The Majestic Star Casino, LLC

Deutsche BankTwelfth Annual

Global High Yield Conference

Phoenix, Arizona

October 5-7, 2004

Safe Harbor StatementAll 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 DisclosureWithin 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

Organizational Structure

Barden Development, Inc.

100%

Management The Majestic Star Casino, LLCAgreement

50%100%

Majestic Investor, LLC

Barden Mississippi Gaming, LLC

(Fitzgeralds Tunica)

Barden ColoradoGaming, LLC

(Fitzgeralds Black Hawk)

Barden Nevada Gaming, LLC(Fitzgeralds Las Vegas)

Majestic StarCapital Corp.(Co-issuer)

100%

100%100%

Majestic Investor Holdings, LLC

(Don H. Barden)

Buffington Harbor Riverboats,LLC

(BHR Joint Venture-common area Facility)

(Issuer)(Majestic Star Casino)

100%

100%

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

approximately 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

Rockford

Waukegan

Elgin

Aurora

JolietEast

Chicago

South Bend

Hammond

Kenosha

Racine

MichiganCity

GrandRapids

Kalamazoo

Lansing

Jackson

Fort Wayne

MuncieLafayette

IndianapolisChampaign

Decatur

Bloomington

Peoria

I -4 3

I -9 4

I -1 96

I -8 8

I -3 9

I -7 4I -5 5

I -5 7I -6 5

I -8 0 / 9 0

I -6 9

I -9 4

I -8 0

I -90

Chicago

P opulation(in m illions)

M iles

M S A1 0 02 0 0

91 2.32 4

Springfield

I -9 6

I -7 0

I -7 2 I-9 4I-9 0

I-9 0(S k y w a y )

I-9 4

I-8 0 /9 0

I -6 5I-5 7

9 1 2

I-6 5I-5 5

I-8 8

I-8 0

I-8 0 /9 4

Trump(Gary)

H a rr a h ’s (E a st

C h ic a g o)

B lu e C h ip(M ic h ig a n C ity )

H o r se sh o e(H a m m o n d )

G r a n dV ic to r ia(E lg in )

H o lly w o od (A ur or a )

E m p r e ss(J o lie t)

M id w a yA ir p or t

C h ic a g o-O ’H a reA ir p or t

(R ose m on t)

H a rr a h ’s (J o lie t)

BuffingtonHarbor

(Gary)

MajesticStar

(Gary)

Miles Population (In Millions)

MSA 8.4100 11.9200 25.6

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)

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 912

• 23 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

Fitzgeralds Tunica• Demographics

– Located in north Tunica County, Mississippi,

approximately 30 miles from downtown Memphis

Tu n ica

1 0 0 M I L E S

5 0 M I L E S

55

40

A r k a n sa s Te n n e ss e e

M is s iss ip p i

A la b a m a

L o u is ia n a

M e m p h is

49

61

61

49

O x fo rdTu p e lo

L it tle R o c k

B rin k le y

H e le n a55

40

A r ka d elp h ia

W e stM e m p h is

S h r e v e p o r t /B o s s ie r

G re e n v i l le

V ic k s b u r gG am ing S ite s

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

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

Fitzgeralds Black Hawk• Demographics

– Located in Black Hawk, 35 miles west of Denver

7 0

B lackH aw k

S te a m b o a tS p r in g s

F t. C o l lin sG re e le y

C h e y e n n e

L a ra m ie

F t. M o rg a nB o u ld e r

Va ilG le n w o o dS p r in g s

L e a d v i lleG ra n dJ u n c tio n

C o lo ra d oS p r in g s

L im o n B u r li n g to n

P u e b lo

C rippleC reek

D e n v e r

C en tra lC ity

C o lora d o

U ta h

N eb rask a

K a n sas

W y om in g

Legalized G am ing C ities

2 5

8 0

7 6

7 02 5

7 6

7 0

11 9

586 1 0 0 M I L E S5 0 M I L E S

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

Periods Ended June 30, Years Ended December 31

2004 2003 2003 2002 2001Majestic Star Net Revenues $79,229 $70,227 $138,890 $135,129 $124,917 Adjusted EBITDA $15,326 $15,076 $26,286 $27,206 $25,385

Tunica Net Revenues $45,840 $45,654 $89,249 $92,835 $88,656 Adjusted EBITDA $11,301 $11,613 $20,842 $22,227 $19,092

Black Hawk Net Revenues $18,944 $16,450 $33,644 $35,138 $37,392 Adjusted EBITDA $5,772 $3,937 $8,861 $8,798 $7,997

MIH Adjusted EBITDA ($389) ($23) ($282) ($359) ($650)

Total Net Revenues $144,013 $132,331 $261,783 $263,102 $250,965 Adjusted EBITDA $30,330 $28,942 $52,251 $55,113 $51,824

Note: Property adjusted EBITDA shown before corporate expenses

Historical Financial Information (000s)

Capitalization( in millions)

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

As of June 30, 2004

Cash 20.7$

Debt:Senior Secured Notes due 2010 260.0$ 11.653% Notes due 2007 15.8 Credit Facility (1) 45.7 Total Debt 321.5$

