Document:

<PAGE>

                                                                  EXHIBIT 10.02

===============================================================================

                               FIRST AMENDMENT TO
                              KEEP-WELL AGREEMENT

                          Dated as of March 30, 2001

                      (amending the Keep-Well Agreement
                                 dated as of
                             February 26, 1998)

                                     by

                      LONDON CLUBS INTERNATIONAL, PLC,
                    THE TRUST UNDER ARTICLE SIXTH UNDER
                         THE WILL OF SIGMUND SOMMER
                        ALADDIN BAZAAR HOLDINGS, LLC

                                    and

                           ALADDIN HOLDINGS, LLC
                              as the Sponsors,

                                    and

                         THE BANK OF NOVA SCOTIA,
        as the Administrative Agent for various financial institutions
                               as the Lenders,

===============================================================================

<PAGE>

                   FIRST AMENDMENT TO KEEP-WELL AGREEMENT

     THIS FIRST AMENDMENT TO KEEP-WELL AGREEMENT (this "FIRST AMENDMENT TO
KEEP-WELL AGREEMENT") dated as of March 30, 2001, by and among LONDON CLUBS
INTERNATIONAL, PLC, a company registered in England and Wales under company
number 2862479 ("LCI"), THE TRUST UNDER ARTICLE SIXTH UNDER THE WILL OF
SIGMUND SOMMER (the "TRUST"), ALADDIN BAZAAR HOLDINGS, LLC a Nevada
limited-liability company ("ABH") and ALADDIN HOLDINGS, LLC, a Delaware
limited liability company ("AHL"); AHL, ABH, the Trust and LCI are
individually called a "SPONSOR" and collectively called the "SPONSORS") and
THE BANK OF NOVA SCOTIA, as administrative agent (together with any successor
thereto in such capacity, the "ADMINISTRATIVE AGENT") for the various
financial institutions as are or may become parties hereto (individually, a
"LENDER", and collectively, the "LENDERS".)

     In consideration of the mutual agreements herein contained and other
good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows:

                             W I T N E S S E T H

     WHEREAS, pursuant to a Credit Agreement, dated as of February 26, 1998,
(together with that certain First Amendment to Credit Agreement dated as of
January 29, 1999, that certain Second Amendment to Credit Agreement dated as
of April 5, 1999, effective as of March 10, 1999, that certain Third
Amendment to Credit Agreement dated as of June 2, 2000, that certain Fourth
Amendment to Credit Agreement dated as of July 27, 2000, that certain Fifth
Amendment to Credit Agreement dated as of December 29, 2000 and that certain
Sixth Amendment to Credit Agreement (the "SIXTH AMENDMENT TO CREDIT
AGREEMENT") of even date herewith and all other amendments and other
modifications from time to time hereinafter made thereto, the "CREDIT
AGREEMENT"), among Aladdin Gaming, LLC, a Nevada limited-liability company
(the "BORROWER"), the Lenders and the Administrative Agent, Merrill Lynch
Capital Corporation, as the syndication agent (together with any successor
thereto in such capacity, the "SYNDICATION AGENT"), and CIBC Oppenheimer Corp.,
as the documentation agent (together with any successor thereto in such
capacity, the "DOCUMENTATION AGENT"), the Lenders have extended Commitments
to make Loans to the Borrower and to issue Letters of Credit for the account
of the Borrower; and

     WHEREAS, the Borrower has requested the Lenders to enter into the Sixth
Amendment to Credit Agreement; and

<PAGE>

     WHEREAS, LCI, ABH, and AHL executed and delivered a Keep-Well Agreement
(the "KEEP-WELL AGREEMENT") in favor of the Lenders and the Administrative
Agent dated as of February 26, 1998 pursuant to which the LCI, ABH and AHL
agreed, INTER ALIA, to perform the obligations set forth in the Keep-Well
Agreement and certain subsidiaries of LCI (the "SUBSIDIARY GUARANTORS") have
agreed to fully and unconditionally guarantee the payment of LCI's
obligations under the Keep-Well Agreement pursuant to a guaranty agreement
dated February 26, 1998 (the "LCI SUBSIDIARY GUARANTY"); and

     WHEREAS, the Trust executed and delivered a Joinder Agreement and
Consent (the "JOINDER AGREEMENT") in favor of the Lenders and the
Administrative Agent dated as of July 27, 2000 pursuant to which the Trust
agreed to become a Sponsor under the Keep-Well Agreement; and

     WHEREAS, the Borrower has requested the Sponsors to enter into certain
amendments to the Keep-Well Agreement; and

     WHEREAS, the Sponsors have duly authorized the execution, delivery and
performance of this First Amendment to Keep-Well Agreement and the Subsidiary
Guarantors have duly authorized the execution, delivery and performance of a
ratification, reaffirmation and consent agreement (the "RATIFICATION OF LCI
SUBSIDIARY GUARANTY") with respect to the Subsidiary Guaranty, an executed
counterpart of which is annexed hereto (the LCI Subsidiary Guaranty, together
with the Ratification of LCI Subsidiary Guaranty and all other amendments and
other modifications from time to time hereafter made thereto, the "SUBSIDIARY
GUARANTY"); and

     WHEREAS, it is in the best interests of the Sponsors to execute this
First Amendment to Keep-Well Agreement and the Subsidiary Guarantors to
execute the Ratification of LCI Subsidiary Guaranty inasmuch as the Sponsors
and the Subsidiary Guarantors have and will continue to derive substantial
direct and indirect benefits from the Loans made to the Borrower by the
Lenders pursuant to the Credit Agreement; and

     WHEREAS, each of the parties hereto is willing, on the terms and subject
to the conditions hereinafter set forth, to so amend the Keep-Well Agreement
upon the terms and conditions set forth below.

