Document:

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                                                                    Exhibit 10.8

                                OPTION AGREEMENT

                                     between

                      SUN INTERNATIONAL NORTH AMERICA, INC.

                                            as Seller

                                       and

                          COLONY RIH ACQUISITIONS, INC.

                                            as Purchaser

                           Dated as of April 25, 2001

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                                Table of Contents
                                -----------------

                                                                            Page

SECTION 1.          GRANT OF OPTION............................................2

SECTION 2.          OPTION TERM; EXERCISE OF OPTION............................2

SECTION 3.          FEASIBILITY PERIOD INSPECTION..............................3

SECTION 4.          THE CLOSING................................................6

SECTION 5.          SALE OF PREMISES AND ACCEPTABLE TITLE......................7

SECTION 6.          PURCHASE PRICE AND ACCEPTABLE FUNDS........................8

SECTION 7.          REPRESENTATIONS............................................8

SECTION 8.          SELLER'S CLOSING OBLIGATIONS..............................12

SECTION 9.          PURCHASER'S CLOSING OBLIGATIONS...........................14

SECTION 10.         APPORTIONMENTS............................................15

SECTION 11.         OBJECTIONS TO TITLE AND FAILURE OF SELLER TO PERFORM......17

SECTION 12.         DEFAULTS..................................................19

SECTION 13.         GOVERNMENTAL RELEASE AND INDEMNITY........................20

SECTION 14.         BROKER....................................................22

SECTION 15.         NOTICES...................................................23

SECTION 16.         MISCELLANEOUS PROVISIONS..................................24

Schedule A   -  Description of Premises
Schedule B   -  Permitted Exceptions
Schedule C   -  Rent Schedule

Exhibit A    -  Intentionally Omitted
Exhibit B       Deed
Exhibit C       Bill of Sale
Exhibit D       Intentionally Omitted
Exhibit E       Memorandum of Option
Exhibit F       Termination of Memorandum
Exhibit G       Assignment and Assumption of Contracts, Permits, Licenses and
                General Intangibles
Exhibit H       Marina Associates Agreement
Exhibit I       Letter Agreement Relating to Bridge Easement

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                                OPTION AGREEMENT
                                ----------------

     AGREEMENT dated April 25, 2001 (this "Agreement"), between COLONY RIH
ACQUISITIONS, INC., a Delaware corporation, having its principal office at c/o
Colony Capital, LLC, 660 Madison Avenue, New York, NY 10021 ("Purchaser"), and
SUN INTERNATIONAL NORTH AMERICA, INC., a Delaware corporation, having its
principal place of business located at 1415 East Sunrise Blvd., Fort Lauderdale,
Florida 33304 ("Seller").

                                WITNESSETH THAT:
                                ----------------

     A. Seller is the owner of those certain parcels of land (the "Land")
located in the County of Atlantic, State of New Jersey, and more particularly
described in Schedule A attached hereto and the building(s) and other
improvements thereon (and together with the appurtenances and rights described
in and as further defined in Section 5.01, the "Premises").

     B. Pursuant to a Purchase Agreement dated as of October 30, 2000 among
Seller, Purchaser and GGRI, Inc. (the "Purchase Agreement"), Seller has agreed
to grant Purchaser an option to purchase the Premises in accordance with the
terms of this Agreement.

     C. Capitalized terms not otherwise defined herein shall have the respective
meanings set forth in the Purchase Agreement.

     NOW, THEREFORE, in consideration of the foregoing and Ten Dollars and other
good and valuable consideration and the mutual covenants and agreements herein
contained, Seller and Purchaser hereby agree as follows:

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Section 1. Grant of Option

     Section 1.1. Seller hereby grants to Purchaser the option (the "Option") to
purchase the Premises on the terms and conditions hereinafter set forth.

Section 2. Option Term; Exercise of Option

     Section 2.1. The initial term of the Option shall commence on the date
hereof and expire 11:59 P.M. on April 24, 2003 (the "Initial Term"; the Initial
Term, as it may be extended as provided herein, the "Option Term").

     Section 2.2. Provided there is no default hereunder by Purchaser and this
Agreement has not theretofore been terminated in accordance with its terms, the
Initial Term may be extended for up to two additional one-year periods (provided
that the second one-year extension may not be exercised unless the first was
previously exercised), each such additional one-year period being an "Extension
Term", by Purchaser giving notice to Seller of Purchaser's election to extend
(an "Extension Notice"), together with a non-refundable payment (which shall not
be applied towards the Purchase Price) in the amount of $2,500,000 (each, an
"Extension Payment") in consideration of each such extension, by no later than
45 days prior to the then current expiration of the Option Term.

     Section 2.3 Provided no default is then pending under this Agreement, the
Option may be exercised by the Purchaser giving written notice (the "Exercise
Notice") of such exercise to the Seller. If Purchaser gives an Exercise Notice
later than six (6) months prior to the then current expiration of the Option
Term, the Exercise Notice shall be made together with a payment of an Extension
Payment.

     Section 2.4. Notwithstanding the foregoing, if the Option Term has been
extended by Purchaser for a second one-year period pursuant to the terms of
Section 2.1

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hereof (the "Second Extension Period"), in order to exercise the
Option during such Second Extension Period, Purchaser must give an Exercise
Notice to Seller no later than six months prior to the expiration of the Second
Extension Period.

     Section 2.5. Upon the date of Purchaser's Exercise Notice, this Agreement
shall thereupon become a binding agreement upon both Purchaser and Seller to
close in accordance with Purchaser's Exercise Notice, subject only to Section
3.1 and 11 hereof.

Section 3. Feasibility Period Inspection

     Section 3.1. (a) Purchaser shall have 6 months from the date of giving an
Exercise Notice (the "Feasibility Period") in which to undertake such physical
and other investigations and feasibility studies with respect to the Premises as
Purchaser shall deem necessary to evaluate the condition of the Premises
(collectively the "Feasibility Studies"). Purchaser shall notify Seller, prior
to commencing any Phase II studies, soil borings, drillings or other invasive
testing (collectively a "Phase II") of the date on which such work will be done
and the scope of the work to be performed. Purchaser shall ensure that any Phase
II work is conducted by a company reasonably satisfactory to Seller and that its
scope is limited to what would be customary in the circumstances. Purchaser
shall cause Seller and Sun International Hotels Limited and, if requested by
Seller, any subsidiary of either of them, to be made an additional insured on
such company's liability policy and shall cause a certificate of such insurance
to be delivered to Seller prior to commencement of any Phase II work. Purchaser
shall and shall cause its contractors to use reasonable efforts to minimize any
interference with Seller's use and any of Seller's tenants' use of the Premises.
Seller shall permit Purchaser and Purchaser's agents, engineers and consultants
to enter upon the Premises upon three (3) days prior written notice at
reasonable times for the purpose of performing the Feasibility Studies.

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Purchaser shall indemnify, hold harmless and defend Seller from and against all
loss, liability, damage, litigation, sums paid in settlement of any of the
foregoing and costs (including without limitation reasonable attorneys' fees and
disbursements) arising out of death, bodily injury or property damage resulting
from any act of Purchaser or its agents, engineers or consultants in connection
with the Feasibility Studies. Purchaser shall furnish Seller or cause its
engineers or consultants to furnish Seller with a policy of liability insurance
(or a certificate of the insurer evidencing such insurance) covering any claim
for death, bodily injury or property damage arising out of acts of Purchaser or
any of its agents, engineers and consultants in connection with the Feasibility
Studies, in an amount not less than $3,000,000 in the aggregate per person in
respect of death, bodily injury or property damage and under which Seller and
Sun International Hotels Limited and, if requested by Seller, any subsidiary of
either of them, shall be named as an additional insured. Such policy shall
provide that Seller shall receive 10 days' prior notice of cancellation. Such
coverage may be afforded under a policy of blanket insurance which may cover
property other than the Premises, provided that any such policy of blanket
insurance shall specify therein, or Purchaser shall furnish Seller with a
written statement from the insurers under the policies so specifying, the amount
of the total insurance separately allocated to the Premises and stating that
such coverage is applicable only to the Premises. The foregoing indemnity shall
survive the Closing or, if the Closing does not occur, the termination of this
Agreement.

     (b) In addition to the above mentioned liability insurance, Purchaser shall
provide Seller with evidence of workers compensation insurance with employers
liability coverage in amounts of not less than the amounts required by law,
covering all of

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Purchaser's employees and agents who enter upon the Premises
during the Feasibility Period and shall obtain and provide Seller with evidence
of equivalent insurance with respect to employees and agents of independent
contractors of Purchaser who enter upon the Premises during the Feasibility
Period.

     (c) Purchaser shall deliver to Seller (without representation) copies of
all written Feasibility Studies except that Purchaser will not be required to
deliver such studies if a Closing occurs unless any reporting or remediation
requirement is triggered by such studies. If the result of any Feasibility Study
is in Purchaser's sole opinion unacceptable to Purchaser for any reason, and by
the end of the Feasibility Period, Purchaser delivers a notice to Seller to such
effect, accompanied by copies of the written Feasibility Studies as aforesaid,
then this Agreement shall thereupon terminate. Nothing herein shall be deemed to
limit Purchaser's right to terminate this Agreement for any reason in accordance
with this Section 3.1(c).

     (d) By the end of the Feasibility Period, Purchaser shall have fully
inspected or have had the opportunity to fully inspect the Premises and will be
thoroughly acquainted with the condition thereof, and, unless Purchaser shall
terminate this Agreement in accordance with Section 3.1(c), Purchaser shall take
title to the Premises in its "as is" condition, subject to reasonable wear,
tear, and natural deterioration between the expiration of the Feasibility Period
and the Closing Date, and further subject to all federal, state, county and
municipal laws, ordinances, rules and regulations now, heretofore, or
hereinafter in effect. Seller has not made, does not hereby make and hereby
disclaims any representations or warranties regarding the physical, subsurface,
or environmental conditions (including, without limitation, the presence of any
hazardous

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substances or the existence, discharge, release, or cleanup of wastes or other
conditions that may be regulated by any federal state, county, or municipal law,
rules, or regulation), the expenses, operation, value, adequacy or fitness for
any particular use of the Premises, the legal uses to which the Premises may be
put, the zoning, other regulatory or development requirements or restrictions,
or any other matter or thing affecting or relating to the Premises or these
transactions, and Purchaser expressly acknowledges that no such representations
or warranties have been made. Seller shall not be liable or bound in any manner
by any express or implied warranties, guaranties, promises, statements,
representations or information pertaining to the Premises, made or furnished by
any agent, employee, servant or other person representing or purporting to
represent Seller, unless such warranties, guaranties, promises, statements,
representations or information are expressly and specifically set forth herein.

     Section 3.2. Survival. The terms and provisions of this Article 3 shall
survive the Closing.

Section 4. The Closing

     Section 4.1. (a) The closing of the transactions contemplated hereby (the
"Closing") shall take place at 10:00 A.M. on the Closing Date (as hereinafter
defined) at the offices of Winston & Strawn, 200 Park Avenue, New York, New York
10166 or at such other address as may be mutually agreed upon by Seller and
Purchaser, provided that if Purchaser is financing the purchase of the Premises
(nothing herein being intended to condition this Agreement upon obtaining such
financing), the Closing shall take place at the offices of Purchaser's lender or
such lender's counsel located in New York or New Jersey.

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     (b) The date of the Closing (the "Closing Date") shall be the date set
forth in a written notice given by Purchaser to Seller (a "Closing Notice"),
which date shall not be earlier than ten (10) days after the date of the Closing
Notice and shall not be later than the date that is 6 months after the date of
the Exercise Notice.

Section 5. Sale of Premises and Acceptable Title

     Section 5.1. If Purchaser shall exercise the Option, then Seller shall sell
to Purchaser, and Purchaser shall purchase from Seller, at the price and upon
the terms and conditions set forth in this Agreement: (a) fee title to the Land
and all buildings and improvements, if any, situated on the Land (collectively,
the "Improvements"); (b) all right, title and interest of Seller, if any, in and
to any easements, rights-of-way, licenses, interests, rights and appurtenances
of any kind relating to or appertaining to the Premises, including without
limitation all right, title and interest of Seller, if any, in and to any
adjacent vaults, alleys, strips or gores of land, and any air, zoning or
development rights appurtenant to the Premises; (c) all right, title and
interest of Seller, if any, in and to the fixtures and personal property, if
any, attached or appurtenant to the Improvements; and (d) all right, title and
interest of Seller in any transferable Permits held by Seller that primarily
relate to its ownership of the Premises (all of the foregoing being collectively
called the "Premises").

