JEFFERIES GAMING, LODGING, MEDIA & ENTERTAINMENT CONFERENCE WYNN LAS VEGAS HOTEL May 8 10, 2006

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1 JEFFERIES GAMING, LODGING, MEDIA & ENTERTAINMENT CONFERENCE WYNN LAS VEGAS HOTEL May 8 10, 2006

2 Safe Harbor Statement All statements contained in this presentation that are not historical facts are based upon current expectations. These statements are forward-looking in nature and involve a number of risks and uncertainties as identified in the company s Securities and Exchange Commission filings, including those appearing under the caption Risk Factors in the company s Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Actual results may materially differ. The Company wishes to caution the public not to place undue reliance on any such forward-looking statements.

3 Non-GAAP Financial Disclosure Within this presentation we reference non-gaap financial measures adjusted EBITDA and EBITDA. The Company defines adjusted EBITDA as EBITDA, or net income plus interest, taxes, depreciation and amortization, adjusted for certain non-recurring items. Adjusted EBITDA and EBITDA are presented solely as supplemental disclosures because we believe that they are a widely used measure in the gaming industry and a principal basis for valuation of gaming companies. We have provided this presentation along with a reconciliation of net income to adjusted EBITDA and EBITDA at our website,

4 We currently own or manage five properties: Majestic Star Casino Majestic Star Casino II Fitzgeralds Tunica Fitzgeralds Black Hawk Fitzgeralds Las Vegas * (*Owned directly by Barden Development, Inc.)

5 Company Overview Strong Multi-jurisdictional Gaming Company ($Millions) Gary, Indiana Tunica, Mississippi Black Hawk, Colorado Combined Pro Forma Operations Net Revenue $ Slot Machines 4,526 Tables Games 99 Hotel Rooms 807 Parking Spaces 6,784 Player Database 300,000 $ As of the twelve month period ended March 31, Pro forma to include Trump Indiana, Inc for the period April 1, 2005 to December 31, 2005

6 Organizational Structure 100% Barden Development, Inc. Majestic Holdco, LLC $46.7 million Senior Discount Notes (net of discount) 100% Majestic Star Holdco, Inc. (Corp. Co-Issuer) 100% The Majestic Star Casino, LLC $80.0 million Credit Facility ($28.7 million drawn) $300.0 million Senior Secured Notes $200.0 million Senior Notes 100% 100% The Majestic Star Casino II, Inc. 100% 50% $0.3 million Other Debt 100% Buffington Harbor Riverboats, LLC 100% Majestic Star Casino Capital Corp. (Corp. Co-Issuer) 100% Majestic Star Casino Capital Corp. II (Corp. Co-Issuer) Buffington Harbor Parking Associates, LLC 100% Barden Mississippi Gaming, LLC Fitzgeralds Tunica 100% Barden Colorado Gaming, LLC Fitzgeralds Black hawk

7 The Majestic Star Casino, LLC- Debt Structure Senior Secured Notes $260.0 million due 2010 Issued to refinance existing notes Interest rate 9-1/2% Issued October 2003 Rated B2/B (Moodys / S&P) Senior Secured Add-On Notes $40.0 million due 2010 Issued to acquire Trump Indiana, Inc. Interest rate 9-1/2% Issued December 2005 Rated B2/BB (Moodys / S&P)

8 The Majestic Star Casino, LLC- Debt Structure Senior Notes $200.0 million due 2011 Issued to acquire Trump Indiana, Inc. Interest rate 9-3/4% Issued December 2005 Rated B3/B (Moodys / S&P) Credit Facility $80.0 million maturing 2010 Interest rate Prime + (0.0% to 0.5%) Libor + (2.5% to 3.0%) Spread based on Company s adjusted EBITDA Arranged in October 2003 Rated BB (S&P)

9 The Majestic Holdco, LLC- Debt Structure Senior Discount Notes $45.1 million net proceeds when issued $63.5 million face amount Interest rate 12-1/2% Will accrete for the first three years and cash pay thereafter Unsecured and not guaranteed by The Majestic Star Casino, LLC Due in October 2011 Rated Caa 2/B- (Moodys / S&P)

10 Company Overview Operating Strategy Value Priced Amenities Competitive Gaming Products (100% TITO by 2006) Create Value for for Middle Market Customers Safe, Clean and Comfortable Environment Customer Service Focus