    NOW, THEREFORE, in consideration of the agreements contained herein, the
parties hereto agree as follow:

                                   ARTICLE I
                                   AMENDMENT

     SECTION 1.1. AMENDMENTS. The parties hereto hereby agree that provided
each of the Sponsors has delivered an opinion of counsel which conforms to
the requirements of CLAUSE (h) OF SECTION 3.1 and which expressly provides, in
relevant part, that no approval is required under

                                      -2-
<PAGE>

the "GECC FACILITIES AGREEMENT" (as defined in the Second Amendment to Credit
Agreement), the "GECC INTERCREDITOR AGREEMENT" (as defined in the Second
Amendment to Credit Agreement) or the "DISCOUNT NOTE INDENTURE" (as defined
in the Credit Agreement; each capitalized term not otherwise defined herein
shall have the meaning ascribed to such term in the Credit Agreement) for the
amendments set forth below, the following amendments shall be made to the
Keep-Well Agreement.

     The definition of "Keep-Well Termination Date" set forth in SECTION 1 of
the Keep-Well Agreement shall be deleted in its entirety and the following
definition of "KEEP-WELL TERMINATION DATE" shall be substituted in its place:

               "`KEEP-WELL TERMINATION DATE' shall mean the earliest of (i)
               the day on which full and indefeasible payment of the
               Obligations of the Borrower under the Credit Agreement has
               been made to reduce the Commitments of the Lenders thereunder
               to $145,000,000 or less, (ii) the last day of the period of
               six consecutive fiscal quarters from and after the Conversion
               Date during which the Borrower shall have satisfied each of
               the financial covenants set forth in the Credit Agreement
               (without giving effect to the Sixth Amendment to Credit
               Agreement or to any other amendment of the Credit Agreement
               which became effective prior to the date of the Sixth
               Amendment to Credit Agreement or to any payments to or
               investments by the Sponsors in or for the benefit of the
               Borrower), (iii) the date on which both of the following shall
               have been satisfied: (a) construction of the Aladdin Hotel and
               Casino and renovation of the Theater has been completed in
               accordance with all terms of the Credit Agreement and (b) the
               Commitments and the aggregate outstanding principal amount of
               the Obligations under the Credit Agreement shall have been
               reduced to an amount not in excess of the amount specified for
               such date on SCHEDULE 1 hereto, (iv) the date on which the
               Sponsors shall have made full payment of the Accelerated
               Payment Amount described under SECTION 4 below or (v) in the
               case of LCI only, the date on which it shall have made full
               payment of the Accelerated Payment Amount described under
               SECTION 13 below."

     The definition of "KEEP-WELL REDUCTION DATE" set forth in SECTION 1 of
the Keep-Well Agreement shall be deleted in its entirety and the following
definition of "KEEP-WELL REDUCTION DATE" shall be substituted in its place:

      "`KEEP-WELL REDUCTION DATE' shall mean March 31, 2002.'"

     SCHEDULE 4 to the Keep-Well Agreement shall be amended by replacing the
phrase "ABH Ownership: 50% Member" which appears under the heading entitled
"ABH's Subsidiaries" with the phrase: "ABH Ownership: 35.36%".

                                    -3-

<PAGE>

                                 ARTICLE II

                            CERTAIN CONFIRMATIONS

     SECTION 2.1. CONFIRMATION BY THE SPONSORS. The Sponsors acknowledge and
agree that the Borrower is obligated to perform its covenants under Section
7.2.4 of the Credit Agreement commencing with the fiscal quarter which ended
on December 31, 2000 whether or not the Sixth Amendment to Credit Agreement
becomes effective in accordance with the terms thereof. The Sponsors agree
that, except for the adjustment of the covenant levels in Section 7.2.4 of
the Credit Agreement as set forth in the Sixth Amendment to Credit Agreement,
their obligations under the Keep-Well Agreement are not amended, modified or
affected by any amendment, modification or waiver of any provision of the
Credit Agreement after the Closing Date.

     SECTION 2.2. CONFIRMATION BY THE ADMINISTRATIVE AGENT. The Borrower has
advised the Sponsors and the Administrative Agent that the Borrower does not
expect to comply with the Minimum Fixed Charge Coverage Ratio specified in
the Credit Agreement (without giving effect to any amendment of the Credit
Agreement after the Closing Date) for the period commencing on August 18,
2000 and ending on December 31, 2000 (the "YEAR 2000 OPERATING PERIOD").
Based upon the Borrower's projections for the Year 2000 Operating Period, the
Sponsors expect to make a Cash Equity Contribution to the Borrower in the
amount of U.S. $12,000,000 (the "PROJECTED CASH EQUITY CONTRIBUTION") which,
when added to the Borrower's EBITDA for the Year 2000 Operating Period, will
result in the Borrower being in compliance with the Minimum Fixed Charge
Coverage Ratio for the Year 2000 Operating Period. On January 31, 2001, LCI
made a Cash Equity Contribution to the Borrower in the amount of U.S.
$5,000,000 as a partial funding the Projected Cash Equity Contribution. the
Sponsors and the Administrative Agent agree that such $5,000,000 partial
funding by LCI will be applied against LCI's obligations under the Keep-Well
Agreement and will be deemed to be a payment made by LCI pursuant to the
Keep-Well Agreement and not pursuant to the Completion Guaranty.

                                  ARTICLE III

                     CONDITIONS PRECEDENT AND COVENANT

     SECTION 3.1. CONDITIONS TO EFFECTIVENESS. The amendments in SECTION 1.1
shall become effective on the date (the "EFFECTIVE DATE") on which each of
the following conditions precedent shall have been satisfied.

           (a)  EXECUTION OF DOCUMENTS. The Administrative Agent shall have
      received counterparts of (i) this First Amendment to Keep-Well
      Agreement executed by an Authorized Representative of the parties
      hereto, (ii) the Ratification of LCI Subsidiary Guaranty executed by
      the Authorized Representatives of the Subsidiary Guarantors and LCI,
      (iii) the Sixth Amendment to Credit Agreement executed by Authorized

                                     -4-

<PAGE>

     Representatives of the Borrower and the Administrative Agent and the
     Required Lenders together with all documents required thereby and (iv)
     all documentation required by SECTION 5.1 of the Sixth Amendment to
     Credit Agreement.

           (b)  SIXTH AMENDMENT TO CREDIT AGREEMENT. The Sixth Amendment to
      Credit Agreement shall become effective in accordance with its terms.

