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EXHIBIT 4.38  

 
 

SUBSIDIARY GUARANTEE    
    

        The Subsidiary Guarantor listed below (hereinafter referred to as the "Subsidiary Guarantor," which term includes any successors or assigns under the Indenture
and any additional Subsidiary Guarantors), has irrevocably and unconditionally guaranteed the Guarantee Obligations, which include that: (a) the principal of, and premium and interest and
Additional Interest, if any, on the 117/8% Senior Secured Notes due 2009 (the "Notes") of Gameco, Inc. (renamed Jacobs Entertainment, Inc., the "Company"), shall be duly
and punctually paid in full when due, whether at maturity, by acceleration or otherwise, and interest on overdue principal, and premium, if any, and (to the extent permitted by law) interest on any
interest, if any, on the Notes and all other Obligations of the Company to the Holders or the Trustee hereunder or under the Notes or under the Collateral Documents (including fees, expenses or other)
shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such
other Obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

        The
Obligations of the Subsidiary Guarantor to the Holders and to the Trustee pursuant to this Subsidiary Guarantee and this Indenture are expressly set forth in Article 12 of the
Indenture and reference is hereby made to such Indenture for the precise terms of this Subsidiary Guarantee. The Obligations are secured by a pledge of the Collateral pursuant to Articles 10 and 11 of
the Indenture and the Collateral Documents. 

        No
stockholder, officer, director or incorporator, as such, past, present or future of each Subsidiary Guarantor shall have any liability under this Subsidiary Guarantee by reason of his
or its status as such stockholder, officer, director or incorporator. 

        Except
as set forth in the Indenture, this is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Subsidiary Guarantor and its successors and
assigns until full and final payment of all of the Company's Obligations under the Notes and the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders,
and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment and not of collectibility. 

        The
Obligations of the Subsidiary Guarantor under this Subsidiary Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under
applicable law. 

        THE
TERMS OF ARTICLE 12 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

        Capitalized
terms used herein have the same meanings given in this Indenture unless otherwise indicated. 

Dated
as of June 4, 2003 

	

 	
 	

COLONIAL DOWNS, LLC
	

 	
 	

By:	
 	

COLONIAL HOLDINGS, INC. its Manager
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President

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EXHIBIT 4.39  

 
 

SECURITY AGREEMENT AMENDMENT    
    

        This Security Pledge Amendment, dated as of June 4, 2003, is delivered pursuant to Section 6.1 of that certain security agreement (as amended,
amended and restated, supplemented or otherwise modified from time to time, the "Security Agreement"; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such
terms in the Security Agreement), dated as of February 8, 2002, among Jacobs Entertainment, Inc. (formerly known as Gameco, Inc. the "Issuer"), the undersigned (by Joinder
Agreement dated June 14, 2002), the other Guarantors from time to time party thereto and Wells Fargo Bank Minnesota, National Association, as Trustee (in such capacity and together with any
successors in such capacity, the "Trustee"). The undersigned hereby agrees that this Pledge Amendment may be attached to the Security Agreement and that the Pledged Securities listed on this Pledge
Amendment shall be deemed to be and shall become part of the Pledged Collateral and shall secure all Secured Obligations. 

PLEDGED SECURITIES  

	ISSUER
 
	 	TYPE OF INTEREST
	 	CERTIFICATE

NO(S).
	 	NUMBER OF

SHARES
	 	PERCENTAGE OF ALL ISSUED CAPITAL OR OTHER EQUITY INTERESTS OF ISSUER
	 
	Colonial Downs, LLC	 	Membership Interests	 	1	 	n/a	 	100	%

	

COLONIAL HOLDINGS, INC., as Pledgor	
 	

 
	

By:	
 	

/s/  IAN M. STEWART      
 Ian M. Stewart, President	
 	

 
	

AGREED TO AND ACCEPTED:

WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee	
 	

 
	

 By:

Name:	
 	

 

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EXHIBIT 4.40    
    

COLONIAL
DOWNS, LLC

10515 Colonial Downs Parkway

New Kent, Virginia 23124 

June 4,
2003 

Wells
Fargo Bank Minnesota, National Association

Corporate Trust Services

213 Court Street—Suite 902

Middletown, CT 06457 

Ladies
and Gentlemen: 

        Reference
is made to that certain security agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the "Security
Agreement"; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of February 8,
2002, among Gameco, Inc. (renamed Jacobs Entertainment, Inc., the "Issuer"), each of the Guarantors listed on the signature
pages thereto or from time to time party thereto by execution of a joinder agreement, and Wells Fargo Bank Minnesota, National Association, as Trustee (in such capacity and together with any
successors in such capacity, the "Trustee"). 

