Document:

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                                                                    Exhibit 10.1

                            DEPOSIT ESCROW AGREEMENT

          DEPOSIT ESCROW AGREEMENT (this "Deposit Escrow Agreement"), dated as
of December 24, 2003, by and between LVH Corporation, a Nevada corporation
("Seller"), Colony Resorts LVH Acquisitions, LLC, a Nevada limited liability
company ("Buyer"), and Nevada Title Company, a Nevada corporation ("Escrow
Agent"). Capitalized terms used but not otherwise defined herein shall have the
meaning ascribed thereto in the Agreement (as defined below).

                              W I T N E S S E T H:

          WHEREAS, the parties hereto are entering into this Deposit Escrow
Agreement pursuant to the Purchase and Sale Agreement dated as of December 24,
2003 (the "Agreement"), by and between Buyer, Parent and Seller, a copy of which
has been provided to the Escrow Agent; and

          WHEREAS, this Deposit Escrow Agreement is designed to implement the
provisions of Section 2.7 of the Agreement pursuant to which the Deposit (in an
amount equal to FIFTEEN MILLION DOLLARS ($15,000,000) in immediately available
funds plus any additional amounts that may be delivered to the Escrow Agent
pursuant to Section 8.1 of the Agreement) is being deposited with the Escrow
Agent to be distributed to Seller or returned to Buyer, in each case along with
all interest thereon accrued, as provided herein and in the Agreement;

          NOW, THEREFORE, in consideration of the mutual agreements herein
contained and for other good and valuable consideration, the receipt, adequacy
and legal sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

          1.   Appointment of Escrow Agent. Seller and Buyer hereby appoint the
Escrow Agent to act as escrow agent hereunder and the Escrow Agent agrees to act
as such, pursuant to the terms hereinafter set forth herein.

          2.   Deposit of Escrow Fund. On the date hereof, in accordance with
Section 2.2(a) of the Agreement, Buyer shall deliver to the Escrow Agent by wire
transfer the Deposit, in U.S. dollars (such sum, together with any additional
amounts that may be delivered to the Escrow Agent pursuant to Section 8.1 of the
Agreement, the "Escrow Amount"), to an account specified in writing by the
Escrow Agent and the Escrow Agent hereby acknowledges receipt of the Escrowed
Amount for deposit in escrow pursuant to the provisions of this Deposit Escrow
Agreement. All interest in respect of the Escrow Amount shall be invested and
maintained by the Escrow Agent in the same manner as the Escrow Amount (the
"Interest Amount") and be subject to the terms hereof. The Interest Amount and
the Escrow Amount are collectively referred to herein as the "Escrow Fund."

          3.   Escrow Account. (a) Escrow Agent shall invest and reinvest the
Escrow Fund in accordance with Section 2.7 of the Agreement, unless otherwise
instructed in writing by Seller and Buyer. Such written instructions, if any,
referred to in the foregoing sentence shall

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specify the type and identity of the investments to be purchased and/or sold and
shall also include the name of the broker-dealer, if any, which Seller and Buyer
direct the Escrow Agent to use in respect of such investment, any particular
settlement procedures required, if any (which settlement procedures shall be
consistent with industry standards and practices), and such other information as
Escrow Agent may require. Escrow Agent shall not be liable for failure to invest
or reinvest funds absent sufficient written direction. Unless Escrow Agent is
otherwise directed in such written instructions, Escrow Agent may use a
broker-dealer of its own selection, including a broker-dealer owned by or
affiliated with Escrow Agent or any of its affiliates. It is expressly agreed
and understood by the parties hereto that Escrow Agent shall not in any way
whatsoever be liable for losses on any investments, including, but not limited
to, losses from market risks due to premature liquidation or resulting from
other actions taken pursuant to this Deposit Escrow Agreement.

               (b)  Receipt, investment and reinvestment of the Escrow Fund
shall be confirmed by Escrow Agent as soon as practicable by account statement,
and any discrepancies in any such account statement shall be noted by Seller or
Buyer to Escrow Agent within thirty (30) calendar days after receipt thereof.
Failure to inform Escrow Agent in writing of any discrepancies in any such
account statement within said thirty (30) day period shall conclusively be
deemed confirmation of such account statement in its entirety. For purposes of
this paragraph, (x) each account statement shall be deemed to have been received
by the party to whom directed on the earlier to occur of (i) actual receipt
thereof and (ii) five (5) Business Days (hereinafter defined) after the deposit
thereof in the United States Mail, postage prepaid and (y) the term "Business
Day" shall mean any day of the year, excluding Saturday, Sunday and any other
day on which national banks are required or authorized to close in Las Vegas,
Nevada or New York, New York.

          4.   Taxes on Escrow Fund. The party to whom the Escrow Fund is
distributed in accordance with Section 6 hereof (or the Buyer in the case of a
distribution pursuant to Section 6(a)(ii) hereof) shall bear in full all
federal, state and local taxes based upon or measured by net or gross income
arising from the Escrow Fund and shall provide the Escrow Agent with sufficient
information so that the Escrow Agent can comply with reporting obligations
imposed under any laws relating to such taxes.

