Document:

Recognition Agreement

 Exhibit 10.8 
 RECOGNITION AGREEMENT 
 THIS
RECOGNITION AGREEMENT (this “Agreement”) is made as of the 2nd day of February, 2007, by and among COLUMN FINANCIAL, INC., a Delaware
corporation (together with its successors and assigns, “Holder”), HRHH HOTEL/CASINO, LLC, a Delaware limited liability company (“Owner”), HARD ROCK HOTEL, INC., a Nevada corporation
(“Tenant/Sublandlord”), and GOLDEN HRC, LLC, a Nevada limited liability company (“Subtenant”). 
 RECITALS 
 A. Owner is the owner of that certain real property and the improvements thereon more particularly described in
Exhibit A hereto (the “Property”). 
 B. Tenant/Sublandlord is the tenant under a certain Lease (as the same may be
amended, modified or supplemented from time to time, the “Lease”) between Owner and Tenant, dated as of February 2, 2007, covering that portion of the Property more particularly described in Exhibit B hereto (the
“Leased Premises”). 
 C. Subtenant is the subtenant under a certain Casino Sublease (as the same may be amended, modified
or supplemented from time to time in accordance with the terms hereof, the “Sublease”), dated as of November 6, 2006, pursuant to which Tenant/Sublandlord is the sublandlord thereunder, covering the entire Leased Premises
(which Leased Premises are referred to in the Sublease, and shall hereafter be referred to herein, as the “Premises”), a true, correct and complete copy of which Sublease is attached hereto as Exhibit C. 
 D. This Agreement is being entered into in connection with a certain loan (the “Loan”) which Holder has made to Owner and to certain
Affiliates of Owner pursuant to that certain Loan Agreement, dated as of February 2, 2007, by and among Holder, Owner, HRHH Café, LLC, HRHH Development, LLC, HRHH IP, LLC and HRHH Gaming, LLC (as the same may be amended, modified,
supplemented, restated and/or replaced from time to time, the “Loan Agreement”), and which is secured, in part, by a first priority Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of
February 2, 2007 (as the same may be amended, modified, supplemented, restated and/or replaced from time to time, the “Deed of Trust”), and an Assignment of Leases and Rents dated as February 2, 2007 (as the same may be
amended, modified, supplemented, restated and/or replaced from time to time, the “Assignment”; and the Loan Agreement, the Deed of Trust, the Assignment and the other documents executed and delivered in connection with the Loan, as
any of the same may be amended, modified, supplemented, restated and/or replaced from time to time, being hereinafter collectively referred to as the “Loan Documents”), each covering and encumbering the entire Property, including
the Premises. 
 E. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Sublease.

 AGREEMENT 
 NOW, THEREFORE, for mutual consideration, including the mutual covenants and agreements set forth below, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Continuation and Attornment. 
 (a) Holder agrees that, if Holder exercises any of its rights under the Loan Documents such that Holder, any designee of Holder or any third party purchaser becomes the owner of the Premises (any of the foregoing, together with their
respective successors and/or assigns, a “Successor Owner”), including, but not limited to, an entry by Holder pursuant to the Deed of Trust, a foreclosure of the Deed of Trust, an exercise of the power of sale under the Deed of
Trust, a deed in lieu of foreclosure or otherwise (collectively, a “Foreclosure”): (a) the Sublease shall automatically continue in full force and effect as a direct lease between the Successor Owner and Subtenant, subject to
all of the terms, covenants and conditions of the Sublease, and (b) subject to the terms of the Sublease, including, without limitation, any termination rights contained therein, the Successor Owner shall not disturb Subtenant’s right of
quiet possession of the Premises under the terms of the Sublease so long as no Event of Default under the Sublease shall have occurred and be continuing. Subject to the Gaming Laws, in the event of a Foreclosure, Subtenant shall, attorn to the
Successor Owner upon such Foreclosure, and recognize such Successor Owner as Landlord under the Sublease. Nothing contained herein shall prevent Holder from naming Subtenant in any Foreclosure initiated in order for Holder to avail itself of and
complete any such Foreclosure, provided that the reasonable expense of Subtenant incurred therein shall be borne by Holder. 
 (b) If a
Successor Owner succeeds to Tenant/Sublandlord’s interest in the Sublease in accordance with this Agreement, then to the extent Gaming Employees continue to be provided by Tenant/Sublandlord in accordance with the terms of the Sublease,
Subtenant hereby acknowledges and agrees that such provision by Tenant/Sublandlord will satisfy Successor Holder’s obligations with respect thereto under Section 5.1 of the Sublease. 
 2. Successor Owner Liability Limitations. Subtenant agrees that, in the event a Successor Owner succeeds to the interest of Tenant/Sublandlord
under the Sublease, such Successor Owner shall not be: 
 (a) bound by any payment of Base Rent or Additional Rent which Subtenant might have
paid for more than one month in advance of the due date under the Sublease to any prior sublandlord or landlord under the Sublease (including, without limitation, Tenant/Sublandlord); or 
 (b) bound by any amendment or modification of the Sublease made without the consent of Holder, other than any ministerial, non-monetary amendment or
modification. 
 3. Notices to Holder and Cure Rights. Subtenant hereby agrees to give to Holder copies of all notices of
Tenant/Sublandlord’s default(s) under the Sublease in the same manner as, and whenever, Subtenant shall give any such notice of default to Tenant/Sublandlord, directed to Holder as set forth in the notice provisions hereof. Subject to
Subtenant’s termination 

  

