
Hard Rock Cafe and the Hotel/Casino Retail Store at the Licensed Location; (ii)
Federal, state and municipal excise, sales, resort, use, and other taxes
collected from patrons or guests as a part of or based upon the sales price of
any goods or services, including, without limitation, gross receipts, room, bed,
admission, cabaret, or similar taxes; (iii) any gratuities collected and paid
over to employees; (iv) the proceeds of any financing or refinancing of the
Project or capital contributions or advances to Licensee; (v) interest on funds
in the Reserve Fund; (vi) proceeds from the sale of any FF&E; (vii) proceeds
from the sale of the Hotel/Casino or other facilities included in the Project;
and (viii) proceeds of hazard insurance, other than business interruption
insurance.

          (B)     SCOPE OF TERMS. The use of the words defined herein shall
     include the plural or singular forms of such terms, and the male, female,
     or neutral gender thereof, as appropriate.

          (C)     REFERENCE TERMS. The use of the words "herein", "thereof",
     "hereinafter", "hereinabove", and other words of similar import shall be
     deemed to refer to this Agreement as a whole, and not to a specific
     section, subsection, or paragraph thereof.

                                       10
<Page>

SECTION 2.     GRANT; SCOPE

          (A)     GRANT. Licensor hereby grants to Licensee, upon and subject to
     the terms and conditions contained in this Agreement, and Licensee hereby
     accepts, the exclusive right and license to develop, operate, own, and
     manage one (1) Hotel/Casino using and displaying the Licensed Rights at the
     Licensed Location, and to promote such facility anywhere in the world,
     including the use of Licensed Marks at the Hotel/Casino. Licensor's right
     to license, develop, own or operate a physical structure branded with the
     Hard Rock Marks within the Competitive Territory during the term of this
     Agreement shall be subject to the restrictions set forth herein.

          (B)     SCOPE. All rights granted to Licensee are limited to the
     establishment, operation and promotion of a Hotel/Casino utilizing the
     Licensed Rights from the Licensed Location to the extent specifically
     provided for in this Agreement. Licensee may not otherwise commercialize or
     utilize, whether or not for profit, any of the Licensed Rights. Licensee
     may not use the Hard Rock Marks unless they are Licensed Marks. The rights
     granted to Licensee hereunder shall not entitle Licensee to sell Branded
     Merchandise from the Licensed Location or any other location, and Licensee
     acknowledges that Branded Merchandise may be sold at the Licensed Location
     only by Licensor or its Affiliates or by a Person duly licensed by Licensor
     to sell Branded Merchandise. The rights granted to Licensee do not include
     any rights to brand and operate other facilities at the Hotel/Casino on or
     from the Licensed Location utilizing the Hard Rock Marks, except as
     expressly approved in advance by Licensor, in its sole discretion.

          (C)     RESERVED RIGHTS. Licensor reserves all rights not specifically
     granted to Licensee pursuant to this Agreement. Nothing in this Agreement
     shall prevent Licensor or its Affiliates from (i) developing or licensing
     others to develop: (a) Hard Rock Hotels with casinos or Hard Rock casinos
     anywhere outside the Competitive Territory, (b) Hard Rock Hotels (without
     casinos) anywhere outside the Competitive Territory, (c) Hard Rock Cafes
     anywhere outside the Competitive Territory, (d) Hard Rock Live! facilities
     anywhere outside the Competitive Territory, (e) facilities utilizing the
     Hard Rock Marks (other than Hard Rock Hotels, Hard Rock casinos, Hard Rock
     Cafes and Hard Rock Live! facilities) any where in the world including, the
     Competitive Territory, (f) Hard Rock branded timeshare or other fractional
     ownership anywhere in the world, including the Competitive Territory, and
     (g) resorts, hotels and/or casinos, and other facilities using any names or
     marks, other than the Licensed Marks anywhere in the world, and (ii)
     promoting and protecting all such facilities anywhere in the world. In
     addition to the foregoing, nothing in this Agreement shall prevent Licensor
     or its Affiliates from (a) selling, or licensing third parties to sell,
     from a site within the Competitive Territory or a location ancillary and
     commonly operated by such site within the Competitive Territory, Branded
     Merchandise, excluding Branded Merchandise referring to and/or depicting
     the geographic location of the Project within the Competitive Territory, or
     (b) owning, developing (or licensing others to develop) or operating,
     anywhere in the world (i) any form of on-line gaming (no matter where a
     Person logs in for such on-line gaming service) or (ii) any form of gaming
     activities conducted on or from a vessel except that Licensor shall not be
     entitled, directly or indirectly, to operate, own or develop vessels

                                       11
<Page>

     utilizing the Hard Rock Marks on which gaming is conducted which remain
     moored within the Competitive Territory or depart from the Competitive
     Territory and return to the Competitive Territory within twenty-four (24)
     hours of such departure. Licensee acknowledges and agrees that no rights
     are or will be granted in this Agreement for the development, construction,
     operation or maintenance or other interest in any "Hard Rock Cafe", which
     rights shall be subject to the Cafe Lease Agreement.

          (D)     RESTRICTIONS.

                  (i)     The rights granted to Licensee do not include any
          rights to use or otherwise identify the Hard Rock name or the Licensed
          Marks with any businesses or facilities other than as herein granted
          respecting the one (1) Hotel/Casino at and from the Licensed Location,
          except as expressly approved in advance in writing by Licensor in its
          sole discretion, and except that Licensee may utilize the Licensed
          Marks on designations and directional signage and consumables within
          the confines of the Hotel/Casino. Licensee shall not use or register
          any trademark which is confusingly similar to the Licensed Marks or
          use the Licensed Marks in any manner which creates a unitary or
          composite trademark with the trademark of any third party or in
          connection with the marks of any sponsor. Licensee shall use the
          representations of the Licensed Marks, with respect to the location of
          the words in the design logo, only in the manner set forth in this
          Agreement with the words "Hard Rock Hotel" within the circle logo and
          the geographic or other designation described therein below the circle
          logo. Without Licensor's express written consent, in its sole
          discretion, Licensee shall not replace the word "Hotel" within the
          circle logo with any other designation.

                  (ii)    Neither Licensee nor its Affiliates shall, or shall
          permit any third party to, at any time, construct, operate or maintain
          at the Hotel/Casino (a) any other business that is confusingly similar
          to a Hard Rock Cafe, or (b) any other business that utilizes the Hard
          Rock Marks, except as expressly permitted herein, or take any actions
          that would infringe or otherwise violate the Hard Rock Marks.

SECTION 3.     TERM; EXTENSION OF TERM

          (A)     INITIAL TERM. This Agreement shall be effective and binding
     from the date of its execution, as set forth on the first page hereof, and
     shall continue for an initial term of twenty (20) Fiscal Years after the
     Opening Date, unless sooner terminated as provided herein.

          (B)     RENEWAL TERM. Except as otherwise provided for in this
     Agreement, Licensee shall have the option of renewing the term hereof for
     two (2) successive ten (10) year renewal terms upon the same term and
     conditions as are contained herein, by providing Licensor with written
     notice of its exercise of its option not more than eighteen (18) months and
     not less than six (6) months prior to the expiration of the then-current
     term of this Agreement, provided that at the time of the exercise of such
     option: (i) Licensee is not in default under the terms of this Agreement or
     any other agreement between Licensee and Licensor or any of its Affiliates
     after written notice and

                                       12
<Page>

     opportunity to cure as provided for herein or therein, and (ii) with
     respect to the second renewal option, Licensee shall have exercised the
     first renewal option. Upon the elapse of such option period and prior to
     termination, Licensor agrees to notify Licensee in writing of its failure
     to renew in order to confirm Licensee's nonrenewal decision, whereupon
     Licensee shall have seven (7) days within which to elect to exercise its
     renewal option. If Licensee fails to notify Licensor of its election within
     such seven (7) day period, Licensee shall be deemed to have elected not to
     exercise such renewal option. Upon any such renewal, no additional
     Territory Fee shall be due.

SECTION 4.     COMPENSATION TO LICENSOR

          (A)     TERRITORY FEE. As consideration for the grant of the right to
     use the Licensed Rights as provided herein, Licensee shall pay to Licensor
     a one-time territory fee of Five Hundred Thousand Dollars ($500,000) (the
     "TERRITORY FEE"), which is due and payable upon execution of this
     Agreement.

          (B)     CONTINUING FEES. As further consideration for the grant of the
     right to use the Licensed Rights as provided herein, Licensee hereby agrees
     to pay to Licensor a fee equal to three percent (3%) of the Licensing Fee
     Revenues during the term of this Agreement (the "CONTINUING FEES"). In no
     event shall this Section be construed so as to allow Licensor to share in
     any revenue generated by the Licensee's Gaming operations at the
     Hotel/Casino.

          (C)     PAYMENT OF FEES. The Continuing Fees will be payable to
     Licensor monthly, within ten (10) days after the end of each calendar
     month, based on Licensing Fee Revenues generated during the preceding
     calendar month. The Territory Fee and Continuing Fees and all other fees,
     contributions, expenses and reimbursements due from Licensee hereunder
     (collectively, "FEES"), shall be paid by wire transfer of immediately
     available funds to an account designated in writing from time to time by
     Licensor.

          (D)     ANNUAL FEES. As further consideration for the grant of the
     right to use the Licensed Rights as provided herein, Licensee shall pay
     Licensor a non-refundable annual fee ("ANNUAL FEE") in the following
     amount:

<Table>
          <S>        <C>
          Year 1     $ 1,100,000
          Year 2     $ 1,200,000
          Year 3     $ 1,400,000
          Year 4     $ 1,400,000
          Year 5     $ 1,500,000
</Table>

     From Year 6 until the end of the Term, the Annual Fees shall be Adjusted
for Inflation each year. The "Base Month" for the Adjustment for Inflation shall
be the first calendar month of Year 5. All Annual Fees shall be paid without
regard to the revenues or financial performance of the Hotel/Casino. The Annual
Fee shall commence on the Opening Date and continue for each year or partial
year during the Term. The Annual Fee shall be payable in equal monthly
installments in arrears within ten (10) days after the end of each calendar
month.

          (E)     TECHNICAL SERVICES FEES. As consideration for the Technical
     Services (as defined below) to be provided by Licensor, Licensee shall pay
     to Licensor One Thousand

                                       13
<Page>

     Dollars ($1,000) per key or room to be part of the Hotel/Casino, which sum
     shall be paid in equal monthly installments commencing upon the execution
     of this Agreement until the date which is twenty-four (24) months after the
     date of execution of this Agreement (the "TECHNICAL SERVICES FEE") within
     ten (10) days after the end of each calendar month. For purposes of payment
     of the Technical Services Fee prior to the actual determination of the
     number of keys or rooms to be part of the Hotel/Casino, it shall be assumed
     that Licensee will construct three hundred twenty (320) rooms. Upon final
     determination of the actual number of rooms or keys to be part of the
     Hotel/Casino, the parties shall reasonably cooperate to reconcile any
     overpayment or underpayment of the Technical Services Fee.

          (F)     LATE PAYMENTS. Unpaid amounts due and owing from Licensee or
     Licensor, shall bear interest, pro rata per day, on the past due balance at
     the Interest Rate; provided, however, that if the last day on which any
     such amounts due and owing from Licensee or Licensor can be paid without
     being considered past due falls on a non-Business Day, then the last day
     for paying such sums without being considered past due shall be the next
     Business Day thereafter.

          (G)     ALL FEES ARE NONREFUNDABLE. No Fees or other sums payable
     hereunder shall be refundable to Licensee, except as specifically provided
     herein. Notwithstanding the foregoing, Licensor shall refund any
     overpayments made by Licensee.

          (H)     OFFSETTING OR WITHHOLDING BY LICENSEE. The Hard Rock Leases
     require an Affiliate of Licensor, Hard Rock STP to pay an ongoing rental to
     Licensee, all as more particularly described in the applicable Hard Rock
     Leases (collectively, the "RENTAL PAYMENT"). In the event Hard Rock STP is
     more than five (5) days late (beyond any applicable grace period or
     curative period set forth in the applicable Hard Rock Lease) in the payment
     of any Rental Payment due under either Hard Rock Lease, and Licensee
     obtains a judgment or award from the arbitrator in accordance with the
     applicable Hard Rock Lease that such amount is due and owing, then,
     Licensee may, in addition to any other remedies it may have under the
     applicable Hard Rock Lease, offset the unpaid Rental Payment (in the amount
     determined by the arbitrator), or portion thereof, against the Fees coming
     due under this License Agreement until the Rental Payments, or outstanding
     portion thereof, are paid to Licensee.

          (I)     The parties acknowledge that a reasonable, good faith error in
     the calculation of Total Revenues or Licensing Fee Revenues shall not be
     deemed a default hereunder.

SECTION 5.     DEVELOPMENT/OPERATION OF HOTEL/CASINO

          (A)     LICENSURE. If in connection with this Agreement, the Licensor
     or its Affiliates are required to undergo a gaming licensure process, then
     at the request of Licensor, Licensee agrees to negotiate in good faith a
     modification of this Agreement that would avoid such gaming licensure
     requirement, provided that such modification does not adversely affect
     Licensee's or Licensor's interests. For purposes of this Section,
     "interests" shall mean Licensee's and Licensor's financial, legal and other
     interests.

                                       14
<Page>

                  (i)     The Project shall be designed and developed in
          substantial accordance with the scope set forth in the project concept
          plan and preliminary budget attached hereto as EXHIBIT D (the "PROJECT
          CONCEPT PLAN"), as such Project Concept Plan is reasonably negotiated
          and amended between the parties. The number of keys or rooms within
          the Hotel/Casino for lodging shall not be less than three hundred
          (300) nor more than one thousand (1000), without Licensor's prior
          written consent, as determined in Licensor's sole discretion. The
          Project Concept Plan for the Hotel/Casino, and the Hotel/Casino as
          finally constructed, shall include a Hard Rock Cafe conforming to
          standards prescribed by Licensor and set forth in the Cafe Lease
          Agreement, which Hard Rock Cafe shall be leased to Licensor pursuant
          to the Cafe Lease Agreement.

                  (ii)    Notwithstanding any provision of this Agreement to the
          contrary (except in respect to compliance with Laws and Governmental
          Authorities), Licensor shall have full discretionary approval, in its
          sole discretion, over all aspects of the development of the Project
          which include Hard Rock Elements to the extent not covered by the
          Hotel System or Manuals. Licensor's approval rights shall not include
          approval over the design and layout of the gaming area (E.G., the
          placement within the gaming area of table games, machines, cashier's
          cages and other elements associated with gaming activity) or the
          training of the gaming personnel, but shall include approval, in its
          sole discretion, over the display and use of the Licensed Marks and
          the Memorabilia, the electronic visual and audio aspects, including
          but not limited to music selection and the use of videos within the
          gaming area and the gaming employee uniforms. Notwithstanding the
          foregoing, all table games shall include a prominent visual reference
          to the Hard Rock brand, such as custom felt containing the Hard Rock
          Hotel logo and rock lyrics, and branded chips, similar to those in
          current use at the Hard Rock Hotel in Las Vegas. Licensor agrees to
          reasonably and timely consult with Licensee with respect to its
          approval over the aspects of the Project that include Hard Rock
          Elements.

                  (iii)   Licensee shall use reasonably diligent efforts to
          acquire and develop the Licensed Location and the Hotel/Casino and
          shall, with all reasonable diligence, construct, complete, furnish and
          equip the Hotel/Casino, which in no event shall be of a lesser quality
          than as set forth in the Hotel System, the Manuals and the Project
          Concept Plan (as defined below), and in accordance with all of the
          requirements of this Agreement. Licensee shall be solely responsible
          and solely at risk to make certain the Licensed Location and the
          Hotel/Casino, as constructed and operated, comply in all respect with
          all applicable Laws and all other requirements of all Governmental
          Authorities. In the event any of the approvals required herein, the
          Hotel System, the Manuals or the Project Concept Plan would prevent
          such compliance, or would subject Licensor to gaming laws or
          licensure, then Licensor acknowledges and agrees that the laws and
          requirements of all Governmental Authorities, including without
          limitation the Mississippi Gaming Commission, shall control and
          govern.

                                       15
<Page>

                  (iv)    Licensor shall own the Hotel System and the Manuals
          exclusively. At all times during and after the term of this Agreement,
          Licensee and its respective Affiliates shall not be entitled to use
          for any other purpose: (i) the Hotel System and the Manuals, and (ii)
          restaurant concepts and menus used at the Hotel/Casino at any time and
          from time to time if such concepts and menus are sufficiently
          significant to be uniquely associated with the Hotel/Casino. The
          provisions of this clause (iv) shall survive the termination of this
          Agreement.

          (B)     SITE REVIEW AND APPROVAL RIGHTS. (i) Licensor has reviewed and
     preapproved the site described on EXHIBIT E attached hereto (the
     "PREAPPROVED SITE"). Prior to any commitment by Licensee to a location
     other than the Preapproved Site, Licensee shall have submitted to Licensor
     a written request for written approval by Licensor of such proposed site,
     and the specific location of the Hotel/Casino thereon. The written request
     for approval of a proposed site shall be accompanied by a feasibility study
     for the proposed site comparable to the feasibility study prepared for the
     Preapproved Site and all other locational, demographic, and operating
     information as Licensor shall reasonably request, including, without
     limitation, area maps, initial site plans, initial floor plans and layouts,
     initial business and operating plan (including Total Revenues and expense
     projections), basic demographic and traffic pattern information, local
     transportation and parking facilities, and location of competing
     establishments. Licensee shall also provide Licensor with a site report for
     the Hotel/Casino (the "REPORT") if site requested is other than the
     Preapproved Site. The Report shall include salient features of the proposed
     site, building type and placement information (and anticipated development
     expenditures, preliminary plans, specifications or sketches of the
     Hotel/Casino) and other information reasonably requested by Licensor in
     order to understand the Hotel/Casino and surrounding development. Licensee
     shall bear all costs it incurs in connection with the preparation and
     delivery of any feasibility studies and Reports pursuant hereto. Licensor
     shall be permitted to visit and inspect the proposed site prior to date by
     which it would be required to submit any objections to such proposed site,
     and thereafter. Licensor's approval of the proposed site will not be
     unreasonably withheld provided that the projected revenues set forth in the
     feasibility study for the proposed site are not less than eighty percent
     (80%) of the projected revenues set forth in the feasibility study prepared
     by Urban Systems Inc. (dated December, 2002) for the Preapproved Site.
     Otherwise, Licensor's approval may be withheld in its sole discretion. In
     the event Licensor does not approve any proposed site, Licensor shall
     provide to Licensee in reasonable detail the reasons therefor. Licensor
     will approve or disapprove of the location proposed by Licensee within
     sixty (60) days following the submission of all information reasonably
     requested by Licensor. The failure by Licensor to approve or disapprove a
     proposed site within such sixty (60) day period shall be deemed to be an
     approval of such proposed site by Licensor. A site for the Hotel/Casino
     shall be selected by Licensee and approved by Licensor as provided above
     and acquired by Licensee no later than three (3) years after the date of
     this Agreement.

          (C)     Licensee hereby acknowledges and agrees that the selection of
     a site as provided above, or the failure of Licensor to object to a site,
     does not constitute an assurance, representation or warranty by Licensor of
     any kind, express or implied, as to the suitability (commercially or
     otherwise) of the site for the Hotel/Casino or for any

                                       16
<Page>

     other purpose. Both Licensor and Licensee acknowledge that application of
     criteria that may have been effective with respect to any other site and
     premises may not be predictive of commercial or other potential for all
     sites and that, subsequent to the selection of a site, demographic and/or
     economic factors, such as competition from other similar businesses, could
     change, thereby altering the potential of the site. Such factors are
     unpredictable and are beyond Licensor's control, and Licensor shall not be
     responsible for the failure of a site approved by Licensor to meet
     expectations as to revenue, income or operational criteria. Licensee
     further acknowledges and agrees that acceptance of a site of a Hard Rock
     Hotel is based on its own independent investigation of the suitability of
     the site.

          (D)     FINANCING.

                  (i)     Subject to the terms and conditions of this
          Section 5(D), Licensor shall have the right to approve (or reject) in
          Licensor's reasonable discretion all direct or indirect financing
          arrangements for the Project.

                  (ii)    Prior to Licensee or any of its Affiliates commencing
          a "roadshow" for any offering of debt securities the proceeds of which
          will be used to finance a portion of the Project (a "Securities
          Financing"), Licensee shall submit to Licensor a written request for
          written approval by Licensor of the Securities Financing and all other
          related direct or indirect financing arrangements for the Project (the
          "Related Transactions"), which approval shall not be unreasonably
          withheld. The written request for approval of the Securities Financing
          and the Related Transactions shall include the then current draft of
          all documents reasonably necessary for Licensor to obtain an
          understanding of the proposed Securities Financing and the Related
          Transactions, including a reasonably detailed budget for the Project
          and those documents setting forth the material terms of the Securities
          Financing and the Related Transactions. Licensor will approve or
          disapprove of the Securities Financing and the Related Transactions in
          writing as soon as practicable, but in any event within three (3)
          business days following the submission of Licensee's written request
          for approval. Provided Licensee has complied with the terms of the
          following paragraph, the failure by Licensor to approve or disapprove
          the Securities Financing and the Related Transactions within such
          three (3) day period shall be deemed to be an approval of the
          Securities Financing and the Related Transactions by Licensor. Once
          Licensor's approval has been given (or deemed to have been given),
          Licensor's approval of subsequent changes to the terms of the
          Securities Financing and the Related Transactions shall not be
          required unless such changes materially alter the rights and
          obligations of Licensee under such documents or the interest of the
          lender(s) in this Agreement, the Project, the Hard Rock Leases or the
          Memorabilia Lease. In the event material changes are made to a
          Securities Financing or Related Transaction after Licensor's approval
          has been given (or deemed to have been given), Licensee shall submit
          the modified terms to Licensor in writing for Licensor's review and
          approval. Licensor will approve or disapprove of the Securities
          Financing and the Related Transactions as modified by such terms
          within two (2) business days of the time that such modified terms are
          submitted to Licensor. Provided Licensee has complied with

                                       17
<Page>

          the terms of the following paragraph, the failure by Licensor to
          approve or disapprove the Securities Financing and the Related
          Transactions as modified within such two day period shall be deemed to
          be an approval of the Securities Financing and the Related
          Transactions as modified by Licensor.

               In addition to the other provisions of this Section 5(D)(ii),
          prior to the consummation of any Securities Financing, Licensee shall
          act in good faith to provide Licensor with drafts of any documents
          related to or reasonably requested by Licensor with respect to such
          Securities Financing, including any Related Transaction related to
          such Securities Financing, as such drafts are being considered by the
          other parties to such Securities Financing or Related Transaction.

                  (iii)   Prior to Licensee or its Affiliates entering into any
          direct or indirect financing arrangement with respect the Project
          other than as set forth in Section 5(D)(ii), Licensee shall submit to
          Licensor a written request for written approval by Licensor of its
          proposed financing for the Project, which approval shall not be
          unreasonably withheld. The written request for approval of such
          financing for the Project shall include a general description of all
          of the material terms of the proposed financing and detailed budgets
          for the Project. Licensee shall provide Licensor with such additional
          information and documentation regarding the proposed financing for the
          Project as Licensor may reasonably request. Licensor will approve or
          disapprove of such proposed financing for the Project within twenty
          (20) days following the submission of Licensee's written request for
          approval and receipt of all documentation related thereto reasonably
          requested by Licensor. The failure by Licensor to approve or
          disapprove the proposed financing within such twenty (20) business day
          period shall be deemed to be an approval of such financing by
          Licensor.

                  (iv)    Licensee shall have obtained Licensor's approval and
          secured all necessary financing and/or equity contributions to
          complete the Project not later than eighteen (18) months following the
          execution of the Agreement. Notwithstanding the forgoing, except as
          provided in Section 24 of this Agreement, the rights and obligations
          created herein shall not be pledged as collateral, subordinated or
          otherwise encumbered in any manner whatsoever without the prior
          written consent of Licensor, which consent may be withheld in
          Licensor's sole discretion.

          (E)     Licensee hereby acknowledges and agrees that: (a) Licensor has
     not made any agreements or commitments of any kind, whether express or
     implied, to Licensee that Licensor or any of its Affiliates will provide a
     completion guaranty or any other financial assistance to Licensee in
     connection with its financing of the Project, and (b) if Licensor or any of
     its Affiliates do agree to provide financial assistance to Licensee, then
     the terms of such financial assistance will be set forth in a separate
     written document which is mutually agreed upon between Licensee and
     Licensor or, if applicable, its Affiliate.

