Document:

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                                                                    EXHIBIT 10.3

                                      LEASE

This lease, dated the 20th day of December 1999, is between sureBET Casinos,
Inc., as Lessee, and Black Hawk Hotel Corporation, as Lessor.

THE LESSEE AND LESSOR, IN CONSIDERATION OF THIS LEASING AGREE AS FOLLOWS:

1.       THE LEASED PREMISES. In consideration of the payment of the rent and
         the performance of the covenants and the agreements by the Lessee set
         forth herein, the Lessor does hereby lease to the Lessee the Colvin
         Tract, Lots 1 - 6 and the West 25 ft of Lot 7 and Lots 9, 10, 11, 12,
         13 and part of Lot 14, all in Block 26, City of Black Hawk, County of
         Gilpin, State of Colorado along with all personal property located in
         or on the premises and more particularly described in Exhibit A
         attached hereto and the exclusive license to the name "Lilly Belle's
         Casino, all of which are referred to as "The Premises."

2.       TERMS AND RENT.

         2.1      The premises, with all appurtenances are leased to the Lessee
                  for a period of five years commencing on the first day of the
                  month following the issuance of a temporary or permanent
                  Colorado gaming license, but not later than October 1, 2000.

         2.2      The monthly rental payment for the first year, beginning with
                  the granting of a temporary or permanent Colorado Gaming
                  License to Lessee, but not to be later than October 1, 2000,
                  shall be the greater of $45,000.00 monthly base rent or 4.9%
                  of the Adjusted Gross Proceeds (AGP as defined by the State of
                  Colorado), less Colorado gaming taxes and Black Hawk device
                  fees. If after the best efforts of Lessee in the most timely
                  means, a permanent or temporary gaming license to operate
                  Lilly Belle's Casino is not approved from the state by October
                  1, 2000, then Lessee may at Lessee's option, pay $10,000.00
                  per month plus all triple net lease expenses until the license
                  is issued or until March 31, 2001, whichever is earlier. If
                  the Colorado gaming license is not issued by March 31, 2001,
                  then this lease shall be null and void and all monies and
                  security deposit forfeited to Lessor. All monies paid
                  including security deposit and any improvements made by Lessee
                  to the property will be forfeited to Lessor under any
                  conditions Lessee does not fulfill this lease including, but
                  not limited to, the non-issuance of a Colorado gaming license
                  to Lessee.

         2.3      For the period January 1, 2001 through December 31, 2001, the
                  monthly payment shall be the greater of $50,000.00 base rent
                  or 4.9% (four point nine percent) of AGP, less Colorado gaming
                  taxes and Black Hawk device fees

         2.4      For the period January 1, 2002 through December 31, 2002, the
                  monthly payment shall be $55,000.00 base rent or 4.9% of AGP,
                  less gaming taxes and device fees, as described above.

         2.5      For the period January 1, 2003 through December 31, 2003, the
                  monthly payment shall be $60,000.00 base rent or 4.9% of AGP,
                  less gaming taxes and device fees, as described above.

         2.6      Commencing January 1, 2004, the base rent shall increase 7%
                  compounded for each year.

         2.7      The base rent shall be due, without notice, in advance, on the
                  first day of each month. The percentage rent, if any, shall be
                  paid in arrears on the fifteenth of the following month for
                  the previous month. Lessee shall furnish Lessor or Lessors
                  agent, monthly, with complete copies of all accounting records
                  for income and expenses, including but not limited to, copy of
                  signed Colorado gaming return, taxes, fees, insurance, food,
                  liquor, trash, services, maintenance and all other income and
                  expenses. Lessor shall have the right to audit and examine the
                  complete books and records of Lessee, upon reasonable notice.
                  If any additional expense is caused to Lessee as a result of
                  this examination of the books, then this additional reasonable
                  expense shall be at Lessor's expense. Lessee shall furnish to
                  Lessor or Lessor's agent by the end of the month following
                  year end, at Lessee's expense, an audited year end P&L
                  statement on the entire casino and any associated

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                  operations. The Lessee shall pay the rent for the premises
                  above-described and all payments, documentation, etc.
                  described above shall be made directly to Black Hawk Hotel
                  Corporation, Lessor, or at Lessor's option, to agent for
                  Lessor.

3.       MAINTENANCE OF PREMISES. The Lessee shall, at the expiration of this
         lease, barring improvements and changes, surrender the premises in as
         good a condition as when the Lessee entered the premises, ordinary wear
         and tear excepted. The Lessee shall keep all sidewalks on and around
         the premises free and clear of ice and snow, keep the entire exterior
         premises free from all litter, dirt, debris and obstructions, and keep
         the premises in a clean and sanitary condition as required by the
         ordinances of the state, city and county in which the property is
         situated. The Lessee agrees to keep all the improvements upon the
         property, including, but not limited to, inventory, fixtures,
         mechanical systems, security systems and all related security
         equipment, exterior buildings with first class paint and maintenance,
         sewer connection, plumbing, wiring, rock walls, parking lots, glass,
         and any and all other components etc., in good maintenance and repair
         at Lessee's expense. This lease shall be considered a triple net lease
         with any and all expenses pertaining to the property, buildings, taxes,
         operation, insurance, maintenance, and any other related expenses,
         etc., whatsoever, paid by Lessee. The Lessor shall be responsible for
         the basic components of the building, including exterior walls,
         foundation and roof. Lessee may, at its expense, install an elevator.

4.       IMPROVEMENTS TO PREMISES. Any improvements by Lessee over $10,000.00
         must be approved in advance by Lessor in writing.

5.       ASSIGNMENT AND SUBLEASE. The Lessee shall not sublet any part of the
         premises, nor assign this lease, or any interest therein, without the
         written consent of the Lessor. Lessee shall have the right to assign
         its interest to a subsidiary corporation or affiliate without requiring
         prior written consent of Lessor. Lessee intends to assign this
         agreement to an operating entity to be formed under Colorado law in
         conformity with the rules and requirements of the Colorado Gaming
         Commission.

6.       USE. The Lessee shall use the premises only as gaming property as
         allowed by law, which shall include, but not be limited to, off track
         betting, bars, restaurants, parking, lodging and any reasonable uses
         associated with a casino in Black Hawk, and shall not use the premises
         for any purposes prohibited by the laws of the United States, or the
         State of Colorado, or of the ordinances of the City of Black Hawk, or
         the County of Gilpin, and shall neither permit nor suffer any
         disorderly conduct. No noxious, offensive or illegal activity shall be
         carried on upon the premises nor shall anything be done or kept on the
         premises which may become a public or private nuisance or which may
         cause embarrassment, disturbance, to others on adjacent or nearby
         property.

7.       DAMAGE TO PREMISES. The Lessee shall neither hold, nor attempt to hold,
         the Lessor, its agents, contractors and employees, liable for any
         injury, damage, claims or loss to person or property occasioned by any
         accident, condition or casualty to, upon, or about the premises
         including, but not limited to, defective wiring, the breaking or
         stopping of the plumbing or sewage upon the premises, unless such
         accident, condition or casualty is directly caused by intentional or
         reckless acts or omission of the Lessor. Notwithstanding any duty the
         Lessor may have hereunder to repair or maintain the premises, in the
         event that the improvements upon the premises are damaged by the
         negligent, reckless or intentional act or omission of the Lessee or any
         employees, agents, invites, licensees or contractors, the Lessee shall
         bear the full cost of such repair or replacement and monthly rent shall
         be due and payable according to the lease. The Lessee shall hold
         Lessor, Lessor's agents and their respective successors and assigns,
         harmless and indemnified from all injury, loss, claims or damage to any
         person or property while on the demised premises or any other part of
         Lessor's property, or arising in any way out of Lessee's business,
         which is occasioned by an act or omission of Lessee, its employees,
         agents, invites, licensees or contractors. The Lessor is not
         responsible for any damage or destruction to the Lessee's personal
         property. The Lessee shall neither permit nor suffer said premises to
         be endangered by overloading, nor said property to be used for any
         purpose which would render the insurance thereon void, or the insurance
         risk more hazardous, nor make any alterations 'in, or changes in, upon,
         or about said premises, without first obtaining the written consent of
         the Lessor.

