Document:

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                                                                  Exhibit 10.181

                         UNITED STATES BANKRUPTCY COURT
                             DISTRICT OF NEW JERSEY

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In re:                                               Case No. 00-14052 (JHW)

Capital Gaming International, Inc.,                  Chapter 11

                           Debtor.
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            FIRST AMENDED PLAN OF REORGANIZATION FOR CAPITAL GAMING
             INTERNATIONAL, INC. JOINTLY PROPOSED BY THE DEBTOR AND
           U.S. BANK TRUST NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE,
                           DATED AS OF AUGUST 4, 2000

<TABLE>
<S>                                     <C>
OPPENHEIMER WOLFF & DONNELLY LLP        GIBBONS, DEL DEO, DOLAN,
3300 PLAZA VII                            GRIFFINGER & VECCHIONE, P.C.
45 SOUTH SEVENTH STREET                 ONE RIVERFRONT PLAZA
MINNEAPOLIS, MINNESOTA  55402           NEWARK, NEW JERSEY 07102-5497

DUANE, MORRIS & HECKSCHER LLP
51 HADDONFIELD, SUITE 340
CHERRY HILL, NEW JERSEY 08002

COUNSEL FOR U.S. BANK TRUST             COUNSEL FOR CAPITAL GAMING
NATIONAL ASSOCIATION,                   INTERNATIONAL, INC.
AS INDENTURE TRUSTEE
</TABLE>
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                                Table of Contents

<TABLE>
<CAPTION>
                                                                            Page
<S>    <C>                                                                  <C>
I.     PROPONENTS.............................................................1
II.    DEFINITIONS............................................................1
III.   PAYMENT OF POST-PETITION CLAIMS AND PRIORITY TAX CLAIMS................6
         A.       ADMINISTRATIVE CLAIMS.......................................6
         B.       PRIORITY TAX CLAIMS.........................................7
         C.       UNITED STATES TRUSTEE FEES..................................7
         D.       DEADLINE FOR FILING ADMINISTRATIVE CLAIMS...................7
IV.    PAYMENT OF DIRECTOR FEES AND EXPENSES..................................7
V.     CLASSIFICATION OF CLAIMS AND EQUITY INTERESTS..........................8
         A.       CLASS 1 - PRIORITY CLAIMS...................................8
         B.       CLASS 2 - SECURED CLAIMS....................................8
         C.       CLASS 3 - ALLOWED UNSECURED CLAIMS..........................8
         D.       CLASS 4 - TARDILY FILED CLAIMS..............................8
         E.       CLASS 5 - EQUITY INTERESTS..................................8
VI.    TREATMENT OF CLAIMS AND INTERESTS......................................8
         A.       CLASS 1 - PRIORITY CLAIMS...................................8
         B.       CLASS 2 - SECURED CLAIMS....................................9
         C.       CLASS 3 - UNSECURED CLAIMS.................................10
         D.       CLASS 4 - TARDILY FILED CLAIMS.............................10
         E.       CLASS 5 - EQUITY INTERESTS.................................10
VII.   IDENTIFICATION OF IMPAIRED CLASSES....................................10
         A.       UNIMPAIRED CLASSES.........................................10
         B.       IMPAIRED CLASSES...........................................10
VIII.  MEANS FOR EXECUTING PLAN..............................................11
         A.       FUNDING OF PLAN............................................11
         B.       AMENDED ORGANIZATIONAL DOCUMENTS...........................11
         C.       CORPORATE ACTION...........................................11
IX.    IMPLEMENTATION OF PLAN................................................12
         A.       BOARD OF DIRECTORS.........................................12
         B.       ALLOCATION AND DISTRIBUTION OF NEW STOCK...................12
                  1.       NEW CLASS A COMMON STOCK..........................12
                  2.       NEW CLASS B COMMON STOCK..........................12
                  3.       EXEMPTION FROM FEDERAL SECURITIES LAWS............13
         C.       SURRENDER AND CANCELLATION OF OUTSTANDING SECURITIES.......13
                  1.       ISSUANCE AND DISTRIBUTION OF NEW STOCK AND
                           CANCELLATION OF OLD STOCK..................       13
                  2.       SURRENDER AND CANCELLATION OF SENIOR NOTES........14
         D.       TERMINATION OF INDENTURE...................................15
         E.       LICENSES OR PERMITS........................................15
         F.       ALLOCATION OF MANAGEMENT SHARES............................15
         G.       ROUNDING...................................................16
</TABLE>

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<PAGE>   3
                                Table of Contents
                                   (continued)

<TABLE>
<CAPTION>
                                                                            Page
<S>    <C>                                                                  <C>
         H.       LIMITATION ON TRANSFER OF NEW STOCK........................16
X.     BANKRUPTCY ACTIONS....................................................16
XI.    EFFECT OF CONFIRMATION................................................16
         A.       REVESTING OF PROPERTY......................................16
         B.       DISCHARGE..................................................16
         C.       RELEASES...................................................17
         D.       INJUNCTION.................................................18
         E.       INDEMNIFICATION............................................19
XII.   CONDITIONS PRECEDENT..................................................19
         A.       CONDITIONS TO CONFIRMATION.................................19
         B.       CONDITIONS TO THE OCCURRENCE OF THE EFFECTIVE DATE.........19
         C.       WAIVER OF CONDITIONS.......................................19
XIII.  POST-CONFIRMATION CLAIMS ADMINISTRATION...............................20
         A.       TIME PERIOD FOR FILING BANKRUPTCY ACTIONS AND OTHER
                  ADVERSARY PROCEEDINGS......................................20
         B.       RIGHT TO RECEIVE DISTRIBUTIONS.............................20
         C.       OBJECTIONS TO CLAIMS AND EQUITY INTERESTS..................20
         D.       DISPUTED CLAIMS AND EQUITY INTERESTS.......................20
         E.       UNCLAIMED DISTRIBUTIONS....................................21
XIV.   EXECUTORY CONTRACTS AND UNEXPIRED LEASES..............................21
XV.    RETENTION OF JURISDICTION.............................................22
         A.       SCOPE OF JURISDICTION......................................22
         B.       CONCURRENT WITH OTHER COURTS...............................22
XVI.   MISCELLANEOUS PROVISIONS..............................................23
         A.       TERMINATION OF PROFESSIONALS...............................23
         B.       DISBURSING AGENT...........................................23
         C.       WITHHOLDING TAXES..........................................23
         D.       AMENDMENTS AND MODIFICATIONS...............................23
         E.       NOTICES....................................................23
         F.       HEADINGS...................................................23
         G.       EXHIBITS...................................................23
         H.       TIME PERIODS...............................................24
         I.       GOVERNING LAW..............................................24
         J.       SEVERABILITY...............................................24
         K.       SUCCESSORS AND ASSIGNS.....................................24
EXHIBITS.................................................................... 26
</TABLE>

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I.    PROPONENTS

Capital Gaming International, Inc. and U.S. Bank Trust National Association, as
Indenture Trustee, submit the following plan of reorganization pursuant to
section 1121 of the Bankruptcy Code for the Debtor (all capitalized terms shall
have the meanings set forth below).

II.   DEFINITIONS

Except as otherwise defined below, all terms used in this Plan and defined under
section 101 of the Bankruptcy Code shall have the meanings set forth in section
101 of the Bankruptcy Code. Unless the context otherwise requires, all
capitalized terms in this Plan shall have the respective meanings specified
below, and such meanings shall be equally applicable to the singular and plural
forms of the terms defined.

      "Actions" mean all rights, claims, and actions of the Debtor, including,
without limitation, all Bankruptcy Actions, other than those dismissed,
released, settled, or compromised under this Plan.

      "Administrative Claim" means a claim or entitlement to treatment as an
administrative expense under section 503(b) of the Bankruptcy Code.

      "Allowed" or "Allowed Claim" means any claim against the Debtor: (a) with
respect to which a proof of claim has been timely filed with the Bankruptcy
Court; or (b) which is (i) listed in the schedules of creditors that the Debtor
prepared and filed with the Bankruptcy Court pursuant to Bankruptcy Rule
1007(b), as amended up to the Confirmation Date, and (ii) not listed as
disputed, contingent, or unliquidated; or (c) a Tardily Filed Claim which
qualifies under section 726(a)(2)(C)(i) and (ii) of the Bankruptcy Code; or (d)
which is designated as an Allowed Claim in this Plan. In the case of (a), (b),
and (c), a claim is an Allowed Claim only if no objection to the allowance of
the claim has been raised within any applicable period for raising such an
objection, or the Bankruptcy Court enters a Final Order allowing the claim.
Unless otherwise specified in this Plan, the term "Allowed Claim" shall not
include interest on such claim for any period from and after the Petition Date,
unless sufficient funds are available under this Plan for payment of interest in
the priority specified under section 506 or 726 of the Bankruptcy Code.

      "Allowed Administrative Claim" means an Administrative Claim with respect
to which: (a) the Debtor has determined such Administrative Claim should be paid
as an expense of administration under section 503(b) of the Bankruptcy Code; or
(b) the Bankruptcy Court has entered a Final Order allowing such Administrative
Claim, but only to the extent allowed under the Final Order.

      "Allowed Equity Interest" means any interest in the Debtor: (a) with
respect to which a proof of interest has been timely filed with the Bankruptcy
Court; or (b) which is (i) listed in the schedules of the Debtor prepared and
filed with the Bankruptcy Court pursuant to Bankruptcy Rule 1007(b), as amended
up to the Confirmation Date, and (ii) not listed as disputed, contingent, or
unliquidated; or (c) which is designated as an Allowed Equity Interest in this
Plan. In the case of (a) and (b), an interest is an Allowed Equity Interest only
if no objection to the

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allowance of the interest has been raised within any applicable period for
raising such an objection, or the Bankruptcy Court enters a Final Order allowing
the interest.

      "Amended Bylaws" mean the Amended Bylaws of the Reorganized Company, in
the form substantially similar to the form attached as Exhibit A to this Plan.

      "Amended Certificate of Incorporation" means the Amended Certificate of
Incorporation of the Reorganized Company, in the form substantially similar to
the form attached as Exhibit B to this Plan.

      "Amended Organizational Documents" mean the Amended Bylaws and Amended
Certificate of Incorporation of the Reorganized Company.

      "Bankruptcy Actions" mean any and all rights of action of the Debtor under
sections 544, 545, 546, 547, 548, 549, and 550 of the Bankruptcy Code, or
similar state laws, other than those dismissed, released, settled, or
compromised under this Plan.

      "Bankruptcy Code" means title 11 of the United States Code, as amended
from time to time.

      "Bankruptcy Court" means the United States Bankruptcy Court for the
District of New Jersey, or such other court that may have jurisdiction over the
chapter 11 Case pursuant to 28 U.S.C. 157(d).

      "Bankruptcy Rules" mean the Federal Rules of Bankruptcy Procedure, as
amended from time to time.

      "Board of Directors" means the Board of Directors of the Reorganized
Company after the Effective Date, initially consisting of the individuals
identified in Article IX, Section A of this Plan.

      "Business Day" means any day that is not a Saturday, Sunday, or legal
holiday as defined in Rule 6(a) of the Federal Rules of Civil Procedure.

      "Case" means the chapter 11 case of the Debtor (Case No. 00-14052 (JHW))
commenced on May 15, 2000 and currently pending in the Bankruptcy Court.

      "Cash" means any cash or cash equivalents, including, but not limited to,
bank deposits, checks, and other similar negotiable instruments.

      "Claimant" means a Creditor or holder of an Equity Interest.

      "Claims Bar Date" means the date established by order of the Bankruptcy
Court as the last date on which to file proofs of claims or interests.

      "Confirmation Date" means the date the Confirmation Order is entered in
accordance with applicable provisions of the Bankruptcy Code.

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      "Confirmation Order" means the order of the Bankruptcy Court confirming
this Plan and approving the transactions contemplated by this Plan.

      "Covered Persons" means the Debtor and each of its wholly owned
subsidiaries as described in the Disclosure Statement related to this Plan,
together with their respective directors, officers, and employees as of the
Petition Date.

      "Creditor" means any individual or entity that has a claim against the
Debtor.

      "Debtor" means Capital Gaming International, Inc., a New Jersey
corporation, as debtor and debtor-in-possession.

      "Deficiency Claim" means any claim of a Creditor against the Debtor equal
to the amount by which the aggregate claims of such Creditor against the Debtor
exceed the sum of (a) any setoff rights of the Creditor against the Debtor, plus
(b) the Net Proceeds realized from the disposition of any property of the Debtor
securing such claim or, if such property is not liquidated to cash, the value of
the interest of such Creditor in the property securing such claim. However, if
the class to which such claim belongs makes an election under section 1111(b) of
the Bankruptcy Code, there shall be no Deficiency Claim in respect of such
claim.

      "Disclosure Statement" means the disclosure statement filed by the
Proponents in conjunction with this Plan and approved by the Bankruptcy Court.

      "Disputed Claim" means any claim which is not an Allowed Claim.

      "Disputed Equity Interest" means any interest which is not an Allowed
Equity Interest.

      "Distributable Cash" means all cash of the Company, whether held by the
Indenture Trustee or the Company, in excess of Two Million Nine Hundred Thousand
Dollars ($2,900,000), determined after payment of all Plan distributions to
creditors and equity security holders, other than Class 2A Creditors.

      "Effective Date" means the Business Day selected by the Debtor that is not
more than five (5) Business Days after the date each of the conditions precedent
to consummation as provided in Article XII of the Plan has been satisfied or
waived in accordance with the Plan.

      "Equity Interest" means any issued and outstanding equity interest of the
Debtor, including any option, warrant, or right to purchase interests in the
Debtor, as of the Confirmation Date.