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rights under the Sublease, Holder shall have the right but not the obligation to remedy any Tenant/Sublandlord default under the Sublease, or to cause any
default of Tenant/Sublandlord under the Sublease to be remedied, and for such purpose Subtenant hereby grants Holder, in addition to the period given to Tenant/Sublandlord for remedying defaults, an additional thirty (30) days to remedy, or
cause to be remedied, any such default. Subtenant shall accept performance by Holder of any term, covenant, condition or agreement to be performed by Tenant/Sublandlord under the Sublease with the same force and effect as though performed by
Tenant/Sublandlord. Holder shall have the right, without Subtenant’s consent, to effectuate a Foreclosure under the Deed of Trust or to exercise any other remedies under the Loan Documents, to the extent not inconsistent with the provisions
hereof or of the Sublease. 
 4. No Prior Assignments. Subtenant has no knowledge of any prior assignment or pledge by
Tenant/Sublandlord of any amounts payable and/or accruing under the Sublease. 
 5. General Representations. 
 (a) Subtenant has full right, power and authority to enter into and perform its obligations under this Agreement. Each individual executing this Agreement
on behalf of Subtenant is duly authorized to execute and deliver this Agreement on behalf of Subtenant in accordance with Subtenant’s operating agreement, and this Agreement is binding upon Subtenant in accordance with its terms, subject only
to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity. 
 (b) Tenant/Sublandlord has full right, power and authority to enter into and perform its obligations under this Agreement. Each individual executing this Agreement on behalf of Tenant/Sublandlord is duly authorized to
execute and deliver this Agreement on behalf of Tenant/Sublandlord in accordance with a duly adopted resolution of the Board of Directors of Tenant/Sublandlord or in accordance with the by-laws of Tenant/Sublandlord, and this Agreement is binding
upon Tenant/Sublandlord in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity. 
 (c) Owner has full right, power and authority to enter into and perform its obligations under this Agreement. Each individual executing this Agreement on
behalf of Owner is duly authorized to execute and deliver this Agreement on behalf of Owner in accordance with Owner’s operating agreement, and this Agreement is binding upon Owner in accordance with its terms, subject only to applicable
bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity. 
 (d) Holder has full right, power and authority to enter into and perform its obligations under this Agreement, and to act as agent for any co-Holder in entering into and performing any co-Holder’s obligations
under this Agreement. Each individual executing this Agreement on behalf of Holder is duly authorized to execute and deliver this Agreement on behalf of Holder in accordance with a duly adopted resolution of the Board of Directors of Holder or in
accordance with the by-laws of Holder, and this Agreement is binding upon Holder in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to
enforceability, to general principles of equity. 
  

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 6. Agreements Regarding Specific Provisions of the Sublease. Subtenant, Tenant/Sublandlord and
Owner hereby agree to the following with respect to the referenced Sections of the Sublease: 
 (a) Section 1.8. Notwithstanding
the provisions of Section 1.8 of the Sublease or any other provision of the Sublease to the contrary, upon the expiration or earlier termination of the Sublease, subject to Gaming Laws, Subtenant shall transfer the Gaming Assets to such person
or entity as shall be jointly designated in writing by Holder and Tenant/Sublandlord at such time, provided that Holder and Tenant/Sublandlord hereby agree that: (i) if at such time Tenant/Sublandlord or an Affiliate thereof has obtained all
Gaming Approvals with respect to the Premises, then Holder and Tenant/Sublandlord shall direct Subtenant to transfer the Gaming Assets to Tenant/Sublandlord or such Affiliate, as applicable, or (ii) if at such time neither Tenant/Sublandlord
nor any Affiliate thereof has obtained all Gaming Approvals with respect to the Premises but an unaffiliated Qualified Gaming Operator (as defined in the Loan Agreement) has obtained all Gaming Approvals with respect to the Premises, then Holder and
Tenant/Sublandlord shall direct Subtenant to transfer the Gaming Assets to such Qualified Gaming Operator, or (iii) if at such time no person or entity has obtained all Gaming Approvals with respect to the Premises, then Holder and
Tenant/Sublandlord shall direct Subtenant to transfer the Gaming Assets to such person or entity designated by Holder in its sole discretion, including, without limitation, to an escrow agent selected by Holder in its sole discretion. In furtherance
of the foregoing, and in the event Tenant/Sublandlord fails to take such action within five (5) Business Days after Holder’s notification to Tenant/Sublandlord regarding same, Tenant/Sublandlord hereby (A) grants to Holder a power of
attorney, which shall be irrevocable and coupled with an interest, so that Holder shall have the right to execute on behalf of Tenant/Sublandlord any notice contemplated under any of the foregoing clauses (i), (ii) or (iii) so
long as the person or entity designated in such notice shall be consistent with the requirements of such foregoing clause (i), (ii) or (iii), as applicable, and (B) expressly agrees that Subtenant may rely upon any such
notice signed on Tenant/Sublandlord’s behalf by Holder pursuant to the foregoing power of attorney. Subtenant shall have no liability to Tenant/Sublandlord or Holder, and shall be indemnified and held harmless by them from the claims of any
third party, for following the directions in any notice given pursuant to this Section 8(b). In the event inconsistent instructions are given, Subtenant may bring an action in interpleader with respect to disposition of the Gaming Assets, and
Tenant/Sublandlord and Holder shall be jointly and severally liable to Subtenant for all fees and costs incurred by Subtenant in bringing and pursuing any such action. 
 (b) Section 2.3. With respect to Section 2.3 of the Sublease, Subtenant expressly acknowledges that Owner, its agents, employees, servants, contractors, licensees, business invitees and customers
shall also have the non-exclusive right of access through the Gaming Operations Location, but only to the extent permissible under the Gaming Laws. 
 (c) Section 4.3. Notwithstanding the provisions of Section 4.3 of the Sublease, all Rent and other monies required to be paid to Tenant/Sublandlord under the Sublease, including, without limitation, (i) any payment on
account of accrued interest and/or 
  

