Document:

<PAGE>

                                                              EXHIBIT 10.02

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

                               FOURTH AMENDMENT TO
                                CREDIT AGREEMENT

                            Dated as of July _, 2000

                         (amending the Credit Agreement,
                                   dated as of
                               February 26, 1998)

                                      among

                              ALADDIN GAMING, LLC,
                                as the Borrower,

                         VARIOUS FINANCIAL INSTITUTIONS,
                                 as the Lenders,

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

                                       and

                              MERRILL LYNCH CAPITAL
                         CORPORATION, as the Syndication
                             Agent for the Lenders.

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

                                       1

<PAGE>

                      FOURTH AMENDMENT TO CREDIT AGREEMENT

           THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this "Fourth Amendment to
Credit Agreement") is dated as of July _, 2000, by and among ALADDIN GAMING,
LLC, a Nevada limited-liability company (the "Borrower") the various financial
institutions as are or may become parties hereto (collectively, "Lenders") THE
BANK OF NOVA SCOTIA, as administrative agent (together with any successor
thereto in such capacity, the "Administrative Agent") the Lenders, and MERRILL
LYNCH CAPITAL CORPORATION, as syndication agent (together with any successor
thereto in such capacity, the "Syndication Agent") for the Lenders.

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

                              W I T N E S S E T H:

           WHEREAS, the Borrower, the Lenders, the Administrative Agent, the
Syndication Agent and the Documentation Agent have heretofore entered into (w)
that certain Credit Agreement (the "CA") dated as of February 26, 1998, (x) that
certain First Amendment to Credit Agreement (the "First Amendment to Credit
Agreement") dated as of January 29, 1999, (y) that certain Second Amendment to
Credit Agreement (the "Second Amendment to Credit Agreement") dated as of April
5, 1999, effective as of March 10, 1999 and (z) that certain Third Amendment to
Credit Agreement (the "Third Amendment to Credit Agreement") dated as of June 2,
2000 (the CA, as amended by the First Amendment to Credit Agreement, the Second
Amendment to Credit Agreement and the Third Amendment to Credit Agreement shall
be referred to herein as the ("Credit Agreement") and

           WHEREAS, the Borrower has requested the Lenders to enter into certain
amendments of the Credit Agreement; and

           WHEREAS, each of the parties hereto is willing, on the terms and
subject to the conditions hereinafter set forth, to so amend the Credit
Agreement.

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

                                       2
<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

           SECTION I.1. Certain Defined Terms. The following terms (whether or
not italicized) when used in this Fourth Amendment to Credit Agreement,
including its preamble and recitals, shall, except where the context otherwise
requires, have the following meanings:

           "Effective Date" is defined in SECTION 4.1.

           "First Amendment to Credit Agreement" is defined in the FIRST
RECITAL.

           "Fourth Amendment to Credit Agreement" is defined in the PREAMBLE.

           "GECC Facilities Agreement" shall mean that certain Facilities
Agreement between General Electric Capital Corporation ("GECC") itself and as
agent for certain participants, and the Borrower dated as of June 26, 1998, as
amended by that certain First Amendment to Facilities Agreement between GECC,
for itself and as agent for certain participants, GMAC Commercial Mortgage
Corporation ("GMAC CMC") and the Borrower dated as of September 2, 1998, that
certain Agreement of Amendment among GECC, for itself and as agent for certain
participants, and the Borrower dated as of June 2, 2000, that certain Agreement
of Amendment No. 3 between GECC, for itself and as agent for certain
participants, GMAC CMC and the Borrower dated as of July __, 2000 ("Amendment
No. 3") as the same may from time to time be further amended, supplemented,
amended and restated or otherwise modified in accordance with the terms of the
Credit Agreement, as amended by the Fourth Amendment to Credit Agreement, and
the GECC Intercreditor Agreement.

           "GECC Intercreditor Agreement" shall mean that certain Intercreditor
Agreement by and among the Administrative Agent, GECC and the Borrower dated as
of June 30, 1998 and as thereafter from time to time amended, supplemented,
amended and restated or otherwise modified in accordance with the terms thereof.

           "Second Amendment to Credit Agreement" is defined in the FIRST
RECITAL.

           "Third Amendment to Credit Agreement" is defined in the FIRST
RECITAL.

           SECTION I.2. OTHER DEFINED TERMS; CONSTRUCTION. For purposes of this
Fourth Amendment to Credit Agreement, capitalized terms used but not defined
herein shall have the meanings assigned to them in the Credit Agreement, as
amended by this Fourth Amendment to Credit Agreement, and the rules of
construction set forth in ARTICLE I of the CA shall apply to this Fourth
Amendment to Credit Agreement.

                                       3
<PAGE>

                                   ARTICLE II

                         ACKNOWLEDGMENTS BY THE BORROWER

           SECTION II.1. BALANCING THE MAIN PROJECT BUDGET. The Borrower
acknowledges that as of the date of this Fourth Amendment to Credit Agreement,
the amount required in order for the Main Project Budget to be In Balance is
$50,000,000 (collectively, the "IN BALANCE AMOUNT").

           SECTION II.2. LETTER OF CREDIT. On or about April 3, 2000, London
Clubs, one of the Completion Guarantors, delivered a letter of credit to the
Administrative Agent in the amount of $47,261,830 in order to bring the Main
Project Budget In Balance. On or about June 30, 2000, the Borrower and London
Clubs requested the Administrative Agent to waive the requirement that the Main
Project Budget be In Balance and make an Advance of $45,698,305.94 by drawing
such amount under such letter of credit and depositing the proceeds thereof into
the Guaranty Deposit Account for disbursement by the Disbursement Agent. Such
requirement was waived by the Administrative Agent pursuant to CLAUSE (a) of
SECTION 5.2.1 of the CA and such Advance was approved by the Administrative
Agent as set forth in the Advance Request and Certificate dated as of June 30,
2000 and advanced on or about June 30, 2000 by the Disbursement Agent pursuant
thereto.

           SECTION II.3. RESERVATION OF RIGHTS. The Borrower agrees that neither
this Fourth Amendment to Credit Agreement nor the making of any Advance by the
Disbursement Agent and the Administrative Agents consent thereto either before
or after the date hereof shall constitute (w) an approval of all or any portion
of any Advance Request, (x) a waiver or forbearance by the Disbursement Agent or
the Administrative Agent under any of the Loan Documents, (y) the acceptance by
the Disbursement Agent or the Administrative Agent of any course of conduct by
the Borrower, the Completion Guarantors or any other Person or (z) an agreement
by the Administrative Agent to amend any of the Loan Documents without the
approval from the Required Lenders and a corresponding amendment of the GECC
Facilities Agreement. The Borrower further agrees that the Administrative Agent
and the Disbursement Agent reserve all rights, remedies and options under the
Loan Documents to require the Borrower to satisfy in all respects the conditions
relating to each Advance and perform all of its obligations under the Loan
Documents which are then due and owing or are susceptible of performance, as the
case may be.

                                   ARTICLE III

                                   AMENDMENTS

           SECTION III.1.  AMENDMENTS.  The parties hereto hereby agree as
follows:

                     (a) The FIFTH RECITAL in the CA shall be deemed to be
deleted in its entirety and the following recital shall be substituted in its
place:

                                       4
<PAGE>

           WHEREAS, the Borrower expects to fund the costs to construct the
Hotel/Casino Component and pay for the Equipment Component and the Borrower's
expenses, if any, with respect to the Energy Project Component, which are
expected pursuant to the Main Project Budget to cost $916,469,139 in the
aggregate, by

                     (a) obtaining from Holdings in consideration for common
           membership interests of the Borrower (x) the Site which has a net
           equity value (the "Land Equity") of $67,000,000, based on an
           appraised value of $135,000,000 (after giving effect to the release
           of the portion of the Site required for the Mall Project and the
           Music Project) and the discharge of all Indebtedness secured thereby
           of $68,000,000, (y) the benefit of pre-development Main Project Costs
           of at least $7,000,000 and (z) a portion of the London Clubs
           Contribution in the amount of $42,000,000;

                     (b) obtaining from Holdings in consideration for Series A
           Preferred Membership Interests of the Borrower, the amount of
           $115,047,100, representing the proceeds received by Holdings, Capital
           and Enterprises from the issuance of the Discount Notes and Warrants
           in an aggregate amount of $107,047,100 pursuant to the Discount Note
           Purchase Agreement and a portion of the London Clubs Contribution in
           the amount of $8,000,000;

                     (c) obtaining from the Sponsors additional contributions
           pursuant to the Completion Guaranty in the aggregate amount of
           $145,459,968;

                     (d) obtaining from GECC pursuant to the Approved Equipment
           Funding Commitment a $60,000,000 capitalized lease and $20,000,000 in
           purchase money loans covering the Gaming Equipment and the Specified
           Equipment;

                     (e) obtaining Commitments from the Lenders in an aggregate
           amount of $453,750,000, all as further described in the following
           recital;

                     (f) obtaining from The Pepsi-Cola Company or an Affiliate
           thereof ("Pepsi") an agreement (the "Pepsi Agreement") pursuant to
           which Pepsi will provide beverages exclusively at the Main Project
           during the term of the Pepsi Agreement in exchange for payments in an
           aggregate amount of $2,754,643;

                     (g) obtaining $1,500,000 from the counterparty to the
           initial Rate Protection Agreement which was delivered by the Borrower
           on the Closing Date in accordance with SECTION 5.1.9 of the CA with
           respect to a restructuring of such initial Rate Protection Agreement;

                     (h) obtaining from Global Cash Access, Inc. or an Affiliate
           thereof ("Global Cash") an agreement (the "Global Agreement")
           pursuant to which Global Cash will

                                       5
<PAGE>

           provide credit card services during the term of the Global Agreement
           in exchange for payments in an aggregate amount of $1,000,000; and

                     (i) obtaining $957,428 from advance deposits and rental
           income.

                     (b) The SIXTH RECITAL in the CA shall be deemed to be
deleted in its entirety and the following recital shall be substituted in its
place:

           WHEREAS, the Borrower desires to obtain

                     (a) Term A Loan Commitments from the Term A Lenders
           pursuant to which the Borrower may, from time to time on and after
           the Effective Date and prior to the Term A Loan Commitment
           Termination Date, obtain

                               (i) from the Issuer, Letters of Credit in a
                     maximum aggregate Stated Amount at any time outstanding not
                     to exceed $20,000,000, and

                               (ii) from the Term A Lenders, Borrowings of the
                     Term A Loans,

           all SUBJECT, HOWEVER, to the limitation that the sum at any time of
           (x) the aggregate original principal amount of all Term A Loans PLUS
           (y) the aggregate Stated Amount of outstanding Letters of Credit
           shall not exceed $129,750,000;

                     (b) Term B Loan Commitments from the Term B Lenders
           pursuant to which a single Borrowing of Term B Loans in a maximum
           original principal amount of $114,000,000 shall be made by the
           Borrower on the Closing Date; and

                     (c) Term C Loan Commitments from the Term C Lenders
           pursuant to a single Borrowing of Term C Loans in a maximum original
           principal amount of $160,000,000 shall be made by the Borrower on the
           Closing Date; and

                     (d) Term D Loan Commitments from the Term D Lenders
           pursuant to which the Borrower may, from time to time on and after
           July __, 2000 and prior to the Term D Loan Commitment Termination
           Date, obtain from the Term D Lenders, Borrowings of the Term D Loans
           in a maximum principal amount of $50,000,000 which amount shall be
           reduced by the aggregate amount of Main Project Costs which the
           Design/Builder, Fluor, any other Contractor and/or the Completion
           Guarantor have agreed or confirmed in writing, to the satisfaction of
           the Administrative Agent in its sole discretion, that they are
           responsible for paying from their own funds (including, without
           limitation, the Dollar value of Change Orders which have been or will
           be performed by the Design/Builder or any other Contractor at no cost
           to the Borrower but which will be paid by one or more of the
           Completion Guarantors pursuant to an agreement which has been
           approved by the Administrative Agent in its sole discretion); and

                                       6
<PAGE>

                     (c) The following definition shall be added to the CA after
the definition of AMH Pledge Agreement:

           "Amendment to Agreements" means on any date, the Amendment to
Agreements, as originally in effect on the Effective Date of Fourth Amendment to
Credit Agreement, between the Borrower and the Administrative Agent, for the
benefit of the Lenders, as thereafter from time to time amended, supplemented,
amended and restated or otherwise modified in accordance with the terms of the
Credit Agreement.

                     (d) The definition of APPLICABLE BASE RATE MARGIN as set
forth in the CA shall be deemed to be deleted in tis entirety and the
following definition shall be substituted in its place:

           "Applicable Base Rate Margin" means, (v) relative to any Term B Loan,
Term C Loan or Term D Loan, the proceeds of which on any date are being held in
the Bank Proceeds Account, 1.00% PER ANNUM, (w) relative to any Term B Loan, the
proceeds of which on any date have been advanced to the Borrower from the Bank
Proceeds Account, 2.50% PER ANNUM, (x) relative to any Term C Loan, the proceeds
of which on any date have been advanced to the Borrower from the Bank Proceeds
Account, 3.00% PER ANNUM; (y) relative to any Term D Loan, the proceeds of which
on any date have been advanced from the Bank Proceeds Account, 3.50% PER ANNUM;
and (z) relative to any Term A Loan, (1) on any date prior to the date which is
six months after the Conversion Date, 2.00% PER ANNUM and (2) on any date from
and after the date which is six months after the Conversion Date, the PER ANNUM
percentage set forth below opposite the Total Debt to EBITDA Ratio set forth in
the Current Compliance Certificate:

<TABLE>
<CAPTION>

        Total Debt to EBITDA Ratio                                Applicable Base Rate Margin
--------------------------------------------------              ---------------------------------
<S>                                                        <C>
(Greater or equal to) 4.0:1                                                   1.75%

(Greater or equal to) 3.5:1 and (Less than) 4.0:1                             1.50%

(Greater or equal to) 3.0:1 and (Less than) 3.5:1                             1.00%

(Greater or equal to) 2.5:1 and (Less than) 3.0:1                             0.75%

(Greater or equal to) 2.5:1                                                   0.50%

</TABLE>

                     (e) The definition of APPLICABLE LIBO RATE MARGIN as set
forth in the CA shall be deemed to be deleted in its entirety and the
following definition shall be substituted in its place:

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<PAGE>

           "Applicable LIBO Rate Margin" means, (v) relative to any Term B Loan,
Term C Loan or Term D Loan, the proceeds of which on any date are being held in
the Bank Proceeds Account, 2.00% PER ANNUM, (w) relative to any Term B Loan, the
proceeds of which on any date have been advanced to the Borrower from the Bank
Proceeds Account, 3.50% PER ANNUM, (x) relative to any Term C Loan, the proceeds
of which on any date have been advanced to the Borrower from the Bank Proceeds
Account, 4.00% PER ANNUM; (y) relative to any Term D Loan, the proceeds of which
on any date have been advanced from the Bank Proceeds Account, 4.50% PER ANNUM;
and (z) relative to any Term A Loan, (1) on any date prior to the date which is
six months after the Conversion Date, 3.00% PER ANNUM and (2) on any date from
and after the date which is six months after the Conversion Date, the PER ANNUM
percentage set forth below opposite the Total Debt to EBITDA Ratio set forth in
the Current Compliance Certificate:

<TABLE>
<CAPTION>

          Total Debt to EBITDA Ratio                               Applicable LIBO Rate Margin
---------------------------------------------------              ------------------------------
<S>                                                        <C>
(Greater or equal to) 4.0:1                                                   2.75%

(Greater or equal to) 3.5:1 and (Less than) 4.0:1                             2.50%

(Greater or equal to) 3.0:1 and (Less than) 3.5:1                             2.00%

(Greater or equal to) 2.5:1 and (Less than) 3.0:1                             1.75%

(Greater or equal to) 2.5:1                                                   1.50%

</TABLE>

                     (f) The definition of BANK CREDIT FACILITY as set forth
in the CA shall be deemed to be deleted in its entirety and the following
definition shall be substituted in its place:

            "Bank Credit Facility" means the Term A Loan Commitment, the Term B
Loan Commitment, the Term C Loan Commitment and the Term D Loan Commitment.

                     (g) The definition of CHANGE ORDER as set forth in the
CA shall be deemed to be deleted in its entirety and the following definition
shall be substituted in its place:

           "Change Order" means, at any time, (i) with respect to the
Design/Build Contract, an adjustment made to the Guaranteed Maximum Price or the
Design/Build Contract Time with respect to changes in the Work which increase or
decrease the time of performance or the actual cost to the Design/Builder of the
Work to be performed by the Design/Builder under the Design/Build Contract and
(ii) with respect to the other Contracts, an adjustment made to the cost or time
to complete the Work which increase or decrease the time of performance or the
actual cost of the Work to be performed by the Contractors under the Contract.

                                       8

<PAGE>

                     (h) The definition of COMMITMENT as set forth in the CA
shall be deemed to be deleted in its entirety and

the following definition shall be substituted in its place:

           "Commitment" means, as the context may require, a Term A Loan
Commitment, a Term B Loan Commitment, a Term C Loan Commitment, a Term D Loan
Commitment or a Letter of Credit Commitment made by a Lender hereunder.

                     (i) The definition of COMMITMENT AMOUNT as set forth in
the CA shall be deemed to be deleted in its entirety and the following
definition shall be substituted in its place:

           "Commitment Amount" means, as the context may require, the Term A
Loan Commitment Amount, the Term B Loan Commitment Amount, the Term C Loan
Commitment Amount, the Term D Loan Commitment Amount or the Letter of Credit
Commitment Amount.

                     (j) The definition of COMMITMENT TERMINATION DATE as set
forth in the CA shall be deemed to be deleted in its entirety and the
following definition shall be substituted in its place:

           "Commitment Termination Date" means, as the context may require, the
Term A Loan Commitment Termination Date, the Term B Loan and Term C Loan
Commitment Termination Date or the Term D Loan Commitment Termination Date.

                     (k) The following definition shall be added to the CA after
the definition of Completion Guaranty:

           "Completion Guaranty Joinder" means the Joinder Agreement dated as of
July __, 2000 between Jack Sommer and Laura Sommer, his wife, and the
Administrative Agent, for the benefit of the Lenders as thereafter from time to
time amended, supplemented, amended and restated or otherwise modified in
accordance with the terms of the Credit Agreement.