                                       18
<Page>

          (F)     ADDITIONAL APPROVALS. Licensee shall also timely submit to
     Licensor for Licensor's approval (which approval shall not be unreasonably
     delayed) prior to construction, purchase or hire, as applicable, the
     following:

                  (i)     all preliminary and final plans and specifications for
          the Hotel/Casino and all FF&E, including, without limitation, all
          preliminary and final designs, site plans, floor plans and layouts,
          and artist renderings relating to the initial construction of the
          Hotel/Casino, which approval shall not be unreasonably withheld unless
          it includes the Hard Rock Elements, in which event such approval may
          be withheld in Licensor's sole discretion;

                  (ii)    the identity and qualifications of the Project Manager
          for the Project, which approval shall not be unreasonably withheld;

                  (iii)   the identity and qualifications of all contractors,
          architects and other consultants proposed to be utilized by Licensee
          for preparation of the preliminary and final plans and specifications
          for the Hotel/Casino and the construction of the Hotel/Casino, which
          approval shall not be unreasonably withheld; and

                  (iv)    all such other information regarding the Project as
          Licensor shall reasonably request.

     Licensor shall have the right to disapprove any of the foregoing items
within five (5) Business Days of written submission by Licensee. If Licensor
fails to approve or disapprove of any item within such period, Licensee shall
notify Licensor of such failure, and Licensor shall have an additional five (5)
Business Days after such notice to approve or disapprove such item. The failure
by Licensor to approve or disapprove of any item prior to the end of the second
five (5) Business Day period shall be deemed to be an approval of such item by
Licensor. If Licensor disapproves any item, Licensor shall provide to Licensee
in reasonable detail the reasons therefor, together with general suggestions for
revisions.

          (G)     DESIGN CONSULTANTS. Licensor shall have the right to hire up
     to two (2) design consultants to review the designs of the Hotel/Casino and
     consult with the Project's architects and designers with respect to the
     Hard Rock Elements and other non-Gaming aspects of the design of the
     Hotel/Casino. Licensee shall reimburse Licensor for the fees and other
     expenses (including, without limitation, travel expenses) of such
     consultants, up to a maximum aggregate amount of $75,000. Such amounts
     shall be payable by Licensee within ten (10) days following Licensor's
     invoice therefor.

          (H)     DISPUTES. The parties agree to use their reasonable efforts to
     promptly resolve any disputes regarding any approvals relating to the
     development or operation of the Hotel/Casino. If the parties are unable to
     resolve any dispute within five (5) Business Days, then either party shall
     have the right to submit such dispute to arbitration as provided in Section
     18 of this Agreement (other than matters which are not subject to
     arbitration as provided herein).

                                       19
<Page>

          (I)     ADVISORY SERVICES. Licensor will, upon Licensee's written
     request, render the following advisory services to Licensee during the
     Pre-Opening Period (the "ADVISORY SERVICES"):

                  (i)     advice in formulating or refining the preliminary
          plans and specifications for the construction of the Hotel/Casino
          (other than Gaming aspects of same) and all related Hotel/Casino
          facilities, including landscaping, and in formulating or refining
          preliminary layouts, drawings, and designs for the interior of the
          Hotel/Casino and the furnishing and equipping thereof, and, in
          connection therewith, may recommend to Licensee layouts and other
          criteria and specifications for the facilities to be included in the
          Hotel/Casino;

                  (ii)    advice as to architects, contractors, engineers,
          designers, decorators, landscape architects, and such other
          specialists and consultants as shall be necessary for completing the
          Hotel/Casino; provided, however, that Licensee shall not be obligated
          to utilize any such Person recommended by Licensor, and Licensor shall
          have no liability or responsibility for any act or omission of any
          such Person utilized by Licensee; and

                  (iii)   advice in preparing budgets for the initial purchase
          of FF&E for the Hotel/Casino.

     It is the intention of the parties hereto that responsibility for
implementation of each of the foregoing items is upon Licensee, but that
Licensor shall remain available to assist Licensee in such implementation. All
reasonable travel costs incurred by Licensor after the date hereof, including,
without limitation, travel, accommodations, and other reasonable travel expenses
incurred by Licensor in providing Advisory Services shall be reimbursed by
Licensee within ten (10) days following invoice therefor. The forgoing shall not
exceed fifty thousand dollars ($50,000.00).

     Licensor, where practical and in its sole discretion, shall make available
to Licensee Licensor's facilities for the purchase of required FF&E, and other
necessary items, and may recommend to Licensee a firm or firms from which such
items may be purchased. Any such purchase through Licensor's facilities shall be
subject to such price mark-ups or other charges as to which Licensor and
Licensee may mutually agree in each instance. Any such purchase through sources
recommended by Licensor shall include an acknowledgment, in form acceptable to
Licensor, specifying that the seller is not contracting with Licensor, and that
Licensor is not responsible for any payment or performance by Licensee. Licensee
shall not be obligated to purchase such items from the firms or sources
recommended by Licensor; provided, however, that, prior to purchasing from
non-recommended sources, Licensee shall submit to Licensor such samples and/or
other information with respect to the proposed purchases as shall be necessary
to assure Licensor that the quality, design, and safety of such items, together
with their compliance with applicable Law, is at least equal to that available
from sources recommended by Licensor, and that the design, appearance, and all
other aspects thereof conform to the requirements of this Agreement.

                                       20
<Page>

          (J)     LICENSOR MAY DELEGATE DUTIES. In rendering the Advisory
     Services, Licensor shall have the right, at its sole discretion, to be
     assisted by third Persons, and, accordingly, some or all of such Advisory
     Services which Licensor undertakes to provide under this Agreement may be
     provided by such third Persons, provided the costs for such third Persons
     shall be borne by Licensor out of the funds provided by Licensee under
     Section 5(I) and further provided such persons are selected by Licensor to
     maintain and provide services in accordance with Comparable Standards.

          (K)     HARD ROCK REPRESENTATIVE. Licensor shall have the right, but
     not the obligation, to assign a full-time or part-time, representative at
     the Project to act as Licensor's on-site representative during the
     Pre-Opening Period (the "HARD ROCK REPRESENTATIVE"). The responsibilities
     of the Hard Rock Representative shall include acting as a liaison between
     Licensor and Licensee with respect to Licensor's approval rights under
     Sections 5(B) and 5(F) hereof and the Advisory Services to be rendered by
     Licensor pursuant to Section 5(I) hereof and to generally assist in the
     coordination of activities between Licensor and Licensee, provided that the
     Hard Rock Representative shall not have the authority to approve any
     matters requiring Licensor's approval under this Agreement. The Hard Rock
     Representative shall comply with Licensee's Policies for the Licensed
     Location as well as all Gaming Laws. Licensor shall be solely responsible
     for acts or omissions of the Hard Rock Representative and shall indemnify
     Licensee for any liability incurred by Licensee arising out of or resulting
     from the Hard Rock Representative's negligence or unlawful misconduct;
     provided, however, such indemnification obligation shall only apply to the
     extent Licensee is unable, after a diligent, good faith effort, to obtain
     insurance proceeds to cover such liability.

          (L)     LICENSOR ONLY AN ADVISOR. Licensee hereby acknowledges that,
     Licensor acts only in an advisory capacity for purposes of this Section 5,
     and Licensor shall not be responsible for the adequacy or coordination of
     any plans or specifications, the structural integrity of any structures or
     the systems thereof, compliance with applicable Laws, including, without
     limitation, any building code of any Governmental Authority, or any
     insurance requirement, or for the obtaining of any necessary Permits, all
     of which shall be the sole responsibility, and at the sole risk, of
     Licensee. Upon request by Licensor, Licensee shall supply Licensor with
     copies of all certificates of architects, contractors, engineers and
     designers, and such other similar verifications and information as Licensor
     shall reasonably request.

          (M)     PRE-OPENING PROGRAM. Licensor and Licensee shall cooperate
     with each other to develop a written pre-opening program for the Project
     (the "PRE-OPENING PROGRAM") specifying, in reasonable detail: (i) any
     services to be provided by Licensor in connection with the Pre-Opening
     Program, as mutually agreed by the parties hereto; (ii) any sales and
     promotion efforts by Licensor in connection with the Pre-Opening Program,
     as mutually agreed by the parties hereto; (iii) appropriate inaugural
     ceremonies for the Hotel/Casino, all as mutually agreed by the parties
     hereto; and (iv) an estimate of other pre-opening costs and expenses
     relating to the foregoing. Licensee shall reimburse Licensor for all
     reasonable and actual costs incurred by it to provide the services
     described in items (i) and (ii) above, within ten (10) days after
     Licensor's invoice therefor

                                       21
<Page>

     and shall otherwise be solely responsible for payment of all such
     pre-opening costs and expenses which are approved by Licensee with respect
     to the Project.

          (N)     COMMENCEMENT OF CONSTRUCTION; OPENING DATE. Subject to Force
     Majeure, Licensee shall substantially commence construction of the
     Hotel/Casino within eighteen (18) months following the execution of this
     Agreement. In addition, subject to Force Majeure (not to exceed an
     aggregate delay of six (6) months due to Force Majeure), the Hotel/Casino
     shall be in operation and open to the public not later than three (3) years
     following the execution of the Agreement (the "OPENING DATE"), and shall
     thereafter remain continuously open (during normal business hours) during
     the term of this Agreement. For purposes of this Section, the term
     substantially commence construction shall mean that Licensor has installed
     the entire foundation of the Hotel/Casino as the same is proposed to be
     constructed by Licensee and approved by Licensor in accordance with Section
     5(F) hereof.

          (O)     LIMITATIONS OF PRIOR APPROVALS. Notwithstanding any other term
     or provision of this Agreement, the approval of any item by Licensor in
     accordance with this Agreement shall not constitute a waiver by Licensor of
     its right to insist upon strict compliance by Licensee with any of the
     other terms of this Agreement, or prevent Licensor from requiring Licensee
     to alter, remove, replace or repair any other item which was not previously
     approved by Licensor and which does not comply with the requirements of
     this Agreement or any applicable Law.

          (P)     ANCILLARY AGREEMENTS. After the acquisition by Licensee of the
     site for the Hotel/Casino and prior to the commencement of the construction
     of the Hotel/Casino, Licensee and Hard Rock STP shall enter into the Cafe
     Lease Agreement, Retail Store Lease Agreement and the Memorabilia Lease.
     The Memorabilia Lease shall be executed in the form and substance attached
     hereto as EXHIBIT C, the Cafe Lease Agreement shall be executed in
     substantially the form attached hereto as EXHIBIT B and the Retail Store
     Lease Agreement shall be executed in substantially the same form and on
     substantially the same terms as the Cafe Lease Agreement attached hereto as
     EXHIBIT B, subject to the specific business terms listed on EXHIBIT B-1.
     The parties shall reasonably cooperate to create and agree upon any
     exhibits not attached to the version of such Ancillary Agreement contained
     as an exhibit to this Agreement. Notwithstanding any provision to the
     contrary contained herein, the Hard Rock Cafe shall be in a prominent
     location on the main floor of the lobby of the Hotel and have access to the
     Hotel lobby and exterior of the Hotel.

          (Q)     HOTEL MANAGER. Licensor shall have the right to approve the
     Person engaged as the management company for the Hotel/Casino, which Person
     shall have seven (7) years or more of experience in the management of two
     (2) or more hotel/gaming properties. Licensor's approval of the management
     company for the Hotel/Casino shall not be unreasonably withheld.

                                       22
<Page>

          (R)     SALE OF SECURITIES.

                  (i)     If Licensee, any of its Affiliates or any lender
          providing financing to Licensee shall, at any time or from time to
          time, "sell" or "offer to sell" any "securities" issued by it through
          the medium of any "prospectus" or otherwise, it shall do so only in
          compliance with all applicable federal or state securities laws, and
          Licensee shall clearly disclose to all purchasers and offerees that
          (a) neither Licensor, nor any of its Affiliates, nor any of their
          respective officers, directors, agents or employees, shall in any way
          be deemed an "issuer" or "underwriter" of said "securities," and that
          (b) Licensor, its Affiliates and said officers, directors, agents and
          employees have not assumed and shall not have any liability or
          responsibility for any financial statements, prospectuses or other
          financial information contained in any "prospectus" or similar written
          or oral communication.

                  (ii)    Licensee shall deliver to Licensor three (3) draft
          copies of any "prospectus" or similar communication to be delivered in
          connection with the sale or offer by Licensee, its Affiliates or any
          lender providing financing to Licensee of any "securities" not less
          than three business (3) days prior to the delivery thereof to any
          prospective purchaser. During such three-day period, Licensor shall
          have the right to approve the description of this Agreement and
          Licensee's relationship with Licensor hereunder, and any use of the
          Licensed Marks contained in such materials, which approval shall not
          be unreasonably withheld or delayed. Licensor will approve or
          disapprove of the such description and use of the Licensed Marks
          within three business (3) days following the receipt of the copies of
          the draft "prospectus" or similar communication. Provided Licensee has
          complied with the terms of the following paragraph, the failure by
          Licensor to approve or disapprove such items within such three
          business (3) day period shall be deemed to be an approval of by
          Licensor. Once Licensor's approval has been given (or deemed to have
          been given), Licensor's approval of subsequent changes to the draft
          "prospectus" or similar communication shall not be required unless
          such changes materially alter the description of this Agreement and
          Licensee's relationship with Licensor hereunder, or alter the any use
          of the Licensed Marks contained in such materials. In the event
          material changes are made to such materials after Licensor's approval
          has been given (or is deemed to have been given), Licensee shall
          submit the modified document to Licensor for Licensor's review and
          approval. Licensor will approve or disapprove of such document within
          two business days of the time that such document is submitted to
          Licensor. Provided Licensee has complied with the terms of the
          following paragraph, the failure by Licensor to approve or disapprove
          such document within such two business day period shall be deemed to
          be an approval of by Licensor. Licensor's approval of the description
          of this Agreement and Licensee's relationship with Licensor hereunder,
          and any use of the Licensed Marks contained in such materials shall
          not constitute any judgment or determination by Licensor that such
          description is in compliance with applicable disclosure requirements.

                                       23
<Page>

          In addition to the other provisions of this Section 5(R)(ii), prior to
          the consummation of any Securities Financing, Licensee shall act in
          good faith to provide Licensor with "prospectus" or similar
          communication described in the previous paragraph as such drafts are
          being considered by the other parties to such financing transaction.

                  (iii)   Licensee agrees to indemnify, defend and hold Licensor
          and its Affiliates and their respective officers, directors, agents
          and employees harmless of and from any and all liabilities, costs,
          damages, claims or expenses arising out of or related to the "sale" or
          "offer" of any "securities" of Licensee, its Affiliates or any lender
          providing financing to Licensee. All terms used in this Section 5(R)
          shall have the same meaning as in the Securities Act of 1933, as
          amended.

SECTION 6.     LEASE

          (A)     LEASE OF LICENSED LOCATION. If Licensee is leasing any portion
     of the Licensed Location as a tenant, Licensee shall provide Licensor with
     a copy of all leases, use agreements or similar agreements for or relating
     to any real property constituting any portion of the Licensed Location or
     the Hotel/Casino (each, a "LEASE").

          (B)     LEASE TERMS AND CONDITIONS. Licensee shall use its
     commercially reasonable efforts to include provisions in each Lease which
     permit, without lessor's consent, the assignment of all of the right, title
     and interest of Licensee under the Lease to Licensor or its designee.

SECTION 7.     PERSONNEL

          (A)     APPOINTMENT OF GENERAL MANAGER. Prior to the Opening Date,
     Licensee shall appoint a General Manager for the Hotel/Casino. Licensee
     shall provide Licensor with all information available to Licensee as
     Licensor shall reasonably request regarding the experience, qualifications
     and character of the individual that Licensee proposes to appoint as
     General Manager of the Hotel/Casino. Such appointment shall be subject to
     Licensor's reasonable approval, which shall not be unreasonably withheld.

          (B)     TRAINING OF MANAGEMENT PERSONNEL. Licensee shall require the
     individual appointed as General Manager of the Hotel/Casino and the
     individuals holding the top six (6) management positions at the
     Hotel/Casino (which positions shall be the General Manager, Chief Financial
     Officer, Casino Operating Manager, Hotel Operating Manager, Food & Beverage
     Manager and Marketing Manager) to attend not more than one (1) week of
     initial training with respect to Licensor's methods, procedures and
     protocols, at Licensee's expense, and such additional training as Licensor
     reasonably requires from time to time for its own personnel (but in no
     event more often than two (2) times in any calendar year during the Term),
     at a location to be designated by Licensor.

          (C)     TRAINING COMPLETED. Licensee will not open the Hotel/Casino to
     the public until the individuals described in Section 7(B) hereof have
     satisfactorily completed all training required pursuant to Section 7(B).
     Licensor shall exercise commercially

                                       24
<Page>

     reasonable efforts to hold such training class at least one (1) month prior
     to the Opening Date.

          (D)     TRAINING OF REPLACEMENT MANAGING PERSONNEL. In the event any
     of the individuals described in Section 7(B) cease to be employed in such
     capacity by Licensee, all approval and training requirements specified in
     Section 7(B) shall be equally applicable to each employee replacing each
     such individual in such position. Licensee shall use its reasonable efforts
     to promptly fill any vacant Hotel/Casino management position described in
     Section 7(B).

          (E)     FULL STAFFING; ADDITIONAL TRAINING. Licensee will retain as
     Hotel/Casino employees all such staff as may be reasonably required from
     time to time by Licensor for the proper operation of the Hotel/Casino in
     accordance with the terms of this Agreement and the Manuals, and will
     ensure that such staff (and all replacements of each member thereof) are
     fully trained in accordance with this Agreement and the Manuals. If and
     whenever required by Licensor, each Hotel/Casino employee (excluding Gaming
     employees other than those listed in Section 7(B) above) shall attend, at
     Licensee's facilities, such initial and additional training with respect to
     Licensor's methods, procedures and protocols as may be required by Licensor
     from time to time (but in no event more often than two (2) times in any
     calendar year during the Term). Licensor shall be responsible for its own
     costs and expenses in providing such training.

SECTION 8.     ADVERTISING

          (A)     ADVERTISING PRIOR TO OPENING DATE. Licensee will, prior to the
     Opening Date and at Licensee's expense, carry out or cause to be carried
     out advertising for the opening of the Hotel/Casino. Licensee shall utilize
     all reasonable commercial efforts to diligently promote the Hotel/Casino by
     advertisements on television and radio and in newspapers, magazines,
     telephone or trade directories, distributions to customers and potential
     customers in an effective manner, point-of-service advertising material,
     and other forms of publication.

          (B)     ADVERTISING AFTER OPENING DATE. Licensee will, subject to the
     provisions of this section, during each Fiscal Year, expend at least three
     and one-half percent (3.5%) of Total Revenues on advertising and publicity
     for the Hotel/Casino. Advertising, marketing and publicity expenses
     qualifying under this provision will include, but not be limited to, costs
     incurred for (i) media (television, radio and print) advertising, (ii)
     Casino bus and air programs, (iii) direct mail programs, including the
     value of goods and services provided, (iv) Casino slot and table club
     programs, (v) promotions and giveaways including tournaments, special
     events, drawings, and slot jackpot prizes, (vi) coupon promotions, (vii)
     customer transportation reimbursement, (viii) customer gifts, and (ix)
     complimentary goods and services provided to customers. All non-cash
     expenses will be valued at normal retail transfer prices as reflected in
     Licensee's financial statements, or at fair market value, where
     appropriate. Licensee shall provide to Licensor, from time to time,
     promptly upon request, such evidence of compliance with the requirements of
     this section as Licensor shall reasonably request.

                                       25
<Page>

          (C)     ANNUAL MARKETING PLANS. Licensee shall prepare and submit to
     Licensor a marketing plan for the Hotel/Casino for each Fiscal Year,
     including, without limitation, Licensee's itemized (by category)
     projections of Total Revenues and other operating results. Such plan shall
     be submitted to Licensor no later than thirty (30) days before the
     beginning of each Fiscal Year.

          (D)     COOPERATION WITH LICENSOR'S ADVERTISING AND MARKETING
     CAMPAIGNS/GLOBAL MARKETING FUND. Licensee will, at Licensor's request,
     cooperate and participate with Licensor and Licensor's Affiliates, and
     other licensees of Licensor and Licensor's Affiliates, in any System-wide
     advertising campaign, sales promotion program or other special advertising
     activity in which Licensor may engage or specify from time to time, and the
     cost of which shall be credited against Licensee's required Fund
     contribution. Upon establishment by Licensor of a System-wide advertising
     campaign, sales promotion program or other special advertising activity,
     Licensee shall contribute to Licensor's Global Marketing Fund (the "FUND").
     Upon the establishment of the Fund, Licensee shall pay monthly to Licensor,
     as a contribution (for the periods after establishment of the Fund and not
     retroactively), an amount equal to one percent (1%) of Licensing Fee
     Revenues for that particular month (the "CONTRIBUTION"). The Contribution
     shall be paid to Licensor at the same time and in the same manner as
     Licensee pays the Continuing Fee required by this Agreement and shall be
     based on Licensee's Licensing Fee Revenues for the month preceding the
     month in which each such monthly payment is due. Such funds shall be used
     to meet any and all costs of Licensor in maintaining, administering,
     directing, preparing, and reviewing advertising and marketing materials and
     programs, and to provide for worldwide advertising and marketing programs,
     as Licensor shall, in its sole discretion, deem appropriate. Licensee
     recognizes that Licensor is under no obligation, in administering the Fund,
     to ensure that expenditures are proportionate to Contributions of Licensee
     for any given market area, or that Licensee benefits directly or
     proportionately from the development or placement of advertising supplied
     by or through the Fund. Licensor shall not be obligated to expend all or
     any certain part of the Fund during any specific period of time, but shall,
     upon Licensee's request, provide to Licensee an accounting of Fund monies.
     Notwithstanding the foregoing, Licensor agrees to reasonably consult with
     Licensee regarding the planned expenditure of any sums under the Fund,
     which Fund may only be used by Licensor for the purposes for which it was
     created, as the same is reasonably amended from time to time.

          (E)     COOPERATION WITH LICENSOR. Licensee shall publicize such
     information and details of Licensor' s business operations and that of
     Licensor's Affiliates and other licensees of Licensor and Licensor's
     Affiliates in such places in the Hotel/Casino as Licensor shall from time
     to time reasonably require. Licensor agrees to provide for reciprocal
     treatment for Licensee by other licensees of Licensor to the extent the
     same is currently permitted in existing agreements with other licensees of
     Licensor or as permitted in future agreements entered into by and between
     Licensor and licensees of Licensor, as applicable, it being agreed upon
     that Licensor shall use its commercially reasonable best efforts to include
     a provision similar to this Section 8(E) in future license agreements for
     Hotel/Casino developments entered into by Licensor.

                                       26
<Page>

          (F)     NO DONATIONS OR CONTRIBUTIONS. Licensee will not, except with
     the Licensor's prior written consent in each instance, make political or
     religious donations or contributions or subscriptions of any variety, and
     will not, except with the Licensor's prior written consent in each
     instance, permit any portion of the Hotel/Casino or the Licensed Location
     to be used by any political party or religious organization or for any
     political or religious purpose that is endorsed or promoted by the
     Hotel/Casino.

          (G)     PRIOR APPROVAL OF ADVERTISING MATERIALS. No later than six (6)
     months prior to the Opening Date, Licensor shall provide Licensee with a
     branding manual which shall set forth the approved color, form and style of
     the Licensed Marks in advertising and marketing materials and other
     specified uses at the Project. All advertising carried out by Licensee
     utilizing the Licensed Marks shall be in accordance with Licensor's
     standards and guidelines therefor set forth in the branding manual. A copy
     of all advertisements and other promotional materials utilizing the
     Licensed Marks in a manner other than in accordance with the branding
     manual shall be submitted to Licensor prior to publication of such
     advertisements or use of such promotional materials and Licensor shall
     reasonably endeavor to promptly approve or disapprove such advertising
     materials in accordance with Licensee's publication schedule. If Licensor
     fails to approve or disapprove of such advertisement or use of such
     promotional material within twenty (20) days after receipt thereof by
     Licensor, the same shall be deemed approved by Licensor. Licensee shall be
     legally responsible for the content of any advertising material, other than
     with respect to the Licensed Marks or any content directly reproduced from
     the branding manual, each of which shall be the legal responsibility of
     Licensor.