     Section 5.2. Seller shall convey and Purchaser shall accept marketable
title to the Premises in accordance with the terms of this Agreement, subject
only to (a) the matters set forth in Schedule B attached hereto (collectively,
the "Permitted Exceptions"), and (b) such other matters as the Title Company
(hereinafter defined) shall be willing, without special or additional premium,
to omit as exceptions to coverage or to except with insurance against collection
out of or enforcement against the Premises, provided

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that (y) such other matters are omitted from any title insurance policy issued
at Closing to any unaffiliated mortgagee, and (z) Purchaser's title insurance
company agrees to insure any subsequent purchaser and/or subsequent mortgagee in
the same manner as herein specified regardless of the amount of insurance
purchased by or for such subsequent purchaser or mortgage.

Section 6. Purchase Price and Acceptable Funds

     Section 6.1. The purchase price (the "Purchase Price") to be paid by
Purchaser to Seller for the Premises is $40,000,000.00. The Purchase Price, as
such amount may be adjusted in accordance with the provisions of ss. 10 hereof,
shall be paid by wire transfer or check(s) at the Closing in accordance with ss.
6.2.

     Section 6.2. All monies payable at the Closing, unless otherwise specified
in this Agreement, shall be paid, at Seller's option, by (a) bank wire transfer
of immediately available funds to an account of Seller designated by Seller, or
(b) unendorsed certified check of Purchaser or official bank check(s) for
Purchaser's account payable to the order of Seller in New Jersey Clearing House
funds, or (c) any combination of (a) and (b). If Seller fails to exercise such
option to require payment in accordance with clause (a) by notice to Purchaser
at least three business days prior to the Closing, specifying the account for
wire transfer, payment shall be made in accordance with clause (b).

Section 7. Representations

     Section 7.1. Seller represents and warrants to Purchaser as follows:

     (a) Seller is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization. Seller has the
requisite corporate power and authority to carry on its business as currently
conducted by it and to own, operate or lease its properties currently owned,
operated or leased by it.

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     (b) Seller has the requisite corporate power and authority to execute and
deliver this Agreement, to perform fully its obligations hereunder, and to
consummate the transactions contemplated hereby. The execution and delivery by
each of Seller of this Agreement and the consummation of the transactions
contemplated hereby have been duly authorized by all requisite corporate action
of Seller. Seller has duly executed and delivered this Agreement. This Agreement
is a legal, valid and binding obligation of Seller, enforceable against it in
accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors' rights generally and by equitable principles, including those
limiting the availability of specific performance, injunctive relief and other
equitable remedies and those providing for equitable defenses.

     (c) The execution, delivery and performance by Seller of this Agreement,
and the consummation of the transactions contemplated hereby, do not and will
not, directly or indirectly, contravene or conflict with or result in a
violation of or under (with or without the giving of notice or the lapse of time
or both) (i) any provision in the charter and by-laws of Seller, (ii) any
Applicable Law applicable to Seller or any of their respective properties or
assets, or (iii) any contract, agreement or other instrument applicable to
Seller or any of their respective properties or assets, except, in the case of
clauses (ii) and (iii), for violations and defaults that would not materially
impair the ability of Seller to perform its obligations under this Agreement or
the consummation of the transactions contemplated hereunder.

     (d) No Governmental Approval or other Consent is required to be obtained or
made by Seller in connection with the execution and delivery by Seller of this
Agreement

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or the consummation of the transactions contemplated hereunder, except any
notice that may be required under the MOA.

     (e) Schedule C sets a forth a true, correct and complete copy of the rent
roll of the Premises as of the date hereof (the "Rent Schedule") and lists all
tenant, material defaults of which Seller has knowledge under the leases listed
therein (each a "Lease" and, collectively, the "Leases"). Other than the Leases,
there are no leases or other rights of occupancy which have been granted by
Seller at the Premises. Except as identified on Schedule C, no tenant under any
of the Leases has made any written claim of default by the landlord. No rents or
other payments or deposits are held by Seller as landlord under any Lease except
the security deposits as set forth on the rent roll and rents prepaid for the
current monthly. Except as set forth on Schedule C, no rents due under, or any
other interest in, any of the Leases have been assigned, pledged or encumbered
in any way. All security deposits are being, and have been, held in compliance
with all laws, ordinances, orders, rules, regulations and requirements of any
Governmental Authority which may be applicable thereto.

     (f) To Seller's Actual Knowledge, there are no condemnation proceedings or
eminent domain proceedings of any kind pending against the premises or any
portion thereof, and no written notice of any threatened condemnation
proceedings or eminent domain proceedings of any kind against the Premises has
been received by Seller.

     (g) Except as set forth in the MOA (hereinafter defined), to Seller's
Actual Knowledge, there is no action, suit proceeding, arbitration, citation,
summons, subpoena, or investigation, civil, criminal, regulatory or otherwise,
in law or in equity, pending by or threatened in writing against Seller
involving the Premises.

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     (h) Seller has good and marketable title to the Premises, subject only to
the Permitted Exceptions.

     Section 7.2. Purchaser represents and warrants to Seller as follows:

     (a) Purchaser is a corporation duly organized and validly existing under
the laws of the State of Delaware. Purchaser has the requisite power and
authority to carry on its business as currently conducted by it and own or lease
its properties currently owned or leased by it.

     (b) Purchaser has the requisite power and authority to execute and deliver
this Agreement, to perform fully its obligations hereunder, and to consummate
the transactions contemplated hereby. The execution and delivery by Purchaser of
this Agreement and the consummation of the transactions contemplated hereby have
been duly authorized by all requisite action of Purchaser. Purchaser has duly
executed and delivered this Agreement. This Agreement is a legal, valid and
binding obligation of Purchaser, enforceable against it in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors' rights generally
and by equitable principles, including those limiting the availability of
specific performance, injunctive relief and other equitable remedies and those
providing for equitable defenses.

     (c) The execution, delivery and performance by Purchaser of this Agreement,
and the consummation of the transactions contemplated hereby, do not and will
not, directly or indirectly, contravene or conflict with or result in a
violation of or under (with or without the giving of notice or the lapse of time
or both) (i) any provision in the certificate of incorporation or bylaws of
Purchaser, (ii) any resolution adopted by the

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board of directors or the stockholders of Purchaser, (iii) any Applicable Law
applicable to Purchaser or any of its properties or assets, or (iv) any
contract, agreement or other instrument applicable to Purchaser or any of its
properties or assets, except, in the case of clauses (iii) and (iv) for
violations and defaults that would not materially impair the ability of
Purchaser to perform its obligations under this Agreement.

     (d) Except as set forth in Schedule 7.2 (d) hereof, no Governmental
Approval or other Consent is required to be obtained or made by Purchaser in
connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby.

     (e) There is no action, suit or proceeding pending, or to Purchaser's
knowledge, threatened, by or against or affecting Purchaser or any of its
Affiliates in connection with or relating to the transactions contemplated by
this Agreement or of any action taken or to be taken in connection herewith or
the consummation of the transactions contemplated hereby.

     Section 7.3. The representations and warranties of Seller contained herein
are in the nature of conditions and Purchaser shall independently satisfy itself
as to the matters contained therein and none of such representations and
warranties will survive the Closing.

Section 8. Seller's Closing Obligations

           At the Closing, Seller shall deliver the following to Purchaser:

     (a) A certified copy of the resolutions of Seller's Board of Directors
authorizing the execution and delivery of this Agreement and the performance by
Seller of its obligations hereunder.

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     (b) A certificate of incumbency with respect to the office and authority of
the officer of Seller executing the Agreement and the other documents delivered
by Seller at Closing, duly executed by the Secretary or any Assistant Secretary
of Seller.

     (c) A certificate of good standing of Seller from the Secretary of State of
the State of Delaware.

     (d) Bargain and Sale Deed with covenants as to grantor's acts in the form
of Exhibit B hereto.

     (e) Bill of Sale for personal property (if any) of Seller located on the
Premises, in substantially the form of Exhibit C hereto.

     (f) A duly executed and acknowledged affidavit of non-foreign status, as
required by Section 1445 of the Code, from Seller.

     (g) Such duly executed and acknowledged or verified certificates,
affidavits and other documents reasonably requested by the Title Company to
evidence Seller's authority or to omit from its title insurance policy
exceptions for judgments, bankruptcies or other returns against different
entities whose names are the same as or similar to Seller's name.

     (h) Originals or certified copies of any Leases.

     (i) A schedule updating the Rent Schedule and setting forth all arrears in
rents and all prepayments of rents, certified by Seller to be accurate as of the
Closing Date, and a check or credit to Purchaser in the amount of the security
deposits set forth therein, including any interest thereon.

     (j) Assignment and Assumption of Contracts, Leases, Permits and Licenses
and General Intangibles relating to the Premises, in substantially the form of
Exhibit G

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hereto, together with originals or certified copies of contracts, licenses and
permits assigned pursuant thereto, which shall include (1) an assignment and
assumption of Seller's obligations under that certain Agreement dated June 22,
1995 by and between Marina Associates, a New Jersey general partnership, and
Resorts International, Inc., a Delaware corporation, a copy of which is attached
hereto as Exhibit H and (2) an assignment and assumption of any obligations or
liability of Seller under the Memorandum of Agreement between the New Jersey
Department of Environmental Protection and Griffin Gaming and Entertainment,
Inc. dated May 30, 1996 pertaining to property known as 1201-1239 Boardwalk (the
"MOA").

     (k) All other previously undelivered documents that Seller is required to
deliver to Purchaser pursuant to this Agreement prior to the Closing.

Section 9. Purchaser's Closing Obligations

     At the Closing, Purchaser shall deliver or cause to be delivered the
following:

     (a) The Purchase Price in accordance with Section 6.1.

     (b) Evidence of the authority of Purchaser to execute and deliver this
Agreement and to perform its obligations hereunder.

     (c) Documents evidencing the office and authority of the officer of
Purchaser executing on behalf of Purchaser this Agreement and the other
documents delivered by Purchaser at the Closing.

     (d) A certified Certificate of Incorporation for Purchaser issued by the
Secretary of State of Delaware.

     (e) A Certificate of Good Standing for Purchaser issued by the Secretary of
State of Delaware and the Secretary of State of New Jersey.

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     (f) The Assignment and Assumption of Contracts, Leases, Permits and
Licenses and General Intangibles, substantially in the form of Exhibit 6 hereto.

     (g) All other previously undelivered documents that Purchaser is required
to deliver to Seller pursuant to this Agreement prior to the Closing.

Section 10. Apportionments

     Section 10.1. The following apportionments shall be made between the
parties at the Closing as of midnight on the day prior to the Closing Date:

     (a) real estate taxes, water charges and sewer rents, if any, on the basis
of the fiscal period for which assessed;

     (b) rent due under the Leases;

     (c) permitted administrative charges, if any, on tenants' security
deposits; and

     (d) value of fuel stored on the Premises, at the price paid to Seller's
supplier, including any taxes.

     Section 10.2. If any tenant is in arrears in the payment of rent on the
Closing Date, rent received from such tenant after the Closing shall be applied
as between Seller and Purchaser in the following order of priority: (i) first to
any month or months following the month in which the Closing occurred (and
apportioned as per Section 10.1); (ii) then to the month in which the Closing
occurred; and (iii) then to the period preceding the month in which the Closing
occurred. If any rent received by Seller or Purchaser after the Closing is
payable to the other party by reason of this allocation, the recipient shall
promptly pay to the other party the appropriate sum, less a proportionate share
of its costs of collection, including reasonable attorneys' fees and
disbursements.

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     Section 10.3. If the Closing occurs before the tax rate is fixed for the
current fiscal period, the apportionment of taxes at the Closing shall be on the
basis of the old tax rate for the preceding period applied to the latest
assessed valuation.

     Section 10.4. If any apportionment is based on estimates, incomplete data
or mutual mistake, it shall be recomputed when final data become available and
the parties shall promptly correct any overpayment or underpayment.

     Section 10.5. In the event that the Closing occurs after the payment of an
Extension Payment and not later than the ninetieth day of the Extension Term for
which the Extension Payment was made, Purchaser shall receive a credit against
the Purchase Price in an amount equal to the Extension Payment made with respect
to such Extension Term.