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unpaid principal under any Shortfall Note, (ii) any payment on account of accrued interest and/or unpaid principal under the Gaming Asset Note,
(iii) any payment on account of accrued interest and/or unpaid principal under the Working Capital Note, (iv) any Working Capital remaining upon the expiration or earlier termination of the Sublease, and (v) subject to the following
Paragraph 6(d) hereof, any funds remaining in the Surplus Fund Reserve upon the expiration or earlier termination of the Sublease, shall be paid without offset, deduction, prior notice or demand, in lawful money of the United States of
America, to the following account: account identified on Exhibit D attached hereto and made a part hereof. No change in the aforementioned account shall be effective without the prior consent of Holder, provided that in the event inconsistent
instructions are given, Subtenant may bring an action in interpleader with respect to payment of Rent and other monies required to be paid to Tenant/Sublandlord under the Sublease and Tenant/Sublandlord and Holder shall be jointly and severally
liable to Subtenant for all fees and costs incurred by Subtenant in bringing and pursuing any such action. 
 (d) Section 4.5.
Notwithstanding the last sentence of Section 4.5 of the Sublease or any other provision of the Sublease to the contrary, subject to Gaming Laws (and prior approval of the Gaming Authorities if deemed reasonably necessary by Subtenant), upon the
expiration or earlier termination of the Sublease, Subtenant shall transfer all funds remaining in the Surplus Reserve Fund to such person or entity as shall be jointly designated in writing by Holder and Tenant/Sublandlord at such time, provided
that Holder and Tenant/Sublandlord hereby agree that: (i) if at such time Tenant/Sublandlord or an Affiliate thereof has obtained all Gaming Approvals with respect to the Premises, then Holder and Tenant/Sublandlord shall direct Subtenant to
transfer all funds remaining in the Surplus Reserve Fund as contemplated by Section 4.3 of the Sublease, as modified pursuant to the foregoing Paragraph 6(c) hereof, or (ii) if at such time neither Tenant/Sublandlord nor any
Affiliate thereof has obtained all Gaming Approvals with respect to the Premises but an unaffiliated Qualified Gaming Operator (as defined in the Loan Agreement) has obtained all Gaming Approvals with respect to the Premises, then Holder and
Tenant/Sublandlord shall direct Subtenant to transfer all funds remaining in the Surplus Reserve Fund to such Qualified Gaming Operator, or (iii) if at such time no person or entity has obtained all Gaming Approvals with respect to the
Premises, then Holder and Tenant/Sublandlord shall direct Subtenant to transfer all funds remaining in the Surplus Reserve Fund to such person or entity designated by Holder in its sole discretion, including, without limitation, to an escrow agent
selected by Holder in its sole discretion. In furtherance of the foregoing, and in the event Tenant/Sublandlord fails to take such action within five (5) Business Days after Holder’s notification to Tenant/Sublandlord regarding same,
Tenant/Sublandlord hereby (A) grants to Holder a power of attorney, which shall be irrevocable and coupled with an interest, so that Holder shall have the right to execute on behalf of Tenant/Sublandlord any notice contemplated under any of the
foregoing clauses (i), (ii) or (iii) so long as the person or entity designated in such notice shall be consistent with the requirements of such foregoing clause (i), (ii) or (iii), as applicable, and
(B) expressly agrees that Subtenant may rely upon any such notice signed on Tenant/Sublandlord’s behalf by Holder pursuant to the foregoing power of attorney. In the event inconsistent instructions are given, Subtenant may bring an action
in interpleader with respect to disposition of the Gaming Assets, and Tenant/Sublandlord and Holder shall be jointly and severally liable to Subtenant for all fees and costs incurred by Subtenant in bringing and pursuing any such action. Holder,
Subtenant and Tenant/Sublandlord hereby acknowledge that notwithstanding anything contained in this Agreement or the Sublease, the approval of the Nevada Gaming Commission has been granted subject to a condition that Tenant/Sublandlord’s

  

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Share of the Surplus Reserve Fund shall not be disbursed to any person or entity unless and until licensed by the Nevada Gaming Commission (the
“Gaining Surplus Reserve Fund Condition”), and Subtenant shall not be required to comply with any provision of this Agreement or the Sublease if such compliance would constitute a violation of the Gaming Surplus Reserve Fund
Condition. 
 (e) Section 4.8. Holder hereby acknowledges that all payments to be made to Subtenant under the Sublease are prior
to and shall not be subordinate to the Loan or to any payment thereunder. 
 (f) Section 7.8(a). Simultaneously with Subtenant
giving Tenant/Sublandlord notice of any actual or threatened Infringement of the Marks, Subtenant shall also send a copy thereof to Holder in accordance with the notice provisions hereof. 
 (g) Section 10.1(ii). Notwithstanding the provisions of Section 10.1(ii) of the Sublease, all proceeds of loss of rents insurance or business
income insurance payable to Subtenant with respect to the Premises and the Gaming Operations shall be treated by Subtenant as though such proceeds were actual Casino Revenues and shall be applied in accordance with the provisions of the Sublease
governing the application of Casino Revenues. 
 (h) Sections 10.3 and 10.4. Notwithstanding the provisions of Section 10.3
and/or Section 10.4 of the Sublease, all insurance provided for in the Sublease (i) shall designate Holder, Owner and Tenant/Sublandlord as additional insureds, as their respective interests shall appear and (ii) shall designate
Holder as the loss payee but only to the extent insurance proceeds are otherwise payable to Tenant/Sublandlord. 
 7. Additional
Covenants. 
 (a) Holder’s consent, not to be unreasonably withheld, shall be required to any (i) amendment or modification of
the Sublease, unless such amendment or modification is ministerial and non-monetary in nature, (ii) waiver of any material provision of the Sublease and (iii) any termination of the Sublease. Holder, Subtenant and Tenant/Sublandlord hereby
acknowledge that notwithstanding anything contained in this Agreement or the Sublease, the approval of the Nevada Gaming Commission has been granted subject to a condition that any amendment or modification of the Sublease requires the prior
administrative approval of the Chairman of the Nevada Gaming Control Board or his designee (the “Gaming Sublease Amendment Condition”), and Subtenant shall not enter into any amendment or modification of the Sublease absent
compliance with the Gaming Sublease Amendment Condition. 
 (b) Upon the expiration or earlier termination of the Sublease, Subtenant agrees
that, at the request and the reasonable expense of Holder, it shall take all steps reasonably necessary to “surrender” its Gaming Approvals for purposes of NRS Chapter 463B. 
 8. Pledge of Notes by Tenant/Sublandlord. Holder, Subtenant and Tenant/Sublandlord hereby acknowledge and agree to the following:
(a) Tenant/Sublandlord is pledging its interest in each Shortfall Note, in the Working Capital Note and in the Gaming Asset Note and related security agreement (collectively, the “Gaming Notes”) to Holder as collateral for a
guaranty of certain Loan obligations given by Tenant/Sublandlord to Holder (the “Loan 

  

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Guaranty”), (b) the original of the Working Capital Note and the Gaming Asset Note have been delivered to Holder and shall be held by
Holder, it being acknowledged and agreed that the fact that Holder is holding such Working Capital Note and Gaming Asset Note shall not be deemed to amend, modify, limit, or vitiate any of the terms thereof or of the Sublease relating thereto,
(c) upon execution of each Shortfall Note, if any, Subtenant shall promptly deliver the original thereof to Holder and thereafter Holder shall hold the same, it being acknowledged and agreed that the fact that Holder is holding such Shortfall
Note shall not be deemed to amend, modify, limit, or vitiate any of the terms thereof or of the Sublease relating thereto; (d) Holder acknowledges that, in accordance with the terms of the Sublease, the Working Capital Note shall be deemed
satisfied in full upon the transfer to Tenant/Sublandlord or its designee of the Working Capital upon expiration or earlier termination of the Sublease, and agrees to make no claim under the Working Capital Note following the transfer of the Working
Capital in accordance with the terms of the Sublease; (e) Holder acknowledges that, in accordance with the terms of the Sublease, the Gaming Asset Note shall be deemed satisfied in full upon the transfer to Tenant/Sublandlord of the Gaming
Assets upon expiration or earlier termination of the Sublease, and agrees to make no claim under the Gaming Assets Note following the transfer of the Gaming Assets in accordance with the terms of the Sublease, as modified by the provisions of
Section 6(a) hereof; and (f) Holder acknowledges that, in accordance with the terms of the Sublease, the Shortfall Notes shall be deemed satisfied in full upon the transfer to Tenant/Sublandlord of the Gaming Assets upon expiration
or earlier termination of the Sublease, and agrees to make no claim under the Shortfall Notes following the transfer of the Gaming Assets in accordance with the terms of the Sublease as modified by the provisions of Section 6(a) hereof.

 9. Notices. Any notice or other communication required or permitted to be given by a party hereunder shall be in writing, and shall
be deemed to have been given by such party to the other party or parties (a) on the date of personal delivery or delivery by a reputable overnight courier, (b) on the next business day following any facsimile transmission to a party at its
facsimile number set forth below; provided, however, such delivery is concurrent with delivery pursuant to the provisions of clauses (a) or (c) of this Section 9, or (c) three business days after being placed in
the United States mail, as applicable, registered or certified, postage prepaid addressed to the following addresses (each of the parties shall be entitled to specify a different address by giving notice as aforesaid): 
  

			
	If to Subtenant:	  	Golden HRC, LLC
		  	6595 South Jones Boulevard
		  	Las Vegas, Nevada 89118
		  	Attention: Blake L. Sartini and Rod S. Atamian
		  	Facsimile No. (702) 891-4206
		
	with a copy to:	  	Jones Vargas
		  	3773 Howard Hughes Parkway
		  	Suite 300 South
		  	Las Vegas, Nevada 89169
		  	Attention: Jodi R. Goodheart and Michael G. Alonso
		  	Facsimile No. (702) 734-2722

  

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	If to Holder:	  	Column Financial, Inc.
		  	11 Madison Avenue
		  	New York, New York 10010
		  	Attention: Edmund Taylor
		  	Facsimile No. (212) 352-8106
		
	with a copy to:	  	Column Financial, Inc.
		  	11 Madison Avenue
		  	New York, New York 10010
		  	Legal and Compliance Department
		  	Attention: Casey McCutcheon, Esq.
		  	Facsimile No. (917) 326-8433
		
	and a copy to:	  	Thelen Reid Brown Raysman & Steiner LLP
		  	875 Third Avenue
		  	New York, New York 10022
		  	Attention: Jeffrey B. Steiner, Esq.
		  	Re: [Hard Rock/Rand Peppas]
		  	Telecopier: (212) 603-2001
		