8.       DESTRUCTION OF PREMISES. If the property or the premises shall be
         destroyed in whole, or in part by fire, the elements, or other casualty
         and if, in the sole opinion of the Lessor, they cannot be repaired
         within one

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         hundred and twenty (120) days from said injury and the Lessor informs
         the Lessee it does not desire to repair same and desires to terminate
         this lease, then this lease shall terminate on the date of such injury.
         In the event of such termination, the Lessee shall immediately
         surrender the possession of the premises and all rights therein to the
         Lessor, Lessee shall be granted a license to enter the premises at
         reasonable times to remove the Lessee's property, and shall not be
         liable for rent accruing subsequent to said event. The Lessor shall
         have the right to immediately enter and take possession of the premises
         and shall not be liable for any loss, damage or injury to the property
         or person of the Lessee or occupancy of, in or upon the premises.

         If the Lessor repairs the premises within one hundred and twenty (120)
         days, this lease shall continue in full force and effect and the Lessee
         shall not be required to pay rent for any portion of said one hundred
         and twenty (120) days during which the premises are wholly unfit for
         occupancy.

9.       INSURANCE. Lessee shall obtain and keep in full force, at Lessee's
         expense, a complete insurance policy commencing at the time Lessor
         closes on the purchase of the Talcott property. Lessor and Esther
         Talcott shall be named as a named insured, and policy must be a full
         replacement policy for any damage or misplacement, including structure
         and contents as applicable. During the entire time of the lease, Lessee
         shall provide liability insurance in the amount of $2,500,000 and name
         Lessor as an additional insured. All insurance to cover all property
         including all parking areas included in this lease. During this lease
         and renewal period(s), Lessor may request these limits be raised within
         reasonable limits and Lessee shall cooperate at Lessee's expense with
         these reasonable requests. Lessee shall provide copies of insurance
         policies to Lessor.

10.      REMARKETING OF PROPERTY. The Lessee shall permit the Lessor to market
         for sale or lease, leased premises, at any time, 120 days prior to the
         end of this lease.

11.      LESSOR'S INSPECTION . The Lessee shall allow the Lessor and Lessor's
         agent to enter upon the property during normal business hours. Lessor
         or its agents shall not take any action that will interfere with
         Lessee's business or disturb Lessee's employees or customers.

12.      TAXES. Commencing at the time that Lease payments begin, the Lessee
         shall be responsible for paying all taxes connected with all leased
         properties including, but not limited to real estate taxes, parking
         impact fees, city, county, state and federal taxes, special
         improvements district taxes and fees, assessments, personal property
         taxes and all gaming related taxes including, but not limited to,
         gaming equipment and any other entities used in business. Lessee shall
         furnish to Lessor, or Lessor's agent, monthly real estate taxes based
         upon the most recent mill levy and tax bill. These tax payments are to
         be kept in a joint savings account by Lessor and Lessee for the purpose
         of paying the taxes when due. Any interest shall belong to Lessee.
         Lessor shall inform Lessee of all real estate tax increases imposed by
         County, City, State or Federal agencies.

13.      UTILITIES. The Lessee shall be responsible for paying, including, but
         not limited to, electric, gas, water, sewer, special improvement
         assessments, phone, refuse disposal, janitorial services and all other
         required maintenance services.

14.      NO WAIVER OF BREACH . No assent, expressed or implied, to any breach or
         default of any one or more of the agreements hereof shall be deemed or
         taken to be a waiver of any succeeding or other breach or default.

15.      HOLDOVER. If, after the expiration of this lease, the Lessee shall
         remain in possession of the premises and continue to pay rent without a
         written agreement as to such possession, then such tenancy shall be
         regarded as a month-to-month tenancy, at a monthly rental, payable in
         advance, equivalent to the last month's rent paid under this lease, and
         subject to all the terms, escalations, etc. and conditions of this
         lease.

16.      DEPOSIT. At the execution of the lease, Lessee will deposit 200,000
         shares of common stock of sureBET Casinos, Inc. (OTCBB: DICE) in the
         name of Lessor, with Lessor's attorney as a deposit. The Lessor may
         apply the deposit to cure any default under the terms of this lease and
         shall account to the Lessee for the balance. The Lessee may not apply
         the deposit hereunder to the payment of the rent reserved hereunder or
         the performance of other obligations. At the termination of this lease,
         and there being no default, 200,000 shares of common stock of sureBET
         Casinos, Inc. shall be returned to Lessee.

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17.      PARKING LOT. All structures are to be removed and the addresses of 305,
         311 and 321 Gregory St., are to be converted to a paved parking lot
         next to Lilly Belle's at Lessee's expense and responsibility,
         contingent upon approval by all applicable government agencies. Should
         final approval be unobtainable after Lessee's best efforts, Lessee
         shall not be obligated to do same, but shall keep these structures in
         first class condition; a shelter shall be constructed around the water
         sources located at 305 Gregory St. to prevent damage from water
         freezing, or Lessee may place utilities underground, at Lessee's
         expense.

18.      LESSOR'S REMEDIES FOR BREACH . If the Lessee shall be in arrears in
         payment of any installment of rent, or any portion thereof, or in
         default of any other covenants or agreements set forth in this lease,
         and the default remains uncorrected for a period of ten (10) days after
         the Lessor has given written notice thereof pursuant to applicable law,
         then the Lessor may, at the Lessor's option, undertake any of the
         following remedies without limitation: (a) declare the term of the
         lease ended; (b) terminate the Lessee's right to possession of the
         premises and reenter and repossess the premises pursuant to applicable
         provisions of the Colorado Forcible Entry and Detainer Statute; (c)
         recover all present and future damages, costs and other relief to which
         the Lessor is entitled; (d) pursue breach of contract remedies; and/or
         (e) pursue an and all available remedies in law or equity. In the event
         possession is terminated by a reason of default prior to expiration of
         the term, the Lessee shall be responsible for the rent occurring for
         the remainder of the term, subject to the Lessor's duty to mitigate
         such damages. Pursuant to applicable law [1340-104(d.5), (e.5) and
         13-40-107.5, C.R.S.] which is incorporated by this reference, in the
         event repeated or substantial default(s) under the lease occur, the
         Lessor may terminate the Lessee's possession upon a written Notice to
         Quit, without a right to cure. Upon such termination, the Lessor shall
         have available any and all of the above-listed remedies.

19.      ATTORNEY FEES. In the event any dispute arises concerning the terms of
         this lease or the non-payment of any sums under this lease, and the
         matter is turned over to an attorney, the party prevailing in such
         dispute shall be entitled, in addition to other damages and costs, to
         receive reasonable attorneys' fees from the other party.