      "Final Order" means an order or judgment which has not been reversed,
stayed, modified or amended and: (a) as to which (i) the time to appeal or seek
review or rehearing has expired and as to which no appeal or petition for
certiorari, review or rehearing is pending, or (ii) if appeal, review,
reargument or certiorari of the order has been sought, the order has been
affirmed or the request for review, reargument or certiorari has been denied and
the time to seek a further appeal, review, reargument or certiorari has expired;
and (b) as a result of which such order shall have become final and
nonappealable in accordance with applicable law.

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      "Gaming License" means any material license, certification, franchise or
other authorization or approval to own, lease, operate or otherwise conduct,
manage, finance, consult with respect to, operate or develop riverboat,
dockside, land-based or any other type of gaming in any Gaming Jurisdiction, and
applicable liquor licenses.

      "Gaming Jurisdiction" means any federal, state, tribal or sovereign nation
in which any entity in which the Debtor or Reorganized Debtor has a direct or
indirect beneficial, legal or voting interest, conducts or intends to conduct,
manage, finance, consult with respect to, operate or develop riverboat,
dockside, land-based or any other type of gaming (including, without limitation,
the rendering of services in respect thereof pursuant to a Native American
Casino Management Contract (as such term is defined in the Indenture) or
otherwise).

      "Indenture" means the Second Amended and Restated Indenture relating to
the Senior Notes between the Debtor and the Indenture Trustee dated as of
February 17, 1994, and amended and restated as of March 27, 1997, and amended
and restated as of December 4, 1998.

      "Indenture Trustee" means U.S. Bank Trust National Association, as
indenture trustee for the holders of the Senior Notes pursuant to the terms of
the Indenture, or any other successor trustee appointed under the Indenture.

      "Indenture Trustee Fees and Expenses" mean all fees and expenses of the
Indenture Trustee, including all fees and expenses of counsel for the Indenture
Trustee, whether before or after the Petition Date, which would constitute a
claim subject to the charging lien of the Indenture Trustee under the Indenture
or other applicable agreement.

      "Internal Revenue Code" means title 26 of the United States Code, as
amended, and the corresponding provisions of applicable foreign, state, and
local tax laws, including all Treasury regulations promulgated under such
statutes.

      "Local Rules" mean the Local Rules of the United States Bankruptcy Court
for District of New Jersey, as amended from time to time.

      "Management Group" means Michael W. Barozzi, Charles B. Brewer, and
William S. Papazian.

      "Management Shares" mean the 132,000 shares of Class B Common Stock to be
issued to the Management Group pursuant to Article IX, Section F of this Plan.

      "Net Proceeds" mean all funds recovered on account of liquidating any
claim or other asset of the Debtor, less the fees and expenses of liquidating
such claim or other asset.

      "New Class A Common Stock" means the 2,068,000 shares of Class A Common
Stock of the Reorganized Company issued pursuant to Article IX, Section B of
this Plan.

      "New Class B Common Stock" means the 132,550 shares of Class B Common
Stock of the Reorganized Company issued pursuant to Article IX, Section B of
this Plan.

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      "New Stock" means the New Class A Common Stock and the New Class B Common
Stock, collectively.

      "Old Class A Common Stock" means the Debtor's stock designated as Class A
Common Stock authorized, issued, and outstanding as of the Petition Date.

      "Old Common Stock" means the Debtor's stock designated as Common Stock
authorized, issued, and outstanding as of the Petition Date.

      "Old Stock" means, collectively, the Old Class A Common Stock and the Old
Common Stock.

      "Petition Date" means May 15, 2000.

      "Plan" means this plan of reorganization, including all attached exhibits,
as it may be modified or amended from time to time pursuant to section 1127 of
the Bankruptcy Code.

      "Priority Claim" means any claim entitled to priority treatment under
section 507 of the Bankruptcy Code, except any Administrative Claim and Priority
Tax Claim.

      "Priority Tax Claim" means any claim entitled to priority treatment under
section 507(a)(8) of the Bankruptcy Code.

      "Professionals" mean any professionals employed in this Case pursuant to
sections 327 or 1103 of the Bankruptcy Code.

      "Proponents" mean the Debtor and the Indenture Trustee.

      "Pro Rata" means, as to any distribution provided for by this Plan in
respect of any class of claims, the allocation of the aggregate amount of such
distribution in accordance with that percentage of the total of Allowed Claims
in such class that is represented by the Allowed Claim receiving the
distribution.

      "Record Date" means the Confirmation Date, or such later date fixed in the
Confirmation Order.

      "Reorganized Company" means the Debtor after the Effective Date of this
Plan.

      "SEC" means the Securities and Exchange Commission.

      "Secured Claim" means any Allowed Claim of a Creditor that is determined
to be secured pursuant to section 506 of the Bankruptcy Code, or is allowed as a
secured claim pursuant to this Plan.

      "Securities Act of 1933" means the Securities Act of 1933, as amended,
codified at 15 U.S.C. Sections 77a et seq.

      "Securities Exchange Act" means the Securities Exchange Act of 1934, as
amended, codified at 15 U.S.C. Sections 78a et seq.

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      "Securities Laws" mean the Securities Act of 1933, the Securities Exchange
Act, and any applicable state or local securities laws.

      "Senior Noteholder Claims" mean any and all claims, rights, liens, and
interests evidenced by the Senior Notes and the Indenture.

      "Senior Noteholders" mean holders of the Senior Notes.

      "Senior Notes" mean the Debtor's 12% Senior Secured Notes due 2001 issued
by the Debtor under the Indenture.

      "Tardily Filed Claim" means any claim that would be an Allowed Claim but
for the fact that proof of such claim was required to be filed and was not filed
or deemed to be filed within applicable time periods for filing such claims.
Unless the Bankruptcy Court orders otherwise, any claim filed after the Claims
Bar Date shall be deemed a Tardily Filed Claim.

      "Tax Return" means all returns, information returns, declarations,
reports, statements, elections, and other documents required to be filed or
furnished in respect of Taxes.

      "Taxes" mean all federal, state, local, foreign and other net income,
gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, lease, service, service use, withholding, payroll, employment,
excise, severance, stamp, occupation, premium, property, windfall profits,
customs, duties, or other taxes, fees, assessments or charges of any kind
whatsoever, against the Debtor or the properties or businesses thereof, together
with any interest and any penalties, additions to tax or additional amounts with
respect thereto.

      "Transfer Agent" means American Stock Transfer or such other transfer
agent as the Reorganized Company may designate.

      "United States Trustee" means the United States Trustee for the District
of New Jersey.

      "Unsecured Claim" means any claim (including any Deficiency Claim) that is
not an Administrative Claim, a Priority Tax Claim, a Priority Claim, or a
Secured Claim.

      "Unsecured Creditor" means a Creditor holding an Allowed Unsecured Claim.

      "Unsecured Creditors' Committee" means the Committee of Unsecured
Creditors, if any, appointed by the U.S. Trustee in this Case.

III.  PAYMENT OF POST-PETITION CLAIMS AND PRIORITY TAX CLAIMS

      A.    ADMINISTRATIVE CLAIMS

Unless the Debtor and the holder of such claim agree otherwise, all Allowed
Administrative Claims under sections 503(b) and 507(a)(1) of the Bankruptcy Code
against the Debtor and the Indenture Trustee Fees and Expenses shall be paid in
full, in cash, on or as soon as practicable after the later of (a) the Effective
Date of this Plan, or (b) the date that any such Administrative Claim becomes an
Allowed Administrative Claim.

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      B.    PRIORITY TAX CLAIMS

Unless the Debtor and the holder of such claim agree otherwise, all holders of
Allowed Priority Tax Claims against the Debtor shall be paid in full, in cash,
on or as soon as practicable after the later of (a) the Effective Date of this
Plan, or (b) the date on which such claim shall become due and payable in
accordance with its terms.

      C.    UNITED STATES TRUSTEE FEES

Except as previously ordered by the Bankruptcy Court, all fees payable to the
United States Trustee under 28 U.S.C. Section 1930 shall be paid as set forth in
this section.

The Debtor shall pay to the United States Trustee the appropriate sum required
by 28 U.S.C. Section 1930(a)(6) on or before the Effective Date, and
simultaneously provide the United States Trustee an appropriate affidavit
indicating the cash disbursements for any relative period in which the Debtor
has failed to file monthly operating reports.

The Reorganized Company shall timely pay to the United States Trustee any and
all post-confirmation quarterly fees as required by 28 U.S.C. Section 1930(a)(6)
until such time as the Case is converted, dismissed or closed by the Bankruptcy
Court. Additionally, the Reorganized Company shall submit to the United States
Trustee post-confirmation monthly operating reports in the format prescribed by
the United States Trustee until such time as the Case is converted, dismissed or
closed by the Bankruptcy Court.

The United States Trustee shall be exempt from any provision in this Plan which
may require the filing of a proof of claim by the United States Trustee as a
condition precedent to receiving payment for any quarterly fees due pursuant to
28 U.S.C. Section 1930(a)(6).

      D.    DEADLINE FOR FILING ADMINISTRATIVE CLAIMS

Unless the Bankruptcy Court sets an earlier deadline, all holders of
Administrative Claims, including, but not limited to, claims of Professionals
and other persons requesting compensation for services rendered or reimbursement
of expenses under section 330 of the Bankruptcy Code or seeking compensation and
reimbursement for making a substantial contribution under subsections 503(b)(3)
or (b)(5) of the Bankruptcy Code, shall file and serve on the Reorganized
Company (and other parties in interest as provided in the Bankruptcy Rules and
Local Rules) an application for final allowance of such Administrative Claims no
later than thirty (30) days after entry of the Confirmation Order. Any
application for an Administrative Claim not filed within the time periods set by
the Bankruptcy Court shall be disallowed, unless, prior to the expiration of any
applicable time period, the Bankruptcy Court extends the time period after
notice and a hearing.

IV.      PAYMENT OF DIRECTOR FEES AND EXPENSES

All fees and expenses of the pre-petition or post-petition board of directors of
the Debtor that are due and owing prior to the Confirmation Date shall be paid
on the Effective Date.

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V.       CLASSIFICATION OF CLAIMS AND EQUITY INTERESTS

      A.    CLASS 1 - PRIORITY CLAIMS

Class 1 shall consist of all Allowed Priority Claims against the Debtor.

      B.    CLASS 2 - SECURED CLAIMS

Class 2A shall consist of the Allowed Secured Claims of Senior Noteholders
against the Debtor.

Class 2B shall consist of all other Allowed Secured Claims, if any, against the
Debtor, not otherwise classified in this Plan. For purposes of voting and
treatment, each holder of an Allowed Secured Claim in Class 2B shall be
designated as a separate class and assigned a separate class number beginning
with Class 2B-1, Class 2B-2, and so on with respect to their Allowed Secured
Claims against the Debtor.

      C.    CLASS 3 - ALLOWED UNSECURED CLAIMS

Class 3A shall consist of all Allowed Unsecured Claims against the Debtor,
including the Deficiency Claim of Senior Noteholders.

Class 3B shall consist of the Allowed Unsecured Claims against the Debtor in the
amount of Two Thousand Five Hundred Dollars ($2,500) or less, or claims for a
larger amount which are voluntarily reduced, at the election of the holder to
such claim, to Two Thousand Five Hundred Dollars ($2,500).

      D.    CLASS 4 - TARDILY FILED CLAIMS

Class 4 shall consist of all Tardily Filed Claims against the Debtor.

      E.    CLASS 5 - EQUITY INTERESTS

Class 5A shall consist of the Allowed Equity Interests of holders of the
Debtor's Old Class A Common Stock.

Class 5B shall consist of all Allowed Equity Interests in the Debtors other than
the Old Class A Common Stock, including without limitation, the Old Common
Stock.

VI.   TREATMENT OF CLAIMS AND INTERESTS

All Allowed Claims against and Equity Interests in the Debtor shall be treated
as follows and all distributions under this Plan shall be free and clear of all
liens, claims, and encumbrances, except as expressly provided in this Plan.

      A.    CLASS 1 - PRIORITY CLAIMS

Unless the Debtor and the holder of such claim agree otherwise, all Class 1
Priority Claims shall be paid in full, in cash, on or as soon as practicable
after the later of: (a) the Effective Date of this Plan, and (b) the date that
any such Priority Claim becomes an Allowed Priority Claim.

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      B.    CLASS 2 - SECURED CLAIMS

CLASS 2A - SENIOR NOTEHOLDERS SECURED CLAIMS

On the Confirmation Date, the Class 2A Secured Claims of Senior Noteholders
shall be deemed Allowed Secured Claims in the amount of Thirteen Million Eleven
Thousand Nine Hundred and Twenty Dollars ($13,011,920). In full satisfaction of
their Allowed Secured Claims, each Class 2A Creditor as of the Record Date shall
receive a Distribution equal to its Pro Rata share of (a) the greater of (i)
Nine Million Dollars ($9,000,000) or (ii) the Distributable Cash (after payment
of Indenture Trustee Fees and Expenses as provided below) and (b) Two Million
Sixty-Eight Thousand (2,068,000) shares of New Class A Common Stock,
representing approximately ninety-four percent (94%) of the aggregate voting
securities of the Reorganized Company; provided, however, that no distribution
will be made on account of any Senior Notes held by the Debtor, either directly
or indirectly, and any distribution attributable to such Senior Notes will be
deemed waived and distributed to the other holders of the Senior Notes.

All liens and security interests securing the Senior Notes on assets of the
Debtor or any guarantor (which will become assets of the Reorganized Company
under this Plan) and all guaranties shall be deemed discharged and released on
the Effective Date without any further action of the Debtor, the Indenture
Trustee, or the individual holders of the Senior Notes; provided, however, that
all liens and interests securing the Senior Notes shall survive for purposes of
establishing the extent and priority of any other Secured Claims against the
Debtor.

