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                                                                    EXHIBIT 10.1

                              AMENDED AND RESTATED
                         EXECUTIVE EMPLOYMENT AGREEMENT

        THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (this
"AGREEMENT") is made and entered into as of the 5th day of October 2001, by and
between AMERISTAR CASINOS, INC., a Nevada corporation, with its principal
offices located at 3773 Howard Hughes Parkway, Suite 490S, Las Vegas, Nevada
89109 (the "COMPANY"), and GORDON R. KANOFSKY (the "EXECUTIVE").

                                    RECITALS

        WHEREAS, the Executive has been employed by the Company as Senior Vice
President of Legal Affairs since September 1, 1999, pursuant to a written
Executive Employment Agreement made and entered into as of August 23, 1999 (the
"PRIOR AGREEMENT"); and

        WHEREAS, the Company and the Executive desire to amend and restate the
Prior Agreement on the terms and conditions set forth herein;

        NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein and for other good and valuable consideration, the Company and
the Executive (each individually a "PARTY" and together the "PARTIES") agree as
follows:

                              TERMS AND CONDITIONS

        1.     DEFINITIONS. In addition to certain terms defined elsewhere in
this Agreement, the following terms shall have the following respective
meanings:

               1.1 "AFFILIATE" shall mean any Person that directly, or
        indirectly through one or more intermediaries, controls or is controlled
        by or is under common control with the Person specified. For purposes of
        this definition, control of a Person means the power, direct or
        indirect, to direct or cause the direction of the management and
        policies of such Person whether by contract or otherwise and, in any
        event and without limitation of the previous sentence, any Person owning
        ten percent (10%) or more of the voting securities of another Person
        shall be deemed to control that Person.

               1.2 "BASE SALARY" shall mean the salary provided for in Section
        3.1 of this Agreement.

               1.3 "BOARD" shall mean the Board of Directors of the Company.

               1.4 "CAUSE" shall mean that the Executive:

                      (a)    has been formally charged with or convicted of a
               felony or any crime involving fraud, theft, embezzlement,
               dishonesty or moral turpitude;

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                      (b)    has participated in fraud, embezzlement, or other
               act of dishonesty involving the Company;

                      (c)    has been found unsuitable to hold a gaming license
               or has failed in a timely manner to seek or obtain any finding of
               suitability or other approval by any gaming regulatory authority
               whose license, finding of suitability or other approval is
               legally required as a condition of the Executive's performance of
               his or her duties and responsibilities under this Agreement;

                      (d)    in carrying out his or her duties under this
               Agreement, has engaged in acts or omissions constituting gross
               negligence or willful misconduct resulting in, or which, in the
               good faith opinion of the Company could be expected to result in,
               material economic harm to the Company;

                      (e)    has failed for any reason, within ten (10) days of
               receipt by the Executive of written notice thereof from Company,
               to correct, cease or alter any action or omission that (i) in the
               good faith opinion of the Company does or may materially and
               adversely affect its business or operations, (ii) violates or
               does not conform with the Company's policies, standards or
               regulations, or (iii) constitutes a material breach of this
               Agreement;

                      (f)    has disclosed any Confidential Information without
               authorization except as otherwise permitted by this Agreement; or

                      (g)    has failed for any reason, within ten (10) days of
               receipt by the Executive of written notice thereof from Company,
               to correct, cease or alter any action or omission by which the
               Executive has breached his or her duty of loyalty to the Company.

               The Company shall have the burden of proving Cause in any dispute
               proceeding between the Company and the Executive.

               1.5 A "CHANGE IN CONTROL" shall be deemed to have occurred if:

                      (a)    individuals who, as of the date of this Agreement,
               constitute the entire Board of Directors of the Company
               ("INCUMBENT DIRECTORS") cease for any reason to constitute at
               least a majority of the Board of Directors of the Company;
               provided, however, that any individual becoming a director
               subsequent to such date whose election, or nomination for
               election by the Company's stockholders, was approved by a vote of
               at least a majority of the then Incumbent Directors (other than
               an election or nomination of an individual whose assumption of
               office is the result of an actual or threatened election contest
               relating to the election of directors of the Company), also shall
               be an Incumbent Director; or

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                      (b)    the stockholders of the Company shall approve (A)
               any merger, consolidation, or recapitalization of the Company
               (or, if the capital stock of the Company is affected, any
               subsidiary of the Company) or any sale, lease, or other transfer
               (in one transaction or a series of transactions contemplated or
               arranged by any party as a single plan) of all or substantially
               all of the assets of the Company (each of the foregoing being an
               "ACQUISITION TRANSACTION") where (1) the stockholders of the
               Company immediately prior to such Acquisition Transaction would
               not immediately after such Acquisition Transaction beneficially
               own, directly or indirectly, shares representing in the aggregate
               more than fifty percent (50%) of (a) the then outstanding common
               stock of the corporation surviving or resulting from such merger,
               consolidation or recapitalization or acquiring such assets of the
               Company, as the case may be (the "SURVIVING CORPORATION") (or of
               its ultimate parent corporation, if any) and (b) the Combined
               Voting Power (as defined below) of the then outstanding Voting
               Securities (as defined below) of the Surviving Corporation (or of
               its ultimate parent corporation, if any) or (2) the Incumbent
               Directors at the time of the initial approval of such Acquisition
               Transaction would not immediately after such Acquisition
               Transaction constitute a majority of the Board of Directors of
               the Surviving Corporation (or of its ultimate parent corporation,
               if any) or (B) any plan or proposal for the liquidation or
               dissolution of the Company; or

                      (c)    any Person (as defined below) other than a
               Permitted Holder (as defined below) shall become the beneficial
               owner (as defined in Rules 13d-3 and 13d-5 under the Securities
               Exchange Act of 1934, as amended (THE "EXCHANGE ACT")), directly
               or indirectly, of securities of the Company representing in the
               aggregate fifty percent (50%) or more of either (i) the then
               outstanding shares of the Company Common Stock or (ii) the
               Combined Voting Power of all then outstanding Voting Securities
               of the Company; provided, however, that notwithstanding the
               foregoing, a Change of Control shall not be deemed to have
               occurred for purposes of this clause (c) solely as the result of:

                             (A)    an acquisition of securities by the Company
                      which, by reducing the number of shares of the Company
                      Common Stock or other Voting Securities outstanding,
                      increases (i) the proportionate number of shares of the
                      Company Common Stock beneficially owned by any Person to
                      fifty percent (50%) or more of the shares of the Company
                      Common Stock then outstanding or (ii) the proportionate
                      voting power represented by the Voting Securities
                      beneficially owned by any Person to fifty percent (50%) or
                      more of the Combined Voting Power of all then outstanding
                      Voting Securities; or

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                             (B)    an acquisition of securities directly from
                      the Company except that this paragraph (B) shall not apply
                      to:

                             (1)    any conversion of a security that was not
                                    acquired directly from the Company; or

                             (2)    any acquisition of securities if the
                                    Incumbent Directors at the time of the
                                    initial approval of such acquisition would
                                    not immediately after (or otherwise as a
                                    result of) such acquisition constitute a
                                    majority of the Board of Directors of the
                                    Company.

                      (d)    For purposes of this Section 1.5:

                             (i)    "PERSON" shall mean any individual, entity
                      (including, without limitation, any corporation,
                      partnership, limited liability company, trust, joint
                      venture, association or governmental body) or group (as
                      defined in Section 13(d)(3) or 14(d)(2) of the Exchange
                      Act and the rules and regulations thereunder); provided,
                      however, that "Person" shall not include the Company, any
                      of its subsidiaries, any employee benefit plan of the
                      Company or any of its majority-owned subsidiaries or any
                      entity organized, appointed or established by the Company
                      or such subsidiary for or pursuant to the terms of any
                      such plan;

                             (ii)   "VOTING SECURITIES" shall mean all
                      securities of a corporation having the right under
                      ordinary circumstances to vote in an election of the Board
                      of Directors of such corporation;

                             (iii)  "COMBINED VOTING POWER" shall mean the
                      aggregate votes entitled to be cast generally in the
                      election of directors of a corporation by holders of then
                      outstanding Voting Securities of such corporation; and

                             (iv)   "PERMITTED HOLDER" shall mean (A) the
                      Company or any trustee or other fiduciary holding
                      securities under an employee benefit plan of the Company
                      and (B) to the extent they hold securities in any capacity
                      whatsoever, Craig H. Neilsen and Ray Neilsen and their
                      respective estates, spouses, heirs, ancestors, lineal
                      descendants, step children, legatees and legal
                      representatives, and the trustees of any bona fide trusts
                      of which one or more of the foregoing are the sole
                      beneficiaries or grantors thereof and (C) any person
                      controlled, directly or indirectly, by one or more of the
                      foregoing Persons referred to in the immediately preceding
                      clause (B), whether through the ownership of voting
                      securities, by contract or otherwise.

               1.6 "CODE" shall mean the Internal Revenue Code of 1986, as
        amended.

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               1.7 "COMPANY PROPERTY" shall mean all items and materials
        provided by the Company to the Executive, or to which the Executive has
        access, in the course of his or her employment, including, without
        limitation, all Confidential Information and all other files, records,
        documents, drawings, specifications, memoranda, notes, reports, studies,
        manuals, equipment, computer disks, videotapes, blueprints and other
        documents and similar items relating to the Company, its Affiliates or
        their respective customers, whether prepared by the Executive or others,
        and any and all copies, abstracts and summaries thereof.

               1.8 "COMPETING BUSINESS" shall mean any Person engaged in the
        casino gaming industry directly or through an affiliate or subsidiary.