        This
letter supplements the Security Agreement and is delivered by the undersigned, COLONIAL DOWNS, LLC, a Virginia limited liability company (the "New
Pledgor"), pursuant to Section 3.5 of the Security Agreement. The New Pledgor hereby agrees to be bound as a Guarantor
and as a Pledgor by all of the terms, covenants and conditions set forth in the Security Agreement to the same extent that it would have been bound if it had been a signatory to the Security Agreement
on the execution date of the Security Agreement and without limiting the generality of the foregoing, hereby grants and pledges to the Trustee, for its benefit and for the benefit of the Secured
Parties, as collateral security
for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in, all of its
right, title and interest in, to and under the Pledged Collateral and expressly assumes all obligations and liabilities of a Guarantor and Pledgor thereunder. The New Pledgor hereby makes each of the
representations and warranties and agrees to each of the covenants applicable to the Pledgors contained in the Security Agreement. 

        Attached
hereto are supplements to each of the schedules to the Security Agreement with respect to the New Pledgor. Such supplements shall be deemed to be part of the Security Agreement. 

        This
agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 

        THIS
AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

 

        IN
WITNESS WHEREOF, the New Pledgor has caused this letter agreement to be executed and delivered by its duly authorized officer as of the date first above written. 

	

 	
 	

 	
 	

COLONIAL DOWNS, LLC
	

 	
 	

 	
 	

By:	
 	

COLONIAL HOLDINGS, INC. its Manager
	

 	
 	

 	
 	

By:	
 	

/s/  IAN M. STEWART      
 Name: Ian M. Stewart

Title: President
	

AGREED TO AND ACCEPTED:	
 	

 	
 	

 
	

WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as trustee	
 	

 	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 

2

 
SCHEDULE 1.1(a)  

 Initial Pledged Interests

Pledgor: Colonial Downs, LLC  

NONE  

3

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EXHIBIT 4.41  

 
 

SUPPLEMENTAL INDENTURE    
    

        SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of June 4, 2003 among the guarantors listed on the signature pages attached hereto
(each, a "New Guarantor"), each an indirect subsidiary of Jacobs Entertainment, Inc., a Delaware corporation (formerly known as Gameco, Inc.) (the "Company"), and Wells Fargo Bank
Minnesota, National Association, as trustee under the Indenture referred to below (the "Trustee"). 

W I T N E S S E T H:  

        WHEREAS the Company has heretofore executed and delivered to the Trustee an Indenture (as amended from time to time, the "Indenture"), dated as of
February 8, 2002, providing for the issuance of its 117/8% Senior Secured Notes due 2009; 

        WHEREAS
Section 4.18 of the Indenture provides that under certain circumstances the Company is required or permitted to cause each New Guarantor to execute and deliver to the
Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Company's obligations under the Notes pursuant to a Guarantee on the terms and
conditions set forth herein; and 

        WHEREAS
pursuant to Section 9.01 of the Indenture, the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture; 

        NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantors, the Company and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

        1.     Definitions. 

        (a)   Capitalized
terms used herein without definition shall have the meanings assigned to them in the Indenture. 

        (b)   For
all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires: (i) the terms and
expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words "herein," "hereof" and "hereby" and other words of similar
import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

        2.     Agreement
to Guarantee. Each New Guarantor hereby agrees, jointly and severally with all other Guarantors, to guarantee the Company's obligations under the Notes on the
terms and subject to the conditions set forth in Article 12 of the Indenture and to be bound by all other applicable provisions of the Indenture. From and after the date hereof, each New
Guarantor shall be a Guarantor for all purposes under the Indenture and the Notes. 

        3.     Ratification
of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all
the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of any
Note heretofore or hereafter authenticated and delivered shall be bound hereby. 

        4.     Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK IN ANY  

 

 ACTION OR PROCEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE NOTES.

        5.     Trustee
Makes No Representation. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiently of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company. 

        6.     Multiple
Counterparts. The parties may sign multiple counterparts of this Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them
together represent one and the same agreement. 