	 If to Tenant/
 Sublandlord:
	  	Hard Rock Hotel, Inc.
		  	c/o Morgans Hotel Group Co.
		  	475 Tenth Avenue
		  	New York, New York 10018
		  	Attention: Marc Gordon, Chief Investment Officer
		  	Facsimile No. (212) 277-4201
		
	with a copy to:	  	Wachtell, Lipton, Rosen & Katz
		  	51 West 52nd Street
		  	29th Floor
		  	New York, New York 10019
		  	Attention: Stephen Gellman, Esq.
		  	Facsimile No. (212) 403-2000
		
	and a copy to:	  	Latham & Watkins LLP
		  	885 Third Avenue
		  	Suite 1000
		  	New York, New York 10022
		  	Attention: Michelle Kelban, Esq.
		  	Facsimile No. (212) 751-4864
		
		  	Latham & Watkins LLP
		  	633 West Fifth Street
		  	Suite 4000
		  	Los Angeles, CA 90071
		  	Attention: Paul Fuhrman, Esq.
		  	Facsimile No. (213) 891-8763

  

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	If to Owner:	  	HRHH Hotel/Casino, LLC
		  	c/o Morgans Hotel Group Co.
		  	475 Tenth Avenue
		  	New York, New York 10018
		  	Attention: Marc Gordon, Chief Investment Officer
		  	Facsimile No. (212) 277-4201
		
	with a copy to:	  	Wachtell, Lipton, Rosen & Katz
		  	51 West 52nd Street
		  	29th Floor
		  	New York, New York 10019
		  	Attention: Stephen Gellman, Esq.
		  	Facsimile No. (212) 403-2000
		
	and a copy to:	  	Latham & Watkins LLP
		  	885 Third Avenue
		  	Suite 1000
		  	New York, New York 10022
		  	Attention: Michelle Kelban, Esq.
		  	Facsimile No. (212) 751-4864

 10. Definitions of Parties. The term “Holder” as used herein includes any
successor or assign of the named Holder herein, including without limitation, any co-Holder at the time of making the Loan, any purchaser at a foreclosure sale and any transferee pursuant to a deed in lieu of foreclosure, and their successors and
assigns; the term “Subtenant” as used herein includes any successor and permitted assign of the named Subtenant herein; the term “Tenant/Sublandlord” as used herein includes any successor and permitted assign of the named
Tenant/Sublandlord herein; and the term “Owner” as used herein includes any permitted successor owner of the Premises. 
 11.
Severability. If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to be enforceable, or if such modification is not
practicable such provision shall be deemed deleted from this Agreement, and the other provisions of this Agreement shall remain in full force and effect. 
 12. Amendment; Termination; Waiver. Neither this Agreement nor any of the terms hereof may be terminated, amended, supplemented, waived or modified orally, but only by an instrument in writing executed by the
party(ies) against whom enforcement of the termination, amendment, supplement, waiver or modification is sought. 
 13. Governing Law.
This Agreement shall be construed in accordance with the laws of the State of Nevada without reference to Nevada’s principles of conflicts of law. 
  

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 14. Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall constitute an original and all of which, when taken together, shall constitute one and the same original Agreement. 
 15. Recitals.
The Recitals set forth at the beginning of this Agreement are hereby incorporated into and made a part of the substantive provisions of this Agreement. 
 16. Costs of Compliance. Any and all costs and expenses of Subtenant expended in compliance with this Agreement shall be Landlord Expenses under the Sublease, and shall, if paid by Subtenant, be reimbursed to
Subtenant by Tenant/Sublandlord upon demand. 
 17. Gaming Laws. This Agreement is subject to the Gaming Laws. Holder expressly
acknowledges and agrees that all rights, remedies, powers and obligations of each party under this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of the Gaming Laws and only to the
extent that any applicable required approvals of the Gaming Authorities (including prior approvals) are obtained. 
 [BALANCE OF PAGE
INTENTIONALLY LEFT BLANK] 
  

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

			
	 COLUMN FINANCIAL, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Roman Marin

	Name:	 	Roman Marin,
	Title:	 	Vice President

  

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	GOLDEN HRC, LLC,
	a Nevada limited liability company
		
	By:	 	Golden Gaming, Inc.,
		 	Member/Manager
		
	By:	 	 /s/ Rod Atamian

	Name:	 	Rod Atamian
	Title:	 	CFO-EVP

  

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	HARD ROCK HOTEL, INC.,
	a Nevada corporation
		
	By:	 	 /s/ Richard Szymanski

		 	Richard Szymanski
		 	Vice President

  

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	 HRHH HOTEL/CASINO, LLC,
 a Delaware
limited liability company

		
	By:	 	 /s/ Richard Szymanski

		 	Richard Szymanski
		 	Vice President

  

 14 

 EXHIBIT A 
 LEGAL DESCRIPTION OF PROPERTY 
 [omitted] 
  

 15 

 EXHIBIT B 
 DESCRIPTION OF LEASED PREMISES 
 [omitted] 
  

 16 

 EXHIBIT C 
 COPY OF SUBLEASE 
 [omitted] 
  

 17 

 EXHIBIT D 
 LOCKBOX ACCOUNT INFORMATION 
 [omitted] 
  

 18 

 EXHIBIT “A” 
 SITE PLAN 
 [omitted] 
  

 19 

 EXHIBIT “B” 
 REFERENCE BALANCE SHEET 
 [omitted] 
  

 20 

 EXHIBIT “C” 
 BILL OF SALE 
 [omitted] 
  

 21 

 EXHIBIT “D” 
 TRADEMARK AGREEMENT 
 [omitted] 
  

 22 

 EXHIBIT “E” 
 ASSIGNMENT AGREEMENT 
 [omitted] 
  