           (c)  INCUMBENCY, ETC. The Administrative Agent shall have received
      (with copies for each Lender) a certificate, dated as of the Effective
      Date, of an Authorized Representative of each Sponsor certifying.

                (i)   as to the incumbency and signatures of the Person or
           Persons authorized to execute and deliver this First Amendment to
           Keep-Well Agreement and any instruments or agreements required
           hereunder.

                (ii)  as to an attached copy of one or more resolutions or
            other authorizations of the Sponsors certified by the Authorized
            Representative of each such Sponsor as being in full force and
            effect on the date hereof, authorizing the execution, delivery
            and performance of this First Amendment to Keep-Well Agreement
            and any instruments or agreements required hereunder, and

                (iii) that the Organizational Documents of such Sponsor have
            not been modified since the date on which they were last
            delivered to the Administrative Agent.

      upon which certificate the Administrative Agent and the Lenders
      (collectively, the "FINANCING PARTIES") may conclusively rely until
      the Administration Agent has received a further certificate of an
      Authorized Representative of such Sponsor cancelling or amending such
      prior certificate.

           (c)  FEES. All reasonable fees and costs and expenses of Mayer,
        Brown & Platt and other professionals employed by the Administrative
        Agent and all other reasonable expenses of the Administrative Agent
        in connection with the negotiation, execution and delivery of this
        First Amendment to Keep-Well Agreement and the transactions
        contemplated herein shall have been paid in full.

           (d)  SATISFACTORY LEGAL FORM. Each Financing Party and its counsel
        shall have received all information, approvals, opinions, documents
        or instruments as each Financing Party or its counsel may have
        reasonably requested, and all documents executed or submitted
        pursuant hereto by or on behalf of each Sponsor shall be satisfactory
        in form and substance to each Financing Party and its counsel.

                                     -5-

<PAGE>

           (e)  DEFAULT. After giving effect to the Sixth Amendment to Credit
        Agreement the following statements shall be true and correct: (i) to
        the best knowledge of each Sponsor, no act or condition exists which,
        with the giving of notice or passage of time would constitute a
        "DEFAULT" or "EVENT OF DEFAULT" (as defined in the Credit Agreement,
        the GECC Facilities Agreement and Discount Note Indenture)
        has occurred and is continuing as of the date hereof and (ii) no
        material adverse change in (A) the financial condition, business,
        property, prospects or ability of the Sponsor or the Borrower to
        perform in all material respects its respective obligations under any
        Operative Document or any of the documents evidencing and securing
        the FF&E Financing to which it is a party or (B) the financial
        condition, business, property, prospects and ability of any other
        Aladdin Party or, to the best knowledge of such Sponsor, LCNI to
        perform in all material respects its obligations under any Operative
        Document to which it is a party has occurred since the Closing Date.

           (f)  CONSENTS AND APPROVALS. All approvals and consents required to
        be taken, given or obtained, as the case may be, by or from any
        Governmental Instrumentality or another Person, or by or from any
        trustee (including, without limitation, GECC and the Discount Note
        Indenture Trustee) or holder of any indebtedness or obligation of the
        Borrower or the Sponsor, that are necessary or, in the reasonable
        opinion of the Administrative Agent, advisable in connection with the
        execution, delivery and performance of this First Amendment to
        Keep-Well Agreement by all parties hereto, shall have been taken,
        given or obtained, as the case may be, shall be in full force and
        effect and the time for appeal with respect to any thereof shall have
        expired (or, if an appeal shall be been taken, the same shall have
        been dismissed) and shall not be subject to any pending proceedings
        or appeals (administrative, judicial or otherwise) and shall be in
        form and substance satisfactory to the Administrative Agent.

           (g)  DELIVERY OF FIRST AMENDMENT TO KEEP-WELL AGREEMENT. The
        Sponsor shall have delivered this First Amendment to Keep-Well
        Agreement to all Persons entitled thereto under the Operative
        Documents to receive delivery hereof.

           (h)  OPINIONS. The Administrative Agent shall have received such
        opinions of counsel as it deems necessary, dated as of the Effective
        Date and addressed to the Administrative Agent and the Lenders which
        shall be in form and substance satisfactory to the Administrative
        Agent.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

     In order to induce each Financing Party to enter into this First
Amendment to Keep-Well Agreement, each Sponsor, as to itself, reaffirms, as
of the Effective Date, its representations and warranties contained in the
Keep-Well Agreement (as amended by this First Amendment to

                                    -6-

<PAGE>

Keep-Well Agreement) and additionally represents and warrants, as to itself,
unto each Financing Party as set forth in this ARTICLE IV.

     SECTION 4.1. DUE AUTHORIZATION, NON-CONTRAVENTION, ETC. The execution,
delivery and performance by each Sponsor of this First Amendment to Keep-Well
Agreement and each other document executed or to be executed by it in
connection with this First Amendment to Keep-Well Agreement are within such
Sponsor's powers, have been duly authorized by all necessary action, and do
not

              (a)  contravene such Sponsor's Organizational Documents;

              (b)  contravene any contractual restriction binding on or
        affecting such Sponsor;

              (c)  contravene any court decree or order or Legal Requirement
        binding on or affecting such Sponsor, or

              (d)  result in, or require the creation or imposition of, any
        Lien on any of such Sponsor's properties except as expressly
        contemplated by the Operative Documents,

and the Financing Parties may conclusively rely on such representation and
warranty.

     SECTION 4.2. GOVERNMENT APPROVAL, REGULATION, ETC. No authorization or
approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body or other Person is required for the
due execution, delivery or performance by the Sponsor of this First Amendment
to Keep-Well Agreement or any other document to be executed by it in
connection with this First Amendment to Keep-Well Agreement.

     SECTION 4.3. VALIDITY, ETC. This First Amendment to Keep-Well Agreement
constitutes the legal, valid and binding obligations of the Sponsors
enforceable in accordance with their respective terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency or similar
laws affecting the enforcement of creditors rights generally and by general
principles of equity.