All distributions to holders of the Class 2A Secured Claims shall be paid to the
Indenture Trustee and shall be distributed as provided under the Indenture. All
rights and liens of the Indenture Trustee shall attach to any property
distributable to holders of the Senior Notes, including, but not limited to, the
charging liens of the Indenture Trustee under the Indenture. The Indenture
Trustee Fees and Expenses will be paid from Distributable Cash prior to the
distribution to Class 2A Creditors. Except as otherwise provided in this Plan,
all distributions to Class 2A Creditors shall be free and clear of any claims,
rights, liens and interests of the Creditors and holders of Equity Interests.

CLASS 2B -- MISCELLANEOUS SECURED CLAIMS

In full satisfaction of their Allowed Secured Claim, each holder of a Class 2B
Secured Claim shall: (a) receive the amount of its respective Secured Claim as
calculated pursuant to section 506 of the Bankruptcy Code from the Net Proceeds
from liquidating the property subject to its respective Secured Claim; (b)
receive all right, title, and interest of the Debtor in and to any property of
the Debtor pledged to secure such Secured Claim; or (c) retain its interest in
and to any property of the Debtor pledged to secure such Secured Claim, and
receive on account of such Secured Claim deferred cash payments totaling the
amount of such Allowed Secured Claim and having a value, as of the Effective
Date, equal to the value of such holder's interest in any property of the Debtor
pledged to secure such Secured Claim. Any Cash payable under part (a) or (b) of
the preceding sentence on account of the Allowed Secured Claims in Class 2B
shall be paid in full, in cash, on the later of: (a) the Effective Date of this
Plan; (b) the date that any such claim becomes an Allowed Claim; or (c) the date
the property securing such claim is liquidated.

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Any Allowed Deficiency Claims of a Class 2B Creditor shall be treated as part of
the Class 3B Unsecured Claims.

      C.    CLASS 3 - UNSECURED CLAIMS

CLASS 3A - GENERAL UNSECURED CLAIMS

Each Class 3A Claimant shall receive a Distribution equal to its Pro Rata share
of One Hundred Thousand Dollars ($100,000) in cash. On the Confirmation Date,
the Deficiency Claim arising from the Senior Notes shall be deemed an Allowed
Unsecured Claim in the amount of Eleven Million Four Hundred Seventy-Four
Thousand and Eighty Dollars ($11,474,080) (principal and interest due under the
Senior Notes of $24,486,000, less the Class 2A distribution of $13,011,920).

CLASS 3B - ADMINISTRATIVE CONVENIENCE CLAIMS

Each Allowed Class 3B Claim shall be paid in full, in cash, on the later of the
Effective Date or in accordance with the agreement or terms governing such
claim.

      D.    CLASS 4 - TARDILY FILED CLAIMS

Class 4 Creditors shall receive nothing on account of such claims.

      E.    CLASS 5 - EQUITY INTERESTS

Class 5A Claimants shall receive nothing on account of their Allowed Equity
Interests. On the Effective Date, all outstanding Class 5A Equity Interests of
the Debtor will be canceled, annulled, and extinguished.

Class 5B Claimants shall receive their Pro Rata share of five hundred fifty
(550) shares of New Class B Common Stock on account of their Allowed Equity
Interests; provided, however, that no shares of New Class B Common Stock will be
distributed on account of an Allowed Equity Interest owned, directly or
indirectly, by an insider of the Debtor and any distribution attributable to
such Allowed Equity Interests will be deemed waived and distributed to the other
holders of the Old Common Stock. On the Effective Date, all outstanding Class 5B
Equity Interests of the Debtor will be canceled, annulled, and extinguished.

VII.  IDENTIFICATION OF IMPAIRED CLASSES

      A.    UNIMPAIRED CLASSES

Classes 1, 2B, and 3B are not impaired under this Plan.

      B.    IMPAIRED CLASSES

Classes 2A, 3A, 4, 5A, and 5B are impaired under this Plan, and all holders of
Allowed Claims in such classes may vote to accept or reject this Plan. A class
of claims shall have accepted this Plan if at least two-thirds (2/3) in dollar
amount and more than one-half (1/2) in number of

                                       10
<PAGE>   14
holders in such class who have voted on this Plan, have voted to accept this
Plan. A class of Equity Interests shall have accepted the Plan if at least
two-thirds (2/3) in amount of holders in such class who have voted on the Plan,
have voted to accept the Plan.

Pursuant to section 1126(g) of the Bankruptcy Code, a class of claims or
interests shall be deemed to have rejected a plan if such class will receive or
retain no property of the Debtor under the terms of the plan. Accordingly, Class
4 Tardily Filed Claims and Class 5A Equity Interests shall be deemed to reject
this Plan and the Proponents will seek confirmation of this Plan under section
1129(b) of the Bankruptcy Code with respect to such Classes 4 and 5A. Although
Class 5B will receive a distribution under the Plan, the Proponents will seek an
order from the Bankruptcy Court that Class 5B shall be deemed to reject the
Plan.

VIII. MEANS FOR EXECUTING PLAN

      A.    FUNDING OF PLAN

All payments of Cash that are to be made on or after the Effective Date of this
Plan shall be made by the Reorganized Company from Cash on hand (including cash
collateral held by the Indenture Trustee) as of the Effective Date. On the
Effective Date any Cash in excess of Fifty Thousand Dollars ($50,000) held by
CGMI shall be transferred to the Reorganized Company.

      B.    AMENDED ORGANIZATIONAL DOCUMENTS

As of the Effective Date, the Amended Organizational Documents shall be
authorized and approved in all respects, and shall become the organizational
documents of the Reorganized Company without any further action of the Debtor,
the Reorganized Company or the Bankruptcy Court. The Amended Certificate of
Incorporation prohibits the issuance of non-voting equity securities in
accordance with section 1123 of the Bankruptcy Code. On and after the Effective
Date, the Reorganized Company shall be authorized and directed under this Plan
and the Confirmation Order to file the Amended Certificate of Incorporation with
the Secretary of State or other appropriate officer for the State of New Jersey.

      C.    CORPORATE ACTION

The adoption of the Amended Organizational Documents, the initial selection of
the Board of Directors of the Reorganized Company, the issuance of the New
Stock, and all matters under this Plan involving the organizational structure of
the Reorganized Company or corporate action to be taken by or required of the
Reorganized Company to implement this Plan shall be deemed to have occurred and
be effective as provided in this Plan, shall be authorized and approved in all
respects without any further action by the stockholders or the Board of
Directors of the Debtor, and the Board of Directors of the Reorganized Company
shall be authorized and directed to execute and deliver any such documents,
including, but not limited to (a) the Amended Certificate of Incorporation, (b)
the Amended Bylaws, and (c) any other documents necessary to implement this
Plan.

                                       11
<PAGE>   15
IX.   IMPLEMENTATION OF PLAN

      A.    BOARD OF DIRECTORS

The Board of Directors of the Reorganized Company shall initially consist of
three (3) directors; provided, however, that, subject to the discretion of the
Board of Directors and in accordance with the Amended Bylaws, the Board of
Directors of the Reorganized Company may be expanded to no more than seven (7)
directors. On the Effective Date, the following individuals shall be appointed
and authorized to act as the Board of Directors of the Reorganized Company:

<TABLE>
<CAPTION>
                   NAME                         DIRECTORSHIP
<S>                                           <C>
            Michael W. Barozzi                Common Director
             Charles B. Brewer                Class A Director
          Col. Clinton L. Pagano              Common Director
            William S. Papazian               Common Director
</TABLE>

Subject to the terms and conditions of the Amended Organizational Documents, the
Board of Directors shall have complete authority for management and operation of
the Reorganized Company. No member of the Board of Directors shall be removed
for a period of one (1) year following the Effective Date unless cause exists or
such removal is directed by the affirmative vote of a majority of stockholders
entitled to appoint such director. Director vacancies shall be filled as
provided in the Amended Bylaws. Colonel Pagano shall serve as a Common Director
until the expiration of his term of office on December 31, 2000. Thereafter, the
composition and voting rights of the Board of Directors will be adjusted as
provided in the Amended Certificate of Incorporation.

As Chairman of the Board, Charles B. Brewer shall receive 22,000 shares of Class
B Common Stock representing approximately one percent (1%) of the voting
securities of the Reorganized Company outstanding on the Effective Date.

      B.    ALLOCATION AND DISTRIBUTION OF NEW STOCK

            1.    NEW CLASS A COMMON STOCK

Confirmation of this Plan shall constitute approval for 3,000,000 shares of New
Class A Common Stock of the Reorganized Company to be authorized under the
Amended Certificate of Incorporation. Of the 3,000,000 authorized shares,
2,068,000 shares of New Class A Common Stock shall be distributed to Class 2A
Creditors under this Plan.

As soon as practical after the Effective Date, the Indenture Trustee shall
distribute certificates representing the Pro Rata portion of the authorized New
Class A Common Stock to Class 2A Creditors, rounded down to the nearest whole
share allocable to any Creditor (no fractional shares will be distributed to any
Creditor).

            2.    NEW CLASS B COMMON STOCK

Confirmation of this Plan shall constitute approval for 2,000,000 shares of New
Class B Common Stock of the Reorganized Company to be authorized under the
Amended Certificate of

                                       12
<PAGE>   16
Incorporation. Of the 2,000,000 authorized shares, 132,000 shares of New Class B
Common Stock will be issued to the Management Group pursuant to Article IX,
Sections A and F, and 550 shares of New Class B Common Stock will be issued to
the holders of Equity Interests classified in Class 5B.

            3.    EXEMPTION FROM FEDERAL SECURITIES LAWS

The distribution of the New Stock under this Plan is intended to be exempt from
registration under applicable Securities Laws pursuant to section 1145 of the
Bankruptcy Code. Unless waived by the Reorganized Company in its sole and
absolute discretion, no New Stock shall be distributed under this Plan until and
unless: (a) the Bankruptcy Court has entered a Final Order finding that the
distribution of the New Stock under this Plan is exempt from registration under
section 5 of the Securities Act of 1933 and any applicable state or local law
requiring registration; or (b) a no-action letter has been obtained from the SEC
advising that no action will be taken by the SEC in the event that the New Stock
is issued and distributed under this Plan without registering such New Stock
pursuant to the Securities Act of 1933; or (c) the New Stock has been
appropriately registered under the Securities Act of 1933 and all applicable
rules and regulations, and any other applicable securities laws.

      C.    SURRENDER AND CANCELLATION OF OUTSTANDING SECURITIES

            1.    ISSUANCE AND DISTRIBUTION OF NEW STOCK AND CANCELLATION OF OLD
                  STOCK

            (a)   On the Effective Date, the Reorganized Company shall issue the
                  aggregate amount of 2,200,550 shares of New Stock in
                  accordance with the terms of the Plan. The New Stock shall be
                  subject to the provisions and restrictions of the Amended
                  Organizational Documents.

            (b)   On the Effective Date, all Old Stock and all unexercised
                  rights to acquire shares of common stock or preferred stock of
                  the Debtor by way of option, warrant or other legal or
                  contractual rights shall be automatically canceled and deemed
                  to be void.

            (c)   As of the close of business on the Record Date, the transfer
                  ledgers for Old Stock shall be closed, and there shall be no
                  further changes in the record holders of any such securities.
                  The Debtor shall have no obligation to recognize any transfer
                  of any of the Old Stock occurring on or after the Record Date.
                  The Debtor and the Transfer Agent shall be entitled to
                  recognize and deal for all purposes hereunder with only those
                  record holders stated on the transfer ledgers of the Transfer
                  Agent as of the close of business on the Record Date.

            (d)   The holder of each Class 5B Allowed Equity Interest shall not
                  be entitled to any distribution under this Plan unless and
                  until such holder shall have first surrendered, or caused to
                  be surrendered, to the Reorganized Company (or any transfer
                  agent designated by the Reorganized Company) the original such
                  security held by it or, in the event that such original

                                       13
<PAGE>   17
                  security shall have been lost, destroyed, stolen or mutilated,
                  executed and delivered an affidavit of loss and indemnity with
                  respect thereto in form customarily utilized for such purposes
                  that is reasonably satisfactory to the Reorganized Company
                  and, in the event the Reorganized Company so requests,
                  furnished a bond in form and substance (including, without
                  limitation, amount) reasonably satisfactory to the Reorganized
                  Company. Any holder of Old Common Stock which shall not have
                  surrendered or have been deemed to surrender instruments or
                  certificates representing its Allowed Equity Interest within
                  one hundred eighty (180) days after the Effective Date, shall
                  have its Allowed Equity Interest disallowed, shall receive no
                  distribution on account of such Allowed Equity Interest under
                  this Plan, and shall be forever barred from asserting any
                  claim on account of its Allowed Equity Interest.

            2.    SURRENDER AND CANCELLATION OF SENIOR NOTES

As a condition to receiving the Cash and New Class A Common Stock distributable
under this Plan, holders of the Senior Notes shall surrender such instruments to
the Indenture Trustee. Upon surrender of the instruments, holders will receive
their Pro Rata share of the Cash and New Class A Common Stock distributable to
Class 2A. When a Senior Noteholder surrenders its Senior Notes to the Indenture
Trustee, the Indenture Trustee shall hold such instrument in "book entry only"
until termination of the Indenture, whereupon such instruments shall be
canceled.

Any holder of a Senior Note which has been lost, stolen, mutilated or destroyed,
shall, in lieu of surrendering such instrument, deliver to the Indenture Trustee
(a) evidence satisfactory to the Indenture Trustee of the loss, theft,
mutilation, or destruction of such instrument, and (b) such security or
indemnity that may be reasonably required by the Indenture Trustee to hold such
trustee harmless with respect to any such representation of the holder. Upon
compliance with the preceding sentence, such holder shall, for all purposes
under this Plan, be deemed to have surrendered such instrument.