                     (l) ITEM (x) in CLAUSE (a) of the definition of FORCE
MAJEURE as set forth in the CA shall be deleted in

its entirety and the following ITEM (x) shall be substituted in its place:

           (x) late performance by the Design Builder, the Architect of Record
or any other Contractor,

                     (m) The definition of INDIRECT COST as set forth in the
CA shall be deemed to be deleted in its entirety and the following definition
shall be substituted in its place:

           "Indirect Cost" means any Main Project Cost which is not a Direct
Cost, including appraisal fees, the Term A Loan Commitment Fee, the Term B and
Term C Loan Commitment Fee, the Term D Loan Commitment Fee, the fees set forth
in the Fee Letters, interest on the

                                       9
<PAGE>

Loans prior to the Conversion Date, brokers' commissions, fees of the
Independent Consultants, insurance during construction, surety bond premiums,
cost of surveys, Impositions during construction, title examination and title
insurance premiums, recording expenses in connection with the Deed of Trust
and other Security Documents (and any amendments or modifications thereof or
supplements thereto) and fees and disbursements of the attorneys for the
Administrative Agent.

                     (n) The following ITEM (iv) shall be added to CLAUSE (a) of
the definition of INTEREST PERIOD as set forth in the CA:

                               (iv) in the case of Term D Loans made or
                     maintained as LIBO Rate Loans, occurring on more than four
                     different dates;"

                     (o) The following definition shall be added to the CA after
the definition of Keep-Well Agreement:

           "Keep-Well Joinder" means the Joinder Agreement dated as of July __,
2000 between the Trust and the Administrative Agent, for the benefit of the
Lenders, as thereafter from time to time amended, supplemented, amended and
restated or otherwise modified in accordance with the terms of the Credit
Agreement.

                     (p) The definition of LOAN as set forth in the CA shall
be deemed to be deleted in its entirety and the following definition shall be
substituted in its place:

           "Loan" means a Term A Loan, a Term B Loan, a Term C Loan or a Term D
Loan of any type.

                     (q) The Ratification and Reaffirmation, the Term D Loan
Fee Letter, the Term D Note, the Keep Well Joinder, the Completion Guaranty
Joinder and the Amendment to Agreement shall be added to the definitions of
Loan Documents in the CA.

                     (r) The definition of MAIN PROJECT BUDGET as set forth
in the CA shall be deemed to be deleted in its entirety and the following
definition shall be substituted in its place:

           "Main Project Budget" means a budget in substantially the form of
EXHIBIT X-2 (as amended from time to time in accordance with SECTION 7.2.18)
annexed to the Fourth Amendment to Credit Agreement.

                     (s) The definition of NOTE as set forth in the CA shall
be deemed to be deleted in its entirety and the following definition shall be
substituted in its place:

           "Note" means a Term A Note, a Term B Note, a Term C Note, a Term D
Note or a Registered Note.

                                       10
<PAGE>

                     (t) The references to ("Owner Representatives") in
the definitions of "Available Funds", "Construction Benchmark Schedule",
"Opening Condition" and "Realized Savings" and in SECTION 6.26.2, SECTION
7.1.16, SECTION 7.1.17 and SECTION 7.2.18 shall be deleted in their entirety and
any requirements in the Loan Documents regarding deliveries, certifications,
opinions, determinations, inspections, analyses to be made by the Owner
Representative or other duties to be performed by it under the Loan Documents
may be (i) made or performed by any other Person approved by the Administrative
Agent or (ii) waived by the Administrative Agent, in each case in its sole
discretion.

                     (u) The definition of PERCENTAGE as set forth in the
CA shall be deemed to be deleted in its entirety and the following definition
shall be substituted in its place:

           "Percentage" means, relative to any Lender, the applicable percentage
relating to Term A Loans, Term B Loans, Term C Loans, as the case may be, as set
forth opposite its signature to the CA under the applicable column heading or as
set forth in a Lender Assignment Agreement under the applicable column heading
and relating to Term D Loans as set forth on ANNEX I to the Fourth Amendment to
Credit Agreement or as set forth in a Lender Assignment Agreement, in each case
as such percentage may be adjusted from time to time pursuant to Lender
Assignment Agreement(s) executed by such Lender and its Assignee Lender(s) and
delivered pursuant to SECTION 10.11.1. A Lender shall not have any Commitment to
make Term A Loans, Term B Loans, Term C Loans or Term D Loans, as the case may
be, if its percentage under the applicable column heading is zero percent (0%).

                     (v) The definition of PROJECT PARTY as set forth in the
CA shall be deemed to be deleted in its entirety and the following definition
shall be substituted in its place:

           "Project Party" means the Borrower, AHL, Sommer Enterprises, Capital,
Holdings, London Clubs, LCNI, the Design/Builder, Fluor or any other Person
which is a party to a Material Main Project Document.

                     (w) The following definition shall be added to the CA after
the definition of RATE PROTECTION AGREEMENT:

           "Ratification and Reaffirmation" means that certain Ratification and
Reaffirmation dated as of July __, 2000, by each of the parties signatory
thereto, as the same may from time to time be further amended, supplemented,
amended and restated or otherwise modified in accordance with the terms of this
Agreement."

                     (x) ITEM (x) in the PROVISO in the definition of
REQUIRED LENDERS as set forth in the CA shall be deleted in its entirety and
the following ITEM (x) shall be substituted in its place:

                                       11
<PAGE>

           (x) amendments affecting only one class of Lenders (with a class for
each of the Term A Lenders, the Term B Lenders, the Term C Lenders and the Term
D Lenders) will require the approval of the Non-Defaulting Lenders holding 66
2/3% or more of the principal amount of the Loans, Letters of Credit or, if
applicable, Commitments for such class:

                     (y) The following definition shall be added to the CA after
the definition of SCOTIABANK:

           "Scotiabank Collateral Account Agreement" means, on any date, the
Scotiabank Collateral Account Agreement, as originally in effect on the Closing
Date, among the Borrower, the Disbursement Agent and the Depositary and as
thereafter from time to time amended, supplemented, amended and restated or
otherwise modified in accordance with the terms hereof.

                     (z) The definition of SCOTIABANK FEE LETTER as set forth
in the CA shall be deemed to be deleted in its entirety and the following
definition shall be substituted in its place:

           "Scotiabank Fee Letter" means the confidential letter agreement,
dated December 4, 1997, among the Borrower, the Sponsors and Scotiabank and the
confidential letter agreement, dated July __, 2000 (the "Term D Loan Fee
Letter") among the Borrower, the Sponsors and Scotiabank.

                     (aa)   The definition of STATED MATURITY DATE as set forth
in the CA shall be deemed to be deleted in its entirety and the following
definition shall be substituted in its place:

           "Stated Maturity Date" means

                     (a) with respect to all Term A Loans, the date which is the
seventh anniversary of the Closing Date;

                     (b) with respect to all Term B Loans, the date which is
eight and one-half years after the Closing Date;

                     (c) with respect to all Term C Loans, the tenth anniversary
of the Closing Date; and

                     (d) with respect to all Term D Loans, the date which is ten
and one-half years after the Closing Date.

                     (bb)   The following definitions shall be added to the
CA after the definition of TERM C NOTE:

           "Term D Lender" means any Lender which has made a Term D Loan
Commitment or holds a Term D Loan.

                                       12
<PAGE>

           "Term D Loan" is defined in SECTION 2.1.6.

           "Term D Loan Commitment" means the aggregate principal amount of Term
D Loans which the Term D Lenders are obligated to make pursuant to SECTION
2.1.6. The Term D Loan Commitment shall not exceed $50,000,000 which amount
shall be reduced by the aggregate amount of Main Project Costs which the
Design/Builder, Fluor, any other Contractor and/or the Completion Guarantor have
agreed or confirmed in writing, to the satisfaction of the Administrative Agent
in its sole discretion, that they are responsible for paying from their own
funds (including, without limitation, the Dollar value of Change Orders which
have been or will be performed by the Design/Builder or any other Contractor at
no cost to the Borrower but which will be paid by one or more of the Completion
Guarantors pursuant to an agreement which has been approved by the
Administrative Agent in its sole discretion).

           "Term D Loan Commitment Amount" means, on any date, relative to any
Term D Lender, the portion of the Term D Loan Commitment of such Term D Lender
reduced by the principal amount of any Term D Loans made by such Term D Lender
as of such date. The portion of the Term D Loan Commitment of each Term D Lender
is set forth on ANNEX I to the Fourth Amendment to Credit Agreement or as set
forth in a Lender Assignment Agreement.

           "Term D Loan Commitment Fee" is defined in SECTION 3.3.1.

           "Term D Loan Commitment Termination Date" means the earlier of

                     (a) the Term A Loan Commitment Termination Date (if the
           Term A Loans have not been made on or prior to such date);

                     (b) the date which is six months after the Conversion Date;
           and

                     (c) the date on which any Event of Default occurs.

Upon the occurrence of any event described in CLAUSE (a), (b) or (c), the Term D
Loan Commitments shall terminate automatically and without any further action.