     SECTION 4.4. LIMITATION. Except as expressly provided hereby, all of the
representations, warranties, terms, covenants and conditions of the Keep-Well
Agreement and each other Operative Document shall remain unamended and
unwaived and shall continue to be, and shall remain, in full force and effect
in accordance with their respective terms. The amendments and modifications
set forth herein shall be limited precisely as provided for herein, and shall
not be deemed to be a waiver of, amendment or modification of any other term
or provision of the Keep-Well Agreement or other Instrument referred to
therein or herein, or of any transaction or further or future action on the
part of the Borrower or any other Person which would require the consent of
the Agents, the Lenders, GECC or the Discount Note Indenture Trustee.

                                    -7-

<PAGE>

     SECTION 4.5. OFFSETS AND DEFENSES. The Sponsors have no offsets or
defenses to their obligations under the Loan Documents to which they are a
party and no claims or counterclaims against any of the Agents or the Lenders.

                                   ARTICLE V

                           MISCELLANEOUS PROVISIONS

     SECTION 5.1 RATIFICATION OF AND REFERENCES TO THE CREDIT AGREEMENT. This
First Amendment to Keep-Well Agreement shall be deemed to be amendment to the
Keep-Well Agreement and the Keep-Well Agreement, as amended by this First
Amendment to Keep-Well Agreement, shall continue in full force and effect and
is hereby ratified, approved and confirmed in each and every respect. All
references to the Keep-Well Agreement in any other document, instrument,
agreement or writing shall hereafter be deemed to refer to the Keep-Well
Agreement, as amended by this First Amendment to Keep-Well Agreement.

     SECTION 5.2. HEADINGS. The various headings of this First Amendment to
Keep-Well Agreement are inserted for convenience only and shall not affect
the meaning or interpretation of this First Amendment to Keep-Well Agreement
or any provisions hereof.

     SECTION 5.3 APPLICABLE LAW.  THIS FIRST AMENDMENT TO KEEP-WELL AGREEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS FIRST AMENDMENT TO
KEEP-WELL AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT EXCLUDING ALL OTHER CHOICE OF
LAW AND CONFLICTS OF LAW RULES OF SUCH STATE.

     SECTION 5.4. CROSS-REFERENCES. References in this First Amendment to
Keep-Well Agreement to any Article or Section are, unless otherwise
specified, to such Article or Section of this First Amendment to Keep-Well
Agreement.

     SECTION 5.5. OPERATIVE DOCUMENT. This First Amendment to Keep-Well
Agreement is a Loan Document executed pursuant to the Credit Agreement and
shall (unless otherwise expressly indicated therein) be construed,
administered and applied in accordance with the terms and provisions of the
Credit Agreement.

     SECTION 5.6. SUCCESSORS AND ASSIGNS. This First Amendment to Keep-Well
Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns.

     SECTION 5.7. COUNTERPARTS. This First Amendment to Keep-Well Agreement
may be executed by the parties hereto in any number of counterparts and on
separate counterparts, each of which shall be an original but all of which
together shall constitute one and the same instrument.

                                    -8-

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment to Keep-Well Agreement as of the day and year first above written.

                                       ALADDIN BAZAAR HOLDINGS, LLC

                                       By:
                                          ------------------------------------
                                       Name:
                                       Title:

                                       ALADDIN HOLDINGS, LLC

                                       By:
                                          ------------------------------------
                                       Name:
                                       Title:

                                       THE TRUST UNDER ARTICLE SIXTH
                                       UNDER THE WILL OF SIGMUND SOMMER

                                       By:
                                          ------------------------------------
                                       Name:
                                       Title: Trustee

                                       By:
                                          ------------------------------------
                                       Name:
                                       Title: Trustee

                                       LONDON CLUBS INTERNATIONAL PLC

                                       By:
                                          ------------------------------------
                                       Name:
                                       Title:

                                       THE BANK OF NOVA SCOTIA, as the
                                       Administrative Agent

                                       By:
                                          ------------------------------------
                                       Name:
                                       Title:<PAGE>

                                                                   EXHIBIT 10.03

                          AGREEMENT OF AMENDMENT NO. 5

     THIS AGREEMENT OF AMENDMENT NO. 5 (this "Amendment") is made as of the 30th
day of March, 2001, among GENERAL ELECTRIC CAPITAL CORPORATION, FOR ITSELF AND
AS AGENT FOR CERTAIN PARTICIPANTS ("GE Capital"), GMAC COMMERCIAL MORTGAGE
CORPORATION ("GMAC CMC"), and ALADDIN GAMING, LLC ("Aladdin Gaming").

     GE Capital and Aladdin Gaming have heretofore executed that certain
Facilities Agreement, dated as of June 26, 1998, as amended (the "Facilities
Agreement"), and pursuant thereto that certain Master Lease Agreement dated as
of June 26, 1998 (the "Lease Agreement"; and together with the Facilities
Agreement being sometimes hereinafter collectively referred to as the
"Agreements"). Capitalized terms used herein without definition shall have the
meaning given them in the Agreements.

     GE Capital has heretofore assigned to GMAC CMC certain of its right, title,
interest and obligations pursuant to the Agreements.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter contained, the parties agree as follows:

     SECTION 1. AMENDMENTS TO FACILITIES AGREEMENT. The Facilities Agreement is
amended as follows:

          SECTION 1.1. The definitions, and any amendments thereto, contained in
that certain Sixth Amendment, as defined below, are hereby incorporated into the
Facilities Agreement and the Agreements.