          5.   Rights to Escrow Fund. The Escrow Fund shall be for the exclusive
benefit of Buyer and Seller and their respective successors and permitted
assigns, and no other Person shall have any right, title or interest therein,
except as otherwise contemplated herein or by the Agreement. The Escrow Fund
shall not be property of Seller or Buyer unless and until released to Seller or
Buyer, as the case may be, in accordance with the Agreement and Section 6 below.

          6.   Claims, Procedures and Payment from Escrow Account.

               (a)  Joint Written Instructions.
                    --------------------------

                    (i)   The Escrow Agent shall hold the Escrowed Fund in its
     possession until instructed hereunder to deliver the Escrow Fund or any
     specified portion

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     thereof in accordance with a written release notice signed jointly by Buyer
     and Seller or as set forth in Section 6(b).

                    (ii)  If the transactions contemplated by the Agreement are
     consummated, then pursuant to Section 2.2(b) of the Agreement, the Escrow
     Amount shall be credited to the Purchase Price thereunder and Buyer and
     Seller shall deliver a written release notice instructing the Escrow Agent
     to pay (x) to Seller at Closing an amount, in immediately available funds,
     equal to the Escrow Amount and (y) to Buyer at Closing an amount, in
     immediately available funds, equal to the Interest Amount, as soon as
     practicable following receipt of such written release notice.

               (b)  Failure of Closing to Occur.
                    ---------------------------

                    (i)   If the Agreement is terminated, and prior to such time
     of termination either (x) there shall have been a breach by Buyer of any of
     the representations, warranties, agreements or covenants set forth in the
     Agreement (including the exhibits and schedules thereto) that has not been
     cured within the applicable cure period, or (y) as of the Outside Date,
     Buyer shall have not obtained the proceeds of the Financing or shall not
     have obtained the Buyer Licenses (including the Gaming Approvals), then, in
     each case, Seller shall deliver to the Escrow Agent (with a copy to Buyer)
     an instruction letter (a "Direction Letter") instructing the Escrow Agent
     to pay to Seller, in accordance with Section 9.3(a) of the Agreement, an
     amount, in immediately available funds, equal to the entire Escrow Fund.

                    (ii)  If the Agreement is terminated for any reason other
     than as specified in clause (i) above, Buyer shall deliver to the Escrow
     Agent (with a copy to Seller) a Direction Letter instructing the Escrow
     Agent to pay to Buyer, in accordance with Section 9.3(a) of the Agreement,
     an amount, in immediately available funds, equal to the entire Escrow Fund,
     less the Escrow Agent's fees and expenses.

                    (iii) A Direction Letter delivered hereunder (x) shall
     clearly identify itself as a Direction Letter delivered pursuant to this
     Deposit Escrow Agreement, (y) shall direct the Escrow Agent to distribute
     the Escrow Fund in accordance with this Section 6(b) at a specified time or
     times and in a specified manner or manners, subject to Section 6(c) hereof,
     and (z) may contain such other directions to the Escrow Agent as may be
     required by this Deposit Escrow Agreement, reasonably requested by the
     Escrow Agent or mutually agreeable in writing to Seller and Buyer.

               (c)  Payment; Disputes.
                    -----------------

                    (i)   Subject to the following provisions of this Section
     6(c) and the provisions of Section 9, Escrow Agent shall, on the fifteenth
     (15th) Business Day following the receipt by it of a Direction Letter,
     deliver as specified in such Direction Letter, an amount, in immediately
     available funds equal to all of the Escrow Fund.

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                    (ii)  If the Buyer or Seller, as the case may be, shall, in
     good faith, notify the Escrow Agent and other party in writing of any
     objections or disputes with respect to the instructions of the Direction
     Letter within five (5) Business Days following the Escrow Agent's receipt
     of such Direction Letter (a "Disputed Claim"), then the Escrow Agent shall
     instead set aside such Direction Letter and not make payment thereof until
     the Buyer and Seller have agreed in writing upon the terms of the Direction
     Letter and shall have notified the Escrow Agent of such an agreement in
     writing in a joint Direction Letter signed by both Seller and Buyer.

                    (iii) Seller and Buyer shall use commercially reasonable
     efforts to resolve promptly any Disputed Claims.

                    (iv)  During the pendency of the Disputed Claim, the Escrow
     Agent shall not make any distributions of the Escrow Fund.

          7.   Liability of Escrow Agent. The Escrow Agent shall not incur any
liability to any party for damages, losses or expenses for (a) any act or
failure to act made or omitted in good faith and without gross negligence or
willful misconduct or (b) any action taken or omitted in reliance upon any
instrument that the Escrow Agent shall in good faith believe to be genuine, nor
will the Escrow Agent be liable or responsible for forgeries, fraud,
impersonations or determining the scope of any representative authority. In
addition, the Escrow Agent may consult with legal counsel in connection with the
Escrow Agent's duties under this Deposit Escrow Agreement and shall be fully
protected in any act taken, suffered or permitted by it in good faith in
accordance with the advice of counsel. The Escrow Agent is not responsible for
determining and verifying the authority of any person acting or purporting to
act on behalf of any party to this Deposit Escrow Agreement.