 23 

 EXHIBIT “F” 
 GAMING ASSET NOTE 
 [omitted] 
  

 24 

 EXHIBIT “G” 
 SHORTFALL NOTES 
 [omitted] 
  

 25 

 EXHIBIT “H” 
 WORKING CAPITAL NOTE 
 [omitted] 
  

 26 

 EXHIBIT “I” 
 COMPLIMENTARY RATES AND ROOM BLOCKS 
 [omitted] 
  

 27Agreement

 Exhibit 10.9 
 AGREEMENT 
 THIS AGREEMENT (this “Agreement”) is made and entered into as of the
31st day of October, 2007 (“Effective Date”), by and among NAVEGANTE HR, LLC, a Nevada limited liability company (“Operator”), MORGANS HOTEL GROUP CO., a Delaware corporation (“Morgans”), and HARD
ROCK HOTEL, INC., a Nevada corporation (“HRHI”, and together with Morgans, collectively, “Hard Rock”), as successor to Merger Sub (as defined below) under the Casino Sublease (as defined below). 
 RECITALS 
 A. MHG HR ACQUISITION
CORP., a Nevada corporation (“Merger Sub”), Morgans, and GOLDEN HRC, LLC, a Nevada limited liability company (“Tenant”), entered in that certain Casino Sublease, dated November 6, 2006, attached hereto as
Exhibit “A” (the “Sublease”) and as amended by that certain First Amendment to Casino Sublease, dated January 9, 2007, attached hereto as Exhibit “B” (the “First Amendment”,
together with the Sublease, the “Casino Sublease”); 
 B. COLUMN FINANCIAL, INC., a Delaware corporation (together with its
successors and assigns, “Column”), HRHH Hotel/Casino, LLC, a Delaware limited liability company, HRHI, and Tenant entered into that certain Recognition Agreement, dated February 2, 2007, attached hereto as Exhibit
“C” (the “Recognition Agreement”, and, together with the Casino Sublease, the “Assumed Agreements”); 
 C. Subject to the receipt of all necessary Gaming Approvals, Operator desires to assume, and Hard Rock desires that Operator assume, all of the rights and obligations of Tenant under the Assumed Agreements effective
as of the date that Tenant ceases to perform under the Assumed Agreements (“Commencement Date”); and 
 D. Capitalized terms
used but not otherwise defined herein shall have the meanings ascribed to them in the Casino Sublease. 
 AGREEMENT 
 NOW, THEREFORE, based on the foregoing and in consideration of the mutual covenants, representations and warranties set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Operator and Hard Rock do hereby covenant and agree that the foregoing recitals are true and correct and as follows: 
 1. Assumption; Consideration. 
 (a) As
of the Commencement Date and subject to the receipt of all necessary Gaming Approvals, Operator hereby assumes all of the rights and obligations of Tenant under the Assumed Agreements, including, but not limited to, ownership of the Gaming Assets.

 (b) In consideration of Operator’s obligations hereunder, (i) on the Effective Date, Hard Rock shall pay Operator the sum of One
Hundred Thousand Dollars and 00/100 

  

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($100,000.00); (ii) on January 1, 2008, provided that Operator has filed complete applications with the applicable Gaming Authorities, as
reasonably evidenced to Hard Rock, Hard Rock shall pay Operator the sum of One Hundred and Seventy-Five Thousand Dollars and 00/100 ($175,000.00); and (iii) in the event Operator assumes the Gaming Operations and purchases the Gaming Assets,
then Operator shall be paid Two Hundred and Seventy-Five Thousand Dollars and 00/100 ($275,000.00) (it being understood and agreed that such amount shall not be prorated notwithstanding anything to the contrary contained in Section 4 below),
with payment to be made at the end of the month during which Operator assumes the Gaming Operations regardless of whether the Casino Sublease is sooner terminated. 
 2. Terms of the Assumed Agreements. Operator hereby acknowledges receipt of true, correct and complete copies of the Assumed Agreements and hereby represents and warrants that it has reviewed and hereby agrees
to be bound by the terms and provisions thereof in accordance herewith; provided, however, the Term of the Casino Sublease shall commence on the Commencement Date and expire at 11:59 PM (Pacific time) on the date immediately preceding the first
anniversary of the Commencement Date; provided further, however, that Hard Rock shall have the right to terminate the Casino Sublease upon 30 days advance written notice at any time after the Commencement Date, and Operator shall have the right to
terminate the Casino Sublease upon 120 days advance written notice at any time after the Commencement Date. The terms of the Assumed Agreements are incorporated herein by this reference. In the event of any material conflict or inconsistency between
the terms of the Assumed Agreements and the terms hereof, the terms hereof shall control. 
 3. Gaming Approvals. Promptly after the
Effective Date, Operator shall submit any applications, filings and other submissions required by the Gaming Authorities to obtain all Gaming Approvals that are necessary to conduct the Gaming Operations and purchase the Gaming Assets. Operator
shall respond to any requests from the Gaming Authorities and promptly file any additional information required in connection with such filings as soon as practicable after receipt of requests therefor. Operator shall timely pay all application fees
and investigative fees and costs required by the Gaming Authorities with respect to Operator’s licensing (which fees and costs shall be Casino Expenses). Operator shall keep HRHI promptly and regularly apprised of the status of any
communications (including, without limitation, providing copies to HRHI of same) with, and any inquiries or requests for additional information from, the Gaming Authorities and shall comply promptly with any such inquiry or request. 
 4. Reconciliation; Transfer of Gaming Assets. Operator hereby agrees that, on the Commencement Date, all Gaming Assets, the Surplus Fund
Reserves, if any, Assumed Contracts and other items as provided in Section 1.8 of the Casino Sublease shall be transferred directly from Tenant to Operator. Operator shall execute all assumption agreements, bills of sale and other
documentation reasonably necessary to implement such transfer and, where applicable, in substantially the form provided in the Casino Sublease. Operator further agrees that all Base Rent, Additional Rent, Priority Management Fees and other fee,
cost and expense items shall be prorated as between Tenant and Operator as of the Commencement Date and Operator agrees to cooperate with Hard Rock and Tenant to prepare a reconciliation in connection with the foregoing and all of the Gaming Assets.
To the extent that Operator assumes any of the Assumed Liabilities set forth in Section 1.5 of the Casino Sublease, Hard Rock or its designee shall reassume the outstanding amount of such liabilities from Operator or reimburse Operator for such
liabilities as of the expiration or earlier termination of the Casino Sublease. 
  