20.      LATE CHARGES. In the event any payment required hereunder is not made
         within ten (10) days after the payment is due, a late charge in the
         amount of 10% of the payment will be paid by the Lessee.

21.      CONDEMNATION. In the event of a condemnation or other taking by a
         governmental agency, all proceeds for the premises of Lessor shall be
         paid to the Lessor hereunder, the Lessee waiving all right to any such
         payments. However all proceeds for business interruption or loss of
         business shall be paid to lessee.

22.      INSOLVENCY OF LESSEE. This lease is made with the express understanding
         and agreement that 'in the event the Lessee becomes insolvent, the
         Lessor may declare this lease ended, and all rights of the Lessee
         hereunder shall terminate and cease.

23.      REMOVAL OF PROPERTY AT TERMINATION . At the termination of this lease,
         Lessor shall retain possession of all items included in lease and all
         replacements thereto. Lessee may remove all of its personal property,
         whether or not attached to the leased premises, so long as it does not
         cause damage to the premises, and Lessee repairs any damage caused by
         such removal, at Lessee's expense.

24.      LICENSING. Lessee and all applicable parties shall immediately apply
         for all necessary licenses upon signing of this lease, including, but
         not limited to, gaming, liquor, building, etc., at Lessee's expense,
         and furnish to Lessor copies of gaming license application(s).

25.      NO LIENS. Lessee shall not cause any lien to be placed on, including,
         but not limited to, properties, or any of its equipment owned by
         Lessor. A lien waiver must be signed for all construction and or work
         on any property or items owned by Lessor and a lien waiver notice shall
         be posted in a conspicuous location on building or property.

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26.      OPTION TO PURCHASE. Lessee shall have the option to purchase the
         premises for the sum of $5,800,000 between June 1, 2003 and May 30,
         2005. In the event Lessee exercises its option to extend this Lease
         then in that event, the purchase price shall be increased by 7%
         compounded per year, for each year, or apportioned part of each year,
         from the base price of $5,800,000. To exercise this option, Lessee
         shall submit its notice of intent to exercise option through Lessor or
         Lessor's agent. Purchase shall include all inventory, the trade name
         Lilly Belle's, Real Estate, rights, equipment, improvements and any
         other items included in this lease.

27.      CONFIDENTIALLY. All terms and conditions of this lease shall remain
         fully confidential and non-disclosure by all parties and by all third
         parties with the exception that Lessee, Lessor or their agents may
         supply material to banks, lenders or financial groups for the purpose
         of loans and financial decisions. A copy of this lease will be supplied
         to the Colorado Gaming Commission.

28.      OPTION TO RENEW. Lessee shall have, at its option, the right to renew
         this lease for three (3) additional terms of five (5) years each.

29.      TERMS OF LESSORS MORTGAGE. Any mortgage(s) or security interest(s) by
         Lessor encumbering the premises shall provide for the right of
         prepayment and release of the leased premises for an amount that does
         not exceed the applicable exercise price of Lessee's option to
         purchase.

         Any mortgage or lien securing the property shall contain the following
         language: "Mortgagee hereby consents to the lease of the property and
         equipment by Lessor to Lessee pursuant to the terms of this lease.
         Mortgagee agrees that the rights of Lessee under the lease shall remain
         in full force and effect and Lessee's possession of the leased premises
         and the equipment thereon under the lease will remain undisturbed by
         mortgagee during the term of the lease so long as Lessee satisfies all
         of its obligations under the lease. This lease shall survive and will
         be honored by Mortgagee and any subsequent purchaser in the event of
         default by Lessor and foreclosure of the leased property.

30.      CONTINGENT LEASE. This lease is entirely contingent on Black Hawk Hotel
         Corporation closing on its option to purchase from Esther Talcott, by
         January 31, 2000, 301 Gregory St., Black Hawk, Colorado.

31.      LEASING OF PARKING. Lessor may continue to lease out current parking
         spaces and collect rents from those until Lessee opens for operation.

32.      REAL ESTATE COMMISSIONS. Lessee shall not be obligated for any real
         estate commission or fees payable to Lessor's agent(s) in connection
         with this transaction and lessor shall indemnify Lessee against any
         claim to commissions or fees and all cost associated therewith
         including, reasonable attorney's fees.

33.      PROTECTION OF PROPERTY. Lessee covenants and agrees that nothing shall
         be done or kept on the premises which might impair the value of the
         premises or which would constitute waste.

34.      NEW STREETSCAPE. It is understood that the City of Black Hawk or
         another Government Agency may purchase, condemn or otherwise make use
         of some property in front of, or behind, all the properties on Gregory
         Street for a new streetscape plan or wall rebuilding or other uses, and
         if any property is thus used, it shall not change any of the terms of
         this lease or Lessee's purchase options.

35.      NO RELIANCE . Lessee has not relied upon any projections, figures,
         estimates, etc., oral or written and shall hold Lessor and his agent
         harmless of such supplied by Lessor or his agent. Lessee acknowledges
         to making an informed decision based upon its own due diligence and
         legal advice from attorneys, professionals, accountants, etc. and
         tenant is well experienced in gaming matters, leases, Real Estate and
         takes full responsibility for all decisions in these matters.

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36.      NOTICES . All notices shall be in writing and be personally delivered,
         faxed or sent by first class mail, unless otherwise provided by law, to
         the respective parties.

37.      PARTIAL INVALIDITY. If any term or provision of this lease shall be
         invalid or unenforceable, the remainder of this lease shall not be
         affected thereby and shall be valid and enforceable to the full extent
         permitted by law.

38.      BINDING EFFECT. This lease shall be binding on the parties, their
         personal representatives, successors and assigns. If there is more than
         one entity or persons which are the Lessees under this lease, all
         covenants and agreements herein to be performed by the Lessees shall be
         joint and several.

39.      PURCHASE OF sureBET SHARES. Lessor shall purchase 250,000 shares of
         Class A common stock in sureBET Casinos, Inc. for the sum of $250,000
         cash to be paid to Lessee on or before March 1, 2000. The shares shall
         bear a restrictive legend and not be fully transferable for a period of
         twelve (12) months from issuance. Lessor shall also be granted an
         option to purchase an additional 265,000 shares of sureBET Class A
         common stock at $2.25 per share for a period of five years. In the
         event that Lessor does not complete the purchase of the initial 250,000
         shares, then in that event, this agreement and the underlying Lease
         shall be null and void and all consideration paid by Lessee, in cash or
         stock, shall be returned to Lessee.

40.      EXECUTION BY FACSIMILE . Facsimile copies of this lease will be
         accepted as binding, to be followed up with original signed and
         notarized copies to each party.

LESSOR                                    LESSEE

Black Hawk Hotel Corporation              sureBET Casinos, Inc.

By:   /s/ Edwin H. Betts, Jr.             By:   /s/ Charles S. Liberis
    ----------------------------------         --------------------------------
         Edwin H. Betts, Jr.                       Charles S. Liberis
         President and Secretary                   President
         5501 South University Blvd.               1610 Barrancas Avenue
         Littleton CO 80121                        Pensacola FL 32501

         Date: 12/24/99                   Date: 12/20/99
              ----------                       ---------

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STATE OF COLORADO                           STATE OF FLORIDA
County of Arapahoe                          County of Escambia

                                            The foregoing instrument was
The foregoing instrument was                acknowledged before me this 20th
acknowledged before me this 24th            day of Dec, 1999, by Charles S.
day of Dec, 1999, by Edwin H.               Liberis who is personally known to
Betts, Jr., who is personally known         me or produced identification in
to me or produced identification in         the form of _____________________
the form of Colorado Drivers                _________________ and acknowledged
License and acknowledged that               that he executed the same for the
he/she executed the same for the            uses and purposes therein
uses and purposes therein                   expressed.
expressed.