          SECTION 1.2. Section 11(d) of the Facilities Agreement shall be
deleted in its entirety and the following Section 11(d) shall be substituted in
its place:

          (d) FINANCIAL CONDITION AND OPERATIONS. Aladdin Gaming will not, as of
the close of any Fiscal Quarter, commencing with the applicable Fiscal Quarter
set forth below, permit:

          (1) TOTAL DEBT TO EBITDA RATIO. The Total Debt to EBITDA Ratio at the
     close of the applicable Fiscal Quarter set forth below to exceed the ratio
     set forth opposite such Fiscal Quarter:

<TABLE>
<CAPTION>
                                                      Total Debt to
         Fiscal Quarter                                EBITDA Ratio
         --------------                               --------------
<S>                                                   <C>
  FQ 1 (closing on December 31, 2000)                       4.1:1
                 FQ 2                                       6.4:1
                 FQ 3                                       6.0:1
                 FQ 4                                       6.0:1
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                      Total Debt to
         Fiscal Quarter                                EBITDA Ratio
         --------------                               --------------
<S>                                                   <C>
                 FQ 5                                       5.1:1
                 FQ 6                                      3.60:1
                 FQ 7                                      3.60:1
                 FQ 8                                      3.25:1
                 FQ 9                                      3.25:1
                 FQ 10                                     2.85:1
                 FQ 11                                     2.85:1
                 FQ 12                                     2.55:1
                 FQ 13                                     2.55:1
                 FQ 14                                     2.40:1
                 FQ 15                                     2.40:1
                 FQ 16                                     2.25:1
                 FQ 17                                     2.25:1
                 FQ 18                                     2.15:1
                 FQ 19                                     2.15:1
  FQ 20 and each Fiscal Quarter thereafter                 2.00:1
</TABLE>

          (2) INTEREST COVERAGE RATIO. The Interest Coverage Ratio as of the
     close of the Fiscal Quarter set forth below to be less than the ratio set
     forth opposite such Fiscal Quarter.

<TABLE>
<CAPTION>
                                                         Interest
         Fiscal Quarter                                Coverage Ratio
         --------------                               --------------
  <S>                                                 <C>
  FQ 1 (closing on December 31, 2000)                      2.0:1
                 FQ 2                                      1.6:1
                 FQ 3                                      1.6:1
                 FQ 4                                      1.6:1
                 FQ 5                                      1.7:1
 FQ 6 and each Fiscal Quarter thereafter                   2.0:1
</TABLE>

          (3) NET WORTH. Net Worth as of the close of any calendar month,
     commencing on August 31, 2000, to be less than the sum of $100,000,000 PLUS
     85% of positive Net

                                       2

<PAGE>

     Income (after giving effect to the amount of Restricted Payments made by
     the Borrower in cash in accordance with clauses (1) and (3) of Section
     11(f) hereof, subject to the terms thereof for the period, treated as one
     accounting period).

          (4) EBITDA. EBITDA at the close of any such Fiscal Quarter (determined
     for such Fiscal Quarter and the three immediately preceding such Fiscal
     Quarters or for any Fiscal Quarter ended on or prior to June 30, 2001,
     determined consistently with the PROVISO to the definition of the term
     `EBITDA' as defined in the Sixth Amendment) during any period set forth
     below to be less than the amount set forth below opposite such period:

<TABLE>
<CAPTION>

        Fiscal Quarters                                  Amount
        ---------------                                  -------
<S>                                                   <C>
FQ 1 (closing on December 31, 2000)                   $105,000,000
FQ 2                                                   $75,000,000
FQ 3                                                   $80,000,000
FQ 4                                                   $80,000,000
FQ 5                                                   $90,000,000
each of FQ 6, FQ 7 and FQ 8                           $110,000,000
each of FQ 9, FQ 10, FQ 11 and FQ 12                  $120,000,000
each of FQ 13, FQ 14, FQ 15, and FQ 16                $125,000,000
each of FQ 17, FQ 18, FQ 19 and FQ 20                 $130,000,000
FQ 21 and each Fiscal Quarter thereafter              $140,000,000
</TABLE>

          (5) MINIMUM FIXED CHARGE COVERAGE. The Minimum Fixed Charge Coverage
     Ratio for the Fiscal Quarter closing on December 31, 2000 and on the close
     of each Fiscal Quarter thereafter to be less than 1.10:1.

          SECTION 1.3. Clause (8) of Section 11(f) of the Facilities Agreement
is deleted in its entirety and the following clause (8) is substituted in its
place:

          "(8) notwithstanding the provisions of clause (1) above, Aladdin
     Gaming shall be permitted to make Restricted Payments as dividends or
     distributions to its stockholders in any Fiscal Quarter following the
     Conversion Date, so long as

               (i) Aladdin Gaming shall have delivered to GE Capital

                    (A) financial statements prepared on a pro forma basis to
               give effect to such Restricted Payment for the Fiscal Quarter
               (the "Base Fiscal Quarter") then last ended for which financial
               statements and the

                                       3

<PAGE>

               Compliance Certificate relating thereto have been delivered to
               the GE Capital pursuant to Section 10(a) hereof,

                    (B) a certificate of Aladdin Gaming executed by its chief
               financial or accounting Authorized Representative demonstrating
               that the financial results reflected in such financial statements
               would result in a Total Debt to EBITDA Ratio at the Close of any
               such Base Fiscal Quarter occurring during any period set forth
               below to be less than the ratio set forth opposite such period:

<TABLE>
<CAPTION>
                                                          Total Debt to
                     PERIOD OF FQS                         EBITDA RATIO
                     -------------                        --------------
               <S>                                        <C>
               FQ1  (closing on  December  31,                 3.50:1
               2000) through FQ4

               FQ5 through FQ8                                 3.25:1

               FQ9 and thereafter                              3.00:1; and
</TABLE>

               (ii) the aggregate amount of such Restricted Payment to be made
          by Aladdin Gaming pursuant to this clause (8), when added to the
          aggregate amount of all such Restricted Payments during the Fiscal
          Quarter in which such Restricted Payment would be made, does not
          exceed the lesser of (A) the sum of (1) 50% of Net Income for the Base
          Fiscal Quarter PLUS (2) the amount of Cash Contributions to Capital
          and (B) an amount equal to the excess of (1) Excess Cash Flow for the
          Base Fiscal Quarter over (2) the amount of Mandatory Prepayments
          required to have been made pursuant to clause (c) of Section 3.1.1 of
          the Senior Credit Agreement (without giving effect to the proviso to
          such Section) for the Base Fiscal Quarter;"

