The Majestic Star Casino, LLC Goldman Sachs and Deutsche Bank Securities Gaming Investment Forum Las Vegas, Nevada October 5-6, 2004

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 company’s Securities and Exchange Commission filings, including those appearing under the caption Risk Factors in the company’s 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.

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,

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 / S&P) $80.0 Million Credit Facility

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 715,000 active players Operating Strategy

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

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 Nation’s 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

Miles Population (In Millions) MSA

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

Buffington Harbor Facility Direct access from State Highway highway miles from downtown Chicago High quality entertainment pavilion –100,000 square feet –Koko Taylor’s 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

Majestic Star Casino

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

Fitzgeralds Tunica

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

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 –Tunica gaming revenues of approximately $1.1 billion in 2003

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

Fitzgeralds Black Hawk

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

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

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

Historical Financial Information (000s)

Capitalization ( in millions) (1) As of September 28, 2004, $35.6 million drawn on $80 million facility

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)

ADJUSTED EBITDA RECONCILIATION

ADJUSTED EBITDA RECONCILIATION

ADJUSTED EBITDA RECONCILIATION