11 Trump Indiana, Inc Acquisition Completed on December 21, 2005 Purchase price of $253.0 million Subject to adjustment for working capital and customary closing adjustment Re-branded Majestic Star II

12 Acquisition Rationale Eliminate Competitor-Partnership Relationship Common Operating Strategies Database and other marketing Managing combined amenities Create additional development opportunities, in connection with third parties, on 320 acres owned by Majestic Star: Convention Center Hotel Amenities Municipal Commitments / Projects $46 million Roadway: $32 million Under construction Phase I: completed mid-2005 Phases II V: completion over next three years Marina: Commences after roadway $14 million

13 Acquisition Rationale Substantial Cost Savings ($Millions) Category ($Millions) Cost Savings Payroll Reductions $ 11.4 Contractual Terminations 2.1 Redundant Operating Expenses 0.9 Total Cost Savings $ identified positions Implementation within 90 days of acquisition

14 Majestic Star Casino Properties

15 Chicago Area Gaming Market Most favorable demographics of any U.S. drive-in riverboat gaming market $69,600 household income 9.4 million people in Chicago MSA Nation s third largest gaming market, trailing only Atlantic City and Las Vegas strip Gaming revenues have increased from $1.0 billion in 1996 to approximately $2.4 billion currently.

16 MILES MSA POPULATION (In Millions) Miles Population (in millions) Rockford I-88 I-80 I-39 Joliet I-94 I-43 Racine Kenosha Michigan Waukegan City Hammond Elgin Chicago MAJESTIC Aurora STAR I & II I-90 (Gary) East Chicago I-196 South Bend Grand Rapids I-96 Lansing I-94 Jackson Kalamazoo I-80/90 Fort Wayne I-74 Peoria I-55 I-57 I-65 I-69 Bloomington Lafayette Muncie Champaign Springfield Grand Victoria I-72 Decatur (Elgin) I-90 I-94 Hollywood (Aurora) I-80 Chicago-O Hare Airport (Rosemont) I-88 Empress (Joliet) I-55 Indianapolis Midway Airport Harrah s (Joliet) I-57 I-90 (Skyway) 912 I-80/94 Horseshoe (Hammond) MAJESTIC STAR I & II (Gary) I-65 Resorts (East Chicago) I-70 Blue Chip (Michigan City) I-94 I-80/90

17 Description Majestic Star Majestic Star II Combined Pro Forma Gaming Square 40,800 43,000 83,800 Feet Slot Machines 1,625 1,345 2,625 Table Games Poker Tables Buffington Harbor Pavilion / Hotel Hotel Rooms 294 standard 6 suites Amenities Buffet Coffee Shop (hotel) Food Court Steak House (hotel) Deli VIP lounge Ballroom Outdoor Festival Area Bars Parking Spaces 2,000 Covered 2,600 Surface 4,600 Total

18 Comprehensive Integration Plan Consolidate and Rationalize Gaming Operations and Strategy Two Competing Properties Majestic Star Majestic Star 1,625 slots 47 tables 82% TITO 1,381 slots 48 tables 100% TITO Trump Indiana Majestic Star II 1,345 slots 44 tables 97% TITO 1,140 slots 10 tables 100% TITO Complementary Properties with Focused Initiatives Emphasize Emphasize Tables Higher-end play Live entertainment Comprehensive offering of slot games Poker Non-smoking floor Video poker parlor Low-end multi-denominational games Enhance dockside pavilion Undervalued, neglected facility with outside vendors Clean-up and make exciting/welcoming Re-open the restaurant Add retail offerings Operate internally Single, focused marketing effort Emphasize middle-market value and quality reputation 1 brand, 2 choices, increased variety Largest gaming venue Comprehensive product offering

19 Additional Growth Opportunities More efficient database marketing Increase hotel occupancy from 55% currently to 90+% 50,000 incremental nights available Access regional conference business to generate incremental occupancy Take control of food and beverage offerings Improve quality and availability to guests Expand variety of offerings Increase player length of stay on casino floor Offer varied entertainment in existing facility to attract / retain players Drive visitation growth through improved roadway access to the gaming complex Long-term development of 320 acres will expand properties marketing reach

