September 16, 2003, Gary, Ind. - Majestic Investor Holdings, LLC (the
"Company") and Majestic Investor Capital Corp. ("Capital"
and together with the Company, the "Issuer") today announced that it
has extended the Consent Date of its Consent Solicitation relating to the Issuer's
11.653% Senior Secured Notes due 2007 (the "Notes") to 5:00 p.m., New
York City time, on Thursday, September 18, 2003. The Consent Solicitation is being
conducted in conjunction with the Issuer's offer to purchase any and all of the
outstanding Notes (the "Offer"), and originally was scheduled to expire
at 5:00 p.m., New York City time, on Wednesday September 10, 2003, and then was
extended to 5:00 p.m., New York City time, on Friday, September 12, 2003, and
further extended to 5:00 p.m., New York City time, on Tuesday, September 16, 2003.
As of 5:00 p.m., New York City time on Tuesday, September 16, 2003, $28,892,000
of the aggregate outstanding principal amount of Notes had been tendered in the
Offer and Consent Solicitation and not withdrawn.
The complete terms of the Offer and Consent Solicitation are described in the
Issuer's Offer to Purchase and Consent Solicitation Statement dated August 26,
2003 and related Letter of Transmittal (the "Offer Documents"). Other
than the extension of the Consent Date as described above, all other terms and
conditions of the Offer and Consent Solicitation set forth in the Offer Documents
remain unchanged.
This announcement is not an offer to purchase, a solicitation of an offer to purchase,
or a solicitation of consents with respect to the Notes. The Offer and Consent
Solicitation are made solely pursuant to the terms and subject to the conditions
set forth in the Offer Documents. The Offer Documents should be read carefully
before any decision is made with respect to the Offer and Consent Solicitation.
About The Majestic Star Casino, LLC and Majestic Investor Holdings, LLC
The Majestic Star Casino, LLC is a multi-jurisdictional gaming company that
directly owns and operates one dockside gaming facility located in Gary, Indiana
and, pursuant to a 2001 acquisition through its unrestricted subsidiary, Majestic
Investor Holdings, LLC, owns and operates three Fitzgeralds brand casinos located
in Tunica, Mississippi, Black Hawk, Colorado and downtown Las Vegas, Nevada.
For more information about us, please visit our web sites at www.majesticstar.com
or www.fitzgeralds.com.
The Majestic Star Casino, LLC and Majestic Investor Holdings, LLC make available
free of charge their annual reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and all amendments to those reports as soon
as reasonably practicable after such material is electronically filed with or
furnished to the Securities and Exchange Commission. You may obtain a copy of
such filings at www.sec.gov or from our applicable
websites.
Forward-Looking Statements
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 "believes",
"anticipates", "estimates", "plans", "intends",
"expects", "will" or "could" used in our 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 we believe our expectations are based upon
reasonable assumptions within the bounds of our current knowledge of our business
and operations, there can be no assurances that actual results will not materially
differ from expected results. We caution 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. Such factors include, without limitation:
the availability and adequacy of our cash flow to meet our requirements; our
substantial indebtedness, debt service requirements and liquidity constraints;
changes or developments in laws, regulations or taxes in the gaming industry,
including increases in or new taxes imposed on gaming revenues and gaming devices;
economic, demographic, business and other conditions in our local and regional
markets; increased competition in existing markets or the opening of new gaming
jurisdictions; competition in the gaming industry, including the availability
and success of alternative gaming venues and other entertainment attractions;
actions taken or omitted to be taken by third parties, including our manager
as well as legislative, regulatory, judicial and other governmental authorities;
a decline in the public acceptance of gaming; changes in personnel or compensation,
including federal minimum wage requirements, or loss and/or retirement of key
employees; finding of unsuitability by regulatory authorities with respect to
us or our officers or key employees; our failure to obtain, delays in obtaining
or the loss of any licenses, permits or approvals, including gaming and liquor
licenses, or the limitation, conditioning, suspension or revocation of any such
licenses, permits or approvals, or our failure to obtain an unconditional renewal
of any such licenses, permits or approvals on a timely basis; the loss of any
of our casino facilities due to casualty, weather, mechanical failure or any
extended or extraordinary maintenance or inspection that may be required; other
adverse conditions, such as adverse economic conditions, changes in general
customer confidence or spending, increased transportation costs, travel concerns
or weather-related factors, that may adversely affect the economy in general
and/or the casino industry in particular; significant increases in fuel or transportation
prices; changes in our business strategy, capital improvements or development
plans; the ability to fund capital improvements and development needs from existing
operations and from new financing; adverse results of significant litigation
matters; and factors relating to the current state of world affairs and any
further acts of terrorism or any other destabilizing events in the United States
or elsewhere.
For more information on these and other factors, see our most recently filed
Form 10-K. We caution readers not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. All subsequent written and
oral forward-looking statements attributable to us are expressly qualified in
their entirety by the cautionary statements and factors that may affect future
results contained throughout this press release. We undertake no obligation
to publicly release any revisions to such forward-looking statements to reflect
events or circumstances after the date hereof.
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