          (H)     APPROVAL OF OTHER ADVERTISING. Licensee will not, in
     connection with any advertising of the business or operations of the
     Hotel/Casino, utilize any tradename, trademark, service mark or other
     intellectual property right other than the Licensed Rights and other rights
     reasonably approved by Licensor. Licensee will not advertise any product or
     service, or display any promotional material in the Hotel/Casino, other
     than with respect to the business and/or operations of the Project,
     provided that the foregoing shall not (i) apply to Persons leasing
     commercial space at the Licensed Location from Licensee, or (ii) restrict
     Licensee from operating and promoting "participation gaming" activities
     (such as "Megabucks" and "Cool Million") in the Hotel/Casino.

          (I)     LICENSEE'S CROSS PROMOTIONS. Licensee agrees not to enter into
     any sponsorship or other similar arrangements providing for the marketing
     or promotion of the Hotel/Casino or the Hotel Marks or the Licensed Marks
     jointly with the name or trademark of another person or entity or otherwise
     associate any other Person's name or trademarks with the Hotel Marks or the
     Hard Rock Marks without the Licensor's written consent in its sole and
     absolute discretion, and Licensee may engage in cross promotions at the
     Hotel/Casino or utilizing the Licensed Marks only as approved in writing by
     Licensor.

          (J)     INTERNET. Licensee shall not in any manner utilize the
     Licensed Marks on or in connection with any Internet Site, including but
     not limited to any utilization or display of the Licensed Marks or any
     derivation thereof or any trademarks, trade names, service marks, logos or
     designs confusingly similar thereto, or in any buried computer

                                       27
<Page>

     code, meta-tags or otherwise, except as specifically permitted herein. For
     purposes of this Agreement, the term "INTERNET SITE" shall include any
     world wide web site, USENET, newsgroup, bulletin board or other online
     service or any successor thereto at any electronic domain name, address or
     location, or any other form of online service or electronic domain name,
     address or location, or any other form of online service or electronic
     commerce whatsoever, that is accessible by persons other than Licensee's
     employees.

     Licensor and its Affiliates may develop and maintain, or license the
development and maintenance, of an Internet Site for Branded Merchandise and
other products and other Hard Rock businesses as Licensor, in its sole
discretion, shall determine (a "HARD ROCK INTERNET SITE"). Licensor agrees that
if it maintains, or licenses others the right to maintain, a Hard Rock Internet
Site then, during the term of this Agreement, such Hard Rock Internet Site shall
contain a link to the Licensee Internet Site (if any) in the same manner in
which Licensor provides links to other similar licensees of Licensor operating
hotel and casinos. Licensor and its Affiliates shall have the right to utilize
any Licensed Marks on and in connection with a Hard Rock Internet Site (and in
any other manner whatsoever) without payment or obligation of any kind to
Licensee. Licensee shall not participate in any manner in any revenues (and
shall not be liable for any costs and expenses) resulting from the offer and
sale of Branded Merchandise on the Hard Rock Internet Site, or by reason of any
link from any Licensee Internet Site (as defined in the following paragraph) to
a Hard Rock Internet Site. At Licensor's request, each advertisement of the
Project shall prominently display the Internet Uniform Resource Locator (URL) of
a Hard Rock Internet Site designated by Licensor to Licensee.

     In the event that Licensee develops an Internet Site for the Hotel/Casino
(a "LICENSEE INTERNET SITE"), Licensee may include a simple link from that site
to a Hard Rock Internet Site designated by Licensor to Licensee, provided that
(i) the Hard Rock Internet Site shall not be framed or otherwise made to appear
as a part of the Licensee Internet Site or any other Internet Site; (ii) such
link shall not be designed so as to imply any association with or endorsement by
Licensor or the Hard Rock Internet Site with the Licensee Internet Site or any
other Internet Site; (iii) any use of the Licensed Marks on the Licensee
Internet Site shall be subject to Licensor's approval, in its sole discretion;
(iv) there are no other links on the Licensee Internet Site to any other
Internet Sites that (a) are offering any merchandise utilizing any Hard Rock
Marks or otherwise utilizing in any manner any Hard Rock Marks for the sale of
any merchandise (other than the Hard Rock Internet Site), or are otherwise
utilizing any Hard Rock Marks unless Licensee shall have obtained Licensor's
prior written approval to any links to such Internet Sites; or (b) are operated
by or on behalf of or otherwise promote any products or services of any person
or entity that would in Licensor's reasonable judgment be prejudicial to
Licensor or the Hard Rock Marks. The Licensee Internet Site shall be permitted
to be used solely for promotional purposes, and may provide for the taking of
reservations, making reservations at area golf courses and other promotional
activities typically found on other hotel internet sites.

SECTION 9.     STANDARDS OF QUALITY AND OPERATION

          (A)     OPERATION OF HOTEL/CASINO MUST MEET QUALITY STANDARDS.
     Licensee will, at all times, operate the Hotel/Casino as provided for
     herein consistent with the high quality

                                       28
<Page>

     standards required of Licensee hereunder and in accordance with the Hotel
     System and Manuals.

          (B)     LICENSEE'S OBLIGATIONS. Licensee shall:

                  (i)     Refrain from using the Hotel/Casino, the Licensed
          Location or any portion thereof for any purpose other than operating a
          Hotel/Casino pursuant to provisions herein;

                  (ii)    Operate the Hotel/Casino and use the Licensed Rights
          in the manner prescribed in this Agreement, the Hotel System and the
          Manuals and in all events in accordance with Management Standard;

                  (iii)   Feature in the Hotel/Casino and on the various
          articles therein as approved by Licensor, and in advertising and
          promotional material, the names, logos, colors and other aspects of
          the Licensed Marks in the size, color, combinations, arrangements and
          manner as reasonably determined periodically by Licensor, provided
          Licensor shall provide Licensee with at least ninety (90) days prior
          written notice of any modifications to such specifications;

                  (iv)    Advertise or cause to be advertised the Hotel/Casino
          and related facilities and services and, upon the written request of
          Licensor, cease and desist from using or continuing to use any
          advertising or publicity which Licensor reasonably believes is not in
          the best interests of the preservation of the Licensed Rights or other
          related intellectual property rights of Licensor;

                  (v)     Upon reasonable prior written notice, permit Licensor
          or its authorized agents to enter the Hotel/Casino and the Licensed
          Location during regular business hours to inspect the same with
          respect to the Licensee's use of the Licensed Rights;

                  (vi)    Upon reasonable prior written notice, permit Licensor,
          its authorized agents and/or its invited guests to enter the
          Hotel/Casino and the Licensed Location during regular business hours
          to tour the Hotel/Casino facilities (subject to Licensee's Policies
          and Gaming Laws and regulations);

                  (vii)   Operate the Hotel/Casino in accordance with the Hotel
          System, the Manuals and all applicable Laws and Permits;

                  (viii)  Provide to Licensor for its approval samples of staff
          uniforms to be used in connection with operation of the Hotel/Casino,
          which approval shall not be unreasonably withheld;

                  (ix)    Comply with the terms of the Cafe Lease Agreement,
          Retail Store Lease Agreement and the Memorabilia Lease. Licensee shall
          not locate on the Licensed Location or in the Hotel/Casino any "rock
          and roll" memorabilia other than as permitted by the Memorabilia
          Lease;

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<Page>

                  (x)     Provide Hard Rock Hotel promotional materials in guest
          rooms and other locations at the Hotel/Casino, as reasonably requested
          by Licensor;

                  (xi)    Participate in any Hard Rock approved Reservation
          System (in accordance with Section 10(R)) which may be in existence
          from time to time;

                  (xii)   Provide Licensor with up to eighty (80) hotel room
          nights on a rooms-available basis at the Hotel/Casino during each
          calendar year, on a complimentary basis, for invited guests of
          Licensor in return for Licensor's reasonable efforts to provide
          Licensee with a comparable number of room nights on a rooms-available
          basis at other Hard Rock Hotels;

                  (xiii)  Reserved;

                  (xiv)   Cooperate with Licensor by making available to
          Licensor and its Affiliates, at Licensor's request, subject to
          availability, the facilities at the Hotel/Casino for use by Licensor
          as a facility for the training of Licensor's and its licensees'
          employees and staff in the operation and management of the Hotel
          System, provided that any costs arising out of such cooperation shall
          be borne by Licensor and such cooperation does not unreasonably
          interfere with the operation of the Hotel/Casino;

                  (xv)    Not permit third parties to use the Licensed Location
          in the manner prohibited by Section 2(D)(ii) of this Agreement;

                  (xvi)   Refrain from making any alterations, changes or
          modifications to any Hard Rock Elements (other than repairs or
          replacements which are consistent with Licensor's prior approval of
          such Hard Rock Elements) without obtaining Licensor's prior approval,
          which approval may be given or withheld in Licensor's sole discretion
          as it relates to the Hard Rock Elements;

                  (xvii)  Play only the type of music (at the decibel level)
          prescribed by Licensor in the Manuals. Live music which is in
          accordance with the standards established at other Hard Rock Hotels or
          Hard Rock Cafe restaurants may be played within the Hotel/Casino or
          upon or from the Licensed Location. Licensee shall purchase from Cisco
          the audio and visual distribution boxes currently utilized by Licensor
          and shall purchase all other audio and visual delivery systems
          currently utilized by Licensor from Cisco or another supplier offering
          systems of substantially equivalent quality. Licensee shall pay all
          fees and licenses for the public broadcast of such content upon the
          prior consent of Licensor, which consent shall not be unreasonably
          withheld;

                  (xviii) Provide on television in guest rooms at the
          Hotel/Casino (i) at least two (2) video music channels, and (ii) one
          channel provided by Licensor (at its sole discretion) or its designee
          to provide music entertainment and information about Licensor and its
          affiliated and related entities; and

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<Page>

                  (xix)   Provide to Licensor a copy of the lease agreement for
          each lessee of commercial space at the Licensed Location prior to its
          execution for the purpose of verifying the compliance of such lease
          with the terms of this Agreement.

          (C)     MARKS COMPLIANCE COORDINATOR. At any time and from time to
     time during the Operating Period, Licensor may, in its sole discretion,
     designate an employee or representative of Licensor to act as Licensor's
     on-site representative at the Licensed Location (the "MARKS COMPLIANCE
     COORDINATOR"). The functions and duties of the Marks Compliance Coordinator
     shall be as assigned by Licensor from time to time, but it is the intention
     of the parties that the primary duties of the Marks Compliance Coordinator
     shall be to: (i) review the operation of the Hotel/Casino and the use by
     the Licensee of the Licensed Rights and to confirm compliance with this
     Agreement, the Hotel System, Management Standard and the Manuals and (ii)
     to serve as a liaison between Licensor and Licensee in connection with
     Hotel System and Licensed Marks issues. Licensee shall provide to the Marks
     Compliance Coordinator its full cooperation to enable the Marks Compliance
     Coordinator to fulfill his duties as contemplated herein, including,
     without limitation, providing full access to the Hotel/Casino and all
     information relating to its operation other than matters relating solely to
     Gaming activities. Licensee shall pay a Marks Coordinator Fee equal to
     $150,000 a year to cover thereafter for all costs and expenses incurred by
     Licensor in connection with the retention, training, and services provided
     by the Marks Compliance Coordinator pursuant to this Agreement, including,
     without limitation, salary, travel expenses, office space, office
     assistance, and supplies, and similar items. For all purposes of this
     Section 9(C), travel expenses and accommodations shall include all trips to
     the Hotel/Casino, and, if the Marks Compliance Coordinator does not
     permanently reside in the city where Licensor conducts management training,
     two (2) trips per Fiscal Year to such city for training purposes. At its
     option, Licensor may replace any Marks Compliance Coordinator with a
     regional Coordinator of Licensor's designation upon the same terms and
     conditions, including, without limitation, expense reimbursement, as are
     provided for in this Section 9(C). The Marks Compliance Coordinator shall
     provide feedback directly with the general manager of the Hotel/Casino or
     his/her designee. The Marks Compliance Coordinator shall comply with
     Licensee's Policies and all Gaming Laws. Licensor shall be solely
     responsible for the negligent acts or omissions of the Marks Compliance
     Coordinator and shall indemnify Licensee for any liability incurred by
     Licensee arising out of or resulting from the Marks Compliance
     Coordinator's negligence or unlawful misconduct; provided, however, such
     indemnification obligation shall only apply to the extent Licensee is
     unable, after a diligent, good faith effort, to obtain insurance proceeds
     to cover such liability.

          (D)     RESERVE FUND. Licensee will establish a reserve fund of one
     and one-half percent (1.5%) of Total Revenues in the first (1st) Fiscal
     Year, two percent (2%) of Total Revenues in the second (2nd) Fiscal year,
     three percent (3%) of Total Revenues in the third (3rd) Fiscal Year and
     three and one-half percent (3.5%) of Total Revenues in the fourth (4th)
     Fiscal Year and three and one-half percent (3.5%) in each subsequent Fiscal
     Year of the Term (the "RESERVE FUND"). Such Reserve Fund shall be used to
     refurbish and renovate the Hotel/Casino from time to time in order to
     maintain at least the

                                       31
<Page>

     Management Standard. Licensee shall use the Reserve Fund for (1)
     replacements and renewals of FF&E; (2) renovations of public areas and
     guest rooms; and (3) repairs to and maintenance of the Hotel/Casino's
     physical facilities (which costs are normally capitalized under generally
     accepted accounting principles), such as exterior and interior repainting,
     resurfacing building walls, floors, roofs, and parking lots, and replacing
     folding walls. Subject to the foregoing provisions, Licensee must spend the
     Reserve Funds for these purposes when replacements, renovations or repairs
     are reasonably needed in order to maintain the Hotel/Casino in accordance
     with the Management Standard.

          (E)     QUALITY NOTICES.

                  (i)     Licensor shall have the right to engage in regular
          surveillance of the quality of the services rendered and the products
          sold by Licensee under or in connection with Licensee's use of the
          Licensed Marks by inspecting the Hotel/Casino, and Licensee shall upon
          reasonable notice being given by Licensor permit duly authorized
          representatives of Licensor to have access to all areas of
          Hotel/Casino solely for such inspection purposes and subject to any
          Licensee Policies and Gaming Laws and regulations.

                  (ii)    In the event that Licensor should note any failure by
          Licensee to maintain in any respect quality standards set forth
          herein, Licensor shall notify Licensee in writing as provided herein
          of the particular failure or deficiency noted, and Licensee shall
          promptly and in all events within thirty (30) days after such notice
          correct the same, provided that if the nature of such failure is such
          that more than thirty (30) days is required to correct such failure or
          deficiency, then Licensee shall be in compliance with this paragraph
          if within such thirty (30) day period it promptly takes appropriate
          steps to correct such failure or deficiency and thereafter diligently
          pursues those steps to completion.

                  (iii)   All uses of the Licensed Marks, including all signs,
          advertisements and promotional and packaging material, shall at all
          times bear appropriate trademark notices as approved in advance by
          Licensor in the branding manual referred to in Section 8(G) hereof.

                  (iv)    The parties acknowledge that all rights of Licensor to
          monitor Licensee's operations, and all standards of operation set
          forth herein, are established solely to ensure the quality of the
          goods and services associated with the Licensed Marks and to protect
          the goodwill accrued in the Licensed Marks.

                  (v)     Licensee shall not include the Hard Rock name or any
          Licensed Mark within its legal name or the name of any Affiliate,
          without Licensor's approval, which may be given or withheld in its
          sole discretion.

SECTION 10.    ADDITIONAL COVENANTS OF LICENSEE

          (A)     KEEP HOTEL/CASINO OPEN; OBTAIN AND MAINTAIN NECESSARY PERMITS.
     Subject to Force Majeure, Licensee will continuously at all times during
     the term after

                                       32
<Page>

     the Opening Date, keep the Hotel/Casino open (during normal business hours)
     for providing gaming to the public and lodging to guests in accordance with
     the terms of this Agreement. Licensee will obtain and maintain such gaming,
     liquor and other licenses and other Permits as shall be necessary to
     operate the Hotel/Casino in accordance with the terms hereof, including,
     without limitation, all required Permits in respect of music played in the
     Hotel/Casino (other than those necessary to operate Hard Rock Cafe and the
     Hotel/Casino Retail Store). The risk of obtaining and maintaining any
     Permits required to develop and/or to operate the Hotel/Casino and/or the
     Licensed Location as contemplated herein shall be upon Licensee, and
     Licensor assumes no responsibility therefor.

          (B)     REASONABLE EFFORTS REQUIRED. Licensee will use its
     commercially reasonable efforts to procure the greatest volume and value of
     turnover for the Hotel/Casino, consistent with good service to the public
     and compliance with the terms of this Agreement.

          (C)     ATTEND CONFERENCES. Licensee will, at Licensor's reasonable
     request, but on no more than two (2) occasions per calendar year during the
     Term, send a suitable representative, at Licensee's reasonable expense, to
     any conference within the continental United States arranged by Licensor
     which is relevant to the operation of the Hotel/Casino (other than Gaming
     operations).

          (D)     MAINTENANCE OF HOTEL/CASINO. Licensee will, at all times,
     maintain the interior and exterior of the Licensed Location and the
     Hotel/Casino, and all contents thereof, in a high standard of decoration,
     repair, cleanliness and orderliness consistent with the Management Standard
     and the standards of the Hotel System and Manuals. Licensee shall make such
     replacements and renewals to FF&E and repairs to the Hotel/Casino's
     physical facilities as are necessary to maintain the Hotel/Casino at such
     standards. Licensee acknowledges that Licensor bears no responsibility for
     any renovations at the Hotel/Casino and that Licensee in all respects bears
     the responsibility for the conduct and adequacy of each renovation.

          (E)     PARTICIPATION IN CHARITABLE CAUSES. Licensee will adopt and
     maintain a positive attitude towards charitable causes supported by
     Licensor with a view to providing facilities and assistance comparable to
     that provided by other Hard Rock establishments of Licensor and its
     Affiliates. Licensor acknowledges and agrees to be sensitive to local and
     regional demographics and local and regional charitable causes in
     connection herewith.

          (F)     PAYMENT OF TAXES AND OTHER INDEBTEDNESS. Licensee shall
     promptly pay when due all taxes levied or assessed, including, without
     limitation, individual and corporate income taxes, gaming taxes, sales and
     use taxes, gross receipts taxes, unemployment taxes, liquor taxes, value
     added taxes, personal property taxes and real estate taxes, and all
     accounts and other indebtedness of every kind incurred by Licensee in the
     operation of the Hotel/Casino and the occupation of the Licensed Location
     under this Agreement. This includes the prompt filing of all required tax
     returns and the prompt payment of all taxes and indebtedness related to, or
     resulting from, the operation of the

                                       33
<Page>

     Hotel/Casino and/or the occupation of the Licensed Location covered by this
     Agreement. Licensee may contest any taxes provided there is a reasonable
     basis to contest such taxes and an appropriate reserve established to cover
     any liability should Licensee lose the contest.

          (G)     USE OF APPROVED SIGNAGE. Licensee shall not (i) erect or alter
     any sign or other medium of display or advertisement upon Hotel/Casino or
     Licensed Location utilizing the Licensed Marks, in each case, without
     Licensor's prior written approval, in its sole discretion, or (ii) erect or
     alter any other sign or other medium of display or advertisement upon
     Hotel/Casino or Licensed Location, in each case, without Licensor's prior
     written approval, which will not be unreasonably withheld; provided that
     the foregoing shall not apply to designation and directional signage which
     does not bear the Licensed Marks. Each such alteration, erection, or
     installation shall be made only in accordance with plans, drawings, and
     specifications previously submitted to and approved by Licensor.

          (H)     APPEARANCE AND DEMEANOR OF PERSONNEL. Licensee shall ensure
     that all personnel employed or otherwise retained by Licensee or utilized
     by Licensee in connection with the operation of the Hotel/Casino shall, at
     all times, be clean, cleanly and tidily clothed and polite.

          (I)     ATMOSPHERE. Licensee shall maintain an appropriate atmosphere
     for the Licensed Location and the Hotel/Casino and will exercise reasonable
     efforts not to permit any illegal activity to be conducted thereon.

          (J)     PERMITS TO EFFECT PAYMENTS. Licensee will obtain all Permits
     necessary to effect payment of any sum due hereunder in accordance with the
     provisions hereof.

          (K)     COMPENSATION TO PERSONNEL OF LICENSOR. Except for
     complimentary hotel rooms and meals and expense reimbursements payable to
     Licensor as provided for in this Agreement, Licensee shall not, at any
     time, directly or indirectly, compensate or otherwise provide remuneration,
     whether in cash, property, services or otherwise, to personnel, agents or
     employees of Licensor or any Affiliates thereof, without Licensor's prior
     written approval.

          (L)     SOFTWARE SYSTEMS. Licensee shall use its commercially
     reasonable efforts to select software systems for use at the Hotel/Casino
     which will interface and are otherwise compatible with the software systems
     used by Licensor and its Affiliates.

          (M)     FRANCHISE LAWS AND REGULATIONS. Licensee and its Affiliates
     are sophisticated entities engaged in the business of operating hotels
     and/or casinos throughout the United States in accordance with applicable
     laws and have significant experience in the business of developing and
     operating hotels and/or casinos. Licensee and its Affiliates shall not
     initiate any claim or proceeding or take any action under, or with respect
     to, the franchise laws or regulations of any jurisdiction, with respect to
     the negotiation, execution, delivery and performance of this Agreement and
     the other agreements, instruments and documents to be executed and
     delivered in connection

                                       34
<Page>

     herewith, and the consummation of the transactions contemplated hereby and
     thereby. Licensee and its affiliates hereby waive all rights or protections
     afforded to it under all such laws or regulations.

          (N)     PROPERTY SYSTEM AND SOFTWARE. Licensor shall provide to
     Licensee specifications and/or all required application Software for
     Licensee's property systems, including, without limitation, the hardware
     and software required to participate in the Reservation System and the
     hardware and software required for the music video system employed by
     Licensor. Licensee shall, at its expense, purchase or lease, install and
     use the property system hardware and purchase or license, install and use
     all required Software, including any future hardware and/or Software
     enhancements, additions, substitutions, modification and upgrades at the
     Hotel/Casino as prescribed by Licensor.

          (O)     COOPERATION WITH LICENSOR AND OTHER LICENSEES. Licensee shall,
     at no cost to Licensee, provide its full commercially reasonable
     cooperation to Licensor, as Licensor shall, from time to time request, to
     provide for and promote the best interests of Hard Rock Hotel/Casino
     operations throughout the world.

          (P)     MAINTAIN POSSESSION OF MANUALS. Licensee will maintain the
     Manuals at the Hotel/Casino at all times. Licensee will not copy the
     Manuals, or any portion thereof, and will not permit any member of
     Licensee's staff or any other Person with access thereto to do so;
     provided, however, that Licensor may, for its own protection, make one (1)
     duplicate copy of the Manuals to be retained in a secure location. Licensee
     will inform Licensor immediately if any of the Manuals, or any portion
     thereof, is copied, stolen, removed from the Hotel/Casino, lost, or
     damaged. Licensee will pay to Licensor such reasonable fee as Licensor
     shall from time to time require for the duplication, shipping and
     replacement of such lost, stolen or damaged Manuals.

          (Q)     CORPORATE COMPLIANCE. Upon the request of Licensor, Licensee
     shall participate, with respect to the operation of the Hotel/Casino, in
     any corporate compliance program developed by Licensor, including
     refraining from acquiring goods or services from suppliers who do not
     follow Licensor's corporate compliance guidelines, provided such compliance
     guidelines allow for a choice of suppliers and are commercially reasonable.

          (R)     RESERVATION SYSTEM. Licensor has developed a central
     Reservation System through which guests may make reservations at other Hard
     Rock Hotel/Casinos and Hard Rock Hotels operated by Licensor or other
     licensees of Licensor. Licensee shall cause the Hotel/Casino to participate
     in the Reservation System, at Licensee's sole cost and expense (which costs
     and expenses shall not exceed the industry standard for private label hotel
     reservation systems), and shall observe all requirements of participation
     as reasonably determined from time to time by Licensor. Licensee shall be
     solely responsible for notifying the Reservation System office of any
     changes in the Hotel/Casino's room rates. Licensee shall in no event charge
     any Hotel/Casino guest a rate higher than the rate specified to the guest
     by the Reservation System office at the time the guest's reservation was
     made. Such rate shall be the rate most recently provided

                                       35
<Page>

     to the Reservation System office, according to the records of such office,
     by Licensee prior to the guest having made such reservation.