20 Buffington Harbor Facility

21 Buffington Harbor Facility Direct access from State Highway highway miles from downtown Chicago High quality entertainment pavilion 85,000 square feet Koko Taylor s Blues Café, Passports World Class Buffet Fast food court New banquet / entertainment facilities

22 Koko Taylor s Blues Café

23 Passports A World Class Buffet

24 Fitzgeralds Tunica

25 Fitzgeralds Tunica Demographics Tunica market draws drive-in customers from Memphis, northern Mississippi and Little Rock, Arkansas, as well as regional weekend travelers Tunica gaming revenues of approximately $1.2 billion Over 7.4 million reside within 200-mile radius of Tunica

26 Fitzgeralds Tunica Located in north Tunica County, Mississippi, approximately 30 miles from downtown Memphis

27 Fitzgeralds Tunica Description Casino includes 1,302 slot machines and 34 table games in 38,000 square feet of gaming space Amenities include 507-room hotel (including 72 suites), three restaurants, bars, and gift shop TITO implementation on approximately 819 slot machines or 62.9% of the casino floor.

28 Fitzgeralds Tunica New Management Team Bob McQueen, previously the GM of the Horseshoe In Tunica, new property General Manager Many additional Horseshoe Tunica executives added to the Fitzgeralds Tunica team Reposition the property to improve the quality of customers Improved guest development and hosting programs Improve amenities at the property Expand credit Improve food product Re-brand steakhouse Don B s.

29 Fitzgeralds Tunica Performance ($Millions) Net Revenues and EBITDA $100.0 $80.0 $83.7 $83.2 $82.9 $83.2 $60.0 $40.0 $20.0 $20.8 $20.3 $20.3 $20.4 $ LTM-3/31/06 Revenue EBITDA EBITDA Margin: 24.9% 24.4% 24.5% 24.5% Steady cash flow contribution with strong margin Near-term enhancements State-of-the-art casino management system and TITO technology 63% completed 100% by 2006 year end

30 Fitzgeralds Black Hawk

31 Fitzgeralds Black Hawk Demographics Attracts drive-in or day trip customers Nearly 3.8 million live within a 100-mile radius Black Hawk / Central City gaming revenues of approximately $0.6 billion

32 Fitzgeralds Black Hawk Located in Black Hawk, 35 miles west of Denver

33 Fitzgeralds Black Hawk Amenities 599 slot machines and 6 table games in 10,000 square feet of gaming space 389 covered, valet parking spaces, restaurant and bar Implemented new slot player tracking and marketing system

34 Fitzgeralds Black Hawk Performance ($Millions) Net Revenues and EBITDA $40.0 $36.2 $35.4 $34.9 $20.0 $8.9 $11.0 $10.5 $9.9 $ LTM 3/31/06 Revenue EBITDA EBITDA Margin: 27.8% 30.4% 29.7% 28.4% Recent improvement due to focus on higher margin guests - Currently 47% TITO 100% TITO by 2006 Casino expansion will add 422 slot machines (70% increase) by 2008

35 Historical Financial Information (in thousands) Periods Ended March 31, Years Ended December 31, Majestic Star Properties Net Revenues $69,511 $36,176 $143,624 $141,058 Adjusted EBITDA $19,892 $8,304 $30,602 $28,602 Tunica Net Revenues $21,733 $21,516 $82,939 $83,218 Adjusted EBITDA $5,825 $5,781 $20,315 $20,329 Black Hawk Net Revenues $8,674 $9,163 $35,409 $36,235 Adjusted EBITDA $2,318 $2,971 $10,518 $10,967 Corporate/Other Adjusted EBITDA ($1,818) ($1,197) ($5,460) ($3,399) Total Net Revenues $99,918 $66,855 $261,972 $260,511 Adjusted EBITDA $26,217 $15,859 $55,955 $56,088

36 Capitalization ( in millions) As of March 31, 2006 Cash $ 24.5 Debt: Senior Notes due 2011 $ Senior Secured Notes due Senior Secured Credit Facility 28.7 Capitalized leases & other debt 0.3 Total Debt $ 529.0

37 Final Considerations Operate in strong markets Diversified cash flow base Solid historical financial results and strong liquidity Growth opportunities Building strength in management team Bob McQueen new General Manager at Fitzgeralds Tunica David Schugar new Corporate Vice President of Operations