          8.   Payment of the Escrow Agent; Expenses. Concurrently with the
execution and delivery of this Deposit Escrow Agreement and in consideration of
the services to be provided by the Escrow Agent under this Deposit Escrow
Agreement, Buyer shall pay to the Escrow Agent the amounts specified on Exhibit
A. The Escrow Agent may incur reasonable expenses in connection with its duties
and incur reasonable legal fees and expenses in connection with Section 7 of
this Deposit Escrow Agreement and such expenses shall be paid or reimbursed, as
the case may be, equally by Buyer and Seller upon presentation by the Escrow
Agent of invoices or other documentation evidencing the amounts of such
expenses. In the event that the conditions of this Deposit Escrow Agreement are
not properly fulfilled, or if the Escrow Agent renders any service not provided
for in this Deposit Escrow Agreement, or if the parties request a substantial
modification of its terms, or if any controversy arises, or if the Escrow Agent
is made a party to, or intervenes in, any litigation pertaining to this escrow
or its subject matter, the Escrow Agent shall be reasonably compensated for such
extraordinary service and reimbursed for all reasonable costs, attorneys' fees
and expenses of any firm occasioned by such default, delay, controversy or
litigation and the Escrow Agent shall have the right to retain all documents
and/or other things of value at any time held by the Escrow Agent in this escrow
until such compensation, fees, costs and expenses are paid.

                                      - 4 -

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          9.   Controversies. If any controversy arises relating to this Deposit
Escrow Agreement, or with any other party concerning the subject matter of this
Deposit Escrow Agreement, its terms or conditions, the Escrow Agent will not be
required to determine the controversy or to take any action regarding it.
Subject to Section 6 of this Deposit Escrow Agreement, if any such controversy
arises, the Escrow Agent may hold the Escrow Fund and may wait until it is
directed otherwise in a joint Direction Letter from Seller and Buyer or pursuant
to Section 6(c)(ii) hereof. In such event, the Escrow Agent will not be liable
for damages as long as the Escrow Agent acts in good faith and without gross
negligence or willful misconduct. The Escrow Agent is authorized to deposit with
the clerk of any court the Escrow Fund held hereunder. Upon initiating an
interpleader or declaratory judgment or any other action seeking to determine
the rights of the parties hereunder and depositing the Escrow Fund, the Escrow
Agent shall be fully released and discharged of and from all further obligations
and liability imposed by the terms of this Deposit Escrow Agreement, but not as
to acts of the Escrow Agent prior thereto.

          10.  Indemnification of Escrow Agent. Seller and Buyer and their
respective successors and assigns agree to, severally and not jointly, equally
indemnify and hold the Escrow Agent harmless against any and all losses, claims,
damages, liabilities and expenses, including reasonable costs of investigation
and reasonable counsel fees and disbursements, that may be imposed on the Escrow
Agent or incurred by the Escrow Agent in good faith and without gross negligence
or willful misconduct in connection with the performance of the duties under
this Deposit Escrow Agreement, including, but not limited to, any litigation
arising from this Deposit Escrow Agreement or involving its subject matter.

          11.  Resignation of Escrow Agent. The Escrow Agent may resign at any
time upon giving at least thirty (30) days' written notice to Seller and Buyer;
provided, however, that no such resignation shall become effective until the
appointment of a successor to the Escrow Agent which shall be accomplished as
follows: Seller and Buyer shall use commercially reasonable efforts to select a
successor to the Escrow Agent within thirty (30) days after receiving such
notice. If Seller and Buyer fail to agree on a successor to the Escrow Agent
within such time, the Escrow Agent shall have the right to appoint a successor
to the Escrow Agent or deliver the documents to the JAMS Endispute to have such
association appoint an Escrow Agent who shall be entitled to customary fees. The
successor Escrow Agent shall execute and deliver an instrument accepting such
appointment and it shall, without further acts, be vested with all the estates,
properties, rights, powers and duties of the predecessor Escrow Agent as if
originally named as escrow agent. Thereafter, the Escrow Agent shall be
discharged from any further duties and liabilities under this Deposit Escrow
Agreement but not as to acts of the Escrow Agent prior thereto.

          12.  Mailing Instructions, Etc. Any Direction Letters, notices or
other communications required or permitted under, or otherwise in connection
with, this Deposit Escrow Agreement shall be in writing and shall be deemed to
have been duly given when delivered in person or upon confirmation of receipt of
a legible copy when transmitted by facsimile transmission (but only if followed
by transmittal by overnight courier or hand for delivery on the next Business
Day) or on receipt after dispatch by registered or certified mail, postage
prepaid, or on the next Business Day if transmitted by an internationally
recognized

                                      - 5 -

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overnight courier, addressed in each case as follows (or to such other address
which has been delivered in accordance with this Section 12):

               (a)  If to Seller, at:

                    Harry C. Hagerty, III
                    Executive Vice President and Chief Financial Officer
                    Park Place Entertainment Corporation
                    3930 Howard Hughes Parkway
                    Las Vegas, Nevada 89109
                    Facsimile: (702) 699-5190

                    with a copy to:

                    Bernard E. DeLury, Jr.
                    Executive Vice President and General Counsel
                    Park Place Entertainment Corporation
                    3930 Howard Hughes Parkway
                    Las Vegas, Nevada 89109
                    Facsimile: (702) 699-5110

                    with a copy to:

