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First Quarter Results for Majestic Star Casino

Casino revenues during the three months ended March 31, 2000 totaled approximately $30.6 million, an increase of approximately $1.8 million or 6.0% from casino revenues recorded in the three months ended March 31, 1999. The average number of slot machines in operation during the three months ended March 31, 2000 and 1999, was 1,417 and 1,463, respectively.

The average win per slot per day increased approximately $15 to $187 from $172 during the three months ended March 31, 1999. The average number of table games in operation during the three months ended March 31, 2000 and 1999, was 57 and 61, respectively. The average win per table game per day during the three months ended March 31, 2000, increased to approximately $1,255 compared to approximately $1,211 during the three months ended March 31, 1999.

The average daily win per state passenger count was $38 and the average daily win per patron was $67 during the three months ended March 31, 2000.

The Company also reported that for the month of April, 2000 the Company exceeded $10.0 million in casino revenues. This is the second consecutive month that the Company has surpassed the $10.0 million monthly casino revenue threshold since the introduction of dockside gaming in the neighboring state of Illinois.

Michael E. Kelly, Chief Operating and Financial Officer stated "the Company for the first three months of the year exceeded both budgeted revenues and budged EBITDA principally due to a new branding campaign which the Company launched in mid-February of this year. As part of our branding campaign the Company aggressively utilized television, radio and print together with an expanded charter bus program to reintroduce the property to a larger geographical area of customers."

EBITDA during the three months ended March 31, 2000 was approximately $6.3 million or 20.1% of gross revenues, compared to an EBITDA of approximately $7.0 million or 23.7% of gross revenues for the three months ended March 31, 1999. The $690,000 or 9.9% decrease in EBITDA is principally the result of increased expenses associated with marketing expenditures related to the Company's integrated branding campaign.

Don H. Barden, Chairman and CEO announced that Majestic Star and its joint venture partner, Trump Indiana have completed the engineering phase for the construction of a 2,050 space parking facility to be built at Buffington Harbor.

The land purchase agreement between Lehigh Portland Cement, City of Gary and Gary New Century, LLC (a wholly owned Barden Company) has been mutually extended by the parties to allow for the negotiation of additional easement rights with the railroad for future development needs on the Gary New Century property. So as not to significantly impact the construction process, the joint venture partners have authorized the general contractor to commence phase one of the prefabrication construction. Mr. Barden went on to state that the addition of a multi-level parking facility anticipated to be completed in Spring, 2001 will further enhance the BHR facility and strengthen the partners' ability to compete in the Chicagoland market place.

The Majestic Star Casino ended the quarter with cash and cash equivalents of approximately $25.5 million, including $7.4 million of restricted cash deposited to defease $6.0 million of the Company's 12-3/4% Senior Secured Notes, with Contingent Interest due 2003.

Majestic Star Casino was founded in December 1993 as an Indiana limited liability company, to develop a riverboat casino in the City of Gary as its sole operation. The Company's operations began on June 7, 1996. On October 27, 1997 the Company placed into service the $50.0 million Permanent Vessel which is owned by the Company and contains approximately 43,000 square feet of gaming on three expansive levels.

The Company and Trump Indiana, the holder of a second license to operate from the City, formed Buffington Harbor Riverboats, LLC ("BHR") to own and operate certain common facilities at Buffington Harbor such as the guest pavilion, vessel berths, parking lots and other infrastructure. The Company and Trump each have a fifty-percent ownership interest in BHR. Inquiries for additional information should be directed to Michael E. Kelly, Vice President, Chief Operating and Financial Officer at 219-977-7823.

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