     Licensor shall provide to Licensee (for use at or by the Hotel/Casino only)
the specifications for the hardware and all required Software for the
Reservation System. Licensee at its expense shall purchase, install, maintain,
and use at the Hotel/Casino all equipment necessary for the proper and efficient
utilization and operation of the Reservation System, including any future
enhancements, additions, substitutions, upgrades, or other modifications
specified by Licensor. Licensee at its expense also shall install and use all
Software provided for use with the Reservation System, the cost of which shall
not exceed the industry standard for private label hotels for similar software.
Licensee agrees to contribute toward the cost, maintenance and use of the
Reservation System by paying Licensor monthly fees that will be computed on a
fair and equitable basis among Hard Rock Hotel/Casinos receiving the services of
the Reservation System; provided, that the rates charged to Licensee shall not
exceed the rates charged to other Hard Rock Hotel/Casinos receiving the services
of the Reservation System. Licensee's contributions shall be on a cost
pass-through basis with no profit accruing to Licensor. Nothing herein shall
prevent Licensor from allowing other Hotel/Casinos to utilize various components
of the Reservation System, allocating to such Hotel/Casinos on a fair and
equitable basis a charge for such use. Licensor reserves the right to modify or
change, at its sole discretion, the Reservation System at any time.

     As part of the Reservation System or other systems, Licensee shall be
obligated, at its cost and expense, to utilize the communication system(s) as
specified or otherwise approved by Licensor from time to time for Hard Rock
Hotel/Casinos generally.

     Licensee shall use any reasonable means to encourage and promote the use of
the Hard Rock Hotel/Casinos and Hard Rock Hotels everywhere by the traveling
public provided, however, except as otherwise provided herein, Licensee shall
not bear any expense in complying with this paragraph.

     If Licensee receives a request at the Hotel/Casino for Hotel/Casino or Hard
Rock Hotel reservations or accommodations in any area where a Hard Rock
Hotel/Casino or Hard Rock Hotel is located, Licensee will promptly refer such
request to such Hotel/Casino or Hard Rock Hotel. Additionally, Licensor shall
reasonably endeavor to obligate its other licensees to provide reciprocal
referrals to Licensee.

     Licensee agrees to share with Licensor, on such periodic basis and in such
form as Licensor shall from time to time determine, such marketing data and
customer profile information on guests at the Hotel/Casino as Licensor shall
request. Licensor agrees to provide to Licensee, on a basis comparable to that
set forth above, for its internal use, marketing data and customer profile
information in its possession on guests at other Hard Rock Hotel/Casinos or
Hotels. In both cases, the information shall be provided to the extent such
information is available and may be disclosed in a manner consistently with
third party agreements and the disclosing party's reasonable privacy policies.

     Notwithstanding any other provisions in this Agreement, Licensor and its
Affiliates shall be entitled to enter into affiliation agreements with any
Hotel/Casinos or Hotels which allow

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<Page>

members of guest recognition programs from time to time recognized by Licensor
to redeem awards for stays at such Hotel/Casinos, and Licensee agrees to
participate in such guest recognition programs on such terms and conditions as
Licensor shall prescribe on a commercially reasonable basis.

SECTION 11.    PROTECTION AND ACKNOWLEDGMENT OF THE LICENSED RIGHTS

          (A)     LICENSED RIGHTS EXCLUSIVE PROPERTY OF LICENSOR. Subject to
     this Agreement, Licensee recognizes and acknowledges the exclusive rights
     of Licensor to the Licensed Rights and all other intellectual property
     rights related thereto or derived therefrom and acknowledges that all such
     rights are subject to the total control in their exercise by Licensor and
     its Affiliates. For all purposes of the relationship between Licensor and
     Licensee created hereunder, Licensor shall be deemed to be the sole and
     exclusive owner of all right, title and interest in and to the Licensed
     Rights in all forms and embodiments thereof, subject only to the specific
     rights granted to Licensee hereunder. Licensee agrees that its use of the
     Licensed Rights, and all associated goodwill generated by the Licensed
     Rights, inures to the sole benefit of Licensor in accordance with its
     rights in the Licensed Rights. Licensee specifically acknowledges that the
     exclusive rights granted to it pursuant to this Agreement shall not prevent
     or prohibit Licensor or any licensee thereof to commercialize or otherwise
     utilize (and retain all profits from) the Licensed Rights or any other
     intellectual property right of Licensor in any endeavor, except as
     otherwise provided in Section 17(B) hereof. Licensor represents and
     warrants to Licensee that it owns or otherwise has the right to license the
     registered trademarks included in the Licensed Marks but, except as set
     forth in the preceding sentence and in Section 22, makes no other
     representations and gives no other warranties of whatsoever nature or kind
     with respect to the validity of, or its rights, title and interest in or
     to, the Licensed Rights.

          (B)     LICENSEE HAS NO RIGHT OF OWNERSHIP IN LICENSED RIGHTS. Nothing
     contained in this Agreement shall be construed to confer upon Licensee any
     right to the Licensed Rights registered in the name of Licensee as
     proprietor or to vest in Licensee any right of ownership to the Licensed
     Rights, and Licensee shall not, directly or indirectly, register or cause
     to be registered, in any country or with any Governmental Authority or use
     any trademark, tradename, service mark or other intellectual property right
     consisting of, related to, similar to and/or deceptively similar to, any of
     the Licensed Rights or any other intellectual property right of Licensor or
     any Affiliate of Licensor.

          (C)     LICENSEE WILL NOT CHALLENGE LICENSOR'S OWNERSHIP OF THE
     LICENSED RIGHTS. During the term of this Agreement and thereafter, Licensee
     will not, and will not assist any Person to: (i) challenge the validity of
     Licensor's ownership of, or right to license, the Licensed Rights or any
     registration or application for registration therefor; (ii) contest the
     fact that Licensee's rights to use the Licensed Rights under this Agreement
     are solely those of a Licensee and terminate upon termination or expiration
     of this Agreement; and (iii) represent in any manner that it has any title
     or right to the ownership, registration or use of the Licensed Rights in
     any manner except as set forth in this Agreement.

                                       37
<Page>

          (D)     LICENSEE TO COOPERATE WHERE REQUESTED. In the event, at any
     time during the term of this Agreement, Licensor applies or decides to
     apply for registration of a trademark, tradename, service mark or other
     intellectual property right that is or may become a part of the Licensed
     Rights, Licensee will render to Licensor all reasonable assistance, at
     Licensor's expense, in obtaining and thereafter (during the Term hereof)
     maintaining registration thereof (including, without limitation, the
     execution of all necessary registered user or similar agreements) with
     applicable Government Authorities.

          (E)     LICENSEE'S DUTIES. With respect to use of the Licensed Rights
     at the Licensed Location, Licensee shall use the Licensed Rights only as
     permitted by this Agreement. Licensee shall not use or exploit the Licensed
     Marks or the Licensed Rights outside the Licensed Location, except the
     Licensee may engage in the promotion, advertising or marketing of the
     Hotel/Casino anywhere in the world. Licensee shall not have any right to
     assign, sublicense or franchise any of the Licensed Marks to any other
     persons; or develop, use, or exploit any Hard Rock Marks not expressly
     identified as Licensed Marks in this Agreement without the express written
     consent of Licensor, which may withheld in Licensor's sole discretion.

          (F)     HOTEL/CASINO NAME. In the absence of Licensor's prior written
     consent, in each instance which may be withheld in Licensor's sole
     discretion, during the Term hereof Licensee will operate the Hotel/Casino
     only under the Licensed Marks.

          (G)     LICENSEE'S DUTIES. Licensee shall:

                  (i)     Hold all goodwill generated by the Licensed Rights as
          trustee for Licensor.

                  (ii)    Not cause or permit anything within Licensee's control
          to occur which is reasonably likely to damage, endanger, or reduce the
          value of the Licensed Rights or, to the extent Licensee is or should
          reasonably be aware of such marks, names, or rights, any other
          trademark, tradename, service mark, or other intellectual property
          right of Licensor or any Affiliate of Licensor, or Licensor's or such
          Affiliate's title thereto, or the rights of any other licensee of
          Licensor or any Affiliate of Licensor thereto, or assist or suffer any
          other Person to do so.

                  (iii)   Not interfere in any manner with, nor attempt to
          prohibit, the use or registration by Licensor, with applicable
          Governmental Authorities of the Licensed Rights or, to the extent
          Licensee is or should reasonably be aware of such marks, names, or
          rights, any other trademark, tradename, service mark or other
          intellectual property right of Licensor or any Affiliate thereof.

                  (iv)    Not use any name or mark similar to or capable of
          being confused with the trademarks, tradenames, service marks, or
          other intellectual property rights included in the Licensed Rights or,
          to the extent Licensee is or should reasonably be aware of such marks,
          names, or rights, any other trademark,

                                       38
<Page>

          tradename, service mark, or other intellectual property right of
          Licensor or any Affiliate thereof.

                  (v)     Take such action in relation to the Licensed Rights as
          Licensor may, from time to time, reasonably require, in order to
          protect or promote the same, including, without limitation, the
          marking of any advertising material, signs, or other items bearing the
          Licensed Rights, in such manner as Licensor may reasonably require.

                  (vi)    Give notice, as Licensor may, from time to time,
          reasonably require, that the Hotel/Casino is operated under license
          from Licensor pursuant to this Agreement and such other notices as
          Licensor may deem reasonably necessary which are not commercially
          unreasonable or uneconomical to inform third parties that Licensor
          does not accept liability for the acts, omissions, debts, or defaults
          of Licensee, and promotional material and advertisements will, if
          Licensor reasonably requires, include a statement that the
          Hotel/Casino is operated under license from Licensor and such other
          information as Licensor may deem reasonably necessary which are not
          commercially unreasonable or uneconomical to inform third parties that
          it does not accept liability for the acts, omissions, debts, or
          defaults of Licensee. Licensor's approval of the form and style of
          such notices shall not be unreasonably withheld.

          (H)     LICENSEE'S DUTIES REGARDING INFRINGEMENT. Licensee will
     immediately notify Licensor in writing of any known infringement or
     suspected infringement of or claim of infringement of any of the Licensed
     Rights or, to the extent Licensee is or should reasonably be aware of such
     marks, names, or rights, any other trademark, tradename, service mark, or
     other intellectual property right of Licensor or any Affiliate thereof, or
     any action constituting passing off or any claim for passing off against
     the Licensed Rights and, to the extent Licensee is or should reasonably be
     aware of such marks, names, or rights, other trademark, tradename, service
     mark, or other intellectual property right of Licensor or any Affiliate
     thereof, of which Licensee becomes aware. Licensee shall not institute any
     legal action with respect to any infringement or suspected infringement of
     or claim of infringement of any of the Licensed Rights, but will, if
     requested by Licensor and at Licensor's expense, lend all reasonably
     necessary assistance in any legal action Licensor or any Affiliate thereof
     may institute, against any Person infringing or passing off as described
     herein, or suspected of doing so, or any legal action Licensor or any
     Affiliate thereof may defend as described herein. Licensor shall, at all
     times, have full control of any such proceedings.

          (I)     LICENSOR'S EXCLUSIVE RIGHTS. Licensee hereby acknowledges the
     exclusive rights of Licensor and its Affiliates:

                  (i)     to the Licensed Rights and all parts thereof,
          including, without limitation, all amendments and modifications
          thereto and all advertising matter, slogans, and similar items and
          ideas which may, from time to time, be used to promote the same;

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<Page>

                  (ii)    to make such additions or modifications to the
          Licensed Marks, including, without limitation, the addition, renewal,
          or substitution of other intellectual property rights as may from time
          to time, in Licensor's sole judgment, be necessary to promote,
          improve, or protect the Licensed Marks; provided that such additions
          or modifications do not significantly impair the value of the Licensed
          Marks and Licensor shall provide Licensee with reasonable advance
          notice of any such additions or modifications; and

                  (iii)   to take all actions Licensor deems reasonably
          necessary to protect and promote the Licensed Rights which are not
          commercially unreasonable or uneconomical.

SECTION 12.    ACCOUNTING RECORD; RIGHT TO INSPECT

          (A)     REPORTING REQUIREMENTS. Licensee shall deliver, or cause to be
     delivered, to Licensor, the following statements:

                  (i)     by Wednesday of each week, and in a form as may be
          prescribed by Licensor, a preliminary statement of Licensing Fee
          Revenues of the Hotel/Casino for the previous week, and such other
          information as may be reasonably requested by Licensor; and

                  (ii)    within thirty (30) days after the end of each calendar
          month of operation of the Hotel/Casino, a monthly income statement for
          the Hotel/Casino showing the results of operation of the Hotel/Casino
          for the preceding month and for the year to date (including, without
          limitation, Total Revenues, Licensing Fee Revenues and EBITDA of the
          Hotel/Casino for such period), in such reasonable detail as Licensor
          shall require, and showing the previous month's Continuing Fees and
          all expenditures of Licensee pursuant to Section 8(B) of this
          Agreement, for such preceding month and year to date; and

                  (iii)   within one hundred twenty (120) days after the end of
          each Fiscal Year, audited separate and/or consolidated statements of
          the Hotel/Casino for such Fiscal Year certified by a firm of
          independent certified public accountants, showing the results of
          operation for the immediately preceding Fiscal Year (including,
          without limitation, Total Revenues, Licensing Fee Revenues and EBITDA
          of the Hotel/Casino for such Fiscal Year).

                  (iv)    within fifteen (15) days prior to the end of each
          calendar quarter, a written narrative report describing the current
          status of the Hotel/Casino, material issues in connection with its
          business and operations, and Licensee's projections of Total Revenues,
          Licensing Fee Revenues and expenses for the ensuing calendar quarter.

     In addition, at the Licensor's request, acting reasonably, Licensee shall
make available to Licensor marketing information and analyses of the
Hotel/Casino and Licensed Location that Licensee prepares or utilizes, such as,
but not limited to, occupancy rates and demographic information regarding
customers, and shall provide to Licensor reasonable access to database

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<Page>

information regarding customers and potential customers developed by Licensee by
means of its reservation system, surveys or otherwise.

     All financial statements and reports provided for in this Section 12(A) to
be submitted to Licensor shall contain a written and signed certification from
the chief executive officer or the chief financial officer of Licensee, that, to
the best knowledge and belief of such officer, the information contained in all
such statements and reports is true, correct, and complete.

          (B)     LICENSEE'S BOOKS AND RECORDS AVAILABLE TO LICENSOR. Licensee
     shall retain and make available to Licensor, or to the designated
     representatives of Licensor, upon reasonable advance Notice to Licensee,
     all books and records, including, without limitation, all contracts,
     documents, invoices, construction records, financial statements and
     reports, tax returns, accounting or accountants' work papers, insurance
     reports, computer retained information, and other items of financial and
     business information of or relating to the Licensed Location, the
     Hotel/Casino and all operations and activities thereof, as Licensor shall
     reasonably request in order to confirm compliance with this Agreement;
     provided, however, Licensor shall have no access to Gaming books and
     records (collectively, "BOOKS AND RECORDS"). Licensee shall keep all such
     Books and Records in all material respects in accordance with the
     determination of the accountants, on an accrual basis, and in accordance
     with GAAP, consistently applied.

          (C)     LICENSOR'S RIGHT TO AUDIT. Upon reasonable advance written
     notice to Licensee, Licensee shall permit Licensor, its accountants,
     attorneys and agents, to enter upon any part of the Licensed Location and
     the Hotel/Casino at all reasonable times up to four (4) times a year
     during, and annually for a period of three (3) years following, the term of
     this Agreement (subject to Gaming Laws and regulations), for the purpose of
     examining, inspecting, auditing and making extracts of all financial and
     other Books and Records of Licensee which Licensor, in its discretion,
     shall deem necessary or advisable in order to confirm compliance with this
     Agreement. If an audit of such Books and Records discloses that Licensee
     has been paid less than ninety-five percent (95%) of all Continuing Fees
     and other fees and payments due under this Agreement during any Fiscal
     Year, Licensee shall immediately pay the deficiencies, together with
     interest thereon at the Interest Rate, and shall also pay to Licensor
     immediately upon demand therefor all of Licensor's reasonable costs of such
     audit. If the audit discloses that ninety-five percent (95%) or more of all
     Continuing Fees and other Fees and payments due have been made, Licensee
     shall pay any deficiency immediately, together with interest thereon at the
     Interest Rate, and Licensor shall bear the costs of the audit.

          (D)     RECORD RETENTION; DELIVERY TO LICENSOR. Licensee shall keep
     and preserve, at its expense, full and complete records of Total Revenues
     and all other Books and Records, including without limitation, tax returns,
     check registers, bank account records and all corporate records within such
     time frame as may be stipulated by applicable laws or this Agreement (but
     in no event less than seven (7) years) and shall also deliver at the
     Licensor's expense such additional financial, operating and other
     information and reports to Licensor or Licensor's designee as the parties
     may agree.

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<Page>

          (E)     OPERATING EQUIPMENT. Licensee shall employ in the operation of
     the business of the Hotel/Casino, as it relates to documenting Licensing
     Fee Revenues, such cash registers, computers, and other technical equipment
     as Licensor and Licensee mutually agree.

SECTION 13.    REQUIRED INSURANCE

          (A)     COVERAGE. Licensee, at its sole cost and expense, shall
     procure and maintain in full force and effect each of the following
     insurance coverages with respect to the Project:

                  (i)     DURING CONSTRUCTION. At all times during the period of
          construction, furnishing and equipping of the Hotel/Casino and the
          Project and at all times during any other period of construction
          (including renovations, alterations and improvements), until final
          completion thereof, Builder's Risk Insurance ("ALL RISK" or equivalent
          coverage) for the Project in an amount not less than the estimated
          cost of such construction (including "hard" and "soft" costs), written
          on a completed value basis or a reporting basis, for property damage,
          protecting Licensee and Licensor, as their interests may appear, with
          a deductible not to exceed $100,000 and to include rental payment
          coverage from the date of projected completion and extending for at
          least twelve (12) months thereafter.

                  (ii)    PROPERTY DAMAGE INSURANCE. At all times during the
          term of this Agreement, "All Risk" (or its equivalent) property damage
          insurance for the Project protecting Licensee and Licensor, as their
          interests may appear, with replacement cost valuation and a stipulated
          value endorsement (to be provided not later than promptly following
          substantial completion of the Project) in an amount not less than the
          full replacement value thereof and including, among other things, (a)
          coverage for all physical loss or damage to the Project (including
          contents); (b) coverage for hurricane, flood and windstorm to the
          extent available at commercially reasonably rates, limits and
          deductibles; (c) no exclusions other than industry standard exclusions
          for property of similar size and location; and (d) provision for
          deductible not to exceed $100,000 (other than for hurricane, flood or
          windstorm, as provided above).

                  (iii)   BUSINESS INTERRUPTION INSURANCE. At all times during
          the Term after the date which is thirty (30) days prior to the Opening
          Date, Business Interruption Insurance for the Project on an "All Risk"
          basis. Such insurance shall include, among other things (a) coverage
          against all insurable risks of physical loss or damage, (b) coverage
          for hurricane, flood and windstorm to the extent available at
          commercially reasonable rates, limits and deductibles, (c) a
          deductible (for other than hurricane, flood or windstorm) of not more
          than $100,000 per occurrence, (d) no exclusions other than industry
          standard exclusions for property of similar size and location, and (e)
          coverage for the Continuing Fees hereunder in an amount equal to at
          least the Continuing Fees payable for one (1) Fiscal Year in
          connection with Project (as reasonably projected by Licensee for the
          first full

                                       42
<Page>

          Fiscal Year and thereafter based on the amounts actually paid during
          the most recently ended Fiscal Year).

                  (iv)    LIABILITY INSURANCE. At all time during the Term after
          commencement of construction of the Project, general public liability
          insurance protecting Licensee and Licensor against claims brought in
          connection with the Project for personal injury, death and damage to
          and theft of property of third persons, in an amount not less than
          $50,000,000 per occurrence, combined single limit, and designating
          Licensee as a named insured and Licensor as an additional insured.
          Such liability insurance shall include such coverage as Licensor shall
          reasonably require and as shall be commercially available, which shall
          include coverage against liability arising out of (a) the sale of
          liquor, wine and beer on the Project premises, (b) the ownership or
          operation of motor vehicles, (c) assault or battery, (d) false arrest,
          detention or imprisonment or malicious prosecution, (e) libel,
          slander, defamation or violation of the right of privacy, (f) wrongful
          entry or eviction, (g) contractual liability, and (h) completed
          operations. Such insurance shall contain no exclusion other than
          industry standard exclusions for property of similar size and location
          and provide for a deductible of not more than $100,000 per occurrence.
          At all times during the Term commencing on the effective date of this
          Agreement until commencement of construction of the Project, Licensee
          shall maintain the insurance set forth in this subparagraph (iv), but
          with coverage in the amount of one million dollars ($1,000,000) per
          occurrence, and with a general aggregate limit of not less than two
          million dollars ($2,000,000).

                  (v)     WORKERS' COMPENSATION INSURANCE. At all times during
          the Term, Statutory Workers' Compensation and Disability Benefits
          Insurance and any other insurance required by applicable Law(s),
          covering all Project employees and all persons employed by Licensee,
          Licensor, contractors. subcontractors, or any entity performing work
          on or for the Project (unless and to the extent provided by such
          parties), including Employer's Liability coverage, all in amounts not
          less than the statutory minimum, except that Employers Liability
          coverage shall be in an amount not less than $1,000,000.

                  (vi)    FIDELITY. At all times during the Term after
          construction, Fidelity and dishonesty insurance, and money and
          securities insurance in such amounts as Licensee shall deem advisable
          but not less than $100,000.

                  (vii)   OTHER. Such additional commercially reasonable
          insurance as may be reasonably required with respect to the Project or
          any part thereof, together with insurance against such other risks as
          its now, or hereafter may be, customary to insure against in the
          operation of similar property, considering the nature of the business
          and the geographic and climatic nature of the Project's location.

     All such policies of insurance described above shall be with companies
which have a Best rating of A or better and in the form of "occurrence
insurance" to the extent available on a commercially reasonable basis.

                                       43
<Page>

          (B)     INSURANCE CARRIERS; EVIDENCE OF COVERAGE. Licensee shall
     promptly provide Licensor with certificates of insurance evidencing all
     insurance coverages required of Licensee pursuant to this Section 13, and
     Licensee shall immediately provide, upon renewal, expiration, change, or
     cancellation of any insurance coverage, a new certificate of insurance to
     Licensor. Upon request, Licensee shall furnish to Licensor a copy of each
     and every such policy of insurance issued to Licensee.

          (C)     DEFENSE OF CLAIMS. All liability insurance policies procured
     and maintained by Licensee pursuant to this Section 13 will require the
     insurance carrier to provide and pay for attorneys to defend any legal
     actions, lawsuits, or claims brought against Licensee, Licensor, or any of
     their respective officers, directors, agents, or employees.

          (D)     LICENSOR'S RIGHTS. Licensee shall have insurance policies
     procured and maintained by Licensee pursuant to this Section 13 name
     Licensor as an additional insured, to not preclude coverage if a claim is
     made by one insured against other insured, to contain endorsements by the
     insurance carriers waiving all rights of subrogation against Licensor, and
     to stipulate that Licensor will receive copies of all notices of
     cancellation, nonrenewal or coverage reduction or elimination at least
     thirty (30) days prior to the effective date of such cancellation,
     nonrenewal or coverage change.