                    Martha E. McGarry
                    Skadden, Arps, Slate, Meagher & Flom LLP
                    Four Times Square
                    New York, New York 10036
                    Facsimile: (212) 735-2000

               (b)  If to Buyer, at:

                    Nicholas L. Ribis
                    c/o Colony Capital, LLC
                    660 Madison Avenue
                    Suite 1600
                    New York, New York 10021
                    Facsimile: (212) 593-5433

                    with a copy to:

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

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               (c)  If to the Escrow Agent, at:

                    Troy Lochhead
                    Nevada Title Company
                    2500 North Buffalo Drive, Suite 150
                    Las Vegas, Nevada 89128
                    Facsimile: (702) 251-3186

          13.  Amendment. This Deposit Escrow Agreement may be amended or
modified, and any provision of this Deposit Escrow Agreement may be waived, at
any time by Seller, Buyer and the Escrow Agent, but only by an instrument in
writing signed by or on behalf of Seller, Buyer and the Escrow Agent.

          14.  Binding Effect; Assignment. This Deposit Escrow Agreement shall
inure to the benefit of and be binding upon the parties hereto and their
respective permitted successors and assigns. Buyer may not assign, transfer or
convey any of its rights and obligations hereunder to any Person without the
prior written consent of Seller, which consent may be withheld by Seller in its
absolute discretion.

          15.  Term. This Deposit Escrow Agreement shall terminate upon the
disbursement, in accordance with Section 6 or Section 11 hereof, of the Escrow
Fund in full; provided, however, that in the event all fees, expenses, costs and
other amounts required to be paid to Escrow Agent hereunder are not fully and
finally paid prior to termination, the provisions of Section 8 and Section 10
hereof shall survive the termination hereof.

          16.  Governing Law. The internal laws of the State of New York
applicable to contracts made and wholly performed therein shall govern the
validity, construction, performance and effect of this Deposit Escrow Agreement.

          17.  Counterparts. This Deposit Escrow Agreement may be executed by
facsimile and in any number of counterparts, each of which when executed by and
delivered shall be an original, but all such counterparts shall constitute one
and the same Agreement. Any signature page of this Deposit Escrow Agreement may
be detached from any counterpart without impairing the legal effect of any
signatures thereon, and may be attached to another counterpart, identical in
form thereto, but having attached to it one or more additional signature pages.

          18.  Captions. The captions appearing at the commencement of the
sections hereof are descriptive only and for convenience in reference to this
Deposit Escrow Agreement and in no way whatsoever define, limit or describe the
scope or intent of this agreement, nor in any way affect this agreement.

          19.  Entire Agreement. Except with respect to the Agreement, to which
Seller and Buyer are parties, this Deposit Escrow Agreement sets forth the
entire agreement among the parties with respect to the subject matter thereof
and hereof and supersedes all prior or oral agreements or understandings with
respect thereto. The Escrow Agent undertakes to perform

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only such duties as are specifically set forth herein, and is not charged with
knowledge of, or any duties or responsibilities in connection with, any other
document.

          20.  Funds Transfer. Subject to Section 6:

               (a)  In the event funds transfer instructions are given (other
than in writing at the time of execution of the Deposit Escrow Agreement),
whether in writing, by telefax, or otherwise, the Escrow Agent is authorized to
seek confirmation of such instructions by telephone call-back to the person or
person designated on Exhibit B hereto, and the Escrow Agent may rely upon the
confirmations of anyone purporting to be the person or persons so designated. If
the Escrow Agent is unable to contact any of the authorized representatives
identified in Exhibit B, the Escrow Agent is hereby authorized to seek
confirmation of such instructions by telephone call-back to Seller's or Buyer's
Chief Executive Officer or Chief Financial Officer ("Executive Officers"), as
the Escrow Agent may select. Such Executive Officer shall deliver to the Escrow
Agent upon request a fully executed Incumbency Certificate, and the Escrow Agent
may rely upon the confirmation of anyone purporting to be any such officer. The
persons and telephone numbers for call-backs may be changed only in a writing
actually received and acknowledged by the Escrow Agent. The parties to this
Deposit Escrow Agreement acknowledge that such security procedure is
commercially reasonable.

               (b)  It is understood that the Escrow Agent and the beneficiary's
bank in any funds transfer may rely solely upon any account numbers or similar
identifying number provided by either of the other parties hereto to identify
(i) the beneficiary, (ii) the beneficiary's bank, or (iii) an intermediary bank.
The Escrow Agent may apply any of the escrowed funds for any payment order it
executes using any such identifying number, even where its use may result in a
person other than the beneficiary being paid, or the transfer of funds to a bank
other than the beneficiary's bank or an intermediary bank, designated.

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          IN WITNESS WHEREOF, the parties hereto have executed this Deposit
Escrow Agreement as of the day and year first above written.

                                        LVH CORPORATION

                                        By:  /s/ Wallce R. Barr
                                           -------------------------------------
                                             Name: Wallace R. Barr
                                             Title: President
                                             Tax Id No.: 88-0402427

                                        COLONY RESORTS LVH ACQUISITIONS, LLC

                                        By:  Colony Resorts LVH Holdings, LLC,
                                             its sole member

                                        By:  Colony Investors VI, L.P, its sole
                                             member

                                        By:  Colony Capital VI, L.P., its
                                             general partner

                                        By:  Colony GP VI, LLC, its general
                                             partner

                                        By:  /s/ Nicholas L. Ribis
                                           -------------------------------------
                                             Name: Nicholas L. Ribis
                                             Title: Authorized Signor
                                             Tax Id No.: 41-2120123

                                        NEVADA TITLE COMPANY

                                        By:  /s/ Robbie D. Graham
                                           -------------------------------------
                                             Name: Robbie D. Graham
                                             Title: President

                      [Signature Page to Escrow Agreement]

<PAGE>

                                    Exhibit A
                                Escrow Agent Fees

                                     $3,000

<PAGE>

                                    Exhibit B
                          Authorized Call-Back Persons

                                      BUYER
                                      -----
      Name                         Title                       Telephone
----------------   ---------------------------------------   --------------
Nicholas Ribis     Manager                                   (212) 832-0128

                                     SELLER
                                     ------
      Name                         Title                       Telephone
----------------   ---------------------------------------   --------------
Harry C. Hagerty   Executive Vice President & Chief
                   Financial Officer                         (702) 699-5030

Bernard DeLury     Senior Vice President & General Counsel   (702) 699-5033

Mark A. Clayton    Vice President - Corporate Law            (702) 699-5062<PAGE>
                                                                    Exhibit 10.2

                                     FORM OF
                                     -------

                         TRANSFER RESTRICTION AGREEMENT
                         ------------------------------

          This Transfer Restriction Agreement (this "Agreement") is made as of
________, 2004 among Thomas J. Barrack, Jr. ("Mr. Barrack"), Nicholas L. Ribis
("Mr. Ribis", and together with Mr. Barrack, the "Coinvestment Voteco Members"),
Colony Resorts LVH Coinvestment Voteco, LLC, a Delaware limited liability
company ("Coinvestment Voteco"), and Colony Resorts LVH Co-Investment Partners,
L.P. ("Co-Investment Partners"), a Delaware limited partnership.

                                    RECITALS
                                    --------

          WHEREAS, as of the date hereof (the "Closing Date"), Colony Resorts
LVH Acquisitions, LLC, a Delaware limited liability company (the "Company")
purchased (the "Acquisition") substantially all of the assets of LVH
Corporation, a Nevada corporation ("LVH") pursuant to a Purchase and Sale
Agreement dated as of December 24, 2003 (as amended through the date hereof, the
"Purchase Agreement");

          WHEREAS, the Company was authorized to issue membership units
consisting of (i) Class A Membership Units (the "Class A Units"), and (ii) Class
B Membership Units (the "Class B Units" and, together with the Class A Units,
the "Membership Units");

          WHEREAS, immediately prior to the Acquisition, Coinvestment Voteco was
the record owner of _______ Class A Units and no other Membership Units, and
Co-Investment Partners was the record owner of _______ Class B Units and no
other Membership Units;

          WHEREAS, from time to time, Coinvestment Voteco may acquire additional
Class A Units or other equity interests of the Company's convertible into,
exchangeable for or otherwise providing Coinvestment Voteco with the right to
acquire Class A Units, and Co-Investment Partners may acquire additional Class B
Units or other equity interests of the Company's convertible into, exchangeable
for or otherwise providing Co-Investment Partners with the right to acquire
Class B Units;

          WHEREAS, the Coinvestment Voteco Members are the record and beneficial
owners of all the issued and outstanding limited liability company interests of
Coinvestment Voteco (the "Coinvestment Voteco Interests");

          WHEREAS, the parties hereto believe it is desirable and in their
mutual best interests to provide for procedures regarding the ownership of the
Class A Units owned by Coinvestment Voteco and the Coinvestment Voteco Interests
owned by the Coinvestment Voteco Members; and

          WHEREAS, the parties hereto further believe that the execution of this
Agreement will help facilitate the continuous, harmonious and effective
management of Co-Investment Partners' investment in the Company.

<PAGE>

          NOW, THEREFORE, in consideration of the recitals and the mutual
covenants, promises, agreements, representations and warranties of the parties
hereto, the parties hereto hereby agree as follows:

          Section 1. Certain Definitions. As used herein, the following terms
have the respective meanings set forth below:

          "Acquisition" has the meaning given to such term in the recitals set
forth above.

          "Agreement" has the meaning given to such term in the introduction
hereof.

          "Approved Purchaser" means a proposed purchaser of Membership Units or
Membership Units Equivalents, who, in connection with its proposed purchase of
Membership Units or Membership Units Equivalents, has obtained all licenses,
permits, registrations, authorizations, consents, waivers, orders, findings of
suitability or other approvals required to be obtained from, and has made all
filings, notices or declarations required to be made with, all Gaming
Authorities under all applicable Gaming Laws.

          "Approved Sale" has the meaning given to such term in Section 3(a)
hereof.

          "Approved Sale Date" has the meaning given to such term in Section
3(b) hereof.

          "Call Notice" has the meaning given to such term in Section 3(b)
hereof

          "Class A Equivalents" means any securities of the Company convertible
into, exchangeable for or otherwise providing the holder thereof any right to
acquire Class A Units.