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

THE MAJESTIC STAR CASINO, LLCRECONCILIATION OF NET (LOSS) INCOME TO EBITDA AND ADJUSTED EBITDA(UNAUDITED)

For the Periods Ended June 30, For the Year Ended December 31,2004 2003 2003 2002 2001 (8)

Majestic Star (in thousands) (in thousands)Net (loss) income (5,364)$ 2,457$ (10,248)$ 4,847$ (280)$ Interest expense, net 13,301 7,039 17,219 14,261 14,636 Depreciation and amortization (1) 3,792 2,809 5,834 6,617 8,082 Other non-operating expenses (2) 124 75 156 142 149 EBITDA 11,853$ 12,380$ 12,961$ 25,867$ 22,587$ Loss on investment in BHR (3) 1,238 1,199 2,395 2,424 2,798 Loss on bond redemption (4) - - 10,008 - - Retroactive gaming tax charge (7) - 2,072 2,072 - - Retroactive property tax charge (10) 2,235 (575) (1,150) (1,085) - Adjusted EBITDA 15,326$ 15,076$ 26,286$ 27,206$ 25,385$

ADJUSTED EBITDA RECONCILIATION

For the Periods Ended June 30, For the Year Ended December 31,2004 2003 2003 2002 2001 (8)

Fitzgeralds Tunica (in thousands) (in thousands)Net income 7,072$ 7,787$ 13,033$ 14,882$ 18,606$ Interest income, net (5) (7) (11) (28) 4 Depreciation and amortization (1) 4,234 3,833 7,820 7,373 482 EBITDA 11,301$ 11,613$ 20,842$ 22,227$ 19,092$

For the Periods Ended June 30, For the Year Ended December 31,2004 2003 2003 2002 2001 (8)

Fitzgeralds Black Hawk (in thousands) (in thousands)Net income 4,843$ 3,113$ 7,131$ 7,269$ 8,342$ Interest income, net - - - (8) (52) Progressive expense (9) - - - - (421) Depreciation and amortization (1) 929 824 1,730 1,537 128 EBITDA 5,772$ 3,937$ 8,861$ 8,798$ 7,997$

ADJUSTED EBITDA RECONCILIATION

For the Periods Ended June 30, For the Year Ended December 31,2004 2003 2003 2002 2001 (8)

Majestic Investor Holdings (in thousands)Net loss (1,476)$ (10,290)$ (50,313)$ (22,924)$ (2,207)$ Interest expense, net 948 8,817 13,971 18,000 993 Depreciation and amortization 139 1,332 2,105 2,597 169 Other non-operating expenses (2) - 19 30 42 - EBITDA (389)$ (122)$ (34,207)$ (2,285)$ (1,045)$ Loss (gain) on bond redemption (4)(5) - - 21,952 (69) - Discontinued operations (6) - 99 11,973 1,995 395 Adjusted EBITDA (389)$ (23)$ (282)$ (359)$ (650)$

(in thousands)

ADJUSTED EBITDA RECONCILIATION

For the Periods Ended June 30, For the Year Ended December 31,2004 2003 2003 2002 2001 (8)

Total Consolidated (in thousands)Net (loss) income (property operations) 5,075$ 3,067$ (40,397)$ 4,074$ 24,461$ Corporate expense (1,680) (1,661) (3,456) (2,759) - Interest expense, net 14,244 15,849 31,179 32,225 15,581 Progressive expense (9) - - - - (421) Depreciation and amortization (1) 9,094 8,798 17,489 18,124 8,861 Other non-operating expenses (2) 124 94 186 184 149 EBITDA 26,857$ 26,147$ 5,001$ 51,848$ 48,631$ Loss on investment in BHR (3) 1,238 1,199 2,395 2,424 2,798 Loss (gain) on bond redemption (4)(5) - - 31,960 (69) - Discontinued operations (6) - 99 11,973 1,995 395 Retroactive gaming tax charge (7) - 2,072 2,072 - - Retroactive property tax charge (10) 2,235 (575) (1,150) (1,085) - Adjusted EBITDA 30,330$ 28,942$ 52,251$ 55,113$ 51,824$

(in thousands)

ADJUSTED EBITDA RECONCILIATION

Notes:(1) Amortization reflects write-down of deferred financing costs related to the Company's note offerings and write-down of intangible assets.(2) Non-usage fees on the Company's credit facilities.(3) Represents depreciation expense from Buffington Harbor Riverboats, LLC.(4) Non-recurring charges related from refinancing substantially all of the Company's debt in 2003. (5) Gain on redemption of 11.653% notes.(6) Results of our discontinued operation, Barden Nevada Gaming, LLC, plus a $10.0 million write-down of the assets to fair market value in 2003.(7) Non-recurring retroactive gaming tax assessment in June 2003.(8) 2001 reflects combined pre and post acquisition EBITDA results for the Fitzgeralds properties. The Company acquired the Fitzgeralds properties on December 6, 2001. In order to get 2001 EBITDA results the Company used historical information obtained by the Company after the acquisition.(9) The Company added to its progressive liabilities those liabilities for the reset amounts of progressive slot machines that the predecessor company had previously written off its books.(10) Charges related to 2002 and 2003 from retroactive property tax assessment recognized in the first quarter of 2004.