     Section 10.6. The obligations of the parties under this ss. 10 shall
survive the Closing.

Section 11. Seller's Covenants

     Section 11.1. During the Option Term, Seller shall:

     (a) promptly provide written notice to Purchaser of any threatened (in
writing) or actual condemnation proceeding or litigation and copies of all
correspondence relating to such matters;

     (b) with respect to any portions of the Premises not subject to Leases,
continue its customary maintenance program; and

     (c) promptly provide Purchaser with a copy of any violations notice
received from any Governmental Authority with respect to the Premises.

     Section 11.2. During the Option Term, Seller shall not:

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     (a) construct, or allow to be constructed, any buildings or other
improvements on the Premises without Purchaser's prior written consent.

     (b) extend, amend or otherwise modify in any material manner any Lease
without Purchaser's prior written consent;

     (c) without Purchaser's prior written consent, grant any mortgage, pledge,
easement or otherwise grant or permit any encumbrance or lien on any portion of
the Premises which may affect the marketability of or materially detract from
the value of the Premises;

     (d) undertake any actions with respect to the Premises that violate
Applicable Law;

     (e) except for the Leases, lease, license or otherwise permit any occupancy
of any portion of the Premises without Purchaser's prior written consent;

     (f) apply for any change in zoning regulations applicable to the Premises;
or

     (g) with respect to any portions of the Premises not subject to Leases,
allow such portions to fall into waste or become a nuisance.

Section 12. Objections to Title and Failure of Seller to Perform

     Section 12.1. Purchaser has obtained a title commitment or binder ("Title
Commitment") from Stewart Title Guaranty Company and First American Title
Insurance Company (collectively, the "Title Company"). Promptly after giving an
Exercise Notice, Purchaser shall order an update of such Title Commitment to be
delivered to Seller and shall cause a copy of such title update to be forwarded
to Seller's attorney upon receipt. Within 30 days after receipt of the title
update, Purchaser shall give Seller notice of any objections to title, other
than Permitted Exceptions. If such notice is not given in such period, Purchaser
shall be deemed to have waived any

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exceptions to title in such title report and shall take title subject thereto.
Seller shall be entitled to reasonable adjournments of the Closing for up to 60
days in the aggregate to remove any exceptions to title noted in such title
report, other than the Permitted Exceptions, and any other defects or objections
which may be disclosed on or prior to the Closing Date.

     Section 12.2. If Seller is unable to convey title to the Premises at the
Closing in accordance with this Agreement, Seller shall notify Purchaser and
Purchaser's sole remedy shall be to either (a) accept such title as Seller may
be able to convey, without reduction of the Purchase Price and without liability
on the part of Seller, and proceed with Closing by notifying Seller of such
election and setting a Closing Date in accordance with Section 4.1, or (b)
terminate this Agreement in which event the parties shall have no further
obligations hereunder. Purchaser shall not seek or obtain any money or other
judgment against Seller or any disclosed or undisclosed partner, member,
stockholder, principal, officer or employee of Seller or against the assets of
Seller or any of the foregoing persons, and Purchaser's sole recourse shall be
as described above.

     Section 12.3. Any liens and encumbrances which Seller is obligated to pay
and discharge or which are against corporations, estates or other persons in the
chain of title, together with the cost of recording or filing any instruments
necessary to discharge such liens and encumbrances of record, may be paid out of
the monies payable at the Closing if Seller delivers to Purchaser on the Closing
Date instruments in recordable form sufficient to discharge such liens and
encumbrances of record. Upon request made a reasonable time before the Closing,
Purchaser shall provide at the Closing separate

                                      -18-
<PAGE>

checks for the foregoing payable to the order of the holder of any such charge,
lien or encumbrance and otherwise complying with ss. 6.2.

     Section 12.4. Survey. Promptly after giving the Exercise Notice, Purchaser
shall order an update of a survey of the Premises and shall deliver a copy of
such survey to Seller's attorneys within 30 days of receipt thereof accompanied
by a notice from Purchaser of any state of facts disclosed by such survey which
is unacceptable to Purchaser. Seller may elect to cure any objections in the
same manner as other exceptions to title and Purchaser shall have the same
termination right (but only that) under ss. 12.4 as applies to other exceptions
to title.

Section 13. Defaults

     Section 13.1. If Seller shall default in performance of its obligations
hereunder prior to Closing, then the sole right of Purchaser and the sole
liability of Seller shall be that Purchaser shall be entitled to (1) terminate
this Agreement by giving written notice to Seller of such election, or (2)
specific performance of Seller's obligations hereunder, provided that if ss. 12
shall be applicable, Seller's liability and obligations shall be subject to the
limitations set forth therein. Purchaser shall not seek or obtain any money or
other judgment against Seller or any disclosed or undisclosed partner, member,
stockholder, principal, officer or employee of Seller or against the assets or
estate of Seller or any of the foregoing persons, and Purchaser's sole recourse
shall be as described above.

     Section 13.2. If Purchaser shall default in performance of its obligations
hereunder prior to Closing or shall fail to close by the date that is six months
after the date of Purchaser's Exercise Notice, the sole right of Seller,
exercisable upon written notice given by Seller to Purchaser, shall be to
terminate this Agreement and Purchaser's rights hereunder by giving written
notice to Purchaser of such election. Each of the

                                      -19-
<PAGE>

following shall also constitute a default under this Agreement: (1) an Event of
Default under the Lease Agreement dated the date hereof between Seller, as
landlord, and Purchaser, as tenant, or a material default or breach by Purchaser
under the Purchase Agreement; or (2) an Event of Default under Section 6.1(a),
6.1(f) or 6.1(g) of that certain Promissory Note (inclusive of all accrued
interest notes issued pursuant thereto, the "Note") in the original principal
amount of $17,500,000 made by Colony RIH Holdings, Inc. in favor of Seller, but
only if at the time of such Event of Default the Note (or the majority interest
therein) is held by Seller, an Affiliate (as defined in the Note) of Seller, or
a lender of Seller or an Affiliate of such lender which acquired the Note
pursuant to a pledge of the Note and who is an Eligible Person as defined in the
Note.

Section 14. Environmental Matters; Indemnity

     Section 14.1 As of the Closing Date, as between Purchaser, on the one hand,
and Seller and the other Seller Indemnitees, on the other hand, Purchaser will
be solely responsible for any remediation of any adverse environmental condition
on, under of affecting the Premises ("Environmental Condition") and for full and
complete compliance with any federal, state, county or municipal environmental
law, rule, or regulation (collectively, the "Environmental Laws") pertaining to
the Premises or to any such Environmental Condition, regardless of the nature of
such Environmental Condition or whether such Environmental Condition may have
occurred prior to Closing. As to the Premises, Purchaser releases Seller and the
other Seller Indemnitees from, and waives and relinquishes, any and all claims,
liabilities, causes of action, damages, rights or remedies (collectively, the
"Claims") Purchaser may have at law, in equity, or both, against Seller or any
other Seller Indemnitees, as the result of, or in any manner arising from or in
connection with, any such Environmental Condition. In connection with the

                                      -20-
<PAGE>

releases granted, Purchaser acknowledges and confirms that it has had or will
have had by the Closing Date the benefit of such environmental studies, audits,
and investigations as it has deemed necessary or appropriate, that it has relied
or will rely on such environmental studies, audits, and investigations, and that
no reliance has been placed on Seller or any other Seller Indemnitees.

     Section 14.2. From and after the Closing Date:

     (a) Purchaser shall indemnify, defend, and hold harmless Seller and the
other Seller Indemnitees from and against any and all Claims (including without
limitation reasonable attorneys fees and costs) that may be asserted against
Seller or any other Seller Indemnitees by a third party or person, including
without limitation the State and any other Governmental Authority, arising from
or pertaining to any Environmental Condition on, under, or affecting the
Premises, the remediation thereof, or compliance with any Environmental Laws,
whether based on contract or tort, statute, negligence, strict liability or any
other theory of recovery at law or in equity;

     (b) In the event that any Claims that are indemnified pursuant to Section
14.2(a) of this Agreement are made against Seller or any other Seller
Indemnitee, it shall promptly provide notice thereof (the "Demand Notice") to
Purchaser, whereupon Purchaser shall confirm that it shall be responsible for
and shall defend such Claims ("Confirmation Notice"). If such Confirmation
Notice is not provided within ten (10) days of the Demand Notice, Seller or any
other Seller Indemnitee may retain counsel of its own choice and defend or at
any time compromise and settle such Claims in good faith without the consent of
Purchaser (except where such compromise or settlement requires entry into the
Premises, in which event Purchaser's prior approval must be obtained), and

                                      -21-
<PAGE>

on such terms as Seller or any other Seller Indemnitee may in its reasonable
discretion accept. Thereupon, the reasonable cost of such defense, including
reasonable attorneys fees and expenses, and the payment for or compliance with
any verdict or compromise settlement that is reached, shall be the sole
responsibility of Purchaser.

     Section 14.3. The terms and provisions of this Article 14 shall survive the
Closing.

Section 15. Broker

     Section 15.1 Each party represents to the other that it has dealt with no
broker, agent or finder in connection with the transactions contemplated by this
Agreement. Each party shall indemnify, hold harmless and defend the other from
and against all loss, liability, damage, litigation, sums paid in settlement of
any of the foregoing and cost (including reasonable attorneys' fees and
disbursements) arising from any claim by any other person that he acted on
behalf of the indemnitor in connection with the transactions contemplated by
this Agreement. The obligations of the parties under this ss. 15.1 shall survive
the Closing or, if the Closing does not occur, the termination of this
Agreement.

                                      -22-
<PAGE>

Section 16. Notices

     All notices, requests, demands, approvals, consents, waivers and other
communications required or permitted to be given under this Agreement (each, a
"Notice") shall be in writing and shall be (a) delivered personally, (b) mailed
by first-class, registered or certified mail, return receipt requested, postage
prepaid, (c) sent by next-day or overnight mail or delivery, or (d) sent by
facsimile transmission, provided that the original copy thereof also is sent by
prepaid, first-class certified or registered mail or by next-day or overnight
mail or personal delivery.

        (i)    if to Purchaser, to

                        Colony Capital, L.L.C.
                        660 Madison Avenue
                        New York, NY  10021
                        Facsimile:  (212) 593-5433
                        Attention:   Nicholas L. Ribis

               with copies to:

                        Willkie Farr & Gallagher
                        787 Seventh Avenue
                        New York, NY  10019
                        Facsimile:  (212) 728-8111
                        Attention:  Thomas M. Cerabino, Esq.

        (ii)   if to Seller, to

                        c/o Sun International Hotels Limited
                        Coral Towers
                        Paradise Island, The Bahamas
                        Facsimile:  (242) 363-4581
                        Attention:  Charles D. Adamo

               with copies to:

                        Winston & Strawn
                        200 Park Avenue
                        New York, NY  10166
                        Facsimile:  (212) 294-4700
                        Attention:  James P. Gerkis, Esq.

                                      -23-
<PAGE>

or, in each case, at such other address as may be specified in a Notice to the
other party hereto. Any Notice shall be deemed effective and given upon receipt
(or intentional refusal of receipt of the addressee of such Notice).

Section 17. Miscellaneous Provisions

     Section 17.1 (a) Subject to Section 17.1(b), neither this Agreement nor
any party's rights or obligations hereunder shall be assignable or otherwise
transferable by Purchaser, in whole or in part (whether by merger, sale of
stock, sale of substantially all of the assets or business, operation of law or
otherwise), without the prior written consent of Seller, except that Purchaser
may assign, in its sole discretion, any of or all of its rights, interests and
obligations under this Agreement (i) for security purposes to the banks or other
lenders providing the debt financing to be incurred by Purchaser in connection
with such closing under the Purchase Agreement, (ii) to either any controlled
Affiliate of Colony Investors IV, L.P. ("Colony") (so long as such Affiliate
remains at all times thereafter an Affiliate of Colony) or any controlled
Affiliate of Thomas Barrack (so long as such Affiliate remains at all times
thereafter an Affiliate of Thomas Barrack), or (iii) to any Person which
acquires, directly or through the acquisition of a controlling interest in
Resorts International Hotel, Inc. ("RIH"), the Real Estate Assets owned or
leased by RIH which substantially comprise the hotel and casino property
currently known as Resorts Atlantic City, and owns and operates such hotel and
casino property and the hotel and casino business therein ("Successor Owner");
provided, that, in each such case, such party assumes Purchaser's obligations
hereunder, and Purchaser remains liable hereunder (except in the case of a
Successor Owner).