          SECTION 2. WAIVERS

          SECTION 2.1. WAIVERS PERTAINING TO FINANCIAL CONDITION AND OPERATIONS.
Aladdin Gaming does not expect to perform its covenants under clause (1), clause
(2) and clause (4) of Section 11(d) of the Facilities Agreement, as amended by
this Agreement of Amendment No. 5, with respect to the Fiscal Quarters ending on
or prior to December 31, 2000. As of the Effective Date, GE Capital and GMAC CMC
hereby agree that (x) Aladdin Gaming's failure to perform its covenants under
clause (1), clause (2) and clause (4) of Section 11(d) of the Facilities
Agreement, as amended by this Agreement of Amendment No. 5, are hereby waived
with respect to the Fiscal Quarters ending on or prior to March 31, 2001 and (y)
the requirement in clause (3) of Section 10(a) of the Facilities Agreement that
the annual audited financial statements under said clause shall not include any
Impermissible Qualification is hereby waived with respect to Aladdin Gaming and
its Subsidiaries and the other Aladdin Parties, as defined in the Senior Credit
Agreement, for the Fiscal Year ending December 31, 2000.

                                       4

<PAGE>

          SECTION 3. CERTAIN RESTRICTED PAYMENT AND CONSENTS

          SECTION 3.1. CERTAIN RESTRICTED PAYMENT. GE Capital and GMAC CMC
hereby confirm that the Restricted Payment in clause (6) of Section 11(f) of the
Facilities Agreement is an amount which is to be deducted in determining Net
Income; PROVIDED, HOWEVER, the making of any such Restricted Payment by Aladdin
Gaming shall be subject to the applicable provisions of Section 11(f) of the
Facilities Agreement.

          SECTION 3.2. CONSENTS TO AMENDMENTS AND CONFIRMATION. GE Capital and
GMAC CMC hereby consent to the amendments and waivers contained in that certain
Sixth Amendment to Senior Credit Agreement ("Sixth Amendment"), by and among
Aladdin Gaming, the various financial institutions as are or may become parties
thereto, The Bank of Nova Scotia, as Administrative Agent for the Lenders (the
"Administrative Agent"), Merrill Lynch Capital Corporation, as Syndication Agent
for the Lenders, and CIBC Oppenheimer Corporation, as Documentation Agent for
the Lenders.

     SECTION 4. CONDITIONS TO EFFECTIVENESS. This Amendment shall be and become
effective on the date (the "Effective Date") on which each of the following
conditions precedent shall have been satisfied.

          SECTION 4.1. EXECUTION OF DOCUMENTS. GE Capital and GMAC CMC have
received counterparts of (i) this Amendment executed by Authorized
Representatives of Aladdin Gaming and the Administrative Agent; (ii) the Sixth
Amendment executed by the Authorized Representatives of the parties thereto; and
(iii) delivery of such other items required by GE Capital and GMAC CMC.

          SECTION 4.2. INCUMBENCY, ETC. GE Capital and GMAC CMC shall have
received a certificate, dated as of the date of this Amendment, of an Aladdin
Gaming Authorized Representative

               (i) as to the incumbency and signatures of the Person or Persons
          authorized to execute and deliver this Amendment and any instruments
          or agreements required hereunder,

               (ii) as to an attached copy of one or more resolutions or other
          authorizations of the manager of Aladdin Gaming certified by the
          Authorized Representative of such manager as being in full force and
          effect on the date hereof, authorizing the execution, delivery and
          performance of this Amendment and any instruments or agreements
          required hereunder, and

               (iii) that the Organizational Documents of Aladdin Gaming have
          not been modified since the date on which they were last delivered to
          the Administrative Agent, and

                                       5

<PAGE>

upon which certificate GE Capital and GMAC CMC may conclusively rely until they
shall have received a further certificate of an Authorized Representative of
Aladdin Gaming canceling or amending such prior certificate.

          SECTION 4.3. FEES. All reasonable fees and costs and expenses of Ober,
Kaler, Grimes & Shriver and other professionals employed by GE Capital and GMAC
CMC and all other reasonable expenses of GE Capital and GMAC CMC in connection
with the negotiation, execution and delivery of this Amendment and the
transactions contemplated herein shall have been paid in full.

          SECTION 4.4. SATISFACTORY LEGAL FORM. GE Capital and GMAC CMC shall
have received all information, approvals, opinions, documents or instruments as
GE Capital and GMAC CMC may have reasonably requested, and all documents
executed or submitted pursuant hereto by or on behalf of Aladdin Gaming shall be
satisfactory in form and substance to GE Capital and GMAC CMC.

          SECTION 4.5. DEFAULT. After giving effect to this Amendment the
following statements shall be true and correct: (i) to the best knowledge of
Aladdin Gaming, no act or condition exists which, with the giving of notice or
passage of time, would constitute a "DEFAULT" or "EVENT OF DEFAULT" (as defined
in the Senior Credit Agreement, the Agreement or the Discount Note Indenture)
and (ii) no material adverse change has occurred in the financial condition,
business, property, prospects or ability of Aladdin Gaming to perform in all
material respects its obligations under any Operative Document or any of the
documents evidencing and securing the FF&E Financing to which it is a party.

          SECTION 4.6. CONSENTS AND APPROVALS. All approvals and consents
required to be taken, given or obtained, as the case may be, by or from any
Governmental Instrumentality or another Person, or by or from any trustee
(including, without limitation, GE Capital and GMAC CMC and the Administrative
Agent or itself and on behalf of the Lenders and the Discount Note Indenture
Trustee) or holder of any Indebtedness or Obligation of Aladdin Gaming that are
necessary or, in the reasonable opinion of GE Capital and GMAC CMC, advisable in
connection with the execution, delivery and performance of this Amendment, by
all parties hereto, shall have been taken, given or obtained, as the case may
be, shall be in full force and effect and the time for appeal with respect to
any thereof shall have expired (or, if an appeal shall have been taken, the same
shall have been dismissed) and shall not be subject to any pending proceedings
or appeals (administrative, judicial or otherwise) and shall be in form and
substance satisfactory to GE Capital and GMAC CMC.