          "Class A Holder" means a holder of Class A Units or Class A
Equivalents; provided that Co-Investment Partners shall not be considered a
Class A Holder, regardless of whether Co-Investment Partners holds any Class A
Units.

          "Class A Units" has the meaning given to such term in the recitals set
forth above.

          "Class B Equivalents" means any securities of the Company convertible
into, exchangeable for or otherwise providing the holder thereof any right to
acquire Class B Units, which securities are substantially equivalent in
designations, preferences, limitations, restrictions and relative rights, but
not as to voting, to a class or series of Class A Equivalents.

          "Class B Units" has the meaning given to such term in the recitals set
forth above.

          "Co-Investment Partners" has the meaning given to such term in the
introduction hereof.

          "Coinvestment Voteco" has the meaning given to such term in the
introduction hereof.

          "Coinvestment Voteco Interest" has the meaning given to such term in
the recitals set forth above.

                                       -2-

<PAGE>

          "Coinvestment Voteco Member" has the meaning given to such term in the
introduction hereof.

          "Colony Capital Advisory Committee" means the advisory committee
comprised of certain limited partners of Colony Capital Resorts LVH
Co-Investment, L.P., the general partner of Co-Investment Partners.

          "Company" has the meaning given to such term in the recitals set forth
above.

          "Corresponding Class A Equivalents" means, with respect to any
referenced Class B Equivalents, the Class A Equivalents that are substantially
equivalent in designations, preferences, limitations, restrictions and relative
rights, but not as to voting, to such specified Class B Equivalents.

          "Corresponding Class B Equivalents" means, with respect to any
referenced Class A Equivalents, the Class B Equivalents that are substantially
equivalent in designations, preferences, limitations, restrictions and relative
rights, but not as to voting, to such specified Class A Equivalents.

          "Gaming Authorities" means all governmental authorities or agencies
with regulatory control or jurisdiction over the gaming or gambling operations
of the Company and its subsidiaries, including without limitation, the Nevada
Gaming Commission.

          "Gaming Laws" means any U.S. Federal, state, local or foreign statute,
ordinance, rule, regulation, permit, consent, approval, license, judgment,
order, decree, injunction or other authorization governing or relating to the
current or contemplated manufacturing, distribution, casino gambling and gaming
activities and operations of the Company, including, without limitation,
the[Nevada Gaming Control Act] and the rules and regulations promulgated
thereunder.

          "LVH" has the meaning given to such term in the recitals set forth
above.

          "Membership Units Equivalents" means the Class A Equivalents or Class
B Equivalents of the Company.

          "Membership Units" has the meaning given to such term in the recitals
set forth above.

          "Mr. Barrack" has the meaning given to such term in the introduction
hereto.

          "Mr. Ribis" has the meaning given to such term in the introduction
hereto.

          "Required Number" means the number of Class A Units or Class A
Equivalents to be purchased by Co-Investment Partners from Coinvestment Voteco
pursuant to the exercise by Co-Investment Partners of its option to purchase
Class A Units or Class A Equivalents pursuant to the provisions of Section 3
hereof, in connection with an Approved Sale, as specified by Co-Investment
Partners in a Call Notice delivered by Co-Investment Partners to Coinvestment
Voteco; provided that unless otherwise approved by the Colony Capital Advisory

                                       -3-

<PAGE>

Committee, such specified number shall be equal to the product of (i) the number
of Class A Units or Class A Equivalents, as applicable, held by Coinvestment
Voteco immediately prior to the consummation of such Approved Sale times (ii) a
fraction, the numerator of which is the number of Class B Units or Corresponding
Class B Equivalents, as applicable, to be Transferred by Co-Investment Partners
to such Approved Purchaser pursuant to such Approved Sale and the denominator of
which is the total number of Class B Units or Corresponding Class B Equivalents,
as applicable, held by Co-Investment Partners immediately prior to consummation
of such Approved Sale.

          "Securities Act" means the Securities Act of 1933, as amended.

          "Transfer" means to voluntarily or involuntarily sell, assign,
exchange or in any other manner transfer with or without consideration, except
pursuant to a distribution of equity interests by Co-Investment Partners to its
partners. "Transferred" has the correlative meaning.

          Section 2. Restriction on Transfer.

               (a)  So long as Coinvestment Voteco holds of Class A Units or
Class A Equivalents, Coinvestment Voteco shall not Transfer ownership of any or
all such Membership Units or equivalents owned by it except as contemplated by
Section 3 hereof. The Transfer of record or beneficial ownership of any Class A
Units or Class A Equivalents, by operation of law or otherwise, by or upon the
direction or authorization of Coinvestment Voteco shall be deemed invalid, null
and void, and of no force or effect, unless such Transfer is made pursuant to
the provisions of Section 3 hereof.

               (b)  No Coinvestment Voteco Member shall Transfer record or
beneficial ownership of any or all Coinvestment Voteco Interests owned by such
Coinvestment Voteco Member, unless such Transfer is approved in writing by the
Colony Capital Advisory Committee. The Transfer of record or beneficial
ownership of any Coinvestment Voteco Interests, by operation of law or
otherwise, by or upon the direction or authorization of any Coinvestment Voteco
Member shall be deemed invalid, null and void, and of no force or effect, and
the transferee of any such Coinvestment Voteco Interests shall not be entitled
to vote such Coinvestment Voteco Interests or receive distributions on such
Coinvestment Voteco Interests or have any other rights in or respecting such
Coinvestment Voteco Interests, unless such Transfer is approved in writing by
the Colony Capital Advisory Committee.