SECTION 14.    TERMINATION

          (A)     TERMINATION BY LICENSOR. Licensor may not terminate this
     Agreement prior to the expiration of its term except for "good cause",
     which shall mean the occurrence of any Event of Default described below.
     Upon the occurrence of any Event of Default, Licensor may, at its option,
     and without waiving its rights hereunder or any other rights available at
     law or in equity, including its rights to damages, terminate this Agreement
     and all of Licensee's rights hereunder effective immediately upon the date
     Licensor gives written notice of termination, upon such other date as may
     be set forth in such notice of termination, upon the occurrence of, or the
     lapse of the specified period following any one of the following Events of
     Default:

                  (i)     If Licensee applies for or consents to the appointment
          of a receiver, judicial manager, trustee or liquidator of all or a
          substantial part of its assets, files a voluntary petition in
          bankruptcy, or admits in writing its inability to pay its debts as
          they come due, makes a general assignment for the benefit of
          creditors, files a petition or an answer seeking reorganization or
          arrangement with creditors or to take advantage of any insolvency law,
          or files an answer admitting the material allegations of a petition
          filed against Licensee in any bankruptcy, reorganization or insolvency
          proceeding, or if any order, judgment or decree shall be entered by
          any court of competent jurisdiction on the application of a creditor,
          adjudicating Licensee a bankrupt or insolvent or approving a petition
          seeking reorganization of Licensee or appointing a receiver, trustee
          or liquidator of Licensee or of all or a substantial part of the
          assets of Licensee, and any such order, judgment, or decree shall
          continue unstayed and in effect for any period of sixty (60)
          consecutive days;

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<Page>

                  (ii)    If Licensee fails to pay the Territory Fee when due as
          provided in Section 4(A) hereof;

                  (iii)   If Licensee fails to make any payment (other than the
          Territory Fee) due hereunder within ten (10) days after receipt of
          written notice that such payment is past due, provided that if this
          subclause (A)(iii) is triggered three (3) or more times during the
          term of this Agreement, such ten (10) day period shall be reduced to
          five (5) days;

                  (iv)    If Licensee fails to perform or commits a breach of
          any non-monetary covenant, obligation, term, condition, warranty or
          certification herein and fails to cure such noncompliance or
          deficiency within sixty (60) days after Licensor's written notice
          thereof, or in the event cure within such sixty (60) day period is not
          possible, no termination shall be permitted by Licensor if Licensee
          commences cure within such sixty (60) day period and diligently
          pursues the same to completion;

                  (v)     If Licensee fails (a) to maintain all gaming licenses
          and permits necessary for the operation of the Hotel/Casino (other
          than those required of Licensor), or (b) fails to maintain any other
          Permits (other than a liquor license) or to comply with any Laws
          applicable to the operation of the Hotel/Casino and/or the Licensed
          Location which would materially adversely affect the Licensed Rights
          or the ability of Licensee to comply with the provisions of this
          Agreement;

                  (vi)    If Licensee is convicted of or pleads guilty (or the
          equivalent) to a felony, or any other crime or offense (even if not a
          crime), that is reasonably likely, in Licensor's reasonable opinion,
          to materially and adversely affect, the Licensed Rights, or the
          goodwill associated therewith; or if any employee or officer of
          Licensee who is not thereafter discharged by Licensee, or any other
          Person owning an interest in Licensee, in each case, who is required
          to be licensed under applicable Mississippi gaming Law(s), is
          convicted of or pleads guilty (or the equivalent) to a felony, or any
          other crime or offence (even if not a crime), that is reasonably
          likely, in Licensor's reasonable opinion, to materially and adversely
          affect the Licensed Rights, or the goodwill associated therewith;

                  (vii)   If Licensee defaults on its obligations under the Cafe
          Lease Agreement, the Retail Store Lease Agreement or the Memorabilia
          Lease, and such default is not cured in accordance with the terms of
          such other agreement;

                  (viii)  If Licensee's right of possession of the Licensed
          Location shall be terminated at any time for any cause whatsoever, or
          if a Lease is terminated or expires or if the right of possession of
          the Licensed Location is terminated due to the Law or other action of
          a Governmental Authority, other than for a temporary loss of
          Licensee's possession as a result of Force Majeure;

                                       45
<Page>

                  (ix)    If Licensee fails to: (a) obtain approval of the site
          for the Licensed Location within the time period specified in Section
          5(B), (b) obtain financing for the Project within the time period
          specified in Section 5(D), or (c) substantially commence construction
          of the Hotel/Casino or commence operation of the Hotel/Casino, both as
          required by Section 5(N) of this Agreement;

                  (x)     If there is any violation of any transfer provision
          contained in Section 16 of this Agreement;

                  (xi)    If Licensee or any Affiliate, in any material respect,
          violates: (i) the non-competition covenants contained in Section 17(A)
          of this Agreement; or (ii) the confidential information covenants
          contained in Section 20 of this Agreement, and, in each case, if such
          violation is capable of being cured, fails to cure such violation
          within sixty (60) days after Licensor's written notice thereof;

                  (xii)   If Licensee fails to make a diligent, good faith
          effort to obtain and maintain a liquor license for the Hotel/Casino;
          or

                  (xiii)  If Licensee is in default, after expiration of any
          applicable cure period, under any obligation to a Secured Party (as
          hereinafter defined).

          (B)     TERMINATION BY LICENSEE. Licensee may, at its option, and
     without waiving its rights hereunder or any other rights available at law
     or in equity, including its rights to damages, terminate this Agreement
     upon written notice of termination to Licensor, upon the occurrence of, or
     the lapse of the specified period following any one of the following Events
     of Default:

                  (i)     If Licensor applies for or consents to the appointment
          of a receiver, judicial manager, trustee or liquidator of all or a
          substantial part of its assets, files a voluntary petition in
          bankruptcy, or admits in writing its inability to pay its debts as
          they come due, makes a general assignment for the benefit of
          creditors, files a petition or an answer seeking reorganization or
          arrangement with creditors or to take advantage of any insolvency law,
          or files an answer admitting the material allegations of a petition
          filed against Licensor in any bankruptcy, reorganization or insolvency
          proceeding, or if any order, judgment or decree shall be entered by
          any court of competent jurisdiction on the application of a creditor,
          adjudicating Licensor a bankrupt or insolvent or approving a petition
          seeking reorganization of Licensor or appointing a receiver, trustee
          or liquidator of Licensor or of all or a substantial part of the
          assets of Licensor, and any such order, judgment, or decree shall
          continue unstayed and in effect for any period of sixty (60)
          consecutive days;

                  (ii)    If Licensor fails to perform or commits a breach of
          any non-monetary covenant, obligation, term, condition, warranty or
          certification herein and fails to cure such noncompliance or
          deficiency within sixty (60) days after Licensee's written notice
          thereof, or in the event cure within such sixty (60) day period is not
          possible, no termination shall be permitted by Licensee if Licensor

                                       46
<Page>

          commences cure within such sixty (60) day period and diligently
          pursues the same to completion;

                  (iii)   If Licensor is unable for whatever reason to license
          or fails to properly maintain the registered status of the registered
          trademarks included in the Licensed Marks to Licensee as provided
          herein;

                  (iv)    If Licensor fails to maintain any other of its Permits
          or to comply with any Laws applicable to it which would materially
          adversely affect the Licensed Rights or the ability of Licensor to
          comply with the provisions of this Agreement;

                  (v)     If Licensor is convicted of or pleads guilty (or the
          equivalent) to a felony, or any other crime or offense (even if not a
          crime), that is reasonably likely, in Licensee's reasonable opinion,
          to materially and adversely affect, the Hotel/Casino, Licensed Rights,
          or the goodwill associated therewith; or if any employee or officer of
          Licensor who is not thereafter discharged by Licensor, or any other
          Person owning an interest in Licensor, is convicted of or pleads
          guilty (or the equivalent) to a felony, or any other crime or offence
          (even if not a crime), that is reasonably likely, in Licensee's
          reasonable opinion, to materially and adversely affect the
          Hotel/Casino, Licensed Rights, or the goodwill associated therewith;

                  (vi)    If Licensor defaults on its obligations under the
          Memorabilia Lease, and such default is not cured in accordance with
          the terms of such Memorabilia Lease;

                  (vii)   If Licensor, in any material respect, violates: (i)
          the noncompetition covenants contained in Section 17(B) of this
          Agreement; or (ii) the confidential information covenants contained in
          Section 20 of this Agreement, and, in each case, if such violation is
          capable of being cured, fails to cure such violation within sixty (60)
          days after Licensee's written notice thereof; or

                  (viii)  If Hard Rock STP, or any permitted assigns or
          successors, ceases to (i) operate the Hard Rock Cafe and/or Hard Rock
          Retail Store in the Hotel in breach of the applicable Hard Rock Lease,
          and an arbitrator determines that such cessation of operation is in
          breach of the applicable Hard Rock Lease, and (ii) pay when due (after
          any applicable grace period or curative period set forth in the
          applicable Hard Rock Lease) any Rental Payment due under either Hard
          Rock Lease, and such failure to pay the same is not the result of a
          valid, good faith dispute as to whether such Rental Payment is due and
          owing or such Rental Payment has not been offset by Hard Rock STP
          against Fees due hereunder (as permitted); provided, however, such
          termination shall not relieve either party from its obligation to pay
          amounts due and owing to the other hereunder and/or under the Hard
          Rock Leases.

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<Page>

          (C)     If, at any time during the Term after the expiration of the
     fifth (5th) Operating Year, Licensee sells its interest in the Hotel/Casino
     (including its interest in the underlying real property) to an unrelated,
     third-party in an arms-length transaction, in conjunction with such
     transaction, Licensee may terminate this Agreement by providing at least
     ninety (90) days prior written notice to Licensor and paying Licensor a
     termination fee equal to the sum of all of the following:

                          (a)  the unamortized portion of the reasonable and
                  actual cost incurred by Hard Rock STP in negotiating,
                  preparing to perform and performing in accordance with the
                  Hard Rock Leases, including, but not limited to reasonable
                  attorney's fees and costs, architectural and engineering fees
                  and costs, hard and soft construction costs, and employee
                  training expenses. All such costs shall be amortized over the
                  length of the term of the applicable Hard Rock Lease;

                          (b)  an amount equal to the product obtained by
                  multiplying three (3) times three percent (3%) of the average
                  annual Licensing Fee Revenues received by Licensee over the
                  three (3) full Operating Year period prior to the date of
                  termination of this Agreement;

                          (c)  the Annual Fee which would otherwise be due and
                  owing to Licensor in accordance with Section 4(D) hereof for
                  the three (3) full year period (i.e., not including any Annual
                  Fee which was paid for the year of termination of this
                  Agreement) following the date of termination; and

                          (d)  the amount obtained by multiplying three (3)
                  times fifteen percent (15%) of the average annual Gross Sales
                  (as defined in the applicable Hard Rock Lease) of food,
                  beverage and merchandise in, at or from the Hard Rock Cafe and
                  Retail Store operated by Hard Rock STP in the Hotel/Casino for
                  the three (3) full Lease Year (as defined in the applicable
                  Hard Rock Lease) period prior to the date of termination of
                  this Agreement.

                          Upon any termination of this Agreement in accordance
                  with this Section 14(C), the Hard Rock Leases shall
                  simultaneously terminate and each party thereto shall be
                  relieved from all further liability thereunder (except as
                  otherwise specifically provided in such Hard Rock Leases).

          (D)     Notwithstanding any provision in this Agreement to the
     contrary, in the event Licensor terminates this Agreement as a result of
     Licensee's failure to substantially commence construction of the
     Hotel/Casino or commence operation of the Hotel/Casino, both as required by
     Section 5(N) of this Agreement, Licensor shall not be entitled to any
     damages for such breach of this Agreement by Licensee, except the
     following: (i) the right of Licensor to retain the Territory Fee, (ii) the
     right of Licensor to retain or seek recovery of any installment of the
     Technical Services Fee that is paid or payable prior to the date of
     termination, (iii) the right of Licensor to retain or seek recovery of any
     cost or

                                       48
<Page>

     expense which is paid or required to be paid to Licensor under this
     Agreement or the Memorabilia Lease, and (iv) the reasonable and actual cost
     incurred by Hard Rock STP in negotiating, preparing to perform and
     performing in accordance with the Hard Rock Leases, including, but not
     limited to reasonable attorney's fees and costs, architectural and
     engineering fees and costs, hard and soft construction costs, and employee
     training expenses.

SECTION 15.    LICENSEE'S OBLIGATIONS UPON TERMINATION
               OR EXPIRATION

          (A)     TERMINATION OF USE OF LICENSED RIGHTS; OTHER OBLIGATIONS. Upon
     expiration or termination of this Agreement for any reason, Licensee's
     right to use the Licensed Rights will terminate immediately, and this
     Agreement shall cease and neither party shall have any further claim
     against the other whatsoever in respect of any matter or thing under this
     Agreement, except that all obligations of the parties under this Agreement
     which accrue or are due with respect to periods prior to, or as of, such
     termination or expiration, and all obligations which expressly survive the
     expiration or termination of this Agreement, including the provisions of
     Sections 19 and 20 of this Agreement, shall continue in full force and
     effect subsequent to and notwithstanding the expiration or termination of
     this Agreement. In addition, Licensee will: (i) promptly upon demand
     therefor by Licensor and, in any event, not later than the scheduled due
     date thereof after any such event, pay any and all other Fees and amounts
     due and owing to Licensor or any Affiliate of Licensor under this
     Agreement; (ii) comply with all of Licensor's reasonable instructions, at
     Licensor's expense, with respect to the transmittal or storage of all
     written guidelines, advertising materials and all other printed materials
     pertaining to the operation of the Hotel/Casino received at any time from
     Licensor; and (iii) comply with other applicable provisions of this
     Agreement.

          (B)     ALTERATION OF THE LICENSED LOCATION. Upon expiration or
     termination of this Agreement for any reason, or if the Licensed Location
     ever ceases to be used for the operation as a Hard Rock Hotel, Licensee
     shall, within thirty (30) days thereof at its expense, comply with all of
     Licensor's instructions to alter, modify and change both the exterior and
     interior appearance of the Hotel/Casino and the Licensed Location to remove
     all elements comprising the Licensed Rights from the Hotel/Casino and the
     Project. At a minimum, such alterations, modifications and changes to the
     Hotel/Casino will include: (i) removing all exterior and interior Hard Rock
     Hotel signage; (ii) repainting and, where applicable, recovering both the
     exterior and interior of the Hotel/Casino to remove distinctive colors and
     designs from the walls; (iii) removing all distinctive decor items,
     music-related memorabilia and icons and distinctive furnishings; (iv)
     changing the staff uniforms; and (v) immediately discontinuing the use or
     display of the Licensed Marks, including all usage of the Licensed Marks in
     connection with the advertisement and promotion of the Hotel/Casino and the
     Project.

          (C)     TRANSFER OF TELEPHONE DIRECTORY LISTINGS. Upon expiration or
     termination of this Agreement for any reason, Licensor will have the
     absolute right to notify the telephone company and all listing agencies of
     the termination or expiration of Licensee's right to use all telephone
     numbers and all classified and other directory listings for the

                                       49
<Page>

     Hotel/Casino and to authorize the telephone company and all listing
     agencies to transfer to Licensor or its designee all telephone numbers and
     directory listings of the Hotel/Casino to the extent such phone numbers
     incorporate the Licensed Rights. Licensee acknowledges that Licensor has
     the absolute right and interest in and to all telephone numbers and
     directory listings associated with the Licensed Rights. The telephone
     company and all listing agencies may accept this Agreement as conclusive
     evidence of the exclusive rights of Licensor to such telephone numbers and
     directory listings to the extent provided herein, and this Agreement will
     constitute the authority from Licensee for the telephone company and each
     such listing agency to transfer all such telephone numbers and directory
     listings to Licensor. This Agreement will constitute a release of the
     telephone company and each such listing agency by Licensee from any and all
     claims, actions, and damages of Licensee for any actions taken pursuant to
     this subsection.

          (D)     RIGHTS ASSIGNABLE. All rights of Licensor contained within
     Section 15(C) hereof shall be freely assignable by Licensor to any designee
     of Licensor.

SECTION 16.    TRANSFER

          (A)     ASSIGNMENT BY LICENSOR. This Agreement is fully assignable by
     Licensor to a successor in interest to the Licensed Marks and the goodwill
     therein, and shall inure to the benefit of any assignee or other legal
     successor to the interests of Licensor herein.

          (B)     SALE OR ASSIGNMENT BY LICENSEE. The rights of Licensee
     pursuant to this Agreement are personal to Licensee. Licensor has granted a
     license to Licensee in reliance upon Licensee's and its principals'
     individual or collective character, skill, aptitude, attitude, business
     ability and financial capacity. Accordingly, Licensee shall not, directly
     or indirectly, sell, assign or otherwise transfer its ownership interest in
     the Hotel/Casino or the Project, or its rights under this Agreement, in
     whole or in part (except for the lease of commercial space at the Project
     customarily subject to lease or concession arrangements), in each instance,
     without Licensor's prior written approval, which may be exercised in its
     sole discretion, except as provided in Section 16(C) hereof.

          (C)     CONSENT PROCEDURES. If Licensee shall have received a bona
     fide letter of intent to sell or assign its interest in the Hotel/Casino
     and the Project, together with its rights under this Agreement, in whole
     and not in part (hereinafter referred to as "LICENSEE'S PROJECT INTEREST"),
     and Licensee, pursuant to the terms of such offer, desires to accept such
     offer, Licensee shall give written notice thereof to Licensor, stating the
     name and full identity of the prospective purchaser of Licensee's Project
     Interest, including the names and addresses of the owners of the equity
     interests of such prospective purchaser, the purchase price for Licensee's
     Project Interest, and all of the material terms and conditions of such
     proposed assignment or sale, together with all other information with
     respect thereto requested by Licensor and reasonably available to Licensee.
     Within thirty (30) days after Licensor's receipt of such written notice
     from Licensee, Licensor shall elect, by written notice to Licensee, one of
     the following alternatives:

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<Page>

                  (i)     To acquire Licensee's Project Interest, or to have its
          designee or designees (which, in Licensor's sole discretion, may be an
          unrelated third party), acquire Licensee's Project Interest at the
          same price and upon the same terms and conditions as those set forth
          in the written notice from Licensee to Licensor, provided that
          Licensor may substitute cash for the fair market value of any non-cash
          consideration offered. In the event that Licensor has elected to so
          acquire or have its designee(s) so acquire Licensee's Project Interest
          in accordance with the provisions of the preceding sentence, Licensee
          and Licensor, or its designee(s), as the case may be, shall promptly
          thereafter enter into an agreement for sale of Licensee's Project
          Interest at the price and on the same terms aforesaid and shall
          consummate such transaction subject to and in accordance with the
          terms and conditions thereof. The closing for such transaction shall
          take place on the later to occur of (A) ninety (90) days after the
          date of Licensor's written notice electing to exercise its rights
          under this Section 16(C)(i), or (B) the fifth (5th) Business Day
          following Licensor's receipt of all consents, orders and approvals of
          any Governmental Authority applicable to such transaction; or

                  (ii)    To consent or withhold consent to the sale or
          assignment of Licensee's Project Interest to such prospective
          purchaser, subject to the provisions of Section 16(D) below.
          Licensor's consent to a sale or assignment of Licensee's Project
          Interest may be given or withheld in its sole discretion, provided
          that if all of the following conditions are satisfied, Licensor's
          consent shall not be unreasonably withheld:

                          (a)  At the time of Licensee's notice pursuant to
                  Section 16(C)(i) and at all times through the date of such
                  sale or assignment, Licensee has paid all Continuing Fees and
                  other payments due to Licensor hereunder;

                          (b)  At the time of Licensee's notice pursuant to
                  Section 16(C)(i) and at all times from the date of such notice
                  through the date of such sale or assignment, there is no: (i)
                  Event of Default by Licensee under this Agreement, (ii)
                  existing defaults or events which would become an Event of
                  Default by Licensee under this Agreement with the giving of
                  notice and passage of time, or (iii) defaults or events which
                  would become an Event of Default by Licensee immediately after
                  the consummation of such sale or assignment;

                          (c)  The prospective purchaser possesses management
                  ability and experience and a well-established reputation for
                  quality management in the hotel/gaming industry or has
                  provided by contract for the management of the Project by a
                  Person who possesses such ability, experience and reputation,
                  in accordance with the standards set forth in Section 5(Q)
                  hereof;

                          (d)  The prospective purchaser has adequate financial
                  resources to discharge all of the obligations on its part to
                  be performed under this

                                       51
<Page>

                  Agreement as and when the same fall due (taking into account
                  the income generated, and reasonably anticipated to be
                  generated, by the Project);

                          (e)  The identity of the prospective purchaser (and
                  its constituent partners, major shareholders, senior executive
                  officers and other controlling Persons, if appropriate) has
                  been disclosed to Licensor, all such Persons enjoy a
                  reputation for integrity, honesty and veracity, and no such
                  Person has been refused a gaming license or had a gaming
                  license revoked in any jurisdiction of the United States; and

                          (f)  Neither the prospective purchaser nor any of its
                  Affiliates is a HRC Competitor.

     If Licensor shall fail, neglect or refuse to elect one of the alternatives
set forth in Section 16(C)(i) or (ii) within the thirty (30) day period provided
for above, the same shall be conclusively deemed to constitute an election and
consent to the proposed sale or assignment of Licensee's Project Interest under
Section 16(C)(ii) above and the provisions thereof shall prevail as if Licensor
had in writing consented pursuant thereto.

          (D)     EFFECT OF SALE OR LEASE.

                  (i)     It is the intent of the parties hereto that the
          Hotel/Casino and the Project shall at all times during the term of
          this Agreement be operated in accordance with the Hotel System and the
          terms of this Agreement. Accordingly, in the event that Licensor
          consents (or is deemed to have consented) to a sale or lease and
          assignment of this Agreement pursuant to Section 16(C) above, the
          prospective purchaser shall deliver to Licensor as a condition to such
          sale or assignment an executed written instrument, reasonably
          satisfactory in form and substance to Licensor and its counsel,
          expressly assuming and agreeing to perform all of the terms and
          provisions of this Agreement.

                  (ii)    Licensor's consent (or deemed consent) to any sale or
          assignment of this Agreement shall not constitute a waiver of any
          claims Licensor or any Affiliate of Licensor may have against
          Licensee, nor shall it be deemed a waiver of Licensor's right to
          demand exact compliance with any of the terms or conditions of this
          Agreement by Licensee.

          (E)     TRANSFER OF CONTROLLING INTEREST IN LICENSEE. Any transaction
     that results in the sale, assignment, transfer (by operation of law or
     otherwise) or other disposition, directly or indirectly, of a Controlling
     Interest in Licensee, shall be deemed a sale or assignment of Licensee's
     Project Interest within the foregoing provisions of Section 16(B) and (C),
     and shall be subject to the same rights of Licensor as set forth in said
     Section 16(C) with respect to such sale or assignment. Licensee from time
     to time, upon Licensor's written request, shall furnish Licensor with a
     list of the names and addresses of the owners of the equity interests in
     Licensee; and in the event of a contemplated sale or other disposition of a
     Controlling Interest in Licensee, Licensee shall forthwith notify

                                       52
<Page>

     Licensor in writing of such sale or other disposition and of the names and
     addresses of the transferee or transferees of such Controlling Interest.

          (F)     TRANSFER FEES. As a condition to any consent by Licensor to
     the sale or assignment of Licensee's Project Interest, Licensee shall and
     does hereby agree to pay the sum of $50,000 to Licensor at the time of such
     sale or assignment of Licensee's Project Interest as a transfer fee for the
     granting and processing of Licensor's consent to such transfer.

          (G)     BREACH. In the event of any failure by Licensee to satisfy any
     terms and conditions of this Section 16, consent to any sale, assignment or
     other transfer by Licensee of its interest in the Hotel/Casino or the
     Project, and/or its rights under this Agreement may be withheld by Licensor
     and any such sale, assignment, and/or transfer for which Licensor has not
     given its consent shall constitute an Event of Default hereunder.

SECTION 17.    NON-COMPETITION

          (A)     BY LICENSEE.

                  (i)     During the term of this Agreement and for a period of
          one (1) year after the expiration or earlier termination of this
          Agreement, Licensee and its Affiliates shall not, directly or
          indirectly, own, operate, or have any other interest in: (A) a
          restaurant, hotel, hotel/casino or casino within the Competitive
          Territory which is owned, operated or licensed by an HRC Competitor,
          (B) a Planet Hollywood restaurant, hotel, hotel/casino or casino
          within the United States, (C) a Music-Themed restaurant, hotel,
          hotel/casino or casino within the United States, or (D) any Hard Rock
          Cafe, Hard Rock Hotel and Casino or Hard Rock casino, except for the
          Project. For purposes hereof, "Music-Themed" shall mean a facility
          (including a hotel) that includes in its name, is licensed or endorsed
          by, or has a substantial portion of its design based on, or is
          otherwise identified with, music, any genre of music (E.G., blues,
          jazz or rock-n-roll) any musician, musical personality or musical
          group.