          SECTION 4.7. DELIVERY OF AMENDMENT. Aladdin Gaming shall have
delivered this Amendment to all Persons entitled under the Operative Documents
to receive delivery hereof.

          SECTION 4.8. OPINIONS. GE Capital and GMAC CMC shall have received
such opinions of counsel as it deems necessary, dated as of the date of this
Amendment and addressed to GE Capital and GMAC CMC, which shall be in form and
substance satisfactory to GE Capital and GMAC CMC.

                                       6

<PAGE>

          SECTION 4.9. AMENDMENT FEE. As an inducement to GE Capital and GMAC
CMC to consent to this Agreement of Amendment No. 5, Aladdin Gaming agrees to
pay to GE Capital and GMAC CMC a non-refundable fee (the "Fifth Amendment Fee")
which has been earned as of the date hereof equal to (i) the product of the
outstanding Capitalized Lessor's Cost of the Equipment plus the outstanding
principal balance of the Term Loan Facility on the date of this Agreement of
Amendment No. 5 multiplied by .5% (.005) with the result thereof (ii) multiplied
by 75% in the case of GE Capital and 25% in the case of GMAC CMC. The Fifth
Amendment Fee shall be payable out of Excess Cash Flow as and when the Sixth
Amendment Fee (as defined in the Sixth Amendment) commences to be paid.

          SECTION 5. REPRESENTATIONS AND WARRANTIES. In order to induce GE
Capital and GMAC CMC to enter into this Amendment, Aladdin Gaming hereby
reaffirms, as of the date of this Amendment, its representations and warranties
contained in Section 8 of the Facilities Agreement and additionally represents
and warrants unto GE Capital and GMAC CMC as set forth in this Section 5.

          SECTION 5.1. MATTERS PERTAINING TO THE GECC FACILITIES AGREEMENT AND
THE DISCOUNT NOTE INDENTURE. Aladdin Gaming has performed all of its obligations
under the Agreements and the Discount Note Indenture. After giving effect to
this Amendment and the Sixth Amendment, to the best knowledge of the Borrower,
no act or condition exists which, with the giving of notice or passage of time,
would constitute a "DEFAULT" or "EVENT OF DEFAULT" (as defined in the Credit
Agreement, the Agreement and the Discount Note Indenture). No material adverse
change has occurred with respect to the financial condition, business, property,
prospects or ability of Aladdin Gaming to perform in all material respects its
obligations under any Operative Document or the Credit Agreement.

          SECTION 5.2. DUE AUTHORIZATION, NON-CONTRAVENTION, ETC. The execution,
delivery and performance by Aladdin Gaming of this Amendment and each other
document executed or to be executed by it in connection with this Amendment are
within Aladdin Gaming's powers, have been duly authorized by all necessary
action, and do not

          (a) contravene Aladdin Gaming's Organizational Documents;

          (b) contravene any contractual restriction binding on or affecting any
     of the Aladdin Parties and/or the London Clubs Parties;

          (c) contravene any court decree or order or Legal Requirement binding
     on or affecting any of the Aladdin Parties and/or the London Clubs Parties;
     or

          (d) result in, or require the creation or imposition of, any Lien on
     any property of Aladdin Gaming, except as expressly permitted by the
     Operative Documents,

and the GE Capital and GMAC CMC may conclusively rely on such representation and
warranty.

                                       7

<PAGE>

          SECTION 5.3. GOVERNMENT APPROVAL, REGULATION, ETC. No authorization or
approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other Person is required for the due execution,
delivery or performance by Aladdin Gaming or any other Person of this Amendment
or any other document to be executed by it or any other Person in connection
with this Amendment.

          SECTION 5.4. VALIDITY, ETC. This Amendment constitutes, and each other
document executed by Aladdin Gaming in connection with this Amendment, on the
due execution and delivery thereof, will constitute, the legal, valid and
binding obligations of Aladdin Gaming enforceable in accordance with their
respective terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of creditors
rights generally and by general principles of equity.

          SECTION 5.5. LIMITATION. Except as expressly provided hereby, all of
the representations, warranties, terms, covenants and conditions of the
Agreements and each other Operative Document shall remain unamended and unwaived
and shall continue to be, and shall remain, in full force and effect in
accordance with their respective terms. The amendments and modifications,
consents and waivers set forth herein shall be limited precisely as provided for
herein, and shall not be deemed to be a waiver of, amendment of, consent to or
modification of any other term or provision of the Agreement, any Operative
Document, or other Instrument referred to therein or herein, or of any
transaction or further or future action on the part of Aladdin Gaming or any
other Person which would require the consent of the Administrative Agent, the
Lender, GE Capital, GMAC CMC or the Discount Note Indenture Trustee.

          SECTION 5.6. OFFSETS AND DEFENSES. Aladdin Gaming has no offsets or
defenses to its obligations under the Operative Documents or the documents
evidencing and securing the FF&E Financing and no claims or counterclaims
against any of GE Capital and GMAC CMC.

          SECTION 5.7. RELEASE BY ALADDIN GAMING. (a) As an inducement to GE
Capital and GMAC CMC to enter into this Agreement of Amendment No. 5, Aladdin
Gaming hereby releases and discharges GE Capital, GMAC CMC and their respective
participants, successors and assigns, and all officers, directors, employees,
agents, representatives, insurers and attorneys of each of them from all
actions, counterclaims, causes of action, suits, debts, dues, sums of money,
accounts, reckonings, bonds, bills, specialties, covenants, contracts,
controversies, agreements, promises, variances, trespasses, damages, judgments,
executions, claims and demands whatsoever, in law, admiralty or equity, against
GE Capital and GMAC CMC and/or their participants, successors and assigns which
Aladdin Gaming ever had, now has or hereafter can, shall or may, have for, upon
or by reason of any matter, cause or thing whatsoever from the beginning of the
world to the day of the date of this Agreement of Amendment No. 5 (the "Released
Claims").