                                            /s/ Deborah M Scullin
/s/ Sally M. Dolan                          NOTARY PUBLIC
NOTARY PUBLIC
                                            My commission CC622168
My commission expires 1/21/2001             Expires March 15, 2001
2323 E Arapahoe Road
Littleton CO 80122

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                                                                    EXHIBIT 10.4

                          BERTH AND SUBLEASE AGREEMENT

THIS BERTH AND SUBLEASE AGREEMENT ("Agreement") is made and entered into
effective the 23rd day of June, 1999 (the "Effective Date") by and between SOUTH
PADRE ISLAND FISHING CENTER JOINT VENTURE, a Texas joint venture ("Sublessor")
whose address is One Padre Boulevard, South Padre Island, Texas 78597, and CSL
DEVELOPMENT CORPORATION ("Sublessee"), a Delaware corporation whose address is
1610 Barrancas Avenue, Pensacola Florida 32501.

                                    PREAMBLE

Pursuant to that Lease Agreement LC No. 94-027 (the "Ground Lease") dated as of
June 30, 1994, by and between the State of Texas, (the "State"), as Lessor, and
Sublessor, as Lessee, Sublessor has a leasehold interest in the premises
described in Exhibit "A" thereto (the "Premises").

Approximately 17.52 acres of the Premises is comprised of submerged land on
which Sublessor has constructed a pier and other improvements (the "Pier").

Subject to the terms and conditions of the Lease and the conditions set forth
herein, Sublessor desires to sublease to Sublessee, and Sublessee desires to
sublease from Sublessor, a berth and appurtenant rights.

Now, therefore, Sublessor and Sublessee agree as follows:

1. PREMISES. Sublessor hereby subleases to Sublessee and Sublessee hereby
subleases from Sublessor the following, all of which are located on the Premises
in Cameron County, Texas:

         1.1      Berth. The exclusive right to a berth for one (1) cruise ship
                  (herein the "Cruise Ship"), initially to be the "M/V
                  Entertainer." The berth is located at the end of the Pier, as
                  more particularly described on Exhibit "A" attached hereto and
                  initialed by Sublessor and Sublessee for identification
                  (hereinafter, the "Plat").

         1.2      Ticket Counter. The non-exclusive right to use of the area
                  designated "Ticket Counter" on the Plat for the sale of Cruise
                  Ship tickets.

                                        1

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         1.3      Modular Office. The non-exclusive right to use the area
                  designated "Office" on the Plat for non-retail general offices
                  purposes and, subject to compliance with applicable provisions
                  of the Ground Lease (including, without limitation, Article VI
                  thereof), to construct improvements thereon.

         1.4      Parking. The non-exclusive right to use a maximum of two
                  hundred (200) parking spaces in the area designated as
                  "Parking" on the Plat for free parking of passenger vehicles
                  operated by Sublessee's employee and customers; provided,
                  Sublessor shall have no obligation to provide more than fifty
                  (50) parking spaces for such use until expiration of the
                  thirtieth (30th) day after the Sublessor's receipt of the
                  Security Deposit (as defined in Section 4.3 below).

Unless referred to individually, the foregoing are hereinafter referred to,
collectively, as the "Subleased Premises". SUBLESSEE HEREBY CONFIRMS THAT
SUBLESSEE HAS INSPECTED THE PHYSICAL AND TOPOGRAPHICAL CONDITION OF THE
SUBLEASED PREMISES AND ACCEPTS THE SAME "AS IS" IN ITS EXISTING PHYSICAL AND
TOPOGRAPHIC CONDITION. SUBLESSOR DISCLAIMS ANY AND ALL WARRANTIES OF
HABITABILITY, SUITABILITY, FITNESS FOR ANY PURPOSE AND ANY OTHER EXPRESS OR
IMPLIED WARRANTY NOT EXPRESSLY SET FORTH IN THIS AGREEMENT. SUBLESSOR AND
SUBLESSEE HEREBY AGREE AND ACKNOWLEDGE THAT THE USE OF THE TERM "GRANT" AND/OR
"CONVEY" IN NO WAY IMPLIES THAT THIS AGREEMENT IS FREE OF LIENS, ENCUMBRANCES
AND/OR PRIOR RIGHTS. SUBLESSEE IS HEREBY PUT ON NOTICE THAT ANY PRIOR GRANT
AND/OR ENCUMBRANCE MAY BE OF RECORD AND SUBLESSEE IS ADVISED TO EXAMINE THOSE
RECORDS AND ALL OTHER LAND TITLE RECORDS IN WHICH THE SUBLEASED PREMISES ARE
LOCATED IN THE ARCHIVES AND RECORDS DIVISION OF THE TEXAS GENERAL LAND OFFICE,
1700 NORTH CONGRESS AVENUE, AUSTIN, TEXAS, 78701, AND ALL OTHER LAND TITLE
RECORDS IN WHICH THE SUBLEASED PREMISES ARE LOCATED.

2. TERM. The term of this Agreement shall be for a period commencing on the
Effective Date and terminating on the expiration of the one hundred eightieth
(180th) day after the date of the Rent Commencement Date (as hereinafter
defined), unless earlier terminated or extended as provided herein.

         2.1      Failure to Obtain Permits. Notwithstanding the foregoing to
                  the contrary, in the event Sublessee, after diligent effort,
                  is unable on or before September 1, 1999, to obtain all
                  governmental and regulatory approvals necessary for the
                  operation of its Offshore Business (as defined in Section 3.2
                  below), then Sublessee shall have the right to terminate this
                  Agreement upon written notice delivered to Sublessor on or
                  before September 5, 1999; Sublessor shall retain all sums paid
                  as Rent (as

                                        2

<PAGE>   3

                  hereinafter defined) prior to the effective date of
                  termination; and, thereafter, neither party shall have any
                  further obligations to the other except for those obligations
                  which accrued prior to the effective date of termination.

         1.2      Future Government Regulation. In the event that, subsequent to
                  the Rent Commencement Date (as hereinafter defined),
                  governmental laws or regulations prohibit Sublessee's use of
                  the Subleased Premises for the purposes provided herein in
                  such a manner as to preclude Sublessee's operation of its
                  Offshore Business (i.e., docking a Cruise Ship which contains
                  gaming equipment and machinery to be operated elsewhere),
                  Sublessee may terminate this Agreement effective upon written
                  notice to Sublessor. In the event Sublessee terminates this
                  Agreement pursuant to this Section 2.2, along with its notice
                  of termination, Sublessee shall provide Sublessor with a copy
                  of the subject law(s) or regulation(s) and, upon Sublessor's
                  receipt of such notice, this Agreement shall terminate and
                  neither party shall have any further obligations to the other
                  except for those obligations which accrued prior to the
                  effective date of termination.

3. USE. The Subleased Premises may be used only for the purposes specified in
Sections 1.1 through 1.4 above, and no other.