     (b) Seller shall have the right to sell the Premises in whole, but not in
part, so long as the purchaser of the Premises assumes Seller's obligations
hereunder and Seller

                                      -24-
<PAGE>

remains liable hereunder. Not less than thirty (30) days prior to entering into
a contract for the sale of the Premises, Seller shall give Purchaser written
notice of its intention to enter into such a contract; and if Purchaser gives an
Exercise Notice within thirty (30) days of delivery of such notice, Seller shall
not sell the Premises or enter into a contract to sell the Premises during the
Feasibility Period. Notwithstanding anything to the contrary set forth in this
Section 17.1(b), Seller shall have the right to transfer the Premises in whole,
but not in part, to an Affiliate of Seller, so long as such Affiliate assumes
Seller's obligations hereunder, and Seller remains liable hereunder.

     (c) Subject to the provisions of this Section 17.1, this Agreement will be
binding upon, inure to the benefit of, and be enforceable by, the parties and
their respective successors and assigns.

     (d) No assignment permitted hereunder shall constitute a waiver of the
requirements of Section 17.1(a) hereof as affects any further or additional
assignment.

     (e) For purposes of this Section 17.1, the term "assignment" shall include
the direct or indirect assignment (in either a single transaction or a series of
transactions) of the controlling ownership interest of any entity which is
Purchaser under this Agreement; and the term "assignment" shall include a sale
or any other transfer (by operation of law, by contract or otherwise).

     Section 17.2. Each party shall execute, acknowledge and deliver to the
other such instruments, and take such other actions, as the other may reasonably
request in order to comply with section 6045(e) of the Internal Revenue Code of
1986, as amended, in connection with the reporting of information in respect of
the transactions contemplated by this Agreement. The obligations of the parties
under this Section 17.2 shall

                                      -25-
<PAGE>

survive the Closing. Seller shall pay all transfer taxes incurred in connection
with the transactions consummated pursuant to the terms of this Agreement.

     Section 17.3. The delivery of the deed by Seller, and the acceptance
thereof by Purchaser, shall be deemed the full performance and discharge of
every obligation on the part of Seller to be performed hereunder, except those
obligations of Seller which are expressly stated in this Agreement to survive
the Closing.

     Section 17.4. This Agreement embodies the entire understanding between the
parties with respect to the transactions contemplated herein, and all prior
agreements, understandings, representations and statements, oral or written, are
merged into this Agreement. Either party may waive any provision of this
Agreement which is for its benefit. Neither this Agreement nor any provision
hereof may be waived, amended, discharged or terminated except by an instrument
signed by the party against whom the enforcement of such waiver, amendment,
discharge or termination is sought, and then only to the extent set forth in
such instrument.

     Section 17.5. If any term or provision of this Agreement or the application
thereof to any person or circumstances shall to any extent be invalid or
unenforceable, the remainder of this Agreement or the application of such term
or provision to persons or circumstances other than those as to which it is held
invalid or unenforceable shall not be affected thereby, and each term and
provision of this Agreement shall be valid and enforceable to the extent
permitted by law.

     Section 17.6. Simultaneously with the execution and delivery of this
Agreement, the parties shall execute and deliver (a) a memorandum of this
Agreement in the form of Exhibit E hereto, which memorandum shall be recorded in
the land records of Atlantic

                                      -26-
<PAGE>

County and (b) a Termination of Memorandum in the form of Exhibit F hereto,
which shall be held by Seller and recorded only in the event of the expiration
of the Agreement or a termination of this Agreement in accordance with its
terms. The parties shall cooperate in taking such steps (including delivering
any ancillary documents) as may be necessary to record the foregoing documents.

     Section 17.7. This Agreement shall be governed by, and construed in
accordance with, the law of the State of New Jersey.

     Section 17.8. The table of contents and the captions in this Agreement are
for convenience of reference only and do not define or limit the scope or intent
of this Agreement or any of the provisions hereof.

     Section 17.9. As used in this Agreement, the masculine shall include the
feminine and neuter, the singular shall include the plural and the plural shall
include the singular, as the context may require.

     Section 17.10. If the provisions of any schedule or exhibit to this
Agreement are inconsistent with the provisions of this Agreement, the provisions
of such schedule or exhibit shall prevail.

     Section 17.11. Any condemnation awards received by Seller during the Option
Term which relate to the condemnation of any portion of the Premises after the
date hereof shall be held by Seller in trust for the benefit of Purchaser during
the remainder of the Option Term and shall paid to Purchaser at Closing.

     Section 17.12. IT IS MUTUALLY AGREED BY AND BETWEEN SELLER AND PURCHASER
THAT THE RESPECTIVE PARTIES HERETO SHALL AND THEY HEREBY DO WAIVE TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR

                                      -27-
<PAGE>

COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER (EXCEPT
FOR PERSONAL INJURY OR PROPERTY DAMAGE) ON ANY MATTERS WHATSOEVER ARISING OUT OF
OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP OF SELLER
ANDPURCHASER, PURCHASER'S USE OF OR OCCUPANCY OF THE PREMISES, AND ANY EMERGENCY
STATUTORY OR ANY OTHER STATUTORY REMEDY.

     Section 17.13.Simultaneously herewith, and as a condition to Seller's
execution of this Agreement, Seller and Resorts International Hotel, Inc., a New
Jersey corporation and an affiliate of Purchaser, are entering into a letter
agreement in the form of Exhibit I hereto granting Seller certain rights
relating to the termination of a Bridge Easement as described therein in the
event that this Agreement terminates or expires without Purchaser acquiring the
Premises.

                                      -28-

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                           Seller:
                           SUN INTERNATIONAL NORTH AMERICA, INC.

                           By:  /s/ William C. Murtha
                                ---------------------
                           Title:  Senior Vice President and Corporate Counsel
                           Tax I.D.# 59-0763055

                           Purchaser:

                           COLONY RIH ACQUISITIONS, INC.

                           By:  /s/ Nicholas L. Ribis
                                ---------------------
                           Title:  Vice President
                           Tax I.D.# 95-4828297<PAGE>

                                                                    Exhibit 10.9

                                 LEASE AGREEMENT
                                 ---------------

         This LEASE AGREEMENT (this "Lease"), made the 25th day of April, 2001
between SUN INTERNATIONAL NORTH AMERICA, INC., a Delaware corporation, having an
address at 1415 East Sunrise Blvd., Fort Lauderdale, Florida 33304 ("Landlord"),
and COLONY RIH ACQUISITIONS, INC., a Delaware corporation, having an address at
c/o Colony Capital, LLC, 660 Madison Avenue, New York, New York 10021
("Tenant").

1. Premises.

         Landlord has agreed to let and hereby does let to Tenant, and Tenant
has agreed to take and hereby does take from Landlord, the parcels of land and
improvements thereon located in the County of Atlantic, State of New Jersey,
more particularly described on Exhibit A attached hereto (the "Premises"),
including the improved premises located at and known as 157 S. Chalfonte Ave.,
Atlantic City, County of Atlantic, State of New Jersey (as more particularly
identified on Exhibit A, the "Building Site"), sites designated as Block 270,
Lot 10 in the City of Pleasantville, Block 588, Lot 11 in the Township of
Hamilton, Block 4214, Lot 1 in the Township of Egg Harbor, Block 226.01, Lot 11
in the City of Absecon, each in the County of Atlantic, State of New Jersey
(each as more particularly identified on Exhibit A, the "Billboard Sites"), and
the balance of the lands described on Exhibit A being comprised of vacant land.

2. Rent.

         In consideration of Landlord's carrying costs with respect to the
Property, Tenant shall make monthly payments as described herein to Seller (the
"Carrying Cost Payments") on the first day of each month during the Term (as
defined herein) in the amount of $100,000 each, such payments to be pro-rated
for any partial month falling within the Term. Simultaneously herewith, Tenant
has delivered a check in the amount of $20,000.00, subject to collection, in
payment of the Carrying Cost Payment for the period from the date hereof through
the end of April, 2001.

3. Term; Option Agreement.

         (a) The initial term of this Lease shall be two years, to commence on
the date hereof (the "Commencement Date") and to end on the midnight of the day
preceding the second anniversary of the date hereof (as it may be extended or
earlier terminated in accordance with the provisions of this Lease, the "Term").

         (b) Except as set forth in Section 3(c), the Term of this Lease shall
be contemporaneous with the term of the Option Agreement dated the date hereof
between Landlord and Tenant (the "Option Agreement") and shall be automatically
extended for a concurrent extension period if the Option Agreement is extended
in accordance with its terms. This Agreement shall terminate automatically upon
the expiration or termination of the Option Agreement.

         (c) Upon the expiration of the Term hereof or in the event of a
termination or expiration of the Option Agreement other than due to a default by
Tenant, Tenant shall have the right to continue this Lease as a month-to-month
tenancy, by giving Landlord a "Month-to-Month Extension Notice" prior to or
simultaneously with such expiration or termination, and all of the provisions of
this Lease shall continue to apply to such month-to-month tenancy; provided

<PAGE>

that the renewal provisions of Section 3(b) shall not apply to such tenancy and,
during such month-to-month tenancy, Tenant shall pay rent at a rate equal to the
greater of $100,000 per month or the Fair Market Rental Rate as determined
pursuant to Section 22 hereof (provided, however, that until such time as the
new rental rate is determined, Tenant shall continue to make monthly payments of
rent at the then existing rental rate and, upon such determination, Landlord and
Tenant shall make such adjustments as are required to reflect the new rental
rate). At Landlord's option from time to time exercised upon notice to Tenant (a
"Rent Adjustment Notice"), but not more often than once in any twelve month
period, the Fair Market Rental Rate may be re-determined as of the date of the
Rent Adjustment Notice and the rent payable pursuant to this Section 3(c) during
the month to month tenancy shall be accordingly adjusted as of the date of the
Rent Adjustment Notice to that determined pursuant to the provisions hereof and
of Section 22 of this Lease, such new rental rate to apply from the date of
Landlord's Rent Adjustment Notice until such date, if any, as of which a new
Rent Adjustment Notice is given by Landlord in accordance with the provisions
hereof. Any month-to-month tenancy of Tenant pursuant to the provisions of this
Section 3(c) may be terminated (i) by Tenant upon thirty days' written notice to
Landlord or (ii) by Landlord in the event that Landlord enters into a letter of
intent or other agreement for the sale of the Premises or if Landlord elects to
develop the Premises, in which event such termination shall be effective 30 days
after Landlord's notice of any of the foregoing; and, if Landlord enters into a
letter of intent or agreement of sale to sell a portion of the Premises or
elects to develop a portion of the Premises, the Lease shall be terminated as to
those portions and continued as to the remaining portion in which case the rent
shall be pro rated on a square footage basis.

4. Impositions and Service Charges.

         (a) Tenant shall pay or cause to be paid, before delinquency, all
charges for public or private utility or communication services and any
sprinkler systems and protective services at any time rendered to or in
connection with the Premises, shall comply with all contracts relating to such
services, and shall do all other things required for the maintenance and
continuance of all such services. Upon the expiration or earlier termination of
this Lease, the charges for such services shall be prorated between the parties
as of the date of such expiration or termination on the basis of meter readings,
receipts or other evidence of payment of amounts due reasonably satisfactory to
Landlord.

         (b) Tenant shall pay all taxes (excluding real estate taxes on the
Premises), assessments, levies and other governmental charges (including any
taxes, assessments, levies and charges for public improvements, benefits or
services, no matter when commenced or completed), general, special, ordinary,
extraordinary and otherwise, whether or not now customary or within the
contemplation of the parties, together with all interest and penalties thereon,
which, pursuant to Applicable Laws in effect from time to time, are allocable to
any period from and after the Commencement Date and prior to the expiration of
the Term, that are levied or imposed upon or assessed against (i) this Lease or
the leasehold estate hereby created, (ii) the gross receipts from the Premises
or the earnings arising from the use thereof, (iii) Landlord by reason of any
actual or asserted engagement by Landlord, directly or indirectly, in any
business, occupation or other activity in connection with the Premises, or (iv)
the possession, leasing, operation, management, maintenance, alteration, repair,
use or occupancy of the Premises, other than (A) franchise or capital stock
taxes of Landlord, or (B) income, estate,

                                      -2-
<PAGE>

inheritance, succession, transfer, stamp or gift taxes of Landlord, except to
the extent that any tax referred to in clause (A) or (B) is levied in
substitution for or in lieu of the whole or any part of, or in lieu of any
increase in the amount of, any tax which would otherwise be covered by any of
clauses (i) - (iv).