 2 

 5. Replacement Notes. Operator hereby agrees that, on the Commencement Date, Operator shall
execute a replacement Gaming Asset Note, Working Capital Note and any applicable Shortfall Note(s). 
 6. Reimbursement of Tax Liability. Hard Rock shall pay to Navegante Gaming, LLC (“Navegante Gaming”) the total state and federal income tax liability of Operator, Navegante Gaming or any
individual or affiliate who is liable for payment of taxes on behalf of Operator or Navegante Gaming that directly results from (i) Operator’s conduct of Gaming Operations at the Premises, (ii) any gain realized on the sale of the
Gaming Assets or transfer of the Working Capital to HRHI or its designee upon the expiration or earlier termination of the Casino Sublease, and/or (iii) payment by Hard Rock of any and all such tax liability reimbursements, excluding, however,
for purposes of the foregoing clauses (i)-(iii), any state or federal income tax liability resulting from amounts actually received by Operator pursuant to Section 1 of this Agreement, the Priority Management Fees actually received by Operator
pursuant to Section 4.7 of the Casino Sublease, and such amount of the Casino Revenues as is actually retained by Operator pursuant to Section 4.5 of the Casino Sublease (all such amounts of state and federal tax liability, collectively,
the “Tax Payment”). It is hereby understood and agreed that any tax payments or tax liabilities that constitute Casino Expenses under the Casino Sublease shall be paid from Casino Revenues in accordance with the terms of the Casino
Sublease and are not reimburseable by Hard Rock under this Section 6. The actions described in the foregoing clauses (i)-(iii) above are hereinafter referred to as the “Taxable Actions”. The Tax Payment shall be paid to
Navegante Gaming not later than the fifteenth (15th) business day after the later of (a) the date on which the final tax return for Navegante
Gaming has been filed with the applicable Governmental Authorities and (b) the date on which Hard Rock receives a copy of such final tax return. If such final tax return is amended to reflect, or the applicable Governmental Authorities notify
Navegante Gaming or Operator that, additional tax deductions or tax benefits have accrued to Operator or Navegante Gaming as a result of the Taxable Actions, then such tax deduction or tax benefit shall be offset against the Tax Payment and, if
there has been an overpayment to Navegante Gaming of the Tax Payment, any such overpayment amount shall be promptly refunded to Hard Rock. If such final tax return is amended to reflect, or the applicable Governmental Authorities notify Navegante
Gaming or Operator that, additional taxes are owed as a result of the Taxable Actions, then Hard Rock shall promptly pay any such additional taxes to the extent the Tax Payment is insufficient to fund same. Hard Rock shall have the right to engage
an accounting firm of its choice (the “HR Accountant”) to audit the books and records of Navegante Gaming and Operator in order to verify the calculation of the Tax Payment. Navegante Gaming and Operator shall make its books and
records available to Hard Rock and the HR Accountant at reasonable times during business hours. If the HR Accountant calculates a different amount for the Tax Payment than the amount calculated by Operator, then Operator, Navegante Gaming and Hard
Rock shall use commercially reasonable efforts to agree on an amount for the Tax Payment for a period of thirty (30) days. If the parties cannot agree on an amount of the Tax Payment during such time period, then the parties shall hire an
additional accounting firm reasonably acceptable to all parties. Such additional accounting firm shall calculate the amount of the Tax Payment and such 

  

 3 

 
calculation shall be definitive. If the Tax Payment as calculated by such additional accounting firm is greater than the Tax Payment as calculated by
Operator by five percent (5%) or more, then Hard Rock shall pay the costs and expenses of such additional accounting firm. If the Tax Payment as calculated by such additional accounting firm is less than the Tax Payment as calculated by
Operator by five percent (5%) or more, then Operator shall pay the costs and expenses of such additional accounting firm. In any other circumstance, Operator and Hard Rock shall divide the costs and expenses of such additional accounting firm
equally. Notwithstanding anything to the contrary contained herein, Hard Rock shall be required to make the Tax Payment only to the extent such payment is not prohibited by any Gaming Laws. 
 7. Section 9.2 of Casino Sublease. As of the Commencement Date, Navegante Gaming hereby assumes all of the obligations of Tenant and any
obligations required to be guaranteed by Golden Route Operations LLC under Section 9.2 of the Casino Sublease, provided that Navegante Gaming shall only be liable for such obligations to the extent such obligations arise out of or are incurred
in connection with actions, omissions or circumstances occurring from and after the Commencement Date. Navegante Gaming’s obligations under this Section 7 and Section 9.2 of the Casino Sublease shall be subject to a maximum liability
limit of $100,000, except to the extent any such obligations arise out of or are incurred in connection with the gross negligence, fraud or willful misconduct of Operator or Navegante Gaming. By its signature below, Navegante Gaming agrees to become
a party to and bound by this Agreement and a third party beneficiary hereof, in each case solely to the extent of the obligations and limitations set forth in this Section 7 and Section 9.2 of the Casino Sublease, as modified hereby.