         3.1      Compliance with Laws. At all times Sublessee shall conduct its
                  affairs and use the Subleased Premises in accordance with the
                  provisions of the Ground Lease, this Agreement and all
                  applicable statutes, ordinances, rules and regulations. Any
                  breach by Sublessee of its obligations under this Agreement
                  shall entitle Sublessor, at its option, to terminate this
                  Agreement upon written notice to Sublessee as specified in
                  Section 14 below, or to pursue remedies available at law or in
                  equity. In the event Sublessor elects to terminate this
                  Agreement, upon Sublessor's written notice of such termination
                  to Sublessee, this Agreement shall terminate and neither party
                  shall have any further obligations to the other except for
                  those obligations which accrued prior to the effective date of
                  termination.

         3.2      Offshore Business. Though the parties acknowledge that
                  Sublessee intends, provided appropriate governmental
                  authorization is obtained, to operate a day cruise casino
                  business on the Cruise Ship and provide on- board
                  entertainment, including gaming (the "Offshore Business"),
                  Sublessee agrees not to accept any orders for gaming
                  activities from the Subleased Premises and at all times to
                  conduct such activities at locations other than the Subleased
                  Premises. The parties specifically acknowledge and agree that
                  Sublessee shall have no right to use the Subleased Premises
                  for the Offshore Business and that any such use on or adjacent
                  to the Subleased Premises shall constitute a breach of this
                  Agreement for which Sublessor may terminate this Agreement
                  upon notice to Sublessee.

4. CONSIDERATION. Sublessee agrees to pay to Sublessor the following
consideration for use of the Subleased Premises ("Rent"):

                                        3

<PAGE>   4

         3.1      Rent. Commencing on the earlier to occur of (a September 1,
                  1999, or (b) the thirtieth (30th) day after the date Sublessee
                  receives all regulatory approvals required to commence
                  operation of the Offshore Business, or (c) the date Sublessor
                  departs from the Subleased Premises on its initial cruise for
                  the purpose of operating the Offshore Business (such date
                  hereinafter the "Rent Commencement Date"), Sublessee agrees to
                  pay to Sublessor, monthly, as "Rent" for the Subleased
                  Premises the greater of (1) $10,000.00 per month, or (2) a sum
                  per month equal to the product of One and NO/100 Dollars
                  ($1.00) multiplied by the number of passenger cruise tickets
                  sold to "paying passengers" (as hereinafter defined) over and
                  above the number of 10,000 per month. Rent in the minimum
                  amount of $10,000 shall be payable each month in advance. Any
                  additional sums owing Sublessor as Rent shall be due and
                  payable on the fifteenth (15th)) day of the following month
                  and shall be delivered with a statement certified by an
                  officer of Sublessee which itemizes ticket sales for the
                  subject month on a per day basis. Sublessor shall be entitled,
                  during normal business hours, to inspect Sublessee's records
                  to determine appropriate accounting and remittance of Rent.
                  Should the Rent Commencement Date occur on a day other than
                  the first day of a month, Rent shall be prorated for such
                  month. For the purposes of this Agreement a "paying passenger"
                  is a person who purchases a Cruise Ship ticket for a scheduled
                  cruise for the purpose of engaging in Sublessee's Offshore
                  Business, and passengers who are given complimentary tickets
                  or admissions based on the volume or quality of their casino
                  play shall be deemed paying passengers.

         4.2      Taxes and Assessments. During the term of this Agreement, the
                  Sublessee shall pay directly to the applicable taxing or other
                  authority any State or
                  local sales taxes or assessments which are, or may be, in
                  effect and applicable to Sublessee's business.

         4.3      Security Deposit. On the Rent Commencement Date Sublessee
                  agrees to deposit with Sublessor the sum of Ten Thousand and
                  NO/100 Dollars ($10,000.00) (the "Security Deposit") as
                  security for Sublessee's faithful performance of its
                  obligations under this Sublease. Sublessor and Sublessee agree
                  that the Security Deposit may be commingled with funds of
                  Sublessor and Sublessor shall have no obligation or liability
                  for payment of interest on such deposit. Sublessee shall not
                  mortgage, assign, transfer or encumber the Security Deposit
                  without the prior written consent of Sublessor and any attempt
                  by Sublessee to do so shall be void, without force or effect
                  and shall not be binding upon Sublessor. If Sublessee fails to
                  pay any Rent or other amount when due and payable under this
                  Sublease, or fails to perform any of the terms hereof,
                  Sublessor may appropriate and apply or use all or any portion
                  of the Security Deposit for Rent payments or any other amount
                  then due and unpaid, for payment of any amount for which
                  Sublessor has become obligated as a result of Sublessee's
                  default or breach, and for any loss or damage sustained by
                  Sublessor as a result of Sublessee's default or breach, and

                                        4

<PAGE>   5

                  Sublessor may so apply or use the Security Deposit without
                  prejudice to any other remedy Sublessor may have by reason of
                  Sublessee's default or breach. If Sublessor so uses any of the
                  Security Deposit, Sublessee shall, within ten (10) days after
                  written demand therefor, restore the Security Deposit to the
                  full amount originally deposited; Sublessee's failure to do so
                  shall constitute a default hereunder for which Sublessor shall
                  have the right to exercise any remedy provided for in Section
                  14 below. Provided Sublessee is not then in default on any of
                  its obligations hereunder, on the first day of the last month
                  of the Sublease term (or renewal period, if applicable),
                  Sublessor shall return the Security Deposit to Sublessee or,
                  if Sublessee has assigned its interest under this Sublease, to
                  the last assignee of Sublessee. If Sublessor sells or assigns
                  its interest in the Subleased Premises, Sublessor may deliver
                  the Security Deposit to Sublessor's successor in interest
                  under this Sublease and thereupon be relieved of any further
                  liability or obligation with respect to the Security Deposit.

5. INSURANCE. Sublessee agrees to purchase and maintain insurance coverage, and
provide certificates and renewals thereof, as required pursuant to the Ground
Lease; provided (a) all such policies shall name both the State and Sublessor as
additional insureds, and (b) Sublessee shall maintain commercial general
liability insurance and liquor liability insurance in minimum amounts of Two
Million Five Hundred Thousand and NO/100 Dollars ($2,500,000.00).

6. UTILITIES. Sublessor shall, at its expense, provide water and 480-volt
3-phase 200AMP electrical stub-outs at the locations specified on the Plat.
Except as provided herein, Sublessor shall have no responsibility for the
provision of any utility stub-out or service, and Sublessee shall be responsible
for the payment of all electricity, water, wastewater, gas, phone and other
utility extension and service and for disposal of all trash generated at the
Subleased Premises. Trash containers shall located near the berth in a location
approved by Sublessor, shall be of a type reasonably approved by Sublessor, and
shall be screened from view. Notwithstanding any other term or provision of this
Agreement to the contrary, (a) Sublessee acknowledges and agrees that it shall
not locate or use sewage pump-out facilities on or near the Subleased Premises,
and (b) in the event Sublessee is required to extend electric utility
infrastructure beyond the location specified on the Plat, upon the first renewal
of the term of this Agreement as provided below, Sublessee shall be entitled to
a credit against Rent, not to exceed, in the aggregate $8,000.00; provided, if
Sublessee reasonably determines that the cost of any such extension shall exceed
$8,000.00, then Sublessee shall so advise Sublessor and Sublessor may elect to
either (y) undertake such work at its own cost and expense, or (z) authorize
Sublessee to expend an amount in excess of $8,000 for such work, which amount
shall also be credited against Rent until recouped.

7. CONDEMNATION. If during the term of this Agreement or any extension or
renewal thereof, all of the Subleased Premises should be taken for any public or
quasi-public use under any law, ordinance, or regulation, or by right of eminent
domain, or should be sold to the condemning authority under threat of
condemnation, this Agreement shall terminate and the

                                        5

<PAGE>   6

Rent shall be abated during the unexpired portion of this Agreement, effective
as of the date of the taking of said premises by the condemning authority.