           "Term D Note" means, on any date, a promissory note of the Borrower
payable to any Term D Lender, in the form of EXHIBIT A-5 annexed to the Fourth
Amendment of Credit Agreement (as such promissory note may thereafter from time
to time be amended, supplemented, amended and restated, endorsed or otherwise
modified), evidencing the aggregate Indebtedness of the Borrower to such Term D
Lender resulting from outstanding Term D Loans, and also means all other
promissory notes accepted from time to time in substitution or replacement
therefor or renewal thereof.

                                       13
<PAGE>

                     (cc)  The definition of WORK as set forth in the CA shall
be deemed to be deleted in its entirety and the following definition shall be
substituted in its place:

           "Work" shall include the "Work" as defined in SECTION 1.7 of the
Design/Build Contract and the obligations to be performed by the Contractors
under the Contracts.

                     (dd)  SECTION 2.1.4 as set forth in the CA shall be deemed
to be deleted in its entirety and the following Section shall be substituted in
its place:

           SECTION 2.1.4 LENDERS NOT PERMITTED OR REQUIRED TO MAKE LOANS. No
Lender shall be permitted or required to make any Loan if, after giving effect
thereto, the aggregate outstanding principal amount of

                     (a) all Term A Loans

                               (i) of all Lenders with a Term A Loan Commitment,
                     together with the aggregate amount of all Letter of Credit
                     Outstandings, would exceed the then existing aggregate
                     amount of the Term A Loan Commitment Amounts, or

                               (ii) of such Lender with a Term A Loan
                     Commitment, together with such Lender's Percentage of the
                     aggregate amount of all Letter of Credit Outstandings,
                     would exceed such Lender's then existing Term A Loan
                     Commitment Amount of such Lender; or

                     (b) all Term B Loans or all Term C Loans (as the case
                     may be)

                               (i) of all Lenders made on the Closing Date would
                     exceed the aggregate amount of the Term B Loan Commitment
                     Amounts (in the case of Term B Loans) or the aggregate
                     amount of the Term C Loan Commitment Amounts (in the case
                     of Term C Loans), or

                               (ii) of such Lender with a Term B Loan Commitment
                     or with a Term C Loan Commitment, as applicable, made on
                     the Closing Date would exceed such Lender's then existing
                     Term B Loan Commitment Amount (in the case of Term B Loans)
                     or then existing Term C Loan Commitment Amount (in the case
                     of Term C Loans); or

                     (c) all Term D Loans of all Lenders with a portion of the
           Term D Loan Commitment would exceed the then existing aggregate
           amount of the Term D Loan Commitment.

                     (ee)  The following Section shall be added to the Credit
Agreement as SECTION 2.1.6:

                                      14

<PAGE>

           SECTION 2.1.6 TERM D LOAN COMMITMENT. From time to time on any
Business Day occurring from and after the date on which the proceeds of all
Term B Loans, Term C Loans and the Term A Loans have been disbursed from the
Bank Proceeds Account but prior to the Term D Loan Commitment Termination
Date, each Lender that has a portion of the Term D Loan Commitment will make
a loan (relative to such Lender, its "Term D Loan") to the Borrower equal to
such Lender's Percentage of the aggregate amount of each Borrowing of the
Term D Loans requested by the Borrower to be made on such day. The Commitment
of each such Lender described in this SECTION 2.1.6 is herein referred to as
its "Term D Loan Commitment." On the terms and subject to the conditions
hereof, the Borrower may from time to time borrow and prepay the Term D Loans
but no amount paid or prepaid with respect to the Term D Loans may be
reborrowed.

                     (ff)  The following Section shall be added to the Credit
Agreement as SECTION 2.3.5:

           SECTION 2.3.5 TERM D LOANS. On the terms and subject to the
conditions of this Agreement and the Disbursement Agreement prior to the Term
D Loan Commitment Termination Date, the Borrower may from time to time
irrevocably request that Term D Loans be made by the Lenders. Term D Loans
may be part of an Advance from time to time to Fund Project Costs in
accordance with the Loan Documents or, at the option of a Term D Lender, may
be made in a single Borrowing directly into the Bank Proceeds Account (for
purposes of the Disbursement Agreement, any Term D Loan advanced to the Bank
Proceeds Account shall be deposited into the Term B Sub-Account and disbursed
therefrom as a Term B Loan in accordance with the Disbursement Agreement and
the Fourth Amendment to Credit Agreement). Any such request for Term D Loans
shall be made in accordance with SECTION 2.3.1 and Section 2.4 of the
Disbursement Agreement. Notwithstanding the date on which the Term D Loans
are made by the Lenders or any provisions of the UCC, any applicable law or
decision, each Lender agrees that all Liens and security interests created
under any Loan Document in favor of the Lenders shall inure to the benefit of
such Lender as if such Lender had made such loan on the Closing Date and such
Liens and security interests shall be treated by such Lenders, on the one
hand, and such Lenders making the Term D Loans, on the other hand, as having
equal priority.

                     (gg) CLAUSE (a), CLAUSE (b) and CLAUSE (c) of SECTION 3.1.1
as set forth in the CA shall be deemed to be deleted in its entirety and the
following clauses shall be substituted in their place:

                     (a)(i) From time to time on any Business Day, the Borrower
                     may make a voluntary prepayment, in whole, of the
                     outstanding principal amount of any Term A Loan, PROVIDED,
                     HOWEVER, that

                                      15
<PAGE>

                                          (A) All such voluntary prepayments
                               shall require at least one but no more than five
                               Business Days' prior written notice to the
                               Administrative Agent; and

                                          (B) All such voluntary partial
                               prepayments shall be, in the case of LIBO Rate
                               Loans, in an aggregate minimum amount of
                               $4,000,000 and an integral multiple of $1,000,000
                               and, in the case of Base Rate Loans, in an
                               aggregate minimum amount of $4,000,000 and an
                               integral multiple of $1,000,000.

                               (ii) From time to time on any Business Day after
                     the second anniversary of the Effective Date, the Borrower
                     may make a voluntary prepayment, in whole or in part, of
                     the outstanding principal amount of any Term B Loan, Term C
                     Loan or Term D Loan; PROVIDED, HOWEVER, that

                                          (A) any such prepayment of such Loans
                               shall be made PRO RATA among such Loans of the
                               same type and, if applicable, having the same
                               Interest Period of all Lenders that have made
                               such Loans (with the amounts so allocated being
                               applied to the remaining amortization payments
                               for such Loans in such amounts as the Borrower
                               shall determine);

                                          (B) all such voluntary prepayments
                               shall require at least one but no more than five
                               Business Days' prior written notice to the
                               Administrative Agent;

                                          (C) all such voluntary partial
                               prepayments shall be, in the case of LIBO Rate
                               Loans, in an aggregate minimum amount of
                               $4,000,000 and an integral multiple of $1,000,000
                               and, in the case of Base Rate Loans, in an
                               aggregate minimum amount of $4,000,000 and an
                               integral multiple of $1,000,000; and

                                          (D) shall be accompanied by a premium
                               equal to the product of (1) the percentage set
                               forth opposite the 12-month period ending on the
                               anniversary of the Effective Date in which such
                               prepayment is made MULTIPLIED BY (2) the amount
                               then prepaid:

<TABLE>
<CAPTION>
                                  <S>                                   <C>
                                  Third Anniversary:                    3.00%
                                  Fourth Anniversary:                   2.00%
                                  Fifth Anniversary:                    1.00%
                                  Each Anniversary Thereafter:           0.0%
</TABLE>

                                      16
<PAGE>

                     (b) From and after the Conversion Date, the principal
           amount of the Term A Loans, the Term B Loans, the Term C Loans and
           the Term D Loans shall be amortized (the "Scheduled Amortization") on
           the dates and in the amounts set forth on SCHEDULE II annexed to the
           Fourth Amendment to Credit Agreement.

                     (c) From and after the Conversion Date, the Borrower shall
           make mandatory prepayments of principal (the "Mandatory Prepayments")
           of all Loans in addition to the Scheduled Amortization on the dates
           and in the amounts set forth in SCHEDULE III annexed to the Fourth
           Amendment to Credit Agreement; PROVIDED, HOWEVER, on any date on
           which a Mandatory Prepayment is to be made, any Term B Lender, any
           Term C Lender or any Term D Lender may elect not to receive its
           portion of such Mandatory Prepayment in which case 50% of the portion
           of the Mandatory Prepayment which was to have been made to such
           Lender shall be paid PRO RATA to (x) the Term B Lenders, the Term C
           Lenders and the Term D Lenders which have elected to receive their
           portions of such Mandatory Prepayment and (y) the Term A Lenders
           which have made a Term A Loan (up to the outstanding amount of the
           Term A Loans), and upon the payment of such 50% portion of such
           Mandatory Prepayment, the Borrower shall be deemed to have satisfied
           its obligations to make such Mandatory Prepayment. Except as set
           forth in the proviso of the immediately preceding sentence, Mandatory
           Prepayments will be applied ratably among the Term A Loan, the Term B
           Loan, the Term C Loan and the Term D Loan."

                     (hh)  ITEM SIXTH as set forth in CLAUSE (b) of SECTION
3.1.2 of the CA and the balance of the sentence appearing after ITEM SIXTH
shall be deemed to be deleted in its entirety and the following shall be
substituted in its place:

                     SIXTH, ratably among the aggregate outstanding principal
                     balance of the Loans and, after all amounts evidenced and
                     secured by the Loan Documents have been indefeasibly paid
                     in full and the Borrowers have performed their obligations
                     under the Loan Documents, the balance, if any, shall be
                     delivered to the Borrower."

