EXHIBIT 10.2
January 5, 2005
Xx. Xxx X. Xxxxxx
00000 Xxxxxxx Xxxxx
Xxxxxxx, XX 00000
Dear Xx. Xxxxxx:
This letter constitutes an amended letter agreement between The Majestic Star
Casino, LLC, an Indiana limited liability company (or its successor company)
("MSC"), and you, pursuant to which you will continue to serve as an employee of
MSC and will perform those duties generally associated with the duties of a
President and Chief Executive Officer of a company. Your duties may be changed
from time and time by MSC, but any new responsibilities or title shall be
consistent with your experience, knowledge and skills.
Effective January 1, 2005, MSC agrees to pay you compensation of $600,000
annually, payable in substantially equal weekly payments with usual and
customary payroll deductions. In addition, MSC agrees to pay, on your behalf, a
car allowance and certain premiums for life insurance policies. MSC will also
reimburse you for business travel and other related expenses.
If this letter accurately sets forth the terms of our agreement, sign and return
the enclosed copy to us. We look forward to your continued employment with our
organization and to a long and mutually beneficial relationship.
Upon execution of this letter agreement, any prior agreements, including the
letter agreement dated October 22, 2001, shall be terminated.
Sincerely,
THE MAJESTIC STAR CASINO, LLC
By: Xxxxxx Development, Inc.
Its: Manager and Sole Member
By: /s/ Xxxxxxxx X. Xxxxxxx
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Xxxxxxxx X. Xxxxxxx
Its: Vice President and CFO
Agreed to and accepted on this 5th day of January, 2005
/s/ Xxx X. Xxxxxx
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Xxx X. Xxxxxx