          Section 3. Call Option.

               (a)  Right to Call Class A Units and Class A Equivalents.
Notwithstanding any other provision hereof, on each occasion that Co-Investment
Partners proposes to Transfer (including, without limitation, by operation of
law or pursuant to any merger, consolidation, reorganization or
recapitalization) any of the Class B Units or Class B Equivalents held by it to
an Approved Purchaser (any such transaction, an "Approved Sale"), then
Co-Investment Partners shall have an option, which, unless Co-Investment
Partners otherwise receives approval from Gaming Authorities, Co-Investment
Partners shall assign to such Approved Purchaser (such Approved Purchaser or
Co-Investment Partners, as applicable, hereinafter referred to as the
"Optionholder"), to purchase from Coinvestment Voteco upon such

                                       -4-

<PAGE>

Approved Sale the Required Number of Class A Units, in the case of an Approved
Sale of Class B Units, or Corresponding Class A Equivalents, in the case of an
Approved Sale of Class B Equivalents, at a cash price per unit equal to the sum
of (a) the amount in cash or fair market value of any other consideration
originally paid by Coinvestment Voteco for such Required Number of Class A Units
or Corresponding Class A Equivalents, as applicable, plus (b) the amount
equivalent to a [six percent (6%)] annual rate of interest on such amount or
fair market value, compounded annually, calculated from the date Coinvestment
Voteco acquired such units of Class A Units or Corresponding Class A
Equivalents, as applicable, on the basis of a 360-day year comprised of twelve
30-day months, to and excluding the Approved Sale Date.

               (b)  Call Notice. Prior to consummating any Approved Sale, if the
Optionholder elects to exercise the options granted to it under this Section 3,
Co-Investment Partners shall provide each of the Class A Holders with a written
notice (the "Call Notice") not less than five (5) days prior to the proposed
date of the Approved Sale (the "Approved Sale Date"). The Call Notice shall
state that the Optionholder is exercising its option to purchase Class A Units
or Class A Equivalents pursuant to this Section 3 and shall set forth: (i) the
name and address of the Optionholder, (ii) the aggregate number of Class B Units
and Class B Equivalents held of record by Co-Investment Partners as of the date
of the Call Notice, (iii) the number of Class B Units or Class B Equivalents to
be sold by Co-Investment Partners to the Approved Purchaser pursuant to such
Approved Sale, (iv) the Required Number of Class A Units or Class A Equivalents
to be purchased by the Optionholder in connection with such Approved Sale, (v)
the Approved Sale Date and (vi) the address for delivery of the certificates
representing the Class A Units or Class A Equivalents to be purchased by the
Optionholder.

               (c)  Delivery of Certificates. On the Approved Sale Date,
Coinvestment Voteco shall deliver to the Optionholder the certificates for the
Class A Units or Class A Equivalents being sold by it to the Optionholder, duly
endorsed for transfer with signatures guaranteed, in the manner and at the
address indicated in the Call Notice against delivery of immediately available
funds in the amount of the purchase price for such Class A Units or Class A
Equivalents.

          Section 4. Legends. Coinvestment Voteco shall use its reasonable
efforts to cause each certificate representing Class A Units or Class A
Equivalents owned of record and beneficially by Coinvestment Voteco to contain
the following legends:

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") OR STATE
     SECURITIES LAWS, AND NO TRANSFER OF THESE SECURITIES MAY BE MADE
     EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
     ACT, OR (B) PURSUANT TO AN EXEMPTION THEREFROM WITH RESPECT TO WHICH
     THE COMPANY MAY, UPON REQUEST, REQUIRE A SATISFACTORY OPINION OF
     COUNSEL FOR THE HOLDER THAT SUCH TRANSFER IS EXEMPT FROM THE
     REQUIREMENTS OF THE ACT.

          "THE OWNERSHIP AND TRANSFER OF THE SECURITIES REPRESENTED BY THIS
     CERTIFICATE ARE SUBJECT TO AND RESTRICTED

                                       -5-

<PAGE>

     BY THE TERMS AND CONDITIONS OF A CERTAIN TRANSFER RESTRICTION AGREEMENT
     DATED [_________], 2004. THE CORPORATION WILL FURNISH A COPY OF SUCH
     TRANSFER RESTRICTION AGREEMENT WITHOUT CHARGE TO ANY STOCKHOLDER ON
     REQUEST."

          Section 5. Recapitalization, etc.; After-Acquired Stock.

               (a)  The provisions of this Agreement (including any calculation
of ownership interests) shall apply to any and all equity interests of the
Company or any capital stock, partnership interests or any other security
evidencing ownership interests in any successor of the Company (whether by
merger, consolidation, sale of assets or otherwise) that may be issued in
respect of, in exchange for, or in substitution of the Membership Units by
reason of any stock dividend, split, reverse split, combination,
recapitalization, liquidation, reclassification, merger, consolidation or
otherwise.