Any holder of a Senior Note which shall not have surrendered or have been deemed
to surrender instruments or certificates representing its Senior Noteholder
Claim within one hundred eighty (180) days after the Effective Date, shall have
its Senior Noteholder Claim disallowed, shall receive no distribution on account
of such Senior Noteholder Claim under this Plan, and shall be forever barred
from asserting any claim on account of its Senior Noteholder Claim. Any cash or
stock reserved for distribution on account of such disallowed Senior Noteholder
Claim will be returned to the Company

As of the Effective Date, all instruments evidencing Senior Noteholder Claims
against the Debtor, on the Effective Date, shall represent only the right to
participate in the distributions provided in this Plan on account of such Senior
Noteholder Claims; provided, however, that the Senior Notes shall in addition
represent all rights, claims, and interests which they previously represented
unless specifically settled or compromised under this Plan.

                                       14
<PAGE>   18
      D.    TERMINATION OF INDENTURE

The Indenture shall terminate as of the Effective Date pursuant to section
1123(a)(5)(F) of the Bankruptcy Code, except as necessary to administer the
rights, claims, liens, and interests of the Indenture Trustee and Senior
Noteholders (including, to preserve and pursue any claims, rights, or interests
of the Indenture Trustee under the Indenture). The Debtor and the Indenture
Trustee shall have no further obligation under the Indenture and shall be
relieved of all obligations under the Indenture relating to the Senior Notes,
except with respect to the payments required to be made to the Indenture Trustee
in respect of its claims, or with respect to such other rights of the Indenture
Trustee that, pursuant to the terms of the Indenture, survive the termination of
the Indenture. Termination of the Indenture shall not impair the rights of any
Senior Noteholders pursuant to this Plan, and shall not impair the rights of the
Indenture Trustee to enforce its charging liens, created in law or pursuant to
the Indenture, against the assets securing the Senior Notes or property that
would otherwise be distributed to holders of the Senior Notes. Upon termination
of the Indenture, and without further action or order of the Bankruptcy Court,
the charging liens of the Indenture Trustee shall attach to any property
distributable to Senior Noteholders under this Plan with the same priority,
dignity, and effect that such liens had on property distributable under the
Indenture. Termination of the Indenture and related collateral documents shall
not impair the validity or priority of the Indenture Trustee's liens against and
interests in the assets of the Debtor or the Reorganized Company that originally
secured the Senior Notes.

      E.    LICENSES OR PERMITS

Any and all licenses, permits or other regulatory approvals of the Debtor shall
be retained and made applicable to the Reorganized Company without further
action of the Debtor or the Reorganized Company.

      F.    ALLOCATION OF MANAGEMENT SHARES

In order to provide an incentive to the Management Group, the Reorganized
Company shall distribute to the Management Group the Management Shares,
representing six percent of the aggregate voting securities of the Reorganized
Company. Michael W. Barozzi and William S. Papazian each will receive 55,000
shares of the Management Shares, and Charles B. Brewer will receive 22,000
shares of the Management Shares. Ownership of the Management Shares will vest as
follows: (i) one third will vest immediately on the Effective Date; (ii) one
third will vest on the first anniversary of the Effective Date; and (iii) the
final one third will vest on the second anniversary of the Effective Date. All
unvested shares of the Management Shares, and dividends accrued thereon, shall
be placed in escrow for their respective owners. If such owner voluntarily
leaves his employment for any reason or is terminated with cause prior to the
vesting date, then such owner shall lose all accumulated rights to such unvested
stock and accrued dividends. If the Reorganized Company or any of its
subsidiaries is sold, the stock shall vest immediately upon closing of the sale.

                                       15
<PAGE>   19
      G.    ROUNDING

Whenever any payment of a fraction of a cent would otherwise be called for, the
actual payment shall reflect a rounding down of such fraction to the nearest
whole cent. To the extent Cash remains undistributed as a result of the rounding
down of such fraction to the nearest whole cent, such Cash shall be treated as
unclaimed property and returned to the Reorganized Company. Whenever any
distribution of a fraction of a share of New Stock would otherwise be called
for, the actual distribution will reflect a rounding down of such fraction down
to the nearest whole number of shares; provided, however, that any fractional
share of Class B Common Stock distributable to members of Class 5B shall be
rounded up to the next whole share. Shares of New Stock not distributed because
of this provision of this Plan will be treated as unclaimed property and
returned to the Reorganized Company for cancellation.

      H.    LIMITATION ON TRANSFER OF NEW STOCK

The Amended Certificate of Incorporation contains significant restrictions on
the transferability of the New Stock intended to preserve the Debtor's tax
attributes and its gaming licenses. These restrictions may impair
transferability and market value of the New Stock. The Amended Certificate of
Incorporation is incorporated herein by reference.

X.    BANKRUPTCY ACTIONS

On the Effective Date, all of the Debtor's right, title, and interest in and to
the Bankruptcy Actions shall be transferred to the Reorganized Company. The
Reorganized Company shall investigate and file any Bankruptcy Action that it
determines, in its sole and absolute discretion, is likely to result in a
recovery greater than the estimated fees and expenses necessary to pursue such
Bankruptcy Action. The Board of Directors of the Reorganized Company shall
determine in its sole discretion whether to distribute the Net Proceeds from
pursuing any Bankruptcy Action in the form of dividends to holders of the New
Stock.

XI.   EFFECT OF CONFIRMATION

      A.    REVESTING OF PROPERTY

Except as otherwise expressly provided herein, on the Effective Date, title to
all property of the Debtor's estate shall revest in the Debtor (except as set
forth in the Plan) free and clear of all liens, claims, charges and interests
arising on or before the Confirmation Date and other rights and interests of
holders of claims and interests. Subject to the provisions of the Plan, the
Reorganized Company may continue in existence free of any restriction imposed by
the Bankruptcy Code or the Bankruptcy Court.

      B.    DISCHARGE

Except as otherwise provided herein or in the Confirmation Order, the occurrence
of the Effective Date shall operate as a discharge, pursuant to section
1141(d)(1) of the Bankruptcy Code, effective as of the Effective Date, of any
and all debts of and claims against the Debtor that arose at any time prior to
the Confirmation Date, including, but not limited to, all principal and
interest, whether accrued before, on or after the Filing Date, any and all
liabilities or

                                       16
<PAGE>   20
obligations of the Debtor under the Old Indenture. On and after the Effective
Date, as to every discharged debt and claim, the person that held such debt or
claim shall be precluded from asserting against the Reorganized Company, or
against the Reorganized Company's assets or properties, any other or further
claim based upon any document, instrument or act, omission, transaction or other
activity of any kind or nature that occurred prior to the Confirmation Date.

      C.    RELEASES

Except as otherwise provided in the Plan, the Covered Persons are released from
any and all claims or liabilities (including claims by the Debtor), arising from
actions taken in their capacity as such, and from any and all claims,
obligations, rights, causes of action and liabilities which any holder of a
claim against or interest in the Debtor may be entitled to assert, whether known
or unknown, foreseen or unforeseen, existing or hereafter arising based in whole
or in part upon any act or omission, transaction or other occurrence taking
place on or before the Effective Date in any way relating to the Debtor, the
Chapter 11 Case, or the Plan, including, without limitation, any claims of
equitable subordination or similar assertions; provided that such releases shall
exclude claims arising from willful misconduct, gross negligence or defalcation.

            (a)   Except as otherwise expressly provided herein or the
                  Confirmation Order, on the Effective Date, each holder of any
                  claim against the Debtor receiving, or entitled to receive,
                  payments or distributions pursuant to the Plan on account of
                  such claim, shall be deemed to have forever waived, released
                  and discharged all rights, causes of action and claims, in law
                  or in equity, whether based on tort, fraud, contract or
                  otherwise, which they heretofore or hereafter possessed or may
                  possess against any Covered Person arising in any manner from
                  (i) the issuance, offering or sale of any interest in any of
                  the Senior Notes or the amendment of any term of the
                  Indenture, (ii) the disclosure made by any Covered Person in
                  any document used in connection with the issuance, offering or
                  sale of any interest in any of the Senior Notes, or the
                  amendment of any term of the Indenture, (iii) the due
                  diligence undertaken by any Covered Person in connection with
                  the issuance, offering and sale of any interest in any of the
                  Senior Notes or the amendment of any term of the Indenture, or
                  (iv) as against any Covered Person, such holder's acquisition,
                  ownership or disposition of any interest in any of the Senior
                  Notes (together, the "Released Claims"). From and after the
                  Effective Date, any such right, cause of action or claim
                  against any Covered Person shall, without the necessity for
                  any further action by, or notice to, any holder, automatically
                  be relinquished, conceded, extinguished, canceled and
                  terminated as a result of the waiver, release and discharge
                  contained in this Article XI and the Confirmation Order shall
                  provide that such holders, with respect to any such rights,
                  causes of action and claims, will be permanently enjoined on
                  and after the Effective Date from acting or proceeding in any
                  manner, including without limitation, commencing, conducting
                  or continuing in any manner, directly or indirectly any suit,
                  action or proceeding of any kind (including, without
                  limitation, any thereof in a judicial, arbitral,
                  administrative or other forum against any Covered Person) in
                  derogation

                                       17
<PAGE>   21
                  of the release contemplated by this Article XI, provided that
                  the foregoing, solely as to any Covered Person, may be subject
                  to review by the court having jurisdiction in respect of such
                  proceeding.

            (b)   Following the Effective Date, neither the Debtor, the
                  Reorganized Company, the Creditors' Committee, if any, the
                  Indenture Trustee, nor any of the members of such committee,
                  nor any of their respective officers, directors, employees or
                  agents (acting in such capacity), nor any professional persons
                  employed by any of them, shall have or incur any liability or
                  obligation to any person for any action taken or omitted to be
                  taken in connection with or related to the formulation,
                  preparation, dissemination, implementation, confirmation or
                  consummation of the Plan, the related Disclosure Statement, or
                  any contract, release, or other agreement or document created
                  or entered into, or any other action taken or omitted to be
                  taken in connection with the Plan; provided, however, that the
                  provisions of this sentence shall have no effect on the
                  liability of any person that would otherwise result from an
                  action or omission to the extent that such action or omission
                  is determined in a Final Order to have constituted gross
                  negligence or willful misconduct.

      D.    INJUNCTION

Except as otherwise expressly provided herein, the Confirmation Order will
provide that, following the Effective Date, all persons who have held, hold or
may hold claims against or interests in the Debtor, with respect to any such
claim or interest, shall be permanently enjoined on and after the Effective Date
from: (a) commencing, conducting or continuing in any manner any suit, action or
other proceeding of any kind (including, without limitation, any thereof in a
judicial, arbitral, administrative or other forum) against the Debtor or
Reorganized Company, any of its property, or any direct or indirect transferee
of any property of, or direct or indirect successor in interest to, any of the
foregoing persons, or any property of any such transferee or successor, (b)
enforcing, levying, attaching (including, without limitation, any pre-judgment
attachment), collecting or otherwise recovering by any manner or means, of any
judgment, award, decree or order against the Debtor or Reorganized Company, any
of its property, or any direct or indirect transferee of any property of, or
direct or indirect successor in interest to, any of the foregoing, or any
property of any such transferee or successor, (c) creating, perfecting or
otherwise enforcing in any manner, directly or indirectly, any encumbrance of
any kind against the Debtor or Reorganized Company, any of its property, or any
direct or indirect transferee of any property of, or successor in interest to,
any of the foregoing, (d) asserting any setoff, right of subrogation or
recoupment of any kind, directly or indirectly, against any obligation due the
Debtor or Reorganized Company, any of the property of the Debtor or the
Reorganized Company, or any direct or indirect transferee of any property of, or
successor in interest to, any of the foregoing, or (e) acting or proceeding in
any manner, in any place whatsoever, that does not conform to or comply with the
provisions of the Plan and the Confirmation Order. Notwithstanding anything
herein to the contrary, nothing in this Article XI, Section D or elsewhere in
this Plan shall in any way affect or impair any rights or causes of action
against any person other than any Covered Person.

                                       18
<PAGE>   22
      E.    INDEMNIFICATION

To facilitate the expeditious and effective reorganization of the Debtor, the
Reorganized Company shall indemnify, hold harmless and reimburse any present
director, officer or employee pursuant to the provisions of its certificate of
incorporation and by-laws and applicable provisions of the laws of New Jersey
from and against any and all losses, claims, damages, liabilities and actions,
asserted or filed against such persons for, by reason of, arising from, in
connection with, involving, or related to services rendered or acts or omissions
to act in those capacities relating to or arising out of the facts and claims
alleged or asserted, or which could have been alleged or asserted prior to the
Confirmation Date. The indemnifications provided hereunder shall survive
confirmation of the Plan and shall not be discharged pursuant to section 1141 of
the Bankruptcy Code. The Reorganized Company shall pay any legal or other
expenses reasonably incurred by such indemnified party in connection with this
indemnification or the enforcement thereof. In no event shall the
indemnification provided hereunder extend to claims or liabilities asserted and
found by a court of competent jurisdiction to arise from willful misconduct,
gross negligence or defalcation by the person seeking indemnification.

XII.  CONDITIONS PRECEDENT

      A.    CONDITIONS TO CONFIRMATION.

The following conditions must be satisfied or waived pursuant to Article XII,
Section C hereof prior to confirmation of the Plan:

            (a)   Class 2A shall have voted to accept the Plan; and

            (b)   The Confirmation Order shall be in form and substance
                  reasonably satisfactory to the Proponents; and

            (c)   The Plan shall not have been modified or amended in any
                  material respect, and no material provision of the Plan shall
                  have been waived.

      B.    CONDITIONS TO THE OCCURRENCE OF THE EFFECTIVE DATE.

It is a condition precedent to the occurrence of the Effective Date, that the
Confirmation Order shall have become a Final Order.