5. Use Covenants and Obligations.

         (a) The Premises shall at all times be used only for customer, employee
and valet parking and as a turnaround area in connection with the operation of
the hotel and casino property known as Resorts Atlantic City (the "Casino"),
presently owned by Resorts International Hotel, Inc. ("RIH") located at Block 60
on the tax map of Atlantic City, County of Atlantic, State of New Jersey, as the
same may be modified or expanded, and for no other purpose, except that (i) the
Building Site shall be used solely for administrative and general office space
in connection with the Casino, and (ii) the Billboard Sites shall be used solely
for advertisements relating to the Casino.

         (b) Tenant expressly covenants and agrees that during the term of this
Lease:

             (1) Tenant shall not use or permit the use of the Premises or any
          part thereof for (i) the sale, or routine furnishing of any gasoline,
          petroleum products or other fuel oil or lubricating material, grease
          or other lubricant material, or tires, batteries, automobile
          accessories or related products or equipment, (ii) the construction,
          maintenance or operation of any grease or repair pit, or (iii)
          operation, maintenance or conduct of any automobile repair or
          servicing business.

             (2) Tenant shall not install or use or permit to be installed or
          used in the Premises, except for the exclusive use of employees of
          Tenant, any food, beverage, cigarette, stamp or other vending or
          dispensing machine or any mechanical or electronic game of chance or
          amusement device.

             (3) Tenant shall not cause or permit the blockage of any publicly
          owned sidewalk in or about the Premises or the double parking on any
          publicly owned street of any vehicle under its control. Tenant shall
          use commercially reasonable efforts to minimize traffic backups,
          unnecessary noise and congestion from occurring in or about the
          Premises.

              (4) Tenant shall not discharge or allow to be discharged any
         gasoline, oil, grease or other like substances onto or under the
         ground or into the sewer system in or around the Premises, other than
         incidental discharges not inconsistent with the use of the Premises as
         a parking lot, and Tenant shall make suitable arrangements to dispose
         of all waste and rubbish, including petroleum products, in compliance
         with all codes, rules, regulations, directives, guidelines, laws and
         requirements of any governmental entity asserting jurisdiction, and
         Tenant shall in accordance with Applicable Laws maintain all sidewalks,
         ramps, entryways and access areas to or adjacent to the Premises and
         free from grease, oil or other discoloration and drippings other than
         such grease, oil or discoloration ordinarily occurring through
         reasonable use and wear and tear.

                                      -3-
<PAGE>

              (5) Tenant shall store all trash or garbage in closed receptacles
         and will arrange at its expense for removal of such trash and garbage.

              (6) In all respects the Premises (excluding the Building Site and
         the Billboard Sites) shall be operated in a manner consistent with a
         quality car parking lot.

              (7) Tenant shall, in a timely manner, collect and pay to the
         appropriate governmental authorities all taxes which may be or become
         due and payable on account of, or resulting from the operation of, a
         parking lot on the Premises during the Term. If any governmental
         taxing authority shall have requested proof in writing from Landlord
         that the aforesaid taxes have been paid, or if Landlord requires such
         proof in connection with any audit, or if Landlord, in Landlord's good
         faith judgment, is at risk of incurring any liability regarding such
         taxes, then Landlord may demand from Tenant proof that the proper
         amount of such taxes was paid in a timely fashion, and Tenant, within
         fifteen (15) days following demand by Landlord, shall provide Landlord
         with such proof.

              (8) With respect to the Building Site and the Billboard Sites,
         Tenant agrees and covenants to keep all improvements thereon in as good
         order, condition and repair as when the same were entered upon, damage
         by fire or other casualty or condemnation excepted. Tenant shall, at
         its sole cost and expense, perform all necessary maintenance and repair
         (including, where applicable or necessary, replacements) to the
         improvements located on the Building Site and the Billboard Sites,
         excluding structural repairs.

              (9) Tenant shall be responsible for ensuring that all signage at
         the Billboard Sites shall at all times be in compliance with all
         applicable governmental rules, regulations and zoning ordinances and
         shall obtain and keep in effect all permits required from municipal
         and other authorities in connection with such signage. Tenant shall be
         fully responsible for, and shall promptly discharge and remove of
         record, any and all violations issued in connection with the signage,
         and shall promptly pay all impositions, fines and penalties associated
         with same. With respect to any future signage or alterations to
         existing signage, Tenant shall make all required filings with all
         municipal and other authorities having jurisdiction and shall obtain
         all legally required permits and licenses for the construction, display
         and operation of such signage.

         (c) Tenant acknowledges and agrees that if Tenant shall breach in any
material respect any of the provisions of this Section 5, Landlord shall have no
adequate remedy at law, and consequently, among other remedies for such breach
permitted by law or the provisions of this Lease, Landlord shall be entitled to
enjoin Tenant from any violation of said provisions.

         (d) Tenant, at Tenant's sole cost and expense, shall (a) procure and
thereafter maintain all governmental permits and licenses required for the
proper and lawful conduct of Tenant's business in the Premises and the use
thereof, (b) submit copies of all such permits and licenses to Landlord for its
inspection upon Landlord's request, and (c) submit to the appropriate
governmental agency copies of new or renewal permits and licenses expiring
during the term of this Lease within the time periods required by law.

6. Alterations, Maintenance and Repair.

                                      -4-
<PAGE>

         (a) Tenant shall not construct any improvements, buildings or other
structures on the Premises and shall not make any changes or alterations other
than (1) landscaping of unpaved areas, (2) as needed and upon submission of
plans and Landlord's written approval thereof, such approval not to be
unreasonably withheld, delayed or conditioned: (i) installation of parking
booths, kiosks or sheds; (ii) with respect to paved areas, re-paving,
re-blacktopping, re-striping and re-grading as needed; and (iii) reasonable
alterations to the Building Site and, subject to Section 5(b)(9), alterations to
signage at the Billboard Sites.

         (b) Tenant shall take good care of the Premises and shall maintain all
parking areas in good condition and make all repairs thereon necessary to keep
the same in good condition. Tenant shall keep the Premises clean and in good
order, to the reasonable satisfaction of Landlord. Tenant shall not be
responsible for the repair of any deficiencies existing at the Premises upon the
commencement of the Term.

         (c) If, because of any acts or omission of Tenant, anyone claiming
through or under Tenant shall file any mechanic's or other lien or order for the
payment of money against the Premises or against Landlord (whether or not such
lien or order is valid or enforceable as such), Tenant shall, at Tenant's own
cost and expense, cause the same to be canceled and discharged of record or
bonded within thirty (30) days after receiving written notice of filing thereof,
and shall also indemnify and save harmless Landlord from and against any and all
costs, expenses, claims, losses or damages, including reasonable counsel fees,
resulting therefrom or by reason thereof.

         (d) Tenant shall not display or erect any exterior decorations,
lettering, signs, advertisements, notices, posters, displays, projections,
curtains, blinds, shades, screens or awnings on or about the Premises
(collectively, "Signs") without obtaining any permits or government approvals
required by law; and Landlord shall cooperate with Tenant, at Tenant's sole cost
and expense, to the extent reasonably necessary for Tenant to obtain any such
permits or governmental approvals. All such Signs shall be maintained by Tenant
at its sole cost and expense in good order and condition, and in accordance with
all of the terms and provisions of this Lease. All Signs shall be removed by
Tenant at the end of the Term, and Tenant shall repair, at Tenant's sole cost
and expense, any damage to the Premises caused by the installation, maintenance
or removal of such Signs. Tenant shall indemnify and hold Landlord harmless of
and from any and all claims, costs, expenses or damages suffered by reason of
the installation, maintenance or removal of such Signs, except to the extent
caused by the negligence or willful misconduct of Landlord, its employees and
agents.

7. Compliance with Laws. Tenant, at Tenant's expense, shall comply in all
material respects with all laws and ordinances, and all material rules, orders
and regulations of all governmental authorities and of all insurance bodies, at
any time duly issued or in force, applicable to the Premises or any part thereof
or to Tenant's use thereof ("Applicable Requirements"), except that Tenant shall
not be required to cure, correct or repair any violation or condition existing
prior to delivery of possession of the Premises to Tenant. Tenant shall pay all
costs, expenses, fines, penalties or damages, which may be imposed upon Landlord
by reason of Tenant's failure to comply with the provisions of this Section.
Each party shall give prompt notice to the other of any notice it receives of
the violation of any law or requirement of any public authority with respect to
the Premises or the use or occupation thereof. The terms of the New Jersey
Casino Control Act and regulations promulgated thereunder (together, the

                                      -5-
<PAGE>

"Act") are incorporated herein by reference and Tenant agrees to comply with the
provisions thereof. This lease may be terminated by Landlord or Tenant upon
written notice to the other, without liability to either party (excepting any
liability with respect to obligations accruing prior to the termination or those
obligations expressly stated to survive a termination or expiration of this
Lease), in the event Tenant or Landlord is directed to do so by the New Jersey
Casino Control Commission. Any such termination shall be effective as of the
date the notice is given or such later date as may be specified in such notice.

8. No Warranty by Landlord. Tenant has inspected the Premises and is fully
familiar with the condition and state of repair thereof and, subject to Section
21(d), accepts the Premises "as is" and in their present condition. Tenant has
made such examination of title to the Premises and of the operation, income and
expenses of the Premises and all other matters affecting or relating to the
Premises as Tenant deemed necessary. EXCEPT AS EXPRESSLY SET FORTH IN THIS
LEASE, LANDLORD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, WITH
RESPECT TO THE PREMISES OR THE LOCATION, USE, DESCRIPTION, DESIGN,
MERCHANTABILITY, FITNESS FOR USE FOR ANY PARTICULAR PURPOSE, CONDITION, OR
DURABILITY THEREOF, OR AS TO THE TITLE THERETO OR OWNERSHIP THEREOF OR
OTHERWISE, IT BEING AGREED THAT ALL RISKS INCIDENT THERETO ARE TO BE BORNE BY
TENANT. IN CASE OF ANY DEFECT OR DEFICIENCY IN THE PREMISES, WHETHER PATENT OR
LATENT, LANDLORD SHALL HAVE NO RESPONSIBILITY OR LIABILITY WITH RESPECT THERETO.
THE PROVISIONS OF THIS SECTION 8 HAVE BEEN NEGOTIATED AND ARE INTENDED TO BE A
COMPLETE EXCLUSION AND NEGATION BY LANDLORD OF, AND LANDLORD HEREBY DISCLAIMS,
ALL WARRANTIES BY LANDLORD, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR OF HABITABILITY WITH
RESPECT TO THE PREMISES, WHETHER ARISING PURSUANT TO THE UNIFORM COMMERCIAL CODE
OR OTHER APPLICABLE LAW.

9. Net Lease; Non-Terminability; Tenant's Liability.

         (a) The parties intend that by the execution of this Lease, Tenant
shall assume with respect to the Premises every obligation relating thereto
which the ownership thereof entails and which, but for this Lease, would be
borne by Landlord except as otherwise expressly set forth in Sections 4, 6, 7
and 8. All payments due from Tenant hereunder, however denominated, constitute
payments of rent.

         (b) Upon the expiration or earlier termination of this Lease, Tenant
shall surrender the Premises to Landlord in good order, condition and repair,
except: (i) for ordinary wear and tear (ii) in the case of a Taking, the portion
taken and (iii) if the Tenant exercises its option to purchase the Premises
pursuant to the Option Agreement.

         (c) Tenant shall remove from the Premises on or prior to such
expiration or earlier termination all of its personal property situated thereon
which is not part of the Premises and not owned by Landlord and shall repair any
damage caused by such removal. Property not so removed shall become the property
of Landlord, and Landlord may thereafter, after 3 days written notice to Tenant,
cause such property to be removed from the Premises and disposed of,

                                      -6-
<PAGE>

but the reasonable cost of any such removal and disposition as well as the
reasonable cost of repairing any damage caused by such removal shall be borne by
Tenant.

         (d) If Tenant remains in possession of the Premises after the
expiration or earlier termination of this Lease, without Landlord's consent or a
new lease, then Landlord, without waiving any other rights or remedies
hereunder, may elect to treat Tenant as a tenant from month to month, subject to
all the terms of this Lease, except that the monthly rent payable to Landlord
shall be $ 300,000.

