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The Majestic Star Casino, LLC (the “Company”) was formed in December 1993 as an Indiana limited liability company. The Company is a multi-jurisdictional gaming company that owns and operates one riverboat gaming facility located in Gary, Indiana (“Majestic Star”) and two Fitzgeralds-brand casino-hotels located in Tunica County, Mississippi (“Fitzgeralds Tunica”) and Black Hawk, Colorado (“Fitzgeralds Black Hawk”). The Company also manages for Barden Development, Inc. (“BDI”) a property in downtown Las Vegas, Nevada (“Fitzgeralds Las Vegas”). As of December 31, 2003, our casinos collectively contain approximately 3,461 slot machines, 92 table games and 507 hotel rooms. In October 2003, the Company issued $260.0 million of 9-1/2% Senior Secured Notes and entered into a new $80.0 million credit facility. The 9-1/2% Senior Secured Notes are due in October 2010. The new $80.0 million credit facility matures in October 2007. With the proceeds of the 9-1/2% Senior Secured Note offering and an advance of $28.0 million on the new credit facility, the Company redeemed and retired all of the Company’s previously outstanding $130.0 million of 10-7/8% Senior Secured Notes and 89.3% or $135.5 million of Majestic Investor Holdings, LLC’s outstanding 11.653% Senior Secured Notes. Majestic Investor Holdings, LLC was a subsidiary created to acquire the assets and certain liabilities of Fitzgeralds Tunica, Fitzgeralds Black Hawk and Fitzgeralds Las Vegas. The acquisition occurred on December 6, 2001. Majestic Investor Holdings, LLC has $16.3 million still outstanding related to the original 11.653% notes, though these notes are no longer secured and guaranteed by the Company or any of its direct or indirect subsidiaries.

On October 7, 2003, in conjunction with the refinancing of the Company, Fitzgeralds Las Vegas became an unrestricted subsidiary. In December 2003, Majestic Investor Holdings, LLC and BDI received regulatory approval to spinout Fitzgeralds Las Vegas to BDI. On December 31, 2003, the spinout was consummated. The Company now manages Fitzgeralds Las Vegas for BDI.

For more information about the Company, we ask that you further explore our web-site in which the Company maintains it annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, press releases and presentations made to the investment community.

  Don H. Barden
Don H. Barden
Manager, Chairman,
President and
Chief Executive Officer
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Jon S. Bennett
Jon S. Bennett
Vice President and
Chief Financial Officer
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