                  (ii)    Licensee shall not operate or permit any other Person
          to operate at the Licensed Location: (a) a restaurant owned, operated
          or licensed by an HRC Competitor, or (b) a gift shop or other clothing
          or merchandise store which sells clothing or merchandise depicting the
          geographic location of the Project and bearing the trademarks of an
          HRC Competitor. Licensee agrees that it shall include in its leases
          for the Project a clause prohibiting or preventing the use of
          operation thereof in a manner which would violate the provisions of
          this section and that Licensor shall be deemed to be a third party
          beneficiary of such lease clause.

                  (iii)   If Licensee desires to sell or otherwise transfer any
          portion of the real property of the Licensed Location, then prior to
          such sale or transfer Licensee shall cause a restrictive covenant to
          be filed against such parcel prohibiting the

                                       53
<Page>

          use of such property for (A) an HRC Competitor restaurant, hotel,
          hotel/casino or casino, or (B) a Music-Themed restaurant, hotel,
          hotel/casino or casino.

                  (iv)    Notwithstanding any provision in this Section to the
          contrary, the covenants and restrictions set forth in Section 17A (i)
          above shall not apply to AA Capital Direct Investments Fund, L.P. or
          any co-investment fund, the principals of the general partner of which
          are substantially the same as the principals of the general partner of
          AA Capital Direct Investment Fund, L.P.

          (B)     BY LICENSOR.

                  (i)     During the term of this Agreement, Licensor shall not
          license, develop, own or operate, directly or indirectly, through its
          Affiliates or otherwise, any Hard Rock Hotel with a casino or a Hard
          Rock casino or any Hard Rock Cafe (other than pursuant to the Cafe
          Lease Agreement) within the Competitive Territory, provided that the
          foregoing shall not restrict Licensor and its Affiliates and licensees
          from advertising or distributing coupons or other promotional
          materials at a casino/gaming property within the Territory.

                  (ii)    Licensor has advised Licensee that Peter Morton has
          the right to build Hard Rock Hotel and/or Casinos in the State of
          Louisiana and other locations west of the Mississippi River. Licensee
          acknowledges and agrees that the exercise of such rights shall not
          constitute a violation of the non-competition restrictions applicable
          to Licensor set forth herein.

          (C)     NECESSITY OF NONCOMPETITION RESTRICTION; INJUNCTIVE RELIEF.
     Each party agrees the provisions of this Section 17 are necessary to
     protect the legitimate business interests of the other party, its
     Affiliates and other licensees of Licensor and its Affiliates
     (collectively, the "PROTECTED PERSONS"), including, without limitation, and
     as applicable, preventing the unauthorized dissemination of marketing,
     promotional and Confidential Information to competitors thereof and
     preventing damage to and/or loss of goodwill associated with the Licensed
     Rights and other intellectual property rights of Licensor. Each party
     specifically acknowledges that damages alone cannot adequately compensate
     for a violation by such party of the requirements of this Section 17, and
     that injunctive relief is essential for the protection of the Protected
     Persons. Each party agrees that if the other party alleges any violation of
     any covenant contained within this Section 17, the non-breaching party will
     have the right (notwithstanding Section 18 hereof) to petition a court of
     competent jurisdiction for injunctive relief, in addition to all other
     remedies that may be available. The party seeking such injunctive relief
     will not be required to post a bond or other security for any injunctive
     proceedings.

SECTION 18.    DISPUTE RESOLUTION

          (A)     ACCOUNTING/ FEE DISPUTES.

                  (i)     Any dispute regarding any accounting issues hereunder,
          including, without limitation, the calculation of: (a) Licensing Fee
          Revenues and the Continuing Fees paid or payable by Licensee
          hereunder, (b) Total Revenues, or

                                       54
<Page>

          (c) the termination fee due in accordance with Section 14(B)(ix)
          hereof, shall be resolved in the following manner: Licensor and
          Licensee shall use their reasonable efforts with the assistance of
          their respective independent public accountants to resolve such
          dispute. If such persons are unable to resolve the dispute within
          thirty (30) calendar days after receipt by either party of a notice
          identifying the nature of such dispute (the "DISPUTE NOTICE"), then
          the issues raised by the Dispute Notice shall be resolved by any
          nationally recognized firm of certified public accountants mutually
          acceptable to Licensor and Licensee (the "ACCOUNTING REFEREE"). Such
          person shall act as an expert and not as an arbitrator. If within
          forty-five (45) days after receipt by either party of the Dispute
          Notice, the parties are unable to agree on an Accounting Referee, then
          each party shall pick an internationally recognized firm of certified
          public accountants and such firms shall select the Accounting Referee.
          The parties shall use reasonable efforts to cause the Accounting
          Referee to promptly resolve such issues. Such determination shall be
          made within thirty (30) calendar days after the date on which the
          Accounting Referee receives notice of the dispute, or as soon
          thereafter as possible. Such determination shall be final and binding
          upon the parties and shall not be subject to appeal. The fees, costs
          and expenses of the Accounting Referee in conducting such review (if
          any) shall be shared fifty percent (50%) by Licensor and fifty percent
          (50%) by Licensee.

                  (ii)    If the final resolution of any Dispute as provided
          above results in an additional payment by one party hereto to the
          other party hereto, then the party owing such additional payment shall
          pay such amount to the other party hereto, together with Interest
          thereon from the relevant due date, within fifteen (15) days of the
          date on which the final determination is agreed or determined.

                  (iii)   The right of Licensor to dispute Licensee's
          calculation of the amount of: (a) Licensing Fee Revenues and the
          Continuing Fees paid or payable by Licensee hereunder, or (b) any
          other payment due hereunder, shall, in each case, terminate three and
          one-half (3.5) years after the date each such payment was due.

          (B)     OTHER DISPUTES.

                  (i)     All other disputes, disagreements, controversies or
          claims (a "DISPUTE") between Licensor and Licensee arising out of or
          relating to this Agreement, except for matters directly involving the
          use, display or presentation, of the Hard Rock Elements, matters that
          are stated to be in a party's "sole discretion" or as otherwise
          expressly provided herein to the contrary, shall be resolved by
          arbitration administered by the American Arbitration Association
          ("AAA") as provided in this Section 18(A)(2) and the Commercial
          Arbitration Rules of the AAA (the "AAA RULES") in effect as of the
          commencement of the applicable arbitration proceeding, except to the
          extent the then-current AAA Rules are inconsistent with the provisions
          of this Section 18(B), in which event the terms hereof shall control.
          The arbitration shall be governed by the United

                                       55
<Page>

          States Arbitration Act and this Section 18(B), and judgment upon the
          award entered by the arbitrators may be entered in any court having
          jurisdiction.

                  (ii)    If either party hereto asserts that a Dispute has
          arisen, such asserting party shall give prompt written notice (or
          notice as otherwise provided herein) thereof to the other party and to
          the AAA. Any arbitration pursuant to this Section 18(B) shall be
          conducted in Atlanta, Georgia or such other place as the parties
          agree.

                  (iii)   The arbitration shall be conducted by three (3)
          arbitrators, which arbitrators shall be selected in accordance with
          the AAA Rules, and at least one (1) of whom (but no more than two (2)
          of whom) shall have had experience in the management and/or operation
          of hotel/casinos, or as a consultant in connection with the management
          and/or operation of hotel/casinos. Notwithstanding the above, if the
          Dispute at issue is for a liquidated amount less than $500,000,
          Adjusted for Inflation, then the arbitration shall be conducted by one
          (1) arbitrator in accordance with the AAA Rules for Expedited
          Procedures, and which arbitrator shall be selected in accordance with
          AAA Rules for Expedited Procedures, and which arbitrator shall have
          experience in the management and/or operation of hotel/casinos.

     In connection with any arbitration proceeding pursuant to this Section
18(B), (a) no arbitrator shall have been employed or engaged by a party hereto
within the previous five (5) year period, (b) each arbitrator shall be neutral
and independent of the parties to this Agreement, (c) no arbitrator shall be
affiliated with any party's auditors, (d) no arbitrator shall be employed by any
hotel or casino operator or an Affiliate of any hotel or casino operator, and
(e) no arbitrator shall have a conflict of interest with (including, without
limitation, any bias towards or against) a party hereto. As used in this
Agreement, the term "arbitrator" or "arbitrators" shall mean the one (1) member
arbitration panel or the three (3) member arbitration panel, as applicable,
described herein.

                  (iv)    The award of the arbitrators shall be accompanied by a
          statement of the reasons upon which the award is based. The
          arbitrators shall not have the power to modify this Agreement. The
          award may not include, and the parties hereto specifically waive, any
          right to an award of (a) special, incidental or consequential damages,
          or (b) punitive damages. Unless otherwise specifically provided in
          this Agreement, the fees and costs of the arbitrators shall be borne
          equally by the parties hereto.

                  (v)     The arbitrators may consolidate proceedings with
          respect to any Dispute under this Agreement with proceedings with
          respect to any related controversy, provided that any parties to such
          controversy who are not parties to this Agreement consent to such
          consolidation.

                  (vi)    The parties hereto will cooperate in the exchange of
          documents relevant to any Dispute. Deposition or interrogatory
          discovery may be conducted only by agreement of such parties or if
          ordered by the arbitrators. In considering

                                       56
<Page>

          a request for such deposition or interrogatory discovery, the
          arbitrators shall take into account that the parties hereto are
          seeking to avoid protracted discovery in connection with any
          arbitration proceeding hereunder.

                  (vii)   The obligation herein to arbitrate shall not be
          binding upon either party with respect to (a) claims relating to
          either party's rights to ownership of such party's trademarks, trade
          names, service marks, logos, commercial symbols, slogans, trade dress,
          or other intellectual property rights, or other matters materially
          affecting such intellectual property rights, which claims may be
          adjudicated in a court of competent jurisdiction, or (b) requests for
          temporary restraining orders, preliminary (and final) injunctions, or
          other procedures in a court of competent jurisdiction to obtain
          interim relief when deemed necessary to prevent a default that would
          result in irreparable injury pending resolution by arbitration of the
          actual dispute between the parties.

                  (viii)  The prevailing party in any Dispute shall be entitled
          to recover reasonable attorneys' fees and costs from the
          non-prevailing party in the Dispute.

SECTION 19.    INDEMNIFICATION

          (A)     INDEMNIFICATION BY LICENSOR. Licensor shall Indemnify Licensee
     or its Affiliates, and all of their respective managers, members,
     directors, shareholders, officers, employees, agents and representatives,
     from, against and in respect of any and all actions, suits, claims,
     proceedings, investigations, audits, demands, assessments, fines,
     judgments, costs and expenses (including, without limitation, reasonable
     attorneys' fees) ("CLAIMS") actually incurred by Licensee by reason of: (i)
     any breach by Licensor of any covenant or agreement made by it in this
     Agreement, (ii) any trademark infringement claim as a result of its use of
     the Licensed Marks, or (iii) any act or omission of Licensor or its
     Affiliates or any of their respective employees which constitutes gross
     negligence or willful misconduct.

          (B)     INDEMNIFICATION BY LICENSEE. Licensee shall Indemnify Licensor
     and its Affiliates and all of their respective directors, officers,
     employees, agents and representatives from and against all Claims actually
     incurred by any of them by reason of: (i) any breach by Licensee of any
     covenant or agreement made by it in this Agreement, (ii) any act or
     omission of Licensee or any officer, employee or agent of Licensee
     occurring in, on or about the Project (except in the Hotel/Casino Retail
     Store or Hard Rock Cafe located in the Hotel/Casino), (iii) any act or
     omission of Licensee or any officer, employee or agent of Licensee acting
     or purporting to act on behalf of or for the benefit of the Hotel/Casino or
     the Project, (iv) any failure by Licensee to provide the services
     contracted for in connection with the operations of the Hotel/Casino and
     the Project, to honor and fulfill obligations of Licensee under any
     contract, commitment or obligation of Licensee, or (v) the operation of the
     Hotel/Casino and the Project (other than the Hotel/Casino Retail Store or
     Hard Rock Cafe located in the Hotel/Casino), including any death or
     personal injury or property damage occurring at the Hotel/Casino or the
     Project, unless such death, injury or damage was caused by the gross
     negligence or willful misconduct of Licensor or its Affiliates or any of
     their respective employees.

                                       57
<Page>

          (C)     METHOD OF ASSERTING CLAIMS. Whenever any Claim shall arise for
     indemnification under this Section 19, the indemnified party will give
     prompt written notice to the indemnifying party of such Claim, stating the
     nature, basis and (to the extent known) amount thereof, and shall cooperate
     fully in the defense, settlement or compromise of such Claim; provided that
     failure to give prompt notice shall not jeopardize the right of the
     indemnified party to indemnification unless such failure shall have
     materially prejudiced the ability of the indemnified party to defend such
     Claim. The indemnifying party shall have the sole right to select counsel
     for the defense of such Claim, subject to the approval of the indemnified
     party (which approval shall not be unreasonably withheld) and to control
     the defense, settlement or compromise of such Claim. The indemnified party
     shall have the right to participate in (but not control) the defense of any
     such Claim, with its counsel and at its own expense. The indemnified party
     shall not settle or compromise any Claim by a third party for which it is
     entitled to indemnification hereunder without the prior written consent of
     the indemnifying party. The indemnifying party shall obtain the prior
     written approval of the indemnified party (which approval may not be
     unreasonably withheld) before ceasing to defend against such third party
     claim or entering into any settlement or compromise of such third party
     claim involving injunctive or similar equitable relief being asserted
     against any indemnified party and no indemnifying party will, without prior
     written consent of each indemnified party, settle or compromise or consent
     to the entry of any judgment in any pending or threatened Claim, action or
     cause of action, suit or proceeding in respect of which indemnification may
     be sought thereunder (whether or not any such indemnified party is a party
     to such Claim, action or cause of action, suit or proceeding), unless such
     settlement, compromise or consent includes an unconditional release of all
     such indemnified parties from all liability arising out of such Claim,
     action, suit or proceeding.

          (D)     SURVIVAL. The provisions of this Section 19 shall survive the
     termination of this Agreement for any reason.

SECTION 20.    CONFIDENTIAL INFORMATION

     Except as provided in this Agreement, each party shall disclose
Confidential Information to the other party solely on the condition that the
recipient and its Affiliates agree, and the recipient, individually and on
behalf of its Affiliates hereby agrees, that at all times during and after the
term of this Agreement, the recipient and its Affiliates (i) shall not use the
Confidential Information in any other business or capacity other than pursuant
to its rights and obligations under this Agreement, (ii) shall maintain the
absolute confidentiality of the Confidential Information, (iii) shall not
distribute to third parties copies of any portion of the Confidential
Information which is disclosed in written or tangible form, and (iv) shall adopt
and implement reasonable procedures to prevent the unauthorized use or
disclosure of the Confidential Information, including, without limitation,
restrictions on disclosure thereof by the recipient's employees and Affiliates
who may have access to the Confidential Information. In the event that either
party is required through legal process to disclose any Confidential
Information, such party may do so, provided that the disclosing party gives the
other party written notice of the Confidential Information to be disclosed as
far in advance of its disclosure as is reasonably practicable.

                                       58
<Page>

     Notwithstanding anything to the contrary set forth herein or in any other
written or oral understanding or agreement to which the parties hereto are
parties or by which they are bound, the parties acknowledge and agree that (i)
any obligations of confidentiality contained herein and therein do not apply and
have not applied from the commencement of discussions between the parties to the
tax treatment and tax structure of the transaction contemplated herein (the
"TRANSACTION") (and any related transactions or arrangements), and (ii) each
party (and each of its employees, representatives, or other agents) may disclose
to any and all persons, without limitation of any kind, the tax treatment and
tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided to such party relating to such
tax treatment and tax structure, all within the meaning of Treasury Regulations
Section 1.6011-4; provided, however, that each party recognizes that the
privilege each has to maintain, in its sole discretion, the confidentiality of a
communication relating to the Transaction, including a confidential
communication with its attorney or a confidential communication with a federally
authorized tax practitioner under Section 7525 of the Internal Revenue Code, is
not intended to be affected by the foregoing.

     Each party acknowledges that the restrictions contained in this Section are
reasonable and necessary to protect the legitimate interests of the disclosing
party, do not cause the recipient of the Confidential Information undue
hardship, and that any violation of the provisions of this Section will result
in irreparable injury to the disclosing party and its Affiliates and that,
therefore, the disclosing party shall be entitled to preliminary and permanent
injunction relief in any court of competent jurisdiction, which rights shall be
cumulative and in addition to any other rights or remedies to which the
disclosing party may be entitled.

SECTION 21.    GENERAL PROVISIONS

          (A)     ENTIRE AGREEMENT. This Agreement, and the attachments hereto,
     if any, constitute the entire, full and complete agreement between Licensor
     and Licensee concerning the subject matter hereof, and supersede all prior
     agreements, no other representations having induced Licensee to execute
     this Agreement. No representations, inducements, promises, or agreements,
     oral or otherwise, not embodied in this Agreement (as defined in the
     preceding sentence) or attached hereto (unless of subsequent date) were
     made by either party, and none shall be of any force or effect with
     reference to this Agreement or otherwise. Except as otherwise provided in
     this Agreement, no amendment, change or variance from this Agreement shall
     be binding on either party unless mutually agreed to by the parties and
     executed by their authorized officers or agents in writing.

          (B)     NOTICES. Except as otherwise provided in this Agreement, all
     notices, demands, requests, consents, approvals and other communications
     (collectively "NOTICES"), required or permitted to be given hereunder, or
     which are to be given with respect to this Agreement, shall be in writing
     and personally delivered, or sent by facsimile (with a confirming copy
     mailed by international air mail), or by a recognized overnight courier
     service, or by registered international air mail, postage prepaid, return
     receipt requested, addressed to the party to be so notified as follows:

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<Page>

If to Licensee, to:   Premier Entertainment, LLC
                      11400 Reichold Road
                      Gulfport, Mississippi 39503
                      Attention: Mr. Gregg R. Giuffria
                      Facsimile No.: (702) ____________

with copy to:         Balch & Bingham LLP
                      1310 Twenty Fifth Avenue
                      Gulfport, Mississippi 39501
                      Attention:  Ricky J. Cox
                      Telephone No.:(228) 864-9900
                      Facsimile No.: (228) 864-8221

                      AA Capital Partners, Inc.
                      10 South LaSalle Street, Suite 3712
                      Chicago, Illinois 60603
                      Attention:  Charles L. Wall, Jr.
                      Telephone No.: (312) 419-4783
                      Facsimile No.: (312) 419-4790

If to Licensor, to:   Hard Rock Hotel Licensing, Inc.
                      6100 Old Park Lane
                      Orlando, Florida 32835
                      Attention: Vice President, Business Affairs
                      Telephone No.: (407) 445-7625
                      Facsimile No.: (407) 445-7630

with copy to:         Akerman Senterfitt
                      255 South Orange Avenue
                      Orlando, Florida  32801
                      Attention: Eric B. Marks, Esquire
                      Telephone: (407) 843-7860
                      Telecopier:(407) 843-6610

     Notices shall be deemed received on the date of delivery if personally
delivered, two (2) business days after sending if sent by facsimile or overnight
courier service, or seven (7) business days after sending if sent by registered
international air mail.

          (C)     INDEPENDENT CONTRACTOR STATUS. This Agreement does not create
     a fiduciary relationship between the parties hereto, and Licensee is and
     shall, at all times, remain an independent contractor. Nothing in this
     Agreement is intended to constitute either party an agent, legal
     representative, subsidiary, joint venturer, partner, employee or servant of
     the other party for any purpose. During the term of this Agreement,
     Licensee shall hold itself out to the public only as an independent
     contractor operating the business pursuant to a license from Licensor.

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          (D)     SURVIVAL. Any covenant, representation, warranty, term or
     provision of this Agreement which, in order to be effective, must survive
     the termination of this Agreement, shall survive any such termination.

          (E)     SEVERABILITY. Except as expressly provided to the contrary
     elsewhere herein, each section, part, term and/or provision of this
     Agreement shall be considered severable and shall be construed as
     independent of any other section, part, term and/or provision of this
     Agreement. If, for any reason, all or any part of any section, part, term
     and/or provision herein is held to be invalid, unenforceable, or in
     conflict with any applicable law by a court or properly convened
     arbitrators having valid jurisdiction in an unappealed final decision to
     which Licensor is a party or by which Licensor may be bound, such shall not
     impair the operation of, or have any other effect upon, any other section,
     part, term and/or provision of this Agreement as may remain otherwise valid
     and enforceable, and the latter shall continue to be given full force and
     effect and bind the parties hereto, and said invalid sections, part, terms
     and/or provisions shall be deemed limited by construction in scope and
     effect to the minimum extent possible to render the same valid and
     enforceable.

          (F)     WAIVERS. No failure by any party hereto to insist upon the
     strict performance of any covenant, agreement, term or condition of this
     Agreement, or to exercise any right or remedy consequent upon the breach
     thereof, shall constitute a waiver of any such breach or any subsequent
     breach of such covenant, agreement, term or condition. No covenant,
     agreement, term or condition of this Agreement, and no breach thereof,
     shall be waived, altered or modified except by written instrument signed by
     the party to be charged therewith. No waiver of any breach of any covenant,
     agreement, term or provision of this Agreement shall affect or alter this
     Agreement, but each and every covenant, agreement, term and condition of
     this Agreement shall continue in full force and effect.

          (G)     NO WARRANTIES OR GUARANTEES. Except as explicitly set forth in
     this Agreement, Licensor makes no warranties or guarantees upon which
     Licensee may rely, and assumes no liability or obligation to Licensee, by
     providing any waiver, approval, consent or suggestion to Licensee in
     connection with this Agreement, or by reason of any delay, or denial of any
     request therefor. Licensee, in executing this Agreement, has not relied
     upon any representation or warranty of Licensor that the business
     operations to be conducted at the Hotel/Casino will be successful, or that
     any specific level of profit will be achieved.

          (H)     CONSENTS AND APPROVALS.

                  (i)     All consents and approvals which may be given under
          this Agreement shall be in writing. Unless a different standard is
          specified in a particular term or provision of this Agreement, any
          provision of this Agreement which specifies that a consent or approval
          by Licensor shall not be "unreasonably withheld or delayed", must be
          "reasonably" given, or words of similar effect, shall entitle
          Licensor, in granting or withholding any such consent or approval, to
          consider the economic considerations of Licensor and Licensee, the
          application of

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          Licensor policies and procedures, public relations and publicity
          concerns of Licensor and Licensee, and Laws applicable to Licensor and
          Licensee.

                  (ii)    If, pursuant to this Agreement, any consent or
          approval by either party which may not be unreasonably withheld is
          alleged to have been unreasonably withheld, conditioned or delayed,
          then any dispute as to whether such consent or approval has been
          unreasonably withheld, conditioned or delayed shall be settled by
          arbitration in accordance with Section 18 hereof. In the event there
          shall be a final determination that such consent or approval was
          unreasonably withheld, conditioned or delayed so that such consent or
          approval should have been granted, the consent or approval shall be
          deemed granted.

          (I)     INFORMATIONAL MATERIALS. In furtherance of the respective
     rights of the parties contained within this Agreement, including, without
     limitation, any right of approval or consent, or, in the case of Licensee,
     to exploit the Licensed Rights granted hereunder to Licensee, each party
     shall be entitled to receive from the other all materials and information
     in the possession or control of the other party reasonably requested to
     enable the requesting party to exercise the rights granted to such
     requesting party hereunder.

          (J)     EXPENSES. Except to the extent otherwise provided herein, each
     party hereto will bear its own costs, expenses and fees, including, without
     limitation, the fees and expenses of their respective legal counsel, in
     connection with the negotiation, preparation and execution of this
     Agreement, and in connection with all due diligence reviews and
     investigations conducted by such party prior to the execution of this
     Agreement.

          (K)     FORCE MAJEURE. If by reason of war, riots, civil commotion,
     labor disputes, strikes, lockouts, inability to obtain labor or materials,
     fire, hurricane, windstorm, flooding, or other acts or elements, accidents,
     government restrictions or appropriation or other causes, whether like or
     unlike the foregoing, beyond the control of a party hereto, such party is
     unable to perform in whole or in part its obligations under this Agreement,
     then in such event such inability to perform, so caused, shall not make
     such party liable to the other. Upon the occurrence of such an event, the
     parties shall seek to determine the impact, if any, that such occurrence
     shall have upon the rights and obligations of the parties under this
     Agreement. Any disagreement regarding such rights and obligations shall be
     referred to the Chief Executive Officer of Licensee and the President and
     Chief Executive Officer of Licensor for final resolution in writing signed
     by each of them. In the event that such persons are unable to so resolve
     the disagreement, then they shall seek alternative means to resolve the
     dispute, provided that if the parties cannot otherwise resolve that dispute
     within a reasonable period under the circumstances, then the parties shall
     not be precluded from pursuing the procedures set forth in Section 18 of
     this Agreement.