                     (ii) The following sentence shall be added at the end of
SECTION 3.3.1:

                     From and after July __, 2000 and until the Conversion
                     Date, a non-refundable fee (the "Term D Loan Commitment
                     Fee") in the amount of one-half percent PER ANNUM of the
                     aggregate amount of the then existing Term D Loan
                     Commitment Amounts shall accrue on the daily average of the
                     aggregate amount of the then existing Term D Loan
                     Commitment Amount. The Term D Loan Commitment Fee shall be
                     payable in arrears to the Term D Lenders on each Quarterly
                     Payment Date in proportion to such Term D

                                      17
<PAGE>

                     Lenders' respective then existing Term D Loan Commitment
                     Amount.

                     (jj) The first sentence of SECTION 5.2.4 as set forth in
the CA shall be deemed to be deleted in its entirety and the following sentence
shall be substituted in its place:

           Subject to SECTION 2.3.2 with respect to Term A Loans, SECTION 2.3.3
           with respect to Term B Loans and Term C Loans and SECTION 2.3.5 with
           respect to Term D Loans, the Administrative Agent shall have received
           a Borrowing Request for the Loan being requested or a Letter of
           Credit Issuance Request if a Letter of Credit is being requested or
           extended.

                     (kk) The following Section shall be added to the Credit
Agreement as SECTION 5.2.7:

           SECTION 5.2.7 CONDITIONS FOR ADVANCES OF TERM D LOANS UNDER THE
DISBURSEMENT AGREEMENT AND THE MAKING OF TERM D Loans. Not in limitation but
in furtherance of the other conditions in this ARTICLE V, the following
conditions shall be satisfied prior to the making of any Advance of a Term D
Loan under the Disbursement Agreement or any Term D Loan, as the case may be,

                     (a) all conditions to the making of any Advance as set
           forth in the Disbursement Agreement shall be satisfied by the
           Borrower or otherwise waived in writing by the Administrative Agent
           in its sole discretion;

                     (b) except as set forth in the proviso to this CLAUSE (b),
           the proceeds of the Term B Loan and Term C Loan shall be fully
           disbursed from the Term B Sub-Account and the Term C Sub-Account,
           respectively, and the Term A Loans shall be fully advanced prior to
           the making of the Term D Loan; PROVIDED, HOWEVER, all fees payable
           under the Term D Loan Fee Letter on or before the Effective Date (as
           defined in the Fourth Amendment to Credit Agreement) shall be paid
           from the Term D Loan;

                     (c) if such Lender was not already a Lender prior to the
           making of such Loan, the Administrative Agent shall have received
           from such Lender a joinder to this Agreement, which joinder shall be
           in form and substance reasonably satisfactory to the Administrative
           Agent.

                     (ll) CLAUSE (c) of SECTION 7.1.19 of the CA shall be
deleted in its entirety and the following clause (c) shall be substituted in
its place:

                     (c) Take all actions and do all things as may be
           reasonably necessary under NRS Chapter 278 and the applicable
           provisions of the Clark County Code, to cause the Music Project
           Parcel to become a separate legal parcel as promptly as practicable.
           The

                                      18
<PAGE>

           Borrower shall, upon creation of the Music Project Parcel as a
           separate legal parcel, deliver a notice to such effect to the
           Administrative Agent. Promptly thereafter, at the Borrower's sole
           cost and expense, in substantially concurrent transactions:

                               (i)  the Borrower and Aladdin Music shall
                     terminate the Music Project Ground Lease; and

                               (ii) substantially concurrently with the
                     foregoing, and as a condition precedent thereto, the
                     Borrower shall deliver to the Administrative Agent: (A) a
                     legal opinion from counsel reasonably acceptable to the
                     Administrative Agent to the effect that (1) the Music
                     Project Parcel and the Main Project Parcel have been
                     legally created as separate legal parcels under NRS Chapter
                     278 and the applicable provisions of the Clark County Code
                     and (2) the Deed of Trust remains enforceable in accordance
                     with its terms and continues to be effective with respect
                     to the Music Project Parcel and the Main Project Parcel to
                     create the security interests described therein against the
                     Music Project Parcel and the Main Project Parcel, together
                     with such other legal opinions as the Administrative Agent
                     may reasonably request, each in form and substance
                     reasonably satisfactory to the Administrative Agent, (B)
                     endorsements, or commitments by the Title Insurer to issue
                     endorsements, to the Title Policies, in each case, in form
                     and substance satisfactory to the Administrative Agent,
                     insuring the continuing perfection and priority of the
                     respective Liens on the Main Project Security and (C) any
                     amendments to the Reciprocal Easement Agreement, the Site
                     Work Agreement and the Common Parking Area Use Agreement
                     necessary to allow continued performance by the parties
                     thereto of their obligations thereunder.

           Notwithstanding anything to the contrary set forth herein, in
exchange for the "Release Price" (defined below) and satisfaction of the
conditions listed below, the Administrative Agent shall deliver on behalf of the
Lenders a release of the Music Project Parcel from the Deed of Trust and the
Music Parcel Project shall be reconveyed on behalf of the Lenders by the
Administrative Agent to the Borrower or its designee. The obligation of the
Lenders to deliver the release and reconveyance shall be subject to the delivery
by the Borrower of (A) a legal opinion from counsel reasonably acceptable to the
Administrative Agent to the effect that the Deed of Trust remains enforceable in
accordance with its terms and continues to be effective with respect to the Main
Project Parcel to create the security interests described therein against the
Main Project Parcel, together with such other legal opinions as the
Administrative Agent may reasonably request, each in form and substance
satisfactory to the Administrative Agent, (B) endorsements, or commitments by
the Title Insurer to issue endorsements, to the Title Policies, in each case, in
form and substance satisfactory to the Administrative Agent, insuring the
continuing perfection and priority of the respective Liens on the Main Project
Security and (C) any amendments which have been approved by the Administrative
Agent to the Reciprocal Easement Agreement, the Site Work Agreement and the
Common Parking Area Use Agreement necessary to allow continued performance by
the parties thereto of their obligations thereunder.

                                      19
<PAGE>

The "Release Price" shall be a cash payment equal to 100% of the contract
sales price (which shall be no less than the fair market value of the Music
Parcel Project at the time the Borrower enters into the contract of sale
therefor) paid by a BONA FIDE third party purchaser of the Music Project
Parcel which is not an Affiliate any of any of the Aladdin Parties or the
London Clubs Parties REDUCED BY BONA FIDE closing costs which have been
approved by the Administrative Agent in its sole discretion. The Release
Price received by the Lenders shall be applied in accordance with SECTION
3.1.2.

                     (mm) Notwithstanding anything to the contrary set forth
in the introductory language of SECTION 7.2.4 of the CA, for purposes of
CLAUSE (a), CLAUSE (b), CLAUSE (d) and CLAUSE (e) of said Section, FQ1 shall
commence with the close of the Fiscal Quarter in which December 31, 2000
occurs and the references in each of said clauses to the Conversion Date
shall be deleted and deemed to be December 31, 2000. The introductory
language in SECTION 7.2.4 of the CA shall continue to apply to CLAUSE (C) of
said Section.

                     (nn) The words "or under any other Contract" shall be
added to the end of ITEM (III) of CLAUSE (a) of SECTION 7.2.17 of the CA
before the semi-colon.

                                   ARTICLE IV

                        CONDITIONS PRECEDENT AND COVENANT

           SECTION IV.1. CONDITIONS TO EFFECTIVENESS. This Fourth Amendment
to Credit Agreement shall be and become effective on the date (the "Effective
Date") on which each of the following conditions precedent shall have been
satisfied.

                     (a) DELIVERIES. The Administrative Agent shall have
           received counterparts of (i) the Ratification and Reaffirmation
           executed by Authorized Representatives of each of the parties
           thereto; (ii) this Fourth Amendment to Credit Agreement executed by
           Authorized Representatives of the Borrower, the Administrative Agent
           and the Syndication Agent; (iii) all documentation required by the
           Lenders to evidence and secure the Term D Loans; (iv) written
           verification that a portion of the payments to be made by Pepsi to
           the Borrower under the Pepsi Contract in an amount of no less than
           $1,200,000 has been received by the Borrower and deposited into the
           Guaranty Deposit Account together with a written commitment from
           Pepsi to make the balance of such payments under the Pepsi Contract
           on or before July 28, 2000 such that an aggregate amount of no less
           than $2,754,643 shall have been funded under the Pepsi Contract on or
           before July 28, 2000; (v) a certificate from the Architect that the
           design of the Main Project and the Parking Garage is complete
           (subject to such variations approved by the Administrative Agent in
           its sole discretion) such design has been approved by all
           Governmental Authorities having jurisdiction over the Main Project
           and that all temporary certificates of occupancy for zones listed on
           SCHEDULE IV hereto have been