      C.    WAIVER OF CONDITIONS.

Without limiting any benefits to the Proponents of the doctrine of mootness, the
Proponents may at any time waive any condition set forth in Article XII, Section
A or B hereof, without any notice to any person, without leave or order of the
Bankruptcy Court, and without any other formal action.

                                       19
<PAGE>   23
XIII. POST-CONFIRMATION CLAIMS ADMINISTRATION

      A.    TIME PERIOD FOR FILING BANKRUPTCY ACTIONS AND OTHER ADVERSARY
            PROCEEDINGS

Any Bankruptcy Action or other adversary proceeding to be brought by the
Reorganized Company in the Bankruptcy Court shall be filed within two (2) years
after entry of the Confirmation Order, unless the Bankruptcy Court, for cause,
orders otherwise after notice and a hearing. Nothing in this Section shall be
construed to preclude any proceeding in another court of competent jurisdiction
within otherwise applicable time limits.

      B.    RIGHT TO RECEIVE DISTRIBUTIONS

Except as provided below with respect to holders of Senior Notes, the Allowed
Claim of each Creditor shall represent their right to receive distributions from
the Reorganized Company, if any.

Pursuant to Article IX, Section C of this Plan, all Senior Notes held by Senior
Noteholders that have not surrendered or been deemed to have surrendered the
instruments representing their claim within one hundred eighty (180) days after
the Effective Date, shall receive no distribution from the Reorganized Company
on account of such Senior Notes, and holders of such Senior Notes shall be
forever barred from asserting any claim on account of such Senior Notes. Any
Cash or New Class A Common Stock allocated or reserved for such holders shall be
returned to the Reorganized Company or cancelled, as applicable.

Pursuant to Article IX, Section C of this Plan, all Equity Securities held by
Claimants that have not surrendered or been deemed to have surrendered the
instruments representing their interests within one hundred eighty (180) days
after the Effective Date, shall receive no distribution from the Reorganized
Company on account of such Equity Security, and holders of such Equity Security
shall be forever barred from asserting any claim on account of such Equity
Security. Any cash allocated or reserved for such holders shall be returned to
the Reorganized Company.

      C.    OBJECTIONS TO CLAIMS AND EQUITY INTERESTS

The Reorganized Company shall review all claims and Equity Interests filed in
this Case and file any objections to such claims and Equity Interests as it
deems appropriate, including, but not limited to, any fee applications of
Professionals of the Debtor. An objection to the allowance of a claim or Equity
Interest shall be in writing and must be filed with the Bankruptcy Court within
ninety (90) days after entry of the Confirmation Order. Any objection to a claim
or Equity Interest must be served on the Reorganized Company and other parties
in interest as provided under the Bankruptcy Rules and Local Rules. Nothing in
this Article XIII, Section C shall be construed to prohibit any other party in
interest from filing objections to claims or Equity Interests.

      D.    DISPUTED CLAIMS AND EQUITY INTERESTS

Prior to making any distributions under this Plan, the Reorganized Company shall
establish a reserve account for Disputed Claims and Disputed Equity Interests
("Objection Reserve"). The

                                       20
<PAGE>   24
Reorganized Company shall distribute to and maintain in the Objection Reserve
all property which would otherwise be distributable to holders of Disputed
Claims or Disputed Equity Interests, assuming such Disputed Claims or Disputed
Equity Interests would be allowed in the amount claimed. In calculating the
amount of the Objection Reserve, the Reorganized Company shall use one of the
following as the amount of the Disputed Claim or Disputed Equity Interest: (a)
the amount such Claimant alleges is due and owing; (b) the amount ordered by the
Bankruptcy Court for purposes of establishing a reserve; or (c) the amount that
the Reorganized Company and any such Claimant may mutually agree to reserve. The
property reserved for the holder of a Disputed Claim or Disputed Equity Interest
shall be distributed to such holder only to the extent such Disputed Claim or
Equity Interest shall become an Allowed Claim. Any earnings on Cash, or
appreciation of or dividends paid on property held, in the Objection Reserve
shall be allocated to the account of the holder of Disputed Claims or Disputed
Equity Interests for which such Cash or property is held, and distributed to
such holders based on the amount of their respective Allowed Claims or Allowed
Equity Interests.

      E.    UNCLAIMED DISTRIBUTIONS

If any check paid on account of a distribution is not presented for payment
within sixty (60) days of the date it is mailed to the Claimant, and the check
has not been returned to the Reorganized Company by the United States Postal
Service, the check shall be voided. In such an event, and if the Creditor or
holder of an Equity Interest fails to contact the Reorganized Company within one
hundred eighty (180) days after mailing the check, the dividend will be deemed
to be waived or abandoned and the funds payable to such Creditor or holder of an
Equity Interest shall be returned to the Reorganized Company.

In the event that a check or other property is returned by the United States
Postal Service on account of an incorrect or insufficient address, the
Reorganized Company or its representative will use reasonable means, in view of
the value of the distribution, to determine the correct address and remail the
check. If the correct address cannot be determined or if the second mailing of a
check is returned, then the Creditor or holder of an Equity Interest will be
deemed to have waived or abandoned its claim and the funds or other property
payable to such Creditor or holder of an Equity Interest shall be returned to
the Reorganized Company.

Any cash or other property that remains unclaimed one (1) year after the
Effective Date of this Plan shall be deemed abandoned. Such unclaimed funds
shall be returned to the Reorganized Company free and clear of any claim or
interest of the Claimant.

XIV.  EXECUTORY CONTRACTS AND UNEXPIRED LEASES

All executory contracts and unexpired leases of the Debtor that have not been
expressly rejected on or before the Effective Date of this Plan will be deemed
assumed.

The employment contracts of Michael W. Barozzi and William S. Papazian shall be
assumed on the Effective Date without further action required by or on behalf of
the Reorganized Company.

All holders of claims based upon rejection of executory contracts and unexpired
leases are required to file proofs of claims within thirty (30) days following
the Effective Date of this Plan.

                                       21
<PAGE>   25
Any claim based upon rejection of an executory contract or unexpired lease that
is not filed prior to such deadline will be deemed to be a Tardily Filed Claim
under the terms of this Plan.

XV.   RETENTION OF JURISDICTION

      A.    SCOPE OF JURISDICTION

The Bankruptcy Court shall retain its jurisdiction over the Case under 28 U.S.C.
Sections 157 and 1334 to:

            (a)   Determine any and all objections to the allowance of claims;

            (b)   Determine any and all applications for allowance of fees and
                  reimbursement of Professionals' expenses under the Bankruptcy
                  Code relating to services provided and expenses incurred;

            (c)   Determine any and all motions, adversary proceedings, or
                  contested matters brought before the Bankruptcy Court;

            (d)   Determine any and all Actions arising under title 11 of the
                  United States Code, or arising in or relating to a case under
                  title 11 of the United States Code, after the Confirmation
                  Date;

            (e)   Modify this Plan, or grant declaratory relief with regard to
                  any defect, omission, or inconsistency in this Plan;

            (f)   Take any action to enforce this Plan and issue such orders as
                  may be necessary to implement, execute, and consummate this
                  Plan;

            (g)   Determine any dispute regarding implementation of this Plan;
                  and

            (h)   Determine such other matters as may arise in connection with
                  this Plan or consummation of this Plan.

Nothing in this Plan or the Confirmation Order shall expand the jurisdiction of
the Bankruptcy Court beyond that permitted by title 28 of the United States
Code. In addition, nothing in this Plan or the Confirmation Order shall impair
any right to a jury trial that any party in interest in the Case would have
notwithstanding confirmation of this Plan.

      B.    CONCURRENT WITH OTHER COURTS

Except as otherwise provided in title 28 of the United States Code, the
jurisdiction of the Bankruptcy Court shall be concurrent with other courts of
competent jurisdiction. This Plan shall have no effect upon and shall not
control, prohibit, or limit the exercise of jurisdiction of any other court of
competent jurisdiction with respect to such matters. If the Bankruptcy Court
declines to exercise its jurisdiction on any matter under this Plan, the
reference to the Bankruptcy Court in this Plan shall be deemed to include any
court of competent jurisdiction unless the context requires otherwise.

                                       22
<PAGE>   26
XVI.  MISCELLANEOUS PROVISIONS

      A.    TERMINATION OF PROFESSIONALS

Except as otherwise provided in this Plan, all Professionals shall be terminated
as of the Effective Date and such Professionals shall not be entitled to
compensation or reimbursement of expenses for any services rendered after the
Effective Date, except for services rendered and expenses incurred in connection
with any applications for allowance of compensation and reimbursement of
expenses relating to their retention in this case.

      B.    DISBURSING AGENT

The Indenture Trustee shall serve as disbursing agent with respect to any
distribution made on account of the Senior Notes. The Reorganized Company shall
serve as disbursing agent with respect to any other distributions under this
Plan.

      C.    WITHHOLDING TAXES

Any federal or state withholding taxes or other amounts required to be withheld
under any applicable law shall be deducted and withheld from any distribution
under the terms of this Plan.

      D.    AMENDMENTS AND MODIFICATIONS

This Plan may be amended or modified in the manner prescribed in section 1127 of
the Bankruptcy Code. To the extent required under section 1127, a holder of a
claim or Equity Interest that has accepted or rejected this Plan shall be deemed
to have accepted or rejected, as the case may be, this Plan as modified, unless,
within applicable time periods, such holder changes its previous acceptance or
rejection.

      E.    NOTICES

Any notice of appearance filed pursuant to Bankruptcy Rule 9010 requesting
notice under Bankruptcy Rule 2002 shall be null and void on the Effective Date.
Any Claimant or other party in interest appearing in this Case and requesting
notice under Bankruptcy Rule 2002 on or after the Effective Date must file and
serve a new notice of appearance to receive notice of any matter permitted or
required under this Plan.

      F.    HEADINGS

The headings used in this Plan are inserted for convenience only and do not
constitute a portion of this Plan, or in any way limit or affect the
enforceability, operation, or effect of any provision of this Plan.

      G.    EXHIBITS

All exhibits to this Plan are incorporated by reference and made a part of this
Plan.

                                       23
<PAGE>   27
      H.    TIME PERIODS

In computing any period of time prescribed by this Plan, the provisions of
Bankruptcy Rule 9006(a) shall apply unless the context requires otherwise.

      I.    GOVERNING LAW

Except to the extent that the provisions of the Bankruptcy Code, Bankruptcy
Rules, federal statutes or common law require otherwise, and subject to the
provisions of any contract, instrument, or other agreement entered into in
conjunction with this Plan, the rights and obligations arising under this Plan
shall be governed by and enforced in accordance with the laws of the State of
New Jersey.

      J.    SEVERABILITY

Should any provision of this Plan be determined to be unenforceable, such
determination shall not in any way limit or affect the enforceability,
operation, or effect of any other provision of this Plan.

      K.    SUCCESSORS AND ASSIGNS

The rights and obligations of any party in interest to this Plan shall be
binding on, and shall inure to the benefit of, the successors and assigns of
such party in interest.

                                       24
<PAGE>   28
Dated:   August 4, 2000

                             Respectfully submitted,

                             CAPITAL GAMING INTERNATIONAL, INC.

                             By       /s/ William S. Papazian
                                ------------------------------------
                                William S. Papazian

                             U.S. BANK TRUST NATIONAL ASSOCIATION,
                             As Indenture Trustee

                             By       /s/ Scott Strodthoff
                                ------------------------------------
                                Scott Strodthoff
                                Senior Vice President

                                       25
<PAGE>   29
                                 XVII. EXHIBITS

         A.       Amended Bylaws

         B.       Amended Certificate of Incorporation

                                       26<PAGE>   1
                                                                  Exhibit 10.182

                           THIRD AMENDED AND RESTATED
                          CERTIFICATE OF INCORPORATION
                                       OF
                       CAPITAL GAMING INTERNATIONAL, INC.

         The undersigned, a corporation organized and existing under and by
virtue of the New Jersey Business Corporation Act (the "Corporation"), does
hereby certify as follows:

         A. In the manner prescribed by N.J.S.A. 14A:9-5 and 14A:14-24, this
Third Amended and Restated Certificate of Incorporation was duly authorized and
adopted pursuant to:

         (i) the Plan of Reorganization of the Corporation (the "Plan") under
Chapter 11 of the United States Bankruptcy Code of 1978, as amended (the
"Bankruptcy Code");

         (ii) the order dated October 4, 2000, entered on that date by the
United States Bankruptcy Court of the District of New Jersey (Case No. 00-14052
(JHW)), which order confirmed the Plan under Chapter 11 of the Bankruptcy Code;

         (iii) the Plan became effective on October 16, 2000 (the "Effective
Date")

         B. The text of the Certificate of Incorporation of the Corporation, as
heretofore amended, is amended and restated in its entirety as follows to read
as hereinafter set forth in full:

         1. Name. The name of the Corporation is Capital Gaming International,
Inc.

         2. Registered Agent and Registered Office. The name, address and zip
code of the Corporation's current registered agent and registered office are:

              William S. Papazian, Executive Vice President
              Capital Gaming International, Inc.
              Suite 295
              3030 East Camelback Road
              Phoenix, Arizona  85016

         3. Purpose. The purposes for which this Corporation is organized are:
To engage in any activity within the purposes for which corporations may be
organized under the New Jersey Business Corporation Act.

         4. Capitalization. The aggregate number of Shares which the Corporation
shall have authority to issue is five million (5,000,000), without par value, of
which three million (3,000,000) shall be designated "Class A Common Stock" and
of which two million (2,000,000) shall be designated "Class B Common Stock." As
used herein, the term "Shares" shall mean shares of Class A Common Stock and
shares of Class B Common Stock.