          (L)     ABSENCE OF THIRD PARTY BENEFICIARY RIGHTS. Except as otherwise
     specified in this Agreement, no provision of this Agreement is intended or
     shall be construed to provide or create any third party beneficiary right
     or any other right of any kind in any

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     client, customer, affiliate, insurer, lender, shareholder, partner,
     officer, director, employee or agent of any party hereto, or in any other
     Person, and all terms and provisions hereof shall be personal solely among
     the parties to this Agreement and their proper successors and assigns.

          (M)     ASSIGNMENT. Subject to the provisions of Section 16 hereof,
     this Agreement shall be binding upon and inure to the benefit of and be
     enforceable by the respective heirs, legal representatives, successors and
     permitted assigns of the parties hereto.

          (N)     HEADINGS. The section and other headings contained herein are
     for convenience of reference only, and are not intended to define, limit or
     describe the scope or intent of any provision of this Agreement.

          (O)     COUNTERPARTS. This Agreement may be executed in two or more
     counterparts, each of which shall be deemed an original, but all of which
     together shall constitute one and the same instrument.

          (P)     PUBLIC ANNOUNCEMENTS. No notices to third parties or other
     publicity, including press releases, concerning the existence of this
     Agreement or any of the transactions contemplated hereby shall be made by
     either party hereto or their respective Affiliates unless agreed to by each
     of the parties hereto, except to the extent required by law.
     Notwithstanding the above, no notices or other public announcements
     regarding this Agreement shall be made by either party until after
     Licensee's acquisition of the site for the Hotel/Casino.

          (Q)     NO SOLICITATION. Licensor and Licensee, on behalf of itself
     and its Affiliates, each agree not to, directly or indirectly, solicit the
     employment of any individual who has an active management position with the
     other party hereto or any of its Affiliates, without the written consent of
     the other party hereto, which consent may be granted or withheld in the
     other party's sole discretion.

          (R)     FRANCHISE LAWS NOT APPLICABLE. It is the intention of the
     parties that the negotiation, execution, delivery and performance of this
     Agreement and the other agreements, instruments and documents to be
     executed and delivered in connection herewith, and the consummation of the
     transactions contemplated hereby and thereby not trigger or be subject to
     the franchise laws and regulations of any jurisdiction.

          (S)     CUMULATIVE REMEDIES. All rights and remedies of the parties
     hereto are cumulative of each other and of every other right or remedy such
     parties may otherwise have at law or in equity, and the exercise of one or
     more rights or remedies shall not prejudice or impair the concurrent or
     subsequent exercise of other rights or remedies.

          (T)     APPLICABLE LAW. This Agreement shall be governed and construed
     in accordance with the internal laws of Nevada, without reference to the
     principles of comity or conflicts of law thereof.

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<Page>

          (U)     RELATIONSHIP. Nothing contained in this Agreement shall be
     deemed to be construed as creating the relationship of principal and agent
     or of partnership or joint venture between Licensee and Licensor, it being
     understood and agreed that neither the method of computing Fees nor any
     other provision contained herein nor any acts of the parties hereto shall
     be deemed to create any relationship between the parties other than that of
     licensee and licensor.

SECTION 22.    CERTAIN REPRESENTATIONS, WARRANTIES AND
               AGREEMENTS OF LICENSOR AND LICENSEE

          (A)     REPRESENTATIONS AND WARRANTIES OF EACH PARTY.

     As an inducement to enter into this Agreement and to carry out the
agreements set forth herein, each party hereby represents and warrants, as of
the date hereof, to, and agrees with, the other party, as follows, in each case
subject to the specific limitations contained herein:

                  (i)     Such warranting party (the "WARRANTOR") is a
          corporation or entity duly organized, validly existing, and in good
          standing under the Laws of its respective jurisdiction of
          organization.

                  (ii)    The Warrantor has full corporate or governmental power
          and authority to execute and deliver this Agreement, and all of the
          other agreements and instruments contemplated hereby, to consummate
          the transactions contemplated hereby and thereby, and to comply with
          the terms, conditions, and provisions hereof and thereof.

                  (iii)   The execution, delivery, and performance of this
          Agreement, the Cafe Lease Agreement, Retail Store Lease Agreement and
          the Memorabilia Lease by the Warrantor (or its Affiliates, as the case
          may be) have been duly authorized and approved by the board of
          directors or equivalent body of Warrantor or any such Affiliate, as
          the case may be, and do not require any further authorization or
          consent of Warrantor, any such Affiliate, or the stockholders thereof.
          Each of this Agreement, the Lease Agreement and the Memorabilia Lease
          constitutes, or shall constitute, the legal, valid, and binding
          agreement of the Warrantor (or its applicable Affiliate, as the case
          may be), enforceable in accordance with its respective terms, except
          as such enforceability may be limited by: (1) applicable bankruptcy,
          insolvency, reorganization, moratorium, equitable principles, or
          similar Laws affecting legal or equitable rights generally; or (2) the
          possibility that the remedy of specific performance and injunctive and
          other forms of equitable relief may be subject to equitable defenses
          and to the discretion of the tribunal before which any proceeding
          therefor may be brought.

                  (iv)    Neither the execution and delivery of this Agreement
          or any other agreement or instrument contemplated hereby, nor the
          consummation of any of the transactions contemplated hereby or
          thereby, nor compliance with or fulfillment of the terms, conditions,
          and provisions hereof or thereof, in each case by Warrantor (or its
          applicable Affiliate, as the case may be) will conflict with,

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          result in a breach of the terms, conditions, or provisions of, or
          constitute a default, an event of default, or an event creating rights
          of acceleration, termination, or cancellation, or a loss of rights
          under, or, in the case of Licensor only, result in the creation or
          imposition of any encumbrance upon any of the Licensed Rights (except
          for the rights thereto granted to Licensee herein and therein), under
          the organizational or governing documents of Warrantor (or its
          applicable Affiliate, as the case may be), or under any note,
          instrument, agreement, mortgage, lease, license, franchise, permit,
          judgment, order, award, or decree to which Warrantor (or its
          applicable Affiliate, as the case may be) is a party or is bound, or,
          in the case of Licensor only, to which any of the Licensed Rights is
          subject.

          (B)     INFRINGEMENTS OF OR BY THE LICENSED RIGHTS.

     Licensor represents and warrants to Licensee that (a) Licensor is the sole
owner of the Licensed Marks; (b) to the best knowledge of Licensor, Licensor has
the unencumbered right to enter into this Agreement and to grant Licensee the
rights described herein; (c) Licensee's use of the Licensed Marks pursuant to
this Agreement will not infringe the rights of any other person or entity; (d)
Licensor has received no written claims of ownership adverse to Licensor's use
of the Licensed Marks; (e) it will pursue infringers of the Licensed Marks in a
commercially reasonable manner; (f) it will maintain all required filings with
the U.S. Patent and Trademark Office to preserve its rights in the Licensed
Marks; and (g) to the best knowledge of Licensor, the Licensed Marks are not
subject to any lien, encumbrance or security interest. The representations and
warranties set forth in items(a), (c), (e) and (f) shall survive execution and
delivery of this Agreement.

          (C)     COMPLIANCE.

     Licensee hereby covenants, confirms and warrants that the proposed facility
will operate in material compliance with applicable federal, state and local
law. Licensee affirms and acknowledges that Licensor will have no control over
the conduct of gaming activities in the proposed facility, and will rely on
Licensee to insure that all such gaming activities are in compliance with
applicable Law. Licensee will indemnify and hold harmless Licensor and its
Affiliates, and their officers, directors, employees and agents (the
"INDEMNITEES") from any and all claims, demands or liabilities which might arise
as a result of this Agreement and their activities in the proposed facility,
including but not limited to payment of all legal costs which the Indemnitees
might incur in the event the legality of any games, gaming devices or activity
in the proposed facility is challenged by federal, state or local officials.

SECTION 23.    RIGHT OF FIRST OFFER

          (A)     COVENANT CREATING RIGHT OF FIRST OFFER. Subject to Subsection
     23(B) below, if, at any time during the Term of this Agreement, Licensor
     desires to sell the Hotel System for operating the hotel aspects of a
     Hotel/Casino establishment in Tunica, Mississippi (the "TUNICA RIGHTS"),
     Licensor shall first send written notice of such election to Licensee (the
     "OFFER NOTICE"), which Offer Notice shall generally specify the initial fee
     (i.e., Territory Fee), recurring fees (i.e., Annual Fee and Continuing
     Fee), and term, if any for which Licensor is willing to sell the Tunica
     Rights (the "OFFER TERMS").

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     Licensee shall have ninety (90) days from the date of its receipt of the
     Offer Notice to provide Licensor written notice (the "ACCEPTANCE NOTICE")
     of Licensee's intent to exercise its right of first offer ("ROFO"). In
     addition to evidencing Licensee's election to purchase the Tunica Rights
     for the Offer Terms, the Acceptance Notice shall specify a closing date for
     such sale, which date shall be not more than sixty (60) days after the date
     of the Acceptance Notice. The failure of Licensee to exercise its ROFO
     within such ninety (90) day period shall result in the ROFO being waived as
     to the Tunica Rights. If: (i) Licensee does not timely exercise its right
     to purchase the Tunica Rights (or any portion thereof) pursuant to this
     Agreement; (ii) Licensee gives written notice to Licensor of Licensee's
     election to waive its ROFO with respect to the Tunica Rights; or (iii)
     having exercised its ROFO, Licensee fails to close on the purchase of the
     Tunica Rights at the Offer Terms within sixty (60) days after the date of
     the Acceptance Notice, then Licensor shall be free to sell the Tunica
     Rights (free and clear of Licensee's ROFO) for not less than ninety-five
     95% of the Offer Terms and upon such other terms as Licensor may desire,
     for a period of one (1) year after the later of (x) the date of the Offer
     Notice, or (ii) if Licensee elects to purchase the Tunica Rights but fails
     to timely close at the Offer Terms, then the date which is sixty-one (61)
     days after the Acceptance Notice (the "OPEN SALE PERIOD").

          (B)     CERTAIN OFFERS TO PURCHASE DEEMED ELECTION TO DESIRE TO SELL.
     The receipt by Licensor of an acceptable, bona fide offer to purchase the
     Tunica Rights shall, for purposes of Section 23.1(A), be deemed a "desire
     by Licensor to sell the Tunica Rights" and the terms and conditions of such
     acceptable offer to purchase the Tunica Rights shall be deemed the Offer
     Terms for purposes of Section 23.1(A).

SECTION 24.    SECURED PARTY RIGHTS

          (A)     RIGHT TO PLEDGE. Provided Licensee has acted in strict
     compliance with this Section 24, Licensee may encumber, pledge, or convey
     its interests in this Agreement by way of a security agreement, a pledge
     and/or a collateral assignment (collectively, a "PLEDGE") to secure the
     payment of a loan or loans obtained by Licensee and secured by the Project
     which loan or financing is provided by an Institution or another entity
     that is approved by Licensor in its reasonable discretion, or the lender(s)
     which are represented by an Institution acting as trustee or collateral
     agent (the "SECURED PARTY"). The term "Institution" as used in this Section
     24 shall refer to a savings bank, savings and loan association, commercial
     bank, trust company, credit union, insurance company, college, university,
     real estate investment trust or pension fund and shall also include other
     lenders which perform functions similar to the foregoing, and which have
     assets in excess of fifty million dollars ($50,000,000.00) at the time the
     Pledge is made. If Licensee shall have Pledged its interest in this
     Agreement and the Secured Party has been approved by Licensor, thereafter
     the Secured Party shall not subsequently assign, transfer, convey or sell
     participations in such Pledge to any Person other than a qualified Secured
     Party, without the prior written consent of Licensor, which consent shall
     not be unreasonably withheld.

          (B)     PLEDGE NOT A SUBORDINATION. If Licensee shall have Pledged its
     interest in this Agreement in compliance with this Section 24, the Pledge
     shall not cause, result in or

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     any way be deemed a subordination of Licensor's rights in this Agreement to
     the rights of the Secured Party. Without limiting the foregoing, the Fees
     payable to Licensor hereunder shall not be subordinate to any amounts
     payable by Licensee to any Secured Party, nor shall any such Pledge
     determine the priority of any payments by Licensee. The loan agreement,
     credit agreement, bond indenture or other similar agreement creating the
     obligation of Licensee to pay the Secured Party (the "INDENTURE") shall
     provide that, until such time as the Secured Party institutes an action to
     foreclose the Pledge in accordance herewith or files (either voluntarily or
     involuntarily) bankruptcy, revenues from operation of the Project shall be
     used first to satisfy the obligations of Licensee hereunder to Licensor
     before payment of any other obligation (including any obligation to the
     Secured Party) of the Licensee.

          (C)     NOTICE OF BREACHES TO SECURED PARTIES. In the event Licensor
     gives written notice to Licensee of a breach of its obligations under this
     Agreement, Licensor shall forthwith furnish a copy of the notice to each
     Secured Party that has been identified by written notice to Licensor by
     Licensee. To facilitate the operation of this Section, Licensee shall at
     all times keep Licensor provided with an up-to-date list of Secured
     Parties.

          (D)     SECURED PARTY MAY CURE BREACH OF LICENSEE.

                  (i)     In the event that Licensee receives notice from
          Licensor of a breach by Licensee of any of its monetary obligations
          under this Agreement, and such breach is not cured by Licensee
          pursuant to the provisions of this Agreement, Licensor shall not
          terminate this Agreement in connection with such default except as
          provided in this Section 24(D) (but shall be entitled to avail itself
          of all other remedies provided to Licensor hereunder), and Licensor
          shall, in addition to the notice provided in Section 24(C) hereof,
          give notice of the monetary failure to cure on the part of the
          Licensee to the Secured Party at the expiration of the period within
          which Licensee may cure as set forth in this Agreement. Then, the
          Secured Party may proceed to cure any such failure within sixty (60)
          days after receipt of the additional notice herein set forth. If the
          Secured Party fails to cure such monetary default within such sixty
          (60) day period, Licensor shall be entitled to exercise all rights and
          remedies for such monetary default as provided herein (including, but
          not limited to, the right to terminate this Agreement), without the
          necessity to provide any further notice or cure period whatsoever.

                  (ii)    In the event that Licensee receives notice from
          Licensor of a non-monetary breach by Licensee of any of its
          obligations under this Agreement, and such breach is not cured by
          Licensee pursuant to the provisions of this Agreement, Licensor shall
          not terminate this Lease in connection with such default except as
          provided in this Section 24(D) (but shall be entitled to avail itself
          of all other remedies provided to Licensor hereunder), and Licensor
          shall, in addition to the notice provided in Section 24(C) hereof,
          give notice of the failure to cure on the part of Licensee to the
          Secured Party at the expiration of the period within which Licensee
          may cure as set forth in this Agreement ("LICENSOR'S

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          NOTICE"). Thereafter, the Secured Party may, by providing written
          notice of its intention to cure any such non-monetary default to
          Licensor within sixty (60) days after receipt of the Licensor's
          Notice, proceed to cure any such non-monetary default. In the event
          the Secured Party elects to proceed to cure such non-monetary default,
          the Secured Party shall complete such cure within sixty (60) days
          after the date of receipt of the Licensor's Notice; PROVIDED, HOWEVER,
          if (1) the non-monetary default cannot reasonably be cured within such
          sixty (60) day period, (2) the Secured Party materially commences cure
          of such non-monetary default within such sixty (60) day period, and
          (3) after commencing efforts to cure such non-monetary default,
          diligently and in good faith pursues same to completion, then such
          sixty (60) day period shall be extended to a reasonable amount of time
          (not to exceed one hundred (100) total days from the Licensor's
          Notice) to cure such non-monetary default; PROVIDED, FURTHER, if:

                          (a)  the Secured Party shall have commenced to use and
                  thereafter diligently continues to use its commercially
                  reasonable efforts to cure such default, including, but not
                  limited to, by seeking appointment of a receiver, exercising
                  legal self-help rights, or obtaining access to the property by
                  other commercially reasonable means to cure such default, as a
                  result of the nature of such default, such default is not
                  reasonably susceptible of being cured without the Secured
                  Party obtaining possession of the Project by institution of a
                  foreclosure proceeding (any such default, a "POSSESSORY
                  DEFAULTS");

                          (b)  unless it is enjoined or stayed, the Secured
                  Party takes steps to acquire or sell Licensee's interest in
                  the Project by foreclosure or other appropriate means and
                  diligently prosecutes the same to completion; and

                          (c)  before the expiration of such sixty (60) day
                  period, the Secured Party provides notice of such Possessory
                  Default to Licensor, an explanation of the efforts undertaken
                  by the Secured Party to cure such default without first
                  instituting foreclosure proceedings and the reasons such
                  efforts failed;

                  then such sixty (60) day cure period shall be extended for
                  such reasonable amount of time (not to exceed eleven (11)
                  total months from the Licensor's Notice) to obtain possession
                  of the Project and cure such non-monetary default. If the
                  Secured Party fails to cure such non-monetary default within
                  such sixty (60) day period (as extended as permitted in the
                  previous sentence, if applicable), Licensor shall be entitled
                  to exercise all rights and remedies for such non-monetary
                  default as provided herein (including, but not limited to,
                  termination of this Agreement), without the necessity to
                  provide any further notice or cure period whatsoever. The
                  Secured Party shall not be required to continue such
                  foreclosure

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                  proceeding after the default has been cured, and if the
                  default shall be cured and the Secured Party shall discontinue
                  such foreclosure proceedings, this Agreement shall continue in
                  full force and effect as if Licensee had timely cured the
                  default under this Agreement.

                  (iii)   Except as expressly provided in Section 24(D)(ii) with
          respect to extension of the cure periods, the commencement and/or
          prosecution of foreclosure proceedings shall not be deemed to abate,
          toll, extend or otherwise modify the cure rights of the Secured Party
          set forth in this Section 24(D).

          (E)     RIGHTS AND DUTIES OF SECURED PARTY. Unless and until such time
     as a Secured Party shall have undertaken a foreclosure of its Pledge or
     security interest pursuant to Section 24(F), Secured Party shall neither be
     deemed to be Licensee hereunder nor be obliged to perform or observe any of
     the covenants, terms or conditions of this Agreement on the part of
     Licensee to be performed or observed, nor be in anyway obligated to
     complete the improvements to be constructed in accordance with this
     Agreement, nor shall it guarantee the completion of improvements as
     hereinbefore required of Licensee, whether as a result of (i) its having
     become a Secured Party or (ii) its performance of any of the covenants,
     terms or conditions on the part of Licensee to be performed or observed
     under this Agreement. Notwithstanding the foregoing, if a Secured Party
     exercises its rights provided in Section 24(D)(ii) hereof, such Secured
     Party shall be subject to the obligation of Licensee to indemnify Licensor
     as set forth herein, but solely with respect to the activities undertaken
     by such Secured Party in order to cure the non-monetary breach.

          (F)     FORECLOSURE. Provided each of the conditions set forth below
     have been satisfied to the reasonable satisfaction of Licensor, any Secured
     Party shall have the right and power to exercise its rights under a Pledge
     and either obtain title to the Project or sell the same (in foreclosure or
     by other means in lieu thereof) to a Purchaser (as hereinafter defined). In
     the event that a Secured Party desires to effect a transfer of title to the
     Project in foreclosure or by deed in lieu thereof, then upon satisfaction
     of each of the following conditions, the Purchaser, shall become the
     Licensee and be subject to this Agreement to the same extent as Licensee:

                  (i)     all of Licensee's accrued monetary obligations to
          Licensor shall have been satisfied and no uncured default of any such
          obligations shall exist prior to commencement of foreclosure
          proceedings and at all times from commencement of such foreclosure
          proceedings until the transfer of the Project;

                  (ii)    upon expiration of the applicable cure periods set
          forth in Section 24(D) hereof, (a) all of Licensee's non-monetary
          obligations to Licensor shall have been satisfied, and (b) no default
          of any such obligations shall exist;

                  (iii)   the Purchaser shall have entered into a written
          assumption agreement (conditioned upon such Person succeeding to
          Licensee's interest in this Agreement), in a form reasonably
          satisfactory to Licensor, assuming and agreeing to discharge all of
          Licensee's obligations under this Agreement as hereinafter provided;

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                  (iv)    in connection with its foreclosure of the Pledge, the
          Secured Party shall simultaneously conclude its foreclosure of all or
          substantially all (subject to Section 24(H)(ii) hereof) other
          collateral securing the loan, including, but not limited to, its
          interest under all mortgages of the Project, and any collateral
          assignment of the Hard Rock Leases and the Memorabilia Lease;

                  (v)     the Purchaser shall expressly assume the landlord's
          obligations under the Hard Rock Leases and the lessee's obligations
          under the Memorabilia Lease; and

                  (vi)    the Secured Party shall reimburse Licensor for all of
          its costs and expenses incurred in connection with the Pledge and the
          foreclosure of the Pledge.

          (G)     RIGHT TO TERMINATE. In the event of a foreclosure and
     subsequent sale or deed-in-lieu of foreclosure to the Secured Party or
     another Person (the Person (including the Secured Party) so acquiring the
     Licensee's interest in this Agreement being referred to herein as the
     "Purchaser"), Licensor shall have the right to terminate this Agreement,
     after providing written notice to the Purchaser, but not an opportunity to
     cure, unless all of the following conditions are met:

                  (i)     the Purchaser meets all of the following criteria (any
          Purchaser meeting all of the following criteria shall be referred to
          herein as an "Approved Purchaser"):

                          (a)  the Purchaser has a net worth of at least ten
                  million dollars ($10,000,000.00);

                          (b)  the Purchaser (and its constituent partners,
                  major shareholders (defined as holding at least ten percent
                  (10%) of the voting securities of the Purchaser), senior
                  executive officers and other controlling Persons, if
                  appropriate) has not been convicted of a felony, and no such
                  Person has been refused a gaming license (and not subsequently
                  revoked) or had a gaming license revoked (and not subsequently
                  restored) in any jurisdiction of the United States; and

                          (c)  Neither the Purchaser nor any of its Affiliates
                  or any of their respective constituent partners, major
                  shareholders, senior executive officers and other controlling
                  Persons, if appropriate is an HRC Competitor; and

                  (ii)    the Purchaser possesses management ability and
          experience and a well-established reputation for quality management in
          the hotel/gaming industry as determined by Licensor in its reasonable
          discretion, or, within ninety (90) days after foreclosure of the
          Pledge, has entered into a contract for the management of the Project
          by a Person who possesses such ability, experience and reputation, in
          accordance with the standards set forth in Section 5(Q) hereof, which
          is reasonably acceptable to Licensor.

                                       70
<Page>

          (H)     ADDITIONAL RIGHTS AND OBLIGATIONS.

                  (i)     In the event that a Secured Party obtains title to the
          Project, such Secured Party may transfer title to the Project and the
          Licensee's interest in this Agreement solely in strict compliance with
          the requirements of Section 16 hereof.

                  (ii)    Notwithstanding any provision herein to the contrary,
          at all times during the term of this Agreement, the Licensee, the
          lessee under the Memorabilia Lease, the landlord under the Hard Rock
          Leases and the owner of the Project shall at all times be the same
          Person or an entity controlled by such Person.

                  (iii)   Within five (5) business days after receipt of a
          written request from the Secured Party, which request shall be
          accompanied by documentation reasonably necessary to prove
          qualification, Licensor shall provide written confirmation as to
          whether a proposed Purchaser qualifies as an Approved Purchaser in
          accordance with Section 24(G)(i).

                  (iv)    For the avoidance of doubt, in the event a Secured
          Party exercises its rights under Section 24(F) to foreclose any
          Pledge:

                          (a)  upon commencement of foreclosure proceedings by a
                  Secured Party, Licensee hereby releases Licensor of and from
                  any and all claims against Licensor and its officers,
                  directors, shareholder, and employees, in their corporate and
                  individual capacities, including, without limitation, claims
                  arising under federal, state, and local laws, rules, and
                  ordinances, arising from or related to this Agreement;

                          (b)  Licensee shall remain liable for all of the
                  obligations to Licensor in connection with the Hotel/Casino
                  prior to the effective date of the transfer of its interest in
                  this Agreement; and

                          (c)  Licensee shall remain obligated under the
                  covenants against competition of this Agreement.