         7.1      Sublessor's Right to Restore. If less than all of the
                  Subleased Premises shall be taken for any public or
                  quasi-public use under any law, ordinance or regulation, or by
                  right of eminent domain, or should be sold to the condemning
                  authority under threat of condemnation, Sublessor may elect to
                  terminate this Agreement or to restore the Subleased Premises
                  as mutually agreed between Sublessor Sublessee. In the event
                  this Agreement is not terminated, then Sublessor shall perform
                  such restoration with available condemnation proceeds within a
                  reasonable time of the taking., and the Rent payable during
                  the unexpired portion of this Agreement shall be adjusted
                  equitably.

         7.2      Allocation of Awards. Sublessor shall be entitled to receive
                  and retain all proceeds payable for a taking of the leasehold
                  estate and improvements located on the Subleased Premises.
                  Sublessee shall be entitled to receive and retain any separate
                  awards for loss of profits and moving expenses. The
                  termination of this Agreement shall not affect the rights of
                  the respective parties to such awards.

8. ASSIGNMENT. Sublessee hereby acknowledges and agrees that it shall not have
the right to assign or sublet the Subleased Premises, whether by operation of
law or otherwise, without Sublessor's prior written consent, which consent shall
not be unreasonably withheld; provided, Sublessee may assign Sublessee's
interest in this Agreement to an Affiliate (as hereinafter defined) upon written
notice to Sublessor. For the purposes of this Agreement, "Affiliate" shall mean
and refer to an entity which is controlled by Sublessee (i.e., an entity of
which Sublessee owns at least fifty-one percent [51%] of the outstanding shares,
membership interests or otherwise of such entity), or which controls Sublessee
(i.e., an entity which owns at least fifty-one percent [51%] of Sublessee), or
which is under common control with Sublessee (such as a brother-sister
relationship). Sublessor and Sublessee acknowledge and agree that Sublessee
intends to assign this Agreement to an Affiliate to be formed under Texas law on
or before expiration of the First Renewal Period and, upon such assignment and
assumption by such Affiliate of Sublessee's obligations hereunder, Sublessee
shall be released from its obligations hereunder.

9. INDEMNIFICATION AND HOLD HARMLESS AGREEMENTS. Sublessor and Sublessee hereby
agree as follows:

         9.1      Sublessee. SUBLESSEE SHALL PROTECT, DEFEND AND HOLD SUBLESSOR
                  AND THE STATE HARMLESS IN ACCORDANCE WITH THE TERMS OF THE
                  INDEMNIFICATION PROVISIONS OF THE GROUND LEASE. SUBLESSEE
                  AGREES TO INDEMNIFY AND HOLD SUBLESSOR AND THE STATE HARMLESS
                  AGAINST ANY AND ALL ACTIONS, CLAIMS, DEMANDS, DAMAGES,
                  LIABILITIES AND EXPENSES

                                        6

<PAGE>   7

                  (INCLUDING, WITHOUT LIMITATION, ATTORNEYS' FEES AND COURT
                  COSTS) ASSERTED AGAINST, IMPOSED UPON OR INCURRED BY SUBLESSOR
                  BY REASON OF ANY VIOLATION CAUSED, SUFFERED OR PERMITTED BY
                  SUBLESSEE AND/OR SUBLESSEE'S OFFICERS, DIRECTORS, VENTURERS,
                  AGENTS, REPRESENTATIVES, SERVANTS, EMPLOYEES, CONTRACTORS,
                  SUBCONTRACTORS, LICENSEES OR INVITEES ("SUBLESSEE
                  REPRESENTATIVES") OF ANY OF THE TERMS, COVENANTS OR CONDITIONS
                  OF THE GROUND LEASE. Notwithstanding the foregoing, in no
                  event shall Sublessee be liable to Sublessee for any
                  matter relating to this Agreement in an amount in excess of
                  the total of all Rent paid to Sublessee hereunder. The
                  foregoing agreements shall survive expiration or earlier
                  termination of this Agreement.

         9.2      Sublessor. SUBJECT TO THE PROVISIONS OF THIS AGREEMENT,
                  SUBLESSOR SHALL AND HEREBY DOES INDEMNIFY AND HOLD SUB-LESSEE
                  HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CLAIMS,
                  DEMANDS, DAMAGES, LIABILITIES AND EXPENSES (INCLUDING, WITHOUT
                  LIMITATION, REASONABLE ATTORNEYS' FEES AND COURT COSTS)
                  ASSERTED AGAINST, IMPOSED UPON OR INCURRED BY SUBLESSEE BY
                  REASON OF ANY VIOLATION CAUSED, SUFFERED OR PERMITTED BY
                  SUBLESSOR, ITS OFFICERS, DIRECTORS, VENTURERS,
                  REPRESENTATIVES, AGENTS, SERVANTS, CONTRACTORS,
                  SUBCONTRACTORS, LICENSEES OR EMPLOYEES OF ANY OF THE TERMS,
                  COVENANTS OR CONDITIONS OF THE GROUND LEASE THAT SUBLESSEE HAS
                  NOT COVENANTED AND AGREED TO COMPLY WITH UNDER THE TERMS OF
                  THIS AGREEMENT. Notwithstanding the foregoing, in no event
                  shall Sublessor be liable to Sublessee or any third party for
                  any matter relating to this Agreement in an amount in excess
                  of the total of all Rent paid to Sublessor hereunder. The
                  foregoing agreements shall survive expiration or earlier
                  termination of this Agreement.

10.      SUBLESSOR'S OBLIGATIONS.

         10.1     Unobstructed Access. Sublessor shall provide unobstructed
                  access to the Subleased Premises from the upland portion of
                  the Premises all times for the Cruise Ship at its berth and
                  for Sublessee's vendors, employees and passengers. Sublessor
                  and Sublessee acknowledge and agree that Sublessor shall have
                  no obligation to police navigable waters or to dredge the
                  channel in which Sublessee which access the Pier.

         10.2     Sublessor's Maintenance. Except for damage occasioned by
                  Sublessee and/or Sublessee's Representatives, Sublessor shall
                  maintain the Leased Premises

                                        7

<PAGE>   8

                  (exclusive of Sublessee's improvements and fixtures thereto)
                  in a safe and usable condition, including, but not limited to,
                  replacement of damaged and deteriorated dock and pilings.
                  Sublessor shall have no further repair and maintenance
                  obligations hereunder.

         10.3     Right to Sublease. Sublessor represents and warrants to
                  Sublessee that it has the right to sublease the Subleased
                  Premises for the purposes set forth approval is required to
                  grant Sublessee the right to use the Subleased Premises as
                  provided herein.

11. SUBLESSEE'S OBLIGATIONS. Sublessee hereby acknowledges and agrees to use the
Subleased Premises pursuant to the terms of the Ground Lease, this Agreement and
in accordance with all applicable laws, ordinances, rules and regulations, and
reasonable rules and regulations imposed by the State and/or Sublessor from time
to time.

         11.1     No Waste. Sublessee hereby acknowledges and agrees it shall
                  not commit, or suffer to be committed, any waste on the
                  Subleased Premises nor shall it maintain, or permit the
                  maintenance or commission
                  of, any nuisance on the Subleased Premises.