               (b)  Whenever Coinvestment Voteco becomes the record or
beneficial owner of any additional Class A Units, such units shall be subject to
the terms of this Agreement and included in the definition of "Class A Units"
hereunder. Whenever Coinvestment Voteco becomes the record or beneficial owner
of any additional Class A Equivalents, such Class A Equivalents shall be subject
to the terms of this Agreement and included in the definition of "Class A
Equivalents" hereunder. The certificates therefor shall be surrendered for
legending in accordance with Section 4 of this Agreement, unless already so
legended.

          Section 6. Termination. This Agreement shall terminate upon the
earlier of (a) Coinvestment Voteco owning no Class A Units and no Class A
Equivalents or (b) Co-Investment Partners owning no Class B Units and no Class B
Equivalents.

          Section 7. Notices. Whenever notice is required to be given under the
provisions of this Agreement, it shall be given in writing by hand-delivery,
telefax, or United States registered or certified mail, return receipt
requested, and shall be deemed to have been transmitted on the date such notice
is so delivered, transmitted or mailed, if addressed as set forth below or to
such other addresses and fax numbers as any of the parties hereto by written
notice to the other parties hereto, may from time to time designate.

     if to Mr. Barrack:

          c/o Colony Capital, LLC
          1999 Avenue of the Stars, Suite 1200
          Los Angeles, California 90067

     if to Mr. Ribis:

          c/o Colony Capital, LLC
          660 Madison Avenue, Suite 1600
          New York, New York 10021

     if to Coinvestment Voteco:

                                       -6-

<PAGE>

          c/o Colony Capital, LLC
          1999 Avenue of the Stars, Suite 1200
          Los Angeles, California 90067
          Attn:  Mr. Barrack

     if to Co-Investment Partners:

          c/o Colony Capital, LLC
          1999 Avenue of the Stars, Suite 1200
          Los Angeles, California 90067
          Attn:  Mr. Jonathan H. Grunzweig

          Section 8. Additional Actions and Documents. Each party hereto shall
take or cause to be taken such further actions and to execute and deliver such
documents or instruments as may from time to time be reasonably necessary in
order to carry out the purposes of this Agreement.

          Section 9. Specific Performance. The parties hereto recognize that the
provisions herein contained are of particular importance for the protection and
promotion of their existing and future interests; that the Membership Units of
the Company and the Coinvestment Voteco Interests will be closely held; and that
the relationships of the parties to one another are and will be such that, in
the event of any breach of this Agreement, a claim for monetary damages may not
constitute an adequate remedy; and that it may, therefore, be necessary for the
protection of all of the parties hereto and for the effectuation of the
provisions of this Agreement, in the event of a breach of this Agreement, to
apply for specific performance thereof. It is, accordingly, hereby agreed that
no objection to the form of the action or to the form of relief prayed for in
any proceeding for specific performance of this Agreement, shall be raised by
any party hereto, in order that such relief may be obtained by the party
aggrieved.

          Section 10. Construction. Unless the context of this Agreement clearly
requires otherwise, references to the plural include the singular, to the
singular include the plural, to the male gender include the female and neuter
genders and vice versa, and to the part include the whole. The term "including"
is not limiting. The words "hereof," "herein," "hereby," "hereunder" and similar
terms in this Agreement refer to this Agreement as a whole and not to any
particular provision of this Agreement. Section and clause references are to
this Agreement unless otherwise specified.

          Section 11. Miscellaneous.

               (a)  No Waiver. No waiver or modification of any term or
condition of this Agreement shall be effective unless in writing signed by all
the parties hereto.

               (b)  Severability. In case any of the provisions contained herein
shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this Agreement, but this Agreement shall be construed as if
such invalid, illegal or unenforceable provision or provisions are not contained
herein.

                                       -7-

<PAGE>

               (c)  Binding Effect. This Agreement shall be binding and inure to
the benefit of the parties hereto, their respective heirs, guardians, personal
representatives, successors, successors in interest, and assigns.

               (d)  Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York.

               (e)  Counterparts. This Agreement may be executed in
counterparts, (including by facsimile) each of which shall be an original, but
all of which together shall constitute one document.

          [THE BALANCE OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

                                       -8-

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement
under seal with the intent that this be a sealed instrument, as of the day and
year first above written.

                                        ----------------------------------------
                                        THOMAS J. BARRACK, JR.

                                        ----------------------------------------
                                        NICHOLAS L. RIBIS

                                        COLONY RESORTS LVH COINVESTMENT VOTECO,
                                        LLC

                                        By:
                                             -----------------------------------
                                             Name:  Thomas J. Barrack, Jr.
                                             Title: Member

                                        COLONY RESORTS LVH CO-INVESTMENT
                                        PARTNERS, L.P.

                                        By:  COLONY CAPITAL RESORTS LVH CO-
                                             INVESTMENT, L.P.
                                              its general partner

                                        By:  COLONY RESORTS LVH CO-INVESTMENT
                                             GENPAR, LLC
                                              its general partner

                                        By:
                                             -----------------------------------
                                             Name:  Thomas J. Barrack, Jr.
                                             Title: Sole Member

     [Signature Page to Coinvestment Voteco Transfer Restriction Agreement]

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