Collective Bargaining Agreement

EXHIBIT 10.23 COLLECTIVE BARGAINING AGREEMENT BETWEEN INTERNATIONAL UNION OF OPERATING
ENGINEERS LOCAL 68-68A-68B, AFL-CIO AND TROPICANA CASINO AND RESORT Site: Atlantic City, NJ MAY 1, 2006 - APRIL 30, 2011


AGREEMENT made and entered into , by and between TROPICANA CASINO AND RESORT , Iowa Avenue and Boardwalk, Atlantic City, New Jersey, hereinafter referred to as " Employer," " Casino," or " Hotel," and INTERNATIONAL UNION OF OPERATING ENGINEERS, LOCAL 68-68A-68B, AFL-CIO, 11 Fairfield Place, West Caldwell, New Jersey, hereinafter referred to as the " Union." WITNESSETH WHEREAS, the parties hereto desire to cooperate to stabilize labor relations by establishing general standards of wages, hours, and other conditions of employment, and to insure the peaceful, speedy, and orderly adjustment of differences that may arise from time to time between Employer and its employees, without resort to strikes, lockouts, boycotts, slowdowns or other economic interferences with the smooth operation of the Hotel business of the Employer. NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, the parties hereto agree as follows : ARTICLE I - RECOGNITION 1. Employer recognizes the Union as the sole and exclusive collective bargaining representative of the following employees employed by the Employer in Atlantic City, New Jersey. (a) Stationary Engineers ( ie., those employees responsible for successful operation and ordinary maintenance of steam boilers, irrespective of pressure, steam, or gas


or electrical engines; refrigeration and air conditioning equipment; and auxiliary power plants). (b) Maintenance Mechanics ( ie., those employees responsible for the general repair and maintenance of the Hotel facilities and appurtenances ). (c) C Mechanics ( ie., those employees responsible for general policing, cleaning and maintenance of gardens and interior plants; external grounds, walks, drives, streets contiguous to the properties, garages, rooftops, and thoroughfares; operates hand tools and equipment to accomplish same; performs casual labor, including, but not limited to, changing filters and light bulbs and delivering supplies and materials; driving vehicles and removing snow, utilizing other than ride-on equipment, and other duties not requiring the special training and experience of a skilled journeyman ). 2. (a) It is further understood and agreed that reconstruction, maintenance, renovation, alteration and/or rehabilitation of the Hotel and its facilities and appurtenances are covered by this Agreement, when the Employer considers it feasible. The Hotel expressly reserves the right to have such work performed in such manner and by such employees, as may be furnished by a subcontractor who customarily engages in such types of work, and who has or will become signatory to an Agreement with the respective trade that will be performing said work. During the term of this Agreement, if work is outsourced to Atlantic Thermal Systems, the Hotel agrees to require Atlantic Thermal Systems to abide by the terms of the agreement reached between Atlantic Thermal Systems and Local 68 for Trump Plaza' s operations. (b) The parties specifically agree that Article 1, Section 2(a) shall not apply to the business operations of any person or entity occupying space pursuant to a lease, contract, sublease, subcontract or other agreement with the Employer entered into prior to the effective date of this Agreement (such leases, contracts, subleases, subcontracts or agreements being referred to herein as the " Existing Contracts" ) nor to the space they are occupying or will occupy, provided that the square footage of such location or relocation may not be expanded by more than twenty-five percent (25%) of the present square footage occupied or to be occupied. The foregoing sentence shall apply to the Existing Contracts notwithstanding that the space to be occupied under the Existing Contract has not yet been

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built out, occupied or opened for business and to any Assignees, Subtenants, or replacement tenants subsequently occupying the space and shall continue for the duration of any renewal or extension of the term of such Existing Contract or any replacement contract. This exclusion shall further apply to any extensions or modification of any Existing Contract, including without limitation those modifications which may involve assignment of an Existing Contract, tenant relocation or the expansion of space occupied pursuant to an Existing Contract. Article 1, Section 2(a) does not apply to space occupied by health club, spa or salon operations, food, snack or beverage operations commonly referred to as " fast food" operations and retail operations in general which space is leased, contracted or subcontracted to third parties. The parties have agreed to a side agreement where future leased space would also be exempt from the provisions of Article 1, Section 2(a). All other space leased or subcontracted after the effective date of Agreement not described in this Section 2(b) shall be covered under Article 1, Section 2(a). (c) The Tropicana agrees that after an initial start up period to offer its tenants major repair and maintenance of the electrical, steam, gas, water, sewer, HVAC and alarm systems (collectively Base Systems) to the extent (l) such type of work is performed by bargaining unit employees at its property consistent with Section 2(a) and (2) it is the Employer' s judgment that such work is critical to maintain the operations of the Base Systems of the Tropicana and that is in the business interest of the Tropicana under the following conditions:1. The Tenant agrees to hold the Tropicana harmless in all respects of any claims of damages in connection with such services, including but not limited to, defect in workmanship by Tropicana' s Employees.2. The Tropicana in its judgment, has the available staff to perform the work without interfering with its own work and without additional training so as to complete the repair in a timely manner as set by the Tropicana, based on its priorities and which timeframe is satisfactory to the tenant.

