Record Revenues Reported for July

 

    GARY, Ind., Aug. 6 /PRNewswire/ -- The Majestic Star Casino, LLC (the "Company") announced that on Monday, August 5, 2002 its riverboat gaming facility located in Gary, Indiana ("Majestic Star") commenced dockside gaming.

    Michael E. Kelly, Chief Operating Officer, stated that "the Company in July notified the Indiana Gaming Commission ("IGC") that it had opted for dockside gaming in accordance with recently passed legislation."  Mr. Kelly also stated that "dockside gaming eliminates the requirement to cruise and will provide our guests with continual access to the riverboat casino.  The Company believes that the higher wagering taxes enacted in connection with the recently passed legislation that enables dockside gaming, should be offset by enhanced revenues as a result of dockside gaming, the newly opened
2, 000 space parking facility and an increase in the overall number of slot machines from approximately 1,407 at December 31, 2001 to 1,557 on board the vessel today available for play."

    Majestic Star also reported that for the month of July, it recorded
$11.9 million in gross gaming revenues, a new monthly property record.  July revenues increased approximately 13% and the number of patrons visiting the facility increased approximately 9% over the same month last year.  Mr. Kelly attributed the increase in revenues to the recently opened 2,000 space parking facility as well as a comprehensive marketing campaign promoting the property.

    Don H. Barden, Chairman and CEO also stated that "the Majestic Star continues to focus on guest service as evidenced by recent awards the property has received during the past few months including, 'Best Overall Northwest Indiana Casino', 'Best Video Poker', 'Most Knowledgeable and Helpful Employees'."

    The Company is a multi-jurisdictional gaming Company that directly owns and operates one riverboat gaming facility located in Gary, Indiana known as the Majestic Star and, pursuant to an acquisition through its unrestricted subsidiary, Majestic Investor Holdings, LLC, ("Majestic Investor Holdings"), three Fitzgeralds brand casinos located in Tunica, Mississippi, ("Fitzgeralds Tunica"), Black Hawk, Colorado ("Fitzgeralds Black Hawk"), and downtown Las Vegas, Nevada ("Fitzgeralds Las Vegas").

 

    This press release includes statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform Act of 1995.  Words such as "anticipates," "believes," "estimates," "plans," "intends," "will," "could," or "expects" used in the Company's press releases and reports filed with the Securities and Exchange Commission are intended to identify forward-looking statements.  All forward-looking statements involve risks and uncertainties.  Although the Company believes its expectations are based upon reasonable assumptions within the bounds of its current knowledge of its business and operations, there can be no assurances that actual results will not materially differ from expected results.  The Company cautions that these and similar statements included in this press release and in previously filed periodic reports are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements.  The Company has based these forward-looking statements on information currently available and disclaims any intentions or obligation to update or revise any forward-looking statement.  In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein.

    Inquiries for additional information should be directed to Michael E. Kelly, Executive Vice President / Chief Operating Officer / CFO at
702-388-2240.

 

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SOURCE  Majestic Star Casino, LLC

    -0-                             08/06/2002

    /CONTACT:  Michael E. Kelly, Executive Vice President-Chief Operating Officer-CFO of Majestic Star Casino, LLC, +1-702-388-2240/

    /First Call Analyst: /

    /Web site:  http://www.majesticstar.com /

 

CO:  Majestic Star Casino, LLC

ST:  Indiana

IN:  CNO

SU: