LAS VEGAS, Nov. 18 /PRNewswire/ -- The Majestic Star Casino, LLC ("MSC")
today announced adjusted financial results for the three- and nine-month
periods ended September 30, 2003.  MSC is a multi-jurisdictional gaming
company that directly owns and operates one dockside gaming facility located
in Gary, Indiana ("Majestic Star"), and indirectly owns and operates three
Fitzgeralds brand casinos located in Tunica, Mississippi ("Fitzgeralds Tunica"
or with respect to the operating subsidiary "Barden Mississippi Gaming, LLC"),
Black Hawk, Colorado ("Fitzgeralds Black Hawk" or with respect to the
operating subsidiary "Barden Colorado Gaming, LLC") and downtown Las Vegas,
Nevada ("Fitzgeralds Las Vegas" or with respect to the operating subsidiary
"Barden Nevada Gaming, LLC").  Unless indicated otherwise, the "Company"
refers to The Majestic Star Casino, LLC and all of its direct and indirect
subsidiaries.
    In connection with the closing of the Company's internal financial
statements for the month of October 31, 2003, the Company performed a
monitoring level review of financial results for the period.  During this
review, it was determined that the liability for accrued payroll at Majestic
Star at September 30, 2003 (which amount is the opening accrual for the month
of October 2003) was understated by approximately $175,000 due to a
computational error.
    In the Company's press release dated November 12, 2003, the Company
excluded Fitzgeralds Las Vegas from it consolidated results, since Fitzgeralds
Las Vegas is now an unrestricted subsidiary of MSC and is not a guarantor to
the $260.0 million 9-1/2% Senior Secured Notes issued on October 7, 2003.  Our
adjusted results, as presented below and consistent with our earlier press
release regarding our third quarter 2003 results, will only present the
financial results for MSC and its restricted and guarantor subsidiaries, which
includes Majestic Investor Holdings, LLC, Fitzgeralds Tunica and Fitzgeralds
Black Hawk.

    Adjusted Financial Results Excluding Fitzgeralds Las Vegas
    On a consolidated basis for the three-months ended September 30, 2003, the
Company previously reported net income of $267,000, operating income of
$8.3 million and EBITDA of $13.3 million.  Adjusted consolidated net income,
operating income and EBITDA for the three-months ended September 30, 2003 was
$92,000, $8.1 million and $13.2 million, respectively.  Consolidated net
income, operating income and EBITDA for the three-months ended
September 30, 2002 was $2.2 million, $10.3 million and $15.5 million,
respectively.
    For the nine-months ended September 30, 2003, the Company previously
reported consolidated net income, operating income and EBITDA of $1.8 million,
$25.8 million and $40.9 million, respectively.  On a consolidated basis,
adjusted net income, operating income and EBITDA was $1.6 million,
$25.6 million and $40.7 million, respectively.  For the nine-months ended
September 30, 2002, consolidated net income, operating income and EBITDA was
$4.6 million, $29.0 million and $44.4 million, respectively.  For both the
three- and nine-month periods ended September 30, 2003, the accrued payroll

adjustment had no affect on the consolidated net revenues reported by the
Company.
    For the three-months ended September 30, 2003, Majestic Star previously
reported net income of $791,000, operating income of $4.4 million and EBITDA
of $6.3 million.  Adjusted net income, operating income and EBITDA for the
three-months ended September 30, 2003 was $616,000, $4.2 million and
$6.2 million, respectively.  Net income, operating income and EBITDA for the
three-months ended September 30, 2002 was $1.2 million, $4.8 million and
$7.2 million, respectively.
    For the nine-months ended September 30, 2003, Majestic Star previously
reported net income, operating income and EBITDA of $2.2 million,
$13.0 million and $19.0 million, respectively.  Adjusted net income, operating
income and EBITDA was $2.1 million, $12.9 million and $18.8 million,
respectively.  For the nine-months ended September 30, 2002, net income,
operating income and EBITDA was $3.4 million, $14.2 million and $21.1 million,
respectively.  For both the three- and nine-month periods ended
September 30, 2003, the accrued payroll adjustment had no affect on the net
revenues reported by Majestic Star.

    EBITDA is presented solely as a supplemental disclosure because management
believes that it is a widely used measure of operating performance in the
gaming industry, and a principal basis for valuation of gaming companies.
Management uses EBITDA as a measure of the Company's operating performance.
Other companies may calculate EBITDA differently.  EBITDA should not be
construed as an alternative to operating income, as an indicator of the
Company's operating performance, or as an alternative to cash flow from
operating activities, as a measure of liquidity, or as any other measure
determined in accordance with generally accepted accounting principles of the
United States of America.  The Company has significant uses of cash including
capital expenditures, interest payments, taxes and debt principal repayments,
which are not reflected in EBITDA.  A reconciliation of net income to EBITDA
is included in this press release.

    This press release includes statements that constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933,
as adjusted, and Section 21E of the Securities Exchange Act of 1934, as
adjusted, 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 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.
Such factors include, without limitation: the risk of the Company's joint
venture partner not making its lease payments when due in connection with the
parking facility at Majestic Star; the ability to fund planned development
needs and to service debt from existing operations and from new financing;
increased competition in existing markets or the opening of new gaming
jurisdictions; a decline in the public acceptance of gaming; the limitation,
conditioning or suspension of our gaming licenses; increases in or new taxes
imposed on gaming revenues, admissions and gaming devices; a finding of
unsuitability by regulatory authorities with respect to the Company or its
officers or key employees; loss and/or retirement of key employees;
significant increase in fuel or transportation prices; adverse economic
conditions in the Company's markets; severe and unusual weather in the
Company's markets; adverse results of significant litigation matters;
non-renewal of the Company's gaming licenses from the appropriate governmental
authorities; and continuing effects of terrorist attacks and any future
occurrences of terrorist attacks or other destabilizing events.
    For more information on these and other factors, see The Majestic Star
Casino, LLC's and Majestic Investor Holdings, LLC's most recently filed Form
10-Ks.  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.  The Company
undertakes no obligation to publicly release any revisions to such
forward-looking statements to reflect events or circumstances after the date
hereof.
    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.  In addition, you
may obtain a copy of such filings at http://www.sec.gov or from the applicable web
site, http://www.majesticstar.com or http://www.fitzgeralds.com .


     Reconciliation of Net Income to EBITDA

                            For the Three Months        For the Nine Months
                             Ended September 30,        Ended September 30,
                              2003         2002         2003         2002
     Majestic Star                           (in thousands)
     Net income               $616       $1,226       $2,051       $3,371
     Interest expense, net   3,522        3,585       10,561       10,744
     Depreciation and
      amortization           1,983        2,330        5,991        6,892
     Loss (gain) on sale
      of asset                  --           --          126           (9)
     Other non-operating
      expenses                  38           38          113          104
     EBITDA                 $6,159       $7,179      $18,842      $21,102

     Total Guarantors
     Net income                $92       $2,246       $1,597       $4,645
     Interest expense, net   7,939        8,010       23,787       24,207
     Depreciation and
      amortization           5,076        5,217       15,072       15,395
     Loss on sale of asset       5           10          106           --
     Other non-operating
      expenses                  47           49          142          142
     EBITDA                $13,159      $15,532      $40,704      $44,389