10. Landlord Right of Entry. Landlord and its authorized representatives may
enter the Premises at all reasonable times upon reasonable notice, accompanied,
at Tenant's option, by a representative of Tenant (except in the case of an
emergency or if necessary to comply with any Applicable Laws), provided Landlord
shall use commercially reasonable efforts to minimize any interference with
Tenant's operation of the Casino by such entry, for the purpose of (a)
inspecting the Premises and to make such repairs, replacements and improvements
(i) as Landlord may deem necessary and reasonably desirable, with Tenant's prior
written consent, not to be unreasonably withheld, conditioned or delayed or (ii)
which Landlord may elect to perform following Tenant's failure to make repairs
or perform work which Tenant is obligated to perform under this Lease, (b)
complying with Applicable Requirements and, (c) showing the Premises to
prospective purchasers, or tenants of the Premises during the last six (6)
months of the term of this Lease provided Tenant has not exercised the Option.
No such entry shall constitute an eviction of Tenant. Landlord shall have no
duty to make any such entry or inspection.

11. Indemnification.

         (a) Tenant, irrespective of whether Tenant shall have been negligent in
connection therewith, hereby indemnifies, protects, defends and saves harmless,
Landlord and Landlord's affiliates including Sun International Hotels Limited
and each of its subsidiaries and each of their respective partners, principals,
members, officers, directors, contractors, agents and employees (collectively,
the "Landlord Indemnified Parties") from and against any and all liability
(statutory or otherwise), claims, suits, demands, damages, judgments, costs,
fines, penalties, interest and expenses (including reasonable counsel and other
professional fees and disbursements incurred in any action or proceeding and
court costs), to which Landlord Indemnified Parties may be subject or suffer
arising from, or in connection with: (i) any liability or claim for any injury
to, or death of, any person or persons, or damage to property (including any
loss of use thereof), occurring in or about the Premises during the Term, or
(ii) Tenant's use and occupancy of the Premises, or from any work, installation
or thing whatsoever done or omitted (other than by Landlord or its agents or
employees) in or about the Premises during the Term, or (iii) any default by
Tenant in the performance of Tenant's obligations under this Lease, including,
without limitation, Tenant's obligations under Section 21, or (iv) any act or
omission of Tenant, its subtenants, assignees and occupants and its and their
respective agents, representatives, contractors, servants, employees, licensees,
guests and invitees, or (v) any cost, liability or responsibility for the
payment of any sales tax with respect to any installations, furniture,
furnishings, fixtures or other improvements located, installed or constructed in
the Premises during the Term, or the filing of any tax return in connection
therewith (although Landlord agrees to execute any such return if required by
law) regardless of

                                      -7-
<PAGE>

whether such tax is imposed upon Landlord or Tenant. This indemnity and hold
harmless agreement shall include indemnity from and against any and all
liability, fines, suits, demands, costs and expenses of any kind or nature
incurred in or in connection with any such claim or proceeding brought thereon,
and the defense thereof.

         (b) In the case of any claim asserted by a third party against a party
entitled to indemnification under this Lease (the "Indemnified Party"), notice
shall be given by the Indemnified Party to the party required to provide
indemnification (the "Indemnifying Party") as soon as practicable after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and the Indemnified Party shall permit the Indemnifying Party (at the
expense of such Indemnifying Party) to assume the defense of any third party
claim or any litigation with a third party resulting therefrom; provided,
however, that (a) the counsel for the Indemnifying Party who shall conduct the
defense of such claim or litigation shall be subject to the approval of the
Indemnified Party (which approval shall not be unreasonably withheld,
conditioned or delayed), (b) the Indemnified Party may participate in such
defense at such Indemnified Party's expense (which shall not be subject to
reimbursement hereunder except as provided below), and (c) the omission by any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its indemnification obligation under this Lease except and
only to the extent that such Indemnifying Party is actually and materially
damaged as a result of such failure to give notice. Except with the prior
consent of the Indemnified Party, no Indemnifying Party, in the defense of any
such claim or litigation, shall consent to entry of any judgment or enter into
any settlement that provides for injunctive or other non-monetary relief
affecting the Indemnified Party or that does not include as an unconditional
term thereof the giving by each claimant or plaintiff to such Indemnified Party
of a general release from any and all liability with respect to such claim or
litigation. If the Indemnified Party shall in good faith determine that the
conduct of the defense of any claim subject to indemnification hereunder or any
proposed settlement of any such claim by the Indemnifying Party might be
expected to adversely affect the ability of the Indemnified Party to conduct its
business, or that the Indemnified Party may have available to it one or more
defenses or counterclaims that are inconsistent with one or more of those that
may be available to the Indemnifying Party in respect of such claim or any
litigation relating thereto, the Indemnified Party shall have the right to
utilize counsel of its own choosing at the sole and reasonable cost of the
Indemnifying Party and to assume its own defense; provided, however, that if the
Indemnified Party does so assume its own defense, the Indemnified Party shall
not settle such claim or litigation or consent to entry of any judgment without
the consent of the Indemnifying Party, such consent not to be unreasonably
withheld or delayed.

12. Insurance. Tenant shall at all times maintain with respect to the Premises
insurance of the following character:

         (a) (i) Garage Liability Insurance, written on an occurrence basis,
with a broad form comprehensive coverage (including, without limitation,
premises and operations, contractual, products and automobile liability
insurance coverage and all insurance coverages which are covered under a
standard comprehensive public liability and property damage insurance policy
with a broad form endorsement containing broad form contractual liability
insurance coverage) with a minimum limit of liability being a combined single
limit with respect to each occurrence of not less than $15,000,000 ($5,000,000
primary coverage plus $10,000,000 umbrella being

                                      -8-
<PAGE>

acceptable) for injury or death and damage to property, occurring in, upon,
adjacent to, or connected with the Premises or any part thereof (including any
adjoining sidewalk, curb or vault); (ii) Garage Keeper's Legal Liability
Insurance written on an occurrence basis in amounts of not less than $5,000,000,
which insurance shall cover legal liability for loss by fire, explosion, riot,
vandalism, theft, malicious mischief and collision of automobiles in the care of
Tenant for storage or safekeeping; and (iii) Worker's Compensation Insurance, as
required by law; (iv) General Public Liability and Property Damage Insurance,
all risk, "occurrence" type, including contractual indemnification coverage, and
fully protecting Landlord (and its partners, shareholders, officers, directors,
affiliates and agents) against any and all liability, claims, cost and expense
arising out of negligence, accident or disaster, involving personal injury,
wrongful death and property damage in the single limit of no less than
$15,000,000 ($5,000,000 primary coverage plus $10,000,000 umbrella being
acceptable) per occurrence, and (v) such other insurance in such amounts as may
be, from time to time, reasonably required by Landlord against the same or other
insurable hazards which at the time are commonly insured against in the case of
parking lots, parking garages, buildings or billboards in Atlantic City.

         (b) All insurance required under Section 12(a) shall be written by
insurers of recognized financial standing which are authorized to do an
insurance business in the State of New Jersey and have, at the time such
insurance is issued or renewed, an Alfred M. Best Company, Inc. general
policyholders' rating of A or better and a financial rating of BBB or better (or
equivalent ratings by a generally recognized successor rating agency).

         (c) Tenant shall obtain endorsements to the insurance policies carried
pursuant to Section 12(a) providing that (i) Landlord and Sun International
Hotels Limited and, if requested by Landlord, any subsidiary of either of them
are included as additional insureds, but none of them is liable for the payment
of premiums, (ii) the insurer waives all rights of subrogation against Landlord
and any such other parties, (iii) such insurance is primary, without right of
contribution from any other insurance carried by or on behalf of Landlord with
respect to its interest in the Premises, (iv) loss payable under such policies
shall not be reduced by reason of any right of set-off or counterclaim that the
insurer may have against Tenant, (v) as to Landlord, such policies shall not be
invalidated by any act or omission of Tenant, and (vi) no lapse, cancellation or
material change with respect to such policies shall be effective as to Landlord
until at least 30 days after receipt by Landlord of written notice thereof.

         (d) Any insurance required under this Section 12 may be evidenced by
blanket insurance policies covering the Premises and other property or assets of
Tenant or any sublessee of Tenant, provided that the protection afforded thereby
shall be no less than that which would have been afforded under a separate
policy relating only to the Premises and each policy of such insurance shall in
all other respects comply with this Section 12.

         (e) Upon the execution and delivery of this Lease, Tenant shall deliver
to Landlord either certificates of insurers evidencing all insurance which is
then required to be maintained by Tenant hereunder or, upon request of Landlord,
original or duplicate policies of such insurance, and in either case evidence
satisfactory to Landlord of the payment of the related premiums. Within 30 days
prior to the expiration of any such insurance, Tenant shall deliver to Landlord
either certificates of insurers evidencing the renewal of such insurance or,
upon request of

                                      -9-
<PAGE>

Landlord, original or duplicate policies of such insurance, and in either case
evidence satisfactory to Landlord of the payment of the related premiums.

         (f) Should Tenant fail to maintain any insurance provided for in this
Section 12, or to pay the premium therefor, or to deliver to Landlord any of
such policies or certificates, Landlord may, upon five days' prior written
notice to Tenant of its intention to do so, procure such insurance and any
reasonable sums expended by it to procure such insurance shall be repaid by
Tenant on demand of Landlord.

         (g) Except to the extent caused by the willful misconduct or negligence
of Landlord, its agents, servants, invitees or employees, Landlord shall not be
liable to Tenant for any loss, damage or expense of any kind resulting from, and
no claims shall be made against Landlord by Tenant for, any injury or damage to
person or property occurring in the Premises.

         (h) Landlord may, from time to time, require increases in the amounts
or changes in the types of coverage established in this Section 12 to reflect
the amounts and/or types of coverage which are then required by Applicable
Requirements, or by Landlords of or maintained typically by operators of,
parking lots in Atlantic City, New Jersey.

13. Condemnation.

         (a) In the event that the Premises or substantially all of the Premises
shall be lawfully condemned or taken in any manner for any public or
quasi-public use, this Lease and the term and estate hereby granted shall
forthwith cease and terminate as of the date of vesting of title.

         (b) In the event that less than substantially all of the Premises shall
be so condemned or taken, then Tenant may at Tenant's option, terminate this
Lease and the term and estate hereby granted as of the date of such vesting of
title by notifying Landlord in writing of such termination within sixty (60)
days following the date on which Tenant shall have received notice of vesting of
title. If Tenant does not so elect to terminate this Lease, as aforesaid, this
Lease shall be and remain unaffected by such condemnation or taking.

         (c) In the event of termination in any of the cases hereinbefore
provided, this Lease and the term and estate hereby granted shall expire as of
the date of such termination with the same effect as if that were the
termination date of this Lease.

         (d) Subject to the provisions of the Option Agreement, Landlord shall
be entitled to receive the entire award in the condemnation proceeding,
including any award made for the value of the estate vested by this Lease in
Tenant, and Tenant hereby expressly assigns to Landlord any and all right, title
and interest of Tenant now or hereafter arising in or to any such award or any
part thereof. Subject to the provisions of the Option Agreement Tenant shall not
be entitled to receive any part of such award from Landlord or the condemning
authority, except that Tenant shall have the right to assert a claim against the
condemning authority for the value of moveable fixtures and equipment installed
and paid for by Tenant and for relocation expenses, provided that the payment of
any award to Tenant does not diminish the amount which would otherwise be paid
to Landlord by that condemning authority.

                                      -10-
<PAGE>

         (e) In the event of a condemnation or taking for governmental occupancy
for a limited period, Tenant shall be entitled to a pro rata credit against
Tenant's Carrying Cost Payments during the period of such temporary taking,
calculated by Landlord on a square footage basis based upon the ratio of the
space taken to the entire space comprising the Premises.

         (f) A termination of this Lease pursuant to the provisions of this
Article 13 shall also operate as a termination of the Option Agreement.

14. Assignment by Tenant.

         (a) "Affiliate": of a specified Person means a Person that directly or
indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, such specified Person. "Control" (including the
terms "controlled by" and "under common control with") means the possession,
directly or indirectly, of the power to direct or cause the direction of the
management policies of a Person, whether through the ownership of voting
securities, by contract or credit arrangement, as trustee or executor, or
otherwise.

         (b) "Person" or "person": means any natural person, firm, partnership,
association, corporation, company, limited liability company, trust, business
trust or other entity.