                                      20
<PAGE>

           issued by the due date for such temporary certificate of occupancy
           listed on said schedule; (vi) a certified copy of each of the
           Contracts listed on SCHEDULE V hereto together with a continuation
           agreement from the Contractor thereunder in form and content
           satisfactory to the Administrative Agent in its sole discretion;
           (vii) written confirmation that (x) the GECC Facility has been
           funded in an aggregate amount of at least $42,257,379.96 covering
           the Specified Property and the Gaming Equipment listed on SCHEDULE
           VI annexed hereto, (y) that the proceeds thereof have been
           received by the proper Person and (z) to the extent that the
           Borrower has received any proceeds, the Borrower has deposited
           such proceeds into the Guaranty Deposit Account; (viii) written
           confirmation from GECC that it will fund $37,742,620.04 from the
           GECC Facility on or before September 30, 2000 for the Specified
           Property and Gaming Equipment listed on SCHEDULE VII annexed
           hereto, subject to and in accordance with the terms of the GECC
           Facility Agreement (of which no less than $30,000,000 shall be
           funded on or before August 30, 2000 with the balance being funded
           on or before September 30, 2000) such that the aggregate amount
           funded from the GECC Facility on or before September 30, 2000
           shall be no less than the aggregate amount of $80,000,000; (ix) an
           effective amendment to the GECC Facilities Agreement which
           conforms the GECC Facilities Agreement to the Credit Agreement, as
           amended by the Fourth Amendment to Credit Agreement, and includes
           the consent of GECC to the execution and delivery hereof; (x) a
           general release substantially in the form of the release set forth
           in SECTION 5.7 of this Fourth Amendment to Credit Agreement in
           favor of the Lenders and the Agents from each of the Aladdin
           Parties, the London Clubs Parties and all other Persons as
           required by the Administrative Agent through the Effective Date of
           this Fourth Amendment of Credit Agreement; and (xi) delivery of
           such other items required by the Administrative Agent or any of
           the Lenders.

                     (b) INCUMBENCY, ETC. The Administrative Agent shall have
           received (with copies for each Lender) a certificate, dated as of the
           date of the Fourth Amendment to Credit Agreement, of an Authorized
           Representative of

                               (i) the Borrower certifying

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

                               (y) as to an attached copy of one or more
                               resolutions or other authorizations of the
                               manager of the Borrower certified by the
                               Authorized Representative of such manager as
                               being in full force and effect on the date
                               hereof, authorizing the execution, delivery and
                               performance of this Fourth Amendment to Credit
                               Agreement, the Term D Notes and any instruments
                               or agreements required hereunder, and

                                      21
<PAGE>

                               (z) that the Organizational Documents of the
                               Borrower have not been modified since the date on
                               which they were last delivered to the
                               Administrative Agent,

                               (i) of each signatory to the Ratification and
                               Reaffirmation certifying

                               (x) as to the incumbency and signatures of the
                               Person or Persons authorized to execute and
                               deliver the Ratification and Reaffirmation on
                               behalf of such signatory;

                               (y) as to an attached copy of one or more
                               resolutions or other authorizations of (A) the
                               Board of Directors certified by the Authorized
                               Representative of such signatory, or (B) the
                               manager of such signatory certified by the
                               Authorized Representative of such manager, as
                               applicable, each as being in full force and
                               effect on the date hereof, authorizing the
                               execution, delivery and performance of the
                               Ratification and Reaffirmation, and

                               (z) that the Organizational Documents of such
                               signatory have not been modified since the date
                               on which they were last delivered to the
                               Administrative Agent,

           upon which certificate the Administrative Agent, the Syndication
           Agent, the Documentation Agent and each Consenting Lender
           (collectively, the "Financing Parties" may conclusively rely until it
           shall have received a further certificate of an Authorized
           Representative of the Borrower canceling or amending such prior
           certificate.

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

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

                     (e) DEFAULT. After giving effect to this Fourth Amendment
           to Credit Agreement the following statements shall be true and
           correct: (i) to the best knowledge of the Borrower, no act or
           condition exists which, with the giving of notice or passage of

                                      22
<PAGE>

           time would constitute a "Default" or "Event of Default" (as
           defined in the Credit Agreement, the GECC Facilities Agreement and
           the Discount Note Indenture) has occurred and is continuing as of
           the date hereof and (ii) no material adverse change in (A) the
           financial condition, business, property, prospects or ability of
           the Borrower to perform in all material respects its obligations
           under any Operative Document or any of the documents evidencing
           and securing the FF&E Financing to which it is a party or (B) the
           financial condition, business, property, prospects and ability of
           the Design/Builder, Fluor or the Contractors to perform in all
           material respects their respective obligations under any Operative
           Document to which it is a party has occurred since the Closing
           Date.

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

                     (g) DELIVERY OF FOURTH AMENDMENT TO CREDIT AGREEMENT, ETC.
           The Borrower shall have delivered this Fourth Amendment to Credit
           Agreement, the Term D Notes, and all documents required by Amendment
           No. 3 and the Discount Note Indenture to all Persons entitled under
           the Operative Documents to receive delivery hereof and thereof, as
           the case may be, and arranged for or caused the recording and/or
           filing thereof, as required.

                     (h) OPINIONS. The Administrative Agent shall have received
           such opinions of counsel as it deems necessary, dated as of the date
           of the Fourth Amendment to Credit Agreement and addressed to the
           Administrative Agent, the Lenders and, if applicable, the
           Disbursement Agent, which shall be in form and substance satisfactory
           to the Administrative Agent.

                                    ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

           In order to induce each Financing Party to enter into this Fourth
Amendment to Credit Agreement, the Borrower hereby reaffirms, as of the date of
this Fourth Amendment to Credit

                                      23
<PAGE>

Agreement, its representations and warranties contained in Article VI of the
Credit Agreement and the Disbursement Agreement and additionally represents
and warrants unto each Financing Party as set forth in this ARTICLE V.

           SECTION V.1.  MATTERS PERTAINING TO THE GECC FACILITIES AGREEMENT AND
THE DISCOUNT NOTE INDENTURE.

                     (a) The Borrower has performed all of its obligations under
           the GECC Facilities Agreement and the Discount Note Indenture.

                     (b) After giving effect to this Fourth Amendment to Credit
           Agreement and the performance by the Borrower of its obligation to
           keep the Main Project Budget In Balance, no "Default" or "Event of
           Default" exists under the GECC Facilities Agreement (without giving
           effect to the GECC Intercreditor Agreement) or the Discount Note
           Indenture.

           SECTION V.2. DUE AUTHORIZATION, NON-CONTRAVENTION, ETC. The
execution, delivery and performance by the Borrower of this Fourth Amendment to
Credit Agreement, the Term D Notes, the amendments to the other Loan Documents
and each other document executed or to be executed by it in connection with this
Fourth Amendment to Credit Agreement are within the Borrower's powers, have been
duly authorized by all necessary action, and do not

                     (a   contravene the Borrower's Organizational Documents;

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

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

                     (d result in, or require the creation or imposition of, any
           Lien on any property of the Borrower, any of the other Aladdin
           Parties, any other Person which executes and delivers documents with
           respect to the Fourth Amendment to Credit Agreement in favor of the
           Lenders except as expressly permitted by the Operative Documents, the
           GECC Facilities Agreement, the Discount Note Indenture and other
           Instruments binding on such Persons, as the case may be, and the
           Financing Parties may conclusively rely on such representation and
           warranty.

           SECTION V.3. GOVERNMENT APPROVAL, REGULATION, ETC. No authorization
or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body or other Person is required for the
due execution, delivery or performance by the Borrower or any other Person of
this Fourth Amendment to Credit Agreement or any other document to be

                                      24
<PAGE>

executed by it or any other Person in connection with this Fourth Amendment
to Credit Agreement.

           SECTION V.4. VALIDITY, ETC. This Fourth Amendment to Credit
Agreement constitutes, and each other document executed by the Borrower in
connection with this Fourth Amendment to Credit Agreement, on the due
execution and delivery thereof, will constitute, the legal, valid and binding
obligations of the Borrower enforceable in accordance with their respective
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency or similar laws affecting the enforcement of creditors rights
generally and by general principles of equity.

           SECTION V.5. LIMITATION. Except as expressly provided hereby, all
of the representations, warranties, terms, covenants and conditions of the
Credit Agreement and each other Operative Document shall remain unamended and
unwaived and shall continue to be, and shall remain, in full force and effect
in accordance with their respective terms. The amendments and modifications
set forth herein shall be limited precisely as provided for herein, and shall
not be deemed to be a waiver of, amendment of, consent to or modification of
any other term or provision of the Credit Agreement, the GECC Facilities
Agreement, any Operative Document, the Discount Note Indenture or other
Instrument referred to therein or herein, or of any transaction or further or
future action on the part of the Borrower or any other Person which would
require the consent of the Agents, the Lenders, GECC or the Discount Note
Indenture Trustee or any other Person.

           SECTION V.6. OFFSETS AND DEFENSES. The Borrower has no offsets or
defenses to its obligations under the Loan Documents, the Term D Notes or the
documents evidencing and securing the FF&E Financing and no claims or
counterclaims against any of the Agents, the Lenders or the Construction
Consultant.