         11.2     Maintenance. Except as otherwise provided herein, Sublessee
                  hereby acknowledges and agrees to keep and maintain the
                  Subleased Premises and the Cruise Ship in good condition and
                  repair, as the same existed on the Effective Date, reasonable
                  wear and tear excepted. Damage caused by Sublessee or
                  Sublessee's Representatives shall be repaired at Sublessee's
                  sole expense.

         11.3     Alterations. Sublessee hereby acknowledges and agrees not to
                  make any alterations or changes in the Subleased Premises
                  without the express, prior written consent of Sublessor, and
                  all such alterations or changes shall be made in conformance
                  with the provisions of the Ground Lease.

         11.4     Conduct. Sublessee shall be responsible for the conduct and
                  acts of Sublessee and Sublessee's Representatives on the
                  Subleased Premises at all times during term of this Agreement,
                  and shall indemnify and hold Sublessor harmless therefrom as
                  provided herein.

12. INSPECTION BY SUBLESSOR. Sublessee hereby acknowledges and agrees that the
State, Sublessor and/or their respective agents or representatives may enter
into and upon the Subleased Premises (but not the Cruise Ship) at all reasonable
times for the purpose of inspection, making repairs or alterations.

13. OPTION TO RENEW. Provided Sublessee has fully performed all of its
obligations hereunder, at the option of Sublessee, this Agreement may be renewed
for two (2) additional

                                        8

<PAGE>   9

terms of five (5) years each. Renewal shall be by written notice delivered, with
respect to the first renewal period, no later than thirty (30) days prior to
expiration of the initial term (such period, the "First Notice Period") and,
with respect to the second renewal period, no later than sixty (60) days prior
to expiration of the first renewal period. Each renewal term, if any, shall be
referred to as a "renewal period". If Sublessee fails to timely exercise any
renewal, such renewal and all subsequent renewal options shall lapse and be of
no further force and effect.

         13.1     Additional Premises. Subject to Sublessor's an Sublessee's
                  mutual agreement reduced to writing on or before expiration of
                  the First Notice Period (which agreement shall be subject to
                  an agreed joint use and/or reciprocal easement agreement, a
                  space/use plan and the approval of third parties, as
                  applicable), commencing with the first renewal period, the
                  Subleased Premises as defined in Section 1 above can be
                  expanded to grant to Sublessee the non-exclusive use and
                  occupancy of certain vertical improvements then located on the
                  Premises and the exclusive right to use and occupancy, as
                  applicable, of the area on which the business known as
                  "Hookers is located as of the Effective Date, all furniture,
                  fixtures and equipment located therein and a license to use
                  the name "Hookers" for Sublessee's business at such location.

         13.2     Renewal Period Terms. Commencing on the first day of the first
                  renewal period, Sublessee shall pay Sublessor monthly Rent
                  equal to the greater of (1) $10,000.00 per month, or (2) a sum
                  per month equal to the product of One and 75/100 Dollars
                  ($1.75) multiplied by the number of passenger cruise tickets
                  sold to paying passengers over and above the number of 10,000
                  per month. Commencing on the first day of the second renewal
                  period, Sublessee shall pay Sublessor monthly Rent equal to
                  the greater of (1) $10,000.00 per month, or (2) a sum per
                  month equal to the product of Two and NO/100 Dollars ($2.00)
                  multiplied by the number of passenger cruise tickets sold to
                  paying passengers over and above the number of 10,000 per
                  month. product of Two and NO/100 Dollars ($2.00) multiplied by
                  the number of passenger cruise tickets issued over and above
                  the number of 10,000 per month. Except as set forth above and
                  in any amendment to this Agreement, all other terms and
                  provisions shall remain in full force and effect during the
                  renewal period(s).

         13.3     Other Provisions. Except as otherwise provided in Sections
                  13.1 and 13.2, all other terms and provisions of this
                  Agreement shall continue in full force and effect during each
                  renewal period.

14. DEFAULTS AND REMEDIES. If Sublessee shall allow the Rent to be in arrears
more than five (5) days after the date due, or shall any other default on the
part of the Sublessee continue for five (5) days after delivery of written
notice from Sublessor of such element of default, or should any other person
than Sublessee secure possession of the Subleased Premises, or any part thereof,
by reason of receivership, bankruptcy proceedings or other operation of law in
any

                                        9
<PAGE>   10

manner whatsoever, Sublessor may, at its discretion, without notice to
Sublessee, declare Sublessor in default of this Agreement and either (a)
terminate this Agreement, or (b) enter onto and take possession of the Subleased
Premises and remove all persons and property therefrom without being deemed
guilty of any manner of trespass, and re-let the Subleased Premises or any part
thereof, for all or any part of the remainder of the term. In the event
Sublessor exercises its option to take possession, and should Sublessor be
unable to re-let after reasonable efforts to do so, or should such monthly Rent
be less than the Rent Sublessee was obligated to pay hereunder, then Sublessee
shall pay the amount of such deficiency to Sublessor plus any applicable costs
of reletting, collections and other reasonable expenses incurred in enforcing
Sublessor's rights hereunder. In no event shall Sublessor be obligated to find a
new tenant on behalf of Sublessee. In the event the Rent is not paid within the
five (5) days after the date due, a late charge (which charge constitutes a
penalty and not interest) of one and one-half percent (1-1/2%) per month on the
unpaid balance shall be applicable.

         14.1     No Cruise Ship Lien. The Cruise Ship will be operated pursuant
                  to a Charter Agreement which provides, among other things,
                  that during the charter period, neither the Operator, nor its
                  agents, nor the Master of the Vessel, shall have any right,
                  power, or authority to create, incur or permit to be imposed
                  upon the Cruise Ship any liens whatsoever. Accordingly,
                  Sublessor acknowledges that this Agreement is entered into on
                  the credit of the Sublessee and not on the credit of the
                  Cruise Ship or her owner or mortgagee and that the Sublessor
                  claims no maritime or other lien against the Cruise Ship, and
                  therefore waives any liens, whether statutory landlord liens
                  or otherwise, against the Cruise Ship that it currently has or
                  may have in the future or that may arise from operation of law
                  or custom, usage and practice.

15. SIGNAGE. Upon Sublessee's receipt of all approvals required to operate its
Offshore Business and subject to Sublessor's approval of location and content,
which consent shall not be unreasonably withheld or delayed, Sublessee will be
permitted, at its sole expense, to erect signs upon the Subleased Premises.

16. JOINT USE AREAS. Subject to Sublessor's prior written consent with respect
to location, improvements, if any, to be located thereon and Sublessee's
provision of insurance in favor of the State and Sublessor, Sublessee may use
certain areas of the Pier as passenger waiting areas and for other purposes
(each a "Joint Use Area" and, collectively, the "Joint Use Areas"). Each Joint
Use Area shall be clearly marked and, subject to Sublessee's rights pursuant to
Section 13.1 at the time of renewal, subject to pre-existing uses. Such use
shall additionally be subject to the rights of the general public as provided in
the Ground Lease. At Sublessor's option exercised prior to expiration or
termination of this Agreement, all permanent improvements erected or installed
by Sublessee within the Joint Use Areas shall become the property of Sublessor.

17. EXCLUSIVITY. Provided Sublessee is not in default of this Agreement, during
the term of this Agreement, Sublessor agrees not to sublease a dock or berth
space for use by any vessel

                                       10

<PAGE>   11

which conducts one day gaming cruises, "Cruises to Nowhere", river boat
gambling, or similar activities.