         (c) Neither this Lease nor Tenant's rights or obligations hereunder
shall be assignable, subleasable or otherwise transferable, in whole or in part
(whether by merger, sale of stock, sale of all or substantially all of the
assets or business, operation of law or otherwise), without the prior written
consent of Landlord, except that Tenant may assign, in its sole discretion, any
of or all of its rights, interests and obligations under this Lease to (i) the
banks or other institutional lenders providing the debt financing incurred by
Tenant in connection with the closing on the date hereof of the transactions
contemplated by the Purchase Agreement among Landlord, GGRI, Inc. and Tenant
dated as of October 30, 2000 (together with any amendment or refinancing
thereof, the "Acquisition Financing"), (ii) to either any controlled Affiliate
of Colony Investors IV, L.P. ("Colony") (so long as such Affiliate remains at
all times thereafter an Affiliate of Colony) or any controlled Affiliate of
Thomas Barrack (so long as such Affiliate remains at all times thereafter an
Affiliate of Thomas Barrack), or (iii) to any Person which acquires, directly or
through the acquisition of a controlling interest in RIH, the real property
owned or leased by RIH and which substantially comprise the Casino, and owns and
operates the Casino and the Casino business therein (a "Successor Owner");
provided, that, in each such case, such party assumes Tenant's obligations
hereunder and under the Option Agreement and Tenant remains liable hereunder
(except in the case of a Successor Owner). Subject to the preceding sentence,
this Agreement will be binding upon, inure to the benefit of, and be enforceable
by, the parties and their respective successors and assigns.

         (d) No assignment pursuant to this Section 14 shall be effective for
any purpose unless (i) Landlord shall have received, at least 30 days prior to
the consummation of such transaction, (A) an executed counterpart of the
instrument effecting such assignment, in form and substance satisfactory to
Landlord, containing inter alia the name, address and telephone number of the
assignee, (B) an executed instrument of assumption of Tenant's obligations under
this Lease by such assignee, in form and substance satisfactory to Landlord, (C)
an affidavit of the assignee, or the principal officer or general partner
thereof, setting forth the names and

                                      -11-
<PAGE>

addresses of all persons having interests in the assignee and of all directors
and officers of the assignee, and (D) such other documents as Landlord may
reasonably request, and (ii) on the date such assignment is consummated, no
Event of Default, or event which with notice or the passage of time would
constitute an Event of Default, shall have occurred and be continuing.

         (e) No assignment of Tenant's interest under this Lease shall be valid
unless made in compliance with this Section 14.

         (f) If this Lease is assigned to any person pursuant to the Title 11 of
the United States Code (as the same may be amended from time to time, the
"Bankruptcy Code"), all consideration paid or delivered in connection with such
assignment shall be paid or delivered to Landlord, shall be the exclusive
property of Landlord and shall not constitute property of Tenant or its estate
within the meaning of the Bankruptcy Code, and such person shall be deemed
without further act to have assumed all of Tenant's obligations hereunder
arising after such assignment and, upon request of Landlord, shall execute and
deliver to Landlord an agreement confirming such assumption.

         (g) For purposes of this Section 14, the term "assignment of Tenant's
interest under this Lease" shall include the direct or indirect assignment (in
either a single transaction or a series of transactions) of the controlling
ownership interest of any entity which is Tenant under this Lease; and the term
"assignment" shall include a sale or any other transfer (by operation of law, by
contract or otherwise).

         (h) Tenant shall pay, on demand, all costs, including attorneys' fees,
incurred by Landlord in connection with action taken by it pursuant to this
Section 14 and the review of documents submitted to it.

15. No Mortgages.

         Tenant shall not mortgage, pledge or grant a security interest in its
interest in the Premises except in connection with the Acquisition Financing.

16. Quiet Enjoyment.

         So long as Tenant shall perform and observe all covenants and
conditions to be performed or observed by Tenant under this Lease, and subject
to the terms and conditions of this Lease, the condition of the Premises and
matters of title existing on the date of this Lease, Tenant shall and may
peaceably and quietly have, hold and enjoy the Premises for the term demised by
this Lease free of interference from Landlord or those claiming through or under
Landlord.

17. Events of Default.

         (a) If anyone or more of the following events ("Event of Default")
shall occur:

             (i) Tenant shall make an assignment of its property for the
         benefit of creditors or shall file a voluntary petition under any
         bankruptcy or insolvency law, or an involuntary petition under any
         bankruptcy or insolvency law shall be filed against Tenant

                                      -12-
<PAGE>

         and such involuntary petition is not dismissed within ninety (90) days
         after the filing thereof; or

             (ii) a petition is filed by or against Tenant under the
         reorganization provisions of the United States Bankruptcy Code or under
         the provisions of any law of like import, unless such petition under
         said reorganization provisions be one filed against Tenant which is
         dismissed within ninety (90) days after its filing; or

             (iii) Tenant shall file a petition under the arrangement provisions
         of the United States Bankruptcy Code or under the provisions of any law
         of like import; or

             (iv) A permanent receiver, trustee or liquidator shall be appointed
         for Tenant or of or for the property of Tenant, and such receiver,
         trustee or liquidator shall not have been discharged within sixty (60)
         days from the date of his appointment; or

             (v) Tenant shall default in making any payment of rent due
         hereunder and such default shall continue for more than 10 days beyond
         the date due;

             (vi) Tenant shall default in the due keeping, observing or
         performance of any other covenant, agreement, term, provision or
         condition of this Lease on the part of Tenant to be kept, observed or
         performed, and if such default shall continue and shall not be remedied
         by Tenant within thirty (30) days after Landlord shall have given to
         Tenant a written notice specifying the same, or, in the case of such a
         default which for causes beyond Tenant's control cannot with due
         diligence be cured within said period of thirty (30) days, if Tenant:
         (i) shall not, promptly upon giving of such notice, advise Landlord in
         writing of Tenant's intention to institute within thirty (30) days all
         steps necessary to remedy such default; or (ii) shall not institute
         within thirty (30) days and thereafter diligently prosecute to
         completion all steps necessary to remedy the same; or (iii) shall not
         remedy the same within a reasonable time after the date of the giving
         of said notice by Landlord;

             (vii) any event shall occur or any contingency shall arise whereby
         this Lease or the estate hereby granted or the unexpired balance of the
         term hereof would, by operation of law or otherwise, devolve upon or
         pass to any person, firm, association or corporation other than Tenant
         except as expressly permitted under Article 14 hereof, or whenever
         Tenant shall desert or abandon the Premises or the same shall become
         vacant; or

             (viii) any default by Tenant, as Purchaser, after applicable notice
         and cure periods, if any, shall occur under the Option Agreement or any
         material default by Tenant, as Purchaser, shall occur under the
         Purchase Agreement dated as of October 30, 2000 among Landlord, Tenant
         and GGRI, Inc., or an Event of Default shall have occurred under
         Section 6.1(a), 6.1(f) or 6.1(g) of that certain Promissory Note
         (inclusive of all accrued interest notes issued pursuant thereto, the
         "Note") in the original principal amount of $17,500,000 made by Colony
         RIH Holdings, Inc. in favor of Landlord, but only if at the time of
         such Event of Default the Note (or the majority interest therein) is
         held by Landlord, an Affiliate (as defined in the Note) of Landlord, or
         a lender of

                                      -13-
<PAGE>

         Landlord or an Affiliate of such lender which acquired the Note
         pursuant to a pledge of the Note and is an Eligible Person as defined
         in the Note;

then, in any of said cases, Landlord may give to Tenant a notice of intention to
end the term of this Lease at the expiration of five (5) days from the date of
the giving of such notice, and, in the event such notice is given, this Lease
and the term and estate hereby granted (whether or not the term shall
theretofore have commenced) shall expire and terminate (including any right to
extend the term or continue on a month to month basis) upon the expiration of
said five (5) days with the same effect as if that day were the date
hereinbefore set for the expiration of the term of this Lease and Tenant shall
immediately surrender the Premises to Landlord, and if Tenant fails so to do,
Landlord may, without prejudice to any other remedy which it may have for
possession or arrearages in rent, enter upon and take possession of the premises
and expel or remove Tenant and any other person who may be occupying such
premises or any part thereof, by legal process, without being liable for
prosecution or any claim of damages therefor.

         (b) Upon the occurrence of any Event of Default described in Section
17(a) hereof, Landlord shall have the option to pursue any one or more of the
following remedies without any notice or demand whatsoever:

         (i) If Landlord terminates this Lease pursuant to Section 17(a), enter
         upon and take possession of the Premises and expel or remove Tenant and
         any other person who may be occupying such Premises or any part thereof
         by legal process without being liable for prosecution or any claim for
         damages therefore, and relet the Premises and receive the rent
         therefor.

         (ii) Enter upon the premises, by legal process, without being liable
         for prosecution or any claim for damages therefor, and do whatever
         Tenant is obligated to do under the terms of this Lease; and Tenant
         agrees to reimburse Landlord as provided herein on demand for any
         reasonable expenses which Landlord may incur in thus effecting
         compliance with Tenant's obligations under this lease.

         (c) Exercise by Landlord of any one or more remedies hereunder granted
or otherwise available shall not be deemed to be an acceptance of surrender of
the Premises by Tenant, whether by agreement or by operation of law, it being
understood that such surrender can be effected only by the written agreement of
Landlord and Tenant.

         (d) In case of any event of default or breach by Tenant, Tenant shall
also be liable for and shall pay to Landlord, at the address specified for
notice to Landlord herein, in addition to any sum provided to be paid above; the
costs of removing and storing Tenant's property; the costs of repairing,
altering, remodeling or otherwise putting the premises into the condition that
the Premises were delivered to Tenant; and all reasonable expenses incurred by
Landlord in enforcing Landlord's rights and/or remedies including reasonable
attorney's fees.

         (e) If Tenant should fail to make any payment or cure any default
hereunder within the time herein permitted, Landlord, without being under any
obligation to do so and without thereby waiving such default, may make such
payments and/or remedy such other default for the account of Tenant (and,
pursuant to legal process, enter the premises for such purpose), and

                                      -14-
<PAGE>

thereupon Tenant shall be obligated to, and hereby agrees, to pay Landlord, upon
demand, all reasonable and customary costs, expenses and disbursements
(including reasonable attorney's fees) incurred by Landlord in taking such
remedial action.

         (f) No waiver by Landlord or Tenant of any breach by the other party of
any of the other party's obligations, agreements or covenants herein shall be a
waiver of any subsequent breach or of any obligation, agreement or covenant, nor
shall any forbearance by landlord or Tenant to seek a remedy for any breach by
the other party be a waiver with respect to such or any subsequent breach.

         (g) No right or remedy herein conferred upon or reserved to Landlord or
Tenant is intended to be exclusive of any other right or remedy provided herein
or by law, but each shall be cumulative and in addition to every other right or
remedy given herein or now or hereafter existing at law or in equity or by
statute.

18. Limitation on Landlord's Liability.

         Tenant shall look solely to Landlord's interest in the Premises,
including insurance loss proceeds and Taking awards, for the recovery of any
judgment against Landlord, and if Landlord is a partnership, its partners,
whether general or limited, or if Landlord is a corporation, its directors,
officers and shareholders, shall not be personally liable for any such judgment.
The foregoing shall not limit any right of Tenant to obtain injunctive relief
against Landlord or to maintain any suit for specific performance or other
equitable relief.

19. Notices.

         All notices, requests, demands, approvals, consents, waivers and other
communications required or permitted to be given under this Agreement (each, a
"Notice") shall be in writing and shall be (a) delivered personally, (b) mailed
by first-class, registered or certified mail, return receipt requested, postage
prepaid, (c) sent by next-day or overnight mail or delivery, or (d) sent by
facsimile transmission, provided that the original copy thereof also is sent by
prepaid, first-class certified or registered mail or by next-day or overnight
mail or personal delivery.

if to Tenant, to

Colony Capital, L.L.C.
660 Madison Avenue
New York, NY  10021
Facsimile:        (212) 593-5433
Attention:        Nicholas L. Ribis

with copies to:

Willkie Farr & Gallagher
787 Seventh Avenue
New York, NY  10019
Facsimile: (212) 728-8111
Attention:  Thomas M. Cerabino, Esq.

