The%20Majestic%20Star%20Casino,%20LLC

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The Majestic Star Casino, LLC

• Deutsche Bank
• Twelfth Annual
• Global High Yield Conference
• Phoenix, Arizona
• October 5-7, 2004

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Safe Harbor Statement

• All statements contained in this presentation
  that are not historical facts are based upon
  current expectations. These statements are
  forward-looking in nature and involve a number of
  risks and uncertainties as identified in the
  companys Securities and Exchange Commission
  filings, including those appearing under the
  caption Risk Factors in the companys Annual
  Report on Form 10-K and Quarterly Report on Form
  10-Q. Actual results may materially differ.
• The Company wishes to caution the public not to
  place undue reliance on any such forward-looking
  statements.

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Non-GAAP Financial Disclosure

• Within this presentation we reference non-GAAP
  financial measures adjusted EBITDA and EBITDA.
  The Company defines adjusted EBITDA as EBITDA, or
  net income plus interest, taxes, depreciation and
  amortization, adjusted for certain non-recurring
  items. Adjusted EBITDA and EBITDA are presented
  solely as supplemental disclosures because we
  believe that they are a widely used measure in
  the gaming industry and a principal basis for
  valuation of gaming companies. We have provided
  this presentation along with a reconciliation of
  net income to adjusted EBITDA and EBITDA at our
  website, www.majesticstar.com

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Organizational Structure
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The Majestic Star Casino, LLC

• 260.0 Million Senior Secured Notes, due 2010
• Issued October 2003
• 9-1/2 interest rate
• Rated B2 / B (Moodys / SP)
• 80.0 Million Credit Facility

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Operating Strategy

• Focus on quality and service at an affordable
  price to the middle market customer
• Value priced amenities
• Tailored mix of games
• Core focus on slots
• Capitalize on player tracking system and
  extensive customer database containing
  approximately 715,000 active players

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Marketing Strategy

• Established successful direct marketing effort
• Emphasize Club membership
• Track customer gaming preferences and casino
  action
• Leverage database to build revenues
• Cross-market casino brands
• Enhance overall guest experience
• Over 870 TITO enabled slot machines at Majestic
  Star
• Deploy TITO on selected slot machines at Fitz
  properties

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Chicago Area Gaming Market

• Most favorable demographics of any U.S. drive-in
  riverboat gaming market
• 55,000 household income
• 8.4 million adults in metropolitan area 11.9
  million residents within 100 miles
• Nations third largest gaming market, trailing
  only Atlantic City and Las Vegas strip
• Gaming revenues have increased from 1.0 billion
  in 1996 to approximately 2.3 billion for the LTM
  ending August 31, 2004

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Miles Population (In
Millions) MSA 8.4 100
11.9 200 25.6
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Favorable Regulatory Environment

• Limited number of licenses
• No loss limits
• No limit on number of gaming positions
• Majestic Corporate Compliance Committee
• Chaired by William Curran (former Chairman Nevada
  Gaming Board)

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Buffington Harbor Facility

• Joint venture with Trump Indiana
• Largest casino complex in the Chicago metro area
• Approximately 4,000 total gaming positions
• 100 acre site with room for expansion
• 106.2 Million of Investment in Improvements

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Buffington Harbor Facility

• Direct access from State Highway 912
• 23 highway miles from downtown Chicago
• High quality entertainment pavilion
• 100,000 square feet
• Koko Taylors Blues Café, Passports World Class
  Buffet
• Fast food court
• New banquet / entertainment facilities
• New Marina access road expected to be completed
  late spring, early summer 2005

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Majestic Star Casino
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Majestic Star Casino - Vessel

• Most modern vessel on Indiana lakefront
• Comfortably accommodates 3,000 passengers
• 43,000 square feet of gaming on three expansive
  levels
• Approximately 1,630 slots and 47 table games
• VIP Lounge
• Remodeled casino floor, late 2003
• New Don and Mike's Sports Bar (May '04)
• 2,000 space parking garage provides convenient
  access to Buffington Harbor and Majestic Star

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Fitzgeralds Tunica
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Fitzgeralds Tunica

• Demographics
• Located in north Tunica County, Mississippi,
  approximately 30 miles from downtown Memphis

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Fitzgeralds Tunica

• Demographics
• Tunica market draws drive-in customers from
  Memphis, northern Mississippi and Little Rock,
  Arkansas, as well as regional weekend travelers
• Tunica gaming revenues of approximately 1.1
  billion in 2003
• Over 7.4 million reside within 200-mile radius of
  Tunica

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Fitzgeralds Tunica

• Description
• Casino includes 1,376 slot machines and 34 table
  games in 38,000 square feet of gaming space
• Amenities include 507-room hotel (including 72
  suites), three restaurants, bars, and gift shop
• Tunica County Riverpark is a 23 million plus
  marina/ park/museum adjacent to Fitzgeralds
  Grand opening on March 18, 2004
• Second floor expansion and remodel project
• Added 90 slot machines
• New bathrooms, cage and guest services area

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Fitzgeralds Black Hawk
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Fitzgeralds Black Hawk

• Demographics
• Located in Black Hawk, 35 miles west of Denver

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Fitzgeralds Black Hawk

• Demographics
• Attracts drive-in or day trip customers
• Nearly 3.8 million live within a 100-mile radius
• Black Hawk / Central City market generated 0.6
  billion of gaming revenue in 2003

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Fitzgeralds Black Hawk

• Description
• 593 slot machines and 6 table games in 16,000
  square feet of gaming space
• Amenities include 396 covered, valet parking
  spaces, restaurant and bar
• In July 2004, signed a definitive agreement to
  sell property for 66.0 million

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Historical Financial Information (000s)
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Capitalization( in millions)
(1) As of September 28, 2004, 35.6 million
drawn on 80 million facility
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Final Considerations

• Operate in strong markets
• Diversified cash flow base
• Solid historical financial results and strong
  liquidity
• Growth opportunities
• Proven management team

• 2003 Company of the Year
• 2004 Don H. Barden, Entrepreneur of the Year
  (Trumpet Awards)

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ADJUSTED EBITDA RECONCILIATION
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ADJUSTED EBITDA RECONCILIATION
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ADJUSTED EBITDA RECONCILIATION
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ADJUSTED EBITDA RECONCILIATION
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ADJUSTED EBITDA RECONCILIATION