                  (v)     At all times following foreclosure of the Pledge,
          Licensor shall have the approved, which approval shall not be
          unreasonably withheld, any Management Company or management personnel
          employed by the Approved Purchaser as provided in Section 7 of this
          Agreement.

                  (vi)    The Indenture shall contain a provision permitting the
          appointment of a receiver in the event of a default under the
          Indenture and such receiver shall be authorized to cure all defaults
          of Licensee under this Agreement. The receiver shall be subject to the
          approval of Licensor, which approval shall not be unreasonably
          withheld, conditioned or delayed.

                  (vii)   If Licensee requests that Licensor execute an
          instrument consenting to a Pledge that is permitted under this Section
          24, then Licensor shall execute and deliver such an instrument if it
          is consistent with the terms of this

                                       71
<Page>

          Section 24, does not adversely affect Licensor's rights or obligations
          under this Section 24 and is reasonably acceptable to Licensor.

          (I)     NEW AGREEMENT.

                  (i)     In the event of an election by Licensee under Title 11
          U.S.C. Section 365 (as amended or replaced) to reject or terminate
          this Agreement (each such rejection or termination in bankruptcy being
          referred to herein a "Rejection"), Licensor shall provide each Secured
          Party that has been identified by written notice to Licensor by
          Licensee with a statement of all sums which would at that time be due
          under this Agreement but for such Rejection, and of all other
          defaults, if any, then known to Licensor. Licensor agrees to enter
          into a New Agreement ("NEW AGREEMENT") with such Secured Party or an
          Approved Purchaser for the remainder of the term of this Agreement,
          effective as of the date of Rejection and upon the terms, covenants
          and conditions (including all options to extend the Term of this
          Agreement, but excluding requirements which have already been
          completely fulfilled) of this Agreement, provided:

                          (a)  Such Secured Party or Approved Purchaser shall
                  make written request upon Licensor for such New Agreement
                  within thirty (30) days after later of (A) the date this
                  Agreement is Rejected, and (B) the date such Secured Party or
                  Approved Purchaser acquires the Project and Licensee's
                  interest in this Agreement, if any, by foreclosure, assignment
                  in lieu of foreclosure or other appropriate means; PROVIDED,
                  HOWEVER, THAT in any event such written request must be given
                  within 365 days after the earlier of (x) the Licensor's
                  Notice, and (y) the date upon which Licensee filed (either
                  voluntarily or involuntarily) bankruptcy.

                          (b)  Such Secured Party or the Approved Purchaser, as
                  applicable, shall pay or cause to be paid to Licensor at the
                  time of the execution and delivery of such New Agreement (A)
                  any and all sums which would at the time of execution and
                  delivery thereof be due pursuant to this Agreement but for
                  such Rejection, (B) all reasonable expenses, including
                  reasonable attorney's fees, which Licensor shall have incurred
                  by reason of such Rejection and the execution and delivery of
                  the New Agreement and which have not otherwise been received
                  by Licensor from Licensee or other party in interest under
                  Licensee, and (C) a new territory fee in an amount equal to
                  $500,000.00, Adjusted for Inflation. In the event of a
                  controversy as to the amount to be paid to Licensor pursuant
                  to this subsection 24(I)(i)(b), the payment obligation shall
                  be satisfied if Licensor shall be paid the amount not in
                  controversy, and the Secured Party or the Approved Purchaser,
                  as the case may be, shall agree to pay any additional sum
                  ultimately determined to be due, plus interest at a rate per
                  annum equal to the Interest Rate and such obligation shall be
                  adequately secured.

                                       72
<Page>

                          (c)  Such Secured Party or the Approved Purchaser, as
                  the case may be, shall agree to remedy any of Licensee's
                  defaults of which said Secured Party was notified by
                  Licensor's Notice of Termination and which are reasonably
                  susceptible of being so cured (it being agreed upon by the
                  parties that all monetary defaults shall be deemed reasonably
                  susceptible of being so cured) by Secured Party or the
                  Approved Purchaser, as the case may be.

                          (d)  The New Agreement is executed by the Secured
                  Party or the Approved Purchaser, as the case may be, within
                  ten (10) days after provision by such Person of the written
                  request for the New Agreement.

                          (e)  Such Secured Party or Approved Purchaser
                  possesses management ability and experience and a
                  well-established reputation for quality management in the
                  hotel/gaming industry as determined by Licensor in its
                  reasonable discretion, or, not more than thirty (30) days
                  after execution of the New Agreement, has entered into a
                  contract for the management of the Project by a Person who
                  possesses such ability, experience and reputation, in
                  accordance with the standards set forth in Section 5(Q)
                  hereof, which is reasonably acceptable to Licensor

                  (ii)    Subject to Section 24(D) hereof, at all times after an
          Event of Default and prior to entry of such New Agreement with the
          Secured Party or the Approved Purchaser, as the case may be, Licensor
          shall have the right to exercise any rights or remedies that it may
          have in connection with such default, including, but not limited to,
          any right it may have to cause the use of Licensed Rights and Hard
          Rock Marks at the Project to be discontinued.

SECTION 25.    INITIAL SECURED PARTY RIGHTS

     Licensor acknowledges that the initial financing of the project will be
provided by AA Capital Direct Investments Fund, L. P. ("AA CAPITAL") and that,
in order to secure such loan, AA Capital will obtain, INTER ALIA, a (i) mortgage
on the real property underlying the Project, (ii) a collateral assignment of the
Hard Rock Leases and (iii) a collateral pledge of the License Agreement.
Notwithstanding any provision contained herein to the contrary, provided (x) the
License Agreement is pledged in accordance with the Collateral Assignment of
License Agreement attached hereto as EXHIBIT G and (y) Hard Rock STP and AA
Capital execute a Subordination, Non-Disturbance and Attornment Agreement with
respect to each of the Hard Rock Leases in the form attached to the respective
Hard Rock Lease, Hard Rock agrees to execute the Consent to Collateral
Assignment attached hereto as EXHIBIT H.

SECTION 26.    LETTER OF CREDIT

          (A)     Licensee shall, not later than six (6) months prior to the
     Hotel Opening Date, obtain an unconditional and irrevocable letter of
     credit in favor of Licensor, in a form reasonably acceptable to Licensor,
     issued by a bank or other financial lending institution having assets in
     excess of Five Hundred Million Dollars ($500,000,000.00)

                                       73
<Page>

     and approved by Licensor, which approval shall not be unreasonably
     withheld, for the benefit of Licensor (the "LETTER OF CREDIT"), and in an
     amount equal to Three Million Dollars ($3,000,000.00), subject to increase
     as provided herein (the "LETTER OF CREDIT AMOUNT"). The Letter of Credit
     must provide that in the event of a default in any of Licensee's
     obligations to Licensor under this Agreement or the Memorabilia Lease,
     Licensor shall be entitled, in addition to all other remedies of Licensor
     under this Agreement, to make immediate demand under the Letter of Credit
     for payment in the amount of all sums then due and owing from Licensee to
     Licensor, without having to give any additional notice to Licensee. The
     Letter of Credit must further provide that in the event the Letter of
     Credit is drawn upon or reduced during the remainder of the Term and, as a
     result, the amount of the Letter of Credit is less than the Letter of
     Credit Amount, Licensee shall immediately cause the amount of the Letter of
     Credit to be restored to the Letter of Credit Amount.

          (B)     On or before thirty (30) days before the expiration date of
     the Letter of Credit, Licensor must receive a replacement Letter of Credit
     meeting all of the requirements described above (the "REPLACEMENT LETTER OF
     CREDIT") from Licensee. If a Replacement Letter of Credit is not received
     in the time period described above, Licensee shall automatically be in
     default under this Agreement and Licensor shall be entitled to make
     immediate demand under the Letter of Credit for the entire Letter of Credit
     Amount, without having to give any additional notice to Licensee, which
     amount shall be then be treated as a security deposit to secure the
     payment, by Licensee, of its obligations under this Agreement and the
     Memorabilia Lease (the "SECURITY DEPOSIT"). Licensee shall remain obligated
     to obtain a Replacement Letter of Credit and Licensee shall remain in
     default under this Agreement until such time as Licensee provides a
     Replacement Letter of Credit to Licensor. In the event of a default in any
     of Licensee's obligations to Licensor under this Agreement or the
     Memorabilia Lease, Licensor shall be entitled, in addition to all other
     remedies of Licensor under this Agreement or the Memorabilia Lease, as
     applicable, to immediately deduct from the Security Deposit the amount of
     all sums then due and owing from Licensee to Licensor, without having to
     give any additional notice to Licensee. In the event the Security Deposit
     is drawn upon or reduced during the remainder of this Agreement and, as a
     result, the amount of the Security Deposit is less than the Letter of
     Credit Amount, Licensee shall immediately cause the amount of the Security
     Deposit to be restored to the Letter of Credit Amount. When Licensor
     receives a Replacement Letter of Credit from Licensee, Licensor shall then
     return the remaining amount of the Security Deposit to Licensee.

          (C)     At the expiration of the date which is two (2) years after the
     Opening Date, if Licensee is not then in default under this Agreement or
     the Memorabilia Lease and has paid all Fees then owed under this Agreement
     and all amounts owed under the Memorabilia Lease, Licensor will release the
     Letter of Credit.

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

                         [SIGNATURES ON FOLLOWING PAGE]

                                       74
<Page>

                               LICENSEE:

                               PREMIER ENTERTAINMENT, LLC

                                  By: GAR, LLC, Managing Member

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

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

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

                                       75
<Page>

                               LICENSOR:

                               HARD ROCK HOTEL LICENSING, INC.

                               By: /s/ Jay A. Wolszczak
                                  --------------------------------
                               Name: Jay A. Wolszczak
                               Its: Vice President & General

                        ACKNOWLEDGEMENT OF HARD ROCK STP

     Hard Rock STP hereby acknowledges its obligation to execute the Ancillary
Agreements referenced in, and in accordance with, Section 4(P) hereof.

                               By: /s/ Jay A. Wolszczak
                                  --------------------------------
                               Name: Jay A. Wolszczak
                               Its: Vice President & General

                                       76
<Page>

                                    EXHIBIT A

                                 LICENSED MARKS

     Set forth below are the Licensed Marks within the defined term "Licensed
Rights" that may be used in accordance with this Agreement.

     1.   HARD ROCK HOTEL, Registration No. 1,909,483 for hotel services.

     2.   HARD ROCK HOTEL and Design, Registration No. 2,029,859 for hotel
          services, as attached hereto.

     3.   HARD ROCK LIVE

     4.   HARD ROCK LIVE and Design, as depicted on the following page.

     5.   HARD ROCK CASINO __________________________.

     6.   HARD ROCK HOTEL & CASINO BILOXI.*

     The following word marks may also be used in association with the Licensed
Marks described above:

          Love All, Serve All

          Save the Planet

          Take Time to Be Kind

          All is One

          No Nuclear Weapons or Drugs

*    It is acknowledged and agreed by the parties hereto that the word mark
"HARD ROCK HOTEL & CASINO BILOXI" (the "Biloxi Word Mark") is not a registered
trademark or service mark of Licensor and, without limiting any other
representation or warranty of Licensor contained in this Agreement, that
Licensor makes no representations or warranties whatsoever with respect to the
Biloxi Word Mark. Licensee acknowledges and agrees that it is expressly
prohibited from using the Biloxi Word Mark superimposed over or encroaching in
any manner into any design feature consisting of the stylized words "HARD ROCK"
superimposed over a circle as depicted in, among other registrations, U.S. Reg.
No. 2,029,859, U.S. Reg. No. (the "Hard Rock Logo"). Licensee is further
prohibited from using the Biloxi Word Mark in conjunction with, combined with or
in association with any design/logo feature that is confusingly similar to or
reasonably likely to dilute the distinctiveness of the Hard Rock Logo.

                                       A-1
<Page>

                                    EXHIBIT B

                          FORM OF CAFE LEASE AGREEMENT

                                       B-1
<Page>

                                   EXHIBIT B-1

                 BUSINESS TERMS OF RETAIL STORE LEASE AGREEMENT

                                       B-2
<Page>

                                    EXHIBIT C

                                       C-3
<Page>

                                    EXHIBIT D

                              PROJECT CONCEPT PLAN

                                       D-1
<Page>

                                    EXHIBIT E

                        DESCRIPTION OF PRE-APPROVED SITE

                                       E-1
<Page>

                                    EXHIBIT F

                          MAP OF COMPETITIVE TERRITORY

                                       F-1
<Page>

                                    EXHIBIT G

               FORM OF COLLATERAL ASSIGNMENT OF LICENSE AGREEMENT

                            COLLATERAL ASSIGNMENT OF
                          HARD ROCK LICENSE AGREEMENTS

     FOR GOOD AND VALUABLE CONSIDERATION, the receipt and adequacy of which is
hereby acknowledged, PREMIER ENTERTAINMENT, LLC, a Mississippi limited liability
company ("BORROWER"), hereby collaterally assigns, transfers and conveys to AA
CAPITAL DIRECT INVESTMENTS FUND, L.P., a Delaware limited partnership
("LENDER"), all of Borrower's right, title and interest in and to each of the
agreements identified on SCHEDULE A attached hereto and made a part hereof (as
the same may be amended, modified or supplemented, as permitted, from time to
time, the "Contracts"), as security for the prompt and complete payment and
performance of the Liabilities (as defined in that certain Loan and Security
Agreement dated of even date herewith by and between Borrower and Lender, as
amended or modified from time to time (the "LOAN AGREEMENT")).

     The Borrower hereby irrevocably constitutes and appoints Lender as its
attorney-in-fact to exercise solely during the continuance of an Event of
Default under the Loan Agreement (after the expiration of any applicable cure
periods, if any), the Borrower's rights and remedies under the Contracts, and to
perform any and all acts in the name of Borrower or in the name of Lender with
respect to the Contracts with the same force and effect as Borrower could
perform if this Collateral Assignment (this "Agreement") had not been made.
Borrower agrees to and shall indemnify Lender (and each of its officers,
managers, members, employees, assignees, participants, affiliates, attorneys,
and agents) upon demand against, and hold Lender (and each of its officers,
managers, members, employees, assignees, participants, affiliates, attorneys,
and agents) harmless from, any and all loss, cost, liability or expense
(including, without limitation, reasonable attorneys' fees) incurred in
connection with any such action, unless directly caused by the willful
misconduct or gross negligence of Lender or its officers or managers.

     Borrower agrees that (i) Lender does not assume any of Borrower's
obligations, liabilities or duties under the Contracts, including, but not
limited to, any indemnification or other payment obligations (and Lender shall
not be liable or responsible for any of the foregoing) merely by the execution
and delivery of this Agreement, and (ii) no amendment, supplement or
modification to any of the Contracts shall be effective without Lender's prior
written consent, if such change would have a materially adverse effect on
Lender's or Borrower's rights thereunder.

     Borrower hereby represents and warrants to Lender, which representations
and warranties shall survive the execution and delivery of this Agreement, that
(i) Borrower has provided Lender with true, correct and complete, fully-executed
copies of each of the Contracts on or prior to the date hereof, and (ii) no
assignment of the Contracts or any interest therein (collaterally or otherwise)
has been made, other than to Lender.

     Notwithstanding anything to the contrary contained in this Agreement,
Lender shall not exercise its rights under this Agreement until the occurrence
and only during the continuance of

                                       G-1
<Page>

an Event of Default under and pursuant to the Loan Agreement (after the
expiration of any applicable cure period, if any). Upon the occurrence of any
such Event of Default, Lender may, at its option, exercise any or all of its
rights granted under this Agreement.

     This Agreement shall terminate (other than for Borrower's indemnification
obligations set forth herein) upon the earlier of: (i) the indefeasible payment
in full of the Liabilities (as defined in the Loan Agreement); (ii) the
termination of the License Agreement (identified on SCHEDULE A attached hereto)
in accordance with its terms; and (iii) the opening of the Hotel/Casino
contemplated pursuant to such License Agreement.

     The signatories hereto shall duly execute and deliver, and take all such
further acts, as are reasonably required by the Lender to more fully carry out
the intent of this Agreement. The parties agree that time is of the essence
regarding the subject matter of this Agreement.

     This Agreement may be executed in any number of counterparts, each of which
when so executed and delivered shall be an original, but all of which together
constitute one and the same instrument. Fax signatures hereto shall be deemed as
legally effective as a signed original.

     This Agreement shall be binding upon and inure to the benefit of the
permitted assigns or successors in interest of Borrower and Lender. The parties
acknowledge and agree that the Lender contemplates assigning a portion of the
Liabilities (as defined in the Loan Agreement) and a portion of its rights,
benefits and powers under the Loan Agreement and the Financing Agreements (as
defined in the Loan Agreement) to a limited partnership or other entity to be
created after the date hereof that will be an affiliate of the Lender.
Accordingly, the term "Lender" as used in this Agreement shall automatically be
deemed to refer to the Lender and such assignee on and after the such
assignment.

     This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Illinois, without regard to
conflicts of law or choice of law principles.

                            [Signature Pages Follow]

                                       G-2
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Collateral
Assignment of Hard Rock License Agreements to be duly executed this ___ day of
May, 2003.

                              BORROWER:

                              PREMIER ENTERTAINMENT, LLC

                                 By: GAR, LLC, Managing Member

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

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

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

                              LENDER:

                              AA CAPITAL DIRECT INVESTMENTS FUND, L.P.

                              By:  AA Capital Direct Investments Management, LLC
                              Its: General Partner

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

                                       G-3
<Page>

                                   SCHEDULE A
                                       TO
                            COLLATERAL ASSIGNMENT OF
                          HARD ROCK LICENSE AGREEMENTS

1.   License Agreement dated as of May __, 2003 between the Borrower and Hard
     Rock Hotel Licensing, Inc., a Florida corporation, as the same may be
     amended or modified from time to time.

2.   Memorabilia Lease dated as of _____________ between the Borrower and Hard
     Rock Cafe International (STP), Inc., a New York corporation, as the same
     may be amended or modified from time to time.

                                       G-4
<Page>

                                    EXHIBIT H

                    FORM OF CONSENT TO COLLATERAL ASSIGNMENT
                              OF LICENSE AGREEMENT

                                   CONSENT TO
                            COLLATERAL ASSIGNMENT OF
                          HARD ROCK LICENSE AGREEMENTS

     FOR VALUABLE CONSIDERATION, the receipt and adequacy of which is hereby
acknowledged, Hard Rock Hotel Licensing, Inc. and Hard Rock Cafe International
(STP), Inc. (collectively, the "LICENSORS") hereby consent to the collateral
assignment and transfer made by Premier Entertainment, LLC, a Mississippi
limited liability company ("BORROWER"), to AA Capital Direct Investments Fund,
L.P., a Delaware limited partnership ("LENDER"), of all of Borrower's right,
title and interest in and to each of the agreements identified on SCHEDULE A
attached hereto and made a part hereof (as the same may be amended, modified or
supplemented, as permitted, from time to time, the "CONTRACTS"), as security for
the prompt and complete payment and performance of the Liabilities (as defined
in that certain Loan and Security Agreement dated of even date herewith by and
between Borrower and Lender, as amended or modified from time to time (the "LOAN
AGREEMENT")), pursuant to that certain Collateral Assignment of Hard Rock
License Agreements dated as of May __, 2003 between Borrower and Lender (the
"COLLATERAL ASSIGNMENT").

     The Licensors agree that Lender does not assume any of Borrower's
obligations, liabilities or duties under the Contracts, including, but not
limited to, any indemnification or other payment obligations (and Lender shall
not be liable or responsible for any of the foregoing) merely by the execution
and delivery of this Consent to Collateral Assignment of Hard Rock License
Agreements (this "Agreement").

     The Licensors acknowledge that no assignment of the Contracts or any
interest therein (collaterally or otherwise) has been made, other than to
Lender.

     Nothing contained herein or in the Collateral Assignment shall be construed
so as to affect the rights of the Licensors, or either of them, to pursue any
claims or to assert any rights or defense which they may have involving any of
the Contracts.

     Notwithstanding anything to the contrary contained in the Collateral
Assignment or this Agreement, Lender shall not exercise its rights under this
Agreement or the Collateral Assignment until the occurrence and only during the
continuance of an Event of Default under and pursuant to the Loan Agreement
(after the expiration of any applicable cure period, if any). Upon the
occurrence of any such Event of Default, Lender may, at its option upon prior
written notice to the Licensors, and subject to the Licensors' rights under the
Contracts, exercise any or all of Lender's rights granted under the Collateral
Assignment and this Agreement, provided the Lender (i) cures any default of
Borrower then existing and identified in writing by the Licensors under the
Contracts; (ii) assumes all of the Borrower's obligations under the Contracts
and forecloses on all applicable collateral within a substantially similar time
period; and (iii) exercises its rights under both Contracts. The Licensors shall
provide the Lender with prompt

                                       H-1
<Page>

written notice describing in reasonable detail any and all amendments or
modifications to the Contracts.

     Neither the Collateral Assignment nor this Agreement shall cause, result in
or in any way be deemed a subordination of Licensors' rights under the Contracts
to the rights of the Lender. Without limiting the foregoing, the fees and
rentals payable to Licensor under the Contracts shall not be subordinate to any
amounts payable by Borrower to Lender, nor shall this Agreement or the
Collateral Assignment determine the priority of any payments by Borrower.

     The terms and conditions of Section 24(G) of the License Agreement, titled,
"Right to Terminate", are incorporated herein by this reference as if set forth
in the text of this document; provided, however, the term "Secured Party" as
used in the License Agreement shall be replaced with the term "Lender" and the
term "Licensor" as used in the License Agreement shall be replace with
"Licensors".

     Lender shall not amend or modify the Collateral Assignment without the
prior written consent of Licensors, which consent may be withheld in Licensors'
sole discretion.

     Notwithstanding any provision herein to the contrary, at all times during
the term of this Agreement, the licensee under the License Agreement, the lessee
under the Memorabilia Lease, the landlord under the Hard Rock Leases and the
owner of the Project shall at all times be the same Person or an entity
controlled by such Person (such capitalized terms being defined in the License
Agreement).

     This Agreement may be executed in any number of counterparts, each of which
when so executed and delivered shall be an original, but all of which together
constitute one and the same instrument. Fax signatures hereto shall be deemed as
legally effective as a signed original. The parties agree that time is of the
essence regarding the subject matter of this Agreement. Any notice(s) to be
provided herein shall be sent pursuant to the terms of the Notice Section in the
License Agreement identified on SCHEDULE A attached hereto.

     This Agreement shall be binding upon and inure to the benefit of the
permitted assigns or successors in interest of Lender and each Licensor. The
parties acknowledge and agree that the Lender contemplates assigning a portion
of the Liabilities (as defined in the Loan Agreement) and a portion of its
rights, benefits and powers under the Loan Agreement and the Financing
Agreements (as defined in the Loan Agreement) to a limited partnership to be
created after the date hereof, the general partner of which will be the same
person as the general partner of AA Capital Direct Investments Fund, LLC.
Accordingly, the term "Lender" as used in this Agreement shall automatically be
deemed to refer to the Lender and such assignee on and after the such
assignment; provided, however, the Lender shall not be permitted to assign its
rights hereunder or under the Collateral Assignment to any other person or
entity without the prior written consent of the Licensors, which consent may be
withheld in Licensor's sole discretion.

     This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Nevada, without regard to
conflicts of law or choice of law principles.

                         [signatures on following page]

                                       H-2
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Consent to
Collateral Assignment of Hard Rock License Agreements to be duly executed this
___ day of May, 2003.

                              LENDER:

                              AA CAPITAL DIRECT INVESTMENTS FUND, L.P.

                              By:  AA Capital Direct Investments Management, LLC
                              Its: General Partner

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

                              LICENSORS:

                              HARD ROCK HOTEL LICENSING, INC.

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

                              HARD ROCK CAFE INTERNATIONAL (STP), INC.

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

                                       H-3
<Page>

                                   SCHEDULE A
                                       TO
                            COLLATERAL ASSIGNMENT OF
                          HARD ROCK LICENSE AGREEMENTS

1.   License Agreement dated as of May __, 2003 between the Borrower and Hard
     Rock Hotel Licensing, Inc., a Florida corporation, as the same may be
     amended or modified from time to time.

2.   Memorabilia Lease to be entered by and between the Borrower and Hard Rock
     Cafe International (STP), Inc., a New York corporation, as the same may be
     amended or modified from time to time.

                                       H-4

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