               1.9 "CONFIDENTIAL INFORMATION" shall mean all nonpublic and/or
        proprietary information respecting the business of the Company or any
        Affiliate of the Company, including, without limitation, its products,
        programs, projects, promotions, marketing plans and strategies, business
        plans or practices, business operations, the identity, compensation and
        skill level of employees, research and development, intellectual
        property, software, databases, trademarks, pricing information,
        accounting and financing data, know how, trade secrets, copyrights,
        inventions, patents, data, process, process parameters, methods, product
        design information, research and development data, financial records,
        operational manuals, technical plans, computer programs, customer lists,
        price lists, supplier lists, financial information, and/or all other
        compilations of information which relate to the business of the Company,
        and any other proprietary material of the Company, which have not been
        released by the Company to the general public. Confidential Information
        also includes information concerning the Company's or any of its
        Affiliate's customers, such as their identity, address, preferences,
        playing patterns and ratings or any other information kept by the
        Company or any Affiliate of the Company concerning its customers whether
        or not such information has been reduced to documentary form.
        Confidential Information does not include information that is, or
        becomes, available to the public unless such availability occurs through
        an unauthorized act on the part of the Executive.

               1.10 "DEFERRED COMPENSATION PLAN" shall mean the Company's
        Deferred Compensation Plan, as in effect on the date of this Agreement
        and as it and may be amended from time to time. The terms and conditions
        of such Plan shall be substantially similar during the Executive's
        employment under this Agreement as terms and conditions of comparable
        deferred compensation arrangements for other senior executive officers
        of the Company in effect from time to time.

               1.11 "DISABILITY" shall mean a physical or mental incapacity that
        prevents the Executive from performing, with or without reasonable
        accommodation, the essential functions of his or her position with the
        Company for a period of ninety (90) consecutive days as determined: (a)
        in accordance with any long-term disability plan provided by the Company
        of which the Executive is a participant; or (b) by a licensed healthcare

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        professional selected by the Company, in its sole discretion, to
        determine whether a Disability exists, to whom the Executive hereby
        agrees to submit to medical examinations. In addition, the Executive may
        submit to the Company documentation of a Disability, or lack thereof,
        from a licensed healthcare professional of his or her choice. Following
        a determination of a Disability or lack of Disability by the Company's
        or the Executive's licensed healthcare professional, the other Party may
        submit subsequent documentation relating to the existence of a
        Disability from a licensed healthcare professional selected by such
        other party. In the event that the medical opinions of such licensed
        healthcare professionals conflict, such licensed healthcare
        professionals shall appoint a third licensed healthcare professional to
        examine the Executive, and the opinion of such third licensed healthcare
        professional shall be dispositive.

               1.12 "ERISA" shall mean the Employee Retirement Income Security
        Act of 1974, as amended.

               1.13 "GOOD REASON" as used in this Agreement shall mean and exist
        if, without the Executive's prior written consent, one or more of the
        following events occurs and the Company fails for any reason, within ten
        (10) days of receipt by the Company of written notice thereof from the
        Executive, to correct, cease or alter any action or omission causing any
        such events:

                      (a)    the Executive is assigned any significant duties or
               responsibilities that are inconsistent with the scope of duties
               and responsibilities associated with the Executive's position as
               described in Section 2.3 including without limitation (i) the
               appointment of any person other than the Executive as the
               principal legal affairs officer of the Company, or (ii) the
               requirement that the Executive report to any person other than
               the Chief Executive Officer of the Company;

                      (b)    the Executive is required to relocate from, or
               maintain his or her principal office outside of, a twenty-five
               (25) mile radius of his or her principal office location as of
               the date of this Agreement;

                      (c)    the Executive's Base Salary is decreased by the
               Company;

                      (d)    the failure of the Company to award the Executive
               an annual bonus equal to at least seventy-five percent (75%) of
               the average amount of the annualized bonus paid to the Executive
               for the last two (2) full years;

                      (e)    the Executive is excluded from participation in any
               employee benefit or short-term incentive plan or program or his
               or her benefits under such plans or programs are materially
               reduced in violation of Section 4.1 or any other provision of
               this Agreement;

                      (f)    the Company fails to pay the Executive any deferred
               payments that have become payable under the Deferred Compensation
               Plan;

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                      (g)    the Company fails to reimburse the Executive for
               business expenses properly incurred in accordance with the
               Company's policies, procedures or practices;

                      (h)    the Company fails to obtain a written agreement
               from any assignee of the Company to assume the obligations under
               this Agreement, the Indemnification Agreement and any and all
               stock option and restricted stock agreements between the
               Executive and the Company (or a substantially equivalent
               replacement for such stock option and restricted stock
               agreements) upon an assignment of this Agreement in a sale of
               assets constituting a Change in Control; or

                      (i)    a material breach by the Company of its obligations
               under this Agreement, the Indemnification Agreement, or any
               written plan documents or agreements of the Company defining
               stock option rights, restricted stock rights or employee benefit
               plans rights of the Executive.

               If the Company disputes the existence of Good Reason, the Company
               shall have the burden of proving the absence of Good Reason.

               1.14   "INDEMNIFICATION AGREEMENT" means that certain
        Indemnification Agreement dated August 23, 1999, by and between the
        Company and the Executive.

               1.15   "PERSON" shall mean any individual, firm, partnership,
        association, trust, company, corporation, limited liability company or
        other entity.

               1.16   "RESTRICTED AREA" shall mean the areas within a fifty (50)
        mile radius of any location at which the Company or one of its
        Affiliates operates a casino, or has publicly announced an intention to
        operate a casino, on the date of termination or expiration of the
        Executive's employment; provided, however, that (i) if the Company or
        one of its Affiliates operates a casino, or has publicly announced an
        intention to operate a casino, in the Las Vegas Strip and/or Las Vegas
        Downtown market areas but not in the Las Vegas Locals market area, then
        the Restricted Area in respect of such casino or casinos shall be
        applicable only to Las Vegas Strip and Las Vegas Downtown market area
        casinos, and (ii) if the Company or one of its Affiliates operates a
        casino, or has announced an intention to operate a casino, in the Las
        Vegas Locals market area but not in the Las Vegas Strip and/or Las Vegas
        Downtown market areas, then the Restricted Area in respect of such
        casino or casinos shall be applicable only to Las Vegas Locals market
        area casinos.

               1.17   "RESTRICTION PERIOD" shall mean the period ending
        twenty-four (24) months after the termination or expiration of the Term
        of Employment, regardless of the reason for such termination or
        expiration; provided, however, that the Restriction Period shall mean
        the period ending twelve (12) months after the termination or expiration
        of the

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        Term of Employment, regardless of the reason for such termination or
        expiration, within eighteen (18) months following a Change in Control.

               1.18   "TERM OF EMPLOYMENT" shall mean the period specified in
        Section 2.2.

        2.     TERM OF EMPLOYMENT, POSITION AND RESPONSIBILITIES.

               2.1 EMPLOYMENT CONTINUED. The Company hereby continues the
        employment of the Executive, and the Executive hereby accepts continued
        employment with the Company, for the Term of Employment, in the position
        and with the duties and responsibilities set forth in Section 2.3, and
        upon such other terms and subject to such other conditions as are stated
        in this Agreement.

               2.2 TERM OF EMPLOYMENT. Unless earlier terminated pursuant to the
        provisions of this Agreement, the initial Term of Employment shall
        terminate at the close of business on December 31, 2002; provided,
        however, that the initial Term of Employment shall automatically be
        extended for successive one-year terms, unless either Party gives
        written notice of termination in accordance with Section 13 ninety (90)
        days prior to the expiration of the then-present Term of Employment. In
        the event that such notice is given, the Executive's employment shall
        terminate at the close of business on December 31, of that year and in
        that event that date shall be the Executive's last day of employment.
        The Executive's commencement date for employee benefit purposes shall be
        deemed to be the commencement date of the Executive's employment by the
        Company under the Prior Agreement.

               2.3 TITLE AND RESPONSIBILITIES. During the Term of Employment,
        the Executive shall be employed as Senior Vice President of Legal
        Affairs of the Company and will perform such other duties and services
        as, from time to time, are reasonably required by the Company's Chief
        Executive Officer or Board. The Executive shall be appointed by the
        Board as a corporate executive officer of the Company at all times
        during the Term of Employment. The Executive will report directly to the
        Chief Executive Officer of the Company. During the Term of Employment,
        the Company will not reduce the title or responsibilities of the
        Executive. During the Term of Employment, the Executive shall devote
        substantially all of his or her business time and attention to the
        business and affairs of the Company and any and all Company subsidiaries
        and other Company affiliates and shall use his or her best efforts,
        skills and abilities to promote the Company's interests. Anything herein
        to the contrary notwithstanding, the Executive shall not be precluded
        from engaging in charitable and community affairs and managing his or
        her personal investments, as long as such activities do not materially
        detract from the Executive's performance of his or her duties under this
        Agreement. The Executive may serve as a member of the board of directors
        of corporations and limited liability companies, subject to the approval
        of a majority of the Board.

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        3.     COMPENSATION.

               3.1 BASE SALARY. During the Term of Employment, the Executive
        shall be entitled to receive a base salary (the "BASE SALARY") payable
        in monthly or more frequent installments as shall be established by the
        Company as its normal payroll practice from time to time or as required
        by applicable law at an annualized rate of no less than Three Hundred
        and Fifty Thousand Dollars and 00/100 ($350,000), subject to reduction
        for any and all applicable federal, state, and local withholding, social
        security, and unemployment taxes. Such Base Salary shall be reviewed
        annually as of the anniversary of the Executive's date of hire for
        increase (but not decrease) in the discretion of the Company, including
        without limitation on a retroactive basis as of the 2001 anniversary of
        the Executive's date of hire. In conducting any such annual review, the
        Company shall consider any change in the Executive's responsibilities,
        the performance of the Executive and/or other factors deemed pertinent
        by the Company. Such increased Base Salary shall then constitute the
        Executive's "Base Salary" for purposes of this Agreement.