           SECTION V.7. RELEASE BY THE BORROWER. (a) As an inducement to the
Lenders, the Administrative Agent and the Syndication Agents to enter into
this Fourth Amendment to Credit Agreement, the Borrower hereby releases and
discharges the Lenders and the Agents, and their respective successors and
assigns, and all officers, directors, employees, agents, representatives,
insurers and attorneys of each of them from all actions, counterclaims,
causes of action, suits, debts, dues, sums of money, accounts, reckonings,
bonds, bills, specialties, covenants, contracts, controversies, agreements,
promises, variances, trespasses, damages, judgments, executions, claims, and
demands whatsoever, in law, admiralty or equity, against the Lenders, the
Agents and/or their successors and assigns which the Borrower ever had, now
has or hereafter can, shall or may, have for, upon, or by reason of any
matter, cause or thing whatsoever from the beginning of the world to the day
of the date of this Fourth Amendment to Credit Agreement (the "Released
Claims").

           (b) In order to induce the Lenders, the Administrative Agent and the
Syndication Agent to accept the release set forth herein, the Borrower
represents that:

                                      25
<PAGE>

                     (i) such release constitutes a legal, valid and binding
           obligation of the Borrower, enforceable against it in accordance with
           its terms. The execution and delivery of, and the performance and
           compliance by the Borrower with such release will not conflict with,
           or constitute on the part of the Borrower a violation or breach of,
           or a default under, and will not require any authorization, consent,
           approval or other action by, or any notice to, or filing with any
           court or administrative body or any other Person pursuant to, any
           mortgage, deed of trust, loan agreement, trust agreement or other
           agreement or instrument to which the Borrower or any of its property
           is subject or any laws and other governmental requirements; and

                     (ii) the Borrower (A) has not sold, transferred, conveyed,
           abandoned or otherwise disposed of any of the Released Claims,
           whether or not known, suspected or claimed that the Borrower has, had
           or may have, against the Lenders, any Agent and/or any of their
           successors, predecessors (including, without limitation, all
           predecessors by virtue of merger) and assigns, as the case may be and
           (B) has sought the advice of counsel with respect to the execution
           and delivery of this Fourth Amendment to Credit Agreement and the
           Borrower understands the legal implications with respect to the
           release set forth herein and the other documents executed by the
           Borrower in connection herewith.

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

           SECTION V.8. ATTACHMENTS TO CERTAIN PLEDGE AGREEMENTS. Attachment
1 to each of the following Pledge Agreements shall be replaced by the
corresponding Attachment 1 attached hereto after approval by the Nevada
Gaming Commission: the Holdings Pledge Agreement, the LCNI Pledge Agreement,
the Sommer Enterprises Pledge Agreement, the AHL Pledge Agreement, the
Enterprises Pledge Agreement and the AMH Pledge Agreement. The shares of
Capital Stock or Membership Interests listed on Item A of any Attachment 1
constitute all the shares of Capital Stock or Membership Interests which have
been issued by the Pledged Share Issuer (as defined in the applicable Pledge
Agreement) to such Pledgor (as defined in such Pledge Agreement). The
Borrower covenants and agrees to request immediately after the execution and
delivery of this Fourth Amendment to Credit Agreement that the Nevada Gaming
Commission approve the amendment of each of the aforementioned Attachments to
Pledge Agreements and to diligently and continuously prosecute to completion
such approval process.

                                   ARTICLE VI

                                      26
<PAGE>

                            MISCELLANEOUS PROVISIONS

           SECTION VI.1. RATIFICATION OF AND REFERENCES TO THE CREDIT AGREEMENT.
This Fourth Amendment to Credit Agreement shall be deemed to be an amendment to
the Credit Agreement, and the Credit Agreement, as amended by this Fourth
Amendment to Credit Agreement, shall continue in full force and effect and is
hereby ratified, approved and confirmed in each and every respect. All
references to the Credit Agreement in any other document, instrument, agreement
or writing shall hereafter be deemed to refer to the Credit Agreement, as
amended by this Fourth Amendment to Credit Agreement.

           SECTION VI.2. HEADINGS. The various headings of this Fourth Amendment
to Credit Agreement are inserted for convenience only and shall not affect the
meaning or interpretation of this Fourth Amendment to Credit Agreement or any
provisions hereof.

           SECTION VI.3. APPLICABLE LAW. THIS FOURTH AMENDMENT TO CREDIT
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS FOURTH
AMENDMENT TO CREDIT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT EXCLUDING ALL OTHER
CHOICE OF LAW AND CONFLICTS OF LAW RULES OF SUCH STATE.

           SECTION VI.4. CROSS-REFERENCES. References in this Fourth
Amendment to Credit Agreement to any Article or Section are, unless otherwise
specified, to such Article or Section of this Fourth Amendment to Credit
Agreement.

           SECTION VI.5. LOAN DOCUMENT. This Fourth Amendment to Credit
Agreement is a Loan Document executed pursuant to the Credit Agreement and
shall (unless otherwise expressly indicated therein) be construed,
administered and applied in accordance with the terms and provisions of the
Credit Agreement.

           SECTION VI.6. SUCCESSORS AND ASSIGNS. This Fourth Amendment to
Credit Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.

           SECTION VI.7. COUNTERPARTS. This Fourth Amendment to Credit
Agreement may be executed by the parties hereto in any number of counterparts
and on separate counterparts, each of which shall be an original but all of
which together shall constitute one and the same instrument.

           SECTION VI.8.  ANNEX; SCHEDULES; EXHIBITS.  Annexed to this Fourth
Amendment to Credit Agreement are the following:

                                      27
<PAGE>

<TABLE>
<CAPTION>

           <S>           <C>
           ANNEX I       Term D Lenders

           SCHEDULE II   Amortization (Replaces Schedule II to the CA)
           SCHEDULE III  Mandatory Payments (Replaces Schedule III to the CA)
           SCHEDULE IV   Certificates of Occupancy for Zones
           SCHEDULE V    Schedule of Contracts and Continuation Agreements
           SCHEDULE VI   Specified Property and the Gaming Equipment Funded by GECC
           SCHEDULE VII  Specified Property and the Gaming Equipment to be Funded by
                         GECC

           EXHIBIT A-5   Form of Term D Note
           EXHIBIT X-2   Main Project Budget

          [ATTACHMENT 1 to the Holdings Pledge Agreement
           ATTACHMENT 1 to the LCNI Pledge Agreement
           ATTACHMENT 1 to the Sommer Enterprises Pledge Agreement
           ATTACHMENT 1 to the AHL Pledge Agreement
           ATTACHMENT 1 to the Enterprises Pledge Agreement
           ATTACHMENT 1 to the Borrower Pledge Agreement
           ATTACHMENT 1 to the AMH Pledge Agreement]

</TABLE>

                     IN WITNESS WHEREOF, the parties hereto have executed this
Fourth Amendment to Credit Agreement as of the day and year first above written.

                                       ALADDIN GAMING, LLC

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

                                       THE BANK OF NOVA SCOTIA, as the
                                       Administrative Agent

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

                                       MERRILL LYNCH CAPITAL

                                      28
<PAGE>

                                       CORPORATION, as the Syndication Agent

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

                                      29
<PAGE>

                                                                    Schedule V

                Schedule of Contracts and Continuation Agreements

(a  "Contract for Construction for a Guaranteed Maximum Price," dated
February 18, 2000, between Aladdin Gaming, LLC and George M. Raymond Co.;

(b "Contract for Construction for a Guaranteed Maximum Price," dated February
7, 2000, between Aladdin Gaming, LLC and Valley Crest Landscaping, Inc.;

(c "Contract for Construction for a Guaranteed Maximum Price," dated January
24, 2000, between Aladdin Gaming, LLC and Korte-Bellew & Associates
Construction Co.;

(d  "Contract Agreement," dated January 26, 2000 between Aladdin Gaming, LLC
and Dynalectric Company of Nevada;

(e "Contract for Construction for a Guaranteed Maximum Price," dated February
7, 2000, between Aladdin Gaming, LLC and Taylor International Corp.

                                      30<PAGE>
                                                                EXHIBIT 10.03

                             AGREEMENT OF AMENDMENT

     THIS AGREEMENT OF AMENDMENT (this "Amendment") is made as of the 2nd day of
June, 2000, among GENERAL ELECTRIC CAPITAL CORPORATION, FOR ITSELF AND AS AGENT
FOR CERTAIN PARTICIPANTS ("GE Capital"), GMAC COMMERCIAL MORTGAGE CORPORATION
("GMAC CMC"), and ALADDIN GAMING, LLC ("Aladdin Gaming").

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

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

     The parties desire to amend the Lease Agreement and to further amend the
Facilities Agreement as hereinafter set forth.

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

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

          Section 1.1. Exhibit No. 2 attached to the Facilities Agreement is
deleted and Exhibit No. 2 to Facilities Agreement attached hereto is substituted
in lieu thereof and incorporated therein as fully as if originally set forth
therein.

          Section 1.2. The following sentence shall be added to the end of
Section 11(e) of the Facilities Agreement:

          "Notwithstanding the foregoing, Aladdin Gaming may make an Investment
          in any wholly-owned Subsidiary which is created by Aladdin Gaming for
          the purpose of owning and controlling bank, deposit or any other
          accounts at any financial institution permitted under the Senior
          Credit Agreement or which otherwise are created for purposes of
          Aladdin Gaming's operation of the Casino so long as the Administrative
          Agent has consented thereto."