18. INGRESS/EGRESS. Sublessor may relocate required parking hereunder to another
location within the Subdivision (as hereinafter defined) and/or ingress and
egress points to the Subleased Premises so long as the required number of spaces
are provided in similar or better facilities. For the purposes of this section
"Subdivision" shall mean and refer to approximately 18.587 acres of land legally
described as Lot 1, Block 1 TALMWD Subdivision, Cameron County, Texas.

19. NOTICES. All notices provided to be given under this Agreement shall be
given by certified or registered mail, addressed to the proper party, at the
following addresses:

         Sublessor:        South Padre Island Fishing Center Joint Venture
                           One Padre Blvd.
                           South Padre Island, Texas  78597
                           Attention:  Dave Friedman

         With a copy to:

                           Stanley E. McElroy
                           3304 Thousand Oaks Cove
                           Austin, Texas  78746

         Sublessee:        CSL Development Corporation
                           1610 Barrancas Avenue
                           Pensacola FL 32501

20. HOLDOVER. If Sublessee continues in possession of the Subleased Premises
after the expiration of this Agreement and, therefore, holds over after the
expiration of this Sublease, Sublessee will be deemed to be occupying the
Subleased Premises on a month-to-month tenancy basis. Sublessee will be subject
to all the terms and conditions of this Agreement, except that all Rent and
other sums payable to Sublessor by Sublessee shall be increased one hundred
twenty-five percent (125%) as liquidated damages for the hold- over period
(provided, in the event Sublessee's holdover causes Sublessor to holdover
pursuant to the Ground Lease, then, notwithstanding the foregoing to the
contrary, Sublessee shall pay all of Sublessor's costs under the Ground Lease,
including, without limitation, holdover rent at the rate of two hundred percent
[200%]). The above- described tenancy from month-to-month may be terminated by
either party upon thirty (30) days written notice to the other.

21. INDEPENDENT OBLIGATIONS. The obligation of Sublessee to pay all Rent and
other sums under this Agreement and the obligation of Sublessee to perform
Sublessee's other covenants

                                       11

<PAGE>   12

and duties under this Agreement constitute independent, unconditional
obligations to be performed at all times required under this Agreement, except
when an abatement or reduction is expressly provided for in this Agreement.
Sublessee waives and relinquishes any right to assert, either as a claim or as a
defense, that Sublessor is bound to perform or is liable for the nonperformance
of any implied covenant or implied duty of Sublessor not expressly set forth in
this Agreement.

22. SPECIAL DAMAGES. Under no circumstances whatsoever shall Sublessor or
Sublessee ever be liable for consequential damages or special damages. The term
"Sublessor" shall mean only the Lessee of the Premises, and in the event of such
Lessee's transfer of its interest in the Subleased Premises, it shall thereupon
be released and discharged from all covenants and obligations shall be binding
during the term of this Agreement

23. PERFORMANCE OF OBLIGATIONS. All monetary obligations of Sublessor and
Sublessee are performable exclusively in Cameron County, Texas (including,
without limitation, any monetary obligation of Sublessor or Sublessee for
damages for any breach of the respective covenants, duties or obligations of
Sublessor or Sublessee under this Agreement).

24. PROHIBITED NAME. Sublessor and Sublessee acknowledge and agree that
Sublessee is prohibited from naming or referring to the Subleased Premises, any
portion thereof, any business operated thereon and/or the Cruise Ship as "Queen
Isabella", "Old Queen Isabella" and/or any similar designation.

25. BINDING EFFECT. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, executors,
administrators, legal representatives, successors and assigns when permitted by
this Agreement.

26. SEVERABILITY. The invalidity of any clause or portion of this Agreement
shall not affect any other provisions thereof and this Agreement shall be
construed as if such invalid, illegal or unenforceable provisions had never been
contained therein.

27. AMENDMENT. No amendment, modification or alteration of the terms hereof
shall be binding unless the same be in writing, dated subsequent to the date
hereof, and duly executed by the parties hereto.

28. RIGHTS CUMULATIVE. Time is of the essence pursuant to this Agreement. The
rights and remedies provided by this Agreement are cumulative and the use of any
one right or remedy by either party shall not preclude or waive its right to use
any or all other remedies. Said rights and remedies are given in addition to any
other rights the parties may be by law, statute, ordinance or otherwise.

29. NO WAIVER. No waiver by the parties hereto of any default or breach of any
term, condition or covenant of this Agreement shall be deemed to be a waiver of
any other breach of the same or any other term, condition or covenant contained
herein.

                                       12

<PAGE>   13

30. RECORDING. Neither this Sublease nor any memorandum hereof may be recorded
by Sublessee among the land records of the jurisdiction in which the Subleased
Premises are located or in any other place of public record without the express
written consent of Sublessor.

31. ATTORNEY'S FEES. In the event Sublessor or Sublessee breach any of the terms
of this Agreement whereby the party not in default employs attorneys to protect
or enforce their rights hereunder, subject to the terms hereof, the prevailing
party shall be entitled to recover reasonable costs, including reasonable
attorney's fees, through the appellate level of court. This Agreement shall be
construed under and in accordance with the laws of the State of Texas. Venue
shall be in Cameron County.

32. FORCE MAJEURE. Neither Sublessor nor Sublessee shall be required to perform
any term, condition or covenant in this Agreement so long as such performance is
delayed or prevented by any acts of God, strikes, lockouts, material or labor
restrictions by any governmental authority, civil riot, floods and any other
cause not reasonably within the control of Sublessor or Sublessee and which by
the exercise of due diligence Sublessor or Sublessee is unable, wholly or in
part, to prevent or overcome.

33. NO COMPETE. During the term of the Agreement and so long as Sublessee is not
in default, Sublessor agrees that it shall not engage in any business activity
on or around the Subleased Premises which is in competition in any way with
Sublessee's Offshore Business, specifically including leasing space to any other
cruise ship operation involved in on-board gaming or Sublessor itself engaging
in such business.

34. FACSIMILE SIGNATURE. The facsimile signature of a party to this Agreement
shall be binding on such party.

35. STATUS AND IDENTIFICATION OF SUBLESSEE. Sublessee agree to provide Sublessor
with the following on or before the Rent Commencement Date: (a) a current
financial statement, (b) a copy of its articles of incorporation and bylaws (or,
if this Agreement has been assigned to an Affiliate or third party as provided
herein, its articles of organization and regulations or such other
organizational documents as are applicable to such entity), and (c) the name,
address, phone and fax number of its authorized representative in Texas.

34. ENTIRE AGREEMENT. This Agreement constitutes the sole and only Agreement of
the parties hereto and supersedes any prior understandings or written or oral
agreements between the parties respecting the subject matter within it.

                                       13

<PAGE>   14

         IN WITNESS WHEREOF, the undersigned Sublessor and Sublessee have
executed this Agreement in multiple counterparts, each of which shall be deemed
an original, as of the Effective Date.

                                              SUBLESSEE:

                                              CSL DEVELOPMENT CORPORATION, a
                                              Delaware corporation

                                              By: /s/ Charles S. Liberis

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

                                       14

<PAGE>   15

                                            SUBLESSOR:

                                            SOUTH PADRE ISLAND FISHING JOINT
                                            VENTURE, a Texas joint venture

                                            By: SRFP, Inc., a Texas corporation.
                                            its Managing Venturer

                                            By: /s/ David Friedman, President

                                       15

<PAGE>   16

                                   EXHIBIT "A"
                                      PLAT
                                (to be attached)

                                       16

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