        7.     Headings.
The headings of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way
modify or restrict any of the terms or provisions hereof. 

[Remainder
of page intentionally blank] 

2

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date and year first above written. 

	

 	
 	
NEW GUARANTORS:
	
 	
 	

COLONIAL DOWNS, LLC
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	Manager
	

 	
 	

JRJ PROPERTIES, LLC
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Manager
	

 	
 	
THE TRUSTEE:
	
 	
 	

WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION
	

 	
 	

By:	
 	

/s/  ROBERT L. REYNOLDS      

	 	 	Name:	 	Robert L. Reynolds
	 	 	Title:	 	Vice President
	

 	
 	
THE COMPANY:
	
 	
 	

JACOBS ENTERTAINMENT, INC.
	

 	
 	

By:	
 	

/s/  JEFFREY P. JACOBS      

	 	 	Name:	 	Jeffrey P. Jacobs
	 	 	Title:	 	President
	

 	
 	

BLACK HAWK GAMING & DEVELOPMENT COMPANY, INC.
	

 	
 	

By:	
 	

/s/  JEFFREY P. JACOBS      

	 	 	Name:	 	Jeffrey P. Jacobs
	 	 	Title:	 	Chief Executive Officer and Director
	 	 	 	 	 

3

 

	

 	
 	

GOLD DUST WEST CASINO, INC.
	

 	
 	

By:	
 	

/s/  JEFFREY P. JACOBS      

	 	 	Name:	 	Jeffrey P. Jacobs
	 	 	Title:	 	Chairman of the Board and President
	

 	
 	

BLACK HAWK/JACOBS ENTERTAINMENT, LLC
	 	 	By:	 	Black Hawk Gaming & Development Company, Inc., its Authorized Manager
	

 	
 	

By:	
 	

/s/  STEPHEN R. ROARK      

	 	 	Name:	 	Stephen R. Roark
	 	 	Title:	 	President
	

 	
 	

GILPIN HOTEL VENTURE
	 	 	By:	 	Gilpin Ventures, Inc., its Partner
	

 	
 	

By:	
 	

/s/  STEPHEN R. ROARK      

	 	 	Name:	 	Stephen R. Roark
	 	 	Title:	 	President
	

 	
 	

By:	
 	

Black Hawk Gaming & Development Company, Inc., its Partner
	

 	
 	

By:	
 	

/s/  STEPHEN R. ROARK      

	 	 	Name:	 	Stephen R. Roark
	 	 	Title:	 	President
	

 	
 	

GILPIN VENTURES, INC.
	

 	
 	

By:	
 	

/s/  STEPHEN R. ROARK      

	 	 	Name:	 	Stephen R. Roark
	 	 	Title:	 	President and Director
	

 	
 	

JALOU II INC.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Director
	

 	
 	

WINNER'S CHOICE CASINO, INC.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Director
	 	 	 	 	 

4

 

	

 	
 	

DIVERSIFIED OPPORTUNITIES GROUP LTD.
	 	 	By:	 	Jacobs Entertainment, Inc., its Managing Manager
	

 	
 	

By:	
 	

/s/  JEFFREY P. JACOBS      

	 	 	Name:	 	Jeffrey P. Jacobs
	 	 	Title:	 	President
	

 	
 	

JALOU L.L.C.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Manager
	

 	
 	

HOUMA TRUCK PLAZA & CASINO, L.L.C.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Manager
	

 	
 	

JALOU-CASH'S L.L.C.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Manager
	

 	
 	

JACE, INC.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Director
	

 	
 	

LUCKY MAGNOLIA TRUCK STOP AND CASINO, L.L.C.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Director
	

 	
 	

BAYOU VISTA TRUCK PLAZA AND CASINO, L.L.C.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Manager
	 	 	 	 	 

5

 

	

 	
 	

RACELAND TRUCK PLAZA AND CASINO, L.L.C.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President and Manager
	

 	
 	

COLONIAL HOLDINGS, INC.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President
	

 	
 	

COLONIAL DOWNS, LP
	

 	
 	

By:	
 	

STANSLEY RACING CORP., ITS GENERAL PARTNER
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President
	

 	
 	

STANSLEY RACING CORP.
	

 	
 	

By:	
 	

/s/  IAN M. STEWART      

	 	 	Name:	 	Ian M. Stewart
	 	 	Title:	 	President

6

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SUPPLEMENTAL INDENTURE

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