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3. The tenant agrees to pay for the equipment and services as determined by the Tropicana. The Union understands that tenants who do not promptly pay for these services will not be eligible for such services in the future. The Union' s business agent may approach Tropicana' s tenants who had declined an interest in general, for any of the above services, and with pre-approval of Tropicana, to discuss the potential with the tenant of offering Tropicana' s services as described above with the understanding that (l) the Union can not be coercive or disruptive in any manner, (2) the decision to utilize the services is the tenant' s to make, and (3) the ultimate commercial transaction is in the discretion of the Tropicana. 3. It is understood that general maintenance work will include occasional routine electrical and work of other crafts within the Maintenance Department which is not a full-time nature. 4. The parties recognize that the State of New Jersey Casino Control Act (Act), provides that Unions seeking to represent employees licensed under the Act are required to register with the Casino Control Commission. It is understood and agreed that, unless exempted from the registration requirements, the Union will, as a condition of this Agreement, so register. Should the Union fail for any reason to obtain an exemption from registration or to obtain timely and valid registration or should such registration, once obtained, be suspended or cancelled, the Employer' s recognition of the Union and its obligation to bargain with the Union and to observe the provisions of Article I, Paragraph 1 hereof, or to deal with the Union under Article XIV hereof, shall terminate; provided, however, that upon obtaining an exemption from registration or upon registration as required under the Act within the term of this Agreement and the provisions thereof so terminated shall be reinstated. ARTICLE II - EMPLOYMENT AND UNION SECURITY 1. It shall be a condition of employment that all employees covered by this Agreement who are members of the Union in good standing on the effective date of this

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Agreement, shall remain members in good standing, and those who are not members on the effective date of this Agreement shall, on or after the 90th day following the effective date hereof, become members in good standing in the Union. In the event that any employee fails to comply with the requirements of this section to the extent of tendering customary dues and initiation fees, Employer shall summarily discharge that employee upon receipt of written demand therefor from the Union. The ninety (90) day period during which new employees are not obligated to become members of the Union shall be designated as a trial or probationary period for the benefit of the Employer, during which period Employer has the right to discharge said employee without cause, and said probationary employees shall not be covered by this Agreement nor derive any benefits thereof. 2. Whenever additional employees are required, Employer shall notify the Union, and the Union shall assist Employer in obtaining qualified and competent employees, reserving to itself the right of first referral for potential employees, provided, however, nothing herein contained shall preclude Employer from employing workers on the open market. Whenever an employee is hired or rehired, Employer shall within thirty (30) days notify the Union in writing of the name and address of said employee. 3. Union agrees to furnish Employer with a memorandum showing the amount of dues payable as members of the Union by each of the employees covered by this Agreement. Likewise, Union agrees to furnish Employer with a memorandum showing the amount of initiation fees, if any, payable by each new member covered by this Agreement. Upon receipt of such memoranda and upon receipt of a signed authorization from the employee, Employer agrees to deduct dues and initiation fees from the wages or salaries of the respective employees pursuant to the aforesaid memoranda. Such written authorization shall be irrevocable for successive periods consistent with and coincident to the periods or dates of succeeding collective bargaining agreements between the parties hereto. Notwithstanding the foregoing, if any employee notifies the Employer and the Union in writing fifteen (15) days before the expiration of the time periods stated above of his wish to revoke its authority, the same shall be honored. 4. The Union will defend, indemnify, and save harmless the Employer against and from any and all claims, demands, liabilities and disputes arising out of or by reason of

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action taken or not taken by the Employer for the purpose of complying with Section 3 of this Article. 5. If the Employer fails to remit deducted share fees, initiation fees, dues or contributions to the Union or the Funds as applicable, after thirty (30) days of the fifteenth of the month following their deduction, the Union may bypass the grievance procedure and file directly for arbitration. Notwithstanding anything in this Agreement to the contrary, if the arbitrator finds that the delinquency violates this Agreement, the arbitrator may award interest, at the prime rate, for the period that the delinquent amounts remained outstanding and may award the Union costs of the arbitration. As a condition to the Union' s proceeding directly to arbitration in the above manner, the Union must serve the Human Resource Department with at least fourteen (14) days written notice, via certified mail, of the delinquent fair share fees, initiation fees, dues or contributions after the above time period has passed. ARTICLE III - MANAGEMENT RIGHTS 1. The Union recognizes that the Management of the Hotel and the direction of the working force is vested exclusively in the Employer, including, but not limited to, the right to schedule work; to assign work and working hours to employees; to establish quality and production standards and the most efficient utilization of his services; to hire, promote, transfer, discharge or relieve employees from duty because of lack of work; install and utilize the most efficient equipment; and to create or eliminate any or all operations or job classifications, subject to the seniority provisions herein contained. The Employer shall have the right to make and enforce reasonable rules for the conduct and appearance of employees not inconsistent with the provisions of this Agreement. 2. It is understood that all Management rights held prior to the execution of this Agreement, other than those specifically surrendered by this Agreement, continue to be retained by the Employer.

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ARTICLE IV - CONTROL AND DISCHARGE 1. The Employer shall have the sole right to direct and control his employees. Employer reserves the right, which right is hereby recognized by the Union, to hire, retain, promote, demote, transfer, lay off, suspend, discharge or rehire according to the requirements of the business and according to skill and efficiency, giving due consideration to seniority. Employer shall have the unquestioned right to suspend or discharge employee for actions such as, but not limited to, dishonesty, willful misconduct, incompetence, drinking or drunkenness on the job, insubordination, other good cause, or participation in a proven, deliberate slowdown, work stoppage, or strike or violation of this Agreement; provided, however, the Union does not waive its right to grieve and arbitrate, nor is this section intended t ...