               3.2 ANNUAL BONUS. Based on merit and the financial performance of
        the Company, the Executive will be eligible to receive a discretionary
        bonus for each fiscal year of the Company equal to up to fifty (50%) of
        the Executive's weighted average Base Salary for such fiscal year
        ("ANNUAL BONUS"). Any Annual Bonus that may be awarded to the Executive
        shall be paid at the same time as annual bonuses are paid to other
        similarly situated management personnel of the Company, unless the
        Executive has elected to defer receipt of all or part of the bonus
        amounts to which he or she is entitled in respect of any such calendar
        year, in accordance with the terms and provisions of any Deferred
        Compensation Plan maintained by the Company.

               3.3 DEFERRED COMPENSATION. The Executive shall be eligible to
        participate in the Company's Deferred Compensation Plan pursuant to the
        terms of that plan.

        4.     EMPLOYEE BENEFIT PROGRAMS.

               4.1 PENSION AND WELFARE BENEFIT PLANS. In addition to the
        benefits provided for in Section 3.3, during the Term of Employment, the
        Executive shall be entitled to participate in all employee benefit plans
        and programs made available to similarly situated senior management
        personnel of the Company generally, as such programs may be in effect
        from time to time, including, without limitation, pension and other
        retirement plans, profit sharing plans, group life insurance, group
        health insurance, group health supplemental insurance coverage through
        the Company's Exec-U-Care Medical Plan or a substitute plan, accidental
        death and dismemberment insurance, long-term disability, sick leave
        (including salary continuation arrangements), vacations, paid time off,
        holidays and other employee benefit programs as such plans and programs
        are exclusively described in written plan and program documents, subject
        to the eligibility criteria, rules, plan provisions and regulations
        applicable to such plans and programs and to the provisions of ERISA and
        the Code. Nothing contained herein shall be construed as negating or
        limiting

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        the ability of the Company to amend, modify or terminate such employee
        benefit programs or plans, in its sole discretion.

               4.2 ADDITIONAL BENEFITS. Notwithstanding Section 4.1 and in
        addition to the benefits provided for in Section 3.3, the Company shall
        provide the Executive during the Executive's Term of Employment with (a)
        supplemental term life insurance coverage in an aggregate amount of not
        less than One Million Dollars and 00/100 ($1,000,000) through individual
        term and/or group term policies, and (b) group health supplemental
        insurance coverage through the Company's Exec-U-Care Medical Plan, or
        pursuant to such plan or plans as the Company may select from time to
        time, provided that such plan or plans shall provide benefits
        substantially similar to those generally available to senior executives
        of the Company, and shall be fully paid for by the Company. Except as
        may otherwise be expressly provided in this Agreement, the Company shall
        not be responsible in any way for any income or other tax liabilities of
        the Executive due in connection with the receipt by the Executive of any
        compensation, benefits or perquisites from the Company.

        5.     BUSINESS EXPENSE REIMBURSEMENT AND PERQUISITES.

               5.1 EXPENSE REIMBURSEMENT. During the Term of Employment, the
        Executive shall be entitled to receive reimbursement by the Company for
        all reasonable out-of-pocket expenses incurred by him or her in
        performing services under this Agreement, including any relocation
        expenses in accordance with Company policies, subject to providing the
        proper documentation of said expenses and subject to Company policies in
        effect from time to time with respect thereto.

               5.2 PERQUISITES. During the Term of Employment, the Executive
        shall also be entitled to any of the Company's executive perquisites,
        including vacations and other paid time off, in accordance with the
        written terms and provisions of the documents exclusively defining
        applicable policies, including, without limitation:

                      (a)    the Executive will receive hotel, food and beverage
               complimentary privileges for business and personal use at the
               properties operated by the Company's subsidiaries;

                      (b)    the Executive will be eligible for complimentary
               use of the Company's condominiums in Sun Valley, Idaho, for so
               long as the Company retains such leased condominiums.; and

                      (c)    the Company will pay the Executive's bar
               association and other professional association dues and the
               Executive's expenses of continuing legal education required as a
               condition of the Executive's license to practice law or
               reasonably related to the Executive's duties and
               responsibilities.

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        6.     TERMINATION OF EMPLOYMENT.

               6.1 TERMINATION DUE TO DEATH OR DISABILITY. The Executive's
        employment shall be terminated immediately in the event of his or her
        death or Disability. In the event of a termination due to the
        Executive's death or Disability, the Executive or his or her beneficiary
        designated in Section 16, or if none, his or her estate, as the case may
        be, shall be entitled, in consideration of the Executive's obligations
        under Section 10 and in lieu of any other compensation whatsoever, to:

                      (a)    earned but unpaid Base Salary at the time of his or
               her death or Disability;

                      (b)    any Annual Bonus earned pursuant to Section 3.2, in
               respect of employment during the entire calendar year preceding
               the calendar year in which death or Disability occurs, but not
               yet paid;

                      (c)    any deferred compensation or bonuses, including
               interest or other credits on the deferred amounts, to the extent
               provided in written plan documents and agreements;

                      (d)    reimbursement for expenses incurred but not paid
               prior to such termination of employment pursuant to Section 5.1;

                      (e)    an amount equal to any accrued but unused vacation
               or other paid time off as of the termination of employment;

                      (f)    such rights to other benefits as may be provided in
               applicable written plan documents and agreements of the Company,
               including, without limitation, documents and agreements defining
               stock option rights, restricted stock rights and applicable
               employee benefit plans and programs, according to the terms and
               conditions of such documents and agreements, and as further set
               forth in Sections 4.1 and 4.2 of this Agreement; and

                      (g)    any and all amounts owed by the Company under
               Sections 6.1(a), 6.1(b), 6.1(d) and 6.1(e) shall be paid by the
               Company within sixty (60) days of the date of termination of
               employment. Any and all amounts owed by the Company under
               Sections 6.1(c) and 6.1(f) shall be paid at the later of sixty
               (60) days following the date of termination or the date(s)
               specified under the applicable written plan documents or
               agreements.

               6.2 TERMINATION BY THE COMPANY FOR CAUSE. The Company may
        terminate the Executive's employment for Cause at any time during the
        Term of Employment by giving written notice to the Executive that the
        Company intends to terminate his or her employment for Cause. In the
        event of a termination for Cause, the Executive shall be

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        entitled, in consideration of the Executive's obligations under Section
        10 and in lieu of any other compensation whatsoever, to:

                      (a)    earned but unpaid Base Salary through the date of
               termination of employment;

                      (b)    any Annual Bonus earned pursuant to Section 3.2, in
               respect of employment during the entire calendar year preceding
               the calendar year in which termination occurs, but not yet paid;

                      (c)    any deferred compensation or bonuses, including
               interest or other credits on the deferred amounts, to the extent
               provided in written plan documents and agreements;

                      (d)    reimbursement for expenses incurred but not paid
               prior to such termination of employment pursuant to Section 5.1;

                      (e)    an amount equal to any accrued but unused vacation
               or other paid time off as of the termination of employment;

                      (f)    such rights to other benefits as may be provided in
               applicable written plan documents and agreements of the Company,
               including, without limitation, documents and agreements defining
               stock option rights, restricted stock rights and applicable
               employee benefit plans and programs, according to the terms and
               conditions of such documents and agreements, and as further set
               forth in Sections 4.1 and 4.2 of this Agreement; and

                      (g)    any and all amounts owed by the Company under
               Sections 6.2(a), 6.2(b), 6.2(d), and 6.2(e) shall be paid by the
               Company within sixty (60) days of the date of termination of
               employment. Any and all amounts owed by the Company under
               Sections 6.2(c) and 6.2(f) shall be paid at the later of sixty
               (60) days following the date of termination or the date(s)
               specified under the applicable written plan documents or
               agreements.

        No termination for Cause and nothing in this Agreement shall waive or be
        deemed to waive any rights or claims or remedies as may be available to
        the Company arising out of the facts giving rise to such termination for
        Cause.

               6.3 TERMINATION BY THE EXECUTIVE WITHOUT GOOD REASON. The
        Executive may terminate his or her employment without Good Reason on his
        or her own initiative for any reason prior to a Change in Control upon
        thirty (30) days' prior written notice to the Company. Such termination
        shall have the same consequences as a termination by the Company for
        Cause under Section 6.2.