                                      -15-
<PAGE>

if to Landlord, to

c/o Sun International Hotels Limited
Coral Towers
Paradise Island, The Bahamas
Facsimile:  (242) 363-4581
Attention:  Charles D. Adamo

with copies to:

Winston & Strawn
200 Park Avenue
New York, NY  10166
Facsimile:  (212) 294-4700
Attention:  James P. Gerkis, Esq.

or, in each case, at such other address as may be specified in a Notice to the
other party hereto. Any Notice shall be deemed effective and given upon receipt
(or intentional refusal of receipt of the addresses of such Notice).

20. Relationship of Parties.

         Landlord does not, by entering into this Lease, become a partner or
joint venturer of Tenant or a member of a joint enterprise with Tenant.

21. Environmental Matters.

         (a) Tenant represents the specific activities intended to be carried on
in the Premises are in accordance with the Section 5 of this Lease and Tenant
covenants and agrees that it will not do or suffer or allow anything which will
cause the Premises, or use of the Premises during the Term to be subject to
compliance with the New Jersey Industrial Site Recovery Act, N.J.S.A. 13:1K-6 et
seq. ("ISRA").

         (b) Tenant shall not engage in operations at the Premises which involve
the generation, manufacture, refining, transportation, treatment, storage,
handling or disposal of "hazardous substances" or "hazardous waste" as such
terms are defined under ISRA except in connection with the uses permitted under
this lease and in compliance with applicable laws. Subject to Section 5(b)(4),
Tenant further covenants that it will not cause or permit to exist any Discharge
by Tenant (as such term is defined under ISRA) at the Premises nor cause or
permit to exist as a result of an intentional or unintentional action or
omission on its part, the releasing, spilling, leaking, pumping, pouring,
emitting, emptying or dumping from, on, or about the Premises of any hazardous
substance (as such term is defined under N.J.S.A. 58:10-23.11(b)(k) and N.J.A.C.
7:1-3.3).

         (c) If Tenant's operations or the operations of any subtenant, invitee,
representative or agent on the Premises now or during the Term constitute an
"Industrial Establishment" and subject the Premises to the requirements of ISRA,
then in connection with (i) Tenant's closing operations or transferring
ownership or operations of Tenant at the Premises (as defined under

                                      -16-
<PAGE>

ISRA), (ii) the expiration or sooner termination of this Lease or any assignment
of this Lease, or (iii) any subletting of any portion of the Premises, Tenant
shall, at its expense, comply with all requirements of ISRA, if any.

         (d) Landlord shall indemnify, protect, defend and save harmless, Tenant
and Tenant's affiliates and each of its subsidiaries and each of their
respective partners, principals, members officers, directors, contractors,
agents and employees (collectively, the "Tenant Indemnified Parties") from and
against any and all liability (statutory or otherwise), claims, suits, demands,
damages, judgments, costs, fines, penalties, interest and expense (including
reasonable counsel and other professional fees and disbursements incurred in any
action or proceeding and court costs), to which Tenant Indemnified Parties may
be subject or suffer arising from, or in connection with any violation of
Environmental Law existing on or before the Commencement Date on, under or at
the Premises, provided, however, that this indemnification shall be extinguished
and of no further force and effect from and after a Closing under the Option.

         (e) Tenant shall indemnify, protect, defend and save harmless, Landlord
and Landlord's affiliates and each of its subsidiaries and each of their
respective partners, principals, members officers, directors, contractors,
agents and employees (collectively, the "Landlord Indemnified Parties") from and
against any and all liability (statutory or otherwise), claims, suits, demands,
damages, judgments, costs, fines, penalties, interest and expense (including
reasonable counsel and other professional fees and disbursements incurred in any
action or proceeding and court costs), to which Landlord Indemnified Parties may
be subject or suffer arising from, or in connection with any violation of
Environmental Law on, under or at the Premises occurring during the Term
(excluding any covered by Landlord's indemnification under Section 21(d)). This
indemnification shall survive the termination or expiration of this Lease.

         (f) In the event of Tenant's failure to comply with this Section 21,
Landlord may, after prior written notice to Tenant and an opportunity to cure,
at its option, perform any and all of Tenant's obligations as aforesaid and all
costs and expenses incurred by Landlord in the exercise of this right shall be
deemed to be additional rent payable on demand with interest thereon at a rate
per annum that is the 4% above the prime rate then listed in The Wall Street
Journal (the "Prime Rate").

         (g) This Article shall survive the expiration or sooner termination of
the Lease.

22. Fair Market Rental Determination.

         (a) In the event that Tenant continues its tenancy as a month-to-month
tenancy pursuant to Section 3(c) of this Lease, Landlord and Tenant shall
endeavor to agree within 30 days of the date of Tenant's Month to Month
Extension Notice or a Rent Adjustment Notice from Landlord, as the case may be,
on the Fair Market Rental Rate (as defined below) for the Premises. If Landlord
and Tenant are unable to agree within such 30-day period upon the Fair Market
Rental Rate pursuant to the foregoing sentence, then either party may (such
party, the "Initiating Party") upon notice to the other party (such party, the
"Other Party"), appoint an appraiser to determine the Fair Market Rental Rate.
Within 15 days of the Other Party's receipt

                                      -17-
<PAGE>

of such notice of appointment, the Other Party shall be entitled to appoint its
own appraiser and notify the Initiating Party thereof. If the Other Party shall
fail to appoint an appraiser as set forth in the foregoing sentence, then the
appraiser appointed by the Initiating Party shall make the determination of the
Fair Market Rental Rate. If each party shall appoint an appraiser and if such
two appraisers cannot within 30 days after their appointment agree upon the Fair
Market Rental Rate, the parties shall endeavor to select a third appraiser
("Third Appraiser") within 30 days to decide the issue and, in the event that
Landlord's appraiser and Tenant's appraiser shall be unable to jointly agree on
the designation of the Third Appraiser within such 30 days, then the parties
agree to allow the American Arbitration Association (or any successor
organization, "AAA") to designate the Third Appraiser in accordance with the
rules, regulations and/or procedures then obtaining of the AAA. The Third
Appraiser shall conduct such hearings and investigations as he may deem
appropriate and shall, within thirty (30) days after the date of designation of
the Third Appraiser, choose either Landlord's or Tenant's determination, and
such choice by the Third Appraiser shall be conclusive and binding upon Landlord
and Tenant.

         (b) Appraisers appointed by the parties shall have at least seven
years' experience in the fixing and valuation of rentals in the County of
Atlantic County, State of New Jersey or be members of the Appraisal Institute.

         (c) The "Fair Market Rental Rate" shall be the fair market monthly
rental rate for the Premises as of the date of Landlord's Rent Adjustment
Notice; provided, however, that the appraisers shall determine such Fair Market
Rental Rate as if the option to extend the term of the Lease pursuant to Section
3(c) did not exist, and the appraisers shall assume or take into consideration
that (a) the Premises are fit for immediate occupancy and use "as-is" and
require no additional work by Landlord, and (b) Landlord is bearing the costs of
Impositions imposed against the Premises.

23. Separability.

         Each covenant in this Lease shall be construed to be a separate and
independent covenant, and the breach of any such covenant by one party shall not
discharge or relieve the other from the obligation to perform its covenants. If
any provision of this Lease or any application thereof is invalid or
unenforceable, the remainder of this Lease and any other application of such
provision shall not be affected thereby. To the extent permitted by Applicable
Law, Tenant hereby waives any provision of law that renders any provision hereof
prohibited or unenforceable in any respect.

24. Brokers.

         Each party represents to the other that it has dealt with no broker,
agent or finder in connection with the transactions contemplated by this Lease.
Each party shall pay or indemnify, hold harmless and defend the other from and
against all loss, liability, damage, litigation, sums paid in settlement of any
of the foregoing and cost (including attorneys' fees) arising from any claim by
any person that he acted on behalf of the indemnitor in connection with such
transactions.

25. Entire Agreement.

                                      -18-
<PAGE>

         This Lease constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes any prior oral or written
agreement.

26. Amendments.

         Neither this Lease nor any of the terms hereof may be amended or waived
orally, but only by an instrument in writing signed by the party against which
enforcement of the amendment or waiver is sought.

27. Landlord's Right to Perform.

         Notwithstanding anything to the contrary contained in this Lease, if
this Lease requires Tenant to undertake any action or make any repair to the
Premises and Tenant fails to undertake such action or make such repair, Landlord
may, at its election, after five (5) days notice to Tenant and Tenant's failure
to cure the foregoing except that no notice or cure period shall be required in
cases of emergency, make said repair as the agent of Tenant, and Tenant shall
reimburse Landlord within ten (10) days after demand therefor, for all costs and
expenses incurred by Landlord in connection therewith or interest at a rate per
annum that is 4% above the Prime Rate.

28. Recording.

         Simultaneously with the execution and delivery of this Lease, the
parties shall execute and deliver (a) a memorandum of this Lease in the form of
Exhibit B hereto, which memorandum shall be recorded in the land records of
Atlantic City and (b) a Termination of Memorandum in the form of Exhibit C
hereto, which shall be held by Landlord and recorded only in the event of the
expiration of this Lease or a termination of this Lease in accordance with its
terms. Landlord and Tenant shall cooperate with each other in taking such steps
(including delivery of any ancillary documents) as may be required to record the
foregoing documents.

29. Waiver of Trial by Jury.

         IT IS MUTUALLY AGREED BY AND BETWEEN LANDLORD AND TENANT THAT THE
RESPECTIVE PARTIES HERETO SHALL AND THEY HEREBY DO WAIVE TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO
AGAINST THE OTHER (EXCEPT FOR PERSONAL INJURY OR PROPERTY DAMAGE) ON ANY MATTERS
WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE
RELATIONSHIP OF LANDLORD AND TENANT, TENANT'S USE OF OR OCCUPANCY OF THE
PREMISES, AND ANY EMERGENCY STATUTORY OR ANY OTHER STATUTORY REMEDY.

30. Rules of Usage.

         (a) The following rules of usage shall apply to this Lease unless
otherwise required by the context:

                                      -19-
<PAGE>

         (b) Singular words include the plural and vice versa. All pronouns
shall be deemed to refer to the masculine, feminine, neuter, singular or plural
as the identity of the person(s) referred to may require.

         (c) References to articles, sections, exhibits or schedules are
references to articles, sections, exhibits or schedules of this Lease. The words
"herein", "hereof" and "hereunder" and words of similar import shall be
construed to refer to this Lease as a whole and not to any particular article,
section, paragraph or subpart thereof unless expressly so stated.

         (d) The headings, subheadings and table of contents used in this Lease
are solely for convenience of reference and shall not constitute a part of this
Lease nor shall they affect their meaning, construction or effect.

         (e) References to any person shall include such person and its
successors and permitted assigns and in the case of an individual, his or her
heirs and legal representatives.

         (f) Each of the parties and their counsel have reviewed and revised, or
requested revisions to, this Lease, and the usual rule of construction that any
ambiguities are to be resolved against the drafting party shall be inapplicable
in the construction and interpretation of this Lease.

         (g) Unless the contrary is required by an express provision or the
context, each reference to "the Premises" shall be deemed a reference to "the
Premises or any part thereof".

         (h) Any term defined by reference to an agreement, instrument or other
document shall have the meaning so assigned to it whether or not such agreement,
instrument or document is in effect.

         (i) The words "include", "including" and "such as" shall each be
construed as if followed by the phrase "without limitation".

         (j) Any reference to Landlord's attorneys' fees shall mean Landlord's
reasonable attorneys' fees, disbursements and other expenses incurred by
Landlord, including those incurred in connection with any appellate proceedings.

         (k) The word "re-enter" as used herein is not restricted to its
technical legal meaning.

31. Governing Law.

         (a) This Lease shall be governed by and construed in accordance with
laws of the State of New Jersey.

32. Counterpart Execution.

         (a) This Lease may be executed in two or more counterparts, each of
which shall be deemed an original, and it shall not be necessary in making proof
of this Lease to produce or account for more than one such counterpart.

                                      -20-
<PAGE>

         IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of
the date first set forth above.

SUN INTERNATIONAL NORTH AMERICA, INC.

By:  /s/ William C. Murtha
     ---------------------
Name:  William C. Murtha
Title:  Senior Vice President and Corporate Counsel

COLONY RIH ACQUISITIONS, INC.

By:  /s/ Nicholas L. Ribis
     ---------------------
Title:  Vice President
        Nicholas L. Ribis

EXHIBIT A -- Premises
EXHIBIT B -- Memorandum of Lease Agreement
EXHIBIT C -- Termination of Memorandum of Lease

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