         Except as otherwise stated herein, the holders of Class A Common Stock
and Class B Common Stock shall have all of the rights afforded holders of common
stock under the New Jersey Business Corporation Act, including the right to vote
on all matters submitted to a vote of
<PAGE>   2
the common shareholders and the right to receive the net assets of the
Corporation upon dissolution. No nonvoting equity securities of the Corporation
shall be issued. This provision is included in this Third Amended and Restated
Certificate of Incorporation in compliance with Section 1123 of the United
States Bankruptcy Code, 11 U.S.C. Section 1123, and shall have no further force
and effect beyond that required by said section and for so long as said section
is in effect and applicable to the Corporation.

         5.       Voting Rights of Shareholders.

                  (a) Except as may be otherwise provided in this Third Amended
and Restated Certificate of Incorporation, by agreement or by law, at all
meetings of the shareholders of the Corporation and in case of any actions of
the shareholders, the holders of Class A Common Stock and the holders of Class B
Common Stock shall vote together as a single class on all actions to be taken by
the shareholders of the Corporation.

                  (b) From and after the Effective Date, (i) the holders of the
Class A Common Stock and the Class B Common Stock, voting together as a single
class, shall be entitled to elect two (2) directors of the Corporation (the
"Common Directors") and (ii) the holders of the Class A Common Stock, voting
separately as a single class, shall be entitled to elect no less than one (1)
director and no more than five (5) directors (the "Class A Directors"). As used
herein, the term "Director" or "Directors" shall mean a Common Director and/or a
Class A Director.

                  (c) At any meeting held for the purpose of electing Directors,
(i) the presence in person or by proxy of the holders of a majority of the
aggregate number of Shares of Class A Common Stock and Class B Common Stock then
outstanding shall constitute a quorum of the Class A Common Stock and Class B
Common Stock for the election of the Common Directors and (ii) the presence in
person or by proxy of the holders of a majority of the aggregate number of
Shares of Class A Common Stock then outstanding shall constitute a quorum of the
Class A Common Stock for the election of the Class A Director(s).

                  (d) A vacancy in any directorship (i) elected by the holders
of the Class A Common Stock and Class B Common Stock shall be filled only by the
vote of the holders of the Class A Common Stock and Class B Common Stock, as
provided above, and (ii) elected by the holders of the Class A Common Stock
shall be filled only by the vote of the holders of the Class A Common Stock, as
provided above.

                  (e) Any action required or permitted to be taken at a meeting
of shareholders by statute, this Third Amended and Restated Certificate of
Incorporation or the by-laws, other than the annual election of the Directors,
may be taken without a meeting if consented to in writing by the minimum number
of votes which would be necessary to authorize such action at a meeting of the
shareholders at which all shareholders entitled to vote thereon were present and
voting. The resolution and the written consent thereto by the shareholders shall
be filed with the minutes of the proceedings of the shareholders.

                  (f) Notwithstanding anything contained in this Third Amended
and Restated Certificate of Incorporation to the contrary, the affirmative vote
of (i) the holders of at least a majority of the voting power of all Shares of
Class A Common Stock and Class B Common

                                       2
<PAGE>   3
Stock then outstanding, voting together as a single class, and (ii) the holders
of at least a majority of the voting power of all Shares of Class A Common Stock
then outstanding, voting separately as a single class, shall be required to
amend, repeal or adopt any provision inconsistent with this Article 5 or
Articles 6 or 10 hereof.

         6.       Board of Directors.

                  (a) The business and affairs of the Corporation shall be
managed and controlled by a Board of Directors (the "Board") consisting of not
less than three (3) and not more than seven (7) persons. From the Effective Date
of the Plan through December 31, 2000, the Board will consist of (i) three (3)
Common Directors and (ii) not less than one (1) and not more than (4) Class A
Directors. On and after January 1, 2001, the Board shall consist of (i) two (2)
Common Directors and (ii) not less than one (1) and not more than five (5) Class
A Directors. The number of Class A Directors at any given time shall be the
number of Class A Directors elected by the holders of the Class A Common Stock.

                  (b) At all meetings of the Board and in case of any actions of
the Board, a majority of the Directors elected at the time of the vote shall be
authorized to act at any meeting of or take any action of the Board; provided,
however, that for purposes of such meetings and actions of the Board from the
Effective Date through December 31, 2000, (i) each Common Director identified in
Article 7 (or any successor to such Common Director) shall have one (1) vote,
and (ii) the Class A Director identified in Article 7 (or any successor to such
Class A Director) shall have four (4) votes.

                  (c) At all meetings of the Board and in case of any actions of
the Board, a majority of the Directors elected at the time of the vote shall be
authorized to act at any meeting of or take any action of the Board; provided,
however, that for purposes of such meetings and actions of the Board on and
after January 1, 2001, (i) each Common Director shall have one (1) vote, and
(ii) for the Class A Director(s), (a) in the event the holders of the Class A
Common Stock have elected one (1) Class A Director at the time of the vote, such
Class A Director shall have five (5) votes; (b) in the event the holders of the
Class A Common Stock have elected two (2) Class A Directors at the time of the
vote, the Class A Director first elected (or first nominated in the event that
the two (2) Class A Directors were elected simultaneously) shall have three (3)
votes and the other Class A Director shall have two (2) votes; and (c) in the
event the holders of the Class A Common Stock have elected three (3) Class A
Directors at the time of the vote, the two (2) Class A Directors first elected
(or first nominated in the event that the three (3) Class A Directors were
elected simultaneously) shall have two (2) votes each and the other Class A
Director shall have one (1) vote; (d) in the event the holders of the Class A
Common Stock have elected four (4) Class A Directors at the time of the vote,
the Class A Director first elected (or first nominated in the event that the
four (4) Class A Directors were elected simultaneously) shall have two (2) votes
and the other Class A Directors shall have one (1) vote each; and (e) in the
event the holders of the Class A Common Stock have elected five (5) Class A
Directors at the time of the vote, each such Class A Director shall have one (1)
vote.

                  (d) The participation of the Directors with a majority of the
votes of the entire Board shall constitute a quorum for the transaction of
business or of any specified item of business.

                                       3
<PAGE>   4
                  (e) Whenever any action is required or permitted to be taken
by the Board, such action may be taken without a meeting if consented to in
writing by all Directors. The resolution and the written consent thereto by the
members of the Board shall be filed with the minutes of the proceedings of the
Board.

                  (f) (i) Any Common Director may be removed from office at any
time, with or without cause, by the affirmative vote of the holders of at least
a majority of the voting power of all Shares of Class A Common Stock and Class B
Common Stock, voting together as a single class, then outstanding and (ii) any
Class A Director may be removed from office at any time, with or without cause,
by the affirmative vote of the holders of at least a majority of the voting
power of all Shares of Class A Common Stock, voting separately as a single
class, then outstanding.

         7. Current Board. The Board initially consists of three (3) Common
Directors and one (1) Class A Director, and the designated class and name and
post office address of each person who serves as such a Director is as follows:

<TABLE>
<CAPTION>
NAME                                DIRECTORSHIP                     ADDRESS
----                                ------------                     -------
<S>                                 <C>                              <C>
Michael W. Barozzi                  Common Director                  Capital Gaming International, Inc.
                                                                     Suite 295
                                                                     3030 East Camelback Road
                                                                     Phoenix, AZ  85016

Charles B. Brewer                   Class A Director                 Capital Gaming International, Inc.
                                                                     Suite 295
                                                                     3030 East Camelback Road
                                                                     Phoenix, AZ  85016

Clinton L. Pagano                   Common Director                  Capital Gaming International, Inc.
                                                                     Suite 295
                                                                     3030 East Camelback Road
                                                                     Phoenix, AZ  85016

William S. Papazian                 Common Director                  Capital Gaming International, Inc.
                                                                     Suite 295
                                                                     3030 East Camelback Road
                                                                     Phoenix, AZ  85016
</TABLE>

         8. Limitation of Liability. Pursuant to the provisions of section
14A:2-7(3) of the New Jersey Business Corporation Act, any Director or officer
of the Corporation shall not be personally liable to the Corporation or its
shareholders for damages for breach of any duty owed to the Corporation or its
shareholders, except that this provision shall not relieve a Director or officer
from liability for any breach of duty based upon an act or omission (a) in
breach of such person's duty of loyalty to the Corporation or its shareholders,
(b) not in good faith or involving

                                       4
<PAGE>   5
a known violation of law or (c) resulting in receipt by such person of an
improper personal benefit.

         9.       Indemnification.

                  (a) Right to Indemnification. Each person who was or is made a
party or is threatened to be made a party to or is involved in any action, suit
or proceeding, whether civil, criminal, administrative or investigative (a
"proceeding"), by reason of the fact that he or she, or a person of whom he or
she is legal representative, is or was a Director or officer of the Corporation
or is or was serving at the request of the Corporation as a Director, officer,
employee or agent of another corporation or of a partnership, joint venture,
trust or other enterprise, including service with respect to employee benefit
plans, whether the basis of such proceeding is an alleged action in an official
capacity as a Director, officer, employee or agent or in any other capacity
while serving as a Director, officer, employee or agent, or if the Board
otherwise determines that any proceeding involving a Director, officer, employee
or agent could adversely affect the Corporation or any License held by it, shall
be indemnified and held harmless by the Corporation to the fullest extent
authorized by the New Jersey Business Corporation Act, as the same exists or may
hereafter be amended (but, in the case of any such amendment, only to the extent
that such amendment permits the Corporation to provide broader indemnification
rights than said law permitted the Corporation to provide prior to such
amendment), against all expense, liability and loss (including attorneys fees,
judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid
in settlement) reasonably incurred or suffered by such person in connection
therewith, and such indemnification shall continue as to a person who has ceased
to be a Director, officer, employee or agent and shall inure to the benefit of
his or her heirs, executors and administrators; provided, however, that, except
as provided in paragraph (b) of this Article 9, the Corporation shall indemnify
any such person seeking indemnification in connection with a proceeding (or part
thereof) initiated by such person only if such proceeding (or part thereof) was
authorized by the Board. The right to indemnification conferred in this Article
9 shall be a contract right and shall include the right to be paid by the
Corporation the expenses incurred in defending any such proceeding in advance of
its final disposition; provided, however, that, if the New Jersey Business
Corporation Act so requires, the payment of such expenses incurred by a Director
or officer in his or her capacity as a Director or officer (and not in any other
capacity in which services were or are rendered by such person while a Director
or officer, including, without limitation, service to any employee benefit plan)
in advance of the final disposition of a proceeding shall be made only upon
delivery to the Corporation of an undertaking, by or on behalf of such Director
or officer, to repay all amounts so advanced if it shall ultimately be
determined that such Director or officer is not entitled to be indemnified under
this Article 9 or otherwise. The Corporation may, by action of the Board,
provide indemnification to employees and agents of the Corporation with the same
scope and effect as the foregoing indemnification of Directors and officers.

                  (b) Right of Claimant to Bring Suit. If a claim under
paragraph (a) of this Article 9 is not paid in full by the Corporation within
thirty (30) days after a written claim has been received by the Corporation, the
claimant may, at any time thereafter, bring suit against the Corporation to
recover the unpaid amount of the claim, and, if successful, in whole or in part,
the claimant shall be entitled to be paid also the expense of prosecuting such
claim. It shall be a defense to any such action (other than an action brought to
enforce a claim for expenses incurred

                                       5
<PAGE>   6
in defending any proceeding in advance of its final disposition where the
required undertaking, if any is required, has been tendered to the Corporation)
that the claimant has not met the standards of conduct which make it permissible
under the New Jersey Business Corporation Act for the Corporation to indemnify
the claimant for the amount claimed, but the burden of proving such defense
shall be on the Corporation. Neither the failure of the Corporation (including
the Board, the Corporation's independent legal counsel or its shareholders) to
have made a determination prior to the commencement of such action that
indemnification of the claimant is proper in the circumstances because he or she
had met the applicable standard of conduct set forth in the New Jersey Business
Corporation Act, nor an actual determination by the Corporation (including the
Board, the Corporation's independent legal counsel or the Corporation's
shareholders) that the claimant has not met such applicable standard of conduct,
shall be a defense to an action or create a presumption that the claimant has
not met the applicable standard of conduct.

                  (c) Non-Exclusivity of Rights. The right to indemnification
and the payment of expenses incurred in defending a proceeding in advance of its
final disposition conferred in this Article 9 shall not be exclusive of any
other right which any person may have or hereafter acquire under any statute,
provision of this Third Amended and Restated Certificate of Incorporation,
by-law, agreement, vote of shareholders or disinterested Directors or otherwise.

                  (d) Insurance. The Corporation may maintain insurance, at its
expense, to protect itself and any Director, officer, employee or agent of the
Corporation or another corporation, partnership, joint venture, trust or other
enterprise against any such expense, liability or loss whether or not the
Corporation would have the power to indemnify such person against such expense,
liability or loss under the New Jersey Business Corporation Act.

         10.      Divestiture of Shares.

                  (a) Notwithstanding any other provision of this Third Amended
and Restated Certificate of Incorporation, outstanding Shares of Capital Stock
or Stock Equivalents shall be subject to divestiture by the holders thereof in
the following instances:

                           (1) If any Gaming Authority orders, requires or
                  requests the Corporation or any Beneficial Owner of Capital
                  Stock or Stock Equivalents to take such action as is
                  necessary, for such Beneficial Owner to divest any or all or
                  such holder's Capital Stock or Stock Equivalents (a
                  "Divestiture Order"), the Beneficial Owner or holder, after
                  being provided written notice of the Gaming Authority's
                  determination, shall immediately transfer the Capital Stock or
                  Stock Equivalents into a Liquidating Trust (a "Trust")
                  administered by an independent trustee appointed by the Board
                  who shall, under the terms of the Trust, be required to sell
                  or otherwise transfer within a period of twelve (12) months
                  (or such shorter time period as may be required by the
                  Divestiture Order) all of the Capital Stock or Stock
                  Equivalents required to be divested by the Divestiture Order
                  at the expense of the Corporation.