                                      -12-
<PAGE>

               6.4 TERMINATION BY THE EXECUTIVE FOR GOOD REASON. Notwithstanding
        any other provision of this Agreement, the Executive may terminate his
        or her employment hereunder at any time during the Term of Employment
        for Good Reason (as defined in Section 1.13 of this Agreement) by giving
        thirty (30) days' written notice to the Company that the Executive
        intends to terminate his or her employment for Good Reason. In the event
        of a termination by the Executive for Good Reason, the Executive shall
        be entitled, in consideration of the Executive's obligations under
        Section 10 and in lieu of any other compensation and benefits
        whatsoever, to:

                      (a)    an amount equal to two (2) times the Executive's
               Base Salary at the rate in effect at the time of his or her
               termination, which shall be paid out in equal installments for
               the duration of the Restriction Period at the same frequency as
               the Company's regular payroll payments;

                      (b)    earned but unpaid Base Salary through the date of
               termination of employment;

                      (c)    any Annual Bonus earned pursuant to Section 3.2, in
               respect of employment during the entire calendar year preceding
               the calendar year in which termination occurs, but not yet paid;

                      (d)    any deferred compensation or bonuses, including
               interest or other credits on the deferred amounts, to the extent
               provided in written plan documents and agreements;

                      (e)    reimbursement for expenses incurred but not paid
               prior to such termination of employment pursuant to Section 5.1;

                      (f)    an amount equal to any accrued but unused vacation
               or other paid time off as of the termination of employment;

                      (g)    such rights to other benefits as may be provided in
               applicable written plan documents and agreements of the Company,
               including, without limitation, documents and agreements defining
               stock option rights, restricted stock rights and applicable
               employee benefit plans and programs, according to the terms and
               conditions of such documents and agreements, and as further set
               forth in Sections 4.1 and 4.2 of this Agreement;

                      (h)    continuation of the Executive's group health
               insurance, at the Company's expense, for eighteen (18) months
               after the termination of employment or, at the Company's option,
               payment to the Executive of the economic equivalent thereof,
               which shall constitute the provision of COBRA benefits to the
               Executive; and

                                      -13-
<PAGE>

                      (i)    any and all amounts owed by the Company under
               Sections 6.4(b), 6.4(c), 6.4(e) and 6.4(f) shall be paid by the
               Company within sixty (60) days of the date of termination of
               employment. Any and all amounts owed by the Company under
               Sections 6.4(d), 6.4(g) and 6.4(h) shall be paid at the later of
               sixty (60) days following the date of termination or the date(s)
               specified under the applicable written plan documents or
               agreements.

               6.5 TERMINATION BY THE COMPANY WITHOUT CAUSE. Notwithstanding any
        other provision of this Agreement, the Company may terminate the
        Executive's employment without Cause, other than due to death or
        Disability, at any time during the Term of Employment by giving written
        notice to the Executive that the Company intends to terminate his or her
        employment without Cause. In the event that the Company terminates the
        Executive's employment without Cause, the Executive shall be entitled,
        in consideration of the Executive's obligations under Section 10 and in
        lieu of any other compensation and benefits whatsoever, to:

                      (a)    a payment amount equal to two (2) times the
               Executive's annualized Base Salary, at the rate in effect at the
               time of his or her termination, which shall be paid out in equal
               installments for the duration of the Restriction Period at the
               same frequency as the Company's regular payroll payments;

                      (b)    earned but unpaid Base Salary through the date of
               termination of employment;

                      (c)    any Annual Bonus earned pursuant to Section 3.2, in
               respect of employment during the entire calendar year preceding
               the calendar year in which termination occurs, but not yet paid;

                      (d)    any deferred compensation or bonuses, including
               interest or other credits on the deferred amounts, to the extent
               provided in written plan documents and agreements;

                      (e)    reimbursement for expenses incurred but not paid
               prior to such termination of employment pursuant to Section 5.1;

                      (f)    an amount equal to any accrued but unused vacation
               or other paid time off as of the termination of employment;

                      (g)    such rights to other benefits as may be provided in
               applicable written plan documents and agreements of the Company,
               including, without limitation, documents and agreements defining
               stock option rights, restricted stock rights and applicable
               employee benefit plans and programs, according to the terms and
               conditions of such documents and agreements, and as further set
               forth in Sections 4.1 and 4.2 of this Agreement;

                                      -14-
<PAGE>

                      (h)    continuation of the Executive's group health
               insurance, at the Company's expense, for eighteen (18) months
               after the termination of employment or, at the Company's option,
               payment to the Executive of the economic equivalent thereof,
               which shall constitute the provision of COBRA benefits to the
               Executive; and

                      (i)    any and all amounts owed by the Company under
               Sections 6.5(b), 6.5(c), 6.5 (e) and 6.5(f) shall be paid by the
               Company within sixty (60) days of the date of termination of
               employment. Any and all amounts owed by the Company under
               Sections 6.5(d), 6.5(g) and 6.5(h) shall be paid at the later of
               sixty (60) days following the date of termination or the date(s)
               specified under the applicable written plan documents or
               agreements.

               6.6 TERMINATION DUE TO EXPIRATION OF THE TERM OF EMPLOYMENT. If
        either Party elects not to extend the initial Term of Employment or any
        successive Term of Employment, the Executive shall not be entitled to
        any additional compensation after the expiration thereof except as may
        be expressly provided for herein, but such termination of employment
        shall not otherwise affect accrued but unpaid compensation or benefits
        provided under this Agreement or pursuant to any Company plan or
        program. Notwithstanding the foregoing, if the Company elects not to
        extend the initial Term of Employment or any successive Term of
        Employment, such election shall have the same consequences as a
        termination of the Executive's employment without Cause, effective as of
        the last day of the then current Term of Employment, unless the
        Executive's employment is otherwise terminated prior to the last day of
        the then current Term of Employment, in which case the consequences of
        such termination of employment shall be dependent upon the basis for
        such termination of employment as provided in this Agreement.

        7.     CHANGE IN CONTROL.

               7.1 CHANGE IN CONTROL PAYMENT. Immediately upon a Change in
        Control, in addition to any other compensation or benefits payable
        pursuant to this Agreement or otherwise, the Executive shall be entitled
        to a payment in cash equal to two (2) times his or her Base Salary,
        without regard to continued employment or termination thereof under this
        Agreement. Unless otherwise provided for in this Agreement, the
        Executive's rights under a Change in Control to benefits under programs,
        plans and policies of the Company shall be determined according to the
        written terms and provisions of documents exclusively defining such
        programs, plans and policies.

               7.2 TERMINATION BY THE COMPANY WITHOUT CAUSE OR BY THE EXECUTIVE
        FOR GOOD REASON AFTER A CHANGE IN Control. If within twelve (12) months
        following a Change in Control, the Executive's employment is terminated
        by the Company without Cause or by the Executive for Good Reason, the
        Executive shall be entitled, in addition to any payment paid or payable
        pursuant to Section 7.1, but in lieu of any other

                                      -15-
<PAGE>

        compensation and benefits whatsoever (including but not limited to the
        compensation and benefits pursuant to Sections 6.4 and 6.5), to:

                      (a)    an amount equal to one (1) times the Executive's
               annualized Base Salary at the rate in effect at the time (i) of
               his or her termination or (ii) immediately preceding the Change
               in Control, whichever is greater, which shall be paid out in
               equal installments for the duration of the Restriction Period at
               the same frequency as the Company's regular payroll payments;

                      (b)    earned but unpaid Base Salary through the date of
               termination of employment;

                      (c)    any Annual Bonus earned pursuant to Section 3.2, in
               respect of employment during the entire calendar year preceding
               the calendar year in which termination occurs, but not yet paid;

                      (d)    any deferred compensation or bonuses, including
               interest or other credits on the deferred amounts, to the extent
               provided in written plan documents and agreements;

                      (e)    reimbursement for expenses incurred but not paid
               prior to such termination of employment pursuant to Section 5.1;

                      (f)    an amount equal to any accrued but unused vacation
               or other paid time off as of the termination of employment;

                      (g)    such rights to other benefits as may be provided in
               applicable written plan documents and agreements of the Company,
               including, without limitation, documents and agreements defining
               stock option rights, restricted stock rights and applicable
               employee benefit plans and programs, according to the terms and
               conditions of such documents and agreements, and as further set
               forth in Sections 4.1 and 4.2 of this Agreement;

                      (h)    continuation of the Executive's group health
               insurance, at the Company's expense, for eighteen (18) months
               after the termination of employment or, at the Company's option,
               payment to the Executive of the economic equivalent thereof,
               which shall constitute the provision of COBRA benefits to the
               Executive; and

                      (i)    any and all amounts owed by the Company under
               Sections 7.2(b), 7.2(c), 7.2 (e) and 7.2(f) shall be paid by the
               Company within sixty (60) days of the date of termination of
               employment. Any and all amounts owed by the Company under
               Sections 7.2(d), 7.2(g) and 7.2(h) shall be paid at the later of
               sixty (60) days following the date of termination or the date(s)
               specified under the applicable written plan documents or
               agreements.

                                      -16-
<PAGE>

               7.3 TERMINATION FOR OTHER REASONS AFTER A CHANGE IN CONTROL. If
        the Executive's employment is terminated after a Change in Control for
        any reason not otherwise provided for in this Section 7 (including
        without limitation a termination by the Company without Cause or a
        termination by the Executive for Good Reason more than twelve (12)
        months following the Change in Control), his or her rights shall be
        determined in accordance with the applicable subsection in Section 6.

        8.     CONDITIONS TO PAYMENTS UPON TERMINATION.

               8.1 TIMING OF PAYMENTS. Unless otherwise provided herein, any
        payments to which the Executive shall be entitled under Sections 6 and 7
        shall be payable upon the satisfaction of the conditions set forth in
        this Agreement.

               8.2 NO MITIGATION; NO OFFSET. In the event of any termination of
        the Executive's employment under Sections 6 or 7, the Executive shall be
        under no obligation to seek other employment, and there shall not be
        offset against amounts due to the Executive any remuneration
        attributable to any subsequent employment that the Executive may obtain.
        Notwithstanding any contrary provision contained herein, in the event of
        any termination of employment of the Executive, the exclusive remedies
        available to the Executive shall be the amounts due under Sections 6 or
        7, which are in the nature of liquidated damages, and are not in the
        nature of a penalty. In the event of a termination of this Agreement,
        neither Party shall publish in any way or make any negative comment or
        statement about the other Party or concerning the reasons for such
        termination; provided, however, that this sentence shall not apply to
        written or oral testimony by either Party or their respective employees
        or agents or representatives in litigation, arbitration or
        administrative proceedings in which the Parties are adverse. The
        provisions of this Section 8.2 shall survive the expiration or earlier
        termination of this Agreement.