 8. Representations and Warranties. Operator hereby makes the representations and warranties set forth in Section 14.3 of the
Casino Sublease (other than the first clause of Section 14.3(d)) as of the date hereof, as to itself in place and instead of Tenant and as to this Agreement, and the Operator hereby acknowledges and agrees that the representations and
warranties made in Section 14.3 of the Casino Sublease (other than the first clause of Section 14.3(d)) shall be true and correct as of the Commencement Date, as to itself and as to this Agreement and the Assumed Agreements. 
 9. Governing Law; Consent to Jurisdiction. This Agreement shall be construed and interpreted in accordance with and shall be governed and enforced
in all respects according to the laws of the State of Nevada, without giving effect to conflicts of laws principles. Operator and Hard Rock agree to the exclusive jurisdiction of any state or federal court within the County of Clark, State of
Nevada, with respect to any claim or cause of action arising under or relating to this Agreement, and waive personal service of any and all process upon it and consent that all services of process be made by registered mail, directed to it at its
address as set forth in Section 10 and service so made shall be deemed to be completed when received. Operator and Hard Rock waive any objection based on forum non conveniens and waive any objection to venue of any action instituted
hereunder. Nothing in this Section 9 shall affect the right of Operator or Hard Rock to serve legal process in any other manner permitted by Applicable Laws. The parties hereto waive trial by jury in any action or proceeding brought in
connection with this Agreement. 
 10. Notice. Any notice or other communication required or permitted to be given by a party
hereunder shall be in writing, and shall be deemed to have been given by such party to 

  

 4 

 
the other party or parties (a) on the date of personal delivery, (b) on the next business day following any facsimile transmission to a party at
its facsimile number set forth below; provided, however, such delivery is concurrent with delivery pursuant to the provisions of clauses (a) or (c) of this Section 10, or (c) three business days after being placed in the United
States mail, as applicable, registered or certified, postage prepaid addressed to the following addresses (each of the parties shall be entitled to specify a different address by giving notice as aforesaid): 
  

			
	If to Hard Rock:	 	Marc Gordon
		 	Chief Investment Officer
		 	Morgans Hotel Group Co.
		 	475 Tenth Avenue
		 	New York, New York 10018
		 	(212) 277-4201 (facsimile)
		
	with a copy to:	 	Lawrence Britvan
		 	Column Financial, Inc.
		 	Eleven Madison Avenue
		 	New York, New York 10010
		 	(212) 743-5495 (facsimile)
		
	If to Operator:	 	Larry J. Woolf
		 	Manager
		 	Navegante HR, LLC
		 	1100 Grier Drive
		 	Las Vegas, NV 89119
		 	(702) 798-1050 (facsimile)

 or to such other person or place as either party hereto may designate in writing in the manner provided herein for
giving notice. Each such notice so delivered, couriered or mailed shall be deemed delivered when personally delivered, as of the first business day after the date so sent by courier, or as of the third business day after the date so sent by mail, as
the case may be. 
 11. Costs. Operator shall be responsible for its own costs and expenses in connection with filing its applications
for Gaming Approvals and otherwise in connection with this Agreement. 
 12. Priority Management Fee. The Priority Management Fee
referenced in Section 4.7 of the Casino Sublease shall be paid to Operator or its designee. 
 13. Joinder. Column hereby
consents to the Operator’s assumption of the Casino Sublease and the Recognition Agreement as provided herein. Operator acknowledges and agrees that Column is hereby an express third party beneficiary of this Agreement and shall have the right
to enforce this Agreement and the Recognition Agreement and Casino Sublease in accordance with the respective terms thereof. 
  

 5 

 14. Counterparts. This Agreement may be executed in counterparts, each one of which so executed
shall be deemed an original, and all of which shall together constitute one and the same agreement. 
 [Signatures appear on the following
page.] 
  

 6 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the Effective Date.

  

			
	“OPERATOR”
	
	 NAVEGANTE HR, LLC,
 a Nevada limited
liability company

	
	By: Navegante Gaming, LLC, its manager
		
	By:	 	 /s/ Larry J. Woolf

	Name:	 	Larry J. Woolf
	Title:	 	Manager
	
	“HRHI”
	
	 Hard Rock Hotel, Inc.,
 a Nevada corporation

		
	By:	 	 /s/ Richard Szymanski

	Name:	 	Richard Szymanski
	Title:	 	Vice President / Secretary / Treasurer
	
	“MORGANS”
	
	 Morgans Hotel Group Co.,
 a Delaware
corporation

		
	By:	 	 /s/ Richard Szymanski

	Name:	 	Richard Szymanski
	Title:	 	CFO

  

 7 

			
	For purposes of Section 13 only:
	
	 COLUMN FINANCIAL, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Priscilla Horning

	Name:	 	Priscilla Horning
	Title:	 	Vice President
	
	For purposes of Section 7 only:
	
	NAVEGANTE GAMING, LLC
		
	By:	 	 /s/ Larry J. Woolf

	Name:	 	Larry J. Woolf
	Title:	 	Manager

  

 8 

 Exhibit “A” 
 CASINO SUBLEASE 
 [OMITTED] 
  

 9 

 Exhibit “B” 
 FIRST AMENDMENT TO CASINO SUBLEASE 
 [OMITTED] 
  

 10 

 Exhibit “C” 
 RECOGNITION AGREEMENT 
 [OMITTED] 
  

 11

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