                           (2) If any Gaming Authority determines that continued
                  beneficial ownership of the Corporation's Capital Stock or
                  Stock Equivalents by any Beneficial Owner thereof shall or may
                  be grounds for the revocation, termination,

                                       6
<PAGE>   7
                  suspension, nonrenewal, restriction or withholding of any
                  License granted to or applied for by the Corporation or any
                  of its Affiliates, or shall or may be grounds for terminating
                  or suspending any management, consulting or other material
                  contract of the Corporation or any of its Affiliates or
                  otherwise limiting the activities of the Corporation or any of
                  its Affiliates (any of the above, a "License Event"), then the
                  Beneficial Owner or holder, after having been provided written
                  notice of the Gaming Authority's determination, shall
                  immediately transfer the Capital Stock or Stock Equivalents
                  into a Trust administered by an independent trustee appointed
                  by the Board, who shall, under the terms of the Trust, be
                  required to sell or otherwise transfer within a period of
                  twelve (12) months (or such shorter period as may be required
                  by the Gaming Authority to prevent the occurrence of a License
                  Event) all of the Capital Stock or Stock Equivalents
                  beneficially owned by such Beneficial Owner at the expense of
                  the Corporation.

                           (3) If the Board, in its sole discretion, shall
                  determine that the continued beneficial ownership of any
                  Capital Stock or Stock Equivalents by any Beneficial Owner
                  thereof shall or may, or, when taken together with the
                  beneficial ownership of Capital Stock or Stock Equivalents by
                  any other Beneficial Owner thereof, shall or may, result in a
                  License Event, then the Beneficial Owner or holder, after
                  having been provided written notice of the Board
                  determination, shall immediately transfer the Capital Stock or
                  Stock Equivalents into a Trust administered by an independent
                  trustee appointed by the Board, who shall, under the terms of
                  the Trust, be required to sell or otherwise transfer within a
                  period of twelve (12) months all of the Capital Stock or Stock
                  Equivalents beneficially owned by such Beneficial Owner at the
                  expense of the Corporation.

                           (4) If any Gaming Authority determines that the
                  continued beneficial ownership of the Corporation's Capital
                  Stock or Stock Equivalents by any Beneficial Owner thereof
                  shall require the licensure, certification, approval or
                  background investigation of such Beneficial Owner, such
                  Beneficial Holder, after being provided written notice of such
                  requirement, shall immediately transfer the Capital Stock or
                  Stock Equivalents into a Trust administered by an independent
                  trustee appointed by the Board who shall, under the terms of
                  the Trust, be required to sell or otherwise transfer within a
                  period of twelve (12) months (or such shorter period as may be
                  required by the Gaming Authority to prevent occurrence of a
                  License Event) following the earlier to occur of (x) failure
                  of such Beneficial Owner to submit all required information in
                  connection with such requisite license, certification,
                  approval or background investigation to the Gaming Authority
                  and the Corporation within seven (7) days of notice of such
                  determination being sent to Beneficial Owner and (y) failure
                  of such Beneficial Holder to receive such requisite licensure,
                  certification approval or background investigation clearance
                  within sixty (60) days following such notice at the expense of
                  the Corporation.

                  (b) The Beneficial Owner's obligation to transfer Capital
Stock and Stock Equivalents to a Trust pursuant to Article 10(a)(1), (2), (3) or
(4) above may be specifically enforced in any proceeding commenced in any
federal or state court of competent jurisdiction,

                                       7
<PAGE>   8
and the Corporation shall be entitled to recover its attorneys fees and costs
incurred in connection with such proceeding, as well as any other fees and
expenses incurred as a result of the Beneficial Owner's failure to timely
divest. This shall be in addition to any other rights and remedies which the
Corporation may have against such Beneficial Owner. Failure of the Corporation
to provide notice to a Beneficial Owner after making reasonable efforts to do so
shall not preclude the Corporation from exercising its rights under this Article
10 and shall not be a defense to any such action by the Corporation.

                  (c) Any Trust established pursuant to Article 10(a)(1), (2),
(3) or (4) above shall provide that, unless the prior written approval of the
Board is obtained, which may be granted or denied in their sole discretion, the
Trustee may only sell the Capital Stock or Stock Equivalents in open market
transactions.

                  (d) Notwithstanding the provisions of Article 10(a)(1), (2),
(3) or (4) above, the Corporation may, simultaneously with the sending of
applicable notice to the Beneficial Owner as provided in such provisions, as the
case may be, or at any time prior to complete liquidation of any Trust
established thereunder, give notice to its intent to redeem from the Holders the
Capital Stock or Stock Equivalents (or such remaining portions which are owned
by the Trust) which are owned or held by such Beneficial Holder, and may
thereafter redeem such Shares in accordance with subparagraph (e) below.

                  (e) Whenever the Corporation has the right to acquire Shares
of Capital Stock or Stock Equivalents from the holder thereof pursuant to this
Article 10, the price of the Shares to be purchased shall be equal to the lesser
of (i) seventy-five percent (75%) of the Fair Market Value of such Shares or
(ii) seventy-five percent (75%) of the original purchase price paid for such
securities by the relevant shareholder, or (iii) such other purchase price as
may be required by pertinent federal or state law pursuant to which the purchase
is required or made.

                           (1) If there is no other applicable legal
                  requirement, any amount payable to the shareholder by the
                  Corporation will be paid in three (3) equal annual
                  installments pursuant to the Corporation's unsecured
                  promissory note (the "Note") with interest equal to the prime
                  rate, as published from time-to-time in The Wall Street
                  Journal. The Note shall provide the Corporation with the right
                  to prepay the same without premium or penalty. The purchase
                  price of such Capital Stock or Stock Equivalents may be paid
                  in cash, Redemption Securities or any combination thereof.

                           (2) If less than all the redeemable Shares held by
                  such shareholders are to be redeemed, the Shares to be
                  redeemed shall be selected in such manner as shall be
                  determined by the Board, which may include selection first of
                  the most recently purchased Shares thereof, selection by lot,
                  or selection in any other manner determined by the Board.

                  (f) If the Corporation or a subsidiary thereof owns a
riverboat gaming vessel and determines that one or more persons who are not
citizens of the United States, as determined under the Shipping Act of 1916, as
amended, or the Merchant Marine Act of 1935, as amended ("Foreign Citizens"),
own more than twenty-five percent (25%) of the Corporation's outstanding

                                       8
<PAGE>   9
Capital Stock, the Corporation may require the Foreign Citizen(s) who most
recently acquired the Shares that bring total Foreign Citizen ownership to more
than twenty-five percent (25%) of the outstanding Capital Stock ("Excess
Shares") to divest the Excess Shares to persons who are United States citizens.
If the Foreign Citizen(s) so directed fail(s) to divest all of the Excess Shares
to United States citizens within 30 days after the date on which the Corporation
gives written notice to the Foreign Citizen(s) to divest the Excess Shares, the
Corporation shall also have the right to conduct a regulatory redemption with
regard to the Shares that the Foreign Citizen(s) failed to divest as required by
the Corporation's notice.

                  (g) When any Divestiture Order becomes final and
non-appealable, or whenever there is a Gaming Authority or Board determination
pursuant to Article 10(a)(2) or (4), or when the Corporation tenders the first
installment of consideration for which it may acquire Capital Stock or Stock
Equivalents as described in this Article 10, whichever occurs first, the Capital
Stock or Stock Equivalents in question shall no longer be entitled to any
voting, dividend or other rights, if any, until such time as they have been
appropriately placed in a Trust (in which case the Trustee will have the
exclusive right to vote such securities) or divested, whereupon all such rights
shall be restored respectively from the date of the divestiture.

                  (h) The foregoing provisions of this Article 10 relating to
required divestiture and permitted redemption by the Corporation of Capital
Stock and Stock Equivalents in certain instances, are in addition to, and not in
replacement of, any applicable legal requirements.

                  (i) The Board shall have the authority to direct the
Corporation's transfer agent to transfer Capital Stock or Stock Equivalent
consistent with this Article 10 regardless of the consent or acquiescence of the
Beneficial Owner or Holder.

                  (j) Definitions. Capitalized terms used in this Article 10
shall have the meanings provided below.

                      "Affiliate" shall have the meaning ascribed to such
         term in Rule 12b-2 of the General Rules and Regulations under the
         Securities Exchange Act of 1934, as amended (the "Act"). The term
         "registrant" as used in said Rule 12b-2 shall mean the Corporation.

                      "Beneficial Owner" shall mean any Person who, singly
         or together with any of such Person's Affiliates, directly or
         indirectly, has "beneficial ownership" of Capital Stock (as determined
         pursuant to Rule 13d-3 of the Act).

                      "Capital Stock" shall mean either the Common Stock or the
         Class A Common Stock.

                      "Fair Market Value" of a share of Capital Stock or
         Stock Equivalent shall mean the average Closing Price for such a
         security over the five (5) most recent days during which securities of
         such class or series shall have been traded preceding the day on which
         notice of redemption shall have been given pursuant to subparagraph (a)
         of Article 10; provided, however, that if securities of such class or
         series are not traded on any securities exchange or in the
         over-the-counter market, "Fair Market Value" shall be determined by the
         Board in good faith. "Closing Price" on any day means the reported

                                       9
<PAGE>   10
         closing sales price or, in case no such sale takes place, the reported
         closing bid price on the principal United States Securities Exchange
         registered under the Act on which such security is listed, or, if such
         security is not listed on any such exchange, the highest closing sales
         price or bid quotation for such security on the National Association of
         Securities Dealers, Inc., Automated Quotation System (including the
         National Market System) or any system then in use, or, if no such
         prices or quotations are available, the fair market value on the day in
         question as determined by the Board in good faith.

                      "Gaming Authority" shall mean any governmental,
         quasi-governmental, tribal or other private authority or entity or any
         officer or official thereof, with the power to regulate any form of
         gaming or interpret or enforce the laws and regulations applicable to
         any form of gaming that has jurisdiction over any entity in which the
         Corporation has a direct or indirect beneficial, legal or voting
         interest, whether now or hereafter in existence.

                      "License" shall mean any license, permit, franchise,
         certificate, approval, designation or other authorization from any
         Gaming Authority required to own, lease, operate or otherwise conduct
         or manage any gaming operation and/or gaming business or activity being
         conducted or to be conducted by the Corporation or any of its
         Affiliates, whether now or hereafter in existence.

                      "Person" shall mean any natural person, corporation,
         firm, partnership, association, government, government agency, or any
         other entity, whether acting in an individual, fiduciary or any other
         capacity.

                      "Redemption Securities" shall mean any debt or equity
         securities of the Corporation, any subsidiary of the Corporation or any
         combination thereof, having such terms and conditions as shall be
         approved by the Board and which, together with any cash to be paid as
         part redemption price, in the opinion of nationally recognized
         investment banking firm selected by the Board (which may be a firm
         which provides banking or brokerage services to the Corporation), has a
         value at the time notice of redemption is given pursuant to
         subparagraph (a)(4) of Article 10, at least equal to seventy-five
         percent (75%) the Fair Market Value Shares to be redeemed pursuant to
         subparagraph (a) of Article 10 (assuming, in the case of Redemption
         Securities to be publicly traded, such Redemption Securities were fully
         distributed and subject to normal trading activity).

                      "Stock Equivalents" shall mean any warrants, options
         or any other securities convertible into Capital Stock (whether or not
         currently exercisable).

         11. Preservation of Tax Benefits. Solely for the purpose of permitting
the utilization of the net operating loss carryovers, capital loss carryovers
and future deductions (the "Tax Benefits") to which the Corporation (or any
other member of the consolidated group of which the Corporation is common parent
for federal income tax purposes) is or may be entitled pursuant to the Code (as
defined below), the following restrictions shall apply during the Restrictions
Period (as defined below) unless such restrictions have been waived in
accordance with subparagraph (f) of this Article 11.

                                       10
<PAGE>   11
                  (a) Certain Definitions

                           (1) The term "Acquire," when applied to any of the
                  Shares, means to purchase or otherwise acquire such Shares.
                  The term "Acquire" includes any acquisition of an interest in
                  Shares, including acquisition of an option to acquire Shares,
                  if such acquisition would result in a change in the ownership
                  of such Shares after application of the constructive stock
                  ownership rules of section 382(1)(3) of the Code.

                           (2) The term "Code" means the Internal Revenue Code
                  of 1986, as amended, and the Treasury Regulations (final,
                  temporary and proposed) issued thereunder.

                           (3) The term "Effective Date" means October 16, 2000.

                           (4) The term "Five Percent Holder" means any person
                  or entity that owns, or that is treated as owning after
                  application of the constructive stock ownership rules of
                  section 382(1)(3) of the Code, five percent (5%) or more of
                  the Shares immediately following the Effective Date of the
                  Plan.

                           (5) The term "Initial Allotment" means that number of
                  Shares of Class A Common Stock or Class B Common Stock owned
                  or to be received by a person immediately following the
                  Effective Date.

                           (6) The term "Non-Five Percent Holder" means any
                  person that is not a Five Percent Holder.

                           (7) The term "person" includes both entities and
                  natural persons.

                           (8) The term "Restriction Period" means that time
                  period beginning on the Effective Date and ending on the date
                  determined under subparagraph (f) of this Article 11.

                           (9) The term "Tax Advisor" means the person or
                  persons appointed by the Board to exercise the powers set
                  forth in subparagraph (e) of this Article 11.