               8.3 COMPLIANCE WITH THE AGREEMENT. No payments or benefits
        payable to the Executive upon the termination of his or her employment
        pursuant to Sections 6 or 7 shall be made to the Executive if he or she
        fails to comply with all of the terms and conditions of this Agreement,
        including, without limitation, Sections 10 and 11.

               8.4 PAYMENTS UPON TERMINATION CONDITIONED ON RELEASE OF CLAIMS.
        Any payments to the Executive under Sections 6 or 7 shall be subject to
        the condition that the Executive accepts and executes, without
        subsequent revocation, a release of claims substantially in the form
        attached hereto as Exhibit A.

               8.5 CONTINUING OBLIGATIONS OF THE EXECUTIVE. No act or omission
        by the Executive in breach of this Agreement, shall be deemed to permit
        the Executive to forego or waive such payments in order to avoid his or
        her obligations under Sections 10 or 11.

                                      -17-
<PAGE>

        9.     SPECIAL REIMBURSEMENT.

               9.1 If any payment or benefit paid or payable, or received or to
        be received, by or on behalf of the Executive in connection with a
        Change in Control pursuant to Section 7.1 or the termination of the
        Executive's employment pursuant to Section 7.2, whether any such
        payments or benefits are pursuant to the terms of this Agreement or any
        other plan, arrangement or agreement with the Company, any Affiliate of
        the Company, any Person, or otherwise (the "TOTAL PAYMENTS"), will or
        would be subject to the excise tax imposed under Section 4999 of the
        Code (the "EXCISE TAX"), the Company shall pay to the Executive an
        additional amount (the "GROSS-UP PAYMENT") such that, after payment by
        the Executive of all taxes (including any interest or penalties imposed
        with respect to such taxes) imposed upon or in respect of the Gross-Up
        Payments, including, without limitation, any income taxes (and any
        interest and penalties imposed with respect thereto) and any Excise Tax
        imposed thereon, the Executive retains an amount of the Gross-Up Payment
        equal to the Excise Tax imposed upon the Total Payments.

               9.2 For purposes of determining whether any of the Total Payments
        will be subject to the Excise Tax and the amount of such Excise Tax, the
        Total Payments shall be treated as "parachute payments" within the
        meaning of Section 280G(b)(2) of the Code, and all "excess parachute
        payments" within the meaning of Section 280G(b)(1) of the Code shall be
        treated as subject to the Excise Tax, unless it is reasonably determined
        by tax counsel or another professional adviser selected by the Company
        (which determination shall be provided to the Executive) that such Total
        Payments (in whole or in part) (i) do not constitute parachute payments,
        including (without limitation) by reason of Section 280G(b)(4)(A) of the
        Code, (ii) such excess parachute payments (in whole or in part)
        represent reasonable compensation for services actually rendered, within
        the meaning of Section 280G(b)(4)(B) of the Code, or (iii) are not
        otherwise subject to the Excise Tax.

               9.3 In the event that the Excise Tax is subsequently determined
        to be less than the amount taken into account hereunder, the Executive
        shall repay to the Company, at the time that the amount of such
        reduction in Excise Tax is finally determined, the portion of the
        Gross-Up Payment attributable to such reduction plus interest on the
        amount of such repayment at the rate provided in Section 1274(b)(2)(B)
        of the Code. In the event that the Excise Tax is determined to exceed
        the amount taken into account hereunder as of either the date of the
        Change in Control or the date of actual payment, whichever is applicable
        (including by reason of any payment the existence or amount of which
        cannot be determined at the time of the initial Gross-Up Payment), the
        Company shall make an additional Gross-Up Payment in accordance with
        Section 9.1 in respect of such excess Excise Tax (plus any interest,
        penalties or additions payable by the Executive with respect to such
        excess Excise Tax) at the time that the amount of such excess Excise Tax
        is finally determined. The Executive and the Company shall each
        reasonably cooperate with each other in connection with any
        administrative or judicial proceedings concerning

                                      -18-
<PAGE>

        the existence or amount of any such subsequent liability for Excise Tax
        with respect to the Total Payments.

        10.    COVENANT NOT TO ENGAGE IN CERTAIN ACTS.

               10.1 GENERAL. The Parties understand and agree that the purpose
        of the restrictions contained in this Section 10 is to protect the
        goodwill and other legitimate business interests of the Company, and
        that the Company would not have entered into this Agreement in the
        absence of such restrictions. The Executive acknowledges and agrees that
        the restrictions are reasonable and do not, and will not, unduly impair
        his or her ability to make a living after the termination of his or her
        employment with the Company. The provisions of this Section 10 shall
        survive the expiration or sooner termination of this Agreement.

               10.2 NON-ASSISTANCE; NON-DIVERSION. In consideration for this
        Agreement to employ the Executive and the other valuable consideration
        provided hereunder, the Executive agrees and covenants that during the
        Term of Employment and during the Restriction Period, and except when
        acting on behalf of the Company or on behalf of any Affiliate of the
        Company, the Executive shall not, directly or indirectly, for himself or
        any third party, or alone or as a member of a partnership or limited
        liability company, or as an officer, director, shareholder, member or
        otherwise, engage in the following acts:

                      (a)    divert or attempt to divert any existing business
               of the Company or any Affiliate of the Company;

                      (b)    accept any position or affiliation or assignment
               with, or render any services (whether as an independent
               contractor or employee) on behalf of, any Competing Business
               within the Restricted Area;

                      (c)    accept any position or affiliation or assignment or
               render any services (whether as an independent contractor or
               employee) within the corporate, divisional or regional
               headquarters or corporate, divisional or regional management
               group of any Competing Business whose operations and properties
               include one or more casinos within the Restricted Area; or

                      (d)    induce, solicit, attempt to solicit, encourage,
               divert, cause or attempt to cause any employee or prospective
               employee of the Company or any Affiliate of the Company to (i)
               provide services for any other Person, or (ii) terminate and/or
               leave such employment, or (iii) accept employment with anyone
               other than the Company or an Affiliate of the Company.

               10.3 CESSATION/REIMBURSEMENT OF PAYMENTS. If the Executive
        violates any provision of this Section 10, the Company may, upon giving
        written notice to the Executive, immediately cease all payments and
        benefits that it may be providing to the Executive pursuant to Section
        3, Section 4, Section 6 and Section 7.2, and the Executive

                                      -19-
<PAGE>

        shall be required to reimburse the Company for any payments received
        from, and the cash value of any benefits provided by, the Company
        between the first day of the violation and the date such notice is
        given; provided, however, that the foregoing shall be in addition to
        such other remedies as may be available to the Company and shall not be
        deemed to permit the Executive to forego or waive such payments in order
        to avoid his or her obligations under this Section 10; and provided,
        further, that any release of claims by the Executive pursuant to Section
        8.4 shall continue in effect.

               10.4 SURVIVAL. The Executive agrees that the provisions of this
        Section 10 shall survive the termination of this Agreement and the
        termination of the Executive's employment.

        11.    CONFIDENTIAL INFORMATION AND COMPANY PROPERTY.

               11.1 CONFIDENTIAL INFORMATION. The Executive understands and
        acknowledges that Confidential Information constitutes a valuable asset
        of the Company and its Affiliates and may not be converted to the
        Executive's own or any third party's use. Accordingly, the Executive
        hereby agrees that he or she shall not, directly or indirectly, during
        the Term of Employment or any time thereafter, disclose any Confidential
        Information to any Person not expressly authorized by the Company to
        receive such Confidential Information. The Executive further agrees that
        he or she shall not directly or indirectly, during the Term of
        Employment, or any time thereafter, use or make use of any Confidential
        Information in connection with any activity other than the business of
        the Company. The Parties acknowledge and agree that this Agreement is
        not intended to, and does not, alter either the Company's rights or the
        Executive's obligations under any state or federal statutory or common
        law regarding trade secrets and unfair trade practices.

               11.2 COMPANY PROPERTY. All Company Property is and shall remain
        exclusively the property of the Company. Unless authorized in writing to
        the contrary, the Executive shall promptly, and without charge, deliver
        to the Company on the termination of employment hereunder, or at any
        other time the Company may so request, all Company Property that the
        Executive may then possess or have under his or her control.

               11.3 REQUIRED DISCLOSURE. In the event the Executive is required
        by law or court order to disclose any Confidential Information or to
        produce any Company Property, the Executive shall promptly notify the
        Company of such requirement and provide the Company with a copy of any
        court order or of any law which requires such disclosure and, if the
        Company so elects, to the extent permitted by applicable law, give the
        Company an adequate opportunity, at its own expense, to contest such law
        or court order prior to any such required disclosure or production by
        the Executive.

               11.4 SURVIVAL. The Executive agrees that the provisions of this
        Section 11 shall survive the termination of this Agreement and the
        termination of the Executive's employment.