          Section 1.3. Section 11(h) of the Facilities Agreement is deleted and
the following substituted in lieu thereof:

          "Aladdin Gaming will not, and will not permit any Subsidiary to, enter
          into at any time any arrangement (other than the financing pursuant
          hereto) which involves the leasing by Aladdin Gaming from any lessor
          of any real or personal property (or any interest therein), which does
          not create a Capitalized Lease Liability and except arrangements
          which, together with all other such arrangements which shall then be
          in effect, will not require the

                                       1
<PAGE>

          payment of an aggregate amount in any Fiscal Year of rentals by
          Aladdin Gaming or any Subsidiary in excess of, in the case of any such
          arrangements entered into prior to the date which is ninety (90) days
          after the Opening Date, $2,000,000 per annum and, in the case of any
          such arrangement entered into on or subsequent to the date which is
          ninety (90) days after the Opening Date, $5,000,000 per annum."

     SECTION 2. AMENDMENTS TO LEASE AGREEMENT. The Lease Agreement is hereby
amended as follows:

          Section 2.1. The following is added to the end of Section 1(b) of the
Lease:

          "The obligation of Lessor to purchase any Unit of Equipment from
          Lessee and to lease the same to Lessee under any Schedule shall be
          subject to satisfaction of the conditions specified above in this
          Section 1(b) and to receipt by Lessor, prior to the Lease Commencement
          Date (with respect to such Unit of Equipment), of each of the
          following documents in form and substance satisfactory to Lessor: (v)
          a Bill of Sale, in substantially the form attached hereto as Exhibit
          No. 3, with respect to such Unit of Equipment, duly executed by
          Lessee, (vi) a certified true copy of the invoice from the Supplier
          with respect to such Unit of Equipment, and (vii) such documents and
          instruments as reasonably may be required by Lessor evidencing the
          termination of any security interest in such Unit of Equipment then
          held by any third party."

          Section 2.2. Exhibit No. 3 to Master Lease Agreement attached hereto
is incorporated in the Lease as fully as if originally set forth therein and
made a part thereof.

     SECTION 3. CONSENT TO AMENDMENTS AND CONFIRMATION.

          Section 3.1. GE Capital and GMAC CMC hereby consent to the amendments
of the Senior Credit Agreement and the Disbursement Agreement specified in
Section 2.1 of that certain Third Amendment to Senior Credit Agreement dated as
of May ___, 2000 (the "Third Amendment"), by and among Aladdin Gaming, the
various financial institutions as are or may become parties thereto, The Bank of
Nova Scotia, as Administrative Agent for the Lenders (the "Administrative
Agent"), Merrill Lynch Capital Corporation, as Syndication Agent for the
Lenders, and CIBC Oppenheimer Corp., as Documentation Agent for the Lenders.

          Section 3.2. GE Capital and GMAC CMC hereby confirm and agree that,
upon delivery to the Project of Gaming Equipment or Specified Equipment as to
which Advances to fund deposits or progress payments have been made pursuant to
the Senior Credit Agreement, all amounts advanced to Aladdin Gaming from the
Loans to fund such deposits or to make such progress payments shall be advanced
on behalf of Aladdin Gaming to the Guaranty Deposit Account and the balance due
with respect to such Gaming Equipment or Specified Equipment shall be funded in
full under the Agreements, subject to and in accordance with the terms of the
Agreements.

                                       2
<PAGE>

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

          (a) EXECUTION OF DOCUMENTS. GE Capital and GMAC CMC shall have
received counterparts of (i) this Amendment executed by Authorized
Representatives of Aladdin Gaming, the Administrative Agent, GE Capital and GMAC
CMC, (ii) the Third Amendment executed by Authorized Representatives of the
parties thereto, (iii) the Ratification of the Completion Guaranty executed by
Authorized Representatives of the parties thereto, and (iv) the First Amendment
to Disbursement Agreement executed by Authorized Representatives of the Parties
thereto.

          (b) INCUMBENCY, ETC. GE Capital and GMAC CMC shall have received a
certificate, dated the Amendment Date, of an Authorized Representative of
Aladdin Gaming certifying:

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

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

               (iii) that the Organizational Documents of Aladdin Gaming have
          not been modified other than by the letter agreement dated December
          10, 1999, a true, correct and complete copy of which shall have been
          delivered to GE Capital and GMAC CMC,

upon which certificate GE Capital and GMAC CMC and Credit Suisse First Boston
Mortgage Capital, LLC (collectively, the "FINANCING PARTIES") may conclusively
rely until it shall have received a further certificate of an Authorized
Representative of Aladdin Gaming cancelling or amending such prior certificate.

          (c) FEES. All reasonable fees and costs and expenses of Ober, Kaler,
Grimes & Shriver and other professionals employed by the Financing Parties and
all other reasonable expenses of the Financing Parties in connection with the
negotiation, execution and delivery of this Amendment and the transactions
contemplated herein shall have been paid in full.

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

          (e) DEFAULT. After giving effect to this Amendment the following
statements shall be true and correct: (i) to the best knowledge of Aladdin
Gaming, no act or condition exists which, with the giving of notice or passage
of time would constitute a "DEFAULT" or "EVENT OF

                                       3
<PAGE>

DEFAULT" (as defined in the Senior Credit Agreement or in the Agreements has
occurred and is continuing as of the date hereof, and (ii) no material adverse
change in (A) the financial condition, business, property, prospects or ability
of Aladdin Gaming to perform in all material respects its obligations under any
Operative Document, or (B) the financial condition, business, property,
prospects and ability of any other Aladdin Party or, to the best knowledge of
Aladdin Gaming, LCNI, the Design/Builder or Fluor to perform in all material
respects its obligations under any Operative Document to which it is a party has
occurred since the Closing Date.

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

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

          (h) OPINIONS. GE Capital and GMAC CMC shall have received such
opinions of counsel as it deems necessary, dated the Amendment Date and
addressed to the Financing Parties, which shall be in form and substance
satisfactory to the financing parties.

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

          Section 5.1. MATTERS PERTAINING TO THE FACILITIES AGREEMENT.

          (a) Aladdin Gaming has not directly or indirectly amended (by Change
Order or otherwise), modified (by Change Order or otherwise), allocated,
reallocated or supplemented or permitted or consented to the amendment (by
Change Order or otherwise), modification (by Change Order or otherwise)
allocation, reallocation or supplementation of the Construction Benchmark
Schedule in any manner which would extend the Completion Date.

          (b) Prior to and after giving effect to this Amendment, no "DEFAULT"
or "EVENT OF DEFAULT" exists under the Senior Credit Agreement or the Agreements
(without giving effect to the Intercreditor Agreement).

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

                                       4
<PAGE>

          (a) contravene Aladdin Gaming's Organizational Documents;

          (b) contravene any contractual restriction binding on or affecting
     Aladdin Gaming;

          (c) contravene any court decree or order or Legal Requirement binding
     on or affecting Aladdin Gaming; or

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

and the Financing Parties may conclusively rely on such representations and
warranties.

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

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

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

          Section 5.6. OFFSETS AND DEFENSES. Aladdin Gaming has no offsets or
defenses to its obligations under the Operative Documents or the documents
evidencing and securing the FF&E Financing and no claims or counterclaims
against any of the Financing Parties, the Administrative Agent, the Lenders or
the Construction Consultant.

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

                                       5
<PAGE>

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

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

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

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

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

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

          Section 6.8. RESERVATION OF RIGHTS. Aladdin Gaming agrees that neither
this Amendment nor the making of any Funding and GE Capital and GMAC CMC's
consent thereto shall constitute (w) an approval of all or any portion of any
request for Funding, (x) a waiver or forbearance by GE Capital and GMAC CMC
under any of the Operative Documents, (y) the acceptance by GE Capital and GMAC
CMC of any course of conduct by Aladdin Gaming, the Completion Guarantors or any
of the Aladdin Parties or the London Clubs Parties (including, without
limitation, matters relating to transfers of direct and indirect interests in
Holdings between the members thereof), or (z) an agreement by GE Capital and
GMAC CMC to amend any of the Operative Documents or waive any of the provisions
thereof without a corresponding amendment of the Senior Credit Agreement or
waiver from the Administrative Agent on behalf of the Lenders, as the case may
be. Aladdin Gaming further agrees that GE Capital and GMAC CMC reserve all
rights, remedies and options under the Operative Documents to require Aladdin
Gaming to satisfy in all respects the conditions relating to each Funding and
perform all of its obligations under the Operative Documents which are then due
and owing or are susceptible of performance, as the case may be.

                                       6

<PAGE>

         IN WITNESS WHEREOF, this Agreement of Amendment has been duly executed
as of the date first above written.

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

By: /s/ RICHARD J. GOEGLEIN                      By:  /s/ TIMOTHY S. SHANAHAN
   ------------------------                      ------------------------------
Name:  Richard J. Goeglein                       Name:  Timothy S. Shanahan
Title: President & Chief Executive Officer       Title: Vice President

                                                 GMAC COMMERCIAL MORTGAGE
                                                 CORPORATION

                                                 By: /s/ JON S. WRIGHT
                                                    ---------------------------
                                                 Name:  John S. Wright
                                                 Title: Senior Vice President

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

                                                 THE  BANK OF NOVA SCOTIA,
                                                 as Administrative Agent

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

                                       7

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