                           (10) The term "Transfer" or "Transferred," when
                  applied to any of the Shares, means to issue, sell, transfer,
                  pledge, encumber, grant an option with respect to, or
                  otherwise dispose of an interest in such Shares, but only if
                  such transaction would result in a change in the ownership of
                  such Shares after application of the constructive stock
                  ownership rules of section 382(1)(3) of the Code.

                  (b) Restrictions Imposed Generally on Five Percent Holders

                           (1) During the Restriction Period, each Five Percent
                  Holder may Transfer up to, but not in excess of, five percent
                  (5%) of such Five Percent Holder's Initial Allotment (such
                  Five Percent Holder's "Unrestricted Shares")

                                       11
<PAGE>   12
                  without the consent of the Corporation's Tax Advisor. Any
                  proposed Transfer by a Five Percent Holder during the
                  Restriction Period of Shares other than, or in excess of, its
                  Unrestricted Shares must be approved by the Corporation's Tax
                  Advisor.

                           (2) If any Five Percent Holder reduces its ownership
                  of Shares at any time during the Restriction Period to any
                  amount that is less than its Initial Allotment, such Five
                  Percent Holder shall not be permitted thereafter to Acquire
                  any additional Shares during the Restriction Period.

                  (c) Stock Escrow. In order to ensure compliance with the
trading restrictions imposed on Five Percent Holders, unless otherwise waived by
the Corporation, all stock certificates representing Shares issuable to any Five
Percent Holder in excess of such holder's Unrestricted Shares shall be held in
escrow by the Corporation during the Restriction Period, unless released earlier
in connection with an assignment of trading rights (as provided in subparagraph
(d) of this Article 11) or to permit the settlement of a proposed Transfer
approved by the Corporation's Tax Advisor. Each Five Percent Holder (or its
nominee or depository, if applicable) shall be deemed to be the record owner of,
and shall be entitled to vote, all Shares represented by stock certificates held
in escrow by the Corporation pursuant to this subparagraph (c).

                  (d) Assignment of Trading Rights. At any time during the
Restriction Period, any Five Percent Holder may assign to any other Five Percent
Holder the right to Transfer an amount of Shares equal to or less than the
assignor's Unrestricted Shares that have not, as of the date of the assignment,
been Transferred. In the event of such an assignment, the assignor's and
assignee's remaining Shares will be appropriately reclassified as restricted and
unrestricted to reflect that assignment.

                  (e) Consent of the Corporation's Tax Advisor. The Board shall
appoint a person or persons to serve as Tax Advisor. The Tax Advisor shall be
responsible for considering requests for the Transfer of Shares by Five Percent
Holders in excess of their Unrestricted Shares, as provided in this subparagraph
(e). The Corporation shall indemnify the Tax Advisor against any liability to
any person for any action taken in the exercise of its discretion under this
subparagraph (e).

         Neither the Corporation nor any Five Percent Holder shall issue, sell,
Transfer, pledge, encumber, receive a pledge or encumbrance of, grant or Acquire
an option with respect to, or otherwise dispose of or Acquire an interest in any
Shares (other than, in the case of a Five Percent Holder, its Unrestricted
Shares) without obtaining a prior determination from the Tax Advisor as to
whether such transaction constitutes a Transfer of such Shares within the
meaning of subparagraphs (a)(10) and (b)(1) of this Article 11. If the Tax
Advisor determines that such transaction constitutes such a Transfer of such
Shares, in the case of a proposed transaction by the Corporation, the Tax
Advisor shall notify the Board of such determination, and in the case of a
proposed transaction by a Five Percent Holder, the restrictions of this Article
11 shall apply.

         Upon application (the "Application") by any Five Percent Holder (the
"Applicant") for the Tax Advisor's consent to the Transfer of any of the Shares
held by such Five Percent Holder

                                       12
<PAGE>   13
in excess of such Five Percent Holder's Unrestricted Shares, the Tax Advisor
shall send notice to all Five Percent Holders (including the Applicant) of the
Application (a "Notice of Application"). Such Notice of Application shall
specify the number of Shares for which the Applicant seeks approval. Within ten
(10) days of the Notice Effective Date (as defined below) of such Notice of
Application, any other Five Percent Holder may notify (a "Notification") the Tax
Advisor that it requests the right to Transfer a specified amount of its Initial
Allotment, which shall not exceed its Initial Allotment multiplied by a
fraction, the numerator of which shall be the number of Shares specified in the
Application and the denominator of which shall be the Initial Allotment of the
Applicant. The Notice of Application or any amendment thereof shall be deemed
effective on the date (the "Notice Effective Date") on which the Notice of
Application is actually received by the last Five Percent Holder to receive such
Notice of Application (as evidenced by a signed receipt or comparable
documentary evidence of delivery).

         Following the expiration of such 10-day period, the Tax Advisor shall
make a determination as to whether the Transfer of all of the Shares specified
in the Application and all Notifications would create an unreasonable risk of
loss of or material limitation on the Corporation's use of its Tax Benefits.
Such determination shall be made in the Tax Advisor's sole discretion after
reviewing all information available to it, including, but not limited to, all
Schedule 13Ds filed with the Securities and Exchange Commission with respect to
the Corporation. If the Tax Advisor determines the Transfer of all such Shares
would not create an unreasonable risk of loss of, or material limitation on, the
Corporation's use of its Tax Benefits, it shall notify the Applicant and all
other Five Percent Holders of its consent to such Transfers (a "Notice of Final
Consent"). If the Tax Advisor determines that it cannot consent to all proposed
Transfers, it shall determine the maximum number of Shares the Transfer of which
it can approve (the "Maximum Amount") without creating an unreasonable risk of
loss of, or material limitation on, the Corporation's use of its Tax Benefits.
The Maximum Amount shall be allocated among the Applicant and the other Five
Percent Holders that submitted Notifications to the Tax Advisor in accordance
with this subparagraph (e), if any, as follows. The Applicant shall be permitted
to sell that portion of the Maximum Amount equal to the ratio that the number of
Shares specified in the Application bears to the sum of the number of Shares
specified in such Application and all of the Notifications submitted to the Tax
Advisor in accordance with this subparagraph (e), if any. Each other Five
Percent Holder that submitted a Notification shall be permitted to sell that
portion of the Maximum Amount equal to the ratio that the number of Shares
specified in such Notification bears to the sum described in the preceding
sentence. The Tax Advisor shall send Notice of Final Consent to the Applicant
and such other Five Percent Holder(s), if any, of the number of Shares that each
may sell based on the foregoing calculations, which notice shall constitute
final consent to the Transfer of such Shares.

         The Transfer of any Shares pursuant to a Notice of Final Consent shall
be completed, (i) in the case of a Five Percent Holder that has submitted a
Notification not later than the later of (x) thirty-five (35) days after the
Notice Effective Date of the relevant Notice of Final Consent and (y) forty-five
(45) days after the Notice Effective Date of the relevant Notice of Application,
and (ii) in the case of the Applicant, not later than thirty-five (35) days
after the Notice Effective Date of the relevant Notice of Final Consent. Each
Five Percent Holder that Transfer Shares pursuant to a Notice of Final Consent
shall give notice to the Tax Advisor that such Transfer has been completed
within five (5) days after the Transfer has been completed. If any such Transfer
has not been completed by the end of the relevant time period (as determined
under the first

                                       13
<PAGE>   14
sentence of this paragraph), final consent shall be deemed to have been
withdrawn as to such Transfer by the end of the relevant time period. If a Five
Percent Holder that submitted a Notification does not complete such a Transfer
by the end of the relevant time period, the Tax Advisor shall consent to the
Transfer by the Applicant of a number of Shares (in addition to the number of
Shares to be Transferred by the Applicant pursuant to the relevant Notice of
Final Consent) equal to the number of Shares the Transfer of which was not
completed. In no event, however, shall the Tax Advisor consent to the Transfer
by the Applicant of a number of Shares that, in the aggregate, exceeds the
number of Shares specified in the Application. The Tax Advisor shall notify the
Applicant and all other Five Percent Holders that it has consented to the
Transfer of such additional Shares (an "Amended Notice of Final Consent"). The
Applicant shall complete the Transfer of such additional Shares within 10 days
after the Notice Effective Date of the Amended Notice of Final Consent, and if
the Applicant does not do so, consent to the Transfer of such additional Shares
shall be deemed to be withdrawn.

         The Tax Advisor shall use its best efforts to take all actions required
under this subparagraph (e) as promptly as practicable.

                  (f) Restriction Period. Except as otherwise provided in this
subparagraph (f), the Restriction Period shall end on the date that is two years
after the Effective Date.

         If at any time the Board, in its reasonable business judgment,
determines that either (A) the restrictions are not longer necessary to avoid a
loss of the Corporation's Tax Benefits or (B) significant Tax Benefits are no
longer available to, or reasonably usable by, the Corporation for any reason,
including through passage of time, usage, restriction or disallowance, the Board
shall declare the Restriction Period terminated. If at any time the Board, in
its reasonable business judgment, unanimously determines that the preservation
of the Tax Benefits is no longer in the best interests of the Corporation and
its shareholders, the Board may declare the Restriction Period terminated.

         The Board may, in its sole discretion, determine that the Restriction
Period is to extend beyond the date that is two (2) years after the Effective
Date if the Board determines that such extension of the Restriction Period would
be in the best interests of the Corporation and its shareholders. In no event,
however, will the Restriction Period end later than the date that is three (3)
years after the Effective Date.

                  (g) Consequences of Prohibited Transfer

                           (1) Unless a Transfer is permitted under this Article
                  11 or approved by the Tax Advisor, any attempted Transfer of
                  Shares in excess of the Shares that could be Transferred to
                  the transferee without restriction under this Article 11 shall
                  not be effective to Transfer ownership of such Shares (the
                  "Prohibited Shares") to the purported acquirer thereof, who
                  shall not be entitled to any rights as a shareholder of the
                  Corporation with respect to such Prohibited Shares (including,
                  without limitation, the right to vote or to receive dividends
                  with respect thereto).

                                       14
<PAGE>   15
                           (2) Upon a determination by the Corporation that
                  there has been or is threatened a purported Transfer of
                  Prohibited Shares, the Corporation may take such action in
                  addition to any action as it deems advisable to give effect to
                  the provisions of this Article 11, including, without
                  limitation, refusing to give effect on the books of the
                  Corporation to such purported Transfer or instituting
                  proceedings to enjoin such purported Transfer.

                           (3) The Corporation may require as a condition to the
                  registration of the Transfer of any Shares that the proposed
                  transferee furnish the Corporation all information reasonably
                  requested by the Corporation and reasonably available to the
                  proposed transferee of Shares (and of persons to whom an
                  ownership interest of the proposed transferee would be
                  attributed for purposes of section 382 of the Code).

                           (4) All certificates evidencing ownership of Shares
                  that are subject to the restrictions on Transfer contained in
                  this Article 11 shall bear a conspicuous legend referencing
                  the restrictions set forth in this Article 11 substantially in
                  the form as follows (provided that Shares issued prior to the
                  effective date hereof with a similar legend shall be
                  considered to meet the requirements of his Article 11(g)(4)):

                  "TRANSFER OF SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT
                  TO RESTRICTIONS PURSUANT TO ARTICLE 11 OF THE THIRD AMENDED
                  AND RESTATED CERTIFICATE OF INCORPORATION OF CAPITAL GAMING
                  INTERNATIONAL, INC., AND HOLDERS ARE REFERRED TO SUCH THIRD
                  AMENDED AND RESTATED CERTIFICATE FOR A FULL AND COMPLETE
                  UNDERSTANDING THEREOF."

                  In addition, the certificate issued to each person that will,
                  pursuant to the distribution under the Plan, beneficially own
                  (within the meaning of Rule 13d-3 under the Act as in effect
                  on the date of the distribution under the Plan) ten percent
                  (10%) or more of the total Shares will bear a conspicuous
                  legend substantially as follows:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
                  WERE ISSUED PURSUANT TO AN EXEMPTION PROVIDED BY 11 U.S.C.
                  SECTION 1145 UNDER AN ORDER CONFIRMING THE PLAN OF
                  REORGANIZATION IN THE CASE ENTITLED IN RE CAPITAL GAMING
                  INTERNATIONAL, INC., CASE NO. 00-14052 (JHW), IN THE UNITED
                  STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEW JERSEY."

                           (5) The Board shall have the authority to take such
                  other action to the extent permitted by law as it deems
                  necessary or advisable to protect the Corporation and the
                  interests of the shareholders in preserving the Tax Benefits,
                  provided that no such action prevents a Transfer which would
                  otherwise be

                                       15
<PAGE>   16
                  permitted under this Article 11, and that prior to taking any
                  such other action, the Board shall consider the benefits and
                  detriments of such action to the shareholders of the
                  Corporation as a whole.

                           (6) The Corporation and the Board shall be fully
                  protected in relying in good faith upon the information,
                  opinions, reports or statements of the chief executive
                  officer, the chief financial officer, or the chief accounting
                  officer of the Corporation or of the Corporation's legal
                  counsel, independent auditors, transfer agent, investment
                  bankers and other employees and agents in making the
                  determinations and findings contemplated by this Article 11 to
                  the fullest extent permitted by law. Any determination by the
                  Board pursuant to this Article 11 shall be conclusive.

                           If any provision of this Article 11 or any
         application of such provision is determined to be invalid by any
         federal or state court having jurisdiction over the issue, the validity
         of the remaining provisions shall not be affected and other
         applications of such provision shall be affected only to the extent
         necessary to comply with the determination of such court.

         IN WITNESS WHEREOF, the Corporation has caused this Certificate to be
signed by its duly authorized officer, this 16th day of October, 2000.

                                           CAPITAL GAMING INTERNATIONAL, INC.

                                           By: /s/ William S. Papazian
                                              ----------------------------------
                                               William S. Papazian
                                               Executive Vice President

                                       16

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