                                      -20-
<PAGE>

        12.    MUTUAL ARBITRATION AGREEMENT.

               12.1 ARBITRABLE CLAIMS. All disputes between the Executive (and
        his or her attorneys, successors, and assigns) and the Company (and its
        trustees, beneficiaries, officers, directors, members, managers,
        Affiliates, employees, agents, successors, attorneys, and assigns)
        relating in any manner whatsoever to the employment of or termination of
        employment of the Executive, including, without limitation, all disputes
        arising under this Agreement ("ARBITRABLE CLAIMS"), shall be resolved by
        binding arbitration as set forth in this Section 12, except for claims
        set forth in Section 12.4 (the "MUTUAL ARBITRATION AGREEMENT").
        Arbitrable Claims shall include, but are not limited to: claims brought
        under Title VII of the Civil Rights Acts of 1964, the Civil Rights Act
        of 1991, the Age Discrimination in Employment Act of 1967 (including the
        Older Workers Benefit Protection Act), the Americans with Disabilities
        Act, the Fair Labor Standards Act, the Equal Pay Act, the Family and
        Medical Leave Act, ERISA, or any other applicable federal, state or
        local labor or fair employment law, all as amended from time to time;
        claims for compensation; claims for breach of any contract or covenant
        (express or implied); tort claims of all kinds; and all claims based on
        any federal, state, or local law, statute or regulation. Arbitration
        shall be final and binding upon the parties and shall be the exclusive
        remedy for all Arbitrable Claims. THE PARTIES HEREBY WAIVE ANY RIGHTS
        THEY MAY HAVE TO TRIAL BY JUDGE OR JURY IN REGARD TO ARBITRABLE CLAIMS,
        EXCEPT AS PROVIDED BY SECTION 12.4.

               12.2 PROCEDURE. Arbitration of Arbitrable Claims shall be in
        accordance with the National Rules for the Resolution of Employment
        Disputes of the American Arbitration Association, as amended, and as
        augmented in this Agreement. Either Party may bring an action in court
        to compel arbitration under this Agreement and to enforce an arbitration
        award. Otherwise, neither Party shall initiate or prosecute any court
        action in any way related to an Arbitrable Claim. All arbitration
        hearings under this Agreement shall be conducted in Los Angeles,
        California or Las Vegas, Nevada, as the arbitrator may determine shall
        be the more convenient forum. Unless otherwise required by law or as may
        be required to uphold the enforceability of this Mutual Arbitration
        Agreement, the fees and costs of the arbitrator and of the American
        Arbitration Association shall be divided equally between both Parties.

               12.3 CONFIDENTIALITY. All proceedings and all documents prepared
        in connection with any Arbitrable Claim shall be confidential and,
        unless otherwise required by law, the subject matter and content thereof
        shall not be disclosed to any Person other than the parties to the
        proceedings, their counsel, witnesses and experts, the arbitrator and,
        if involved, the court and court staff.

               12.4 APPLICABILITY. This Section 12 shall apply to all disputes
        under this Agreement other than disputes relating to the enforcement of
        the Company's rights under Sections 10 and 11 of this Agreement and the
        Company's right to seek injunctive relief as provided in Section 14.

                                      -21-
<PAGE>

               12.5 ACKNOWLEDGMENT. The Executive acknowledges that he or she:

                      (a)    has carefully read this Section 12;

                      (b)    understands its terms and conditions; and

                      (c)    has entered into this Mutual Arbitration Agreement
               voluntarily and not in reliance on any promises or
               representations made by the Company other than those contained in
               this Mutual Arbitration Agreement.

        13.    NOTICES. All notices, demands and requests required or permitted
to be given to either Party under this Agreement shall be in writing and shall
be deemed to have been given when delivered personally or sent by certified or
registered mail, postage prepaid, return receipt requested, duly addressed to
the Party concerned at the address indicated below or to such changed address as
such Party may subsequently give notice of:

               If to the Company:   Ameristar Casinos, Inc.
                                    3773 Howard Hughes Parkway
                                    Suite 490 South
                                    Las Vegas, Nevada 89109

                                    Attention: Craig H. Neilsen
                                    President and Chief Executive Officer

               If to the Executive: Gordon R. Kanofsky
                                    4273 Aleman Drive
                                    Tarzana, California 91356-5405

        14.    RIGHT TO SEEK INJUNCTIVE RELIEF. The Executive acknowledges that
a violation on his or her part of any of the covenants contained in Sections 10
and 11 would cause immeasurable and irreparable damage to the Company. The
Executive accordingly agrees and hereby grants his or her consent that, without
limiting the remedies available to the Company, any actual or threatened
violation of such covenants may be enforced by injunctive relief or by other
equitable remedies issued or ordered by any court of competent jurisdiction.

        15.    EMPLOYEE BENEFIT PLAN DOCUMENTS. In the event that any terms or
provisions of this Agreement conflict with the terms and provisions of any
employee benefit plan document, the terms and provisions of such employee
benefit plan document shall govern; and the Company shall take any and all
actions that may be necessary, including amendment of any plan document, to the
extent necessary to effect the provision of benefits expressly provided upon
termination of the Executive's employment pursuant to Sections 6 and 7.

        16.    BENEFICIARIES/REFERENCES. The Executive shall be entitled to
select a beneficiary or beneficiaries to receive any compensation or benefit
payable hereunder following the Executive's death, and may change such election,
by giving the Company written notice

                                      -22-
<PAGE>

thereof. In the event of the Executive's death or a judicial determination of
his or her incompetence, reference in this Agreement to the Executive shall be
deemed, where appropriate, to refer to his or her beneficiary, estate or other
legal representative.

        17.    SURVIVORSHIP. The respective rights and obligations of the
Parties hereunder shall survive the expiration or any earlier termination of
this Agreement to the extent necessary to the intended preservation of such
rights and obligations. The provisions of this Section 17 are in addition to the
survivorship provisions of any other Section of this Agreement.

        18.    REPRESENTATIONS AND WARRANTIES. Each Party represents and
warrants that he or she or it is fully authorized and empowered to enter into
this Agreement and that the performance of his or her or its obligations under
this Agreement will not violate any agreement between that Party and any other
Person.

        19.    ENTIRE AGREEMENT. This Agreement and the Indemnification
Agreement and any documents contemporaneous with this Agreement expressly
setting forth an agreement between the parties and expressly identified in this
Agreement contain the entire agreement between the Parties concerning the
subject matter hereof and supersede all prior agreements, understandings,
discussions, negotiations and undertakings, whether written or oral, express or
implied, between the Parties with respect hereto. No representations,
inducements, promises or agreements not embodied herein shall be of any force or
effect.

        20.    ASSIGNABILITY; BINDING NATURE. This Agreement shall be binding
upon and inure to the benefit of the Parties and their respective successors,
heirs and assigns; provided, however, that no rights or obligations of the
Executive under this Agreement may be assigned or transferred by the Executive,
other than rights to compensation and benefits hereunder, which may be
transferred only by will or operation of law and subject to the limitations of
this Agreement.

        21.    AMENDMENT OR WAIVER. No provision in this Agreement may be
amended or waived unless such amendment or waiver is agreed to in writing and
signed by both Parties. No waiver by one Party of any breach by the other Party
of any condition or provision of this Agreement to be performed by such other
Party shall be deemed a waiver of a similar or dissimilar condition or provision
at the same or any prior or subsequent time. No failure of the Company to
exercise any power given it hereunder or to insist upon strict compliance by the
Executive with any obligation hereunder, and no custom or practice at variance
with the terms hereof, shall constitute a waiver of the right of the Company to
demand strict compliance with the terms hereof.

        22.    SEVERABILITY. In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, in
whole or in part, the remaining provisions of this Agreement shall be unaffected
thereby and shall remain in full force and effect to the fullest extent
permitted by law. Without limiting the foregoing, if any portion of Section 10
is held to be unenforceable, the maximum enforceable restriction of time, scope
of activities and geographic area will be substituted for any such restrictions
held unenforceable.

                                      -23-
<PAGE>

        23.    GOVERNING LAW. This Agreement shall be governed by and construed
and interpreted in accordance with the laws of the State of Nevada without
reference to the principles of conflict of laws thereof. In the event of any
dispute or controversy arising out of or relating to this Agreement that is
brought to a court, the Parties mutually and irrevocably consent to, and waive
any objection to, the exclusive jurisdiction of any federal or state court of
competent jurisdiction sitting in the State of Nevada, to resolve such dispute
or controversy; provided, however, that nothing in this Section 23 shall affect
the Parties' agreement in Section 12 hereinabove that arbitration under Section
12 shall apply to all disputes under this Agreement other than as provided in
Section 12.4.

        24.    INDEMNIFICATION. To the extent not otherwise required by law or
the Indemnification Agreement, the Company will consider in good faith, and
consistent with the Company's past practices, requests by the Executive for
indemnification against claims arising from the Executive's conduct in the
course and scope of the Executive's employment under this Agreement and for
advancement of expenses reasonably incurred in defending against such claims.

        25.    HEADINGS. The headings of the Sections and Subsections contained
in this Agreement are for convenience only and shall not be deemed to control or
affect the meaning or construction of any provision of this Agreement.

        26.    COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original and all of which shall constitute one
and the same Agreement with the same effect as if all Parties had signed the
same signature page. Any signature page of this Agreement may be detached from
any counterpart of this Agreement and reattached to any other counterpart of
this Agreement identical in form hereto but having attached to it one or more
additional signature pages.

        27.    ACKNOWLEDGMENT. The Executive represents and acknowledges the
following:

                      (a)    he or she has carefully read this Agreement in its
               entirety;

                      (b)    he or she understands the terms and conditions
               contained herein;

                      (c)    he or she has had the opportunity to review this
               Agreement with legal counsel of his or her own choosing, and has
               done so, and has not relied on any statements made by the Company
               or its legal counsel as to the meaning of any term or condition
               contained herein or in deciding whether to enter into this
               Agreement; and

                      (d)    he or she is entering into this Agreement knowingly
               and voluntarily.