          (b) in order to induce GE Capital and GMAC CMC to accept the release
set forth herein, Aladdin Gaming represents that:

               (i) such release constitutes a legal, valid and binding
          obligation of Aladdin Gaming, enforceable against it in accordance
          with its terms. The

                                       8

<PAGE>

          execution and delivery of, and the performance and compliance by
          Aladdin Gaming with such release shall not conflict with, or
          constitute on the part of Aladdin Gaming a violation or breach of, or
          a default under, and will not require any authorization, consent,
          approval or other action by, or any notice to, or filing with any
          court or administrative body or any other Person pursuant to, any
          mortgage deed of trust, loan agreement, trust agreement or other
          agreement or instrument to which Aladdin Gaming or any of its property
          is subject or any laws and other governmental requirements; and

               (ii) Aladdin Gaming (A) has not sold, transferred, conveyed,
          abandoned or otherwise disposed of any of the Released Claims, whether
          or not known, suspected or claimed that Aladdin Gaming has, had or may
          have against GE Capital and GMAC CMC and/or any of their participants,
          successors, predecessors (including, without limitation, all
          predecessors by virtue of merger) and assigns, as the case may be and
          (B) has sought the advice of counsel with respect to the execution and
          delivery of this Agreement of Amendment No. 5 and Aladdin Gaming
          understands the legal implications with respect to the release set
          forth herein and the other documents executed by Aladdin Gaming in
          connection therewith.

          (c) Aladdin Gaming hereby acknowledges that it may hereafter discover
facts in addition to or different from those which it now knows or believes to
be true with respect to the subject matter of the release set forth herein, but
that it is Aladdin Gaming's intention to, and it does, hereby fully, finally and
forever settle the Released Claims; in furtherance of such intention, Aladdin
Gaming acknowledges that the release set forth herein shall be and remain in
effect as a full and complete release, notwithstanding the subsequent discovery
or existence of any such additional or different facts.

     SECTION 6. MISCELLANEOUS.

     SECTION 6.1. RATIFICATION OF AND REFERENCES TO THE AGREEMENT. This
Amendment shall be deemed to be an amendment to the Agreements, and the
Agreements, as amended by this Amendment, shall continue in full force and
effect and are hereby ratified, approved and confirmed in each and every
respect. All references to the Agreements in any other document, instrument,
agreement or writing shall hereafter be deemed to refer to the Agreements, as
amended by this Amendment.

     SECTION 6.2. HEADINGS. The various headings of this Amendment are inserted
for convenience only and shall not affect the meaning or interpretation of this
Amendment or any provisions hereof.

     SECTION 6.3. APPLICABLE LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, APPLICABLE TO CONTRACTS MADE
AND PERFORMED IN SUCH STATE.

                                      9

<PAGE>

     SECTION 6.4. CROSS-REFERENCES. References in this Amendment Section are,
unless otherwise specified, to such Section of this Amendment.

     SECTION 6.5. OPERATIVE DOCUMENT. This Amendment is an Operative Document
executed pursuant to the Facilities Agreement and shall (unless otherwise
expressly indicated therein) be construed, administered and applied in
accordance with the terms and provisions of the Facilities Agreement.

     SECTION 6.6. SUCCESSORS AND ASSIGNS. This Amendment shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns.

     SECTION 6.7. COUNTERPARTS. This Amendment may be executed by the parties
hereto in any number of counterparts and on separate counterparts, each of which
shall be an original but all of which together shall constitute one and the same
instrument.

     SECTION 6.8. RESERVATION OF RIGHTS. Aladdin Gaming agrees that this
Amendment and GE Capital and GMAC CMC's consent thereto either before or after
the date hereof shall not constitute (x) a waiver or forbearance by GE Capital
and GMAC CMC under any of the Operative Documents, (y) the acceptance by GE
Capital and GMAC CMC of any course of conduct by Aladdin Gaming, the Completion
Guarantors or any other Person, or (z) an agreement by GE Capital and GMAC CMC
to amend any of the Operative Documents or waive any of the provisions thereof
without a corresponding amendment of the Senior Credit Agreement or waiver from
the Administrative Agent on behalf of the Lenders, as the case may be. Aladdin
Gaming further agrees that GE Capital and GMAC CMC reserve all rights, remedies
and options under the Operative Documents to require Aladdin Gaming to satisfy
in all respects the conditions relating to each Funding and perform all of its
obligations under the Operative Documents which are then due and owing or are
susceptible of performance, as the case may be.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       10

<PAGE>

     IN WITNESS WHEREOF, this Agreement of Amendment No. 5 has been duly
executed as of the date first above written.

ALADDIN GAMING, LLC                       GENERAL ELECTRIC CAPITAL CORPORATION,
                                          FOR ITSELF AND AS AGENT FOR CERTAIN
                                          PARTICIPANTS

By:  /s/ THOMAS A. LETTERO                By: /s/ ANN NAEGELE
     -------------------------------      -----------------------------------
Name:  Thomas A. Lettero                  Name:  Ann Naegele
Title: Senior Vice President              Title: VP - Risk Manager
        and Chief Financial Officer

                                          GMAC COMMERCIAL MORTGAGE CORPORATION

                                          By: /s/ JOHN E. HOPKINS
                                          ------------------------------------
                                          Name: John E. Hopkins
                                          Title: VP

PURSUANT TO SECTION 5.1(C) OF THAT CERTAIN INTERCREDITOR AGREEMENT DATED AS OF
JUNE 30, 1998, BY AND AMONG THE BANK OF NOVA SCOTIA, AS ADMINISTRATIVE AGENT,
GENERAL ELECTRIC CAPITAL CORPORATION, FOR ITSELF AND AS AGENT FOR CERTAIN
PARTICIPANTS, AND ALADDIN GAMING, LLC, THE UNDERSIGNED CONSENTS TO THE EXECUTION
OF THE FOREGOING AMENDMENT BY ALADDIN GAMING, LLC.

                                           THE  BANK OF NOVA SCOTIA,
                                           as Administrative Agent

                                           By: /s/ ALAN PENDERGAST
                                               --------------------------------
                                           Name: Alan Pendergast
                                           Title: Managing Director

                                       11

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