There were no additional tenders of Notes following the consent solicitation that expired at 5:00 p.m., New York City time, on Thursday, September 25, 2003. As previously announced, as of 5:00 p.m., New York City time, on Thursday, September 25 2003, $74,639,000 of the aggregate outstanding principal amount of Notes had been tendered in the offer to purchase and consent solicitation related to the Notes, which amounts to approximately 57.4% of the outstanding principal amount of the Notes.

As of September 25, 2003, the Issuer entered into a supplemental indenture relating to the Notes that effectuates the proposed amendments described in the Offer to Purchase and Consent Solicitation Statement, dated August 26, 2003, as amended (the “Statement”). The proposed amendments became effective, and the holders of all of the Notes outstanding became bound thereby when the Issuers accepted the Notes for payment pursuant to the terms of the Statement.

The Issuers also announced today that it has called for redemption all of its Notes that remain outstanding immediately after the Expiration Date. The $55,361,000 aggregate principal amount of the Notes outstanding immediately after the Expiration Date will be redeemed by the Issuers on November 6, 2003 (the “Redemption Date”) at a price of 105.438% of the aggregate principal amount, plus accrued and unpaid interest up to, but not including the Redemption Date. Payment will be funded with a portion of the proceeds obtained from the Company’s issuance of $260 million principal amount of 9½% Senior Secured Notes and a new $80.0 million senior credit facility. Notes are to be presented to The Bank of New York, as Trustee, in accordance with the instructions set forth in the Notice of Redemption, dated October 7, 2003, that is being sent to all remaining holders of outstanding Notes.

About The Majestic Star Casino, 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, or admission taxes; 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; the risk of our joint venture partner not making its lease payments when due in connection with the parking facility at the property in Gary, Indiana or to fund the joint venture; 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.