                                      -24-
<PAGE>

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

        THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE
ENFORCED BY THE PARTIES.

                                        AMERISTAR CASINOS, INC.

                                        By: /s/ THOMAS M. STEINBAUER
                                            -----------------------------------

                                        Name: Thomas M. Steinbauer
                                              ---------------------------------

                                        Title: Senior Vice President of Finance
                                               --------------------------------

                                        EMPLOYEE:

                                        /s/ GORDON R. KANOFSKY
                                        ---------------------------------------
                                        GORDON R. KANOFSKY

                                      -25-
<PAGE>

                                    EXHIBIT A

                              SEPARATION AGREEMENT
                                       AND
                           GENERAL AND SPECIAL RELEASE

        This Separation Agreement and General and Special Release ("Agreement")
is made by and between GORDON R. KANOFSKY (the "Executive") and AMERISTAR
CASINOS, INC., a Nevada corporation ("Company"), with respect to separation
payments to be paid to the Executive conditioned in part on a complete release
by the Executive of any and all claims against the Company and its affiliated
entities, their respective directors, officers, employees, agents, accountants,
attorneys, representatives, successors and assigns.

        In consideration of delivery to the Executive of the severance payments
and benefits by the Company conditionally promised by the Company in that
certain Executive Employment Agreement by and between the Executive and the
Company dated as of October 5, 2001 (the "Employment Agreement") and with the
sole exception of those obligations expressly recited herein or to be performed
hereunder and of the Executive's claims to vested interests the Executive may
have in employee benefit plans, stock options or restricted stock as defined
exclusively in written documents, the Executive and the Executive's heirs,
successors and assigns do hereby and forever release and discharge the Company
and its affiliated entities and their past and present directors, officers,
employees, agents, accountants, attorneys, representatives, successors and
assigns from any and all causes of action, actions, judgments, liens,
indebtedness, damages, losses, claims, liabilities and demands of whatsoever
kind and character in any manner whatsoever arising prior to the date of this
Agreement, including but not limited to any claim for breach of contract, breach
of implied covenant, breach of oral or written promise, allegedly unpaid
compensation, wrongful termination, infliction of emotional distress,
defamation, interference with contract relations or prospective economic
advantage, negligence, misrepresentation or employment discrimination, and
including without limitation, to the extent permitted by law, alleged violations
of Title VII of the Civil Rights Act of 1964 prohibiting discrimination based on
race, color, religion, sex or national origin, the Civil Rights Act of 1991, the
Age Discrimination in Employment Act of 1967 (including the Older Workers
Benefit Protection Act) prohibiting discrimination based on age over 40, the
Americans With Disabilities Act prohibiting discrimination based on disability,
the Fair Labor Standards Act, the Equal Pay Act, the Family and Medical Leave
Act, the Employee Retirement Income Security Act of 1974, and any other federal,
state or local labor or fair employment law under which a claim might be brought
were it not released here, all as amended from time to time.

        The Executive assumes the risk of any mistake of fact and of any facts
which are unknown, and thereby waives any and all claims that this release does
not extend to claims which the Executive does not know or suspect to exist in
his or her favor at the time of executing this release, which if known by the
Executive must or might have materially affected his or her settlement with the
Company.

                                       -1-
<PAGE>

        The Executive and the Company represent, understand and expressly agree
that this Agreement sets forth all of the agreements, covenants and
understandings of the parties, superseding all other prior and contemporaneous
oral and written agreements excepting only those written agreements set forth or
referred to in the Employment Agreement between the Executive and the Company.
The Executive and the Company agree that no other agreements or covenants will
be binding upon the parties unless set forth in a writing signed by the parties
or their authorized representatives, and that each of the parties is authorized
to make the representations and agreements herein set forth by or on behalf of
each such party. The Executive and the Company each affirms that no promises
have been made to or by either to the other except as set forth in the
Employment Agreement or this Agreement.

        The Executive and the Company agree that any and all disputes,
controversies or claims arising out of this Agreement or concerning his or her
employment or its termination shall be determined exclusively by final and
binding arbitration pursuant to the terms of the Employment Agreement.

        The Executive acknowledges that he or she has had twenty-one (21) days
within which to consider this Agreement if he or she has wished to do so, that
he or she has seven (7) days from the date of his or her acceptance of this
Agreement within which to revoke his or her acceptance, that he or she has been
and hereby is advised by the Company to consult with counsel concerning this
Agreement and has had an opportunity to do so, and that no payments will be made
to the Executive by the Company hereunder until after such seven (7) days and
until the Executive shall have provided thereafter reasonable assurances on
request that he or she has not revoked his or her acceptance of this Agreement
within such seven (7) days. The Executive affirms that he or she enters into
this Agreement freely and voluntarily.

        Dated _____________, _____ at ____________________________, ____________

                                        ________________________________________
                                                     the Executive

        Dated _____________, _____ at ____________________________, ____________

                                        AMERISTAR CASINOS, INC.

                                        By _____________________________________

                                        Its ____________________________________

                                      -2-<PAGE>
                                                                    EXHIBIT 10.2

                     AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

        THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this "Amendment") is made
and entered into as of the 5th day of October 2001 by and between AMERISTAR
CASINOS, INC., a Nevada corporation (the "Employer"), and THOMAS M. STEINBAUER
(the "Employee") for the purpose of amending that certain Employment Agreement
dated November 15, 1993 between the parties (the "Agreement"). Unless otherwise
required by the context, capitalized terms used herein without definition have
the same meaning as used in the Agreement. This Amendment has been authorized
and approved by the Board of Directors of the Employer and the Compensation
Committee of the Board of Directors of the Employer.

        1.     AMENDMENT OF SECTION 5.3 OF THE AGREEMENT. Section 5.3 of the
Agreement is hereby amended to read in its entirety as follows:

               "5.3   VOLUNTARY TERMINATION BY THE EMPLOYEE FOR GOOD REASON. The
        Employee shall be entitled to terminate this Agreement and his
        employment under this Agreement at any time for any of the following
        reasons or upon any of the following events:

                      (a)    if the Employer significantly and adversely changes
               the nature or scope of the Employee's authorities or duties;
               provided, however, that the appointment of a new chief financial
               officer of the Employer shall not constitute such a change in
               nature or scope until sixty (60) days after the commencement of
               employment of any such new chief financial officer;

                      (b)    if the Employer reduces the Employee's base salary;

                      (c)    if the Employer materially decreases the benefits
               made available to the Employee (other than decreases imposed
               equally upon all of the Employer's other employees or all of its
               executive officers);

                      (d)    if the Employer requires the Employee to relocate
               out of the greater metropolitan Las Vegas, Nevada area or
               requires the Employee to undertake new and excessive business
               travel without the Employee's prior consent; or

                      (e)    at any time on or after July 1, 2002, with thirty
               (30) days' prior written notice to the Employer."

        2.     AMENDMENT OF SECTION 5.5(b) OF THE AGREEMENT. Section 5.5(b) of
the Agreement is hereby amended to read in its entirety as follows:

               "(b)   VOLUNTARY TERMINATION BY THE EMPLOYER WITHOUT CAUSE OR
        UPON VOLUNTARY TERMINATION BY THE EMPLOYEE FOR GOOD REASON. If the
        Employer shall terminate this Agreement and the Employee's employment
        hereunder without cause, as permitted by Section 5.2 of this Agreement,
        or if the Employee

<PAGE>

        shall terminate this Agreement and his employment hereunder, as
        permitted by Section 5.3 of this Agreement, then:

                      (1)    the Employee shall be entitled to receive any
               unpaid compensation earned by and vested in him through the
               effective date of termination as provided for in this Agreement,
               computed pro rata up to and including that date;

                      (2)    the Employer shall pay to the Employee as severance
               the amount of Two Hundred Seventy-Five Thousand and 00/100
               Dollars ($275,000.00);

                      (3)    if the Employee's employment shall terminate prior
               to the payment by the Employer to the Employee of the Employee's
               annual bonus for the 2001 fiscal year, the Employer shall pay to
               the Employee an additional severance payment (prorated as
               provided below) based on an annual bonus amount ranging from a
               minimum of Seventy-Five Thousand and 00/100 Dollars ($75,000.00)
               to a maximum of One Hundred Twenty-Five Thousand and 00/100
               Dollars ($125,000.00), which annual bonus amount shall be
               determined by the President and Chief Executive Officer of the
               Employer based on merit, the financial performance of the
               Employer and other relevant factors; provided, however that such
               determination shall be subject to the approval of the
               Compensation Committee of the Board of Directors of the Employer;
               and provided, further, that the additional severance amount
               payable pursuant to this clause shall be computed pro rata up to
               and including that date of termination of the Employee's
               employment;

                      (4)    notwithstanding any contrary provisions of any
               stock option agreements between the Employer and the Employee:

                             (A)    such options shall terminate upon the later
                      of one year after the termination date of Employee's
                      employment with the Employer and 90 days after the
                      termination of any other qualifying relationship between
                      the parties (e.g., a consulting relationship) unless the
                      Employee has resumed or initiated a qualifying
                      relationship and has such a qualifying relationship on
                      such date. During such period, the Employee may exercise
                      such options provided that any such option has not expired
                      in accordance with its terms or has otherwise terminated
                      as provided in the applicable stock option agreement;

                             (B)    all unvested options granted to the Employee
                      prior to 2000 shall be deemed fully vested on the date of
                      termination of the Employee's employment with the
                      Employer; and

                                      -2-
<PAGE>

                             (c)    if the Employee's employment shall terminate
                      on or after December 15, 2001, the vesting of the option
                      exercisable for 20,000 shares granted on October 16, 2000
                      by the Employer to the Employee shall be accelerated with
                      respect to 7,200 of such shares, and such option shall be
                      deemed fully vested with respect to such 7,200 shares on
                      the date of termination of the Employee's employment with
                      the Employer (in addition to the vesting of such option
                      with respect to 5,000 shares on October 16, 2001, as
                      provided in the applicable stock option agreement); and

                      (5)    the Employer shall continue the Employee's group
               health and Exec-U-Care or similar insurance, at the Employer's
               expense, for eighteen (18) months after the termination of
               employment or, at the Employer's option, payment to the Employee
               of the economic equivalent thereof. Upon the completion of such
               period, the Employee shall be eligible for COBRA benefits;

               provided, however, that the provision of such severance and other
               benefits shall not determine, govern or affect the Employee's
               entitlement to (x) any payments or benefits under any bonus or
               incentive plan now or in the future in effect for the Employer,
               (y) any accrued vacation or other compensation under any other
               plan, policy or arrangement provided by the Employer or its
               Affiliates, or (z) any other employee benefit plan or
               arrangement, and shall not expressly or implicitly constitute
               continued employment. Except as otherwise specifically provided
               herein, the Employee shall be entitled to no other compensation
               or participation in any benefit program after the effective date
               of termination. The receipt by the Employee of the benefits
               provided for in this Section 5.5(b) shall be subject to the
               condition that the Employee accepts and executes, without
               subsequent revocation, a release of claims substantially in the
               form attached hereto as Exhibit A."

        3.     AMENDMENT OF SECTION 9 OF THE AGREEMENT. Section 9 of the
Agreement is hereby amended to read in its entirety as follows:

               "9     POLICY ON TRADING IN SECURITIES OF THE EMPLOYER. The
        Employee acknowledges receipt of the Ameristar Casinos, Inc. Policy on
        Securities Trading by Employees and Their Associates, and agrees to
        abide by the terms thereof as a condition to his continued employment by
        the Employer. The Employee agrees to reaffirm his receipt and
        understanding of such policy annually in writing to the Employer as and
        when requested by the Employee's supervisor."

        4.     INCREASE IN BASE SALARY. Effective September 1, 2001, Employee's
annual base salary shall be increased to Three Hundred Thousand and 00/100
Dollars ($300,000.00). The Employer shall pay to the Employee retroactive back
pay, as necessary, to give effect to this increase in annual base salary,
subject to required payroll withholding.

                                      -3-
<PAGE>

        5.     BONUS FOR 2001. The Employee shall be entitled to an annual bonus
for the 2001 fiscal year ranging from a minimum of Seventy-Five Thousand and
00/100 Dollars ($75,000.00) to a maximum of One Hundred Twenty-Five Thousand and
00/100 Dollars ($125,000.00), which shall be determined by the President and
Chief Executive Officer of the Employer based on merit, the financial
performance of the Employer and other relevant factors; provided, however that
such determination shall be subject to the approval of the Compensation
Committee of the Board of Directors of the Employer. This bonus shall be paid at
the same time as annual bonuses are paid to other similarly situated management
personnel of the Employer, unless the Employee has elected to defer receipt of
all or part of the bonus amounts to which he is entitled in respect of 2001 in
accordance with the terms and provisions of any deferred compensation plan
maintained by the Employer. This bonus shall be payable only if the Employee is
employed by the Employer at the time of payment of the bonus.

        6.     ADDITION OF EXHIBIT A TO THE AGREEMENT. There is hereby added to
the Agreement an Exhibit A reading in its entirety as set forth in Exhibit A to
this Amendment.

        7.     DELETION OF SECTION 3.3. Section 3.3 of the Agreement is hereby
amended to read its entirety as follows: "3.3 [Intentionally Omitted]."

        8.     ACKNOWLEDGMENT BY THE EMPLOYEE. The Employee represents and
acknowledges the following:

                      (a)    he has carefully read the Agreement and this
               Amendment in their entirety;

                      (b)    he understands the terms and conditions contained
               therein and herein;

                      (c)    he has had the opportunity to review this Amendment
               with legal counsel of his own choosing, and has done so or has
               knowingly chosen not to do so, and has not relied on any
               statements made by the Employer or its legal counsel as to the
               meaning of any term or condition contained in the Agreement and
               this Amendment or in deciding whether to enter into this
               Amendment; and

                      (d)    he is entering into this Amendment knowingly and
               voluntarily.

        9.     AGREEMENT REMAINS IN FULL FORCE AND EFFECT. Except as modified
hereby, the Agreement remains in full force and effect.

                                      -4-
<PAGE>

        IN WITNESS WHEREOF, the parties have executed this Amendment as of the
day and year first above written.

                                      EMPLOYER:
                                      AMERISTAR CASINOS, INC.

                                      By: /s/ GORDON R. KANOFSKY
                                          --------------------------------------
                                          Gordon R. Kanofsky
                                          Senior Vice President of Legal Affairs

                                      EMPLOYEE:

                                      /s/ THOMAS M. STEINBAUER
                                      ------------------------------------------
                                      Thomas M. Steinbauer

                                      -5-
<PAGE>

                                    EXHIBIT A

                              SEPARATION AGREEMENT
                                       AND
                           GENERAL AND SPECIAL RELEASE

        This Separation Agreement and General and Special Release ("Agreement")
is made by and between THOMAS M. STEINBAUER (the "Employee") and AMERISTAR
CASINOS, INC., a Nevada corporation (the "Employer"), with respect to separation
payments to be paid to the Employee conditioned in part on a complete release by
the Employee of any and all claims against the Employer and its affiliated
entities, their respective directors, officers, employees, agents, accountants,
attorneys, representatives, successors and assigns.

        In consideration of delivery to the Employee of the severance payments
and benefits by the Employer conditionally promised by the Employer in that
certain Employment Agreement by and between the Employee and the Employer dated
November 15, 1993, as amended by an Amendment No. 1 to Employment Agreement
dated as of October 5, 2001 (the "Employment Agreement") and with the sole
exception of those obligations expressly recited herein or to be performed
hereunder and of the Employee's claims to vested interests the Employee may have
in employee benefit plans, stock options or restricted stock as defined
exclusively in written documents, the Employee and the Employee's heirs,
successors and assigns do hereby and forever release and discharge the Employer
and its affiliated entities and their past and present directors, officers,
employees, agents, accountants, attorneys, representatives, successors and
assigns from any and all causes of action, actions, judgments, liens,
indebtedness, damages, losses, claims, liabilities and demands of whatsoever
kind and character in any manner whatsoever arising prior to the date of this
Agreement, including but not limited to any claim for breach of contract, breach
of implied covenant, breach of oral or written promise, allegedly unpaid
compensation, wrongful termination, infliction of emotional distress,
defamation, interference with contract relations or prospective economic
advantage, negligence, misrepresentation or employment discrimination, and
including without limitation, to the extent permitted by law, alleged violations
of Title VII of the Civil Rights Act of 1964 prohibiting discrimination based on
race, color, religion, sex or national origin, the Civil Rights Act of 1991, the
Age Discrimination in Employment Act of 1967 (including the Older Workers
Benefit Protection Act) prohibiting discrimination based on age over 40, the
Americans With Disabilities Act prohibiting discrimination based on disability,
the Fair Labor Standards Act, the Equal Pay Act, the Family and Medical Leave
Act, the Employee Retirement Income Security Act of 1974, and any other federal,
state or local labor or fair employment law under which a claim might be brought
were it not released here, all as amended from time to time.

        The Employee assumes the risk of any mistake of fact and of any facts
which are unknown, and thereby waives any and all claims that this release does
not extend to claims which the Employee does not know or suspect to exist in his
favor at the time of executing this release, which if known by the Employee must
or might have materially affected his settlement with the Employer.

        The Employee and the Employer represent, understand and expressly agree
that this Agreement sets forth all of the agreements, covenants and
understandings of the parties,

<PAGE>

superseding all other prior and contemporaneous oral and written agreements
excepting only those written agreements set forth or referred to in the
Employment Agreement between the Employee and the Employer. The Employee and the
Employer agree that no other agreements or covenants will be binding upon the
parties unless set forth in a writing signed by the parties or their authorized
representatives, and that each of the parties is authorized to make the
representations and agreements herein set forth by or on behalf of each such
party. The Employee and the Employer each affirms that no promises have been
made to or by either to the other except as set forth in the Employment
Agreement or this Agreement.

        The Employee and the Employer agree that any and all disputes,
controversies or claims arising out of this Agreement or concerning his
employment or its termination shall be determined exclusively by final and
binding arbitration pursuant to the terms of the Employment Agreement.

        The Employee acknowledges that he has had twenty-one (21) days within
which to consider this Agreement if he has wished to do so, that he has seven
(7) days from the date of his acceptance of this Agreement within which to
revoke his acceptance, that he has been and hereby is advised by the Employer to
consult with counsel concerning this Agreement and has had an opportunity to do
so, and that no payments will be made to the Employee by the Employer hereunder
until after such seven (7) days and until the Employee shall have provided
thereafter reasonable assurances on request that he has not revoked his
acceptance of this Agreement within such seven (7) days. The Employee affirms
that he enters into this Agreement freely and voluntarily.

        Dated _____________, _____ at ____________________________, ____________

                                        ________________________________________
                                                     the Employee

        Dated _____________, _____ at ____________________________, ____________

                                        AMERISTAR CASINOS, INC.

                                        By _____________________________________

                                        Its ____________________________________

                                      -2-

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