EXHIBIT 8
November 9, 1995
Xx. Xxxxx X. Xxxxxx
Treasurer
Xxxxxxx Management & Development Corp.
Two Clinton Square
Syracuse, NY 13202
Re: Construction Loan Agreement between Xxxxxxx Management &
Development Corp., Mountaineer Park, Inc. and Winner's
Entertainment, Inc., dated June 24, 1994, as amended (the
"Loan")
Dear Xx. Xxxxxx:
This letter sets forth the agreement between Xxxxxxx Management &
Development Corp., Mountaineer Park, Inc. and Winner's Entertainment, Inc.
that if: (a) the Loan from Xxxxxxx Management & Development Corp. to
Mountaineer Park, Inc. in the principal amount of $10.2 million is paid in
full by December 1, 1995, and (b) Mountaineer Park, Inc. and Winner's
Entertainment, Inc. deliver to Xxxxxxx Management & Development Corp. a broad
form general release of all liability arising out of or related to the Loan,
Xxxxxxx Management & Development Corp. will transfer to Winner's
Entertainment, Inc. all of its current and future rights to any shareholder
interest in Winner's Entertainment, Inc. at no additional cost to Winner's
Entertainment, Inc., and a duly executed release of the deed of trust.
If the foregoing correctly sets forth our agreement, please sign
the enclosed copy of this letter and return the same to me.
Very truly yours,
WINNER'S ENTERTAINMENT, INC.
By /s/ Xxxxx X. Xxxxxxxx
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Its President
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MOUNTAINEER PARK, INC.
By /s/ Xxxxx X. Xxxxxxxx
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Its President
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Agreed to this ____ day of November, 1995:
XXXXXXX MANAGEMENT & DEVELOPMENT CORP.
By /s/ Xxxxxxx X. Xxxxxxx
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Its CFO
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