The Majestic Star Casino, LLC

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The Majestic Star Casino, LLC

• Lehman Brothers
• 2004 High Yield Bond and
• Syndicated Loan Conference
• Orlando, FL
• March 22-24, 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 measure EBITDA. The Company defines
  EBITDA as earnings from operations before
  interest, taxes, depreciation, amortization and
  certain non-recurring items. EBITDA is presented
  solely as a supplemental disclosure because we
  believe that it is 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
  Operating Income to EBITDA at our website,
  www.majesticstar.com

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The Majestic Star Casino, LLC

• 260,000,000 Senior Secured Notes, due 2010
• Issued October 2003
• 9.5 interest rate
• Rated B2 / B (Moodys / SP)

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Organizational Structure
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Operating Strategy

• Focus on quality and service at an affordable
  price to the middle market customer
• Reasonably priced amenities
• Tailored mix of games
• Core focus on slots

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Operating Strategy (cont.)

• Promote national gaming brand
• Well recognized
• Theme conducive to gaming
• Capitalize on player tracking system and
  extensive customer database

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Marketing Strategy

• Established successful direct marketing effort
• Emphasize Club membership
• Track customer gaming preferences
• Leverage database to build revenues
• Cross-market casino brands
• Enhance overall guest experience
• Expanded slot product / TITO

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Chicago Area Gaming Market

• Most favorable demographics of any U.S. drive-in
  riverboat gaming market
• 55,000 household income
• 9 million adults
• 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 December 31, 2003

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Miles Population (In
Millions) MSA 9 100
12.3 200 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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Dockside Gaming

• Implemented August 5, 2002
• Continuous ingress and egress of patrons
• New graduated wagering tax
• lt 25 million 15
• 25 to 50 million 20
• 50 to 75 million 25
• 75 to 150 million 30
• gt150 million 35
• Restructured Admissions Fee to a flat 3

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Buffington Harbor Facility

• Joint venture with Trump Indiana
• Largest casino complex in the Chicago metro area
• Approximately 3,900 total gaming positions
• 100 acre site with room for expansion

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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 Buffet
• Fast food court
• New banquet / entertainment facilities
• Low cost of Capital Contribution

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Buffington Harbor Improvements (in millions)

Harbor Barge Improvements
17.8
Land Land Improvements
34.5
FFE
10.5
41.2
Building Building Improvements
104.1
Total Improvements
As of December 31, 2003
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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 1,520 slots and 52 table games
• VIP Lounge
• Remodeled casino floor, late 2003
• Climate controlled banquet facilities located on
  vessel

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Buffington Harbor Parking Assoc.

• Joint venture between Trump Indiana and AMB
  Parking (a Barden owned company)
• 2,000 spaces
• Opened May, 2002
• 37.9 million budget
• 17.0 million in advance lease payments
• 20.9 million loan

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Majestic Star Win/Slot/Day
2003 Northwest Indiana Market Average 368 (w/o
MSC)
As of February 29, 2004
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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
• Memphis MSA of 1.1 million, representing growth
  of 12.7 since 1990
• Over 7.4 million reside within 200-mile radius of
  Tunica

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Fitzgeralds Tunica

• Description
• Opened in June, 1994
• Casino includes 1,347 slot machines and 34 table
  games in 36,000 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

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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
• Rapid Denver MSA growth of 30 since 1990 to 2.1
  million (growing twice as fast as the national
  average)

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Fitzgeralds Black Hawk

• Description
• Opened in May, 1995
• 594 slot machines and 6 table games in 16,000
  square feet of gaming space
• Amenities include 396 covered, valet parking
  spaces, restaurant and bar
• Room and preliminary plans for expansion

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Historical Financial Information (000s)

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Capitalization( in Millions)
As of December 31,2003
Actual
Cash 23.5 Debt
Senior Secured
Notes, due 2010 260.0
11.653 Notes, due 2007
15.7 Credit Facility(1)
26.0 Total Debt
301.7
(1) As of February 29, 2004 41.5 million draw
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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ADJUESTED EBITDA RECONCILIATION